N-CSR 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4008

Fidelity Investment Trust
(Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	October 31

Date of reporting period:	October 31, 2011

Item 1. Reports to Stockholders

Fidelity's

Broadly Diversified International Equity

Funds

Fidelity® Diversified International Fund

Fidelity International Capital Appreciation Fund

Fidelity Overseas Fund

Fidelity Worldwide Fund

Annual Report

October 31, 2011

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Fidelity® Diversified International Fund	(Click Here)	Shareholder Expense Example
	(Click Here)	Performance
	(Click Here)	Management's Discussion
	(Click Here)	Investment Changes
	(Click Here)	Investments
	(Click Here)	Financial Statements
	(Click Here)	Notes to Financial Statements
	(Click Here)	Report of Independent Registered Public Accounting Firm
Fidelity International Capital Appreciation Fund	(Click Here)	Shareholder Expense Example
	(Click Here)	Performance
	(Click Here)	Management's Discussion
	(Click Here)	Investment Changes
	(Click Here)	Investments
	(Click Here)	Financial Statements
	(Click Here)	Notes to Financial Statements
	(Click Here)	Report of Independent Registered Public Accounting Firm
Fidelity Overseas Fund	(Click Here)	Shareholder Expense Example
	(Click Here)	Performance
	(Click Here)	Management's Discussion
	(Click Here)	Investment Changes
	(Click Here)	Investments
	(Click Here)	Financial Statements
	(Click Here)	Notes to Financial Statements
	(Click Here)	Report of Independent Registered Public Accounting Firm
Fidelity Worldwide Fund	(Click Here)	Shareholder Expense Example
	(Click Here)	Performance
	(Click Here)	Management's Discussion
	(Click Here)	Investment Changes
	(Click Here)	Investments
	(Click Here)	Financial Statements
	(Click Here)	Notes to Financial Statements
	(Click Here)	Report of Independent Registered Public Accounting Firm
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Annual Report

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(The Acting Chairman's photo appears here.)

Dear Shareholder:

Global equity markets began the fourth quarter on a strong note, sharply reversing course in October amid strong corporate earnings, better-than-expected economic news and the promise of a resolution to the sovereign debt crisis in Europe. The mini rally followed a third quarter marked by a significant downturn in July and August, which heightened investor anxiety and set off a wave of volatility that hampered most major asset classes through the end of September. Financial markets are difficult to predict, of course, but you can help put the odds in your favor by following these time-tested investment principles.

One of the basic tenets is to invest according to your time horizon. For long-term investors, riding out the markets' inevitable ups and downs has proven much more effective than making decisions based on short-term developments. If your goal is approaching, you can also benefit from patience and restraint, rather than attempting to time the market. No matter your time horizon, missing only a few of the markets' best days can significantly diminish returns. Patience also affords the benefits of compounding - earning interest on additional income or reinvested dividends and capital gains. While staying the course doesn't eliminate risk, it can considerably lessen the negative impact of short-term downturns.

Asset allocation is another principle to manage risk. As you spread your portfolio among the asset classes, be sure to consider your time horizon, risk tolerance and investment objectives. Younger investors may be better served by emphasizing equities, which historically have been the best-performing asset class over time. Investors who are nearing a specific goal, such as retirement or sending a child to college, may choose to favor bonds and other investments that have tended to be more stable. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. After deciding on a suitable allocation strategy, make sure your portfolio is adequately diversified, with exposure to stocks of small-, mid- and large-cap companies in a range of sectors, for example. And today, more than ever, geographic diversification should be taken into account.

Lastly, investing a certain amount of money on a regular basis - a principle known as dollar-cost averaging - can help lower the average cost of your purchases, while also giving you the discipline to avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to learn more by visiting us on the Internet, dropping by one of our Investor Centers or calling us by phone. It is our privilege to provide the resources you need to choose investments that are right for you.

Sincerely,

(The Acting Chairman's signature appears here.)

James C. Curvey
Acting Chairman

Annual Report

Fidelity Diversified International Fund

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Diversified International	.87%
Actual		$ 1,000.00	$ 836.80	$ 4.03
Hypothetical^A		$ 1,000.00	$ 1,020.82	$ 4.43
Class K	.70%
Actual		$ 1,000.00	$ 837.70	$ 3.24
Hypothetical^A		$ 1,000.00	$ 1,021.68	$ 3.57
Class F	.64%
Actual		$ 1,000.00	$ 838.00	$ 2.96
Hypothetical^A		$ 1,000.00	$ 1,021.98	$ 3.26

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Fidelity Diversified International Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Fidelity® Diversified International Fund	-5.07%	-2.33%	6.98%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International Fund, a class of the fund, on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE ® (Europe, Australasia, Far East) Index performed over the same period.

ibd1601391

Annual Report

Fidelity Diversified International Fund

Management's Discussion of Fund Performance

Market Recap: International equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the period, despite concern about the sovereign debt crisis in Europe, a devastating earthquake and tsunami in Japan, and political upheaval in the Middle East and North Africa. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China and a dimmed outlook for global growth caused foreign markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as eurozone policymakers appeared near a resolution to the debt debacle and buyers stormed back onto the scene in search of bargains. Still, those gains - along with favorable currency fluctuations overall - weren't enough to offset prior losses, and the MSCI® ACWI® (All Country World Index) ex USA Index finished the period down 4.56%. Within the MSCI index, Europe and emerging markets suffered the biggest declines, with many countries in these areas sustaining steep losses. By contrast, Japan showed resilience in the wake of its natural disasters, falling only 2%. Australia (+4%), Switzerland (+3%), the U.K. (+2%) and Canada, which produced a nominal return, were among the few major benchmark components to break into positive territory.

Comments from William Bower, Portfolio Manager of Fidelity® Diversified International Fund: For the year, the fund's Retail Class shares returned -5.07%, underperforming the -3.97% return of the MSCI® EAFE®(Europe, Australasia, Far East) Index. Fund performance versus the index was held back by security selection in energy, positioning in consumer staples, stock selection in financials and an underweighting in pharmaceuticals. Geographically, performance was curtailed by stock selection in the Asia-Pacific ex Japan region, China and Canada. Individual detractors included U.K.-based Lloyds Banking Group; out-of-benchmark positions in Canadian energy companies Niko Resources and Petrobank Energy & Resources; and underweighting in Swiss drug company Roche Holding, since sold; Danish beer company Carlsberg; and Italy's Fiat Industrial. On the plus side, the fund benefited from an underweighting in the utilities sector, positioning in consumer discretionary and security selection in technology hardware/equipment. Regionally, positioning in continental Europe helped, as did stock picks in Japan. Top contributors included Japan Tobacco, U.K.-listed Royal Dutch Shell, Japanese online retailer Rakuten, a lack of exposure to index component Tokyo Electric Power and an out-of-benchmark stake in technology giant Apple.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such 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.

Annual Report

Fidelity Diversified International Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom	18.1%
	Japan	13.4%
	Germany	8.6%
	United States of America	8.4%
	France	7.1%
	Canada	5.6%
	Switzerland	4.4%
	Australia	3.6%
	Netherlands	2.7%
	Other	28.1%

ibd1601413

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United Kingdom	17.6%
	Japan	13.0%
	Germany	8.4%
	France	6.4%
	United States of America	6.2%
	Switzerland	5.4%
	Canada	5.0%
	Australia	3.8%
	Spain	3.4%
	Other	30.8%

ibd1601425

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.6	98.1
Short-Term Investments and Net Other Assets	3.4	1.9
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	3.0	2.4
BHP Billiton Ltd. sponsored ADR (Australia, Metals & Mining)	2.1	2.0
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)	1.8	1.7
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.7	1.6
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	1.6	1.1
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.6	1.2
Nestle SA (Switzerland, Food Products)	1.4	1.1
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	1.1
ORIX Corp. (Japan, Diversified Financial Services)	1.3	1.1
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.3	1.3
	17.2
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	15.5	20.5
Consumer Discretionary	16.0	14.8
Energy	11.4	11.3
Materials	10.2	11.2
Consumer Staples	10.1	6.7
Information Technology	9.8	10.3
Industrials	9.1	10.8
Health Care	8.2	6.2
Telecommunication Services	6.2	6.0
Utilities	0.1	0.3

Annual Report

Fidelity Diversified International Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
Australia - 3.6%
BHP Billiton Ltd. sponsored ADR (d)	6,896,500		$ 538,478,720
Fortescue Metals Group Ltd.	5,712,451		28,695,469
Iluka Resources Ltd.	2,245,282		37,330,693
Newcrest Mining Ltd.	7,469,169		263,999,256
Paladin Energy Ltd. (Australia) (a)	401,613		613,372
QBE Insurance Group Ltd.	2,851,820		43,902,034
WorleyParsons Ltd.	503,041		14,602,027
TOTAL AUSTRALIA			927,621,571
Austria - 0.0%
Osterreichische Elektrizitatswirtschafts AG	6,000		174,662
Bailiwick of Guernsey - 1.2%
Amdocs Ltd. (a)	1,849,800		55,530,996
Ashmore Global Opportunities Ltd. (United Kingdom)	767,088		8,512,053
Resolution Ltd.	52,410,500		231,788,056
TOTAL BAILIWICK OF GUERNSEY			295,831,105
Bailiwick of Jersey - 1.9%
Experian PLC	14,652,572		190,988,377
Randgold Resources Ltd. sponsored ADR	855,700		93,759,049
Shire PLC	2,847,600		89,390,276
WPP PLC	11,475,509		118,805,910
TOTAL BAILIWICK OF JERSEY			492,943,612
Belgium - 1.0%
Anheuser-Busch InBev SA NV	4,421,964		245,260,547
Anheuser-Busch InBev SA NV (strip VVPR) (a)	5,339,200		7,389
TOTAL BELGIUM			245,267,936
Bermuda - 1.1%
ARA Asset Management Ltd.	693,000		717,641
Assured Guaranty Ltd.	3,044,700		38,789,478
Cafe de Coral Holdings Ltd.	314,000		708,589
CNPC (Hong Kong) Ltd.	17,870,000		25,031,989
Huabao International Holdings Ltd.	40,906,000		25,985,857
Kosmos Energy Ltd.	1,876,800		29,090,400
Li & Fung Ltd.	47,910,000		92,331,883
Noble Group Ltd.	62,626,000		76,438,883
Pacific Basin Shipping Ltd.	1,535,000		699,915
Vtech Holdings Ltd.	62,200		580,780
TOTAL BERMUDA			290,375,415
Brazil - 2.0%
All America Latina Logistica SA	87,300		434,670
Anhanguera Educacional Participacoes SA	2,049,500		30,136,196
Banco Bradesco SA	111,400		1,621,826
Banco Bradesco SA (PN) sponsored ADR	3,400,000		61,880,000
BM&F Bovespa SA	181,100		1,080,989

	Shares		Value
Droga Raia SA	386,000		$ 5,473,503
Drogasil SA	4,673,900		29,395,598
Estacio Participacoes SA	1,989,165		23,213,875
Fleury SA	46,700		588,781
Hypermarcas SA	96,700		520,328
Itau Unibanco Banco Multiplo SA sponsored ADR	6,775,800		129,553,296
Klabin SA (PN) (non-vtg.)	193,000		710,319
Kroton Educacional SA unit (a)	1,279,200		14,302,725
Multiplus SA	63,000		1,063,941
Qualicorp SA	3,366,000		30,774,633
Souza Cruz Industria Comerico	5,151,200		63,175,094
T4F Entretenimento SA	2,091,900		14,618,449
Telefonica Brasil SA sponsored ADR (a)	2,600,955		75,479,714
Tractebel Energia SA	1,917,200		30,702,888
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	80,000		549,732
Valid Solucoes SA	69,260		830,862
Weg SA	71,000		787,649
Wilson Sons Ltd. unit	57,500		813,679
TOTAL BRAZIL			517,708,747
British Virgin Islands - 0.3%
Arcos Dorados Holdings, Inc.	1,737,100		40,648,140
Camelot Information Systems, Inc. ADR (a)(d)	1,840,603		6,000,366
Mail.ru Group Ltd. GDR (Reg. S)	1,065,100		36,692,695
TOTAL BRITISH VIRGIN ISLANDS			83,341,201
Canada - 5.6%
Agnico-Eagle Mines Ltd. (Canada)	1,250,000		54,220,796
Barrick Gold Corp.	800,000		39,492,401
Canadian Natural Resources Ltd.	5,118,800		180,545,727
Fairfax Financial Holdings Ltd. (sub. vtg.)	170,000		71,057,732
Goldcorp, Inc.	1,859,800		90,485,329
InterOil Corp. (a)(d)	274,600		13,046,246
Ivanhoe Mines Ltd. (a)	3,235,460		66,211,952
Niko Resources Ltd.	2,237,500		123,069,795
Open Text Corp. (a)	1,440,400		88,156,497
Osisko Mining Corp. (a)	2,890,000		34,847,570
Painted Pony Petroleum Ltd. (a)(f)(e)	2,485,600		30,395,209
Painted Pony Petroleum Ltd. Class A (a)(e)	3,643,370		44,553,022
Penn West Petroleum Ltd.	754,400		13,478,321
Petrobank Energy & Resources Ltd.	5,356,000		48,195,135
Petrominerales Ltd.	3,121,175		82,346,293
Potash Corp. of Saskatchewan, Inc. (d)	2,589,500		122,558,670
Silver Wheaton Corp.	669,800		23,127,367
Suncor Energy, Inc.	2,661,700		84,776,019
Talisman Energy, Inc.	6,846,400		97,114,005
Tourmaline Oil Corp. (a)	1,440,000		47,872,398
Tourmaline Oil Corp. (a)(f)	310,100		10,309,188
Common Stocks - continued
	Shares		Value
Canada - continued
Uranium One, Inc.	11,314,400		$ 34,050,459
Valeant Pharmaceuticals International, Inc. (Canada)	700,000		27,639,063
TOTAL CANADA			1,427,549,194
Cayman Islands - 0.7%
Boer Power Holdings Ltd.	2,826,000		1,037,408
China Automation Group Ltd.	5,475,000		1,900,663
China Lodging Group Ltd. ADR (a)	50,100		778,053
China ZhengTong Auto Services Holdings Ltd.	24,761,500		26,812,069
Geely Automobile Holdings Ltd.	34,550,000		8,833,647
Hengan International Group Co. Ltd.	9,258,000		80,251,579
HiSoft Technology International Ltd. ADR (a)(d)	1,726,400		21,372,832
Hutchison China Meditech Ltd. (a)	124,800		597,092
Mindray Medical International Ltd. sponsored ADR (d)	48,000		1,310,400
Minth Group Ltd.	8,036,000		8,337,881
NVC Lighting Holdings Ltd.	41,380,000		17,966,892
Samson Holding Ltd.	6,041,000		617,660
Sands China Ltd. (a)	4,816,800		14,475,389
SITC International Holdings Co. Ltd.	2,881,000		744,165
Xingda International Holdings Ltd.	1,472,000		843,327
Xueda Education Group sponsored ADR	177,700		589,964
TOTAL CAYMAN ISLANDS			186,469,021
Chile - 0.0%
Compania Cervecerias Unidas SA sponsored ADR	23,000		1,317,440
Embotelladora Andina SA sponsored ADR	40,000		1,140,000
Empresa Nacional de Telecomunicaciones SA (ENTEL)	48,876		967,644
Inversiones Aguas Metropolitanas SA	871,222		1,369,203
Isapre CruzBlanca SA (a)	868,719		824,481
Quinenco SA	363,717		1,028,162
Sonda SA	228,248		557,168
TOTAL CHILE			7,204,098
China - 1.0%
Baidu.com, Inc. sponsored ADR (a)(d)	1,375,500		192,817,590
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	25,167,480		36,411,889
China Bluechemical Ltd. (H shares)	938,000		735,046
China Communications Services Corp. Ltd. (H Shares)	2,208,000		1,018,299
China Construction Bank Corp. (H Shares)	1,408,000		1,034,507
Comba Telecom Systems Holdings Ltd.	865,500		730,793

	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	20,692,000		$ 21,505,759
SINA Corp. (a)(d)	150,000		12,193,500
TOTAL CHINA			266,447,383
Colombia - 0.0%
Ecopetrol SA ADR	18,000		765,720
Curacao - 0.6%
Schlumberger Ltd.	2,104,800		154,639,656
Denmark - 2.6%
Carlsberg A/S Series B	1,542,600		105,006,110
Novo Nordisk A/S Series B	4,408,339		468,091,658
William Demant Holding A/S (a)	1,096,698		87,503,314
TOTAL DENMARK			660,601,082
Egypt - 0.0%
Commercial International Bank Ltd.	134,400		598,985
JUHAYNA Food Industries (a)	682,600		558,111
TOTAL EGYPT			1,157,096
Finland - 0.1%
Nokian Tyres PLC	439,253		16,139,273
France - 7.1%
Alstom SA	3,024,896		113,444,762
Arkema SA	345,300		23,623,042
Atos Origin SA	365,000		17,689,425
AXA SA	5,053,600		82,315,579
BNP Paribas SA	4,498,836		204,522,102
Bureau Veritas SA	493,400		38,387,930
Danone	2,707,950		188,500,861
Dassault Aviation SA (d)	36,265		34,930,245
Essilor International SA	1,754,728		127,246,488
JC Decaux SA (a)	990,200		26,536,591
LVMH Moet Hennessy - Louis Vuitton	1,827,964		304,198,757
PPR SA	2,051,100		320,468,603
Publicis Groupe SA	1,225,000		59,394,047
Sanofi-aventis	3,684,720		263,639,409
TOTAL FRANCE			1,804,897,841
Germany - 7.1%
adidas AG	1,561,780		110,574,530
Allianz AG	827,462		92,995,574
BASF AG	2,293,559		168,828,055
Bayer AG	1,939,962		124,288,808
Bayerische Motoren Werke AG (BMW)	570,895		46,661,038
Deutsche Boerse AG	961,100		53,202,652
ElringKlinger AG	777,428		21,549,929
Fresenius Medical Care AG & Co. KGaA	2,737,800		199,465,891
Fresenius SE	2,037,100		201,033,066
GFK AG	1,496,500		69,171,612
Infineon Technologies AG	2,825,300		25,527,951
Kabel Deutschland Holding AG (a)	917,600		52,394,698
Linde AG	1,228,429		195,417,632
Common Stocks - continued
	Shares		Value
Germany - continued
SAP AG	2,904,790		$ 175,672,049
Siemens AG sponsored ADR (d)	2,686,500		282,001,905
TOTAL GERMANY			1,818,785,390
Hong Kong - 1.1%
AIA Group Ltd.	27,220,800		83,234,101
China Everbright Ltd.	470,000		696,819
China Insurance International Holdings Co. Ltd. (a)	314,800		682,663
China Mobile (Hong Kong) Ltd. sponsored ADR	1,335,275		63,505,679
China Resources Enterprise Ltd.	3,626,000		13,242,327
Henderson Land Development Co. Ltd.	9,664,155		52,824,551
Hopewell Holdings Ltd.	367,500		954,394
Swire Pacific Ltd. (A Shares)	4,577,000		52,889,821
Television Broadcasts Ltd.	184,000		1,060,283
TOTAL HONG KONG			269,090,638
India - 2.2%
Axis Bank Ltd.	1,472,751		34,807,954
Bajaj Auto Ltd.	793,148		28,053,344
Bharti Airtel Ltd.	9,007,984		72,142,424
Cipla Ltd.	152,766		923,047
CMC Ltd.	50,598		839,811
Cummins India Ltd.	598,043		4,879,115
Deccan Chronicle Holdings Ltd. (a)	502,904		531,886
Dr. Reddy's Laboratories Ltd.	164,145		5,561,788
HDFC Bank Ltd.	12,995,695		129,605,356
Housing Development Finance Corp. Ltd.	6,539,994		92,036,217
India Cements Ltd.	419,168		687,050
Indian Bank	129,270		572,409
Infrastructure Development Finance Co. Ltd.	11,744,307		31,706,496
ITC Ltd.	5,213,498		22,739,475
Jyothy Laboratories Ltd.	196,188		574,273
Lupin Ltd.	513,210		4,938,001
Mahindra & Mahindra Financial Services Ltd.	2,226,876		30,619,486
Max India Ltd. (a)	159,846		618,828
Piramal Healthcare Ltd.	82,278		606,698
Punjab National Bank	47,106		959,620
Redington India Ltd.	285,486		555,235
Shriram Transport Finance Co. Ltd.	2,327,613		29,139,567
State Bank of India	1,273,075		49,517,031
Tulip Telecom Ltd.	216,760		667,397
Wipro Ltd.	1,388,041		10,415,154
TOTAL INDIA			553,697,662
Ireland - 0.5%
Accenture PLC Class A	842,000		50,738,920

	Shares		Value
CRH PLC	2,294,300		$ 41,420,472
Elan Corp. PLC sponsored ADR (a)	2,547,800		30,548,122
TOTAL IRELAND			122,707,514
Italy - 1.8%
ENI SpA	914,500		20,216,952
Fiat Industrial SpA (a)	22,427,792		195,693,464
Prada SpA	7,151,000		35,350,634
Saipem SpA	4,438,007		198,992,956
TOTAL ITALY			450,254,006
Japan - 13.4%
ABC-Mart, Inc.	1,300,200		50,924,779
Aozora Bank Ltd.	15,351,000		38,812,684
Calbee, Inc. (d)	1,161,000		52,932,917
Denso Corp.	1,928,200		59,306,047
Dentsu, Inc.	2,233,900		67,271,842
Don Quijote Co. Ltd.	1,603,200		58,734,504
Fanuc Corp.	849,100		137,308,760
Hitachi Ltd.	46,637,000		249,926,411
Honda Motor Co. Ltd.	7,721,500		230,931,326
Hoya Corp.	2,535,400		55,397,394
Itochu Corp.	13,063,600		129,221,379
Japan Retail Fund Investment Corp.	3,741		5,791,709
Japan Tobacco, Inc.	64,874		324,292,254
JSR Corp.	3,621,700		69,147,467
KDDI Corp.	27,429		200,952,920
Keyence Corp.	661,100		168,080,270
Mitsubishi Corp.	3,128,000		64,341,694
Mitsubishi UFJ Financial Group, Inc.	18,434,600		80,125,863
Mitsui & Co. Ltd.	3,506,800		51,186,625
Nitori Holdings Co. Ltd.	468,050		44,768,217
NTT DoCoMo, Inc.	63,713		113,171,495
ORIX Corp.	3,924,320		342,539,945
OSAKA Titanium technologies Co. Ltd.	120,200		6,621,404
Rakuten, Inc.	232,855		255,296,560
Seven & i Holdings Co., Ltd.	4,070,900		108,648,886
Shimadzu Corp.	1,668,000		14,201,899
SHIMANO, Inc.	1,088,100		53,791,901
SMC Corp.	814,700		126,736,052
SOFTBANK CORP.	4,765,000		154,670,897
Sumitomo Mitsui Financial Group, Inc.	970,800		27,138,812
Yahoo! Japan Corp.	268,168		86,135,853
TOTAL JAPAN			3,428,408,766
Korea (South) - 2.1%
Amorepacific Corp.	90,308		101,831,595
BS Financial Group, Inc. (a)	84,020		921,277
Korea Plant Service & Engineering Co. Ltd.	23,570		643,352
LG Corp.	22,235		1,296,413
LG Household & Health Care Ltd.	59,158		26,618,232
MegaStudy Co. Ltd.	5,266		580,249
Common Stocks - continued
	Shares		Value
Korea (South) - continued
NHN Corp. (a)	518,772		$ 107,822,858
Orion Corp.	134,404		71,836,677
S1 Corp.	20,993		1,088,469
Samchully Co. Ltd.	8,166		701,699
Samsung Electronics Co. Ltd.	199,807		171,364,442
Shinhan Financial Group Co. Ltd.	1,389,720		55,155,939
Shinsegae Co. Ltd.	2,714		680,024
Sindoh Co. Ltd.	11,340		505,997
TOTAL KOREA (SOUTH)			541,047,223
Luxembourg - 0.3%
Brait SA	322,500		772,085
Millicom International Cellular SA (depositary receipt)	6,700		738,387
Samsonite International SA	26,313,700		42,814,701
Ternium SA sponsored ADR	1,411,261		34,632,345
TOTAL LUXEMBOURG			78,957,518
Malaysia - 0.0%
Parkson Holdings Bhd	563,574		1,023,070
Mexico - 0.8%
America Movil SAB de CV Series L sponsored ADR	3,033,400		77,109,028
Grupo Televisa SA de CV (CPO) sponsored ADR	2,180,600		46,512,198
Urbi, Desarrollos Urbanos, SA de CV (a)	422,300		536,746
Wal-Mart de Mexico SA de CV Series V	34,518,200		89,171,013
TOTAL MEXICO			213,328,985
Netherlands - 2.7%
AEGON NV (a)	27,466,400		131,004,746
ASML Holding NV (Netherlands)	1,332,700		55,913,481
Gemalto NV	1,476,891		67,386,376
ING Groep NV sponsored ADR (a)(d)	19,501,500		168,492,960
Koninklijke KPN NV	10,983,331		144,337,603
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	4,051,300		84,469,605
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	767,500		26,500,744
Yandex NV	450,000		12,384,000
TOTAL NETHERLANDS			690,489,515
Norway - 1.5%
DnB NOR ASA	9,071,909		105,830,248
Storebrand ASA (A Shares)	4,980,000		30,706,840
Telenor ASA	14,310,000		255,480,638
TOTAL NORWAY			392,017,726
Papua New Guinea - 0.0%
Oil Search Ltd.	140,611		959,368
Philippines - 0.0%
Banco de Oro Universal Bank	677,000		893,986

	Shares		Value
Manila Water Co., Inc.	2,331,300		$ 1,060,800
Universal Robina Corp.	899,000		991,040
TOTAL PHILIPPINES			2,945,826
Poland - 0.0%
Eurocash SA	98,400		788,957
Kruk SA (a)	53,000		706,578
Warsaw Stock Exchange	44,200		624,003
TOTAL POLAND			2,119,538
Qatar - 0.2%
Commercial Bank of Qatar GDR (Reg. S)	9,940,628		45,591,071
Russia - 0.4%
Sberbank of Russia	20,189,400		54,784,535
Uralkali JSC GDR (Reg. S)	939,700		40,782,980
TOTAL RUSSIA			95,567,515
Singapore - 0.0%
Global Logistic Properties Ltd.	523,000		727,928
South Africa - 0.7%
African Bank Investments Ltd.	146,200		634,443
AngloGold Ashanti Ltd.	35,900		1,622,469
AngloGold Ashanti Ltd. sponsored ADR	1,750,000		79,117,500
Aveng Ltd.	120,300		562,369
Foschini Ltd.	1,702,800		21,485,880
JSE Ltd.	74,600		660,621
Nampak Ltd.	191,000		524,653
Naspers Ltd. Class N	860,200		41,186,371
Sasol Ltd.	23,900		1,074,739
Shoprite Holdings Ltd.	1,956,200		28,668,979
Tiger Brands Ltd.	408,600		11,775,123
TOTAL SOUTH AFRICA			187,313,147
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA	7,048,840		63,448,157
Banco Santander SA (Spain) sponsored ADR (d)	13,562,300		116,093,288
Grifols SA ADR (a)	9,784,300		62,717,363
Inditex SA (d)	3,264,772		297,111,439
Prosegur Compania de Seguridad SA (Reg.)	1,822,600		90,928,776
Repsol YPF SA	1,000,369		30,318,594
TOTAL SPAIN			660,617,617
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	1,292,285		42,795,029
Swedbank AB (A Shares)	4,284,600		60,363,140
TOTAL SWEDEN			103,158,169
Switzerland - 4.4%
Clariant AG (Reg.) (a)	4,713,347		51,535,029
Kuehne & Nagel International AG	1,486,880		185,192,848
Nestle SA	6,034,542		350,017,877
Noble Corp.	742,700		26,692,638
Partners Group Holding	49,390		9,258,339
Common Stocks - continued
	Shares		Value
Switzerland - continued
Schindler Holding AG (Reg.)	1,278,570		$ 150,505,705
Transocean Ltd. (United States)	1,650,300		94,314,645
UBS AG (a)	12,243,801		154,783,795
Zurich Financial Services AG	410,659		95,370,411
TOTAL SWITZERLAND			1,117,671,287
Taiwan - 1.0%
Chroma ATE, Inc.	295,200		588,987
CTCI Corp.	544,000		692,166
Giant Manufacturing Co. Ltd.	195,000		754,567
HTC Corp.	4,228,000		95,018,182
Motech Industries, Inc.	381,000		715,692
Pacific Hospital Supply Co. Ltd.	219,064		716,843
Powertech Technology, Inc.	288,600		702,614
SIMPLO Technology Co. Ltd.	89,200		524,868
St. Shine Optical Co. Ltd.	53,000		665,803
Ta Chong Bank (a)	3,076,000		885,512
Taiwan Fertilizer Co. Ltd.	3,810,000		9,820,065
Taiwan Semiconductor Manufacturing Co. Ltd.	612,000		1,491,368
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	10,407,200		131,338,864
Unified-President Enterprises Corp.	7,865,200		10,815,919
TOTAL TAIWAN			254,731,450
Thailand - 0.0%
Banpu PCL (For. Reg.)	25,400		515,630
Charoen Pokphand Foods PCL (For. Reg.)	653,400		636,326
PTT PCL (For. Reg.)	93,000		916,177
TOTAL THAILAND			2,068,133
United Arab Emirates - 0.0%
Dubai Financial Market PJSC (a)	2,045,195		573,523
United Kingdom - 18.1%
3Legs Resources PLC	6,373,700		13,837,749
Anglo American PLC (United Kingdom)	3,427,600		126,423,827
BG Group PLC	11,701,879		255,279,216
British American Tobacco PLC:
(United Kingdom)	85,000		3,898,004
sponsored ADR	1,797,900		165,856,275
Burberry Group PLC	6,074,500		131,002,436
Capita Group PLC	7,638,800		89,248,477
Carphone Warehouse Group PLC	16,014,300		90,397,232
Compass Group PLC	150,000		1,365,362
Filtrona PLC	1,190,508		7,602,777
GlaxoSmithKline PLC	18,595,500		417,404,751
HSBC Holdings PLC sponsored ADR	9,939,900		433,976,034
Imperial Tobacco Group PLC	2,149,970		78,625,409
Inchcape PLC	17,114,619		89,809,932

	Shares		Value
ITV PLC	62,863,890		$ 64,753,082
Lloyds Banking Group PLC (a)	229,626,800		118,767,489
Misys PLC	13,125,310		61,593,504
National Grid PLC	308,000		3,062,719
Next PLC	3,224,800		132,557,312
Ocado Group PLC (a)(d)	9,816,418		14,784,304
Pan African Resources PLC	3,344,300		699,179
Pearson PLC	10,425,200		191,555,485
Pz Cussons PLC Class L	1,957,500		11,584,829
QinetiQ Group PLC	12,165,700		22,851,778
Reckitt Benckiser Group PLC	6,620,100		340,473,304
Rockhopper Exploration PLC (a)	201,600		693,816
Rolls-Royce Group PLC	18,758,100		211,921,603
Rolls-Royce Group PLC Class C	1,294,308,900		2,081,508
Royal Dutch Shell PLC:
Class A (United Kingdom)	198,500		7,033,114
Class A sponsored ADR	4,900,000		347,459,000
Class B sponsored ADR	10,527,400		755,867,323
Standard Chartered PLC (United Kingdom)	105,587		2,477,455
SuperGroup PLC (a)(d)	1,516,200		15,215,322
Vodafone Group PLC sponsored ADR	14,974,100		416,878,944
TOTAL UNITED KINGDOM			4,627,038,551
United States of America - 5.0%
Anadarko Petroleum Corp.	10,800		847,800
Apple, Inc. (a)	654,300		264,847,554
CF Industries Holdings, Inc.	470,800		76,396,716
Citigroup, Inc.	5,105,150		161,271,689
Cognizant Technology Solutions Corp. Class A (a)	658,900		47,934,975
Facebook, Inc. Class B (g)	1,288,142		32,203,550
Green Mountain Coffee Roasters, Inc. (a)	280,100		18,212,102
Intuit, Inc.	321,900		17,276,373
Nabors Industries Ltd. (a)	1,587,600		29,100,708
Newmont Mining Corp.	1,000,000		66,830,000
Noble Energy, Inc.	782,728		69,928,920
Polycom, Inc. (a)	2,900,000		47,937,000
PriceSmart, Inc.	43,700		3,322,948
SanDisk Corp. (a)	2,032,400		102,981,708
Schweitzer-Mauduit International, Inc. (e)	1,608,255		113,092,492
The Mosaic Co.	1,132,300		66,307,488
Unisys Corp. (a)	1,537,730		39,965,603
Virgin Media, Inc.	917,500		22,368,650
Wells Fargo & Co.	4,129,500		106,995,345
TOTAL UNITED STATES OF AMERICA			1,287,821,621
TOTAL COMMON STOCKS (Cost $21,875,227,771)		24,327,847,370
Nonconvertible Preferred Stocks - 1.5%
	Shares		Value
Germany - 1.5%
ProSiebenSat.1 Media AG	3,507,000		$ 75,226,728
Volkswagen AG	1,736,326		304,687,918
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $221,929,530)		379,914,646

Master Notes - 0.0%
	Principal Amount
Canada - 0.0%
OZ Optics Ltd. 5% 11/5/14 (g) (Cost $276,258)	$ 270,994	270,994

Money Market Funds - 6.3%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	725,272,617		725,272,617
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	886,536,637		886,536,637
TOTAL MONEY MARKET FUNDS (Cost $1,611,809,254)		1,611,809,254

TOTAL INVESTMENT
PORTFOLIO - 102.9%

(Cost $23,709,242,813)

26,319,842,264

NET OTHER ASSETS (LIABILITIES) - (2.9)%

(747,943,275)

NET ASSETS - 100%

$ 25,571,898,989

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $40,704,397 or 0.2% of net assets.

(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $32,474,544 or 0.1% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11	$ 32,203,550
OZ Optics Ltd. 5% 11/5/14	11/5/10	$ 276,258

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,220,251
Fidelity Securities Lending Cash Central Fund	20,356,167
Total	$ 21,576,418

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Ashmore Global Opportunities Ltd. (United States)	$ -	$ 9,748,350	$ -	$ 240,285	$ -
Painted Pony Petroleum Ltd.	9,544,006	11,945,802	-	-	30,395,209
Painted Pony Petroleum Ltd. Class A	21,509,462	5,212,327	-	-	44,553,022
Petrobank Energy & Resources Ltd.	223,863,859	-	1,729,615	108,873,999	-
Schweitzer-Mauduit International, Inc.	83,300,121	17,267,467	-	907,782	113,092,492
Total	$ 338,217,448	$ 44,173,946	$ 1,729,615	$ 110,022,066	$ 188,040,723

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 4,627,038,551	$ 3,885,316,989	$ 741,721,562	$ -
Japan	3,428,408,766	-	3,428,408,766	-
Germany	2,198,700,036	1,823,562,096	375,137,940	-
France	1,804,897,841	1,541,258,432	263,639,409	-
Canada	1,427,549,194	1,427,549,194	-	-
United States of America	1,287,821,621	1,255,618,071	-	32,203,550
Switzerland	1,117,671,287	962,887,492	154,783,795	-
Australia	927,621,571	538,478,720	389,142,851	-
Netherlands	690,489,515	477,070,544	213,418,971	-
Other	7,197,563,634	4,195,813,680	3,001,749,954	-
Master Notes	270,994	-	-	270,994
Money Market Funds	1,611,809,254	1,611,809,254	-	-
Total Investments in Securities:	$ 26,319,842,264	$ 17,719,364,472	$ 8,568,003,248	$ 32,474,544

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 451,860
Total Realized Gain (Loss)	(1,057,894)
Total Unrealized Gain (Loss)	1,048,395
Cost of Purchases	32,666,617
Proceeds of Sales	(632,318)
Amortization/Accretion	(2,116)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 32,474,544
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (5,264)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $3,286,171,990 of which $2,666,600,138 and $619,571,852 will expire in fiscal 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Diversified International Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $813,313,897) - See accompanying schedule: Unaffiliated issuers (cost $21,967,898,714)	$ 24,519,992,287
Fidelity Central Funds (cost $1,611,809,254)	1,611,809,254
Other affiliated issuers (cost $129,534,845)	188,040,723
Total Investments (cost $23,709,242,813)		$ 26,319,842,264
Foreign currency held at value (cost $251,333)		251,333
Receivable for investments sold		234,571,947
Receivable for fund shares sold		74,623,129
Dividends receivable		62,708,309
Interest receivable		17,819
Distributions receivable from Fidelity Central Funds		360,288
Prepaid expenses		98,276
Other receivables		2,945,967
Total assets		26,695,419,332
Liabilities
Payable for investments purchased	$ 100,359,104
Payable for fund shares redeemed	117,607,449
Accrued management fee	13,820,459
Other affiliated payables	3,926,570
Other payables and accrued expenses	1,270,124
Collateral on securities loaned, at value	886,536,637
Total liabilities		1,123,520,343
Net Assets		$ 25,571,898,989
Net Assets consist of:
Paid in capital		$ 25,969,888,803
Undistributed net investment income		418,909,977
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,430,253,408)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,613,353,617
Net Assets		$ 25,571,898,989
Diversified International: Net Asset Value, offering price and redemption price per share ($17,285,369,497 ÷ 628,706,658 shares)		$ 27.49

Class K: Net Asset Value, offering price and redemption price per share ($8,115,192,236 ÷ 295,039,055 shares)		$ 27.51

Class F: Net Asset Value, offering price and redemption price per share ($171,337,256 ÷ 6,228,258 shares)		$ 27.51

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends (including $1,148,067 earned from other affiliated issuers)		$ 775,256,545
Special dividends (earned from other affiliated issuers)		108,873,999
Interest		21,709
Income from Fidelity Central Funds		21,576,418
Income before foreign taxes withheld		905,728,671
Less foreign taxes withheld		(61,260,298)
Total income		844,468,373

Expenses
Management fee Basic fee	$ 225,204,522
Performance adjustment	(17,677,656)
Transfer agent fees	55,414,460
Accounting and security lending fees	2,636,921
Custodian fees and expenses	4,452,390
Independent trustees' compensation	179,973
Depreciation in deferred trustee compensation account	(24)
Registration fees	241,072
Audit	217,935
Legal	139,565
Miscellaneous	378,639
Total expenses before reductions	271,187,797
Expense reductions	(8,678,523)	262,509,274
Net investment income (loss)		581,959,099
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,889,598,151
Other affiliated issuers	(2,483,501)
Foreign currency transactions	(5,612,204)
Total net realized gain (loss)		1,881,502,446
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $3,985,288)	(3,644,214,790)
Assets and liabilities in foreign currencies	(2,069,131)
Total change in net unrealized appreciation (depreciation)		(3,646,283,921)
Net gain (loss)		(1,764,781,475)
Net increase (decrease) in net assets resulting from operations		$ (1,182,822,376)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 581,959,099	$ 486,439,991
Net realized gain (loss)	1,881,502,446	(561,752,757)
Change in net unrealized appreciation (depreciation)	(3,646,283,921)	3,614,151,999
Net increase (decrease) in net assets resulting from operations	(1,182,822,376)	3,538,839,233
Distributions to shareholders from net investment income	(554,171,382)	(474,506,693)
Distributions to shareholders from net realized gain	(93,780,346)	-
Total distributions	(647,951,728)	(474,506,693)
Share transactions - net increase (decrease)	(7,417,526,738)	(3,995,252,806)
Redemption fees	964,713	822,251
Total increase (decrease) in net assets	(9,247,336,129)	(930,098,015)

Net Assets
Beginning of period	34,819,235,118	35,749,333,133
End of period (including undistributed net investment income of $418,909,977 and undistributed net investment income of $424,022,673, respectively)	$ 25,571,898,989	$ 34,819,235,118

Financial Highlights - Diversified International

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 29.49	$ 26.86	$ 21.96	$ 45.41	$ 37.58
Income from Investment Operations
Net investment income (loss)^B	.53^E	.37	.35	.55	.47
Net realized and unrealized gain (loss)	(1.99)	2.61	4.86	(20.96)	10.23
Total from investment operations	(1.46)	2.98	5.21	(20.41)	10.70
Distributions from net investment income	(.46)	(.35)	(.31)	(.47)	(.36)
Distributions from net realized gain	(.08)	-	-	(2.57)	(2.51)
Total distributions	(.54)	(.35)	(.31)	(3.04)	(2.87)
Redemption fees added to paid in capital ^{B, G}	-	-	-	-	-
Net asset value, end of period	$ 27.49	$ 29.49	$ 26.86	$ 21.96	$ 45.41
Total Return^A	(5.07)%	11.15%	24.32%	(48.04)%	30.37%
Ratios to Average Net Assets^C,F
Expenses before reductions	.90%	.98%	1.01%	1.04%	.93%
Expenses net of fee waivers, if any	.89%	.98%	1.01%	1.04%	.93%
Expenses net of all reductions	.87%	.96%	.99%	1.02%	.91%
Net investment income (loss)	1.78%^E	1.34%	1.58%	1.53%	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,285,369	$ 26,527,229	$ 30,998,270	$ 28,274,961	$ 59,929,942
Portfolio turnover rate^D	45%	57%	54%	49%	51%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.44%.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class K

Years ended October 31,	2011	2010	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 29.51	$ 26.89	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss)^D	.58^G	.42	.42	.16
Net realized and unrealized gain (loss)	(1.97)	2.61	4.85	(16.57)
Total from investment operations	(1.39)	3.03	5.27	(16.41)
Distributions from net investment income	(.53)	(.41)	(.36)	-
Distributions from net realized gain	(.08)	-	-	-
Total distributions	(.61)	(.41)	(.36)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 27.51	$ 29.51	$ 26.89	$ 21.98
Total Return^B,C	(4.87)%	11.33%	24.64%	(42.75)%
Ratios to Average Net Assets^E,I
Expenses before reductions	.73%	.79%	.77%	.88%^A
Expenses net of fee waivers, if any	.72%	.79%	.77%	.88%^A
Expenses net of all reductions	.70%	.77%	.76%	.87%^A
Net investment income (loss)	1.95%^G	1.54%	1.81%	1.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,115,192	$ 7,697,405	$ 4,713,909	$ 932,275
Portfolio turnover rate^F	45%	57%	54%	49%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a special dividend which amounted to $.10 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%.

^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^J Amount represents less than $.01 per share.

Financial Highlights - Class F

Years ended October 31,	2011	2010	2009^H
Selected Per-Share Data
Net asset value, beginning of period	$ 29.52	$ 26.89	$ 23.29
Income from Investment Operations
Net investment income (loss)^D	.61^G	.43	(.02)
Net realized and unrealized gain (loss)	(2.00)	2.62	3.62
Total from investment operations	(1.39)	3.05	3.60
Distributions from net investment income	(.54)	(.42)	-
Distributions from net realized gain	(.08)	-	-
Total distributions	(.62)	(.42)	-
Redemption fees added to paid in capital ^D,J	-	-	-
Net asset value, end of period	$ 27.51	$ 29.52	$ 26.89
Total Return^B,C	(4.86)%	11.41%	15.46%
Ratios to Average Net Assets^E,I
Expenses before reductions	.68%	.73%	.71%^A
Expenses net of fee waivers, if any	.67%	.73%	.71%^A
Expenses net of all reductions	.65%	.72%	.70%^A
Net investment income (loss)	2.00%^G	1.59%	(.19)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 171,337	$ 594,602	$ 37,155
Portfolio turnover rate^F	45%	57%	54%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Diversified International Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Diversified International, Class K and Class F shares, each of which, has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when significant market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For master notes, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing matrices which consider similar factors that would be used by independent pricing services. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Foreign Currency. The Fund may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, the Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,524,622,015
Gross unrealized depreciation	(2,058,103,983)
Net unrealized appreciation (depreciation) on securities and other investments	$ 2,466,518,032

Tax Cost	$ 23,853,324,232

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 419,615,619
Capital Loss Carryfoward	$ (3,286,171,990)
Net unrealized appreciation (depreciation)	$ 2,469,263,889

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Fund's first fiscal year end subject to the Act will be October 31, 2012.

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 647,951,728	$ 474,506,693

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

New Accounting Pronouncement. In May 2011, the Financial Accounting Standards Board issued Accounting Standard Update No. 2011-04, Fair Value Measurement (Topic 820) - Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs. The update changes the wording used to describe the requirements in GAAP for measuring fair value and for disclosing information about fair value measurements. The update is effective during interim and annual periods beginning after December 15, 2011. Management is currently evaluating the impact of the update's adoption on the Fund's financial statement disclosures.

4. Operating Policies.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $13,875,962,686 and $20,794,928,294, respectively.

Annual Report

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Diversified International as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .65% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Diversified International	$ 51,100,072	.22
Class K	4,314,388	.05
	$ 55,414,460

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $89,950 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $100,888 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $1,510,818. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $20,356,167, including $10,704 from securities loaned to FCM.

Annual Report

Notes to Financial Statements - continued

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $2,833,493.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,844,480 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $550.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Diversified International	$ 404,459,076	$ 398,456,259
Class K	139,574,930	74,880,028
Class F	10,137,376	1,170,406
Total	$ 554,171,382	$ 474,506,693
From net realized gain
Diversified International	$ 71,011,904	$ -
Class K	21,272,351	-
Class F	1,496,091	-
Total	$ 93,780,346	$ -

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Diversified International
Shares sold	95,789,996	179,662,935	$ 2,861,192,033	$ 4,893,668,837
Reinvestment of distributions	15,446,133	13,627,007	459,413,511	384,281,814
Shares redeemed	(382,099,741)	(447,584,331)	(11,334,070,882)	(12,092,134,122)
Net increase (decrease)	(270,863,612)	(254,294,389)	$ (8,013,465,338)	$ (6,814,183,471)
Class K
Shares sold	125,231,374	151,794,829	$ 3,707,928,503	$ 4,125,917,772
Reinvestment of distributions	5,413,899	2,657,205	160,847,281	74,880,028
Shares redeemed	(96,416,162)	(68,937,812)	(2,871,502,023)	(1,889,669,527)
Net increase (decrease)	34,229,111	85,514,222	$ 997,273,761	$ 2,311,128,273
Class F
Shares sold	13,012,404	24,587,499	$ 389,423,461	$ 664,182,809
Reinvestment of distributions	391,673	41,548	11,633,466	1,170,406
Shares redeemed	(27,320,491)	(5,866,038)	(802,392,088)	(157,550,823)
Net increase (decrease)	(13,916,414)	18,763,009	$ (401,335,161)	$ 507,802,392

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 16, 2011

Annual Report

Fidelity International Capital Appreciation Fund

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Actual	1.16%	$ 1,000.00	$ 847.50	$ 5.40
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,019.36	$ 5.90

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Fidelity International Capital Appreciation Fund

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Fidelity International Capital Appreciation Fund	-4.03%	-1.42%	5.96%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity International Capital Appreciation Fund on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® ACWI® (All Country World Index) ex USA Index performed over the same period.

ibd1601427

Annual Report

Fidelity International Capital Appreciation Fund

Management's Discussion of Fund Performance

Comments from Sammy Simnegar, Portfolio Manager of Fidelity® International Capital Appreciation Fund: For the year, the fund returned -4.03%, ahead of the MSCI index. Stock picking in consumer discretionary and materials aided relative performance, as did underweighting utilities. Geographically, out-of-benchmark exposure to the United States and positioning in Indonesia, Brazil and Russia helped. The fund's top contributor, Canadian junior silver miner Aurcana, was lifted by surging silver prices and sold. Other notable contributors included two Indonesian holdings, retailer Mitra Adiperkasa and tobacco firm Gudang Garam. Conversely, positioning in health care detracted, as did stock selection in financials and underweighted telecommunication services exposure. Geographically, positioning in India, China and the United Kingdom hurt the fund. Swiss food and beverage maker Nestle - the fund's largest holding at period end - was its largest relative detractor, mainly due to untimely ownership. Other key detractors were India-based Jain Irrigation Systems and Vedanta Resources, a U.K. metals and mining firm. Aurcana, Mitra Adiperkasa and Jain Irrigation Systems were non-index holdings. I sold Jain and Vedanta by period end.

Annual Report

Fidelity International Capital Appreciation Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United States of America	18.1%
	United Kingdom	14.6%
	France	7.8%
	Japan	7.7%
	Switzerland	5.7%
	Indonesia	4.8%
	Brazil	4.7%
	Germany	4.3%
	India	4.2%
	Other	28.1%

ibd1601439

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United Kingdom	14.6%
	Japan	14.2%
	United States of America	11.5%
	France	7.3%
	Brazil	5.2%
	India	4.5%
	Switzerland	4.2%
	Germany	4.1%
	Canada	4.1%
	Other	30.3%

ibd1601451

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.7	97.9
Short-Term Investments and Net Other Assets	2.3	2.1
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Switzerland, Food Products)	2.3	0.0
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	2.0	1.9
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco)	1.8	1.0
BHP Billiton PLC ADR (United Kingdom, Metals & Mining)	1.7	2.0
Unilever PLC (United Kingdom, Food Products)	1.2	0.0
Siemens AG sponsored ADR (Germany, Industrial Conglomerates)	1.1	1.2
Philip Morris International, Inc. (United States of America, Tobacco)	1.0	0.0
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	1.0	1.0
BASF AG (Germany, Chemicals)	0.9	0.0
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks)	0.9	0.8
	13.9
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	22.1	23.1
Consumer Staples	21.2	10.2
Financials	16.1	20.3
Materials	10.9	12.5
Industrials	10.0	11.4
Information Technology	9.2	9.6
Energy	6.4	10.1
Health Care	1.8	0.0
Telecommunication Services	0.0	0.7

Annual Report

Fidelity International Capital Appreciation Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
Australia - 1.0%
Atlas Iron Ltd.	803,649		$ 2,606,788
Fortescue Metals Group Ltd.	589,230		2,959,891
TOTAL AUSTRALIA			5,566,679
Belgium - 0.8%
Anheuser-Busch InBev SA NV	80,019		4,438,187
Bermuda - 1.1%
Credicorp Ltd. (NY Shares)	29,400		3,198,132
Petra Diamonds Ltd. (a)	1,413,818		2,614,757
TOTAL BERMUDA			5,812,889
Brazil - 4.7%
BR Malls Participacoes SA	276,000		2,981,481
Brasil Foods SA sponsored ADR (d)	161,500		3,399,575
Cia.Hering SA	131,800		2,943,472
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	105,800		3,567,576
Iguatemi Empresa de Shopping Centers SA	141,900		2,749,251
Itau Unibanco Banco Multiplo SA sponsored ADR	238,200		4,554,384
Multiplan Empreendimentos Imobiliarios SA	145,600		2,943,881
Souza Cruz Industria Comerico	250,200		3,068,491
TOTAL BRAZIL			26,208,111
Canada - 1.4%
First Quantum Minerals Ltd.	158,700		3,328,903
Potash Corp. of Saskatchewan, Inc.	88,500		4,188,624
TOTAL CANADA			7,517,527
Cayman Islands - 3.2%
Belle International Holdings Ltd.	1,706,000		3,345,853
China ZhengTong Auto Services Holdings Ltd.	2,428,000		2,629,069
Ctrip.com International Ltd. sponsored ADR (a)(d)	74,000		2,579,640
Hengdeli Holdings Ltd.	7,252,000		3,251,197
Intime Department Store Group Co. Ltd.	2,073,500		2,975,618
Maoye International Holdings Ltd. (a)	11,341,000		3,115,554
TOTAL CAYMAN ISLANDS			17,896,931
Chile - 0.5%
Banco Santander Chile sponsored ADR	35,500		2,899,640
China - 1.6%
Baidu.com, Inc. sponsored ADR (a)	20,300		2,845,654
Golden Eagle Retail Group Ltd. (H Shares)	1,262,000		3,171,639
SINA Corp. (a)	31,700		2,576,893
TOTAL CHINA			8,594,186

	Shares		Value
Colombia - 0.5%
Grupo de Inversiones Surameric	169,158		$ 2,971,598
Grupo de Inversiones Surameric rights 11/22/11 (a)	43,277		6,494
TOTAL COLOMBIA			2,978,092
Curacao - 0.5%
Schlumberger Ltd.	36,900		2,711,043
Denmark - 1.3%
Christian Hansen Holding AS	128,746		2,813,531
Novo Nordisk A/S Series B sponsored ADR	42,600		4,528,380
TOTAL DENMARK			7,341,911
Finland - 1.1%
Kone Oyj (B Shares)	57,800		3,194,777
Nokian Tyres PLC	83,000		3,049,631
TOTAL FINLAND			6,244,408
France - 7.8%
Air Liquide SA	32,400		4,203,596
Atos Origin SA	56,917		2,758,436
BNP Paribas SA	88,391		4,018,353
Casino Guichard Perrachon et Compagnie	32,751		3,078,413
Christian Dior SA	24,612		3,484,394
Danone	65,200		4,538,583
LVMH Moet Hennessy - Louis Vuitton	27,998		4,659,258
Pernod Ricard SA	36,900		3,446,949
PPR SA	21,500		3,359,210
Remy Cointreau SA	37,000		3,041,535
Schneider Electric SA	62,894		3,712,214
Technip SA	34,400		3,271,495
TOTAL FRANCE			43,572,436
Germany - 3.6%
BASF AG	72,072		5,305,194
Bayerische Motoren Werke AG (BMW)	50,246		4,106,763
SAP AG	82,069		4,963,260
Siemens AG sponsored ADR	55,900		5,867,823
TOTAL GERMANY			20,243,040
India - 4.2%
Bajaj Auto Ltd.	85,494		3,023,890
Gitanjali Gems Ltd.	374,700		2,663,961
HDFC Bank Ltd.	328,642		3,277,529
Housing Development Finance Corp. Ltd.	263,505		3,708,261
ITC Ltd.	683,992		2,983,337
Jubilant Foodworks Ltd. (a)	155,631		2,564,717
Smithkline Beecham Consumer Healthcare Ltd.	53,717		2,571,836
Titan Industries Ltd.	571,901		2,539,755
TOTAL INDIA			23,333,286
Common Stocks - continued
	Shares		Value
Indonesia - 4.8%
PT Ace Hardware Indonesia Tbk	7,735,500		$ 2,936,378
PT Astra International Tbk	453,000		3,492,971
PT Bank Mandiri (Persero) Tbk	4,179,500		3,333,918
PT Bank Rakyat Indonesia Tbk	4,317,000		3,245,723
PT Global Mediacom Tbk	29,110,000		2,613,380
PT Gudang Garam Tbk	450,000		2,953,744
PT Indofood Sukses Makmur Tbk	4,827,500		2,865,601
PT Mitra Adiperkasa Tbk	4,826,000		2,657,974
PT Modern Internasional Tbk	8,164,500		2,736,294
TOTAL INDONESIA			26,835,983
Israel - 1.0%
Check Point Software Technologies Ltd. (a)	43,900		2,529,957
Israel Chemicals Ltd.	248,200		2,986,616
TOTAL ISRAEL			5,516,573
Italy - 2.3%
Prada SpA	651,600		3,221,154
Saipem SpA	73,512		3,296,158
Salvatore Ferragamo Italia SpA (a)	193,400		3,134,138
Tod's SpA	30,558		3,057,510
TOTAL ITALY			12,708,960
Japan - 7.7%
Canon, Inc. sponsored ADR (d)	98,209		4,473,420
Fanuc Corp.	26,100		4,220,656
Japan Tobacco, Inc.	695		3,474,167
Kakaku.com, Inc.	68,900		2,728,445
Keyence Corp.	11,500		2,923,798
Komatsu Ltd.	160,200		3,961,422
Makita Corp.	77,800		2,904,922
Mitsubishi Corp.	192,100		3,951,419
Nabtesco Corp.	144,900		3,173,950
Rakuten, Inc.	2,573		2,820,975
Sysmex Corp.	77,900		2,560,906
THK Co. Ltd.	162,900		3,175,164
Unicharm Corp.	59,200		2,651,547
TOTAL JAPAN			43,020,791
Netherlands - 0.7%
ING Groep NV sponsored ADR (a)(d)	439,496		3,797,245
Nigeria - 1.0%
Guaranty Trust Bank PLC GDR (Reg. S)	666,711		3,066,871
Guinness Nigeria PLC	2,106,095		2,672,261
TOTAL NIGERIA			5,739,132
Norway - 0.6%
DnB NOR ASA	277,400		3,236,068
Portugal - 0.5%
Jeronimo Martins SGPS SA	171,305		2,963,362
Russia - 3.1%
Magnit OJSC: rights 11/29/11 (a)	3,342		0
GDR (Reg. S)	137,505		3,513,253

	Shares		Value
NOVATEK OAO GDR	24,600		$ 3,453,840
Sberbank of Russia	1,369,800		3,716,993
TNK-BP Holding	1,158,400		3,169,410
Uralkali JSC GDR (Reg. S)	75,400		3,272,360
TOTAL RUSSIA			17,125,856
South Africa - 1.1%
Mr Price Group Ltd.	311,300		2,996,777
Shoprite Holdings Ltd.	198,200		2,904,709
TOTAL SOUTH AFRICA			5,901,486
Spain - 0.7%
Inditex SA	39,590		3,602,898
Sweden - 1.4%
Atlas Copco AB (A Shares)	155,800		3,410,153
H&M Hennes & Mauritz AB (B Shares)	124,921		4,136,857
TOTAL SWEDEN			7,547,010
Switzerland - 5.7%
Compagnie Financiere Richemont SA Series A	74,478		4,264,736
Credit Suisse Group sponsored ADR (d)	130,700		3,786,379
Dufry AG (a)	25,880		2,783,969
Nestle SA	222,340		12,896,254
The Swatch Group AG (Bearer)	8,690		3,679,795
UBS AG (NY Shares) (a)	333,100		4,203,722
TOTAL SWITZERLAND			31,614,855
Thailand - 1.6%
C.P. Seven Eleven PCL (For. Reg.)	1,786,900		2,703,791
Kasikornbank PCL (For. Reg.)	776,000		3,136,968
Siam Makro PCL (For. Reg.)	417,100		2,793,049
TOTAL THAILAND			8,633,808
Turkey - 0.5%
Turkiye Garanti Bankasi AS	858,909		3,031,015
United Kingdom - 14.6%
Anglo American PLC (United Kingdom)	121,800		4,492,479
Antofagasta PLC	161,500		3,030,983
Barclays PLC sponsored ADR	298,700		3,736,737
BG Group PLC	242,853		5,297,895
BHP Billiton PLC ADR	153,557		9,669,484
British American Tobacco PLC (United Kingdom)	215,200		9,868,830
Burberry Group PLC	158,300		3,413,892
Imperial Tobacco Group PLC	112,150		4,101,378
Reckitt Benckiser Group PLC	75,400		3,877,840
Royal Dutch Shell PLC Class B	305,278		10,954,853
SABMiller PLC	111,000		4,054,859
Standard Chartered PLC (United Kingdom)	214,591		5,035,086
The Weir Group PLC	99,800		3,079,964
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Unilever PLC	193,100		$ 6,473,950
Xstrata PLC	241,226		4,055,909
TOTAL UNITED KINGDOM			81,144,139
United States of America - 15.3%
Allergan, Inc.	32,300		2,717,076
Apple, Inc. (a)	6,645		2,689,763
Caterpillar, Inc.	29,100		2,748,786
Citigroup, Inc.	80,700		2,549,313
Citrix Systems, Inc. (a)	36,500		2,658,295
Coach, Inc.	43,800		2,850,066
Cummins, Inc.	28,800		2,863,584
EMC Corp. (a)	112,307		2,752,645
Freeport-McMoRan Copper & Gold, Inc.	66,154		2,663,360
Goldman Sachs Group, Inc.	23,800		2,607,290
Google, Inc. Class A (a)	4,700		2,785,408
Halliburton Co.	70,000		2,615,200
Joy Global, Inc.	30,000		2,616,000
JPMorgan Chase & Co.	77,394		2,690,215
Las Vegas Sands Corp. (a)	62,885		2,952,451
Lorillard, Inc.	24,600		2,722,236
MasterCard, Inc. Class A	8,160		2,833,478
Mead Johnson Nutrition Co. Class A	36,100		2,593,785
Oracle Corp.	81,500		2,670,755
Philip Morris International, Inc.	80,500		5,624,535
Rackspace Hosting, Inc. (a)	69,283		2,867,623
salesforce.com, Inc. (a)	21,100		2,809,887
The Coca-Cola Co.	40,100		2,739,632
The Mosaic Co.	44,316		2,595,145
Tiffany & Co., Inc.	36,581		2,916,603
TJX Companies, Inc.	46,100		2,716,673
United Technologies Corp.	36,878		2,875,746
Visa, Inc. Class A	28,800		2,685,888
Wells Fargo & Co.	100,652		2,607,893
Yum! Brands, Inc.	53,900		2,887,423
TOTAL UNITED STATES OF AMERICA			84,906,754
TOTAL COMMON STOCKS (Cost $511,894,330)		532,684,301
Preferred Stocks - 1.8%
	Shares		Value
Convertible Preferred Stocks - 0.5%
United States of America - 0.5%
Citigroup, Inc. 7.50%	27,500		$ 2,613,600
Nonconvertible Preferred Stocks - 1.3%
Germany - 0.7%
Volkswagen AG	23,300		4,088,650
Italy - 0.6%
Fiat Industrial SpA (a)	538,233		3,302,712
TOTAL NONCONVERTIBLE PREFERRED STOCKS			7,391,362
TOTAL PREFERRED STOCKS (Cost $10,028,088)		10,004,962
Money Market Funds - 2.6%

Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c) (Cost $14,474,200)	14,474,200		14,474,200

TOTAL INVESTMENT PORTFOLIO - 100.3%

(Cost $536,396,618)

557,163,463

NET OTHER ASSETS (LIABILITIES) - (0.3)%

(1,595,071)

NET ASSETS - 100%

$ 555,568,392

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 6,306
Fidelity Securities Lending Cash Central Fund	272,960
Total	$ 279,266

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 87,520,354	$ 87,520,354	$ -	$ -
United Kingdom	81,144,139	53,846,506	27,297,633	-
France	43,572,436	43,572,436	-	-
Japan	43,020,791	4,473,420	38,547,371	-
Switzerland	31,614,855	31,614,855	-	-
Indonesia	26,835,983	-	26,835,983	-
Brazil	26,208,111	26,208,111	-	-
Germany	24,331,690	19,368,430	4,963,260	-
India	23,333,286	-	23,333,286	-
Other	155,107,618	114,752,366	40,355,252	-
Money Market Funds	14,474,200	14,474,200	-	-
Total Investments in Securities:	$ 557,163,463	$ 395,830,678	$ 161,332,785	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $136,212,537 of which $107,738,427 and $28,474,110 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity International Capital Appreciation Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $13,433,219) - See accompanying schedule: Unaffiliated issuers (cost $521,922,418)	$ 542,689,263
Fidelity Central Funds (cost $14,474,200)	14,474,200
Total Investments (cost $536,396,618)		$ 557,163,463
Foreign currency held at value (cost $2,579,665)		2,591,688
Receivable for investments sold		17,494,236
Receivable for fund shares sold		1,092,419
Dividends receivable		1,737,393
Distributions receivable from Fidelity Central Funds		3,404
Prepaid expenses		2,273
Other receivables		622,520
Total assets		580,707,396

Liabilities
Payable to custodian bank	$ 1,588,608
Payable for investments purchased	7,927,500
Payable for fund shares redeemed	482,030
Accrued management fee	390,537
Other affiliated payables	137,426
Other payables and accrued expenses	138,703
Collateral on securities loaned, at value	14,474,200
Total liabilities		25,139,004

Net Assets		$ 555,568,392
Net Assets consist of:
Paid in capital		$ 673,505,786
Undistributed net investment income		5,512,022
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(144,046,033)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		20,596,617
Net Assets, for 46,721,596 shares outstanding		$ 555,568,392
Net Asset Value, offering price and redemption price per share ($555,568,392 ÷ 46,721,596 shares)		$ 11.89

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 12,160,623
Special dividends		1,490,351
Interest		711
Income from Fidelity Central Funds		279,266
Income before foreign taxes withheld		13,930,951
Less foreign taxes withheld		(901,136)
Total income		13,029,815

Expenses
Management fee Basic fee	$ 4,371,310
Performance adjustment	432,652
Transfer agent fees	1,596,536
Accounting and security lending fees	311,964
Custodian fees and expenses	291,299
Independent trustees' compensation	3,486
Registration fees	38,456
Audit	83,417
Legal	2,590
Interest	3,399
Miscellaneous	6,496
Total expenses before reductions	7,141,605
Expense reductions	(436,279)	6,705,326
Net investment income (loss)		6,324,489
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	26,199,769
Foreign currency transactions	(630,556)
Total net realized gain (loss)		25,569,213
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $882,795)	(54,301,580)
Assets and liabilities in foreign currencies	(89,797)
Total change in net unrealized appreciation (depreciation)		(54,391,377)
Net gain (loss)		(28,822,164)
Net increase (decrease) in net assets resulting from operations		$ (22,497,675)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity International Capital Appreciation Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 6,324,489	$ 5,868,930
Net realized gain (loss)	25,569,213	32,223,756
Change in net unrealized appreciation (depreciation)	(54,391,377)	58,849,867
Net increase (decrease) in net assets resulting from operations	(22,497,675)	96,942,553
Distributions to shareholders from net investment income	(7,380,589)	(3,188,361)
Distributions to shareholders from net realized gain	(4,973,519)	(5,465,762)
Total distributions	(12,354,108)	(8,654,123)
Share transactions Proceeds from sales of shares	171,547,780	275,756,138
Reinvestment of distributions	9,861,670	8,469,995
Cost of shares redeemed	(218,161,559)	(201,747,591)
Net increase (decrease) in net assets resulting from share transactions	(36,752,109)	82,478,542
Redemption fees	43,769	31,259
Total increase (decrease) in net assets	(71,560,123)	170,798,231

Net Assets
Beginning of period	627,128,515	456,330,284
End of period (including undistributed net investment income of $5,512,022 and undistributed net investment income of $5,819,595, respectively)	$ 555,568,392	$ 627,128,515
Other Information Shares
Sold	13,689,530	24,602,735
Issued in reinvestment of distributions	769,704	746,913
Redeemed	(17,394,486)	(18,030,644)
Net increase (decrease)	(2,935,252)	7,319,004

Financial Highlights

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 12.63	$ 10.78	$ 7.42	$ 19.30	$ 18.14
Income from Investment Operations
Net investment income (loss)^B	.13^E	.12	.13	.19	.20
Net realized and unrealized gain (loss)	(.62)	1.92	3.26	(9.54)	3.80
Total from investment operations	(.49)	2.04	3.39	(9.35)	4.00
Distributions from net investment income	(.15)	(.07)	(.03)	(.14)	(.20)
Distributions from net realized gain	(.10)	(.12)	-	(2.39)	(2.64)
Total distributions	(.25)	(.19)	(.03)	(2.53)	(2.84)
Redemption fees added to paid in capital ^{B, G}	-	-	-	-	-
Net asset value, end of period	$ 11.89	$ 12.63	$ 10.78	$ 7.42	$ 19.30
Total Return^A	(4.03)%	19.12%	45.95%	(55.30)%	24.81%
Ratios to Average Net Assets^C,F
Expenses before reductions	1.16%	1.04%	.84%	.89%	.85%
Expenses net of fee waivers, if any	1.16%	1.04%	.84%	.89%	.85%
Expenses net of all reductions	1.09%	.87%	.72%	.72%	.79%
Net investment income (loss)	1.02%^E	1.07%	1.49%	1.39%	1.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 555,568	$ 627,129	$ 456,330	$ 204,743	$ 747,095
Portfolio turnover rate^D	254%	480%	387%	387%	138%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Investment income per share reflects a special dividend which amounted to $.03 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .78%.

^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity International Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011 is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Book-tax differences are primarily due to foreign currency transactions, equity-debt classifications, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized depreciation	$ 47,618,781
Gross unrealized depreciation	(35,059,742)
Net unrealized appreciation (depreciation) on securities and other investments	$ 12,559,039

Tax Cost	$ 544,604,424

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 5,912,335
Capital Loss carryfoward	$ (136,212,537)
Net unrealized appreciation (depreciation)	$ 12,443,133

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 12,354,108	$ 8,654,123

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,550,445,143 and $1,599,960,144, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .78% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .26% of average net assets.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 6,425,922	.37%	$ 3,399

Annual Report

Notes to Financial Statements - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $1,927 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $272,960, including $484 from securities loaned to FCM.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $9,057.

9. Other.

At the end of the period, Strategic Advisers International Fund and Strategic Advisers International II Fund were the owners of record of approximately 10% and 12%, respectively, of the total outstanding shares of the Fund. Mutual Funds managed by FMR or its affiliates, were the owners of record, in the aggregate, of approximately 26% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Capital Appreciation Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity International Capital Appreciation Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Capital Appreciation Fund as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 16, 2011

Annual Report

Fidelity Overseas Fund

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Overseas	.69%
Actual		$ 1,000.00	$ 823.40	$ 3.17
Hypothetical^A		$ 1,000.00	$ 1,021.73	$ 3.52
Class K	.52%
Actual		$ 1,000.00	$ 823.90	$ 2.39
Hypothetical^A		$ 1,000.00	$ 1,022.58	$ 2.65
Class F	.46%
Actual		$ 1,000.00	$ 824.10	$ 2.11
Hypothetical^A		$ 1,000.00	$ 1,022.89	$ 2.35

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Fidelity Overseas Fund

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Fidelity Overseas Fund	-5.83%	-3.84%	4.45%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Overseas Fund, a class of the fund, on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.

ibd1601453

Annual Report

Fidelity Overseas Fund

Management's Discussion of Fund Performance

Comments from Ian Hart, Portfolio Manager of Fidelity® Overseas Fund: For the year, the fund's Retail Class shares returned -5.83%, underperforming the -3.97% return of the MSCI® EAFE® (Europe, Australasia, Far East) Index. Stock picks in energy, information technology, telecommunication services and financials hurt, although my decision to underweight banks partially offset losses in the latter category. Geographically, security selection in the U.K. detracted, due in part to underweighting several mega-cap stocks such as oil producer and index component BP, which posted a double-digit gain. I sold BP by period end. Out-of-benchmark picks in emerging markets also held back performance. On an individual stock level, the fund was hurt by an overweighting in offshore drilling company Transocean, which owned the Deepwater Horizon rig that exploded in the Gulf of Mexico last year; NII Holdings, a U.S.-based operator of mobile networks in Latin America; and a small position in Norwegian oil-services company Sevan Marine, which I sold in June. Conversely, positioning in consumer discretionary aided performance, as did good stock picks and a sizable overweighting in food/beverage/tobacco. The fund's top relative contributor was Japan Tobacco, a strong defensive stock. In the luxury goods area, contributions included an out-of-index stake in luxury goods maker Bulgari, which was acquired in the period, and sold from the fund after the deal's March announcement, and stakes in spirits maker Pernod Ricard and luxury apparel maker Christian Dior, the fund's two largest holdings at period end. Strong security selection in Europe ex U.K. easily overshadowed the negative impact of various market weightings in some countries there.

Annual Report

Fidelity Overseas Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	France	21.4%
	Germany	16.3%
	Japan	11.7%
	United Kingdom	11.6%
	United States of America	8.6%
	Australia	4.4%
	Switzerland	4.1%
	Italy	3.8%
	Spain	2.6%
	Other	15.5%

ibd1601465

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	France	21.7%
	Germany	14.6%
	United Kingdom	14.5%
	Japan	14.2%
	Switzerland	5.5%
	Italy	3.9%
	United States of America	3.4%
	Cayman Islands	3.0%
	Norway	2.4%
	Other	16.8%

ibd1601477

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	91.8	97.6
Short-Term Investments and Net Other Assets	8.2	2.4
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Pernod Ricard SA (France, Beverages)	7.0	5.7
Christian Dior SA (France, Textiles, Apparel & Luxury Goods)	6.2	4.0
Porsche Automobil Holding SE (Germany) (Germany, Automobiles)	5.6	1.3
SAP AG (Germany, Software)	2.7	2.9
Mazda Motor Corp. (Japan, Automobiles)	2.3	2.6
Saipem SpA (Italy, Energy Equipment & Services)	1.5	2.3
The Swatch Group AG (Bearer) (Switzerland, Textiles, Apparel & Luxury Goods)	1.5	1.5
Imperial Tobacco Group PLC (United Kingdom, Tobacco)	1.5	1.9
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	1.0
WPP PLC (Bailiwick of Jersey, Media)	1.4	1.2
	31.1
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	23.3	20.6
Financials	15.4	13.7
Consumer Staples	11.4	12.1
Materials	10.1	12.6
Industrials	7.5	10.8
Energy	6.6	14.6
Information Technology	6.6	7.6
Telecommunication Services	5.9	2.2
Health Care	3.1	2.1
Utilities	1.9	1.3

Annual Report

Fidelity Overseas Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 85.5%
	Shares		Value
Australia - 4.4%
Australia & New Zealand Banking Group Ltd.	1,214,597		$ 27,448,154
BHP Billiton Ltd.	659,177		25,805,692
Commonwealth Bank of Australia	543,974		27,946,636
Macquarie Group Ltd.	439,886		11,326,499
Newcrest Mining Ltd.	667,135		23,580,019
TOTAL AUSTRALIA			116,107,000
Bailiwick of Jersey - 1.6%
Wolseley PLC	189,900		5,491,041
WPP PLC	3,658,375		37,875,145
TOTAL BAILIWICK OF JERSEY			43,366,186
Belgium - 2.5%
Anheuser-Busch InBev SA NV	557,112		30,899,753
Groupe Bruxelles Lambert SA	468,500		36,204,263
TOTAL BELGIUM			67,104,016
Bermuda - 0.3%
Li & Fung Ltd.	4,008,000		7,724,195
Brazil - 0.2%
BM&F Bovespa SA	1,062,400		6,341,486
Canada - 0.6%
Potash Corp. of Saskatchewan, Inc.	320,200		15,154,774
Cayman Islands - 2.3%
3SBio, Inc. sponsored ADR (a)	440,300		5,067,853
China Medical System Holding Ltd.	7,584,250		5,568,755
Melco PBL Entertainment (Macau) Ltd. sponsored ADR (a)(d)	2,693,500		30,894,445
Minth Group Ltd.	11,902,000		12,349,112
Yingde Gases Group Co. Ltd.	7,799,100		8,317,251
TOTAL CAYMAN ISLANDS			62,197,416
Denmark - 0.9%
Danske Bank A/S (a)	493,663		6,840,172
Novo Nordisk A/S Series B	170,100		18,061,767
TOTAL DENMARK			24,901,939
Finland - 0.5%
Outotec Oyj	258,300		12,075,045
France - 21.4%
Accor SA	188,600		6,200,139
Alcatel-Lucent SA sponsored ADR (a)	4,144,600		11,356,204
Alstom SA	833,508		31,259,626
Atos Origin SA	205,351		9,952,167
AXA SA	882,837		14,380,093
BNP Paribas SA	387,126		17,599,180
Cap Gemini SA	253,800		9,736,202
Christian Dior SA	1,177,000		166,631,386
Compagnie Generale de Geophysique SA (a)	285,800		6,245,460
EDF SA	349,100		10,488,524
GDF Suez	272,000		7,722,273

	Shares		Value
JC Decaux SA (a)	289,800		$ 7,766,415
Laurent-Perrier Group	100,819		10,394,494
Pernod Ricard SA	1,987,126		185,623,904
Safran SA	649,100		21,262,512
Sanofi-aventis	504,882		36,123,991
Vivendi	333,479		7,499,401
Wendel SA	152,300		11,373,040
TOTAL FRANCE			571,615,011
Germany - 10.0%
Allianz AG	330,245		37,115,086
BASF AG	177,414		13,059,381
Bayer AG	305,997		19,604,509
Deutsche Boerse AG	201,492		11,153,791
E.ON AG	670,598		16,249,990
HeidelbergCement AG	325,329		14,848,348
Linde AG	181,207		28,826,284
Metro AG	118,700		5,534,220
Munich Re Group	120,668		16,275,084
Puma AG	34,100		10,995,501
RWE AG	171,000		7,323,038
SAP AG	1,175,607		71,096,806
Siemens AG	147,088		15,420,124
TOTAL GERMANY			267,502,162
Hong Kong - 0.4%
China Unicom (Hong Kong) Ltd. sponsored ADR (d)	555,000		11,161,050
India - 0.6%
Bharti Airtel Ltd.	1,886,222		15,106,224
Ireland - 0.3%
CRH PLC	515,000		9,319,038
Italy - 3.8%
Ansaldo STS SpA	334,000		3,542,936
Assicurazioni Generali SpA	327,500		5,905,551
ENI SpA	772,300		17,073,321
Fiat Industrial SpA (a)	1,326,000		11,569,999
Intesa Sanpaolo SpA	4,961,601		8,864,470
Saipem SpA	911,169		40,855,324
Telecom Italia SpA	10,512,400		13,082,222
TOTAL ITALY			100,893,823
Japan - 11.7%
Hitachi Ltd.	4,459,000		23,895,659
Honda Motor Co. Ltd. sponsored ADR	918,500		27,463,150
Japan Tobacco, Inc.	5,295		26,468,654
Keyence Corp.	79,200		20,136,072
Komatsu Ltd.	448,400		11,088,024
Kubota Corp.	832,000		6,853,386
Mazda Motor Corp. (a)(d)	28,643,000		60,213,771
Mitsubishi Corp.	985,600		20,273,393
Mitsubishi UFJ Financial Group, Inc.	1,824,400		7,929,742
Mitsui & Co. Ltd.	629,200		9,184,049
NTT DoCoMo, Inc.	11,689		20,762,821
Common Stocks - continued
	Shares		Value
Japan - continued
Rakuten, Inc.	21,988		$ 24,107,109
SOFTBANK CORP.	734,600		23,844,961
Tokyo Electron Ltd.	227,100		12,079,516
Toshiba Corp.	2,648,000		11,550,453
Toto Ltd.	727,000		6,045,774
TOTAL JAPAN			311,896,534
Luxembourg - 0.5%
ArcelorMittal SA Class A unit (d)	585,300		12,133,269
Mexico - 0.4%
Cemex SA de CV sponsored ADR (d)	2,631,800		11,500,966
Netherlands - 0.8%
AEGON NV (a)	1,703,200		8,123,645
ING Groep NV (Certificaten Van Aandelen) (a)	1,512,300		13,039,389
TOTAL NETHERLANDS			21,163,034
Norway - 1.3%
Aker Solutions ASA	1,572,717		18,290,363
DnB NOR ASA	752,800		8,781,946
Kvaerner ASA (a)	3,388,500		6,530,391
TOTAL NORWAY			33,602,700
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA	1,194,607		10,752,920
Banco Santander SA:
rights 10/31/11	1,238,625		214,267
(Spain)	1,238,625		10,485,066
Distribuidora Internacional de Alimentacion SA (a)	377,987		1,728,833
Iberdrola SA	1,198,900		8,723,851
Inditex SA	142,852		13,000,284
Telefonica SA sponsored ADR (d)	1,113,900		23,804,043
TOTAL SPAIN			68,709,264
Sweden - 0.8%
Svenska Handelsbanken AB (A Shares)	454,400		13,096,266
Swedbank AB (A Shares)	534,900		7,535,883
TOTAL SWEDEN			20,632,149
Switzerland - 4.1%
Credit Suisse Group	318,706		9,194,430
Julius Baer Group Ltd.	125,480		4,767,253
Pargesa Holding SA	98,450		7,724,098
The Swatch Group AG (Bearer)	96,350		40,799,567
Transocean Ltd. (United States)	429,100		24,523,065
UBS AG (a)	894,783		11,311,676
Zurich Financial Services AG	47,010		10,917,484
TOTAL SWITZERLAND			109,237,573
Taiwan - 0.2%
HTC Corp.	252,000		5,663,335

	Shares		Value
Turkey - 1.3%
Turkcell Iletisim Hizmet AS sponsored ADR (a)	2,312,300		$ 28,487,536
Turkiye Garanti Bankasi AS	1,580,000		5,575,682
TOTAL TURKEY			34,063,218
United Kingdom - 11.6%
AMEC PLC	541,579		8,060,803
Anglo American PLC (United Kingdom)	421,000		15,528,192
Barclays PLC	6,045,110		18,742,991
BG Group PLC	1,749,782		38,171,902
BHP Billiton PLC	985,136		31,027,214
British Sky Broadcasting Group PLC	880,300		9,966,517
Cairn Energy PLC (a)	3,409,715		16,154,402
Imperial Tobacco Group PLC	1,081,219		39,540,685
Lloyds Banking Group PLC (a)	18,687,110		9,665,340
Prudential PLC	899,265		9,290,341
Rio Tinto PLC	623,310		33,726,681
Rolls-Royce Group PLC	2,829,400		31,965,443
Rolls-Royce Group PLC Class C	195,228,600		313,967
Standard Chartered PLC (United Kingdom)	952,374		22,346,159
Xstrata PLC	1,514,900		25,471,121
TOTAL UNITED KINGDOM			309,971,758
United States of America - 0.4%
NII Holdings, Inc. (a)	420,700		9,899,071
TOTAL COMMON STOCKS (Cost $2,415,469,001)		2,279,042,236
Nonconvertible Preferred Stocks - 6.3%

Germany - 6.3%
Porsche Automobil Holding SE (Germany)	2,531,750		148,503,851
Volkswagen AG	115,668		20,297,250
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $177,964,851)		168,801,101
Money Market Funds - 6.2%

Fidelity Cash Central Fund, 0.12% (b)	110,810,907		110,810,907
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	53,871,515		53,871,515
TOTAL MONEY MARKET FUNDS (Cost $164,682,422)		164,682,422

TOTAL INVESTMENT PORTFOLIO - 98.0%

(Cost $2,758,116,274)

2,612,525,759

NET OTHER ASSETS (LIABILITIES) - 2.0%

53,129,568

NET ASSETS - 100%

$ 2,665,655,327

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 160,159
Fidelity Securities Lending Cash Central Fund	5,191,463
Total	$ 5,351,622

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Bulgari SpA	$ 203,182,267	$ -	$ 281,121,110	$ -	$ -

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
France	$ 571,615,011	$ 529,245,560	$ 42,369,451	$ -
Germany	436,303,263	349,786,333	86,516,930	-
Japan	311,896,534	27,463,150	284,433,384	-
United Kingdom	309,971,758	207,519,191	102,452,567	-
Australia	116,107,000	-	116,107,000	-
Switzerland	109,237,573	88,731,467	20,506,106	-
Italy	100,893,823	70,738,280	30,155,543	-
Spain	68,709,264	47,471,278	21,237,986	-
Belgium	67,104,016	36,204,263	30,899,753	-
Other	356,005,095	214,857,239	141,147,856	-
Money Market Funds	164,682,422	164,682,422	-	-
Total Investments in Securities:	$ 2,612,525,759	$ 1,736,699,183	$ 875,826,576	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $1,404,099,728 of which $464,379,963 and $939,719,765 will expire in fiscal 2016 and 2017, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Overseas Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $50,400,053) - See accompanying schedule: Unaffiliated issuers (cost $2,593,433,852)	$ 2,447,843,337
Fidelity Central Funds (cost $164,682,422)	164,682,422
Total Investments (cost $2,758,116,274)		$ 2,612,525,759
Receivable for investments sold		110,952,123
Receivable for fund shares sold		1,634,900
Dividends receivable		5,965,239
Distributions receivable from Fidelity Central Funds		23,470
Prepaid expenses		9,074
Other receivables		678,463
Total assets		2,731,789,028

Liabilities
Payable for investments purchased	$ 6,836,279
Payable for fund shares redeemed	3,967,436
Accrued management fee	600,742
Other affiliated payables	587,074
Other payables and accrued expenses	270,655
Collateral on securities loaned, at value	53,871,515
Total liabilities		66,133,701

Net Assets		$ 2,665,655,327
Net Assets consist of:
Paid in capital		$ 4,192,677,485
Undistributed net investment income		64,516,366
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,445,970,878)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(145,567,646)
Net Assets		$ 2,665,655,327

Overseas: Net Asset Value, offering price and redemption price per share ($2,215,717,141 ÷ 75,674,848 shares)		$ 29.28

Class K: Net Asset Value, offering price and redemption price per share ($291,322,522 ÷ 9,945,947 shares)		$ 29.29

Class F: Net Asset Value, offering price and redemption price per share ($158,615,664 ÷ 5,416,305 shares)		$ 29.28

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 106,408,357
Interest		341
Income from Fidelity Central Funds (including $5,191,463 from security lending)		5,351,622
Income before foreign taxes withheld		111,760,320
Less foreign taxes withheld		(10,352,518)
Total income		101,407,802

Expenses
Management fee Basic fee	$ 33,992,894
Performance adjustment	(12,048,698)
Transfer agent fees	9,056,901
Accounting and security lending fees	1,552,334
Custodian fees and expenses	591,988
Independent trustees' compensation	28,317
Depreciation in deferred trustee compensation account	(202)
Registration fees	55,135
Audit	96,290
Legal	31,934
Interest	11,891
Miscellaneous	69,904
Total expenses before reductions	33,438,688
Expense reductions	(2,850,941)	30,587,747
Net investment income (loss)		70,820,055
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	153,344,292
Other affiliated issuers	128,743,195
Foreign currency transactions	507,807
Total net realized gain (loss)		282,595,294
Change in net unrealized appreciation (depreciation) on: Investment securities	(435,576,882)
Assets and liabilities in foreign currencies	(825,030)
Total change in net unrealized appreciation (depreciation)		(436,401,912)
Net gain (loss)		(153,806,618)
Net increase (decrease) in net assets resulting from operations		$ (82,986,563)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 70,820,055	$ 98,164,015
Net realized gain (loss)	282,595,294	180,555,258
Change in net unrealized appreciation (depreciation)	(436,401,912)	94,849,228
Net increase (decrease) in net assets resulting from operations	(82,986,563)	373,568,501
Distributions to shareholders from net investment income	(92,196,839)	(108,455,793)
Distributions to shareholders from net realized gain	-	(2,308,848)
Total distributions	(92,196,839)	(110,764,641)
Share transactions - net increase (decrease)	(3,671,962,139)	(771,649,789)
Redemption fees	112,180	54,523
Total increase (decrease) in net assets	(3,847,033,361)	(508,791,406)

Net Assets
Beginning of period	6,512,688,688	7,021,480,094
End of period (including undistributed net investment income of $64,516,366 and undistributed net investment income of $85,893,161, respectively)	$ 2,665,655,327	$ 6,512,688,688

Financial Highlights - Overseas

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 31.56	$ 30.13	$ 25.43	$ 58.39	$ 47.08
Income from Investment Operations
Net investment income (loss)^B	.47	.42	.52	.55	.70
Net realized and unrealized gain (loss)	(2.27)	1.49	4.55	(27.19)	15.80
Total from investment operations	(1.80)	1.91	5.07	(26.64)	16.50
Distributions from net investment income	(.48)	(.47)	(.37)	(.57)	(.55)
Distributions from net realized gain	-	(.01)	-	(5.75)	(4.64)
Total distributions	(.48)	(.48)	(.37)	(6.32)	(5.19)
Redemption fees added to paid in capital^B,F	-	-	-	-	-
Net asset value, end of period	$ 29.28	$ 31.56	$ 30.13	$ 25.43	$ 58.39
Total Return^A	(5.83)%	6.33%	20.44%	(50.88)%	38.79%
Ratios to Average Net Assets^C,E
Expenses before reductions	.73%	.89%	1.02%	1.13%	.95%
Expenses net of fee waivers, if any	.73%	.89%	1.02%	1.13%	.95%
Expenses net of all reductions	.67%	.85%	.98%	1.10%	.91%
Net investment income (loss)	1.44%	1.41%	2.01%	1.33%	1.43%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,215,717	$ 5,548,689	$ 6,602,017	$ 5,464,901	$ 9,543,353
Portfolio turnover rate^D	77%	111%	115%	113%	87%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^F Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class K

Years ended October 31,	2011	2010	2009	2008^G
Selected Per-Share Data
Net asset value, beginning of period	$ 31.59	$ 30.16	$ 25.45	$ 45.00
Income from Investment Operations
Net investment income (loss)^D	.52	.47	.59	.13
Net realized and unrealized gain (loss)	(2.27)	1.50	4.54	(19.68)
Total from investment operations	(1.75)	1.97	5.13	(19.55)
Distributions from net investment income	(.55)	(.53)	(.42)	-
Distributions from net realized gain	-	(.01)	-	-
Total distributions	(.55)	(.54)	(.42)	-
Redemption fees added to paid in capital ^D,I	-	-	-	-
Net asset value, end of period	$ 29.29	$ 31.59	$ 30.16	$ 25.45
Total Return^B,C	(5.67)%	6.55%	20.73%	(43.44)%
Ratios to Average Net Assets^E,H
Expenses before reductions	.56%	.69%	.78%	.96%^A
Expenses net of fee waivers, if any	.55%	.69%	.78%	.96%^A
Expenses net of all reductions	.50%	.66%	.74%	.93%^A
Net investment income (loss)	1.61%	1.60%	2.25%	1.08%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 291,323	$ 368,004	$ 383,048	$ 44,277
Portfolio turnover rate^F	77%	111%	115%	113%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^I Amount represents less than $.01 per share.

Financial Highlights - Class F

Years ended October 31,	2011	2010	2009^G
Selected Per-Share Data
Net asset value, beginning of period	$ 31.58	$ 30.15	$ 26.62
Income from Investment Operations
Net investment income (loss)^D	.54	.48	.07
Net realized and unrealized gain (loss)	(2.27)	1.51	3.46
Total from investment operations	(1.73)	1.99	3.53
Distributions from net investment income	(.57)	(.55)	-
Distributions from net realized gain	-	(.01)	-
Total distributions	(.57)	(.56)	-
Redemption fees added to paid in capital ^D,I	-	-	-
Net asset value, end of period	$ 29.28	$ 31.58	$ 30.15
Total Return^B,C	(5.62)%	6.60%	13.26%
Ratios to Average Net Assets^E,H
Expenses before reductions	.51%	.64%	.68%^A
Expenses net of fee waivers, if any	.50%	.64%	.68%^A
Expenses net of all reductions	.45%	.60%	.64%^A
Net investment income (loss)	1.67%	1.66%	.70%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 158,616	$ 595,995	$ 36,415
Portfolio turnover rate^F	77%	111%	115%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Overseas Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Overseas, Class K and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 141,984,065
Gross unrealized depreciation	(330,927,046)
Net unrealized appreciation (depreciation) on securities and other investments	$ (188,942,981)

Tax Cost	$ 2,801,468,740

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 66,157,333
Capital Loss Carryfoward	$ (1,404,099,728)
Net unrealized appreciation (depreciation)	$ (188,920,112)

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 92,196,839	$ 110,764,641

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,586,445,773 and $7,406,044,368, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Overseas as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .46% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Overseas. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Overseas	$ 8,886,248	.23
Class K	170,653	.05
	$ 9,056,901

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 29,270,410	.38%	$ 11,891

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $16,069 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds and includes $7,328 from securities loaned to FCM.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $375,674.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,474,743 for the period. In addition through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $524.

Annual Report

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Overseas	$ 75,897,727	$ 100,374,591
Class K	6,408,873	6,711,130
Class F	9,890,239	1,370,072
Total	$ 92,196,839	$ 108,455,793
From net realized gain
Overseas	$ -	$ 2,158,312
Class K	-	126,111
Class F	-	24,425
Total	$ -	$ 2,308,848

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Overseas
Shares sold	10,588,919	36,113,789	$ 338,680,110	$ 1,067,886,397
Reinvestment of distributions	2,356,512	3,238,247	75,196,294	101,747,555
Shares redeemed	(113,084,725)	(82,678,886)	(3,611,089,764)	(2,430,908,864)
Net increase (decrease)	(100,139,294)	(43,326,850)	$ (3,197,213,360)	$ (1,261,274,912)
Class K
Shares sold	4,129,689	5,090,117	$ 128,992,232	$ 151,156,491
Reinvestment of distributions	201,094	217,803	6,408,873	6,837,242
Shares redeemed	(6,034,878)	(6,358,836)	(198,074,826)	(189,093,826)
Net increase (decrease)	(1,704,095)	(1,050,916)	$ (62,673,721)	$ (31,100,093)
Class F
Shares sold	12,066,248	22,173,982	$ 388,123,231	$ 652,570,206
Reinvestment of distributions	310,526	44,465	9,890,239	1,394,498
Shares redeemed	(25,830,866)	(4,555,729)	(810,088,528)	(133,239,488)
Net increase (decrease)	(13,454,092)	17,662,718	$ (412,075,058)	$ 520,725,216

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Overseas Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Overseas Fund (a fund of Fidelity Investment Trust) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Overseas Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 16, 2011

Annual Report

Fidelity Worldwide Fund

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.39%
Actual		$ 1,000.00	$ 874.80	$ 6.57
Hypothetical^A		$ 1,000.00	$ 1,018.20	$ 7.07
Class T	1.69%
Actual		$ 1,000.00	$ 873.20	$ 7.98
Hypothetical^A		$ 1,000.00	$ 1,016.69	$ 8.59
Class B	2.12%
Actual		$ 1,000.00	$ 871.50	$ 10.00
Hypothetical^A		$ 1,000.00	$ 1,014.52	$ 10.76
Class C	2.14%
Actual		$ 1,000.00	$ 871.70	$ 10.10
Hypothetical^A		$ 1,000.00	$ 1,014.42	$ 10.87
Worldwide	1.05%
Actual		$ 1,000.00	$ 876.50	$ 4.97
Hypothetical^A		$ 1,000.00	$ 1,019.91	$ 5.35
Institutional Class	1.11%
Actual		$ 1,000.00	$ 876.20	$ 5.25
Hypothetical^A		$ 1,000.00	$ 1,019.61	$ 5.65

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Fidelity Worldwide Fund

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Fidelity Worldwide Fund	3.32%	1.61%	6.52%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Worldwide Fund, a class of the fund, on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI World Index performed over the same period.

ibd1601479

Annual Report

Fidelity Worldwide Fund

Management's Discussion of Fund Performance

Market Recap: Global equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the period, despite concern about sovereign debt in Europe, a devastating earthquake/tsunami in Japan, and political upheaval in the Middle East and North Africa. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China, gridlock over raising the debt ceiling in the U.S.- along with Standard & Poor's downgrade of the nation's long-term sovereign credit rating - and a dimmed outlook for global growth caused markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as better-than-expected U.S. economic data and prospects for a resolution to the European debt debacle prompted buyers to storm back onto the scene in search of bargains. Those gains - along with favorable currency fluctuations overall - helped lift the MSCI® ACWI® (All Country World Index) Index 0.75% for the year. Within the index, Europe and emerging markets declined the most, with many countries in these areas sustaining steep losses. By contrast, the U.S. (+8%), which dominates the index, delivered a positive result, as did Australia (+4%) and Switzerland (+3%). Japan showed resilience in the wake of its natural disasters, falling only 2%.

Comments from William Kennedy, Lead Portfolio Manager of Fidelity® Worldwide Fund and manager of its non-U.S. equity subportfolio, and Co-Portfolio Manager Stephen DuFour, who manages the fund's U.S. equity subportfolio: For the 12 months ending October 31, 2011, the fund's Retail Class shares returned 3.32%, versus 2.12% for the MSCI® World Index. Stock selection aided relative results, particularly in the U.S., but also in Japan and Canada. Standouts included Green Mountain Coffee Roasters, maker of the Keurig® coffee system, whose stock rallied during our ownership, following the launch of a new machine and new brands. Shares of beauty products company Estee Lauder benefited from growing overseas demand, product introductions and improved operations. Card processor MasterCard saw a sizable share price gain, fueled by strong volume growth as more payments worldwide were made with plastic. Conversely, security selection and currency exposure in emerging markets detracted, as did positioning in Europe and Asia Pacific ex Japan. The fund's small cash position also hurt. Individual disappointments included France-based network equipment company Alcatel-Lucent, whose stock declined when the company failed to execute on its turnaround plan. Untimely ownership of commercial roofing supplier Carlisle Companies detracted, as did our lack of exposure to tech giant and index component International Business Machines, which rallied nicely. Some of the stocks mentioned were not in the index, and some were not in the portfolio at period end.

Annual Report

Fidelity Worldwide Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United States of America	52.8%
	United Kingdom	9.8%
	Japan	7.0%
	France	4.3%
	Switzerland	3.2%
	Germany	2.7%
	Canada	2.1%
	Netherlands	1.6%
	Australia	1.5%
	Other	15.0%

ibd1601491

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United States of America	48.4%
	United Kingdom	9.9%
	Japan	7.4%
	France	5.9%
	Germany	4.1%
	Canada	3.2%
	Switzerland	2.4%
	Netherlands	2.1%
	Australia	1.9%
	Other	14.7%

ibd1601503

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.6	94.8
Bonds	0.0	0.1
Short-Term Investments and Net Other Assets	3.4	5.1
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Intuit, Inc. (United States of America, Software)	2.7	1.1
Citigroup, Inc. (United States of America, Diversified Financial Services)	2.6	0.0
Edwards Lifesciences Corp. (United States of America, Health Care Equipment & Supplies)	2.2	1.1
Exxon Mobil Corp. (United States of America, Oil, Gas & Consumable Fuels)	2.1	1.8
MasterCard, Inc. Class A (United States of America, IT Services)	2.1	0.5
Prologis, Inc. (United States of America, Real Estate Investment Trusts)	1.8	0.0
Union Pacific Corp. (United States of America, Road & Rail)	1.8	0.0
Apple, Inc. (United States of America, Computers & Peripherals)	1.8	1.3
Perrigo Co. (United States of America, Pharmaceuticals)	1.6	1.2
British American Tobacco PLC	1.6	0.3
	20.3
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.2	14.2
Consumer Discretionary	14.7	14.7
Information Technology	14.3	15.6
Energy	11.4	12.6
Health Care	10.7	12.1
Consumer Staples	9.4	7.2
Industrials	9.2	9.5
Materials	4.3	5.0
Telecommunication Services	3.0	3.0
Utilities	1.4	1.0

Annual Report

Fidelity Worldwide Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
Australia - 1.5%
Australia & New Zealand Banking Group Ltd.	244,941		$ 5,535,316
carsales.com Ltd. (d)	238,660		1,233,872
Commonwealth Bank of Australia	73,520		3,777,086
Fortescue Metals Group Ltd.	218,016		1,095,164
Macquarie Group Ltd.	17,973		462,782
Newcrest Mining Ltd.	92,133		3,256,459
WorleyParsons Ltd.	61,305		1,779,531
TOTAL AUSTRALIA			17,140,210
Austria - 0.0%
Osterreichische Elektrizitatswirtschafts AG	6,500		189,217
Bailiwick of Guernsey - 0.1%
Ashmore Global Opportunities Ltd. (United Kingdom)	49,599		550,379
Bailiwick of Jersey - 0.9%
Experian PLC	176,600		2,301,886
Shire PLC	132,800		4,168,784
Velti PLC (a)	32,500		273,650
Wolseley PLC	106,760		3,087,012
TOTAL BAILIWICK OF JERSEY			9,831,332
Belgium - 0.1%
Anheuser-Busch InBev SA NV	26,911		1,492,596
Bermuda - 0.4%
African Minerals Ltd. (a)	177,200		1,258,868
Cheung Kong Infrastructure Holdings Ltd.	401,000		2,148,044
Li & Fung Ltd.	516,000		994,432
Noble Group Ltd.	529,363		646,120
TOTAL BERMUDA			5,047,464
Brazil - 1.0%
Anhanguera Educacional Participacoes SA	113,300		1,665,982
Arezzo Industria e Comercio SA	51,200		676,823
Itau Unibanco Banco Multiplo SA sponsored ADR	78,300		1,497,096
Qualicorp SA	341,000		3,117,692
Souza Cruz Industria Comerico	199,500		2,446,698
TIM Participacoes SA sponsored ADR	82,378		2,145,123
TOTAL BRAZIL			11,549,414
British Virgin Islands - 0.2%
Arcos Dorados Holdings, Inc.	45,500		1,064,700
Mail.ru Group Ltd. GDR (Reg. S)	43,800		1,508,910
TOTAL BRITISH VIRGIN ISLANDS			2,573,610
Canada - 2.1%
Canadian Natural Resources Ltd.	34,200		1,206,272
InterOil Corp. (a)	10,500		498,855
Keyera Corp.	401,000		18,291,087

	Shares		Value
Open Text Corp. (a)	41,800		$ 2,558,277
Trinidad Drilling Ltd.	206,900		1,618,920
TOTAL CANADA			24,173,411
Cayman Islands - 1.3%
Airtac International Group	156,000		873,143
Belle International Holdings Ltd.	668,000		1,310,100
Biostime International Holdings Ltd.	496,500		885,400
Bosideng International Holdings Ltd.	2,392,000		659,415
China Kanghui Holdings sponsored ADR (a)(d)	105,800		1,657,886
China Mengniu Dairy Co. Ltd.	386,000		1,229,987
China ZhengTong Auto Services Holdings Ltd.	934,000		1,011,347
Ctrip.com International Ltd. sponsored ADR (a)(d)	52,800		1,840,608
Hengdeli Holdings Ltd.	1,388,000		622,264
Microport Scientific Corp.	738,000		417,124
Sands China Ltd. (a)	1,038,800		3,121,789
Shenguan Holdings Group Ltd.	1,912,000		1,027,233
TOTAL CAYMAN ISLANDS			14,656,296
China - 0.7%
Baidu.com, Inc. sponsored ADR (a)	25,000		3,504,500
China Telecom Corp. Ltd. (H Shares)	2,586,000		1,596,615
SINA Corp. (a)(d)	18,600		1,511,994
Zhaojin Mining Industry Co. Ltd. (H Shares)	511,000		912,331
TOTAL CHINA			7,525,440
Curacao - 0.5%
Schlumberger Ltd.	72,000		5,289,840
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)	12,322		13,673
Denmark - 0.9%
Novo Nordisk A/S Series B	54,816		5,820,540
William Demant Holding A/S (a)	51,300		4,093,123
TOTAL DENMARK			9,913,663
Finland - 0.4%
Amer Group PLC (A Shares)	79,900		1,104,630
Nokian Tyres PLC	78,500		2,884,290
TOTAL FINLAND			3,988,920
France - 4.3%
Air Liquide SA	18,600		2,413,176
Arkema SA	26,330		1,801,317
Atos Origin SA	55,730		2,700,909
AXA SA	231,637		3,773,020
BNP Paribas SA	77,588		3,527,237
Club Mediterranee SA (a)	26,800		508,484
Danone	76,600		5,332,139
Iliad SA	38,014		4,449,549
Ipsos SA	3,300		108,372
JC Decaux SA (a)	37,500		1,004,971
Common Stocks - continued
	Shares		Value
France - continued
LVMH Moet Hennessy - Louis Vuitton	33,579		$ 5,588,015
Pernod-Ricard SA	17,814		1,664,064
PPR SA	21,450		3,351,398
Safran SA	51,200		1,677,154
Sanofi-aventis	59,011		4,222,200
Sanofi-aventis sponsored ADR	70,000		2,502,500
Schneider Electric SA	24,592		1,451,502
Societe Generale Series A	55,400		1,617,696
Unibail-Rodamco	6,389		1,277,631
TOTAL FRANCE			48,971,334
Germany - 2.2%
Aareal Bank AG (a)	69,248		1,407,777
Allianz AG	22,281		2,504,084
Bayer AG	46,647		2,988,564
Bayerische Motoren Werke AG (BMW)	42,702		3,490,168
Commerzbank AG (a)	260,100		641,795
Deutsche Bank AG	64,100		2,650,826
Fresenius Medical Care AG & Co. KGaA	52,700		3,839,525
GEA Group AG	52,982		1,463,870
Gerry Weber International AG (Bearer)	19,400		604,072
Kabel Deutschland Holding AG (a)	54,900		3,134,774
Siemens AG	20,658		2,165,703
TOTAL GERMANY			24,891,158
Hong Kong - 0.7%
AIA Group Ltd.	1,010,800		3,090,763
China Unicom (Hong Kong) Ltd.	776,000		1,560,238
I.T Ltd.	798,000		496,991
Techtronic Industries Co. Ltd.	3,575,500		3,093,641
TOTAL HONG KONG			8,241,633
India - 0.8%
Apollo Hospitals Enterprise Ltd.	164,788		1,756,036
Bharti Airtel Ltd.	350,401		2,806,264
Housing Development Finance Corp. Ltd.	166,070		2,337,075
Larsen & Toubro Ltd.	16,958		489,178
Shriram Transport Finance Co. Ltd.	41,265		516,600
The Jammu & Kashmir Bank Ltd.	30,114		519,252
Titan Industries Ltd.	175,420		779,023
TOTAL INDIA			9,203,428
Indonesia - 0.3%
PT Astra International Tbk	82,000		632,282
PT Sarana Menara Nusantara Tbk (a)	913,000		923,098
PT Tower Bersama Infrastructure Tbk	3,992,500		929,188
PT XL Axiata Tbk	1,171,500		655,208
TOTAL INDONESIA			3,139,776
Ireland - 0.6%
Accenture PLC Class A	43,600		2,627,336

	Shares		Value
James Hardie Industries NV CDI (a)	297,856		$ 1,929,373
Kenmare Resources PLC (a)	321,500		209,762
Paddy Power PLC (Ireland)	45,700		2,529,769
TOTAL IRELAND			7,296,240
Israel - 0.3%
Check Point Software Technologies Ltd. (a)	32,400		1,867,212
Israel Chemicals Ltd.	81,400		979,495
TOTAL ISRAEL			2,846,707
Italy - 0.6%
Intesa Sanpaolo SpA	509,546		910,362
Prada SpA	144,900		716,306
Prysmian SpA	104,600		1,585,078
Saipem SpA	84,317		3,780,636
TOTAL ITALY			6,992,382
Japan - 7.0%
ABC-Mart, Inc.	84,500		3,309,601
Aozora Bank Ltd.	566,000		1,431,046
Asics Corp.	200,000		2,651,771
Calbee, Inc. (d)	42,800		1,951,360
Canon, Inc.	94,450		4,288,371
Cosmos Pharmaceutical Corp.	47,300		2,194,224
Credit Saison Co. Ltd.	76,100		1,485,195
DeNA Co. Ltd.	46,400		2,002,954
Denso Corp.	69,500		2,137,626
Digital Garage, Inc. (a)	170		556,650
Don Quijote Co. Ltd.	84,700		3,103,052
Fanuc Corp.	21,200		3,428,272
Honda Motor Co. Ltd.	108,200		3,235,999
Japan Retail Fund Investment Corp.	157		243,063
Japan Tobacco, Inc.	1,306		6,528,435
JS Group Corp.	91,700		1,923,116
JSR Corp.	126,300		2,411,388
Kakaku.com, Inc.	43,300		1,714,683
KDDI Corp.	618		4,527,650
Keyence Corp.	10,400		2,644,131
Misumi Group, Inc.	70,500		1,467,103
Mitsubishi Corp.	136,300		2,803,636
Mitsubishi Estate Co. Ltd.	87,000		1,473,711
Mitsubishi UFJ Financial Group, Inc.	837,800		3,641,492
ORIX Corp.	73,700		6,433,011
Rakuten, Inc.	3,737		4,097,156
So-net M3, Inc.	320		1,447,362
SOFTBANK CORP.	59,800		1,941,095
Start Today Co. Ltd.	165,300		3,497,242
Tokyo Electron Ltd.	19,400		1,031,892
TOTAL JAPAN			79,602,287
Korea (South) - 1.1%
Hyundai Motor Co.	11,637		2,334,815
Kia Motors Corp.	27,270		1,741,809
Common Stocks - continued
	Shares		Value
Korea (South) - continued
LG Household & Health Care Ltd.	3,087		$ 1,389,000
NHN Corp. (a)	3,893		809,131
Orion Corp.	6,624		3,540,417
Samsung Electronics Co. Ltd.	1,927		1,652,691
Shinhan Financial Group Co. Ltd.	22,350		887,039
TOTAL KOREA (SOUTH)			12,354,902
Luxembourg - 0.6%
Brait SA	516,600		1,236,773
Millicom International Cellular SA	11,500		1,263,850
Millicom International Cellular SA (depositary receipt)	27,200		2,997,630
Samsonite International SA	934,200		1,520,025
TOTAL LUXEMBOURG			7,018,278
Mexico - 0.2%
Wal-Mart de Mexico SA de CV Series V	1,042,400		2,692,836
Netherlands - 1.6%
AEGON NV (a)	292,700		1,396,073
ASML Holding NV	60,800		2,549,344
Gemalto NV	106,288		4,849,622
ING Groep NV (Certificaten Van Aandelen) (a)	654,400		5,642,383
Koninklijke Philips Electronics NV	77,500		1,613,528
Randstad Holdings NV	45,325		1,616,744
TOTAL NETHERLANDS			17,667,694
Norway - 0.5%
Aker Solutions ASA	105,900		1,231,594
DnB NOR ASA	367,800		4,290,648
TOTAL NORWAY			5,522,242
Philippines - 0.1%
Alliance Global Group, Inc.	6,500,000		1,616,043
Poland - 0.2%
Eurocash SA	232,100		1,860,945
Qatar - 0.1%
Commercial Bank of Qatar GDR (Reg. S)	279,659		1,282,610
Singapore - 0.1%
Avago Technologies Ltd.	41,000		1,384,570
South Africa - 0.4%
AngloGold Ashanti Ltd. sponsored ADR	44,700		2,020,887
Sanlam Ltd.	311,800		1,164,884
Shoprite Holdings Ltd.	125,400		1,837,793
TOTAL SOUTH AFRICA			5,023,564
Spain - 0.7%
Banco Bilbao Vizcaya Argentaria SA	135,154		1,216,551
Banco Santander SA:
rights 10/31/11	356,566		61,681
(Spain)	356,566		3,018,362
Inditex SA	17,582		1,600,055

	Shares		Value
Prosegur Compania de Seguridad SA (Reg.)	19,900		$ 992,803
Viscofan Envolturas Celulosicas SA	31,300		1,204,620
TOTAL SPAIN			8,094,072
Sweden - 0.6%
Elekta AB (B Shares)	13,000		520,235
Intrum Justitia AB	14,200		233,597
Meda AB (A Shares)	107,400		1,097,137
Swedbank AB (A Shares)	195,000		2,747,237
Swedish Match Co.	65,600		2,269,997
TOTAL SWEDEN			6,868,203
Switzerland - 3.2%
ACE Ltd.	41,000		2,958,150
Adecco SA (Reg.)	34,229		1,654,210
Compagnie Financiere Richemont SA Series A	16,640		952,835
Kuehne & Nagel International AG	10,620		1,322,735
Nestle SA	164,083		9,517,207
Partners Group Holding	12,748		2,389,660
Schindler Holding AG (participation certificate)	31,036		3,649,838
The Swatch Group AG (Bearer)	5,440		2,303,577
Transocean Ltd. (United States)	47,100		2,691,765
UBS AG (a)	323,960		4,095,441
Zurich Financial Services AG	19,138		4,444,561
TOTAL SWITZERLAND			35,979,979
Taiwan - 0.3%
Catcher Technology Co. Ltd.	317,000		1,766,168
WPG Holding Co. Ltd.	955,930		1,154,290
TOTAL TAIWAN			2,920,458
Turkey - 0.1%
Boyner Buyuk Magazacilik A/S (a)	514,000		863,328
United Arab Emirates - 0.1%
First Gulf Bank PJSC	130,740		553,500
United Kingdom - 9.8%
Aberdeen Asset Management PLC	474,742		1,469,699
Aggreko PLC	30,300		834,231
Anglo American PLC (United Kingdom)	68,818		2,538,288
Ashmore Group PLC	187,900		1,042,524
Aviva PLC	363,200		1,981,831
Barclays PLC	1,257,259		3,898,158
BG Group PLC	291,563		6,360,515
BHP Billiton PLC	261,599		8,239,155
BP PLC	567,469		4,176,690
British American Tobacco PLC:
(United Kingdom)	222,000		10,180,670
sponsored ADR	92,400		8,523,900
British Land Co. PLC	332,855		2,732,693
Burberry Group PLC	106,200		2,290,305
Carphone Warehouse Group PLC	852,279		4,810,929
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Diageo PLC	100,557		$ 2,081,493
GlaxoSmithKline PLC	153,700		3,450,034
HSBC Holdings PLC (United Kingdom)	580,528		5,066,231
Imperial Tobacco Group PLC	85,378		3,122,313
International Personal Finance PLC	517,515		2,282,078
Jazztel PLC (a)	228,700		1,322,961
Legal & General Group PLC	1,800,381		3,199,387
Lloyds Banking Group PLC (a)	2,775,954		1,435,778
Micro Focus International PLC	116,800		637,897
National Grid PLC	273,500		2,719,655
Ocado Group PLC (a)(d)	898,900		1,353,815
Reckitt Benckiser Group PLC	19,141		984,426
Royal Dutch Shell PLC Class B	371,168		13,319,306
Royalblue Group PLC	15,700		410,797
SuperGroup PLC (a)(d)	65,400		656,300
The Weir Group PLC	37,100		1,144,956
Ultra Electronics Holdings PLC	32,400		829,522
Vodafone Group PLC	2,115,200		5,874,342
Vodafone Group PLC sponsored ADR	47,212		1,314,382
Xstrata PLC	81,600		1,372,000
TOTAL UNITED KINGDOM			111,657,261
United States of America - 49.4%
Alexion Pharmaceuticals, Inc. (a)	173,000		11,679,230
Amazon.com, Inc. (a)	17,800		3,800,478
American Express Co.	182,100		9,217,902
Ameriprise Financial, Inc.	83,000		3,874,440
Apple, Inc. (a)	49,600		20,077,088
BB&T Corp.	38,000		886,920
Beam, Inc.	25,000		1,235,750
Biogen Idec, Inc. (a)	76,300		8,878,268
Cabot Oil & Gas Corp.	66,000		5,129,520
Chevron Corp.	143,000		15,022,150
Citigroup, Inc.	917,100		28,971,189
Citrix Systems, Inc. (a)	167,209		12,177,831
Cognizant Technology Solutions Corp. Class A (a)	61,600		4,481,400
Collective Brands, Inc. (a)	181,000		2,644,410
CSX Corp.	344,000		7,640,240
Cummins, Inc.	169,400		16,843,442
Discover Financial Services	384,100		9,049,396
Duke Energy Corp.	88,000		1,796,960
Edwards Lifesciences Corp. (a)	329,000		24,813,180
El Paso Electric Co.	60,750		1,945,823
Elizabeth Arden, Inc. (a)	76,000		2,605,280
EQT Corp.	257,000		16,319,500
Estee Lauder Companies, Inc. Class A	115,000		11,321,750
Exxon Mobil Corp.	309,000		24,129,810
Fifth Third Bancorp	381,000		4,575,810
Fiserv, Inc. (a)	7,000		412,090
Fossil, Inc. (a)	2,900		300,614

	Shares		Value
Freeport-McMoRan Copper & Gold, Inc.	112,000		$ 4,509,120
G-III Apparel Group Ltd. (a)	189,600		5,344,824
Gilead Sciences, Inc. (a)	122,000		5,082,520
Google, Inc. Class A (a)	6,500		3,852,160
Green Mountain Coffee Roasters, Inc. (a)	8,900		578,678
Informatica Corp. (a)	144,100		6,556,550
IntercontinentalExchange, Inc. (a)	13,000		1,688,440
InterMune, Inc. (a)	37,000		943,500
Intuit, Inc.	576,000		30,913,915
iRobot Corp. (a)	177,000		5,993,220
JCPenney Co., Inc.	31,000		994,480
JPMorgan Chase & Co.	105,000		3,649,800
Lincoln National Corp.	367,000		6,991,350
Lorillard, Inc.	8,000		885,280
MasterCard, Inc. Class A	69,100		23,994,284
McDonald's Corp.	118,500		11,002,725
Motorola Solutions, Inc.	20,000		938,200
National Oilwell Varco, Inc.	82,000		5,849,060
Nu Skin Enterprises, Inc. Class A	132,000		6,669,960
ONEOK, Inc.	37,000		2,813,850
Perrigo Co.	207,000		18,687,960
Polypore International, Inc. (a)	139,100		7,295,795
PPL Corp.	145,000		4,258,650
Prestige Brands Holdings, Inc. (a)	296,120		3,132,950
Priceline.com, Inc. (a)	4,000		2,030,880
Prologis, Inc.	681,600		20,284,416
PulteGroup, Inc. (a)	807,000		4,180,260
Ralph Lauren Corp.	14,000		2,223,060
RF Micro Devices, Inc. (a)	991,700		7,279,078
Riverbed Technology, Inc. (a)	28,000		772,240
salesforce.com, Inc. (a)	56,000		7,457,520
Sirius XM Radio, Inc. (a)(d)	3,900,000		6,981,000
Smithfield Foods, Inc. (a)	186,000		4,251,960
Starbucks Corp.	281,000		11,897,540
Target Corp.	81,000		4,434,750
TJX Companies, Inc.	176,000		10,371,680
Torchmark Corp.	57,000		2,333,010
Union Pacific Corp.	202,000		20,113,140
United Technologies Corp.	65,000		5,068,700
UnitedHealth Group, Inc.	273,900		13,144,461
Virgin Media, Inc.	98,000		2,389,240
W.R. Grace & Co. (a)	323,000		13,498,170
Wells Fargo & Co.	246,000		6,373,860
Williams Companies, Inc.	85,000		2,559,350
TOTAL UNITED STATES OF AMERICA			560,102,057
TOTAL COMMON STOCKS (Cost $1,032,697,154)		1,088,582,952
Nonconvertible Preferred Stocks - 0.6%
	Shares		Value
Germany - 0.5%
ProSiebenSat.1 Media AG	2,200		$ 47,191
Volkswagen AG	34,600		6,071,557
TOTAL GERMANY			6,118,748
Italy - 0.1%
Fiat Industrial SpA (a)	118,500		727,141
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $5,541,680)		6,845,889
Money Market Funds - 4.8%

Fidelity Cash Central Fund, 0.12% (b)	41,886,340		41,886,340
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	12,725,485		12,725,485
TOTAL MONEY MARKET FUNDS (Cost $54,611,825)		54,611,825

TOTAL INVESTMENT PORTFOLIO - 101.4%

(Cost $1,092,850,659)

1,150,040,666

NET OTHER ASSETS (LIABILITIES) - (1.4)%

(15,367,874)

NET ASSETS - 100%

$ 1,134,672,792

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 77,687
Fidelity Securities Lending Cash Central Fund	199,692
Total	$ 277,379

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 560,102,057	$ 560,102,057	$ -	$ -
United Kingdom	111,657,261	49,233,918	62,423,343	-
Japan	79,602,287	-	79,602,287	-
France	48,971,334	44,749,134	4,222,200	-
Switzerland	35,979,979	31,884,538	4,095,441	-
Germany	31,009,906	22,353,852	8,656,054	-
Canada	24,173,411	24,173,411	-	-
Netherlands	17,667,694	9,015,710	8,651,984	-
Australia	17,140,210	-	17,140,210	-
Other	169,124,702	95,926,624	73,198,078	-
Money Market Funds	54,611,825	54,611,825	-	-
Total Investments in Securities:	$ 1,150,040,666	$ 892,051,069	$ 257,989,597	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 34,550
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	(34,550)
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $43,909,944 all of which will expire in fiscal 2017. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Worldwide Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $11,527,651) - See accompanying schedule: Unaffiliated issuers (cost $1,038,238,834)	$ 1,095,428,841
Fidelity Central Funds (cost $54,611,825)	54,611,825
Total Investments (cost $1,092,850,659)		$ 1,150,040,666
Foreign currency held at value (cost $12)		12
Receivable for investments sold		36,476,232
Receivable for fund shares sold		974,697
Dividends receivable		1,205,767
Distributions receivable from Fidelity Central Funds		21,667
Prepaid expenses		4,726
Other receivables		381,445
Total assets		1,189,105,212

Liabilities
Payable for investments purchased	$ 39,330,913
Payable for fund shares redeemed	1,365,409
Accrued management fee	671,958
Distribution and service plan fees payable	4,710
Other affiliated payables	262,119
Other payables and accrued expenses	71,826
Collateral on securities loaned, at value	12,725,485
Total liabilities		54,432,420

Net Assets		$ 1,134,672,792
Net Assets consist of:
Paid in capital		$ 1,132,528,887
Undistributed net investment income		2,700,979
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(57,762,431)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		57,205,357
Net Assets		$ 1,134,672,792

	October 31, 2011

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($13,153,433 ÷ 735,359 shares)		$ 17.89

Maximum offering price per share (100/94.25 of $17.89)		$ 18.98
Class T: Net Asset Value and redemption price per share ($2,186,869 ÷ 122,631 shares)		$ 17.83

Maximum offering price per share (100/96.50 of $17.83)		$ 18.48
Class B: Net Asset Value and offering price per share ($255,549 ÷ 14,383 shares)^A		$ 17.77

Class C: Net Asset Value and offering price per share ($1,296,964 ÷ 73,124 shares)^A		$ 17.74

Worldwide: Net Asset Value, offering price and redemption price per share ($1,114,693,586 ÷ 61,871,620 shares)		$ 18.02

Institutional Class: Net Asset Value, offering price and redemption price per share ($3,086,391 ÷ 171,674 shares)		$ 17.98

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Worldwide Fund
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 20,686,068
Interest		17,708
Income from Fidelity Central Funds		277,379
Income before foreign taxes withheld		20,981,155
Less foreign taxes withheld		(1,097,612)
Total income		19,883,543

Expenses
Management fee Basic fee	$ 8,486,454
Performance adjustment	729,662
Transfer agent fees	2,773,239
Distribution and service plan fees	54,064
Accounting and security lending fees	553,421
Custodian fees and expenses	257,965
Independent trustees' compensation	6,658
Registration fees	98,806
Audit	81,560
Legal	5,113
Miscellaneous	11,919
Total expenses before reductions	13,058,861
Expense reductions	(357,517)	12,701,344
Net investment income (loss)		7,182,199
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	120,978,817
Foreign currency transactions	(435,639)
Total net realized gain (loss)		120,543,178
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $556,502)	(94,435,905)
Assets and liabilities in foreign currencies	(21,713)
Total change in net unrealized appreciation (depreciation)		(94,457,618)
Net gain (loss)		26,085,560
Net increase (decrease) in net assets resulting from operations		$ 33,267,759

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 7,182,199	$ 5,168,785
Net realized gain (loss)	120,543,178	100,330,002
Change in net unrealized appreciation (depreciation)	(94,457,618)	66,991,246
Net increase (decrease) in net assets resulting from operations	33,267,759	172,490,033
Distributions to shareholders from net investment income	(6,244,141)	(6,419,967)
Distributions to shareholders from net realized gain	(2,870,519)	(993,213)
Total distributions	(9,114,660)	(7,413,180)
Share transactions - net increase (decrease)	12,558,124	(61,476,980)
Redemption fees	33,448	31,293
Total increase (decrease) in net assets	36,744,671	103,631,166

Net Assets
Beginning of period	1,097,928,121	994,296,955
End of period (including undistributed net investment income of $2,700,979 and undistributed net investment income of $4,480,160, respectively)	$ 1,134,672,792	$ 1,097,928,121

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009^H
Selected Per-Share Data
Net asset value, beginning of period	$ 17.50	$ 14.96	$ 10.88
Income from Investment Operations
Net investment income (loss)^E	.05	.03	(.01)
Net realized and unrealized gain (loss)	.47	2.63	4.09
Total from investment operations	.52	2.66	4.08
Distributions from net investment income	(.08)	(.10)	-
Distributions from net realized gain	(.05)	(.02)	-
Total distributions	(.13)	(.12)	-
Redemption fees added to paid in capital ^E,J	-	-	-
Net asset value, end of period	$ 17.89	$ 17.50	$ 14.96
Total Return^B,C,D	2.94%	17.85%	37.50%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.41%	1.43%	1.52%^A
Expenses net of fee waivers, if any	1.40%	1.43%	1.52%^A
Expenses net of all reductions	1.38%	1.41%	1.49%^A
Net investment income (loss)	.28%	.21%	(.06)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 13,153	$ 7,530	$ 993
Portfolio turnover rate^G	203%	166%	224%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^F Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

^J Amount represents less than $.01 per share.

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009^H
Selected Per-Share Data
Net asset value, beginning of period	$ 17.46	$ 14.94	$ 10.88
Income from Investment Operations
Net investment income (loss)^E	.01	(.01)	(.01)
Net realized and unrealized gain (loss)	.45	2.62	4.07
Total from investment operations	.46	2.61	4.06
Distributions from net investment income	(.04)	(.08)	-
Distributions from net realized gain	(.05)	(.02)	-
Total distributions	(.09)	(.09)^K	-
Redemption fees added to paid in capital ^E,J	-	-	-
Net asset value, end of period	$ 17.83	$ 17.46	$ 14.94
Total Return^B,C,D	2.61%	17.53%	37.32%
Ratios to Average Net Assets^{F, I}
Expenses before reductions	1.66%	1.70%	1.73%^A
Expenses net of fee waivers, if any	1.65%	1.70%	1.73%^A
Expenses net of all reductions	1.63%	1.68%	1.70%^A
Net investment income (loss)	.03%	(.05)%	(.08)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,187	$ 1,120	$ 458
Portfolio turnover rate^G	203%	166%	224%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

^J Amount represents less than $.01 per share.

^K Total distributions of $.09 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.015 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009^H
Selected Per-Share Data
Net asset value, beginning of period	$ 17.39	$ 14.89	$ 10.88
Income from Investment Operations
Net investment income (loss)^E	(.09)	(.09)	(.03)
Net realized and unrealized gain (loss)	.47	2.61	4.04
Total from investment operations	.38	2.52	4.01
Distributions from net investment income	-	(.01)	-
Distributions from net realized gain	-	(.01)	-
Total distributions	-	(.02)	-
Redemption fees added to paid in capital ^E,J	-	-	-
Net asset value, end of period	$ 17.77	$ 17.39	$ 14.89
Total Return^B,C,D	2.19%	16.92%	36.86%
Ratios to Average Net Assets^F,I
Expenses before reductions	2.16%	2.19%	2.20%^A
Expenses net of fee waivers, if any	2.16%	2.19%	2.20%^A
Expenses net of all reductions	2.13%	2.17%	2.17%^A
Net investment income (loss)	(.47)%	(.55)%	(.30)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 256	$ 305	$ 224
Portfolio turnover rate^G	203%	166%	224%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

^J Amount represents less than $.01 per share.

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009^H
Selected Per-Share Data
Net asset value, beginning of period	$ 17.36	$ 14.89	$ 10.88
Income from Investment Operations
Net investment income (loss)^E	(.09)	(.09)	(.04)
Net realized and unrealized gain (loss)	.47	2.61	4.05
Total from investment operations	.38	2.52	4.01
Distributions from net investment income	-	(.03)	-
Distributions from net realized gain	-	(.02)	-
Total distributions	-	(.05)	-
Redemption fees added to paid in capital ^E,J	-	-	-
Net asset value, end of period	$ 17.74	$ 17.36	$ 14.89
Total Return^B,C,D	2.19%	16.94%	36.86%
Ratios to Average Net Assets^F,I
Expenses before reductions	2.16%	2.19%	2.18%^A
Expenses net of fee waivers, if any	2.15%	2.19%	2.18%^A
Expenses net of all reductions	2.13%	2.16%	2.15%^A
Net investment income (loss)	(.47)%	(.54)%	(.39)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,297	$ 710	$ 335
Portfolio turnover rate^G	203%	166%	224%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Worldwide

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 17.58	$ 14.98	$ 13.40	$ 25.18	$ 21.82
Income from Investment Operations
Net investment income (loss)^B	.11	.08	.12	.16	.14
Net realized and unrealized gain (loss)	.48	2.63	1.63	(9.44)	6.05
Total from investment operations	.59	2.71	1.75	(9.28)	6.19
Distributions from net investment income	(.10)	(.10)	(.17)	(.12)	(.17)
Distributions from net realized gain	(.05)	(.02)	-	(2.38)	(2.66)
Total distributions	(.15)	(.11)^G	(.17)	(2.50)	(2.83)
Redemption fees added to paid in capital^B,F	-	-	-	-	-
Net asset value, end of period	$ 18.02	$ 17.58	$ 14.98	$ 13.40	$ 25.18
Total Return^A	3.32%	18.18%	13.39%	(40.66)%	31.87%
Ratios to Average Net Assets^C,E
Expenses before reductions	1.08%	1.15%	1.27%	1.21%	1.04%
Expenses net of fee waivers, if any	1.08%	1.15%	1.27%	1.21%	1.04%
Expenses net of all reductions	1.05%	1.12%	1.24%	1.19%	1.02%
Net investment income (loss)	.60%	.50%	.92%	.84%	.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,114,694	$ 1,087,928	$ 991,996	$ 934,885	$ 1,773,603
Portfolio turnover rate^D	203%	166%	224%	264%	128%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^F Amount represents less than $.01 per share.

^G Total distributions of $.11 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.015 per share.

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009^G
Selected Per-Share Data
Net asset value, beginning of period	$ 17.57	$ 15.00	$ 10.88
Income from Investment Operations
Net investment income (loss)^D	.10	.07	.06
Net realized and unrealized gain (loss)	.47	2.63	4.06
Total from investment operations	.57	2.70	4.12
Distributions from net investment income	(.11)	(.11)	-
Distributions from net realized gain	(.05)	(.02)	-
Total distributions	(.16)	(.13)	-
Redemption fees added to paid in capital ^D,I	-	-	-
Net asset value, end of period	$ 17.98	$ 17.57	$ 15.00
Total Return^B,C	3.23%	18.08%	37.87%
Ratios to Average Net Assets^E,H
Expenses before reductions	1.13%	1.21%	1.17%^A
Expenses net of fee waivers, if any	1.13%	1.21%	1.17%^A
Expenses net of all reductions	1.10%	1.19%	1.15%^A
Net investment income (loss)	.56%	.44%	.62%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,086	$ 335	$ 290
Portfolio turnover rate^F	203%	166%	224%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Worldwide Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Worldwide and Institutional class, each of which, along with class B shares has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011 as well as a roll forward of Level 3 securities, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE) normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, equity-debt classifications, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 107,207,788
Gross unrealized depreciation	(63,870,262)
Net unrealized appreciation (depreciation) on securities and other investments	$ 43,337,526

Tax Cost	$ 1,106,703,140

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 2,701,313
Capital loss carryfoward	$ (43,909,944)
Net unrealized appreciation (depreciation)	$ 43,352,876

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 9,114,660	$ 7,413,180

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,331,452,718 and $2,340,625,824, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Worldwide as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .77% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 27,830	$ 7,097
Class T	.25%	.25%	12,334	6
Class B	.75%	.25%	3,072	2,345
Class C	.75%	.25%	10,828	4,607
			$ 54,064	$ 14,055

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares, and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 12,873
Class T	1,872
Class B*	291
Class C*	512
	$ 15,548

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 33,823	.30
Class T	7,470	.30
Class B	941	.31
Class C	3,295	.30
Worldwide	2,724,210	.23
Institutional Class	3,500	.28
	$ 2,773,239

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $3,661 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

Annual Report

Notes to Financial Statements - continued

7. Security Lending - continued

of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers, and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $199,692. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $51,129.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 36,687	$ 9,814
Class T	3,024	2,409
Class B	-	75
Class C	-	827
Worldwide	6,199,611	6,404,601
Institutional Class	4,819	2,241
Total	$ 6,244,141	$ 6,419,967
From net realized gain
Class A	$ 20,664	$ 1,404
Class T	3,280	480
Class B	-	191
Class C	-	373
Worldwide	2,844,643	990,471
Institutional Class	1,932	294
Total	$ 2,870,519	$ 993,213

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	446,295	404,777	$ 8,440,354	$ 6,463,954
Reinvestment of distributions	2,409	589	44,007	9,399
Shares redeemed	(143,732)	(41,328)	(2,654,718)	(668,935)
Net increase (decrease)	304,972	364,038	$ 5,829,643	$ 5,804,418
Class T
Shares sold	307,740	57,729	$ 5,853,479	$ 930,150
Reinvestment of distributions	344	156	6,293	2,498
Shares redeemed	(249,620)	(24,377)	(4,835,753)	(385,540)
Net increase (decrease)	58,464	33,508	$ 1,024,019	$ 547,108
Class B
Shares sold	3,768	11,168	$ 71,519	$ 177,092
Reinvestment of distributions	-	16	-	260
Shares redeemed	(6,939)	(8,709)	(128,598)	(138,098)
Net increase (decrease)	(3,171)	2,475	$ (57,079)	$ 39,254

Annual Report

10. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class C
Shares sold	41,472	34,028	$ 784,669	$ 543,674
Reinvestment of distributions	-	68	-	1,087
Shares redeemed	(9,227)	(15,747)	(167,760)	(246,126)
Net increase (decrease)	32,245	18,349	$ 616,909	$ 298,635
Worldwide
Shares sold	12,255,493	8,421,228	$ 231,984,939	$ 135,177,567
Reinvestment of distributions	480,262	449,494	8,805,760	7,194,622
Shares redeemed	(12,736,797)	(13,209,138)	(238,335,100)	(210,537,866)
Net increase (decrease)	(1,042)	(4,338,416)	$ 2,455,599	$ (68,165,677)
Institutional Class
Shares sold	162,911	9,920	$ 2,875,496	$ 162,697
Reinvestment of distributions	360	158	6,581	2,535
Shares redeemed	(10,647)	(10,397)	(193,044)	(165,950)
Net increase (decrease)	152,624	(319)	$ 2,689,033	$ (718)

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Worldwide Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Worldwide Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Worldwide Fund as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 16, 2011

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance. Except for James C. Curvey, each of the Trustees oversees 226 funds advised by FMR or an affiliate. Mr. Curvey oversees 429 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

Experience, Skills, Attributes, and Qualifications of the Funds' Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing each fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the funds, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the funds. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity funds are overseen by different Boards of Trustees. The funds' Board oversees Fidelity's equity and high income funds and another Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds. The asset allocation funds may invest in Fidelity funds overseen by the funds' Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, each fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the funds' activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the funds' business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the funds are carried out by or through FMR, its affiliates and other service providers, the funds' exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the funds' activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the funds' Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the funds' Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Funds' Trustees."

Annual Report

Trustees and Officers - continued

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

⁺ The information above includes each Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to each Trustee's qualifications to serve as a Trustee, which led to the conclusion that each Trustee should serve as a Trustee for each fund.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch, may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Diversified International Fund	12/05/11	12/02/11	$0.488	$0.000
Fidelity International Capital Appreciation Fund	12/05/11	12/02/11	$0.119	$0.009
Fidelity Overseas Fund	12/05/11	12/02/11	$0.827	$0.020
Fidelity Worldwide Fund	12/05/11	12/02/11	$0.065	$0.000

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h) (11) of the Internal Revenue Code:

	December 3, 2010	December 30, 2010
Fidelity Diversified International Fund	99%	100%
Fidelity International Capital Appreciation Fund	54%	100%
Fidelity Overseas Fund	100%	-
Fidelity Worldwide Fund	100%	100%

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends - received deduction for corporate shareholders:

	December 3, 2010	December 30, 2010
Fidelity Worldwide Fund	42%	64%

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Fidelity Diversified International Fund	12/06/2011	0.373	0.0414
Fidelity Diversified International Fund	12/31/2011	0.072	0.0000
Fidelity International Capital Appreciation Fund	12/06/2011	0.157	0.0219
Fidelity International Capital Appreciation Fund	12/31/2011	0.018	0.0000
Fidelity Overseas Fund	12/06/2011	0.470	0.0294
Fidelity Worldwide Fund	12/06/2011	0.115	0.0105
Fidelity Worldwide Fund	12/31/2011	0.019	0.0000

The funds will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Broadly Diversified International Equity Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of each fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its July 2011 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expense ratio; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; (iv) the extent to which economies of scale would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that each fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of each fund.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' investment staff, including its size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board also noted that FMR has devoted increased resources to non-U.S. offices. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities which allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and enhancers. The Board also believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools which permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in their deliberations, the Board considered the Investment Advisers' trading capabilities and resources which are an integral part of the investment management process.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers, with 35 new branches opening since 2010.

Annual Report

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and support of the senior management team that oversees asset management; (ii) rationalizing product lines through the mergers of six funds into other funds; (iii) continuing to migrate the Freedom Funds to dedicated lower cost underlying funds; (iv) obtaining shareholder approval to broaden the investment strategies for Fidelity Consumer Finance Portfolio, Fidelity Emerging Asia Fund, and Fidelity Environment and Alternative Energy Portfolio; (v) contractually agreeing to reduce the management fees and impose other expense limitations on Spartan 500 Index Fund and U.S. Bond Index Fund in connection with launching new institutional classes of these funds; (vi) changing the name, primary and supplemental benchmarks, and investment policies of Fidelity Global Strategies Fund to support the fund's flexible investment mandate and global orientation; and (vii) reducing the transfer agency account fee rates on certain accounts.

Investment Performance (Diversified International Fund and Overseas Fund). The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance for each class, as well as each fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, as available, the cumulative total returns of Class F and the retail class of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Class F and the retail class show the performance of the highest and lowest performing classes, respectively (based on one-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Fidelity Diversified International Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the retail class of the fund (the class with the longest performance record) was in the third quartile for all the periods shown. The Board also noted that the investment performance of the fund was lower than its benchmark for the three- and five-year periods, although the one-year total return of the retail class compared favorably to its benchmark. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Overseas Fund

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The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the retail class of the fund (the class with the longest performance record) was in the fourth quartile for all the periods shown. The Board also noted that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board noted that this fund had underperformed in 2009 and discussed with FMR its disappointment with the continued underperformance of the fund. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

The Board also considered that each fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for each fund's shareholders and helps to more closely align the interests of FMR and each fund's shareholders.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit each fund's shareholders.

Investment Performance (International Capital Appreciation Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured over multiple periods against (i) a broad-based securities market index, and (ii) a custom peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc. The fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc., which assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Annual Report

Fidelity International Capital Appreciation Fund

ibd1601509

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the fund was in the first quartile for the one- and three-year periods and the third quartile for the five-year period. The Board also noted that the investment performance of the fund compared favorably to its benchmark for the one- and three-year periods, although the fund's five-year cumulative total return was lower than its benchmark. The Board also reviewed the fund's performance since inception as well as performance in the current year.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Investment Performance (Worldwide Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, as available, the cumulative total returns of the retail class and Class B of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of the retail class and Class B show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on one-year performance), respectively. The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Worldwide Fund

ibd1601511

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of the retail class of the fund was in the first quartile for the one-year period and the second quartile for the three- and five-year periods. The Board also noted that the investment performance of the retail class of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered each fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked and the impact of a fund's performance adjustment, is also included in the charts and considered by the Board.

Annual Report

Fidelity Diversified International Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Fidelity International Capital Appreciation Fund

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Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Overseas Fund

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Fidelity Worldwide Fund

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The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of International Capital Appreciation Fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

In its review of the total expense ratio of each class of each of Diversified International Fund, Overseas Fund, and Worldwide Fund, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees (in the case of Worldwide Fund), and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of each fund's performance adjustment. As part of its review, the Board also considered the current and historical total expense ratios of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class of Diversified International Fund and Overseas Fund ranked below its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios.

The Board noted that the total expense ratio of International Capital Appreciation Fund ranked below its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios.

The Board noted that the total expense ratio of each of Class A, Class B, Class C, and the retail class of Worldwide Fund ranked below its competitive median for 2010 and the total expense ratio of each of Class T and Institutional Class ranked above its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of FMR and its affiliates, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients. In March 2010, the Board created an ad hoc joint committee with the board of other Fidelity funds (the Committee) to review and compare Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of International Capital Appreciation Fund and the total expense ratio of each class of Diversified International Fund, Overseas Fund, and Worldwide Fund were reasonable, although in some cases above the median of the universe presented for comparison, in light of the services that each fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for each fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and was satisfied that the profitability was not excessive in the circumstances.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year and length of portfolio manager tenure for different categories of funds over time; (iii) Fidelity's compensation structure for portfolio managers and other key personnel and strategies for attracting and retaining non-investment personnel; (iv) the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (v) historical trends in Fidelity's realization of fall-out benefits; (vi) Fidelity's group fee structures and the rationale for the individual fee rates of certain funds; (vii) fund profitability methodology and the impact of certain factors on fund profitability results; (viii) trends regarding industry use of performance fee structures and Fidelity's compliance practices with respect to performance adjustment calculations; (ix) the fee structures in place for certain other Fidelity clients; and (x) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expense ratios for certain funds and classes.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(UK) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional

Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodians

JPMorgan Chase Bank
New York, NY

Fidelity Diversified International Fund, Fidelity Overseas Fund, and Fidelity Worldwide Fund

The Northern Trust Company
Chicago, IL

Fidelity International Capital Appreciation Fund

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
www.fidelity.com

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

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for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

Fidelity Automated Service
Telephone (FAST®) ibd1601521
1-800-544-5555

Automated line for quickest service

ibd1601524

IBD-UANNPRO-1211
1.784774.108

Fidelity®

Series Emerging Markets

Series International Growth

Series International Small Cap

Series International Value

Funds -

Fidelity Series Emerging Markets Fund

Fidelity Series International Growth Fund

Fidelity Series International Small Cap Fund

Fidelity Series International Value Fund

Class F

Annual Report

October 31, 2011

Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Fidelity® Series Emerging Markets Fund
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Investment Changes	(Click Here)	A summary of major shifts in the Fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Fidelity Series International Growth Fund
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Investment Changes	(Click Here)	A summary of major shifts in the Fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Fidelity Series International Small Cap Fund
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Investment Changes	(Click Here)	A summary of major shifts in the Fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Fidelity Series International Value Fund
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Investment Changes	(Click Here)	A summary of major shifts in the Fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the Financial Statements.
Reports of Independent Registered Public Accounting Firms	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 for Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund or 1-800-835-5092 for Class F of each fund to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

The first line of the accompanying table for each class of each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of each fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Fidelity Series Emerging Markets Fund
Series Emerging Markets	1.12%
Actual		$ 1,000.00	$ 810.70	$ 5.11
Hypothetical ^A		$ 1,000.00	$ 1,019.56	$ 5.70
Class F	.92%
Actual		$ 1,000.00	$ 811.60	$ 4.20
Hypothetical ^A		$ 1,000.00	$ 1,020.57	$ 4.69
Fidelity Series International Growth Fund
Series International Growth	1.00%
Actual		$ 1,000.00	$ 858.90	$ 4.69
Hypothetical ^A		$ 1,000.00	$ 1,020.16	$ 5.09
Class F	.79%
Actual		$ 1,000.00	$ 860.00	$ 3.70
Hypothetical ^A		$ 1,000.00	$ 1,021.22	$ 4.02
Fidelity Series International Small Cap Fund
Series International Small Cap	1.15%
Actual		$ 1,000.00	$ 867.10	$ 5.41
Hypothetical ^A		$ 1,000.00	$ 1,019.41	$ 5.85
Class F	.94%
Actual		$ 1,000.00	$ 868.20	$ 4.43
Hypothetical ^A		$ 1,000.00	$ 1,020.47	$ 4.79
Fidelity Series International Value Fund
Series International Value	.93%
Actual		$ 1,000.00	$ 779.50	$ 4.17
	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Hypothetical ^A		$ 1,000.00	$ 1,020.52	$ 4.74
Class F	.73%
Actual		$ 1,000.00	$ 780.80	$ 3.28
Hypothetical ^A		$ 1,000.00	$ 1,021.53	$ 3.72

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Fidelity Series Emerging Markets Fund

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Life of fund ^A
Fidelity® Series Emerging Markets Fund	-11.26%	23.85%
Class F ^B	-11.07%	24.09%

^A From December 9, 2008.

^B The initial offering of Class F shares took place on June 26, 2009. Returns prior to June 26, 2009 are those of Fidelity Series Emerging Markets Fund, the original class of the fund.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Series Emerging Markets Fund, a class of the fund, on December 9, 2008, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Emerging Markets (EM) Index performed over the same period.

gsv240

Annual Report

Fidelity Series Emerging Markets Fund

Management's Discussion of Fund Performance

Market Recap: Emerging-markets stocks concluded the 12-month period ending October 31, 2011, on a strong note, reversing direction in October amid hope for a resolution to the sovereign debt crisis in Europe. The brief rally partially offset the negative impact of a five-month downturn that began in May and intensified in August and September, as investors began to flee riskier securities due to the debt debacle, concern the U.S. economy may contract and worry about a significant slowdown in China. For the year, the MSCI® Emerging Markets Index declined 7.44%, hampered in part by global currency fluctuation. The index gained roughly 13% in October, after falling 9% in August and about 15% in September. For the full year, returns across the individual country components of the emerging-markets index were decidedly negative. Several of the largest countries in the index struggled, especially India (-20%), China (-17%) and Brazil (-12%), as did Turkey (-34%). Conversely, South Korea had the strongest result, gaining about 7%, while another sizable index component, Russia, returned roughly 1%. Smaller constituents Indonesia (+5%) and Malaysia (+4%) also finished in positive territory. A trio of countries had negative returns but outpaced the index: Mexico (-1%), Taiwan (-2%) and South Africa (-3%).

Comments from Sam Polyak, Co-Portfolio Manager of Fidelity® Series Emerging Markets Fund, along with Per Johansson, Timothy Gannon, Douglas Chow and James Hayes: For the year, the fund's Series Emerging Markets and Class F shares returned -11.26% and -11.07%, respectively, trailing the MSCI index. Performance was primarily hampered by security selection, most notably in consumer discretionary, financials, energy and the software/services segment of information technology. The biggest boost came from our picks in materials, even though the largest individual detractor was an out-of-index stake in Russian steel producer EVRAZ Group, which struggled during the period due to a decline in demand for steel. In financials, shares of Turkish bank Turkiye Vakiflar Bankasi notably detracted. A non-index position in Chinese education company Xueda Education Group hurt, as did a stake in South Korea's Hynix Semiconductor and an underweighting in energy firm PetroChina, based in Beijing. Conversely, the top contributor was Russian potash producer Uralkali, followed by an out-of-index stake in uranium producer Uranium One, which is based in Canada but has major mining operations in Kazakhstan. In consumer staples, the fund was helped by South Korean food manufacturer Orion, which was not in the index. Also in materials, China Shanshui Cement Group contributed, while the fund's cash position in a down market provided another boost.

Annual Report

Fidelity Series Emerging Markets Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	Brazil 15.7%
	Korea (South) 12.1%
	China 8.8%
	Russia 7.6%
	Taiwan 6.7%
	India 4.8%
	United States of America 4.5%
	Hong Kong 4.5%
	South Africa 4.1%
	Other 31.2%

gsv262

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	Brazil 13.8%
	Korea (South) 13.0%
	Taiwan 9.3%
	India 9.3%
	Russia 8.7%
	China 8.1%
	South Africa 5.0%
	Mexico 4.9%
	United States of America 4.2%
	Other 23.7%

gsv284

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.1	96.7
Short-Term Investments and Net Other Assets	2.9	3.3
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	3.2	2.0
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)	2.2	2.0
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	2.1	1.8
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	2.0	1.6
China Mobile (Hong Kong) Ltd. sponsored ADR (Hong Kong, Wireless Telecommunication Services)	1.9	0.7
CNOOC Ltd. sponsored ADR (Hong Kong, Oil, Gas & Consumable Fuels)	1.8	0.4
Petroleo Brasileiro SA - Petrobras sponsored ADR (Brazil, Oil, Gas & Consumable Fuels)	1.6	1.6
NOVATEK OAO GDR (Russia, Oil, Gas & Consumable Fuels)	1.4	0.6
Grupo Televisa SA de CV (CPO) sponsored ADR (Mexico, Media)	1.4	1.1
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining)	1.3	0.9
	18.9
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.5	23.6
Energy	14.6	14.7
Materials	12.8	15.9
Information Technology	11.9	11.6
Consumer Discretionary	8.4	6.7
Industrials	7.7	8.5
Consumer Staples	7.4	5.5
Telecommunication Services	7.2	5.7
Utilities	3.6	3.3
Health Care	1.0	1.2

Annual Report

Fidelity Series Emerging Markets Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
Australia - 0.3%
Paladin Energy Ltd.:
(Australia) (a)	1,412,610		$ 2,157,439
(Canada) (a)	8,707,700		13,626,937
TOTAL AUSTRALIA			15,784,376
Bailiwick of Guernsey - 0.2%
Chariot Oil & Gas Ltd. (a)	4,252,400		9,522,903
Bermuda - 1.6%
Aquarius Platinum Ltd. (Australia)	4,722,760		13,855,918
CNPC (Hong Kong) Ltd.	17,404,000		24,379,225
Cosco International Holdings Ltd.	2,450,000		1,046,776
GP Investments Ltd. (depositary receipt) (a)	6,353,208		16,796,858
Noble Group Ltd.	17,684,000		21,584,409
TOTAL BERMUDA			77,663,186
Brazil - 15.7%
Anhanguera Educacional Participacoes SA	2,270,916		33,391,934
Arezzo Industria e Comercio SA	1,342,800		17,750,734
B2W Companhia Global do Varejo	830,975		6,750,583
Banco do Brasil SA	4,120,457		62,147,587
Banco do Estado do Rio Grande do Sul SA	3,489,800		36,783,939
BM&F Bovespa SA	2,475,900		14,778,695
BR Properties SA	1,550,700		15,622,589
Braskem SA (PN-A)	2,340,200		20,850,839
Centrais Eletricas Brasileiras SA (Electrobras)	800,500		8,013,391
Cia.Hering SA	1,111,300		24,818,516
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR	494,900		16,688,028
Companhia de Saneamento de Minas Gerais	581,800		10,923,149
Companhia Paranaense de Energia-Copel:
(PN-B)	200,900		4,018,702
(PN-B) sponsored ADR (d)	853,900		17,231,702
Ecorodovias Infraestrutura e Logistica SA	1,483,200		11,228,512
Energias do Brasil SA	648,800		13,979,502
Fibria Celulose SA sponsored ADR (d)	2,230,600		19,785,422
Gafisa SA sponsored ADR	584,700		4,350,168
Gerdau SA sponsored ADR (d)	3,772,700		34,029,754
Gol Linhas Aereas Inteligentes SA sponsored ADR (d)	1,969,700		15,796,994
Itau Unibanco Banco Multiplo SA sponsored ADR	1,902,160		36,369,299
Localiza Rent A Car SA	1,205,500		18,217,287
Lojas Americanas SA (PN)	4,707,541		41,395,218
Mills Estruturas e Servicos de Engenharia SA	1,104,700		11,032,847
Common Stocks - continued
	Shares		Value
Brazil - continued
Multiplus SA	922,800		$ 15,584,207
Natura Cosmeticos SA	608,300		11,831,598
Petroleo Brasileiro SA - Petrobras:
(PN) sponsored ADR (d)	560,000		14,162,400
sponsored ADR	2,356,900		63,659,869
Redecard SA	615,200		10,335,733
Santos Brasil Participacoes SA unit	446,100		6,614,085
Telefonica Brasil SA sponsored ADR (a)	1,002,900		29,104,158
Ultrapar Participacoes SA	2,812,800		50,123,270
Vale SA (PN-A) sponsored ADR	2,745,400		64,791,440
TOTAL BRAZIL			762,162,151
British Virgin Islands - 0.1%
Camelot Information Systems, Inc. ADR (a)	516,325		1,683,220
Sable Mining Africa Ltd. (a)	26,132,440		3,858,004
TOTAL BRITISH VIRGIN ISLANDS			5,541,224
Canada - 2.6%
Extorre Gold Mines Ltd. (a)	1,946,089		14,485,610
Extorre Gold Mines Ltd. (a)(f)	61,000		454,050
First Quantum Minerals Ltd.	970,400		20,355,183
Goldcorp, Inc.	274,000		13,330,993
Uranium One, Inc.	13,579,600		40,867,533
Yamana Gold, Inc.	2,373,800		35,433,760
TOTAL CANADA			124,927,129
Cayman Islands - 4.1%
Ajisen (China) Holdings Ltd.	7,176,000		10,186,242
Biostime International Holdings Ltd.	7,393,000		13,183,808
China Shanshui Cement Group Ltd.	10,552,000		8,082,582
Ctrip.com International Ltd. sponsored ADR (a)(d)	503,000		17,534,580
Eurasia Drilling Co. Ltd. GDR (Reg. S)	857,500		20,237,000
Geely Automobile Holdings Ltd.	76,720,000		19,615,553
Greatview Aseptic Pack Co. Ltd.	29,898,000		11,102,324
Haitian International Holdings Ltd.	3,174,000		2,820,084
Hengan International Group Co. Ltd.	4,193,500		36,350,724
Minth Group Ltd.	14,898,000		15,457,660
Renhe Commercial Holdings Co. Ltd.	91,688,000		12,848,176
Shenguan Holdings Group Ltd.	8,800,000		4,727,849
Uni-President China Holdings Ltd.	32,145,000		19,105,627
Xueda Education Group sponsored ADR (d)	2,045,200		6,790,064
TOTAL CAYMAN ISLANDS			198,042,273
Common Stocks - continued
	Shares		Value
Chile - 0.9%
Aguas Andinas SA	15,599,306		$ 9,424,218
Empresa Nacional de Telecomunicaciones SA (ENTEL)	543,635		10,762,854
Enersis SA	54,202,946		22,004,221
TOTAL CHILE			42,191,293
China - 8.8%
Baidu.com, Inc. sponsored ADR (a)	208,400		29,213,512
China Communications Services Corp. Ltd. (H Shares)	25,482,000		11,751,943
China Construction Bank Corp. (H Shares)	138,518,000		101,774,059
China Pacific Insurance Group Co. Ltd. (H Shares)	9,961,000		30,567,216
China Railway Group Ltd. (H Shares)	45,221,000		15,014,090
China Suntien Green Energy Corp. Ltd. (H Shares)	24,945,000		5,673,154
China Telecom Corp. Ltd. (H Shares)	26,156,000		16,148,906
Dongfang Electric Corp. Ltd. (H Shares)	3,844,200		11,814,277
Focus Media Holding Ltd. ADR (a)(d)	444,300		12,076,074
Harbin Power Equipment Co. Ltd. (H Shares)	19,004,000		19,151,052
Industrial & Commercial Bank of China Ltd. (H Shares)	172,834,000		107,928,479
Maanshan Iron & Steel Ltd. (H Shares)	71,270,000		21,219,120
PetroChina Co. Ltd. (H Shares)	15,866,000		20,597,125
SINA Corp. (a)(d)	166,100		13,502,269
Weichai Power Co. Ltd. (H Shares)	1,977,000		9,947,983
TOTAL CHINA			426,379,259
Colombia - 1.1%
Ecopetrol SA ADR (d)	1,218,100		51,817,974
Czech Republic - 0.3%
Ceske Energeticke Zavody AS	387,603		16,391,869
Egypt - 0.1%
Citadel Capital Corp. (a)	6,369,000		3,414,727
Hong Kong - 4.5%
China Mobile (Hong Kong) Ltd.	49,500		470,465
China Mobile (Hong Kong) Ltd. sponsored ADR (d)	1,907,100		90,701,676
CNOOC Ltd. sponsored ADR	457,100		86,213,631
Lenovo Group Ltd.	37,194,000		25,005,692
Sinotruk Hong Kong Ltd.	24,968,500		14,682,863
TOTAL HONG KONG			217,074,327
India - 4.8%
Bank of Baroda	572,910		9,033,414
Bharti Airtel Ltd.	894,966		7,167,532
Cummins India Ltd.	932,730		7,609,648
Grasim Industries Ltd.	450,098		23,902,993
Common Stocks - continued
	Shares		Value
India - continued
Hindustan Petroleum Corp. Ltd.	1,081,691		$ 7,321,309
Housing Development and Infrastructure Ltd. (a)	5,209,762		10,592,069
Indiabulls Real Estate Ltd.	4,217,549		6,453,741
Infosys Ltd. sponsored ADR (d)	153,400		8,987,706
ITC Ltd.	4,630,054		20,194,694
Jain Irrigation Systems Ltd.	3,239,499		8,254,396
JK Cement Ltd.	1,063,196		2,356,572
Larsen & Toubro Ltd.	820,352		23,664,226
Lupin Ltd.	1,192,321		11,472,267
Power Grid Corp. of India Ltd.	2,603,408		5,580,211
SREI Infrastructure Finance Ltd. (e)	31,463,321		22,963,624
State Bank of India	275,197		10,703,956
Tata Consultancy Services Ltd.	1,084,689		24,674,285
Tata Motors Ltd. Class A	1,733,501		3,789,196
Ultratech Cement Ltd.	747,140		17,640,667
TOTAL INDIA			232,362,506
Indonesia - 3.0%
PT Bakrieland Development Tbk (a)	1,379,608,000		17,795,906
PT Bank Tabungan Negara Tbk	153,244,500		24,667,809
PT Indo Tambangraya Megah Tbk	4,243,000		21,166,402
PT Indosat Tbk	18,590,500		11,134,333
PT Perusahaan Gas Negara Tbk Series B	22,494,000		7,419,791
PT Telkomunikasi Indonesia Tbk sponsored ADR (d)	1,482,179		50,097,650
PT Tower Bersama Infrastructure Tbk	59,809,000		13,919,551
TOTAL INDONESIA			146,201,442
Isle of Man - 0.0%
Bahamas Petroleum Co. PLC (a)	3,792,616		440,368
Kazakhstan - 0.3%
JSC Halyk Bank of Kazakhstan unit (a)	2,372,580		14,235,480
Kenya - 0.1%
Equity Bank Ltd.	23,063,300		4,584,803
Safaricom Ltd.	83,095,650		2,509,179
TOTAL KENYA			7,093,982
Korea (South) - 11.2%
Amoreg	108,219		23,584,040
Asia Pacific Systems, Inc. (a)	669,105		6,859,480
Daewoo Shipbuilding & Marine Engineering Co. Ltd.	316,810		7,761,494
E-Mart Co. Ltd. (a)	113,404		29,189,856
Common Stocks - continued
	Shares		Value
Korea (South) - continued
Hana Financial Group, Inc.	928,830		$ 33,057,177
Hynix Semiconductor, Inc.	1,389,240		28,009,565
Hyundai Mipo Dockyard Co. Ltd.	63,549		6,880,364
ICD Co. Ltd. (a)	146,613		6,648,102
KB Financial Group, Inc.	1,162,262		44,860,221
Korea Electric Power Corp. (a)	392,000		8,745,096
KT&G Corp.	340,464		21,218,624
LG Corp.	377,294		21,998,150
Orion Corp.	52,922		28,285,919
S-Oil Corp.	118		12,200
Samsung Electronics Co. Ltd.	178,767		153,319,485
Samsung Engineering Co. Ltd.	96,395		19,615,186
Samsung Fire & Marine Insurance Co. Ltd.	112,321		23,794,298
Samsung Heavy Industries Ltd.	793,710		24,124,461
Shinhan Financial Group Co. Ltd. sponsored ADR (d)	304,931		24,272,508
Shinsegae Co. Ltd.	56,569		14,174,014
Tong Yang Life Insurance Co. Ltd.	1,504,490		17,962,762
TOTAL KOREA (SOUTH)			544,373,002
Luxembourg - 1.5%
EVRAZ Group SA GDR	1,496,100		26,720,346
Millicom International Cellular SA (depositary receipt)	91,900		10,128,023
Samsonite International SA	10,659,300		17,343,617
Subsea 7 SA (a)	938,700		20,417,517
TOTAL LUXEMBOURG			74,609,503
Malaysia - 1.3%
AirAsia Bhd	14,397,400		18,093,436
Axiata Group Bhd	7,393,800		11,686,315
Genting Bhd	9,928,400		34,580,663
TOTAL MALAYSIA			64,360,414
Mexico - 3.9%
America Movil SAB de CV Series L sponsored ADR	2,318,400		58,933,728
Cemex SA de CV sponsored ADR (d)	2,409,198		10,528,195
Genomma Lab Internacional SA de CV (a)	668,800		1,394,322
Grupo Modelo SAB de CV Series C	5,157,400		32,713,500
Grupo Televisa SA de CV (CPO) sponsored ADR	3,124,200		66,639,186
Wal-Mart de Mexico SA de CV Series V	7,599,800		19,632,596
TOTAL MEXICO			189,841,527
Common Stocks - continued
	Shares		Value
Nigeria - 0.8%
Guaranty Trust Bank PLC GDR (Reg. S)	4,690,314		$ 21,575,444
Zenith Bank PLC	205,880,750		16,677,311
TOTAL NIGERIA			38,252,755
Norway - 0.2%
TGS Nopec Geophysical Co. ASA	336,800		7,688,641
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	634,100		25,953,713
Philippines - 1.0%
Manila Water Co., Inc.	11,591,300		5,274,334
Metro Pacific Investments Corp.	114,356,000		8,770,825
Metropolitan Bank & Trust Co.	7,716,588		12,931,869
Robinsons Land Corp.	83,288,450		24,340,896
TOTAL PHILIPPINES			51,317,924
Poland - 0.7%
Eurocash SA	1,075,709		8,624,884
Polska Grupa Energetyczna SA	355,740		2,192,336
Powszechny Zaklad Ubezpieczen SA	237,500		25,203,198
TOTAL POLAND			36,020,418
Qatar - 0.2%
Commercial Bank of Qatar GDR (Reg. S)	1,672,907		7,672,515
Russia - 7.3%
Bank St. Petersburg OJSC (a)	2,821,494		9,408,091
DIXY Group OJSC (a)	184,270		1,883,541
Interregional Distribution Grid Companies Holding JSC (a)	41,148,900		3,848,097
Interregional Distribution Grid Companies Holding JSC rights (a)	5,214,373		52
M Video OJSC (a)	3,460,220		25,702,693
Magnit OJCS:
rights 11/29/11 (a)	3,503		0
GDS (Reg. S)	1,211,100		30,943,605
Magnitogorsk Iron & Steel Works OJSC unit	1,569,300		9,721,814
Mobile TeleSystems OJSC sponsored ADR	2,161,700		30,890,693
Gazprom OAO sponsored ADR	4,873,800		56,584,818
NOVATEK OAO GDR	483,000		67,813,200
OGK-4 OJSC (a)	52,275,500		4,133,100
Sberbank of Russia	23,386,100		63,458,875
TNK-BP Holding	8,348,100		22,840,600
Uralkali JSC GDR (Reg. S)	583,587		25,327,676
TOTAL RUSSIA			352,556,855
Common Stocks - continued
	Shares		Value
Singapore - 0.7%
First Resources Ltd.	20,051,000		$ 22,441,296
Global Logistic Properties Ltd.	4,737,000		6,593,107
Sound Global Ltd.	10,910,000		4,796,321
TOTAL SINGAPORE			33,830,724
South Africa - 4.1%
Absa Group Ltd.	2,973,761		53,507,689
African Bank Investments Ltd.	4,370,500		18,966,019
AngloGold Ashanti Ltd.	914,200		41,316,455
Aspen Pharmacare Holdings Ltd.	1,251,700		15,022,671
Blue Label Telecoms Ltd.	12,998,107		9,302,729
Impala Platinum Holdings Ltd.	1,519,400		35,123,310
Life Healthcare Group Holdings Ltd.	5,166,800		12,571,464
Sanlam Ltd.	3,805,300		14,216,593
TOTAL SOUTH AFRICA			200,026,930
Sweden - 0.2%
Lundin Petroleum AB (a)	311,200		7,637,337
Taiwan - 6.7%
Advanced Semiconductor Engineering, Inc.	16,089,801		14,218,075
Asia Cement Corp.	12,699,080		15,296,733
Catcher Technology Co. Ltd.	340,000		1,894,312
Cheng Uei Precision Industries Co. Ltd.	6,765,553		15,201,609
Chinatrust Financial Holding Co. Ltd.	21,742,000		14,249,639
Chroma ATE, Inc.	4,358,612		8,696,361
Chunghwa Telecom Co. Ltd.	5,811,000		19,441,459
HIWIN Technologies Corp.	2,083,830		18,838,395
HTC Corp.	1,722,200		38,703,953
Kinsus Interconnect Technology Corp.	2,628,000		9,076,591
President Chain Store Corp.	1,818,000		10,109,420
Synnex Technology International Corp.	6,370,739		15,616,463
Taiwan Fertilizer Co. Ltd.	10,568,000		27,238,437
Taiwan Semiconductor Manufacturing Co. Ltd.	18,059,284		44,008,247
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	4,162,351		52,528,870
Unified-President Enterprises Corp.	4,249,000		5,843,060
WPG Holding Co. Ltd.	11,699,950		14,127,740
TOTAL TAIWAN			325,089,364
Thailand - 2.6%
Bangkok Bank Public Co. Ltd. (For. Reg.)	5,978,600		30,327,125
Banpu PCL (For. Reg.)	763,600		15,501,373
Electricity Generating PCL (For. Reg.)	3,140,400		8,492,574
Common Stocks - continued
	Shares		Value
Thailand - continued
PTT Global Chemical PCL (For. Reg.) (a)	8,000,486		$ 16,870,686
PTT PCL (For. Reg.)	3,492,500		34,405,900
Siam Cement PCL (For. Reg.)	1,929,200		23,130,304
TOTAL THAILAND			128,727,962
Turkey - 1.5%
Aygaz A/S	2,382,143		13,013,715
TAV Havalimanlari Holding AS (a)	4,279,000		20,714,401
Turkiye Is Bankasi AS Series C	6,959,000		16,253,737
Turkiye Vakiflar Bankasi Tao	12,934,000		22,090,021
TOTAL TURKEY			72,071,874
United Kingdom - 1.4%
Antofagasta PLC	841,900		15,800,522
Hikma Pharmaceuticals PLC	1,072,002		11,628,337
Kazakhmys PLC	2,754,600		41,087,765
TOTAL UNITED KINGDOM			68,516,624
United States of America - 1.6%
Cognizant Technology Solutions Corp. Class A (a)	276,100		20,086,275
Global Payments, Inc.	547,600		25,145,792
ION Geophysical Corp. (a)	4,110,900		31,325,058
TOTAL UNITED STATES OF AMERICA			76,557,125
TOTAL COMMON STOCKS (Cost $4,731,176,937)		4,656,351,676
Nonconvertible Preferred Stocks - 1.2%

Korea (South) - 0.9%
Hyundai Motor Co. Series 2	429,140		28,629,832
Samsung Electronics Co. Ltd.	27,920		15,870,309
TOTAL KOREA (SOUTH)			44,500,141
Russia - 0.3%
Sberbank (Savings Bank of the Russian Federation) (a)	6,722,400		14,196,428
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $55,877,854)		58,696,569
Money Market Funds - 5.3%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	138,964,206		$ 138,964,206
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	119,631,228		119,631,228
TOTAL MONEY MARKET FUNDS (Cost $258,595,434)		258,595,434
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $5,045,650,225)			4,973,643,679
NET OTHER ASSETS (LIABILITIES) - (2.4)%			(117,600,334)
NET ASSETS - 100%		$ 4,856,043,345

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 172,122
Fidelity Securities Lending Cash Central Fund	1,354,601
Total	$ 1,526,723

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
SREI Infrastructure Finance Ltd.	$ -	$ 32,783,890	$ 285,241	$ 498,893	$ 22,963,624

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Brazil	$ 762,162,151	$ 762,162,151	$ -	$ -
Korea (South)	588,873,143	24,272,508	564,600,635	-
China	426,379,259	54,791,855	371,587,404	-
Russia	366,753,283	366,753,231	52	-
Taiwan	325,089,364	52,528,870	272,560,494	-
India	232,362,506	8,987,706	223,374,800	-
Hong Kong	217,074,327	176,915,307	40,159,020	-
South Africa	200,026,930	158,710,475	41,316,455	-
Cayman Islands	198,042,273	44,561,644	153,480,629	-
Other	1,398,285,009	994,894,733	403,390,276	-
Money Market Funds	258,595,434	258,595,434	-	-
Total Investments in Securities:	$ 4,973,643,679	$ 2,903,173,914	$ 2,070,469,765	$ -

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	46,104
Total Unrealized Gain (Loss)	-
Cost of Purchases	-
Proceeds of Sales	(46,104)
Amortization/Accretion	-
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ -

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series Emerging Markets Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $112,058,504) - See accompanying schedule: Unaffiliated issuers (cost $4,754,639,942)	$ 4,692,084,621
Fidelity Central Funds (cost $258,595,434)	258,595,434
Other affiliated issuers (cost $32,414,849)	22,963,624
Total Investments (cost $5,045,650,225)		$ 4,973,643,679
Foreign currency held at value (cost $5,158,411)		5,156,848
Receivable for investments sold		37,619,665
Receivable for fund shares sold		6,698,037
Dividends receivable		6,301,421
Distributions receivable from Fidelity Central Funds		34,145
Prepaid expenses		18,249
Other receivables		2,745,812
Total assets		5,032,217,856

Liabilities
Payable to custodian bank	$ 2,867,812
Payable for investments purchased	49,409,874
Payable for fund shares redeemed	184,939
Accrued management fee	2,950,063
Other affiliated payables	665,766
Other payables and accrued expenses	464,829
Collateral on securities loaned, at value	119,631,228
Total liabilities		176,174,511

Net Assets		$ 4,856,043,345
Net Assets consist of:
Paid in capital		$ 4,785,568,373
Undistributed net investment income		28,150,121
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		114,402,959
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(72,078,108)
Net Assets		$ 4,856,043,345

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series Emerging Markets Fund
Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011

Series Emerging Markets: Net Asset Value, offering price and redemption price per share ($3,384,616,101 ÷ 210,739,673 shares)		$ 16.06

Class F: Net Asset Value, offering price and redemption price per share ($1,471,427,244 ÷ 91,319,249 shares)		$ 16.11

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends (including $498,893 earned from other affiliated issuers)		$ 85,346,118
Interest		6,980
Income from Fidelity Central Funds		1,526,723
Income before foreign taxes withheld		86,879,821
Less foreign taxes withheld		(9,873,620)
Total income		77,006,201

Expenses
Management fee	$ 30,050,406
Transfer agent fees	5,935,004
Accounting and security lending fees	1,518,391
Custodian fees and expenses	2,323,877
Independent trustees' compensation	19,837
Registration fees	1,534
Audit	104,249
Legal	13,247
Interest	235
Miscellaneous	28,796
Total expenses before reductions	39,995,576
Expense reductions	(1,982,868)	38,012,708
Net investment income (loss)		38,993,493
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	138,581,118
Other affiliated issuers	(83,800)
Foreign currency transactions	(10,281,353)
Total net realized gain (loss)		128,215,965
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $3,926,418)	(660,141,003)
Assets and liabilities in foreign currencies	(83,872)
Total change in net unrealized appreciation (depreciation)		(660,224,875)
Net gain (loss)		(532,008,910)
Net increase (decrease) in net assets resulting from operations		$ (493,015,417)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series Emerging Markets Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 38,993,493	$ 16,171,630
Net realized gain (loss)	128,215,965	93,467,379
Change in net unrealized appreciation (depreciation)	(660,224,875)	386,210,921
Net increase (decrease) in net assets resulting from operations	(493,015,417)	495,849,930
Distributions to shareholders from net investment income	(16,826,992)	(4,970,807)
Distributions to shareholders from net realized gain	(109,835,879)	(92,304,978)
Total distributions	(126,662,871)	(97,275,785)
Share transactions - net increase (decrease)	2,596,312,470	1,562,703,553
Total increase (decrease) in net assets	1,976,634,182	1,961,277,698

Net Assets
Beginning of period	2,879,409,163	918,131,465
End of period (including undistributed net investment income of $28,150,121 and undistributed net investment income of $16,171,630, respectively)	$ 4,856,043,345	$ 2,879,409,163

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Series Emerging Markets

Years ended October 31,	2011	2010	2009 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 18.85	$ 16.38	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.18	.15	.15
Net realized and unrealized gain (loss)	(2.19)	4.03	6.27
Total from investment operations	(2.01)	4.18	6.42
Distributions from net investment income	(.10)	(.09)	(.04)
Distributions from net realized gain	(.68)	(1.62)	-
Total distributions	(.78)	(1.71)	(.04)
Net asset value, end of period	$ 16.06	$ 18.85	$ 16.38
Total Return^B,C	(11.26)%	27.32%	64.35%
Ratios to Average Net Assets^E,H
Expenses before reductions	1.12%	1.15%	1.21% ^A
Expenses net of fee waivers, if any	1.12%	1.15%	1.21% ^A
Expenses net of all reductions	1.07%	1.08%	1.09% ^A
Net investment income (loss)	1.00%	.89%	1.15% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,384,616	$ 2,425,249	$ 910,106
Portfolio turnover rate ^F	104%	92%	109% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period December 9, 2008 (commencement of operations) to October 31, 2009.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class F

Years ended October 31,	2011	2010	2009 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 18.90	$ 16.40	$ 13.91
Income from Investment Operations
Net investment income (loss) ^D	.21	.19	.02
Net realized and unrealized gain (loss)	(2.19)	4.03	2.47
Total from investment operations	(1.98)	4.22	2.49
Distributions from net investment income	(.13)	(.10)	-
Distributions from net realized gain	(.68)	(1.62)	-
Total distributions	(.81)	(1.72)	-
Net asset value, end of period	$ 16.11	$ 18.90	$ 16.40
Total Return^B,C	(11.07)%	27.59%	17.90%
Ratios to Average Net Assets^E,H
Expenses before reductions	.91%	.92%	.93% ^A
Expenses net of fee waivers, if any	.91%	.92%	.93% ^A
Expenses net of all reductions	.86%	.85%	.82% ^A
Net investment income (loss)	1.21%	1.13%	.28% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,471,427	$ 454,160	$ 8,025
Portfolio turnover rate ^F	104%	92%	109% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period June 26, 2009 (commencement of operations) to October 31, 2009.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Growth Fund

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Life of fund ^A
Fidelity Series International Growth Fund	-2.77%	3.04%
Class F	-2.50%	3.29%

^A From December 3, 2009.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Series International Growth Fund, a class of the fund, on December 3, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI ® EAFE ® (Europe, Australasia, Far East) Growth Index performed over the same period.

gsv286

Annual Report

Fidelity Series International Growth Fund

Management's Discussion of Fund Performance

Comments from Jed Weiss, Portfolio Manager of Fidelity® Series International Growth Fund: For the year, the fund's Series International Growth and Class F shares fell 2.77% and 2.50%, respectively, versus a 2.69% decline in the MSCI® EAFE® (Europe, Australasia, Far East) Growth Index. Stock picking in Europe (ex U.K.) and Japan was helpful, while an out-of-benchmark stake in the U.S. also contributed. However, my choices within non-index emerging markets were poor, notably Brazil and Turkey, while picks in the U.K., Canada and Australia further detracted. From a sector view, positioning in information technology, consumer discretionary and financials added value. In contrast, picks in health care equipment/services, capital goods and the food/beverage/tobacco segment of consumer staples notably detracted. On an individual security basis, lacking a position in weak-performing U.K.-based bank and benchmark component Lloyds Banking Group helped, as did out-of-benchmark stakes in U.S.-based credit card processors MasterCard and Visa. Conversely, not owning index constituent British American Tobacco hurt. I chose to own Philip Morris International instead - another of the fund's contributors. Non-index holdings in Turkish bank Turkiye Garanti Bankasi and Canadian energy company Niko Resources also detracted.

Annual Report

Fidelity Series International Growth Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom 18.6%
	United States of America 17.3%
	Switzerland 9.5%
	Japan 7.3%
	Australia 5.2%
	Germany 4.7%
	France 4.1%
	Belgium 3.5%
	Denmark 2.9%
	Other 26.9%

gsv308

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United Kingdom 20.6%
	United States of America 11.9%
	Switzerland 9.4%
	Japan 7.7%
	Australia 5.5%
	Germany 5.3%
	Belgium 3.5%
	France 3.3%
	Brazil 3.1%
	Other 29.7%

gsv330

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.0	98.7
Short-Term Investments and Net Other Assets	4.0	1.3
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Nestle SA (Switzerland, Food Products)	4.8	4.6
BHP Billiton PLC ADR (United Kingdom, Metals & Mining)	3.6	4.5
Anheuser-Busch InBev SA NV (Belgium, Beverages)	2.9	2.8
BG Group PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.7	2.4
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals)	2.2	2.1
Linde AG (Germany, Chemicals)	2.1	1.8
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.8	1.3
Siemens AG sponsored ADR (Germany, Industrial Conglomerates)	1.6	2.1
Danone (France, Food Products)	1.6	0.9
Philip Morris International, Inc. (United States of America, Tobacco)	1.5	0.7
	24.8
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Staples	21.5	17.2
Materials	15.8	18.6
Industrials	13.1	14.7
Consumer Discretionary	12.1	13.2
Financials	10.3	13.5
Information Technology	8.8	8.1
Health Care	8.4	7.2
Energy	5.3	5.4
Telecommunication Services	0.7	0.8

Annual Report

Fidelity Series International Growth Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 96.0%
	Shares		Value
Australia - 5.2%
Coca-Cola Amatil Ltd.	2,906,584		$ 37,524,235
CSL Ltd.	2,761,208		83,172,705
MAp Group unit	5,804,419		20,713,809
Newcrest Mining Ltd.	1,661,826		58,737,569
Newcrest Mining Ltd. sponsored ADR	925,486		32,530,833
OZ Minerals Ltd.	2,825,388		33,932,706
QBE Insurance Group Ltd.	1,200,668		18,483,553
Woolworths Ltd.	1,132,002		28,300,297
WorleyParsons Ltd.	2,112,480		61,320,034
TOTAL AUSTRALIA			374,715,741
Austria - 1.0%
Andritz AG	583,149		51,673,484
Zumtobel AG	932,900		19,455,978
TOTAL AUSTRIA			71,129,462
Bailiwick of Guernsey - 0.3%
Resolution Ltd.	5,397,473		23,870,594
Bailiwick of Jersey - 1.2%
Informa PLC	2,950,581		17,196,331
Randgold Resources Ltd. sponsored ADR	598,265		65,551,896
TOTAL BAILIWICK OF JERSEY			82,748,227
Belgium - 3.5%
Anheuser-Busch InBev SA NV	3,680,181		204,118,171
Umicore SA	1,050,291		45,225,582
TOTAL BELGIUM			249,343,753
Bermuda - 1.5%
Lazard Ltd. Class A	1,070,408		29,264,955
Li & Fung Ltd.	28,590,000		55,098,488
Trinity Ltd.	22,186,000		20,108,508
TOTAL BERMUDA			104,471,951
Brazil - 2.6%
Arezzo Industria e Comercio SA	1,181,200		15,614,512
BM&F Bovespa SA	5,753,900		34,345,140
BR Malls Participacoes SA	1,609,200		17,383,333
Braskem SA Class A sponsored ADR	2,280,977		41,148,825
Iguatemi Empresa de Shopping Centers SA	913,500		17,698,664
Common Stocks - continued
	Shares		Value
Brazil - continued
Itau Unibanco Banco Multiplo SA sponsored ADR	1,734,700		$ 33,167,464
Multiplan Empreendimentos Imobiliarios SA	1,345,200		27,198,546
TOTAL BRAZIL			186,556,484
Canada - 2.7%
Agnico-Eagle Mines Ltd. (Canada)	860,900		37,342,946
Fairfax Financial Holdings Ltd. (sub. vtg.)	97,200		40,628,303
Goldcorp, Inc.	558,100		27,153,383
Niko Resources Ltd.	598,800		32,935,952
Open Text Corp. (a)	579,000		35,436,415
Pan American Silver Corp.	641,200		17,927,955
TOTAL CANADA			191,424,954
Cayman Islands - 1.3%
NVC Lighting Holdings Ltd.	43,404,000		18,845,698
Sands China Ltd. (a)	10,435,600		31,360,938
Wynn Macau Ltd.	13,943,800		39,068,824
TOTAL CAYMAN ISLANDS			89,275,460
Chile - 0.4%
Banco Santander Chile sponsored ADR (d)	389,600		31,822,528
China - 0.6%
Baidu.com, Inc. sponsored ADR (a)	309,020		43,318,424
Denmark - 2.9%
Novo Nordisk A/S Series B sponsored ADR	1,479,166		157,235,346
William Demant Holding A/S (a)	639,400		51,016,432
TOTAL DENMARK			208,251,778
Finland - 1.7%
Metso Corp.	661,100		25,745,182
Nokian Tyres PLC	1,325,300		48,694,895
Outotec Oyj	1,055,218		49,329,481
TOTAL FINLAND			123,769,558
France - 4.1%
Alstom SA	1,725,091		64,697,278
Danone	1,662,705		115,741,178
Remy Cointreau SA	428,103		35,191,634
Safran SA	2,291,786		75,071,835
TOTAL FRANCE			290,701,925
Common Stocks - continued
	Shares		Value
Germany - 4.7%
alstria office REIT-AG	714,423		$ 9,184,930
Bayerische Motoren Werke AG (BMW)	342,616		28,003,080
Linde AG	944,219		150,205,703
MAN SE	357,130		31,675,342
Siemens AG sponsored ADR (d)	1,108,424		116,351,267
TOTAL GERMANY			335,420,322
Hong Kong - 0.8%
Hong Kong Exchanges and Clearing Ltd.	3,486,700		59,106,178
India - 0.5%
Bharti Airtel Ltd.	4,680,141		37,481,940
Ireland - 1.1%
CRH PLC sponsored ADR (d)	2,085,200		38,388,532
James Hardie Industries NV CDI (a)	6,013,193		38,950,668
TOTAL IRELAND			77,339,200
Israel - 0.2%
Azrieli Group	672,400		17,300,620
Italy - 1.3%
Fiat Industrial SpA (a)	4,419,300		38,560,556
Interpump Group SpA	2,538,049		16,346,738
Saipem SpA	904,918		40,575,039
TOTAL ITALY			95,482,333
Japan - 7.3%
Autobacs Seven Co. Ltd.	728,900		33,381,333
Denso Corp.	2,086,800		64,184,140
Fanuc Corp.	578,300		93,517,437
Fast Retailing Co. Ltd.	176,500		31,709,700
Japan Tobacco, Inc.	4,631		23,149,450
Keyence Corp.	259,200		65,899,873
Kobayashi Pharmaceutical Co. Ltd.	581,700		28,838,124
Nippon Thompson Co. Ltd.	703,000		4,528,543
Osaka Securities Exchange Co. Ltd.	6,007		28,152,785
SHO-BOND Holdings Co. Ltd.	616,900		13,762,975
Unicharm Corp.	1,049,800		47,020,165
USS Co. Ltd.	706,590		58,420,693
Yamato Kogyo Co. Ltd.	1,253,900		31,720,863
TOTAL JAPAN			524,286,081
Mexico - 1.1%
Wal-Mart de Mexico SA de CV Series V	29,755,900		76,868,543
Common Stocks - continued
	Shares		Value
Netherlands - 1.4%
ASML Holding NV	1,875,400		$ 78,635,522
QIAGEN NV (a)(d)	1,413,800		19,482,164
TOTAL NETHERLANDS			98,117,686
Portugal - 0.9%
Jeronimo Martins SGPS SA	3,578,800		61,908,767
Singapore - 0.1%
Wing Tai Holdings Ltd.	5,333,000		5,407,877
South Africa - 1.7%
African Rainbow Minerals Ltd.	1,754,100		40,539,927
Clicks Group Ltd.	3,270,927		17,165,947
JSE Ltd.	2,760,635		24,446,836
Mr Price Group Ltd.	2,895,500		27,873,971
MTN Group Ltd.	829,000		14,469,347
TOTAL SOUTH AFRICA			124,496,028
Spain - 1.2%
Inditex SA (d)	620,972		56,511,721
Prosegur Compania de Seguridad SA (Reg.)	608,500		30,357,819
TOTAL SPAIN			86,869,540
Sweden - 1.7%
Fagerhult AB	319,870		7,531,202
H&M Hennes & Mauritz AB (B Shares)	2,342,730		77,581,337
Swedish Match Co.	1,112,800		38,506,903
TOTAL SWEDEN			123,619,442
Switzerland - 9.5%
Nestle SA	5,901,748		342,315,508
Novartis AG sponsored ADR	529,891		29,922,945
Roche Holding AG (participation certificate)	775,805		127,923,176
Schindler Holding AG:
(participation certificate)	280,400		32,975,078
(Reg.)	73,700		8,675,528
The Swatch Group AG (Bearer)	245,360		103,898,098
UBS AG (NY Shares) (a)	2,989,313		37,725,130
TOTAL SWITZERLAND			683,435,463
Turkey - 1.6%
Anadolu Efes Biracilik ve Malt Sanayii AS	1,375,623		16,726,082
Coca-Cola Icecek AS	2,225,191		30,201,942
Common Stocks - continued
	Shares		Value
Turkey - continued
Tupras-Turkiye Petrol Rafinerileri AS	764,000		$ 17,282,624
Turkiye Garanti Bankasi AS	13,289,000		46,895,722
TOTAL TURKEY			111,106,370
United Kingdom - 18.6%
Anglo American PLC (United Kingdom)	1,530,200		56,439,999
Babcock International Group PLC	3,884,900		44,015,019
BG Group PLC	8,985,172		196,013,620
BHP Billiton PLC ADR (d)	4,110,590		258,843,852
GlaxoSmithKline PLC sponsored ADR	1,201,450		53,812,946
Imperial Tobacco Group PLC	1,016,816		37,185,437
InterContinental Hotel Group PLC ADR (d)	2,634,615		48,687,685
Johnson Matthey PLC	1,639,500		49,542,539
Reckitt Benckiser Group PLC	1,448,500		74,496,697
Rio Tinto PLC sponsored ADR (d)	1,625,100		87,852,906
Rolls-Royce Group PLC	5,786,411		65,372,586
Rolls-Royce Group PLC Class C	399,262,359		642,094
Rotork PLC	1,058,497		28,666,309
SABMiller PLC	2,078,783		75,938,489
Serco Group PLC	4,963,002		41,463,891
Shaftesbury PLC	2,632,800		21,339,707
Standard Chartered PLC (United Kingdom)	4,522,010		106,102,805
Tesco PLC	9,201,929		59,453,143
Unite Group PLC	4,250,300		12,084,868
Victrex PLC	861,707		17,599,624
TOTAL UNITED KINGDOM			1,335,554,216
United States of America - 13.3%
Allergan, Inc.	379,100		31,889,892
Autoliv, Inc. (d)	862,200		49,809,294
Berkshire Hathaway, Inc. Class B (a)	917,282		71,419,577
Cymer, Inc. (a)	375,800		16,328,510
eBay, Inc. (a)	1,053,600		33,536,088
Google, Inc. Class A (a)	68,300		40,477,312
ION Geophysical Corp. (a)	3,518,500		26,810,970
JPMorgan Chase & Co.	713,102		24,787,426
Juniper Networks, Inc. (a)	2,748,800		67,263,136
Lam Research Corp. (a)	596,334		25,636,399
Martin Marietta Materials, Inc. (d)	233,600		16,858,912
MasterCard, Inc. Class A	271,991		94,446,155
Mead Johnson Nutrition Co. Class A	1,097,200		78,833,820
Mohawk Industries, Inc. (a)	722,300		38,029,095
Common Stocks - continued
	Shares		Value
United States of America - continued
Nuance Communications, Inc. (a)	679,105		$ 17,982,700
Philip Morris International, Inc.	1,576,692		110,163,470
ResMed, Inc. (a)	1,188,400		33,631,720
Solera Holdings, Inc.	309,941		16,932,077
Union Pacific Corp.	598,900		59,632,473
Visa, Inc. Class A	1,018,399		94,975,891
TOTAL UNITED STATES OF AMERICA			949,444,917
TOTAL COMMON STOCKS (Cost $6,519,492,960)		6,874,646,362
Money Market Funds - 7.5%

Fidelity Cash Central Fund, 0.12% (b)	328,058,478		328,058,478
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	208,666,395		208,666,395
TOTAL MONEY MARKET FUNDS (Cost $536,724,873)		536,724,873
TOTAL INVESTMENT PORTFOLIO - 103.5% (Cost $7,056,217,833)			7,411,371,235
NET OTHER ASSETS (LIABILITIES) - (3.5)%			(248,502,377)
NET ASSETS - 100%		$ 7,162,868,858

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 177,254
Fidelity Securities Lending Cash Central Fund	3,601,900
Total	$ 3,779,154

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 1,335,554,216	$ 1,335,554,216	$ -	$ -
United States of America	949,444,917	949,444,917	-	-
Switzerland	683,435,463	683,435,463	-	-
Japan	524,286,081	-	524,286,081	-
Australia	374,715,741	32,530,833	342,184,908	-
Germany	335,420,322	335,420,322	-	-
France	290,701,925	290,701,925	-	-
Belgium	249,343,753	45,225,582	204,118,171	-
Denmark	208,251,778	208,251,778	-	-
Other	1,923,492,166	1,618,063,047	305,429,119	-
Money Market Funds	536,724,873	536,724,873	-	-
Total Investments in Securities:	$ 7,411,371,235	$ 6,035,352,956	$ 1,376,018,279	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $155,978,028 of which $27,059,158 and $128,918,870 will expire in fiscal 2018 and 2019, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Growth Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $191,985,059) - See accompanying schedule: Unaffiliated issuers (cost $6,519,492,960)	$ 6,874,646,362
Fidelity Central Funds (cost $536,724,873)	536,724,873
Total Investments (cost $7,056,217,833)		$ 7,411,371,235
Foreign currency held at value (cost $1,456)		1,456
Receivable for investments sold		2,577,331
Receivable for fund shares sold		11,353,331
Dividends receivable		7,915,020
Distributions receivable from Fidelity Central Funds		67,762
Prepaid expenses		62,664
Other receivables		293,386
Total assets		7,433,642,185

Liabilities
Payable to custodian bank	$ 4,800
Payable for investments purchased	56,348,173
Payable for fund shares redeemed	317,162
Accrued management fee	4,262,144
Other affiliated payables	949,578
Other payables and accrued expenses	225,075
Collateral on securities loaned, at value	208,666,395
Total liabilities		270,773,327

Net Assets		$ 7,162,868,858
Net Assets consist of:
Paid in capital		$ 6,893,351,108
Undistributed net investment income		81,593,479
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(167,217,207)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		355,141,478
Net Assets		$ 7,162,868,858

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2011

Series International Growth: Net Asset Value, offering price and redemption price per share ($4,996,927,321 ÷ 474,581,871 shares)		$ 10.53

Class F: Net Asset Value, offering price and redemption price per share ($2,165,941,537 ÷ 204,995,348 shares)		$ 10.57

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Growth Fund
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 150,676,718
Interest		2,187
Income from Fidelity Central Funds		3,779,154
Income before foreign taxes withheld		154,458,059
Less foreign taxes withheld		(9,173,648)
Total income		145,284,411

Expenses
Management fee Basic fee	$ 43,047,076
Performance adjustment	2,258,224
Transfer agent fees	9,794,786
Accounting and security lending fees	1,660,096
Custodian fees and expenses	784,341
Independent trustees' compensation	32,292
Registration fees	3,230
Audit	57,610
Legal	16,906
Miscellaneous	44,229
Total expenses before reductions	57,698,790
Expense reductions	(946,455)	56,752,335
Net investment income (loss)		88,532,076
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(129,017,804)
Foreign currency transactions	(1,457,614)
Total net realized gain (loss)		(130,475,418)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $37,564)	(207,523,465)
Assets and liabilities in foreign currencies	(187,531)
Total change in net unrealized appreciation (depreciation)		(207,710,996)
Net gain (loss)		(338,186,414)
Net increase (decrease) in net assets resulting from operations		$ (249,654,338)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	For the period December 3, 2009 (commencement of operations) to October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 88,532,076	$ 18,331,035
Net realized gain (loss)	(130,475,418)	(32,051,803)
Change in net unrealized appreciation (depreciation)	(207,710,996)	562,852,474
Net increase (decrease) in net assets resulting from operations	(249,654,338)	549,131,706
Distributions to shareholders from net investment income	(25,269,633)	-
Distributions to shareholders from net realized gain	(4,689,987)	-
Total distributions	(29,959,620)	-
Share transactions - net increase (decrease)	2,754,034,772	4,139,316,338
Total increase (decrease) in net assets	2,474,420,814	4,688,448,044

Net Assets
Beginning of period	4,688,448,044	-
End of period (including undistributed net investment income of $81,593,479 and undistributed net investment income of $18,331,035, respectively)	$ 7,162,868,858	$ 4,688,448,044

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Series International Growth

Years ended October 31,	2011	2010 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.89	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.16	.09
Net realized and unrealized gain (loss)	(.46)	.80
Total from investment operations	(.30)	.89
Distributions from net investment income	(.05)	-
Distributions from net realized gain	(.01)	-
Total distributions	(.06)	-
Net asset value, end of period	$ 10.53	$ 10.89
Total Return^B,C	(2.77)%	8.90%
Ratios to Average Net Assets^E,H
Expenses before reductions	1.00%	1.01% ^A
Expenses net of fee waivers, if any	1.00%	1.01% ^A
Expenses net of all reductions	.98%	.99% ^A
Net investment income (loss)	1.40%	1.06% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,996,927	$ 3,944,123
Portfolio turnover rate ^F	23%	63% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period December 3, 2009 (commencement of operations) to October 31, 2010.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class F

Years ended October 31,	2011	2010 ^G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.18	.11
Net realized and unrealized gain (loss)	(.45)	.80
Total from investment operations	(.27)	.91
Distributions from net investment income	(.06)	-
Distributions from net realized gain	(.01)	-
Total distributions	(.07)	-
Net asset value, end of period	$ 10.57	$ 10.91
Total Return^B,C	(2.50)%	9.10%
Ratios to Average Net Assets^E,H
Expenses before reductions	.79%	.78% ^A
Expenses net of fee waivers, if any	.79%	.78% ^A
Expenses net of all reductions	.77%	.75% ^A
Net investment income (loss)	1.62%	1.29% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,165,942	$ 744,325
Portfolio turnover rate ^F	23%	63% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G For the period December 3, 2009 (commencement of operations) to October 31, 2010.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Small Cap Fund

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Life of fund ^A
Fidelity Series International Small Cap Fund	-0.23%	6.97%
Class F	-0.03%	7.23%

^A From December 3, 2009.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Series International Small Cap Fund, a class of the fund, on December 3, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® (Europe, Australasia, Far East) Small Cap Index performed over the same period.

gsv332

Annual Report

Fidelity Series International Small Cap Fund

Management's Discussion of Fund Performance

Comments from Jed Weiss, Portfolio Manager of Fidelity® Series International Small Cap Fund: For the year, the fund's Series International Small Cap and Class F shares returned -0.23% and -0.03%, respectively, versus -2.39% for the MSCI® EAFE® (Europe, Australasia, Far East) Small Cap Index. Security selection in Europe - especially Finland and Germany - helped, as did stock picking in the United States, which is not in the index. Positioning in Japan and, within non-index emerging markets, Turkey and South Africa were notable detractors. Security selection in Canada, another non-index country, also was negative. In terms of sectors, good security selection in industrials and consumer discretionary, along with a favorable stance in consumer staples and information technology, helped, while relatively weak stock picking in energy and positioning in utilities hurt. The top individual contributor was U.S.-based PriceSmart, a dominant warehouse club retailer in Central America. Aozora Bank (Japan), railroad Kansas City Southern (U.S.) and used-car auctioneer USS (Japan) also helped. On the negative side, the fund was hurt by Canadian energy firms Niko Resources and Petrobank Energy & Resources, the latter of which I sold before period end. Italian asset manager Azimut Holding, the only index component I've mentioned, also hurt.

Annual Report

Fidelity Series International Small Cap Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United States of America 19.4%
	Japan 19.3%
	United Kingdom 15.7%
	Brazil 4.6%
	Canada 4.6%
	Germany 4.2%
	France 3.0%
	Finland 2.3%
	South Africa 2.2%
	Other 24.7%

gsv354

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	Japan 19.6%
	United Kingdom 16.1%
	United States of America 14.3%
	Canada 5.1%
	Brazil 4.8%
	Germany 3.3%
	France 3.2%
	Finland 3.0%
	Italy 2.8%
	Other 27.8%

gsv376

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	93.1	96.7
Short-Term Investments and Net Other Assets	6.9	3.3
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
PriceSmart, Inc. (United States of America, Food & Staples Retailing)	2.3	1.7
USS Co. Ltd. (Japan, Specialty Retail)	1.8	1.5
Osaka Securities Exchange Co. Ltd. (Japan, Diversified Financial Services)	1.6	1.3
Kobayashi Pharmaceutical Co. Ltd. (Japan, Personal Products)	1.6	1.3
Spirax-Sarco Engineering PLC (United Kingdom, Machinery)	1.4	1.3
Prosegur Compania de Seguridad SA (Reg.) (Spain, Commercial Services & Supplies)	1.3	1.3
Bank Sarasin & Co. Ltd. Series B (Reg.) (Switzerland, Capital Markets)	1.3	0.9
Meggitt PLC (United Kingdom, Aerospace & Defense)	1.3	1.2
Andritz AG (Austria, Machinery)	1.3	1.2
Outotec Oyj (Finland, Construction & Engineering)	1.3	1.3
	15.2
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Industrials	21.4	23.0
Consumer Discretionary	17.2	17.5
Financials	15.3	17.2
Materials	11.1	10.9
Consumer Staples	9.6	8.3
Information Technology	8.4	8.9
Health Care	5.6	4.9
Energy	4.5	5.7
Utilities	0.0	0.3

Annual Report

Fidelity Series International Small Cap Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 93.1%
	Shares		Value
Australia - 1.4%
MAp Group unit	3,440,823		$ 12,279,015
OZ Minerals Ltd.	584,968		7,025,424
Ramsay Health Care Ltd.	186,035		3,657,306
TOTAL AUSTRALIA			22,961,745
Austria - 1.9%
Andritz AG	226,762		20,093,634
Zumtobel AG	479,919		10,008,890
TOTAL AUSTRIA			30,102,524
Bailiwick of Guernsey - 0.7%
Resolution Ltd.	2,552,521		11,288,652
Bailiwick of Jersey - 1.5%
Informa PLC	1,963,442		11,443,169
Randgold Resources Ltd. sponsored ADR	112,600		12,337,582
TOTAL BAILIWICK OF JERSEY			23,780,751
Belgium - 1.2%
Gimv NV	148,704		7,603,995
Umicore SA	267,281		11,509,133
TOTAL BELGIUM			19,113,128
Bermuda - 1.3%
Aquarius Platinum Ltd. (Australia)	1,788,347		5,246,760
Lazard Ltd. Class A	152,001		4,155,707
Trinity Ltd.	12,532,000		11,358,506
TOTAL BERMUDA			20,760,973
Brazil - 4.6%
Arezzo Industria e Comercio SA	562,000		7,429,187
Banco ABC Brasil SA	1,175,000		7,834,702
Banco Pine SA	591,600		3,930,908
BR Malls Participacoes SA	322,500		3,483,796
Braskem SA Class A sponsored ADR (d)	908,700		16,392,948
Cia.Hering SA	205,400		4,587,171
Iguatemi Empresa de Shopping Centers SA	202,900		3,931,099
Multiplan Empreendimentos Imobiliarios SA	367,700		7,434,512
Odontoprev SA	558,200		8,783,231
Restoque Comercio e Confeccoes de Roupas SA	112,600		1,770,440
T4F Entretenimento SA	574,500		4,014,675
Totvs SA	238,800		3,963,312
TOTAL BRAZIL			73,555,981
Common Stocks - continued
	Shares		Value
Canada - 4.6%
Agnico-Eagle Mines Ltd. (Canada)	179,340		$ 7,779,166
Eldorado Gold Corp.	535,400		10,059,730
Fairfax Financial Holdings Ltd. (sub. vtg.)	30,868		12,902,412
Niko Resources Ltd. (d)	266,500		14,658,369
Open Text Corp. (a)	127,800		7,821,716
Pan American Silver Corp.	153,000		4,277,881
Petrominerales Ltd.	176,350		4,652,661
Quadra FNX Mining Ltd. (a)	329,400		3,800,070
TAG Oil Ltd. (a)	612,800		3,799,071
Tuscany International Drilling, Inc. (a)	3,425,400		2,336,632
Tuscany International Drilling, Inc. (a)(e)	538,700		367,474
TOTAL CANADA			72,455,182
Cayman Islands - 1.5%
China Lilang Ltd.	5,810,000		6,115,775
Intime Department Store Group Co. Ltd.	2,822,000		4,049,767
NVC Lighting Holdings Ltd.	17,238,000		7,484,613
Vantage Drilling Co. (a)	1,748,469		2,377,918
Wynn Macau Ltd.	1,456,800		4,081,776
TOTAL CAYMAN ISLANDS			24,109,849
Denmark - 0.8%
William Demant Holding A/S (a)	152,164		12,140,858
Finland - 2.3%
Metso Corp.	124,600		4,852,291
Nokian Tyres PLC	323,600		11,889,888
Outotec Oyj	428,500		20,031,579
TOTAL FINLAND			36,773,758
France - 3.0%
Audika SA	108,941		2,409,200
Laurent-Perrier Group	87,710		9,042,949
Remy Cointreau SA	135,773		11,161,038
Saft Groupe SA	391,949		11,933,201
Vetoquinol SA	118,141		3,894,459
Virbac SA	53,200		9,208,825
TOTAL FRANCE			47,649,672
Germany - 4.2%
alstria office REIT-AG	552,700		7,105,749
Bilfinger Berger AG	146,898		13,169,265
CompuGROUP Holding AG	297,054		3,823,165
Common Stocks - continued
	Shares		Value
Germany - continued
CTS Eventim AG	583,104		$ 19,306,461
Fielmann AG	128,695		13,555,268
Software AG (Bearer)	224,800		9,339,244
TOTAL GERMANY			66,299,152
India - 0.5%
Apollo Tyres Ltd.	2,330,567		2,733,160
Jyothy Laboratories Ltd.	1,744,335		5,105,939
TOTAL INDIA			7,839,099
Ireland - 0.9%
James Hardie Industries NV CDI (a)	2,316,724		15,006,661
Israel - 0.9%
Azrieli Group	283,813		7,302,411
Ituran Location & Control Ltd.	552,995		7,360,363
TOTAL ISRAEL			14,662,774
Italy - 1.6%
Azimut Holding SpA	1,373,464		10,739,163
Interpump Group SpA	2,212,917		14,252,670
TOTAL ITALY			24,991,833
Japan - 19.3%
Air Water, Inc.	288,000		3,656,395
Aozora Bank Ltd. (d)	4,756,000		12,024,827
Asahi Co. Ltd. (d)	245,100		5,430,663
Autobacs Seven Co. Ltd.	321,700		14,732,851
Daikoku Denki Co. Ltd.	502,900		4,503,494
Daikokutenbussan Co. Ltd.	385,900		11,076,607
FCC Co. Ltd.	620,700		13,115,932
GCA Savvian Group Corp. (d)	4,113		4,814,733
Glory Ltd.	249,500		5,340,994
Goldcrest Co. Ltd.	233,000		4,275,284
Kamigumi Co. Ltd.	1,191,000		10,401,037
Kobayashi Pharmaceutical Co. Ltd.	498,800		24,728,307
Kyoto Kimono Yuzen Co. Ltd.	306,400		3,564,724
Meiko Network Japan Co. Ltd.	369,400		3,059,053
Miraial Co. Ltd.	102,000		1,585,166
Nabtesco Corp.	679,400		14,881,861
Nagaileben Co. Ltd.	304,200		4,192,679
Nihon M&A Center, Inc.	1,770		9,991,974
Nihon Parkerizing Co. Ltd.	656,000		8,832,188
Common Stocks - continued
	Shares		Value
Japan - continued
Nippon Seiki Co. Ltd.	468,000		$ 4,702,561
Nippon Thompson Co. Ltd.	2,294,000		14,777,352
Obic Co. Ltd.	65,250		12,337,757
Osaka Securities Exchange Co. Ltd.	5,379		25,209,560
OSG Corp.	415,600		5,326,264
Seven Bank Ltd.	2,072		3,687,728
SHO-BOND Holdings Co. Ltd.	378,900		8,453,219
Shoei Co. Ltd.	277,100		1,864,798
The Nippon Synthetic Chemical Industry Co. Ltd.	1,330,000		7,389,099
Tsumura & Co.	368,000		10,351,371
Tsutsumi Jewelry Co. Ltd.	147,500		3,437,521
USS Co. Ltd.	339,890		28,102,024
Yamatake Corp.	279,900		6,193,196
Yamato Kogyo Co. Ltd.	549,900		13,911,239
TOTAL JAPAN			305,952,458
Korea (South) - 0.2%
NCsoft Corp.	12,655		3,963,553
Luxembourg - 0.5%
GlobeOp Financial Services SA	1,619,200		7,421,393
Netherlands - 1.7%
Aalberts Industries NV	816,500		14,457,766
ASM International NV unit (d)	230,600		6,507,532
QIAGEN NV (a)(d)	460,300		6,342,934
TOTAL NETHERLANDS			27,308,232
Papua New Guinea - 0.3%
Oil Search Ltd.	599,724		4,091,827
Philippines - 0.4%
Jollibee Food Corp.	2,728,880		5,798,910
Portugal - 0.7%
Jeronimo Martins SGPS SA	639,100		11,055,631
Singapore - 0.3%
Wing Tai Holdings Ltd.	4,896,000		4,964,742
South Africa - 2.2%
African Rainbow Minerals Ltd.	435,527		10,065,693
City Lodge Hotels Ltd.	20,311		161,233
Clicks Group Ltd.	1,700,371		8,923,611
Common Stocks - continued
	Shares		Value
South Africa - continued
JSE Ltd.	799,995		$ 7,084,365
Mr Price Group Ltd.	890,600		8,573,496
TOTAL SOUTH AFRICA			34,808,398
Spain - 1.5%
Grifols SA (a)	141,300		2,636,925
Prosegur Compania de Seguridad SA (Reg.)	432,000		21,552,305
TOTAL SPAIN			24,189,230
Sweden - 2.0%
Fagerhult AB	266,395		6,272,156
Intrum Justitia AB	846,200		13,920,432
Swedish Match Co.	318,400		11,017,791
TOTAL SWEDEN			31,210,379
Switzerland - 1.3%
Bank Sarasin & Co. Ltd. Series B (Reg.)	561,768		21,445,192
Turkey - 1.4%
Albaraka Turk Katilim Bankasi AS	6,155,000		6,509,176
Boyner Buyuk Magazacilik A/S (a)	2,233,500		3,751,446
Coca-Cola Icecek AS	840,220		11,404,089
TOTAL TURKEY			21,664,711
United Arab Emirates - 0.2%
Dubai Financial Market PJSC (a)	13,410,140		3,760,535
United Kingdom - 15.7%
AMEC PLC	540,359		8,042,644
Babcock International Group PLC	1,248,800		14,148,615
Bellway PLC	835,600		9,541,065
Britvic PLC	2,333,200		12,378,680
Dechra Pharmaceuticals PLC	951,734		7,499,835
Derwent London PLC	248,500		6,785,848
Great Portland Estates PLC	1,787,500		10,705,224
H&T Group PLC	708,592		3,544,024
InterContinental Hotel Group PLC ADR	476,100		8,798,328
Johnson Matthey PLC	427,400		12,915,207
Meggitt PLC	3,405,482		21,063,373
Micro Focus International PLC	1,182,800		6,459,800
Persimmon PLC	828,700		6,632,924
Rotork PLC	425,100		11,512,596
Serco Group PLC	2,025,178		16,919,550
Shaftesbury PLC	1,352,900		10,965,698
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Spectris PLC	601,707		$ 12,308,701
Spirax-Sarco Engineering PLC	709,900		21,897,061
Ted Baker PLC	535,849		6,646,265
Ultra Electronics Holdings PLC	414,400		10,609,694
Unite Group PLC	4,939,825		14,045,393
Victrex PLC	780,300		15,936,956
TOTAL UNITED KINGDOM			249,357,481
United States of America - 12.5%
ANSYS, Inc. (a)	84,815		4,610,543
Autoliv, Inc. (d)	222,900		12,876,933
Broadridge Financial Solutions, Inc.	188,395		4,191,789
Cymer, Inc. (a)	345,600		15,016,320
Dril-Quip, Inc. (a)	141,848		9,234,305
Evercore Partners, Inc. Class A	185,900		5,101,096
Greenhill & Co., Inc. (d)	94,605		3,574,177
ION Geophysical Corp. (a)	1,654,983		12,610,970
Juniper Networks, Inc. (a)	224,600		5,495,962
Kansas City Southern (a)	230,400		14,554,368
Lam Research Corp. (a)	138,900		5,971,311
Martin Marietta Materials, Inc. (d)	104,700		7,556,199
Mohawk Industries, Inc. (a)	343,962		18,109,599
Oceaneering International, Inc.	227,100		9,499,593
PriceSmart, Inc.	479,199		36,438,294
ResMed, Inc. (a)(d)	512,200		14,495,260
Solera Holdings, Inc.	203,149		11,098,030
Solutia, Inc. (a)	229,800		3,734,250
SS&C Technologies Holdings, Inc. (a)	248,646		3,943,525
TOTAL UNITED STATES OF AMERICA			198,112,524
TOTAL COMMON STOCKS (Cost $1,419,942,710)		1,478,597,788
Money Market Funds - 10.6%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	117,867,411		$ 117,867,411
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	50,392,071		50,392,071
TOTAL MONEY MARKET FUNDS (Cost $168,259,482)		168,259,482
TOTAL INVESTMENT PORTFOLIO - 103.7% (Cost $1,588,202,192)			1,646,857,270
NET OTHER ASSETS (LIABILITIES) - (3.7)%			(59,116,921)
NET ASSETS - 100%		$ 1,587,740,349

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $367,474 or 0.0% of net assets.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 67,234
Fidelity Securities Lending Cash Central Fund	591,340
Total	$ 658,574

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 305,952,458	$ -	$ 305,952,458	$ -
United Kingdom	249,357,481	249,357,481	-	-
United States of America	198,112,524	198,112,524	-	-
Brazil	73,555,981	73,555,981	-	-
Canada	72,455,182	72,455,182	-	-
Germany	66,299,152	66,299,152	-	-
France	47,649,672	47,649,672	-	-
Finland	36,773,758	36,773,758	-	-
South Africa	34,808,398	34,808,398	-	-
Other	393,633,182	296,468,358	97,164,824	-
Money Market Funds	168,259,482	168,259,482	-	-
Total Investments in Securities:	$ 1,646,857,270	$ 1,243,739,988	$ 403,117,282	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $9,938,109 all of which will expire in fiscal 2019. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Small Cap Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $47,270,000) - See accompanying schedule: Unaffiliated issuers (cost $1,419,942,710)	$ 1,478,597,788
Fidelity Central Funds (cost $168,259,482)	168,259,482
Total Investments (cost $1,588,202,192)		$ 1,646,857,270
Cash		81,151
Receivable for fund shares sold		2,214,194
Dividends receivable		3,328,405
Distributions receivable from Fidelity Central Funds		21,623
Prepaid expenses		6,810
Other receivables		44,503
Total assets		1,652,553,956

Liabilities
Payable to custodian bank	$ 59,124
Payable for investments purchased	12,863,108
Payable for fund shares redeemed	61,553
Accrued management fee	1,122,098
Other affiliated payables	233,842
Other payables and accrued expenses	81,811
Collateral on securities loaned, at value	50,392,071
Total liabilities		64,813,607

Net Assets		$ 1,587,740,349
Net Assets consist of:
Paid in capital		$ 1,531,525,647
Undistributed net investment income		13,229,687
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(15,642,606)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		58,627,621
Net Assets		$ 1,587,740,349

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Small Cap Fund
Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011

Series International Small Cap: Net Asset Value, offering price and redemption price per share ($1,107,241,874 ÷ 98,681,489 shares)		$ 11.22

Class F: Net Asset Value, offering price and redemption price per share ($480,498,475 ÷ 42,691,151 shares)		$ 11.26

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 27,893,165
Special dividends		5,957,561
Interest		66
Income from Fidelity Central Funds		658,574
Income before foreign taxes withheld		34,509,366
Less foreign taxes withheld		(1,871,425)
Total income		32,637,941

Expenses
Management fee Basic fee	$ 10,761,271
Performance adjustment	(1,088)
Transfer agent fees	2,012,916
Accounting and security lending fees	581,133
Custodian fees and expenses	259,921
Independent trustees' compensation	6,597
Registration fees	573
Audit	68,609
Legal	3,447
Miscellaneous	8,662
Total expenses before reductions	13,702,041
Expense reductions	(178,179)	13,523,862
Net investment income (loss)		19,114,079
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $5,538)	(11,850,916)
Foreign currency transactions	(1,126,623)
Total net realized gain (loss)		(12,977,539)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $84,401)	(37,890,094)
Assets and liabilities in foreign currencies	(85,447)
Total change in net unrealized appreciation (depreciation)		(37,975,541)
Net gain (loss)		(50,953,080)
Net increase (decrease) in net assets resulting from operations		$ (31,839,001)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Small Cap Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	For the period December 3, 2009 (commencement of operations) to October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 19,114,079	$ 2,308,288
Net realized gain (loss)	(12,977,539)	3,459,115
Change in net unrealized appreciation (depreciation)	(37,975,541)	96,603,162
Net increase (decrease) in net assets resulting from operations	(31,839,001)	102,370,565
Distributions to shareholders from net investment income	(8,192,680)	-
Distributions to shareholders from net realized gain	(6,124,182)	-
Total distributions	(14,316,862)	-
Share transactions - net increase (decrease)	801,569,467	729,956,180
Total increase (decrease) in net assets	755,413,604	832,326,745

Net Assets
Beginning of period	832,326,745	-
End of period (including undistributed net investment income of $13,229,687 and undistributed net investment income of $2,308,288, respectively)	$ 1,587,740,349	$ 832,326,745

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Series International Small Cap

Years ended October 31,	2011	2010 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.40	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.17 ^G	.06
Net realized and unrealized gain (loss)	(.19)	1.34
Total from investment operations	(.02)	1.40
Distributions from net investment income	(.09)	-
Distributions from net realized gain	(.07)	-
Total distributions	(.16)	-
Net asset value, end of period	$ 11.22	$ 11.40
Total Return^B,C	(.23)%	14.00%
Ratios to Average Net Assets^E,I
Expenses before reductions	1.14%	1.21% ^A
Expenses net of fee waivers, if any	1.14%	1.21% ^A
Expenses net of all reductions	1.13%	1.18% ^A
Net investment income (loss)	1.47% ^G	.68% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,107,242	$ 701,814
Portfolio turnover rate ^F	22%	21% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a special dividend which amounted to $.06 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.00%.

^H For the period December 3, 2009 (commencement of operations) to October 31, 2010.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class F

Years ended October 31,	2011	2010 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 11.43	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.20 ^G	.09
Net realized and unrealized gain (loss)	(.20)	1.34
Total from investment operations	-	1.43
Distributions from net investment income	(.10)	-
Distributions from net realized gain	(.07)	-
Total distributions	(.17)	-
Net asset value, end of period	$ 11.26	$ 11.43
Total Return^B,C	(.03)%	14.30%
Ratios to Average Net Assets^E,I
Expenses before reductions	.93%	.98% ^A
Expenses net of fee waivers, if any	.93%	.98% ^A
Expenses net of all reductions	.92%	.94% ^A
Net investment income (loss)	1.68% ^G	.92% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 480,498	$ 130,513
Portfolio turnover rate ^F	22%	21% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period December 3, 2009 (commencement of operations) to October 31, 2010.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Value Fund

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Life of fund ^A
Fidelity Series International Value Fund	-11.84%	-6.82%
Class F	-11.61%	-6.60%

^A From December 3, 2009.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Series International Value Fund, a class of the fund, on December 3, 2009, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® (Europe, Australasia, Far East) Value Index performed over the same period.

gsv378

Annual Report

Fidelity Series International Value Fund

Management's Discussion of Fund Performance

Comments from Alex Zavratsky, who became Portfolio Manager of Fidelity® Series International Value Fund on September 6, 2011: For the year, the fund's Series International Value and Class F shares fell 11.84% and 11.61%, respectively, trailing the 5.33% drop of the benchmark MSCI® EAFE® (Europe, Australasia, Far East) Value Index. In geographic terms, weak stock picking in and a lack of exposure to the comparatively healthy Asia Pacific ex Japan region, especially Australia, was detrimental to performance. Stock selection also was punitive in Europe - particularly the U.K. and France - and Japan. Sector-wise, the biggest source of weakness was the financials sector, where holdings in several European banks were among the biggest detractors, including France-based Societe Generale, Italy's Intesa Sanpaolo and an out-of-index stake in Lloyds Banking Group in the U.K. Elsewhere within financials, French insurance firm AXA and ING Groep, a diversified financials company in the Netherlands, hampered results. Picks in energy, consumer discretionary and industrials also hurt. However, positioning in utilities was a bright spot. Here, the fund's lack of exposure to Japanese utility Tokyo Electric Power, a benchmark component, was the biggest individual contributor, while out-of-index stakes in Swiss pharma firm Roche Holding and Canada-based miner Yamana Gold also aided results. Some of the stocks I've mentioned were sold from the fund by period end.

Annual Report

Fidelity Series International Value Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom 27.2%
	Japan 21.4%
	Germany 10.5%
	France 8.4%
	Switzerland 7.5%
	Australia 6.2%
	Italy 3.0%
	Norway 2.9%
	Netherlands 2.8%
	Other 10.1%

gsv400

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United Kingdom 20.4%
	Japan 17.2%
	France 10.0%
	Germany 7.6%
	Spain 6.4%
	Switzerland 4.8%
	Netherlands 4.0%
	Canada 3.3%
	Hong Kong 3.3%
	Other 23.0%

gsv422

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.6	99.4
Short-Term Investments and Net Other Assets	1.4	0.6
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	5.8	4.4
GlaxoSmithKline PLC sponsored ADR (United Kingdom, Pharmaceuticals)	3.5	1.8
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	3.4	2.3
BP PLC sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	3.0	2.5
Sanofi-aventis (France, Pharmaceuticals)	2.9	0.0
Commonwealth Bank of Australia (Australia, Commercial Banks)	2.9	0.3
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.8	2.0
Nestle SA (Switzerland, Food Products)	2.2	0.0
Allianz AG (Germany, Insurance)	2.0	0.4
Australia & New Zealand Banking Group Ltd. (Australia, Commercial Banks)	1.9	0.0
	30.4
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.7	35.6
Energy	13.4	12.8
Telecommunication Services	11.6	6.2
Health Care	11.6	5.4
Consumer Staples	9.0	1.9
Utilities	7.8	5.4
Consumer Discretionary	7.5	10.7
Industrials	6.4	8.8
Materials	5.1	7.7
Information Technology	2.5	4.9

Annual Report

Fidelity Series International Value Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 6.2%
Australia & New Zealand Banking Group Ltd.	5,485,359		$ 123,961,265
Commonwealth Bank of Australia	3,584,943		184,176,264
Macquarie Group Ltd.	1,125,175		28,971,811
Telstra Corp. Ltd.	20,153,739		65,444,143
TOTAL AUSTRALIA			402,553,483
Bailiwick of Guernsey - 0.3%
Resolution Ltd.	4,440,500		19,638,333
Bailiwick of Jersey - 0.5%
Wolseley PLC	1,155,000		33,397,328
France - 8.4%
Atos Origin SA	527,702		25,574,644
BNP Paribas SA	1,827,675		83,088,144
Casino Guichard Perrachon et Compagnie	322,372		30,301,191
Compagnie de St. Gobain	519,711		24,230,793
Euler Hermes SA	174,326		12,631,837
GDF Suez	2,073,900		58,879,491
Pernod-Ricard SA	349,100		32,610,566
PPR SA	344,075		53,759,073
Sanofi-aventis	2,585,387		184,982,821
Unibail-Rodamco	180,054		36,006,038
TOTAL FRANCE			542,064,598
Germany - 10.1%
Allianz AG	970,678		109,091,122
Allianz AG sponsored ADR	1,683,700		18,857,440
BASF AG	1,643,280		120,961,251
Bayer AG	1,232,246		78,947,106
Daimler AG (United States)	1,223,200		62,187,488
Deutsche Telekom AG	4,633,700		58,957,237
E.ON AG	2,876,357		69,700,139
HeidelbergCement AG	582,200		26,572,203
Metro AG	474,200		22,108,907
Siemens AG	593,760		62,247,449
Volkswagen AG	137,087		21,589,533
TOTAL GERMANY			651,219,875
Hong Kong - 0.6%
Henderson Land Development Co. Ltd.	792,000		4,329,095
Power Assets Holdings Ltd.	4,515,500		34,312,426
TOTAL HONG KONG			38,641,521
Common Stocks - continued
	Shares		Value
Ireland - 0.7%
CRH PLC sponsored ADR (d)	2,253,796		$ 41,492,384
Italy - 2.7%
ENI SpA	5,465,800		120,833,040
Intesa Sanpaolo SpA	18,204,954		32,525,242
Telecom Italia SpA	14,457,900		17,992,225
TOTAL ITALY			171,350,507
Japan - 21.4%
ABC-Mart, Inc.	527,600		20,664,447
Aeon Credit Service Co. Ltd.	2,042,100		30,457,475
Air Water, Inc.	2,354,000		29,885,951
Aisin Seiki Co. Ltd.	621,500		19,658,677
Aozora Bank Ltd.	19,005,000		48,051,271
Asahi Glass Co. Ltd.	2,312,000		20,248,616
Canon, Inc.	1,017,400		46,193,634
Chubu Electric Power Co., Inc.	1,684,400		30,821,288
Credit Saison Co. Ltd.	1,786,600		34,867,932
Denso Corp.	1,510,400		46,455,686
Dentsu, Inc.	898,900		27,069,546
Fanuc Corp.	196,200		31,727,687
Honda Motor Co. Ltd.	1,934,200		57,847,228
INPEX Corp.	5,915		39,056,308
Itochu Corp.	6,875,000		68,005,525
Japan Retail Fund Investment Corp.	39,909		61,785,966
Japan Tobacco, Inc.	20,349		101,720,613
JSR Corp.	1,603,900		30,622,531
JX Holdings, Inc.	7,910,900		46,085,980
KDDI Corp.	11,239		82,340,219
Mitsubishi Corp.	1,655,400		34,050,908
Mitsubishi Tanabe Pharma Corp.	2,894,600		50,075,114
Nippon Telegraph & Telephone Corp.	1,691,800		86,793,397
Obic Co. Ltd.	146,690		27,736,791
ORIX Corp.	376,220		32,838,907
Santen Pharmaceutical Co. Ltd.	772,100		28,813,497
Seven & i Holdings Co., Ltd.	1,549,800		41,362,854
Tokio Marine Holdings, Inc.	1,133,100		27,021,642
Tokyo Gas Co. Ltd.	12,171,000		52,418,954
Toray Industries, Inc.	5,015,000		35,698,334
USS Co. Ltd.	354,050		29,272,770
West Japan Railway Co.	1,460,600		61,898,781
TOTAL JAPAN			1,381,548,529
Common Stocks - continued
	Shares		Value
Korea (South) - 0.5%
Samsung Electronics Co. Ltd.	39,799		$ 34,133,606
Mexico - 0.6%
Grupo Modelo SAB de CV Series C	6,452,300		40,927,079
Netherlands - 2.8%
ING Groep NV:
(Certificaten Van Aandelen) (a)	7,009,852		60,440,514
sponsored ADR (a)(d)	2,187,677		18,901,529
Koninklijke KPN NV	2,316,532		30,442,739
Koninklijke Philips Electronics NV	1,471,400		30,634,132
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	1,150,600		39,728,672
TOTAL NETHERLANDS			180,147,586
Norway - 2.9%
Aker Solutions ASA	1,497,323		17,413,547
DnB NOR ASA	4,345,800		50,696,837
Orkla ASA (A Shares) (d)	4,537,600		39,527,552
Telenor ASA	4,401,000		78,572,347
TOTAL NORWAY			186,210,283
Portugal - 0.2%
Energias de Portugal SA	4,767,024		15,074,338
Singapore - 1.9%
Singapore Telecommunications Ltd.	27,344,000		69,109,399
United Overseas Bank Ltd.	4,041,491		54,793,247
TOTAL SINGAPORE			123,902,646
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (d)	9,934,975		89,812,174
Red Electrica Corporacion SA	437,800		21,190,353
Repsol YPF SA	1,744,120		52,859,760
TOTAL SPAIN			163,862,287
Sweden - 0.8%
Tele2 AB (B Shares)	1,101,850		23,255,372
Telefonaktiebolaget LM Ericsson (B Shares)	2,885,973		30,072,331
TOTAL SWEDEN			53,327,703
Switzerland - 7.5%
Nestle SA	2,411,040		139,846,090
Roche Holding AG (participation certificate)	1,096,361		180,779,940
Syngenta AG (Switzerland)	114,360		34,857,822
Transocean Ltd. (United States)	305,818		17,477,499
Common Stocks - continued
	Shares		Value
Switzerland - continued
UBS AG (NY Shares) (a)	3,068,100		$ 38,719,422
Zurich Financial Services AG	323,332		75,089,809
TOTAL SWITZERLAND			486,770,582
United Kingdom - 27.2%
Aegis Group PLC	6,696,572		14,775,654
Aviva PLC	8,389,100		45,775,812
Barclays PLC	23,346,208		72,385,411
BP PLC sponsored ADR	4,343,070		191,876,833
British American Tobacco PLC (United Kingdom)	911,800		41,814,121
British Land Co. PLC	3,034,400		24,912,002
Centrica PLC	6,377,800		30,431,860
Compass Group PLC	3,568,400		32,481,047
GlaxoSmithKline PLC sponsored ADR	5,008,400		224,326,236
HSBC Holdings PLC sponsored ADR	1,173,984		51,256,141
Imperial Tobacco Group PLC	1,837,037		67,181,303
International Power PLC	7,996,335		43,491,525
National Grid PLC	8,183,503		81,375,890
Next PLC	457,600		18,809,919
Prudential PLC	6,790,280		70,150,639
Reed Elsevier PLC	6,479,300		55,694,955
Royal Dutch Shell PLC Class A sponsored ADR (d)	5,316,000		376,957,563
Scottish & Southern Energy PLC	2,668,821		57,684,452
Tesco PLC	5,122,700		33,097,475
Vodafone Group PLC sponsored ADR	8,019,899		223,273,988
TOTAL UNITED KINGDOM			1,757,752,826
TOTAL COMMON STOCKS (Cost $6,127,926,004)		6,324,015,494
Nonconvertible Preferred Stocks - 0.7%

Germany - 0.4%
Volkswagen AG	133,550		23,435,156
Italy - 0.3%
Telecom Italia SpA (Risparmio Shares)	19,319,700		20,278,147
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $44,689,294)		43,713,303
Money Market Funds - 8.3%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b)	78,017,083		$ 78,017,083
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	458,793,150		458,793,150
TOTAL MONEY MARKET FUNDS (Cost $536,810,233)		536,810,233
TOTAL INVESTMENT PORTFOLIO - 106.9% (Cost $6,709,425,531)			6,904,539,030
NET OTHER ASSETS (LIABILITIES) - (6.9)%			(445,085,308)
NET ASSETS - 100%		$ 6,459,453,722

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 86,610
Fidelity Securities Lending Cash Central Fund	7,084,349
Total	$ 7,170,959

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 1,757,752,826	$ 1,446,250,953	$ 311,501,873	$ -
Japan	1,381,548,529	-	1,381,548,529	-
Germany	674,655,031	612,407,582	62,247,449	-
France	542,064,598	357,081,777	184,982,821	-
Switzerland	486,770,582	451,912,760	34,857,822	-
Australia	402,553,483	-	402,553,483	-
Italy	191,628,654	32,525,242	159,103,412	-
Norway	186,210,283	186,210,283	-	-
Netherlands	180,147,586	49,344,268	130,803,318	-
Other	564,397,225	337,647,121	226,750,104	-
Money Market Funds	536,810,233	536,810,233	-	-
Total Investments in Securities:	$ 6,904,539,030	$ 4,010,190,219	$ 2,894,348,811	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $902,960,621 of which $6,804,041 and $896,156,580 will expire in fiscal 2018 and 2019, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Value Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011

Assets
Investment in securities, at value (including securities loaned of $441,287,939) - See accompanying schedule: Unaffiliated issuers (cost $6,172,615,298)	$ 6,367,728,797
Fidelity Central Funds (cost $536,810,233)	536,810,233
Total Investments (cost $6,709,425,531)		$ 6,904,539,030
Cash		2,155,482
Foreign currency held at value (cost $348)		348
Receivable for investments sold		78,852,175
Receivable for fund shares sold		11,353,331
Dividends receivable		22,668,726
Distributions receivable from Fidelity Central Funds		77,152
Prepaid expenses		61,584
Other receivables		939,314
Total assets		7,020,647,142

Liabilities
Payable for investments purchased	$ 97,795,381
Payable for fund shares redeemed	317,162
Accrued management fee	3,196,460
Other affiliated payables	896,673
Other payables and accrued expenses	194,594
Collateral on securities loaned, at value	458,793,150
Total liabilities		561,193,420

Net Assets		$ 6,459,453,722
Net Assets consist of:
Paid in capital		$ 7,089,738,039
Undistributed net investment income		149,195,087
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(974,451,115)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		194,971,711
Net Assets		$ 6,459,453,722

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Value Fund
Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011

Series International Value: Net Asset Value, offering price and redemption price per share ($4,503,486,735 ÷ 524,009,130 shares)		$ 8.59

Class F: Net Asset Value, offering price and redemption price per share ($1,955,966,987 ÷ 226,859,015 shares)		$ 8.62

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended October 31, 2011

Investment Income
Dividends		$ 248,338,815
Interest		3,393
Income from Fidelity Central Funds		7,170,959
Income before foreign taxes withheld		255,513,167
Less foreign taxes withheld		(18,914,053)
Total income		236,599,114

Expenses
Management fee Basic fee	$ 42,074,176
Performance adjustment	(593,294)
Transfer agent fees	9,609,326
Accounting and security lending fees	1,673,919
Custodian fees and expenses	818,732
Independent trustees' compensation	31,737
Registration fees	3,305
Audit	79,911
Legal	16,745
Interest	1,808
Miscellaneous	43,821
Total expenses before reductions	53,760,186
Expense reductions	(1,422,343)	52,337,843
Net investment income (loss)		184,261,271
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(943,510,321)
Foreign currency transactions	(371,977)
Total net realized gain (loss)		(943,882,298)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $972,928)	(137,448,099)
Assets and liabilities in foreign currencies	(519,881)
Total change in net unrealized appreciation (depreciation)		(137,967,980)
Net gain (loss)		(1,081,850,278)
Net increase (decrease) in net assets resulting from operations		$ (897,589,007)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Series International Value Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	For the period December 3, 2009 (commencement of operations) to October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 184,261,271	$ 38,040,995
Net realized gain (loss)	(943,882,298)	(15,045,002)
Change in net unrealized appreciation (depreciation)	(137,967,980)	332,939,691
Net increase (decrease) in net assets resulting from operations	(897,589,007)	355,935,684
Distributions to shareholders from net investment income	(69,464,545)	-
Distributions to shareholders from net realized gain	(19,166,449)	-
Total distributions	(88,630,994)	-
Share transactions - net increase (decrease)	2,850,091,917	4,239,646,122
Total increase (decrease) in net assets	1,863,871,916	4,595,581,806

Net Assets
Beginning of period	4,595,581,806	-
End of period (including undistributed net investment income of $149,195,087 and undistributed net investment income of $38,040,995, respectively)	$ 6,459,453,722	$ 4,595,581,806

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Series International Value

Years ended October 31,	2011	2010 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.91	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.30	.18
Net realized and unrealized gain (loss)	(1.45)	(.27)^G
Total from investment operations	(1.15)	(.09)
Distributions from net investment income	(.13)	-
Distributions from net realized gain	(.04)	-
Total distributions	(.17)	-
Net asset value, end of period	$ 8.59	$ 9.91
Total Return^B,C	(11.84)%	(.90)%
Ratios to Average Net Assets^E,I
Expenses before reductions	.95%	1.01% ^A
Expenses net of fee waivers, if any	.95%	1.01% ^A
Expenses net of all reductions	.93%	.99% ^A
Net investment income (loss)	3.05%	2.24% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,503,487	$ 3,865,058
Portfolio turnover rate ^F	78%	72% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

^H For the period December 3, 2009 (commencement of operations) to October 31, 2010.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class F

Years ended October 31,	2011	2010 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.93	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.31	.20
Net realized and unrealized gain (loss)	(1.44)	(.27)^G
Total from investment operations	(1.13)	(.07)
Distributions from net investment income	(.14)	-
Distributions from net realized gain	(.04)	-
Total distributions	(.18)	-
Net asset value, end of period	$ 8.62	$ 9.93
Total Return^B,C	(11.61)%	(.70)%
Ratios to Average Net Assets^E,I
Expenses before reductions	.74%	.78% ^A
Expenses net of fee waivers, if any	.74%	.78% ^A
Expenses net of all reductions	.72%	.75% ^A
Net investment income (loss)	3.26%	2.47% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,955,967	$ 730,524
Portfolio turnover rate ^F	78%	72% ^A

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period December 3, 2009 (commencement of operations) to October 31, 2010.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund (the Funds) are funds of Fidelity Investment Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Shares of the Funds are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as an investment manager. Fidelity Series Emerging Markets Fund offers Series Emerging Markets shares and Class F shares. Fidelity Series International Growth Fund offers Series International Growth shares and Class F shares. Fidelity Series International Small Cap Fund offers Series International Small Cap shares and Class F shares. Fidelity Series International Value Fund offers Series International Value shares and Class F shares. All classes have equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund. Each class differs with respect to transfer agent fees incurred and certain class-level expense reductions. Certain Funds' investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Funds invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Reports of Independent Registered Public Accounting Firms, are available on the SEC web site or upon request.

Annual Report

3. Significant Accounting Policies.

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Each Fund uses independent pricing services approved by the Board of Trustees to value their investments. When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include market or security specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The value used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, as well as a roll forward of Level 3 securities, is included at the end of each Fund's Schedule of Investments. Valuation techniques used to value each Fund's investments by major category are as follows:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

(ADRs), futures contracts, Exchange-traded funds (ETFs) and certain indexes as well as quoted prices for similar securities are used and are categorized as Level 2 in the hierarchy in these circumstances. Utilizing these techniques may result in transfers between Level 1 and Level 2. For restricted equity securities and private placements where observable inputs are limited, assumptions about market activity and risk are used and are categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Foreign Currency. The Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds estimate the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Funds are presented separately on the Statement of Operations as

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

"Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company, including distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. As of October 31, 2011, each Fund did not have any unrecognized tax benefits in the financial statements. A fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Series International Growth Fund, and Fidelity Series International Small Cap Fund are subject to a tax imposed on realized short term capital gains on securities of certain issuers domiciled in India. An estimated deferred tax liability for net unrealized gains on these securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships,1 capital loss carryforwards, and losses deferred due to wash sales.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:

	Tax cost	Gross unrealized appreciation	Gross unrealized depreciation	Net unrealized appreciation (depreciation) on securities and other investments
Fidelity Series Emerging Markets Fund	$ 5,088,939,573	$ 386,605,171	$ (501,901,065)	$ (115,295,894)
Fidelity Series International Growth Fund	7,070,774,694	689,983,550	(349,387,009)	340,596,541
Fidelity Series International Small Cap Fund	1,594,808,540	165,973,327	(113,924,597)	52,048,730
Fidelity Series International Value Fund	6,780,916,025	461,112,861	(337,489,856)	123,623,005

The tax-based components of distributable earnings as of period end were as follows for each Fund:

	Undistributed ordinary income	Undistributed long-term capital gain	Capital loss carryforward	Net unrealized appreciation (depreciation)
Fidelity Series Emerging Markets Fund	$ 33,778,339	$ 152,064,089	$ -	$ (115,374,239)
Fidelity Series International Growth Fund	84,911,160	-	(155,978,028)	340,622,181
Fidelity Series International Small Cap Fund	14,131,539	-	(9,938,109)	52,021,273
Fidelity Series International Value Fund	149,195,087	-	(902,960,621)	123,481,217

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Under the recently enacted Regulated Investment Company Modernization Act of 2010 (the Act), the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years, which generally expire after eight years from when they are incurred. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. The Funds' first fiscal year end subject to the Act will be October 31, 2012.

The tax character of distributions paid was as follows:

October 31, 2011
	Ordinary Income	Long-term Capital Gains	Total
Fidelity Series Emerging Markets Fund	$ 65,102,939	$ 61,559,932	$ 126,662,871
Fidelity Series International Growth Fund	29,959,620	-	29,959,620
Fidelity Series International Small Cap Fund	14,316,862	-	14,316,862
Fidelity Series International Value Fund	88,630,994	-	88,630,994
October 31, 2010
	Ordinary Income	Long-term Capital Gains	Total
Fidelity Series Emerging Markets Fund	$ 97,275,785	$ -	$ 97,275,785

4. Operating Policies.

Restricted Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and

Annual Report

Notes to Financial Statements - continued

4. Operating Policies - continued

Restricted Securities - continued

prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, are noted in the table below.

	Purchases ($)	Sales ($)
Fidelity Series Emerging Markets Fund	6,193,744,773	3,791,737,359
Fidelity Series International Growth Fund	3,920,808,960	1,351,086,230
Fidelity Series International Small Cap Fund	982,831,587	261,241,846
Fidelity Series International Value Fund	7,525,772,641	4,630,736,976

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee for Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund is subject to a performance adjustment (up to a maximum ± .20% of each applicable Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on each applicable Fund's relative investment performance of the asset-weighted return of all classes as compared to an appropriate benchmark index. Each applicable Fund's performance adjustment took effect in December 2010. Subsequent months will be added until the performance period includes 36 months.

For the period, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets, including the performance adjustment, if applicable, was as follows:

	Individual Rate	Group Rate	Total
Fidelity Series Emerging Markets Fund	.55%	.26%	.81%
Fidelity Series International Growth Fund	.45%	.26%	.74%
Fidelity Series International Small Cap Fund	.60%	.26%	.86%
Fidelity Series International Value Fund	.45%	.26%	.70%

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Funds. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of each Fund except for Class F. FIIOC receives no fees for providing transfer agency services to Class F. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

Fidelity Series Emerging Markets Fund	Amount	% of Average Net Assets
Series Emerging Markets	$ 5,935,004	.21
Fidelity Series International Growth Fund
Series International Growth	$ 9,794,786	.21
Fidelity Series International Small Cap Fund
Series International Small Cap	$ 2,012,916	.21
Fidelity Series International Value Fund
Series International Value	$ 9,609,326	.21

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. Certain Funds placed a portion of their portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were as follows:

	Amount
Fidelity Series Emerging Markets Fund	$ 4,195
Fidelity Series International Growth Fund	8,675
Fidelity Series International Small Cap Fund	4,277
Fidelity Series International Value Fund	1,854

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Funds, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end there were no interfund loans outstanding. Each applicable fund's activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Fidelity Series Emerging Markets Fund	Borrower	$ 6,917,000	.61%	$ 235
Fidelity Series International Value Fund	Borrower	51,653,000	.31%	1,808

7. Committed Line of Credit.

Certain Funds participate with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity Series Emerging Markets Fund	$ 10,891
Fidelity Series International Growth Fund	17,877
Fidelity Series International Small Cap Fund	3,618
Fidelity Series International Value Fund	17,614

During the period, there were no borrowings on this line of credit.

8. Security Lending.

Certain Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Funds. On the settlement date of the loan, each applicable Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of

Annual Report

8. Security Lending - continued

the Funds and any additional required collateral is delivered to the Funds on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on each applicable Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented on each applicable Fund's Statement of Operations as a component of income from Fidelity Central Funds. Security lending activity as of and during the period was as follows:

	Total Security Lending Income	Security Lending Income From Securities Loaned to FCM
Fidelity Series Emerging Markets Fund	$ 1,354,601	$ -
Fidelity Series International Growth Fund	3,601,900	28
Fidelity Series International Small Cap Fund	591,340	75
Fidelity Series International Value Fund	7,084,349	512

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of certain Funds provided services to these Funds in addition to trade execution. These services included payments of expenses on behalf of each applicable Fund. In addition, through arrangements with each applicable Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. All of the applicable expense reductions are noted in the table below.

	Brokerage Service reduction	Custody expense reduction
Fidelity Series Emerging Markets Fund	$ 1,982,868	$ -
Fidelity Series International Growth Fund	946,455	-
Fidelity Series International Small Cap Fund	178,132	47
Fidelity Series International Value Fund	1,422,343	-

Annual Report

Notes to Financial Statements - continued

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010^A
Fidelity Series Emerging Markets Fund
From net investment income
Series Emerging Markets	$ 12,963,515	$ 4,872,057
Class F	3,863,477	98,750
Total	$ 16,826,992	$ 4,970,807
From net realized gain
Series Emerging Markets	$ 89,686,359	$ 90,721,075
Class F	20,149,520	1,583,903
Total	$ 109,835,879	$ 92,304,978
Fidelity Series International Growth Fund
From net investment income
Series International Growth	$ 20,001,889	$ -
Class F	5,267,744	-
Total	$ 25,269,633	$ -
From net realized gain
Series International Growth	$ 3,829,643	$ -
Class F	860,344	-
Total	$ 4,689,987	$ -
Fidelity Series International Small Cap Fund
From net investment income
Series International Small Cap	$ 6,519,818	$ -
Class F	1,672,862	-
Total	$ 8,192,680	$ -
From net realized gain
Series International Small Cap	$ 5,000,638	$ -
Class F	1,123,544	-
Total	$ 6,124,182	$ -
Fidelity Series International Value Fund
From net investment income
Series International Value	$ 55,879,024	$ -
Class F	13,585,521	-
Total	$ 69,464,545	$ -
From net realized gain
Series International Value	$ 15,652,284	$ -
Class F	3,514,165	-
Total	$ 19,166,449	$ -

^A Distributions for Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund are for the period December 3, 2009 to October 31, 2010.

Annual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010^A	2011	2010^A
Fidelity Series Emerging Markets Fund
Series Emerging Markets
Shares sold	110,983,487	79,991,131	$ 1,927,221,177	$ 1,291,962,481
Reinvestment of distributions	5,501,065	5,955,958	102,649,874	95,593,132
Shares redeemed	(34,406,501)	(12,830,835)	(605,551,460)	(212,836,681)
Net increase (decrease)	82,078,051	73,116,254	$ 1,424,319,591	$ 1,174,718,932
Class F
Shares sold	70,265,019	23,518,400	$ 1,219,851,930	$ 387,691,188
Reinvestment of distributions	1,285,492	104,773	24,012,997	1,682,653
Shares redeemed	(4,258,591)	(85,069)	(71,872,048)	(1,389,220)
Net increase (decrease)	67,291,920	23,538,104	$ 1,171,992,879	$ 387,984,621
Fidelity Series International Growth Fund
Series International Growth
Shares sold	199,240,913	383,695,719	$ 2,197,620,267	$ 3,683,684,745
Reinvestment of distributions	2,139,059	-	23,831,532	-
Shares redeemed	(89,024,200)	(21,469,620)	(974,623,034)	(207,462,670)
Net increase (decrease)	112,355,772	362,226,099	$ 1,246,828,765	$ 3,476,222,075
Class F
Shares sold	146,529,108	68,259,971	$ 1,611,081,104	$ 663,568,900
Reinvestment of distributions	549,703	-	6,128,088	-
Shares redeemed	(10,293,869)	(49,565)	(110,003,185)	(474,637)
Net increase (decrease)	136,784,942	68,210,406	$ 1,507,206,007	$ 663,094,263

Annual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2011	2010^A	2011	2010^A
Fidelity Series International Small Cap Fund
Series International Small Cap
Shares sold	53,908,450	65,438,695	$ 631,399,700	$ 653,652,045
Reinvestment of distributions	981,018	-	11,520,456	-
Shares redeemed	(17,761,732)	(3,884,942)	(206,339,970)	(39,646,565)
Net increase (decrease)	37,127,736	61,553,753	$ 436,580,186	$ 614,005,480
Class F
Shares sold	33,128,289	11,440,459	$ 386,033,238	$ 116,123,150
Reinvestment of distributions	238,000	-	2,796,406	-
Shares redeemed	(2,098,084)	(17,513)	(23,840,363)	(172,450)
Net increase (decrease)	31,268,205	11,422,946	$ 364,989,281	$ 115,950,700
Fidelity Series International Value Fund
Series International Value
Shares sold	234,577,356	412,641,187	$ 2,316,609,509	$ 3,772,955,102
Reinvestment of distributions	7,268,202	-	71,531,308	-
Shares redeemed	(107,758,811)	(22,718,804)	(1,035,580,685)	(206,545,585)
Net increase (decrease)	134,086,747	389,922,383	$ 1,352,560,132	$ 3,566,409,517
Class F
Shares sold	165,152,487	73,576,238	$ 1,606,189,266	$ 673,595,109
Reinvestment of distributions	1,734,189	-	17,099,686	-
Shares redeemed	(13,565,563)	(38,336)	(125,757,167)	(358,504)
Net increase (decrease)	153,321,113	73,537,902	$ 1,497,531,785	$ 673,236,605

^A Share transactions for Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund and Fidelity Series International Value Fund are for the period December 3, 2009 to October 31, 2010.

Annual Report

12. Other.

The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

At the end of the period, mutual funds managed by FMR or an FMR affiliate were the owners of record of all of the outstanding shares of the Funds.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Series Emerging Markets Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund:

We have audited the accompanying statements of assets and liabilities of Fidelity Series Emerging Markets Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund (the Funds), each a fund of Fidelity Investment Trust, including the schedules of investments, as of October 31, 2011, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the periods presented. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2011, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Series Emerging Markets Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund as of October 31, 2011, the results of their operations for the year then ended, the changes in their net assets and their financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 15, 2011

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Series International Growth Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Series International Growth Fund (a fund of Fidelity Investment Trust) at October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the periods indicated and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Series International Growth Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2011 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2011

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

Annual Report

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544 for Series Class or 1-800-835-5092 for Class F.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trusts or various entities under common control with FMR.

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

Fund	Pay Date	Record Date	Dividends	Capital Gains
Series Emerging Markets	12/12/11	12/09/11	$0.093	$0.519
Class F	12/12/11	12/09/11	$0.124	$0.519
Series International Growth	12/12/11	12/09/11	$0.115	$0.007
Class F	12/12/11	12/09/11	$0.140	$0.007
Series International Small Cap	12/12/11	12/09/11	$0.106	$0.009
Class F	12/12/11	12/09/11	$0.128	$0.009
Series International Value	12/12/11	12/09/11	$0.224	$0.000
Class F	12/12/11	12/09/11	$0.242	$0.000

A percentage of the dividends distributed during the fiscal year for the following funds qualifies for the dividends-received deduction for corporate shareholders

Fund	December 30, 2010
Series Emerging Markets	0%
Class F	0%
Series International Growth	12%
Class F	12%
Series International Small Cap	0%
Class F	0%
Series International Value	0%
Class F	0%

Fund	December 10, 2010	December 30, 2010
Series Emerging Markets	36%	0%
Class F	33%	0%
Series International Growth	100%	100%
Class F	100%	100%
Series International Small Cap	51%	100%
Class F	45%	100%
Series International Value	60%	71%
Class F	55%	71%

Annual Report

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2011, or, if subsequently determined to be different, the net capital gain of such year.

Fund
Fidelity Series Emerging Markets Fund	$152,471,677

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Emerging Markets Fund
Fidelity Series International Growth Fund
Fidelity Series International Small Cap Fund
Fidelity Series International Value Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance (Fidelity Series Emerging Markets Fund). The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. Because the fund had been in existence less than three calendar years, the following chart considered by the Board shows, for the one-year period ended December 31, 2010, the total return of Class F and the retail class of the fund, the total return of a broad-based securities market index ("benchmark"), and a range of total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The box within the chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below the chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Annual Report

Fidelity Series Emerging Markets Fund

gsv424

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Class F of the fund was in the first quartile for the period shown. The Board also noted that the investment performance of Class F of the fund compared favorably to its benchmark for the period shown. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board noted that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Investment Performance (Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, and Fidelity Series International Value Fund). The Board considered whether each fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance for each class, as well as each fund's relative investment performance for each class measured over, as available, against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. Because each fund had been in existence less than three calendar years, for each fund the following chart considered by the Board shows, for the one-year period ended December 31, 2010, the total returns of Class F and the retail class of the fund, the total return of a broad-based securities market index ("benchmark"), and a range of total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc (for Fidelity Series International Small Cap Fund, a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated. Each of Fidelity Series International Growth Fund's and Fidelity Series International Value Fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc., which assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Series International Growth Fund

gsv426

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Class F of the fund was in the second quartile for the period shown. The Board also noted that the investment performance of Class F of the fund compared favorably to its benchmark for the period shown. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board noted that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.

Annual Report

Fidelity Series International Small Cap Fund

gsv428

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Class F of the fund was in the third quartile for the period shown. The Board also noted that the investment performance of the fund was lower than its benchmark for the period shown. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board noted that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Series International Value Fund

gsv430

The Board reviewed the fund's relative investment performance against its peer group and noted that the performance of Class F of the fund was in the fourth quartile for the period shown. The Board also noted that the investment performance of Class F of the fund compared favorably to its benchmark for the period shown. The Board considered that the variations in performance between the fund's classes reflect the variations in class expenses, which result in lower performance for the higher expense class. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board noted that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to each fund under the Advisory Contracts should benefit each fund's shareholders.

Annual Report

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." For Fidelity Series International Small Cap Fund, the Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment (if applicable). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 19% would mean that 81% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked and the impact of a fund's performance adjustment (if applicable), is also included in the charts and considered by the Board.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Series Emerging Markets Fund

gsv432

Fidelity Series International Growth Fund

gsv434

Annual Report

Fidelity Series International Small Cap Fund

gsv436

Fidelity Series International Value Fund

gsv438

The Board noted that each fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010. The Board also noted the effect of Fidelity Series International Growth Fund's, Fidelity Series International Small Cap Fund's and Fidelity Series International Value Fund's performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for 2010 represents calculations for performance periods that differ from the period shown in the performance chart above.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review, the Board concluded that each fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the total expense ratio of each class of each fund, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of each fund's performance adjustment. As part of its review, the Board also considered the current and historical total expense ratios of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class of each fund ranked below its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of each fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Annual Report

The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board also considered that although each fund is offered only to other funds advised by FMR or an affiliate, it continues to incur investment management expenses. The Board further noted that each fund may continue to realize benefits from the group fee structure, even though assets may not be expected to grow significantly at the fund level. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research (U.K.) Inc.

FIL Investments (Japan) Limited

Fidelity Management & Research (Hong Kong) Limited

Fidelity Management & Research (Japan) Inc.

FIL Investment Advisors

FIL Investment Advisors (UK) Limited

General Distributor

Fidelity Distributors Corporation

Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodians

The Northern Trust Company

Chicago, IL

Fidelity Series Emerging Markets Fund

State Street Bank and Trust Company

Quincy, MA

Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund


GSV-S-ANN-1211
1.907943.101

Fidelity®

Diversified International
Fund -

Class K

Annual Report

October 31, 2011

(Fidelity Cover Art)

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fundperformance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund unless preceded or accompanied by an effective prospectus.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Acting Chairman's Photograph)

Dear Shareholder:

Sincerely,

(Acting Chairman's Signature)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class K^A	-4.87%	-2.19%	7.06%

^AThe initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008, are those of Fidelity® Diversified International Fund, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International Fund - Class K on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® (Europe, Australasia, Far East) Index performed over the same period. The initial offering of Class K took place on May 9, 2008. See above for additional information regarding the performance of Class K.

dif30369

Annual Report

Management's Discussion of Fund Performance

Market Recap: International equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the period, despite concern about the sovereign debt crisis in Europe, a devastating earthquake and tsunami in Japan, and political upheaval in the Middle East and North Africa. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China and a dimmed outlook for global growth caused foreign markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as eurozone policymakers appeared near a resolution to the debt debacle and buyers stormed back onto the scene in search of bargains. Still, those gains - along with favorable currency fluctuations overall - weren't enough to offset prior losses, and the MSCI®ACWI® (All Country World Index) ex USA Index finished the period down 4.56%. Within the MSCI index, Europe and emerging markets suffered the biggest declines, with many countries in these areas sustaining steep losses. By contrast, Japan showed resilience in the wake of its natural disasters, falling only 2%. Australia (+4%), Switzerland (+3%), the U.K. (+2%) and Canada, which produced a nominal return, were among the few major benchmark components to break into positive territory.

Comments from William Bower, Portfolio Manager of Fidelity® Diversified International Fund: For the year, the fund's Class K shares returned -4.87%, underperforming the -3.97% return of the MSCI® EAFE® (Europe, Australasia, Far East) Index. Fund performance versus the index was held back by security selection in energy, positioning in consumer staples, stock selection in financials and an underweighting in pharmaceuticals. Geographically, performance was curtailed by stock selection in the Asia-Pacific ex Japan region, China and Canada. Individual detractors included U.K.-based Lloyds Banking Group; out-of-benchmark positions in Canadian energy companies Niko Resources and Petrobank Energy & Resources; an underweighting in Swiss drug company Roche Holding, since sold; Danish beer company Carlsberg; and Italy's Fiat Industrial. On the plus side, the fund benefited from an underweighting in the utilities sector, positioning in consumer discretionary and security selection in technology hardware/equipment. Regionally, positioning in continental Europe helped, as did stock picks in Japan. Top contributors included Japan Tobacco, U.K.-listed Royal Dutch Shell, Japanese online retailer Rakuten, a lack of exposure to index component Tokyo Electric Power and an out-of-benchmark stake in technology giant Apple.

Annual Report

Fidelity Diversified International Fund

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Diversified International	.87%
Actual		$ 1,000.00	$ 836.80	$ 4.03
Hypothetical^A		$ 1,000.00	$ 1,020.82	$ 4.43
Class K	.70%
Actual		$ 1,000.00	$ 837.70	$ 3.24
Hypothetical^A		$ 1,000.00	$ 1,021.68	$ 3.57
Class F	.64%
Actual		$ 1,000.00	$ 838.00	$ 2.96
Hypothetical^A		$ 1,000.00	$ 1,021.98	$ 3.26

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Fidelity Diversified International Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom	18.1%
	Japan	13.4%
	Germany	8.6%
	United States of America	8.4%
	France	7.1%
	Canada	5.6%
	Switzerland	4.4%
	Australia	3.6%
	Netherlands	2.7%
	Other	28.1%

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Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United Kingdom	17.6%
	Japan	13.0%
	Germany	8.4%
	France	6.4%
	United States of America	6.2%
	Switzerland	5.4%
	Canada	5.0%
	Australia	3.8%
	Spain	3.4%
	Other	30.8%

dif30403

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.6	98.1
Short-Term Investments and Net Other Assets	3.4	1.9
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	3.0	2.4
BHP Billiton Ltd. sponsored ADR (Australia, Metals & Mining)	2.1	2.0
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)	1.8	1.7
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.7	1.6
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	1.6	1.1
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.6	1.2
Nestle SA (Switzerland, Food Products)	1.4	1.1
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	1.1
ORIX Corp. (Japan, Diversified Financial Services)	1.3	1.1
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.3	1.3
	17.2
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	15.5	20.5
Consumer Discretionary	16.0	14.8
Energy	11.4	11.3
Materials	10.2	11.2
Consumer Staples	10.1	6.7
Information Technology	9.8	10.3
Industrials	9.1	10.8
Health Care	8.2	6.2
Telecommunication Services	6.2	6.0
Utilities	0.1	0.3

Annual Report

Fidelity Diversified International Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
Australia - 3.6%
BHP Billiton Ltd. sponsored ADR (d)	6,896,500		$ 538,478,720
Fortescue Metals Group Ltd.	5,712,451		28,695,469
Iluka Resources Ltd.	2,245,282		37,330,693
Newcrest Mining Ltd.	7,469,169		263,999,256
Paladin Energy Ltd. (Australia) (a)	401,613		613,372
QBE Insurance Group Ltd.	2,851,820		43,902,034
WorleyParsons Ltd.	503,041		14,602,027
TOTAL AUSTRALIA			927,621,571
Austria - 0.0%
Osterreichische Elektrizitatswirtschafts AG	6,000		174,662
Bailiwick of Guernsey - 1.2%
Amdocs Ltd. (a)	1,849,800		55,530,996
Ashmore Global Opportunities Ltd. (United Kingdom)	767,088		8,512,053
Resolution Ltd.	52,410,500		231,788,056
TOTAL BAILIWICK OF GUERNSEY			295,831,105
Bailiwick of Jersey - 1.9%
Experian PLC	14,652,572		190,988,377
Randgold Resources Ltd. sponsored ADR	855,700		93,759,049
Shire PLC	2,847,600		89,390,276
WPP PLC	11,475,509		118,805,910
TOTAL BAILIWICK OF JERSEY			492,943,612
Belgium - 1.0%
Anheuser-Busch InBev SA NV	4,421,964		245,260,547
Anheuser-Busch InBev SA NV (strip VVPR) (a)	5,339,200		7,389
TOTAL BELGIUM			245,267,936
Bermuda - 1.1%
ARA Asset Management Ltd.	693,000		717,641
Assured Guaranty Ltd.	3,044,700		38,789,478
Cafe de Coral Holdings Ltd.	314,000		708,589
CNPC (Hong Kong) Ltd.	17,870,000		25,031,989
Huabao International Holdings Ltd.	40,906,000		25,985,857
Kosmos Energy Ltd.	1,876,800		29,090,400
Li & Fung Ltd.	47,910,000		92,331,883
Noble Group Ltd.	62,626,000		76,438,883
Pacific Basin Shipping Ltd.	1,535,000		699,915
Vtech Holdings Ltd.	62,200		580,780
TOTAL BERMUDA			290,375,415
Brazil - 2.0%
All America Latina Logistica SA	87,300		434,670
Anhanguera Educacional Participacoes SA	2,049,500		30,136,196
Banco Bradesco SA	111,400		1,621,826
Banco Bradesco SA (PN) sponsored ADR	3,400,000		61,880,000
BM&F Bovespa SA	181,100		1,080,989

	Shares		Value
Droga Raia SA	386,000		$ 5,473,503
Drogasil SA	4,673,900		29,395,598
Estacio Participacoes SA	1,989,165		23,213,875
Fleury SA	46,700		588,781
Hypermarcas SA	96,700		520,328
Itau Unibanco Banco Multiplo SA sponsored ADR	6,775,800		129,553,296
Klabin SA (PN) (non-vtg.)	193,000		710,319
Kroton Educacional SA unit (a)	1,279,200		14,302,725
Multiplus SA	63,000		1,063,941
Qualicorp SA	3,366,000		30,774,633
Souza Cruz Industria Comerico	5,151,200		63,175,094
T4F Entretenimento SA	2,091,900		14,618,449
Telefonica Brasil SA sponsored ADR (a)	2,600,955		75,479,714
Tractebel Energia SA	1,917,200		30,702,888
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	80,000		549,732
Valid Solucoes SA	69,260		830,862
Weg SA	71,000		787,649
Wilson Sons Ltd. unit	57,500		813,679
TOTAL BRAZIL			517,708,747
British Virgin Islands - 0.3%
Arcos Dorados Holdings, Inc.	1,737,100		40,648,140
Camelot Information Systems, Inc. ADR (a)(d)	1,840,603		6,000,366
Mail.ru Group Ltd. GDR (Reg. S)	1,065,100		36,692,695
TOTAL BRITISH VIRGIN ISLANDS			83,341,201
Canada - 5.6%
Agnico-Eagle Mines Ltd. (Canada)	1,250,000		54,220,796
Barrick Gold Corp.	800,000		39,492,401
Canadian Natural Resources Ltd.	5,118,800		180,545,727
Fairfax Financial Holdings Ltd. (sub. vtg.)	170,000		71,057,732
Goldcorp, Inc.	1,859,800		90,485,329
InterOil Corp. (a)(d)	274,600		13,046,246
Ivanhoe Mines Ltd. (a)	3,235,460		66,211,952
Niko Resources Ltd.	2,237,500		123,069,795
Open Text Corp. (a)	1,440,400		88,156,497
Osisko Mining Corp. (a)	2,890,000		34,847,570
Painted Pony Petroleum Ltd. (a)(f)(e)	2,485,600		30,395,209
Painted Pony Petroleum Ltd. Class A (a)(e)	3,643,370		44,553,022
Penn West Petroleum Ltd.	754,400		13,478,321
Petrobank Energy & Resources Ltd.	5,356,000		48,195,135
Petrominerales Ltd.	3,121,175		82,346,293
Potash Corp. of Saskatchewan, Inc. (d)	2,589,500		122,558,670
Silver Wheaton Corp.	669,800		23,127,367
Suncor Energy, Inc.	2,661,700		84,776,019
Talisman Energy, Inc.	6,846,400		97,114,005
Tourmaline Oil Corp. (a)	1,440,000		47,872,398
Tourmaline Oil Corp. (a)(f)	310,100		10,309,188
Common Stocks - continued
	Shares		Value
Canada - continued
Uranium One, Inc.	11,314,400		$ 34,050,459
Valeant Pharmaceuticals International, Inc. (Canada)	700,000		27,639,063
TOTAL CANADA			1,427,549,194
Cayman Islands - 0.7%
Boer Power Holdings Ltd.	2,826,000		1,037,408
China Automation Group Ltd.	5,475,000		1,900,663
China Lodging Group Ltd. ADR (a)	50,100		778,053
China ZhengTong Auto Services Holdings Ltd.	24,761,500		26,812,069
Geely Automobile Holdings Ltd.	34,550,000		8,833,647
Hengan International Group Co. Ltd.	9,258,000		80,251,579
HiSoft Technology International Ltd. ADR (a)(d)	1,726,400		21,372,832
Hutchison China Meditech Ltd. (a)	124,800		597,092
Mindray Medical International Ltd. sponsored ADR (d)	48,000		1,310,400
Minth Group Ltd.	8,036,000		8,337,881
NVC Lighting Holdings Ltd.	41,380,000		17,966,892
Samson Holding Ltd.	6,041,000		617,660
Sands China Ltd. (a)	4,816,800		14,475,389
SITC International Holdings Co. Ltd.	2,881,000		744,165
Xingda International Holdings Ltd.	1,472,000		843,327
Xueda Education Group sponsored ADR	177,700		589,964
TOTAL CAYMAN ISLANDS			186,469,021
Chile - 0.0%
Compania Cervecerias Unidas SA sponsored ADR	23,000		1,317,440
Embotelladora Andina SA sponsored ADR	40,000		1,140,000
Empresa Nacional de Telecomunicaciones SA (ENTEL)	48,876		967,644
Inversiones Aguas Metropolitanas SA	871,222		1,369,203
Isapre CruzBlanca SA (a)	868,719		824,481
Quinenco SA	363,717		1,028,162
Sonda SA	228,248		557,168
TOTAL CHILE			7,204,098
China - 1.0%
Baidu.com, Inc. sponsored ADR (a)(d)	1,375,500		192,817,590
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	25,167,480		36,411,889
China Bluechemical Ltd. (H shares)	938,000		735,046
China Communications Services Corp. Ltd. (H Shares)	2,208,000		1,018,299
China Construction Bank Corp. (H Shares)	1,408,000		1,034,507
Comba Telecom Systems Holdings Ltd.	865,500		730,793

	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	20,692,000		$ 21,505,759
SINA Corp. (a)(d)	150,000		12,193,500
TOTAL CHINA			266,447,383
Colombia - 0.0%
Ecopetrol SA ADR	18,000		765,720
Curacao - 0.6%
Schlumberger Ltd.	2,104,800		154,639,656
Denmark - 2.6%
Carlsberg A/S Series B	1,542,600		105,006,110
Novo Nordisk A/S Series B	4,408,339		468,091,658
William Demant Holding A/S (a)	1,096,698		87,503,314
TOTAL DENMARK			660,601,082
Egypt - 0.0%
Commercial International Bank Ltd.	134,400		598,985
JUHAYNA Food Industries (a)	682,600		558,111
TOTAL EGYPT			1,157,096
Finland - 0.1%
Nokian Tyres PLC	439,253		16,139,273
France - 7.1%
Alstom SA	3,024,896		113,444,762
Arkema SA	345,300		23,623,042
Atos Origin SA	365,000		17,689,425
AXA SA	5,053,600		82,315,579
BNP Paribas SA	4,498,836		204,522,102
Bureau Veritas SA	493,400		38,387,930
Danone	2,707,950		188,500,861
Dassault Aviation SA (d)	36,265		34,930,245
Essilor International SA	1,754,728		127,246,488
JC Decaux SA (a)	990,200		26,536,591
LVMH Moet Hennessy - Louis Vuitton	1,827,964		304,198,757
PPR SA	2,051,100		320,468,603
Publicis Groupe SA	1,225,000		59,394,047
Sanofi-aventis	3,684,720		263,639,409
TOTAL FRANCE			1,804,897,841
Germany - 7.1%
adidas AG	1,561,780		110,574,530
Allianz AG	827,462		92,995,574
BASF AG	2,293,559		168,828,055
Bayer AG	1,939,962		124,288,808
Bayerische Motoren Werke AG (BMW)	570,895		46,661,038
Deutsche Boerse AG	961,100		53,202,652
ElringKlinger AG	777,428		21,549,929
Fresenius Medical Care AG & Co. KGaA	2,737,800		199,465,891
Fresenius SE	2,037,100		201,033,066
GFK AG	1,496,500		69,171,612
Infineon Technologies AG	2,825,300		25,527,951
Kabel Deutschland Holding AG (a)	917,600		52,394,698
Linde AG	1,228,429		195,417,632
Common Stocks - continued
	Shares		Value
Germany - continued
SAP AG	2,904,790		$ 175,672,049
Siemens AG sponsored ADR (d)	2,686,500		282,001,905
TOTAL GERMANY			1,818,785,390
Hong Kong - 1.1%
AIA Group Ltd.	27,220,800		83,234,101
China Everbright Ltd.	470,000		696,819
China Insurance International Holdings Co. Ltd. (a)	314,800		682,663
China Mobile (Hong Kong) Ltd. sponsored ADR	1,335,275		63,505,679
China Resources Enterprise Ltd.	3,626,000		13,242,327
Henderson Land Development Co. Ltd.	9,664,155		52,824,551
Hopewell Holdings Ltd.	367,500		954,394
Swire Pacific Ltd. (A Shares)	4,577,000		52,889,821
Television Broadcasts Ltd.	184,000		1,060,283
TOTAL HONG KONG			269,090,638
India - 2.2%
Axis Bank Ltd.	1,472,751		34,807,954
Bajaj Auto Ltd.	793,148		28,053,344
Bharti Airtel Ltd.	9,007,984		72,142,424
Cipla Ltd.	152,766		923,047
CMC Ltd.	50,598		839,811
Cummins India Ltd.	598,043		4,879,115
Deccan Chronicle Holdings Ltd. (a)	502,904		531,886
Dr. Reddy's Laboratories Ltd.	164,145		5,561,788
HDFC Bank Ltd.	12,995,695		129,605,356
Housing Development Finance Corp. Ltd.	6,539,994		92,036,217
India Cements Ltd.	419,168		687,050
Indian Bank	129,270		572,409
Infrastructure Development Finance Co. Ltd.	11,744,307		31,706,496
ITC Ltd.	5,213,498		22,739,475
Jyothy Laboratories Ltd.	196,188		574,273
Lupin Ltd.	513,210		4,938,001
Mahindra & Mahindra Financial Services Ltd.	2,226,876		30,619,486
Max India Ltd. (a)	159,846		618,828
Piramal Healthcare Ltd.	82,278		606,698
Punjab National Bank	47,106		959,620
Redington India Ltd.	285,486		555,235
Shriram Transport Finance Co. Ltd.	2,327,613		29,139,567
State Bank of India	1,273,075		49,517,031
Tulip Telecom Ltd.	216,760		667,397
Wipro Ltd.	1,388,041		10,415,154
TOTAL INDIA			553,697,662
Ireland - 0.5%
Accenture PLC Class A	842,000		50,738,920

	Shares		Value
CRH PLC	2,294,300		$ 41,420,472
Elan Corp. PLC sponsored ADR (a)	2,547,800		30,548,122
TOTAL IRELAND			122,707,514
Italy - 1.8%
ENI SpA	914,500		20,216,952
Fiat Industrial SpA (a)	22,427,792		195,693,464
Prada SpA	7,151,000		35,350,634
Saipem SpA	4,438,007		198,992,956
TOTAL ITALY			450,254,006
Japan - 13.4%
ABC-Mart, Inc.	1,300,200		50,924,779
Aozora Bank Ltd.	15,351,000		38,812,684
Calbee, Inc. (d)	1,161,000		52,932,917
Denso Corp.	1,928,200		59,306,047
Dentsu, Inc.	2,233,900		67,271,842
Don Quijote Co. Ltd.	1,603,200		58,734,504
Fanuc Corp.	849,100		137,308,760
Hitachi Ltd.	46,637,000		249,926,411
Honda Motor Co. Ltd.	7,721,500		230,931,326
Hoya Corp.	2,535,400		55,397,394
Itochu Corp.	13,063,600		129,221,379
Japan Retail Fund Investment Corp.	3,741		5,791,709
Japan Tobacco, Inc.	64,874		324,292,254
JSR Corp.	3,621,700		69,147,467
KDDI Corp.	27,429		200,952,920
Keyence Corp.	661,100		168,080,270
Mitsubishi Corp.	3,128,000		64,341,694
Mitsubishi UFJ Financial Group, Inc.	18,434,600		80,125,863
Mitsui & Co. Ltd.	3,506,800		51,186,625
Nitori Holdings Co. Ltd.	468,050		44,768,217
NTT DoCoMo, Inc.	63,713		113,171,495
ORIX Corp.	3,924,320		342,539,945
OSAKA Titanium technologies Co. Ltd.	120,200		6,621,404
Rakuten, Inc.	232,855		255,296,560
Seven & i Holdings Co., Ltd.	4,070,900		108,648,886
Shimadzu Corp.	1,668,000		14,201,899
SHIMANO, Inc.	1,088,100		53,791,901
SMC Corp.	814,700		126,736,052
SOFTBANK CORP.	4,765,000		154,670,897
Sumitomo Mitsui Financial Group, Inc.	970,800		27,138,812
Yahoo! Japan Corp.	268,168		86,135,853
TOTAL JAPAN			3,428,408,766
Korea (South) - 2.1%
Amorepacific Corp.	90,308		101,831,595
BS Financial Group, Inc. (a)	84,020		921,277
Korea Plant Service & Engineering Co. Ltd.	23,570		643,352
LG Corp.	22,235		1,296,413
LG Household & Health Care Ltd.	59,158		26,618,232
MegaStudy Co. Ltd.	5,266		580,249
Common Stocks - continued
	Shares		Value
Korea (South) - continued
NHN Corp. (a)	518,772		$ 107,822,858
Orion Corp.	134,404		71,836,677
S1 Corp.	20,993		1,088,469
Samchully Co. Ltd.	8,166		701,699
Samsung Electronics Co. Ltd.	199,807		171,364,442
Shinhan Financial Group Co. Ltd.	1,389,720		55,155,939
Shinsegae Co. Ltd.	2,714		680,024
Sindoh Co. Ltd.	11,340		505,997
TOTAL KOREA (SOUTH)			541,047,223
Luxembourg - 0.3%
Brait SA	322,500		772,085
Millicom International Cellular SA (depositary receipt)	6,700		738,387
Samsonite International SA	26,313,700		42,814,701
Ternium SA sponsored ADR	1,411,261		34,632,345
TOTAL LUXEMBOURG			78,957,518
Malaysia - 0.0%
Parkson Holdings Bhd	563,574		1,023,070
Mexico - 0.8%
America Movil SAB de CV Series L sponsored ADR	3,033,400		77,109,028
Grupo Televisa SA de CV (CPO) sponsored ADR	2,180,600		46,512,198
Urbi, Desarrollos Urbanos, SA de CV (a)	422,300		536,746
Wal-Mart de Mexico SA de CV Series V	34,518,200		89,171,013
TOTAL MEXICO			213,328,985
Netherlands - 2.7%
AEGON NV (a)	27,466,400		131,004,746
ASML Holding NV (Netherlands)	1,332,700		55,913,481
Gemalto NV	1,476,891		67,386,376
ING Groep NV sponsored ADR (a)(d)	19,501,500		168,492,960
Koninklijke KPN NV	10,983,331		144,337,603
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	4,051,300		84,469,605
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	767,500		26,500,744
Yandex NV	450,000		12,384,000
TOTAL NETHERLANDS			690,489,515
Norway - 1.5%
DnB NOR ASA	9,071,909		105,830,248
Storebrand ASA (A Shares)	4,980,000		30,706,840
Telenor ASA	14,310,000		255,480,638
TOTAL NORWAY			392,017,726
Papua New Guinea - 0.0%
Oil Search Ltd.	140,611		959,368
Philippines - 0.0%
Banco de Oro Universal Bank	677,000		893,986

	Shares		Value
Manila Water Co., Inc.	2,331,300		$ 1,060,800
Universal Robina Corp.	899,000		991,040
TOTAL PHILIPPINES			2,945,826
Poland - 0.0%
Eurocash SA	98,400		788,957
Kruk SA (a)	53,000		706,578
Warsaw Stock Exchange	44,200		624,003
TOTAL POLAND			2,119,538
Qatar - 0.2%
Commercial Bank of Qatar GDR (Reg. S)	9,940,628		45,591,071
Russia - 0.4%
Sberbank of Russia	20,189,400		54,784,535
Uralkali JSC GDR (Reg. S)	939,700		40,782,980
TOTAL RUSSIA			95,567,515
Singapore - 0.0%
Global Logistic Properties Ltd.	523,000		727,928
South Africa - 0.7%
African Bank Investments Ltd.	146,200		634,443
AngloGold Ashanti Ltd.	35,900		1,622,469
AngloGold Ashanti Ltd. sponsored ADR	1,750,000		79,117,500
Aveng Ltd.	120,300		562,369
Foschini Ltd.	1,702,800		21,485,880
JSE Ltd.	74,600		660,621
Nampak Ltd.	191,000		524,653
Naspers Ltd. Class N	860,200		41,186,371
Sasol Ltd.	23,900		1,074,739
Shoprite Holdings Ltd.	1,956,200		28,668,979
Tiger Brands Ltd.	408,600		11,775,123
TOTAL SOUTH AFRICA			187,313,147
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA	7,048,840		63,448,157
Banco Santander SA (Spain) sponsored ADR (d)	13,562,300		116,093,288
Grifols SA ADR (a)	9,784,300		62,717,363
Inditex SA (d)	3,264,772		297,111,439
Prosegur Compania de Seguridad SA (Reg.)	1,822,600		90,928,776
Repsol YPF SA	1,000,369		30,318,594
TOTAL SPAIN			660,617,617
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	1,292,285		42,795,029
Swedbank AB (A Shares)	4,284,600		60,363,140
TOTAL SWEDEN			103,158,169
Switzerland - 4.4%
Clariant AG (Reg.) (a)	4,713,347		51,535,029
Kuehne & Nagel International AG	1,486,880		185,192,848
Nestle SA	6,034,542		350,017,877
Noble Corp.	742,700		26,692,638
Partners Group Holding	49,390		9,258,339
Common Stocks - continued
	Shares		Value
Switzerland - continued
Schindler Holding AG (Reg.)	1,278,570		$ 150,505,705
Transocean Ltd. (United States)	1,650,300		94,314,645
UBS AG (a)	12,243,801		154,783,795
Zurich Financial Services AG	410,659		95,370,411
TOTAL SWITZERLAND			1,117,671,287
Taiwan - 1.0%
Chroma ATE, Inc.	295,200		588,987
CTCI Corp.	544,000		692,166
Giant Manufacturing Co. Ltd.	195,000		754,567
HTC Corp.	4,228,000		95,018,182
Motech Industries, Inc.	381,000		715,692
Pacific Hospital Supply Co. Ltd.	219,064		716,843
Powertech Technology, Inc.	288,600		702,614
SIMPLO Technology Co. Ltd.	89,200		524,868
St. Shine Optical Co. Ltd.	53,000		665,803
Ta Chong Bank (a)	3,076,000		885,512
Taiwan Fertilizer Co. Ltd.	3,810,000		9,820,065
Taiwan Semiconductor Manufacturing Co. Ltd.	612,000		1,491,368
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	10,407,200		131,338,864
Unified-President Enterprises Corp.	7,865,200		10,815,919
TOTAL TAIWAN			254,731,450
Thailand - 0.0%
Banpu PCL (For. Reg.)	25,400		515,630
Charoen Pokphand Foods PCL (For. Reg.)	653,400		636,326
PTT PCL (For. Reg.)	93,000		916,177
TOTAL THAILAND			2,068,133
United Arab Emirates - 0.0%
Dubai Financial Market PJSC (a)	2,045,195		573,523
United Kingdom - 18.1%
3Legs Resources PLC	6,373,700		13,837,749
Anglo American PLC (United Kingdom)	3,427,600		126,423,827
BG Group PLC	11,701,879		255,279,216
British American Tobacco PLC:
(United Kingdom)	85,000		3,898,004
sponsored ADR	1,797,900		165,856,275
Burberry Group PLC	6,074,500		131,002,436
Capita Group PLC	7,638,800		89,248,477
Carphone Warehouse Group PLC	16,014,300		90,397,232
Compass Group PLC	150,000		1,365,362
Filtrona PLC	1,190,508		7,602,777
GlaxoSmithKline PLC	18,595,500		417,404,751
HSBC Holdings PLC sponsored ADR	9,939,900		433,976,034
Imperial Tobacco Group PLC	2,149,970		78,625,409
Inchcape PLC	17,114,619		89,809,932

	Shares		Value
ITV PLC	62,863,890		$ 64,753,082
Lloyds Banking Group PLC (a)	229,626,800		118,767,489
Misys PLC	13,125,310		61,593,504
National Grid PLC	308,000		3,062,719
Next PLC	3,224,800		132,557,312
Ocado Group PLC (a)(d)	9,816,418		14,784,304
Pan African Resources PLC	3,344,300		699,179
Pearson PLC	10,425,200		191,555,485
Pz Cussons PLC Class L	1,957,500		11,584,829
QinetiQ Group PLC	12,165,700		22,851,778
Reckitt Benckiser Group PLC	6,620,100		340,473,304
Rockhopper Exploration PLC (a)	201,600		693,816
Rolls-Royce Group PLC	18,758,100		211,921,603
Rolls-Royce Group PLC Class C	1,294,308,900		2,081,508
Royal Dutch Shell PLC:
Class A (United Kingdom)	198,500		7,033,114
Class A sponsored ADR	4,900,000		347,459,000
Class B sponsored ADR	10,527,400		755,867,323
Standard Chartered PLC (United Kingdom)	105,587		2,477,455
SuperGroup PLC (a)(d)	1,516,200		15,215,322
Vodafone Group PLC sponsored ADR	14,974,100		416,878,944
TOTAL UNITED KINGDOM			4,627,038,551
United States of America - 5.0%
Anadarko Petroleum Corp.	10,800		847,800
Apple, Inc. (a)	654,300		264,847,554
CF Industries Holdings, Inc.	470,800		76,396,716
Citigroup, Inc.	5,105,150		161,271,689
Cognizant Technology Solutions Corp. Class A (a)	658,900		47,934,975
Facebook, Inc. Class B (g)	1,288,142		32,203,550
Green Mountain Coffee Roasters, Inc. (a)	280,100		18,212,102
Intuit, Inc.	321,900		17,276,373
Nabors Industries Ltd. (a)	1,587,600		29,100,708
Newmont Mining Corp.	1,000,000		66,830,000
Noble Energy, Inc.	782,728		69,928,920
Polycom, Inc. (a)	2,900,000		47,937,000
PriceSmart, Inc.	43,700		3,322,948
SanDisk Corp. (a)	2,032,400		102,981,708
Schweitzer-Mauduit International, Inc. (e)	1,608,255		113,092,492
The Mosaic Co.	1,132,300		66,307,488
Unisys Corp. (a)	1,537,730		39,965,603
Virgin Media, Inc.	917,500		22,368,650
Wells Fargo & Co.	4,129,500		106,995,345
TOTAL UNITED STATES OF AMERICA			1,287,821,621
TOTAL COMMON STOCKS (Cost $21,875,227,771)		24,327,847,370
Nonconvertible Preferred Stocks - 1.5%
	Shares		Value
Germany - 1.5%
ProSiebenSat.1 Media AG	3,507,000		$ 75,226,728
Volkswagen AG	1,736,326		304,687,918
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $221,929,530)		379,914,646

Master Notes - 0.0%
	Principal Amount
Canada - 0.0%
OZ Optics Ltd. 5% 11/5/14 (g) (Cost $276,258)	$ 270,994	270,994

Money Market Funds - 6.3%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	725,272,617		725,272,617
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	886,536,637		886,536,637
TOTAL MONEY MARKET FUNDS (Cost $1,611,809,254)		1,611,809,254

TOTAL INVESTMENT
PORTFOLIO - 102.9%

(Cost $23,709,242,813)

26,319,842,264

NET OTHER ASSETS (LIABILITIES) - (2.9)%

(747,943,275)

NET ASSETS - 100%

$ 25,571,898,989

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11	$ 32,203,550
OZ Optics Ltd. 5% 11/5/14	11/5/10	$ 276,258

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,220,251
Fidelity Securities Lending Cash Central Fund	20,356,167
Total	$ 21,576,418

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Ashmore Global Opportunities Ltd. (United States)	$ -	$ 9,748,350	$ -	$ 240,285	$ -
Painted Pony Petroleum Ltd.	9,544,006	11,945,802	-	-	30,395,209
Painted Pony Petroleum Ltd. Class A	21,509,462	5,212,327	-	-	44,553,022
Petrobank Energy & Resources Ltd.	223,863,859	-	1,729,615	108,873,999	-
Schweitzer-Mauduit International, Inc.	83,300,121	17,267,467	-	907,782	113,092,492
Total	$ 338,217,448	$ 44,173,946	$ 1,729,615	$ 110,022,066	$ 188,040,723

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 4,627,038,551	$ 3,885,316,989	$ 741,721,562	$ -
Japan	3,428,408,766	-	3,428,408,766	-
Germany	2,198,700,036	1,823,562,096	375,137,940	-
France	1,804,897,841	1,541,258,432	263,639,409	-
Canada	1,427,549,194	1,427,549,194	-	-
United States of America	1,287,821,621	1,255,618,071	-	32,203,550
Switzerland	1,117,671,287	962,887,492	154,783,795	-
Australia	927,621,571	538,478,720	389,142,851	-
Netherlands	690,489,515	477,070,544	213,418,971	-
Other	7,197,563,634	4,195,813,680	3,001,749,954	-
Master Notes	270,994	-	-	270,994
Money Market Funds	1,611,809,254	1,611,809,254	-	-
Total Investments in Securities:	$ 26,319,842,264	$ 17,719,364,472	$ 8,568,003,248	$ 32,474,544

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 451,860
Total Realized Gain (Loss)	(1,057,894)
Total Unrealized Gain (Loss)	1,048,395
Cost of Purchases	32,666,617
Proceeds of Sales	(632,318)
Amortization/Accretion	(2,116)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 32,474,544
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (5,264)

Income Tax Information

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Diversified International Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $813,313,897) - See accompanying schedule: Unaffiliated issuers (cost $21,967,898,714)	$ 24,519,992,287
Fidelity Central Funds (cost $1,611,809,254)	1,611,809,254
Other affiliated issuers (cost $129,534,845)	188,040,723
Total Investments (cost $23,709,242,813)		$ 26,319,842,264
Foreign currency held at value (cost $251,333)		251,333
Receivable for investments sold		234,571,947
Receivable for fund shares sold		74,623,129
Dividends receivable		62,708,309
Interest receivable		17,819
Distributions receivable from Fidelity Central Funds		360,288
Prepaid expenses		98,276
Other receivables		2,945,967
Total assets		26,695,419,332
Liabilities
Payable for investments purchased	$ 100,359,104
Payable for fund shares redeemed	117,607,449
Accrued management fee	13,820,459
Other affiliated payables	3,926,570
Other payables and accrued expenses	1,270,124
Collateral on securities loaned, at value	886,536,637
Total liabilities		1,123,520,343
Net Assets		$ 25,571,898,989
Net Assets consist of:
Paid in capital		$ 25,969,888,803
Undistributed net investment income		418,909,977
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,430,253,408)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,613,353,617
Net Assets		$ 25,571,898,989
Diversified International: Net Asset Value, offering price and redemption price per share ($17,285,369,497 ÷ 628,706,658 shares)		$ 27.49

Class K: Net Asset Value, offering price and redemption price per share ($8,115,192,236 ÷ 295,039,055 shares)		$ 27.51

Class F: Net Asset Value, offering price and redemption price per share ($171,337,256 ÷ 6,228,258 shares)		$ 27.51

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends (including $1,148,067 earned from other affiliated issuers)		$ 775,256,545
Special dividends (earned from other affiliated issuers)		108,873,999
Interest		21,709
Income from Fidelity Central Funds		21,576,418
Income before foreign taxes withheld		905,728,671
Less foreign taxes withheld		(61,260,298)
Total income		844,468,373

Expenses
Management fee Basic fee	$ 225,204,522
Performance adjustment	(17,677,656)
Transfer agent fees	55,414,460
Accounting and security lending fees	2,636,921
Custodian fees and expenses	4,452,390
Independent trustees' compensation	179,973
Depreciation in deferred trustee compensation account	(24)
Registration fees	241,072
Audit	217,935
Legal	139,565
Miscellaneous	378,639
Total expenses before reductions	271,187,797
Expense reductions	(8,678,523)	262,509,274
Net investment income (loss)		581,959,099
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,889,598,151
Other affiliated issuers	(2,483,501)
Foreign currency transactions	(5,612,204)
Total net realized gain (loss)		1,881,502,446
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $3,985,288)	(3,644,214,790)
Assets and liabilities in foreign currencies	(2,069,131)
Total change in net unrealized appreciation (depreciation)		(3,646,283,921)
Net gain (loss)		(1,764,781,475)
Net increase (decrease) in net assets resulting from operations		$ (1,182,822,376)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 581,959,099	$ 486,439,991
Net realized gain (loss)	1,881,502,446	(561,752,757)
Change in net unrealized appreciation (depreciation)	(3,646,283,921)	3,614,151,999
Net increase (decrease) in net assets resulting from operations	(1,182,822,376)	3,538,839,233
Distributions to shareholders from net investment income	(554,171,382)	(474,506,693)
Distributions to shareholders from net realized gain	(93,780,346)	-
Total distributions	(647,951,728)	(474,506,693)
Share transactions - net increase (decrease)	(7,417,526,738)	(3,995,252,806)
Redemption fees	964,713	822,251
Total increase (decrease) in net assets	(9,247,336,129)	(930,098,015)

Net Assets
Beginning of period	34,819,235,118	35,749,333,133
End of period (including undistributed net investment income of $418,909,977 and undistributed net investment income of $424,022,673, respectively)	$ 25,571,898,989	$ 34,819,235,118

Financial Highlights - Diversified International

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 29.49	$ 26.86	$ 21.96	$ 45.41	$ 37.58
Income from Investment Operations
Net investment income (loss)^B	.53^E	.37	.35	.55	.47
Net realized and unrealized gain (loss)	(1.99)	2.61	4.86	(20.96)	10.23
Total from investment operations	(1.46)	2.98	5.21	(20.41)	10.70
Distributions from net investment income	(.46)	(.35)	(.31)	(.47)	(.36)
Distributions from net realized gain	(.08)	-	-	(2.57)	(2.51)
Total distributions	(.54)	(.35)	(.31)	(3.04)	(2.87)
Redemption fees added to paid in capital ^{B, G}	-	-	-	-	-
Net asset value, end of period	$ 27.49	$ 29.49	$ 26.86	$ 21.96	$ 45.41
Total Return^A	(5.07)%	11.15%	24.32%	(48.04)%	30.37%
Ratios to Average Net Assets^C,F
Expenses before reductions	.90%	.98%	1.01%	1.04%	.93%
Expenses net of fee waivers, if any	.89%	.98%	1.01%	1.04%	.93%
Expenses net of all reductions	.87%	.96%	.99%	1.02%	.91%
Net investment income (loss)	1.78%^E	1.34%	1.58%	1.53%	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,285,369	$ 26,527,229	$ 30,998,270	$ 28,274,961	$ 59,929,942
Portfolio turnover rate^D	45%	57%	54%	49%	51%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class K

Years ended October 31,	2011	2010	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 29.51	$ 26.89	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss)^D	.58^G	.42	.42	.16
Net realized and unrealized gain (loss)	(1.97)	2.61	4.85	(16.57)
Total from investment operations	(1.39)	3.03	5.27	(16.41)
Distributions from net investment income	(.53)	(.41)	(.36)	-
Distributions from net realized gain	(.08)	-	-	-
Total distributions	(.61)	(.41)	(.36)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 27.51	$ 29.51	$ 26.89	$ 21.98
Total Return^B,C	(4.87)%	11.33%	24.64%	(42.75)%
Ratios to Average Net Assets^E,I
Expenses before reductions	.73%	.79%	.77%	.88%^A
Expenses net of fee waivers, if any	.72%	.79%	.77%	.88%^A
Expenses net of all reductions	.70%	.77%	.76%	.87%^A
Net investment income (loss)	1.95%^G	1.54%	1.81%	1.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,115,192	$ 7,697,405	$ 4,713,909	$ 932,275
Portfolio turnover rate^F	45%	57%	54%	49%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^J Amount represents less than $.01 per share.

Financial Highlights - Class F

Years ended October 31,	2011	2010	2009^H
Selected Per-Share Data
Net asset value, beginning of period	$ 29.52	$ 26.89	$ 23.29
Income from Investment Operations
Net investment income (loss)^D	.61^G	.43	(.02)
Net realized and unrealized gain (loss)	(2.00)	2.62	3.62
Total from investment operations	(1.39)	3.05	3.60
Distributions from net investment income	(.54)	(.42)	-
Distributions from net realized gain	(.08)	-	-
Total distributions	(.62)	(.42)	-
Redemption fees added to paid in capital ^D,J	-	-	-
Net asset value, end of period	$ 27.51	$ 29.52	$ 26.89
Total Return^B,C	(4.86)%	11.41%	15.46%
Ratios to Average Net Assets^E,I
Expenses before reductions	.68%	.73%	.71%^A
Expenses net of fee waivers, if any	.67%	.73%	.71%^A
Expenses net of all reductions	.65%	.72%	.70%^A
Net investment income (loss)	2.00%^G	1.59%	(.19)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 171,337	$ 594,602	$ 37,155
Portfolio turnover rate^F	45%	57%	54%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Security Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For master notes, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,524,622,015
Gross unrealized depreciation	(2,058,103,983)
Net unrealized appreciation (depreciation) on securities and other investments	$ 2,466,518,032

Tax Cost	$ 23,853,324,232

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 419,615,619
Capital Loss Carryfoward	$ (3,286,171,990)
Net unrealized appreciation (depreciation)	$ 2,469,263,889

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 647,951,728	$ 474,506,693

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $13,875,962,686 and $20,794,928,294, respectively.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates.

	Amount	% of Average Net Assets
Diversified International	$ 51,100,072	.22
Class K	4,314,388	.05
	$ 55,414,460

7. Committed Line of Credit.

8. Security Lending.

Annual Report

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $2,833,493.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Diversified International	$ 404,459,076	$ 398,456,259
Class K	139,574,930	74,880,028
Class F	10,137,376	1,170,406
Total	$ 554,171,382	$ 474,506,693
From net realized gain
Diversified International	$ 71,011,904	$ -
Class K	21,272,351	-
Class F	1,496,091	-
Total	$ 93,780,346	$ -

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Diversified International
Shares sold	95,789,996	179,662,935	$ 2,861,192,033	$ 4,893,668,837
Reinvestment of distributions	15,446,133	13,627,007	459,413,511	384,281,814
Shares redeemed	(382,099,741)	(447,584,331)	(11,334,070,882)	(12,092,134,122)
Net increase (decrease)	(270,863,612)	(254,294,389)	$ (8,013,465,338)	$ (6,814,183,471)
Class K
Shares sold	125,231,374	151,794,829	$ 3,707,928,503	$ 4,125,917,772
Reinvestment of distributions	5,413,899	2,657,205	160,847,281	74,880,028
Shares redeemed	(96,416,162)	(68,937,812)	(2,871,502,023)	(1,889,669,527)
Net increase (decrease)	34,229,111	85,514,222	$ 997,273,761	$ 2,311,128,273
Class F
Shares sold	13,012,404	24,587,499	$ 389,423,461	$ 664,182,809
Reinvestment of distributions	391,673	41,548	11,633,466	1,170,406
Shares redeemed	(27,320,491)	(5,866,038)	(802,392,088)	(157,550,823)
Net increase (decrease)	(13,916,414)	18,763,009	$ (401,335,161)	$ 507,802,392

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 16, 2011

Annual Report

Trustees and Officers

The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 226 funds advised by FMR or an affiliate. Mr. Curvey oversees 429 funds advised by FMR or an affiliate.

Experience, Skills, Attributes, and Qualifications of the Fund's Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's equity and high income funds and another Board oversees Fidelity's investment-grade bond, money market, and asset allocation funds. The asset allocation funds may invest in Fidelity funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks. The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above. Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees. While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees. In addition, the Independent Trustees have worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board. For example, a working group comprised of Independent Trustees and FMR has worked and continues to work to review the Fidelity funds' valuation-related activities, reporting and risk management. Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of FMR's risk management program for the Fidelity funds. The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Fund's Trustees."

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

Class K designates 88% and 100% of the dividends distributed on December 3, 2010 and December 30, 2010, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Class K	12/06/2010	0.421	0.0414
Class K	12/31/2010	0.072	0.000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Diversified International Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and considers at each of its meetings factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its July 2011 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts is in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts is fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured over multiple periods against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by Fidelity and reviewed by the Board. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2010, as available, the cumulative total returns of Class F and the retail class of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. The returns of Class F and the retail class show the performance of the highest and lowest performing classes, respectively (based on one-year performance). The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten numbers noted below each chart correspond to the percentile box and represent the percentage of funds in the peer group whose performance was equal to or lower than that of the class indicated.

Fidelity Diversified International Fund

dif30405

Annual Report

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Fidelity Diversified International Fund

dif30407

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board noted that the total expense ratio of each class ranked below its competitive median for 2010. The Board considered that various factors, including 12b-1 fees, positive or negative performance adjustments, and relatively higher other expenses in the case of small fund size, can affect total expense ratios.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered, including the findings of the Committee.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive in the circumstances.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.

By Phone

Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone graphic)Fidelity Workplace Investing
1-800-835-5092

By PC

Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.

(computer graphic)Fidelity's Web Site
www.401k.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains distributions, and the effects of any sales charges.

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter graphic)For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter graphic)For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

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FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited

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Fidelity Distributors Corporation
Boston, MA

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Operations Company, Inc.
Boston, MA

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Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

(Fidelity Logo)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

DIF-K-UANN-1211
1.863004.103

Fidelity®

Diversified International
Fund -

Class F

Annual Report

October 31, 2011

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fundperformance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Past 5 years	Past 10 years
Class F^A	-4.86%	-2.22%	7.04%

^AThe initial offering of Class F shares took place on June 26, 2009. Returns prior to June 26, 2009, are those of Fidelity® Diversified International Fund, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Diversified International Fund - Class F on October 31, 2001. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® (Europe, Australasia, Far East) Index performed over the same period. The initial offering of Class F took place on June 26, 2009. See above for additional information regarding the performance of Class F.

dif30420

Annual Report

Management's Discussion of Fund Performance

Market Recap: International equities were rocked by a number of headline events during the year ending October 31, 2011. Stocks posted a solid advance for the first half of the period, despite concern about the sovereign debt crisis in Europe, a devastating earthquake and tsunami in Japan, and political upheaval in the Middle East and North Africa. Sentiment turned decidedly negative in the second half, however, as fresh worries about Europe, inflation in China and a dimmed outlook for global growth caused foreign markets to suffer declines that intensified in August and September. October brought with it yet another dramatic swing, as eurozone policymakers appeared near a resolution to the debt debacle and buyers stormed back onto the scene in search of bargains. Still, those gains - along with favorable currency fluctuations overall - weren't enough to offset prior losses, and the MSCI®ACWI® (All Country World Index) ex USA Index finished the period down 4.56%. Within the MSCI index, Europe and emerging markets suffered the biggest declines, with many countries in these areas sustaining steep losses. By contrast, Japan showed resilience in the wake of its natural disasters, falling only 2%. Australia (+4%), Switzerland (+3%), the U.K. (+2%) and Canada, which produced a nominal return, were among the few major benchmark components to break into positive territory.

Comments from William Bower, Portfolio Manager of Fidelity® Diversified International Fund: For the year, the fund's Class F shares returned -4.86%, underperforming the -3.97% return of the MSCI® EAFE® (Europe, Australasia, Far East) Index. Fund performance versus the index was held back by security selection in energy, positioning in consumer staples, stock selection in financials and an underweighting in pharmaceuticals. Geographically, fund performance was curtailed by stock selection in the Asia-Pacific ex Japan region, China and Canada. Individual detractors included U.K.-based Lloyds Banking Group; out-of-benchmark positions in Canadian energy companies Niko Resources and Petrobank Energy & Resources; an underweighting in Swiss drug company Roche Holding, since sold; Danish beer company Carlsberg; and Italy's Fiat Industrial. On the plus side, the fund benefited from an underweighting in the utilities sector, positioning in consumer discretionary and security selection in technology hardware/equipment. Regionally, positioning in continental Europe helped, as did stock picks in Japan. Top contributors included Japan Tobacco, U.K.-listed Royal Dutch Shell, Japanese online retailer Rakuten, a lack of exposure to index component Tokyo Electric Power and an out-of-benchmark stake in technology giant Apple.

Annual Report

Fidelity Diversified International Fund

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Diversified International	.87%
Actual		$ 1,000.00	$ 836.80	$ 4.03
Hypothetical^A		$ 1,000.00	$ 1,020.82	$ 4.43
Class K	.70%
Actual		$ 1,000.00	$ 837.70	$ 3.24
Hypothetical^A		$ 1,000.00	$ 1,021.68	$ 3.57
Class F	.64%
Actual		$ 1,000.00	$ 838.00	$ 2.96
Hypothetical^A		$ 1,000.00	$ 1,021.98	$ 3.26

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Fidelity Diversified International Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	United Kingdom	18.1%
	Japan	13.4%
	Germany	8.6%
	United States of America	8.4%
	France	7.1%
	Canada	5.6%
	Switzerland	4.4%
	Australia	3.6%
	Netherlands	2.7%
	Other	28.1%

dif30391

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2011
	United Kingdom	17.6%
	Japan	13.0%
	Germany	8.4%
	France	6.4%
	United States of America	6.2%
	Switzerland	5.4%
	Canada	5.0%
	Australia	3.8%
	Spain	3.4%
	Other	30.8%

dif30403

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.6	98.1
Short-Term Investments and Net Other Assets	3.4	1.9
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Dutch Shell PLC Class B sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	3.0	2.4
BHP Billiton Ltd. sponsored ADR (Australia, Metals & Mining)	2.1	2.0
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals)	1.8	1.7
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.7	1.6
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals)	1.6	1.1
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.6	1.2
Nestle SA (Switzerland, Food Products)	1.4	1.1
Royal Dutch Shell PLC Class A sponsored ADR (United Kingdom, Oil, Gas & Consumable Fuels)	1.4	1.1
ORIX Corp. (Japan, Diversified Financial Services)	1.3	1.1
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.3	1.3
	17.2
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	15.5	20.5
Consumer Discretionary	16.0	14.8
Energy	11.4	11.3
Materials	10.2	11.2
Consumer Staples	10.1	6.7
Information Technology	9.8	10.3
Industrials	9.1	10.8
Health Care	8.2	6.2
Telecommunication Services	6.2	6.0
Utilities	0.1	0.3

Annual Report

Fidelity Diversified International Fund

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
Australia - 3.6%
BHP Billiton Ltd. sponsored ADR (d)	6,896,500		$ 538,478,720
Fortescue Metals Group Ltd.	5,712,451		28,695,469
Iluka Resources Ltd.	2,245,282		37,330,693
Newcrest Mining Ltd.	7,469,169		263,999,256
Paladin Energy Ltd. (Australia) (a)	401,613		613,372
QBE Insurance Group Ltd.	2,851,820		43,902,034
WorleyParsons Ltd.	503,041		14,602,027
TOTAL AUSTRALIA			927,621,571
Austria - 0.0%
Osterreichische Elektrizitatswirtschafts AG	6,000		174,662
Bailiwick of Guernsey - 1.2%
Amdocs Ltd. (a)	1,849,800		55,530,996
Ashmore Global Opportunities Ltd. (United Kingdom)	767,088		8,512,053
Resolution Ltd.	52,410,500		231,788,056
TOTAL BAILIWICK OF GUERNSEY			295,831,105
Bailiwick of Jersey - 1.9%
Experian PLC	14,652,572		190,988,377
Randgold Resources Ltd. sponsored ADR	855,700		93,759,049
Shire PLC	2,847,600		89,390,276
WPP PLC	11,475,509		118,805,910
TOTAL BAILIWICK OF JERSEY			492,943,612
Belgium - 1.0%
Anheuser-Busch InBev SA NV	4,421,964		245,260,547
Anheuser-Busch InBev SA NV (strip VVPR) (a)	5,339,200		7,389
TOTAL BELGIUM			245,267,936
Bermuda - 1.1%
ARA Asset Management Ltd.	693,000		717,641
Assured Guaranty Ltd.	3,044,700		38,789,478
Cafe de Coral Holdings Ltd.	314,000		708,589
CNPC (Hong Kong) Ltd.	17,870,000		25,031,989
Huabao International Holdings Ltd.	40,906,000		25,985,857
Kosmos Energy Ltd.	1,876,800		29,090,400
Li & Fung Ltd.	47,910,000		92,331,883
Noble Group Ltd.	62,626,000		76,438,883
Pacific Basin Shipping Ltd.	1,535,000		699,915
Vtech Holdings Ltd.	62,200		580,780
TOTAL BERMUDA			290,375,415
Brazil - 2.0%
All America Latina Logistica SA	87,300		434,670
Anhanguera Educacional Participacoes SA	2,049,500		30,136,196
Banco Bradesco SA	111,400		1,621,826
Banco Bradesco SA (PN) sponsored ADR	3,400,000		61,880,000
BM&F Bovespa SA	181,100		1,080,989

	Shares		Value
Droga Raia SA	386,000		$ 5,473,503
Drogasil SA	4,673,900		29,395,598
Estacio Participacoes SA	1,989,165		23,213,875
Fleury SA	46,700		588,781
Hypermarcas SA	96,700		520,328
Itau Unibanco Banco Multiplo SA sponsored ADR	6,775,800		129,553,296
Klabin SA (PN) (non-vtg.)	193,000		710,319
Kroton Educacional SA unit (a)	1,279,200		14,302,725
Multiplus SA	63,000		1,063,941
Qualicorp SA	3,366,000		30,774,633
Souza Cruz Industria Comerico	5,151,200		63,175,094
T4F Entretenimento SA	2,091,900		14,618,449
Telefonica Brasil SA sponsored ADR (a)	2,600,955		75,479,714
Tractebel Energia SA	1,917,200		30,702,888
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.)	80,000		549,732
Valid Solucoes SA	69,260		830,862
Weg SA	71,000		787,649
Wilson Sons Ltd. unit	57,500		813,679
TOTAL BRAZIL			517,708,747
British Virgin Islands - 0.3%
Arcos Dorados Holdings, Inc.	1,737,100		40,648,140
Camelot Information Systems, Inc. ADR (a)(d)	1,840,603		6,000,366
Mail.ru Group Ltd. GDR (Reg. S)	1,065,100		36,692,695
TOTAL BRITISH VIRGIN ISLANDS			83,341,201
Canada - 5.6%
Agnico-Eagle Mines Ltd. (Canada)	1,250,000		54,220,796
Barrick Gold Corp.	800,000		39,492,401
Canadian Natural Resources Ltd.	5,118,800		180,545,727
Fairfax Financial Holdings Ltd. (sub. vtg.)	170,000		71,057,732
Goldcorp, Inc.	1,859,800		90,485,329
InterOil Corp. (a)(d)	274,600		13,046,246
Ivanhoe Mines Ltd. (a)	3,235,460		66,211,952
Niko Resources Ltd.	2,237,500		123,069,795
Open Text Corp. (a)	1,440,400		88,156,497
Osisko Mining Corp. (a)	2,890,000		34,847,570
Painted Pony Petroleum Ltd. (a)(f)(e)	2,485,600		30,395,209
Painted Pony Petroleum Ltd. Class A (a)(e)	3,643,370		44,553,022
Penn West Petroleum Ltd.	754,400		13,478,321
Petrobank Energy & Resources Ltd.	5,356,000		48,195,135
Petrominerales Ltd.	3,121,175		82,346,293
Potash Corp. of Saskatchewan, Inc. (d)	2,589,500		122,558,670
Silver Wheaton Corp.	669,800		23,127,367
Suncor Energy, Inc.	2,661,700		84,776,019
Talisman Energy, Inc.	6,846,400		97,114,005
Tourmaline Oil Corp. (a)	1,440,000		47,872,398
Tourmaline Oil Corp. (a)(f)	310,100		10,309,188
Common Stocks - continued
	Shares		Value
Canada - continued
Uranium One, Inc.	11,314,400		$ 34,050,459
Valeant Pharmaceuticals International, Inc. (Canada)	700,000		27,639,063
TOTAL CANADA			1,427,549,194
Cayman Islands - 0.7%
Boer Power Holdings Ltd.	2,826,000		1,037,408
China Automation Group Ltd.	5,475,000		1,900,663
China Lodging Group Ltd. ADR (a)	50,100		778,053
China ZhengTong Auto Services Holdings Ltd.	24,761,500		26,812,069
Geely Automobile Holdings Ltd.	34,550,000		8,833,647
Hengan International Group Co. Ltd.	9,258,000		80,251,579
HiSoft Technology International Ltd. ADR (a)(d)	1,726,400		21,372,832
Hutchison China Meditech Ltd. (a)	124,800		597,092
Mindray Medical International Ltd. sponsored ADR (d)	48,000		1,310,400
Minth Group Ltd.	8,036,000		8,337,881
NVC Lighting Holdings Ltd.	41,380,000		17,966,892
Samson Holding Ltd.	6,041,000		617,660
Sands China Ltd. (a)	4,816,800		14,475,389
SITC International Holdings Co. Ltd.	2,881,000		744,165
Xingda International Holdings Ltd.	1,472,000		843,327
Xueda Education Group sponsored ADR	177,700		589,964
TOTAL CAYMAN ISLANDS			186,469,021
Chile - 0.0%
Compania Cervecerias Unidas SA sponsored ADR	23,000		1,317,440
Embotelladora Andina SA sponsored ADR	40,000		1,140,000
Empresa Nacional de Telecomunicaciones SA (ENTEL)	48,876		967,644
Inversiones Aguas Metropolitanas SA	871,222		1,369,203
Isapre CruzBlanca SA (a)	868,719		824,481
Quinenco SA	363,717		1,028,162
Sonda SA	228,248		557,168
TOTAL CHILE			7,204,098
China - 1.0%
Baidu.com, Inc. sponsored ADR (a)(d)	1,375,500		192,817,590
Changsha Zoomlion Heavy Industry Science & Technology Development Co. Ltd. (H Shares)	25,167,480		36,411,889
China Bluechemical Ltd. (H shares)	938,000		735,046
China Communications Services Corp. Ltd. (H Shares)	2,208,000		1,018,299
China Construction Bank Corp. (H Shares)	1,408,000		1,034,507
Comba Telecom Systems Holdings Ltd.	865,500		730,793

	Shares		Value
Shandong Weigao Group Medical Polymer Co. Ltd. (H Shares)	20,692,000		$ 21,505,759
SINA Corp. (a)(d)	150,000		12,193,500
TOTAL CHINA			266,447,383
Colombia - 0.0%
Ecopetrol SA ADR	18,000		765,720
Curacao - 0.6%
Schlumberger Ltd.	2,104,800		154,639,656
Denmark - 2.6%
Carlsberg A/S Series B	1,542,600		105,006,110
Novo Nordisk A/S Series B	4,408,339		468,091,658
William Demant Holding A/S (a)	1,096,698		87,503,314
TOTAL DENMARK			660,601,082
Egypt - 0.0%
Commercial International Bank Ltd.	134,400		598,985
JUHAYNA Food Industries (a)	682,600		558,111
TOTAL EGYPT			1,157,096
Finland - 0.1%
Nokian Tyres PLC	439,253		16,139,273
France - 7.1%
Alstom SA	3,024,896		113,444,762
Arkema SA	345,300		23,623,042
Atos Origin SA	365,000		17,689,425
AXA SA	5,053,600		82,315,579
BNP Paribas SA	4,498,836		204,522,102
Bureau Veritas SA	493,400		38,387,930
Danone	2,707,950		188,500,861
Dassault Aviation SA (d)	36,265		34,930,245
Essilor International SA	1,754,728		127,246,488
JC Decaux SA (a)	990,200		26,536,591
LVMH Moet Hennessy - Louis Vuitton	1,827,964		304,198,757
PPR SA	2,051,100		320,468,603
Publicis Groupe SA	1,225,000		59,394,047
Sanofi-aventis	3,684,720		263,639,409
TOTAL FRANCE			1,804,897,841
Germany - 7.1%
adidas AG	1,561,780		110,574,530
Allianz AG	827,462		92,995,574
BASF AG	2,293,559		168,828,055
Bayer AG	1,939,962		124,288,808
Bayerische Motoren Werke AG (BMW)	570,895		46,661,038
Deutsche Boerse AG	961,100		53,202,652
ElringKlinger AG	777,428		21,549,929
Fresenius Medical Care AG & Co. KGaA	2,737,800		199,465,891
Fresenius SE	2,037,100		201,033,066
GFK AG	1,496,500		69,171,612
Infineon Technologies AG	2,825,300		25,527,951
Kabel Deutschland Holding AG (a)	917,600		52,394,698
Linde AG	1,228,429		195,417,632
Common Stocks - continued
	Shares		Value
Germany - continued
SAP AG	2,904,790		$ 175,672,049
Siemens AG sponsored ADR (d)	2,686,500		282,001,905
TOTAL GERMANY			1,818,785,390
Hong Kong - 1.1%
AIA Group Ltd.	27,220,800		83,234,101
China Everbright Ltd.	470,000		696,819
China Insurance International Holdings Co. Ltd. (a)	314,800		682,663
China Mobile (Hong Kong) Ltd. sponsored ADR	1,335,275		63,505,679
China Resources Enterprise Ltd.	3,626,000		13,242,327
Henderson Land Development Co. Ltd.	9,664,155		52,824,551
Hopewell Holdings Ltd.	367,500		954,394
Swire Pacific Ltd. (A Shares)	4,577,000		52,889,821
Television Broadcasts Ltd.	184,000		1,060,283
TOTAL HONG KONG			269,090,638
India - 2.2%
Axis Bank Ltd.	1,472,751		34,807,954
Bajaj Auto Ltd.	793,148		28,053,344
Bharti Airtel Ltd.	9,007,984		72,142,424
Cipla Ltd.	152,766		923,047
CMC Ltd.	50,598		839,811
Cummins India Ltd.	598,043		4,879,115
Deccan Chronicle Holdings Ltd. (a)	502,904		531,886
Dr. Reddy's Laboratories Ltd.	164,145		5,561,788
HDFC Bank Ltd.	12,995,695		129,605,356
Housing Development Finance Corp. Ltd.	6,539,994		92,036,217
India Cements Ltd.	419,168		687,050
Indian Bank	129,270		572,409
Infrastructure Development Finance Co. Ltd.	11,744,307		31,706,496
ITC Ltd.	5,213,498		22,739,475
Jyothy Laboratories Ltd.	196,188		574,273
Lupin Ltd.	513,210		4,938,001
Mahindra & Mahindra Financial Services Ltd.	2,226,876		30,619,486
Max India Ltd. (a)	159,846		618,828
Piramal Healthcare Ltd.	82,278		606,698
Punjab National Bank	47,106		959,620
Redington India Ltd.	285,486		555,235
Shriram Transport Finance Co. Ltd.	2,327,613		29,139,567
State Bank of India	1,273,075		49,517,031
Tulip Telecom Ltd.	216,760		667,397
Wipro Ltd.	1,388,041		10,415,154
TOTAL INDIA			553,697,662
Ireland - 0.5%
Accenture PLC Class A	842,000		50,738,920

	Shares		Value
CRH PLC	2,294,300		$ 41,420,472
Elan Corp. PLC sponsored ADR (a)	2,547,800		30,548,122
TOTAL IRELAND			122,707,514
Italy - 1.8%
ENI SpA	914,500		20,216,952
Fiat Industrial SpA (a)	22,427,792		195,693,464
Prada SpA	7,151,000		35,350,634
Saipem SpA	4,438,007		198,992,956
TOTAL ITALY			450,254,006
Japan - 13.4%
ABC-Mart, Inc.	1,300,200		50,924,779
Aozora Bank Ltd.	15,351,000		38,812,684
Calbee, Inc. (d)	1,161,000		52,932,917
Denso Corp.	1,928,200		59,306,047
Dentsu, Inc.	2,233,900		67,271,842
Don Quijote Co. Ltd.	1,603,200		58,734,504
Fanuc Corp.	849,100		137,308,760
Hitachi Ltd.	46,637,000		249,926,411
Honda Motor Co. Ltd.	7,721,500		230,931,326
Hoya Corp.	2,535,400		55,397,394
Itochu Corp.	13,063,600		129,221,379
Japan Retail Fund Investment Corp.	3,741		5,791,709
Japan Tobacco, Inc.	64,874		324,292,254
JSR Corp.	3,621,700		69,147,467
KDDI Corp.	27,429		200,952,920
Keyence Corp.	661,100		168,080,270
Mitsubishi Corp.	3,128,000		64,341,694
Mitsubishi UFJ Financial Group, Inc.	18,434,600		80,125,863
Mitsui & Co. Ltd.	3,506,800		51,186,625
Nitori Holdings Co. Ltd.	468,050		44,768,217
NTT DoCoMo, Inc.	63,713		113,171,495
ORIX Corp.	3,924,320		342,539,945
OSAKA Titanium technologies Co. Ltd.	120,200		6,621,404
Rakuten, Inc.	232,855		255,296,560
Seven & i Holdings Co., Ltd.	4,070,900		108,648,886
Shimadzu Corp.	1,668,000		14,201,899
SHIMANO, Inc.	1,088,100		53,791,901
SMC Corp.	814,700		126,736,052
SOFTBANK CORP.	4,765,000		154,670,897
Sumitomo Mitsui Financial Group, Inc.	970,800		27,138,812
Yahoo! Japan Corp.	268,168		86,135,853
TOTAL JAPAN			3,428,408,766
Korea (South) - 2.1%
Amorepacific Corp.	90,308		101,831,595
BS Financial Group, Inc. (a)	84,020		921,277
Korea Plant Service & Engineering Co. Ltd.	23,570		643,352
LG Corp.	22,235		1,296,413
LG Household & Health Care Ltd.	59,158		26,618,232
MegaStudy Co. Ltd.	5,266		580,249
Common Stocks - continued
	Shares		Value
Korea (South) - continued
NHN Corp. (a)	518,772		$ 107,822,858
Orion Corp.	134,404		71,836,677
S1 Corp.	20,993		1,088,469
Samchully Co. Ltd.	8,166		701,699
Samsung Electronics Co. Ltd.	199,807		171,364,442
Shinhan Financial Group Co. Ltd.	1,389,720		55,155,939
Shinsegae Co. Ltd.	2,714		680,024
Sindoh Co. Ltd.	11,340		505,997
TOTAL KOREA (SOUTH)			541,047,223
Luxembourg - 0.3%
Brait SA	322,500		772,085
Millicom International Cellular SA (depositary receipt)	6,700		738,387
Samsonite International SA	26,313,700		42,814,701
Ternium SA sponsored ADR	1,411,261		34,632,345
TOTAL LUXEMBOURG			78,957,518
Malaysia - 0.0%
Parkson Holdings Bhd	563,574		1,023,070
Mexico - 0.8%
America Movil SAB de CV Series L sponsored ADR	3,033,400		77,109,028
Grupo Televisa SA de CV (CPO) sponsored ADR	2,180,600		46,512,198
Urbi, Desarrollos Urbanos, SA de CV (a)	422,300		536,746
Wal-Mart de Mexico SA de CV Series V	34,518,200		89,171,013
TOTAL MEXICO			213,328,985
Netherlands - 2.7%
AEGON NV (a)	27,466,400		131,004,746
ASML Holding NV (Netherlands)	1,332,700		55,913,481
Gemalto NV	1,476,891		67,386,376
ING Groep NV sponsored ADR (a)(d)	19,501,500		168,492,960
Koninklijke KPN NV	10,983,331		144,337,603
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.)	4,051,300		84,469,605
Unilever NV (Certificaten Van Aandelen) (Bearer) unit	767,500		26,500,744
Yandex NV	450,000		12,384,000
TOTAL NETHERLANDS			690,489,515
Norway - 1.5%
DnB NOR ASA	9,071,909		105,830,248
Storebrand ASA (A Shares)	4,980,000		30,706,840
Telenor ASA	14,310,000		255,480,638
TOTAL NORWAY			392,017,726
Papua New Guinea - 0.0%
Oil Search Ltd.	140,611		959,368
Philippines - 0.0%
Banco de Oro Universal Bank	677,000		893,986

	Shares		Value
Manila Water Co., Inc.	2,331,300		$ 1,060,800
Universal Robina Corp.	899,000		991,040
TOTAL PHILIPPINES			2,945,826
Poland - 0.0%
Eurocash SA	98,400		788,957
Kruk SA (a)	53,000		706,578
Warsaw Stock Exchange	44,200		624,003
TOTAL POLAND			2,119,538
Qatar - 0.2%
Commercial Bank of Qatar GDR (Reg. S)	9,940,628		45,591,071
Russia - 0.4%
Sberbank of Russia	20,189,400		54,784,535
Uralkali JSC GDR (Reg. S)	939,700		40,782,980
TOTAL RUSSIA			95,567,515
Singapore - 0.0%
Global Logistic Properties Ltd.	523,000		727,928
South Africa - 0.7%
African Bank Investments Ltd.	146,200		634,443
AngloGold Ashanti Ltd.	35,900		1,622,469
AngloGold Ashanti Ltd. sponsored ADR	1,750,000		79,117,500
Aveng Ltd.	120,300		562,369
Foschini Ltd.	1,702,800		21,485,880
JSE Ltd.	74,600		660,621
Nampak Ltd.	191,000		524,653
Naspers Ltd. Class N	860,200		41,186,371
Sasol Ltd.	23,900		1,074,739
Shoprite Holdings Ltd.	1,956,200		28,668,979
Tiger Brands Ltd.	408,600		11,775,123
TOTAL SOUTH AFRICA			187,313,147
Spain - 2.6%
Banco Bilbao Vizcaya Argentaria SA	7,048,840		63,448,157
Banco Santander SA (Spain) sponsored ADR (d)	13,562,300		116,093,288
Grifols SA ADR (a)	9,784,300		62,717,363
Inditex SA (d)	3,264,772		297,111,439
Prosegur Compania de Seguridad SA (Reg.)	1,822,600		90,928,776
Repsol YPF SA	1,000,369		30,318,594
TOTAL SPAIN			660,617,617
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	1,292,285		42,795,029
Swedbank AB (A Shares)	4,284,600		60,363,140
TOTAL SWEDEN			103,158,169
Switzerland - 4.4%
Clariant AG (Reg.) (a)	4,713,347		51,535,029
Kuehne & Nagel International AG	1,486,880		185,192,848
Nestle SA	6,034,542		350,017,877
Noble Corp.	742,700		26,692,638
Partners Group Holding	49,390		9,258,339
Common Stocks - continued
	Shares		Value
Switzerland - continued
Schindler Holding AG (Reg.)	1,278,570		$ 150,505,705
Transocean Ltd. (United States)	1,650,300		94,314,645
UBS AG (a)	12,243,801		154,783,795
Zurich Financial Services AG	410,659		95,370,411
TOTAL SWITZERLAND			1,117,671,287
Taiwan - 1.0%
Chroma ATE, Inc.	295,200		588,987
CTCI Corp.	544,000		692,166
Giant Manufacturing Co. Ltd.	195,000		754,567
HTC Corp.	4,228,000		95,018,182
Motech Industries, Inc.	381,000		715,692
Pacific Hospital Supply Co. Ltd.	219,064		716,843
Powertech Technology, Inc.	288,600		702,614
SIMPLO Technology Co. Ltd.	89,200		524,868
St. Shine Optical Co. Ltd.	53,000		665,803
Ta Chong Bank (a)	3,076,000		885,512
Taiwan Fertilizer Co. Ltd.	3,810,000		9,820,065
Taiwan Semiconductor Manufacturing Co. Ltd.	612,000		1,491,368
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	10,407,200		131,338,864
Unified-President Enterprises Corp.	7,865,200		10,815,919
TOTAL TAIWAN			254,731,450
Thailand - 0.0%
Banpu PCL (For. Reg.)	25,400		515,630
Charoen Pokphand Foods PCL (For. Reg.)	653,400		636,326
PTT PCL (For. Reg.)	93,000		916,177
TOTAL THAILAND			2,068,133
United Arab Emirates - 0.0%
Dubai Financial Market PJSC (a)	2,045,195		573,523
United Kingdom - 18.1%
3Legs Resources PLC	6,373,700		13,837,749
Anglo American PLC (United Kingdom)	3,427,600		126,423,827
BG Group PLC	11,701,879		255,279,216
British American Tobacco PLC:
(United Kingdom)	85,000		3,898,004
sponsored ADR	1,797,900		165,856,275
Burberry Group PLC	6,074,500		131,002,436
Capita Group PLC	7,638,800		89,248,477
Carphone Warehouse Group PLC	16,014,300		90,397,232
Compass Group PLC	150,000		1,365,362
Filtrona PLC	1,190,508		7,602,777
GlaxoSmithKline PLC	18,595,500		417,404,751
HSBC Holdings PLC sponsored ADR	9,939,900		433,976,034
Imperial Tobacco Group PLC	2,149,970		78,625,409
Inchcape PLC	17,114,619		89,809,932

	Shares		Value
ITV PLC	62,863,890		$ 64,753,082
Lloyds Banking Group PLC (a)	229,626,800		118,767,489
Misys PLC	13,125,310		61,593,504
National Grid PLC	308,000		3,062,719
Next PLC	3,224,800		132,557,312
Ocado Group PLC (a)(d)	9,816,418		14,784,304
Pan African Resources PLC	3,344,300		699,179
Pearson PLC	10,425,200		191,555,485
Pz Cussons PLC Class L	1,957,500		11,584,829
QinetiQ Group PLC	12,165,700		22,851,778
Reckitt Benckiser Group PLC	6,620,100		340,473,304
Rockhopper Exploration PLC (a)	201,600		693,816
Rolls-Royce Group PLC	18,758,100		211,921,603
Rolls-Royce Group PLC Class C	1,294,308,900		2,081,508
Royal Dutch Shell PLC:
Class A (United Kingdom)	198,500		7,033,114
Class A sponsored ADR	4,900,000		347,459,000
Class B sponsored ADR	10,527,400		755,867,323
Standard Chartered PLC (United Kingdom)	105,587		2,477,455
SuperGroup PLC (a)(d)	1,516,200		15,215,322
Vodafone Group PLC sponsored ADR	14,974,100		416,878,944
TOTAL UNITED KINGDOM			4,627,038,551
United States of America - 5.0%
Anadarko Petroleum Corp.	10,800		847,800
Apple, Inc. (a)	654,300		264,847,554
CF Industries Holdings, Inc.	470,800		76,396,716
Citigroup, Inc.	5,105,150		161,271,689
Cognizant Technology Solutions Corp. Class A (a)	658,900		47,934,975
Facebook, Inc. Class B (g)	1,288,142		32,203,550
Green Mountain Coffee Roasters, Inc. (a)	280,100		18,212,102
Intuit, Inc.	321,900		17,276,373
Nabors Industries Ltd. (a)	1,587,600		29,100,708
Newmont Mining Corp.	1,000,000		66,830,000
Noble Energy, Inc.	782,728		69,928,920
Polycom, Inc. (a)	2,900,000		47,937,000
PriceSmart, Inc.	43,700		3,322,948
SanDisk Corp. (a)	2,032,400		102,981,708
Schweitzer-Mauduit International, Inc. (e)	1,608,255		113,092,492
The Mosaic Co.	1,132,300		66,307,488
Unisys Corp. (a)	1,537,730		39,965,603
Virgin Media, Inc.	917,500		22,368,650
Wells Fargo & Co.	4,129,500		106,995,345
TOTAL UNITED STATES OF AMERICA			1,287,821,621
TOTAL COMMON STOCKS (Cost $21,875,227,771)		24,327,847,370
Nonconvertible Preferred Stocks - 1.5%
	Shares		Value
Germany - 1.5%
ProSiebenSat.1 Media AG	3,507,000		$ 75,226,728
Volkswagen AG	1,736,326		304,687,918
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $221,929,530)		379,914,646

Master Notes - 0.0%
	Principal Amount
Canada - 0.0%
OZ Optics Ltd. 5% 11/5/14 (g) (Cost $276,258)	$ 270,994	270,994

Money Market Funds - 6.3%
	Shares
Fidelity Cash Central Fund, 0.12% (b)	725,272,617		725,272,617
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	886,536,637		886,536,637
TOTAL MONEY MARKET FUNDS (Cost $1,611,809,254)		1,611,809,254

TOTAL INVESTMENT
PORTFOLIO - 102.9%

(Cost $23,709,242,813)

26,319,842,264

NET OTHER ASSETS (LIABILITIES) - (2.9)%

(747,943,275)

NET ASSETS - 100%

$ 25,571,898,989

Legend

(a) Non-income producing

(d) Security or a portion of the security is on loan at period end.

(e) Affiliated company

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost
Facebook, Inc. Class B	3/31/11	$ 32,203,550
OZ Optics Ltd. 5% 11/5/14	11/5/10	$ 276,258

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 1,220,251
Fidelity Securities Lending Cash Central Fund	20,356,167
Total	$ 21,576,418

Other Affiliated Issuers

Affiliate	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Ashmore Global Opportunities Ltd. (United States)	$ -	$ 9,748,350	$ -	$ 240,285	$ -
Painted Pony Petroleum Ltd.	9,544,006	11,945,802	-	-	30,395,209
Painted Pony Petroleum Ltd. Class A	21,509,462	5,212,327	-	-	44,553,022
Petrobank Energy & Resources Ltd.	223,863,859	-	1,729,615	108,873,999	-
Schweitzer-Mauduit International, Inc.	83,300,121	17,267,467	-	907,782	113,092,492
Total	$ 338,217,448	$ 44,173,946	$ 1,729,615	$ 110,022,066	$ 188,040,723

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 4,627,038,551	$ 3,885,316,989	$ 741,721,562	$ -
Japan	3,428,408,766	-	3,428,408,766	-
Germany	2,198,700,036	1,823,562,096	375,137,940	-
France	1,804,897,841	1,541,258,432	263,639,409	-
Canada	1,427,549,194	1,427,549,194	-	-
United States of America	1,287,821,621	1,255,618,071	-	32,203,550
Switzerland	1,117,671,287	962,887,492	154,783,795	-
Australia	927,621,571	538,478,720	389,142,851	-
Netherlands	690,489,515	477,070,544	213,418,971	-
Other	7,197,563,634	4,195,813,680	3,001,749,954	-
Master Notes	270,994	-	-	270,994
Money Market Funds	1,611,809,254	1,611,809,254	-	-
Total Investments in Securities:	$ 26,319,842,264	$ 17,719,364,472	$ 8,568,003,248	$ 32,474,544

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 451,860
Total Realized Gain (Loss)	(1,057,894)
Total Unrealized Gain (Loss)	1,048,395
Cost of Purchases	32,666,617
Proceeds of Sales	(632,318)
Amortization/Accretion	(2,116)
Transfers in to Level 3	-
Transfers out of Level 3	-
Ending Balance	$ 32,474,544
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at October 31, 2011	$ (5,264)

Income Tax Information

See accompanying notes which are an integral part of the financial statements.

Annual Report

Fidelity Diversified International Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value (including securities loaned of $813,313,897) - See accompanying schedule: Unaffiliated issuers (cost $21,967,898,714)	$ 24,519,992,287
Fidelity Central Funds (cost $1,611,809,254)	1,611,809,254
Other affiliated issuers (cost $129,534,845)	188,040,723
Total Investments (cost $23,709,242,813)		$ 26,319,842,264
Foreign currency held at value (cost $251,333)		251,333
Receivable for investments sold		234,571,947
Receivable for fund shares sold		74,623,129
Dividends receivable		62,708,309
Interest receivable		17,819
Distributions receivable from Fidelity Central Funds		360,288
Prepaid expenses		98,276
Other receivables		2,945,967
Total assets		26,695,419,332
Liabilities
Payable for investments purchased	$ 100,359,104
Payable for fund shares redeemed	117,607,449
Accrued management fee	13,820,459
Other affiliated payables	3,926,570
Other payables and accrued expenses	1,270,124
Collateral on securities loaned, at value	886,536,637
Total liabilities		1,123,520,343
Net Assets		$ 25,571,898,989
Net Assets consist of:
Paid in capital		$ 25,969,888,803
Undistributed net investment income		418,909,977
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(3,430,253,408)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,613,353,617
Net Assets		$ 25,571,898,989
Diversified International: Net Asset Value, offering price and redemption price per share ($17,285,369,497 ÷ 628,706,658 shares)		$ 27.49

Class K: Net Asset Value, offering price and redemption price per share ($8,115,192,236 ÷ 295,039,055 shares)		$ 27.51

Class F: Net Asset Value, offering price and redemption price per share ($171,337,256 ÷ 6,228,258 shares)		$ 27.51

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends (including $1,148,067 earned from other affiliated issuers)		$ 775,256,545
Special dividends (earned from other affiliated issuers)		108,873,999
Interest		21,709
Income from Fidelity Central Funds		21,576,418
Income before foreign taxes withheld		905,728,671
Less foreign taxes withheld		(61,260,298)
Total income		844,468,373

Expenses
Management fee Basic fee	$ 225,204,522
Performance adjustment	(17,677,656)
Transfer agent fees	55,414,460
Accounting and security lending fees	2,636,921
Custodian fees and expenses	4,452,390
Independent trustees' compensation	179,973
Depreciation in deferred trustee compensation account	(24)
Registration fees	241,072
Audit	217,935
Legal	139,565
Miscellaneous	378,639
Total expenses before reductions	271,187,797
Expense reductions	(8,678,523)	262,509,274
Net investment income (loss)		581,959,099
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,889,598,151
Other affiliated issuers	(2,483,501)
Foreign currency transactions	(5,612,204)
Total net realized gain (loss)		1,881,502,446
Change in net unrealized appreciation (depreciation) on: Investment securities (net of decrease in deferred foreign taxes of $3,985,288)	(3,644,214,790)
Assets and liabilities in foreign currencies	(2,069,131)
Total change in net unrealized appreciation (depreciation)		(3,646,283,921)
Net gain (loss)		(1,764,781,475)
Net increase (decrease) in net assets resulting from operations		$ (1,182,822,376)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 581,959,099	$ 486,439,991
Net realized gain (loss)	1,881,502,446	(561,752,757)
Change in net unrealized appreciation (depreciation)	(3,646,283,921)	3,614,151,999
Net increase (decrease) in net assets resulting from operations	(1,182,822,376)	3,538,839,233
Distributions to shareholders from net investment income	(554,171,382)	(474,506,693)
Distributions to shareholders from net realized gain	(93,780,346)	-
Total distributions	(647,951,728)	(474,506,693)
Share transactions - net increase (decrease)	(7,417,526,738)	(3,995,252,806)
Redemption fees	964,713	822,251
Total increase (decrease) in net assets	(9,247,336,129)	(930,098,015)

Net Assets
Beginning of period	34,819,235,118	35,749,333,133
End of period (including undistributed net investment income of $418,909,977 and undistributed net investment income of $424,022,673, respectively)	$ 25,571,898,989	$ 34,819,235,118

Financial Highlights - Diversified International

Years ended October 31,	2011	2010	2009	2008	2007
Selected Per-Share Data
Net asset value, beginning of period	$ 29.49	$ 26.86	$ 21.96	$ 45.41	$ 37.58
Income from Investment Operations
Net investment income (loss)^B	.53^E	.37	.35	.55	.47
Net realized and unrealized gain (loss)	(1.99)	2.61	4.86	(20.96)	10.23
Total from investment operations	(1.46)	2.98	5.21	(20.41)	10.70
Distributions from net investment income	(.46)	(.35)	(.31)	(.47)	(.36)
Distributions from net realized gain	(.08)	-	-	(2.57)	(2.51)
Total distributions	(.54)	(.35)	(.31)	(3.04)	(2.87)
Redemption fees added to paid in capital ^{B, G}	-	-	-	-	-
Net asset value, end of period	$ 27.49	$ 29.49	$ 26.86	$ 21.96	$ 45.41
Total Return^A	(5.07)%	11.15%	24.32%	(48.04)%	30.37%
Ratios to Average Net Assets^C,F
Expenses before reductions	.90%	.98%	1.01%	1.04%	.93%
Expenses net of fee waivers, if any	.89%	.98%	1.01%	1.04%	.93%
Expenses net of all reductions	.87%	.96%	.99%	1.02%	.91%
Net investment income (loss)	1.78%^E	1.34%	1.58%	1.53%	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,285,369	$ 26,527,229	$ 30,998,270	$ 28,274,961	$ 59,929,942
Portfolio turnover rate^D	45%	57%	54%	49%	51%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class K

Years ended October 31,	2011	2010	2009	2008^H
Selected Per-Share Data
Net asset value, beginning of period	$ 29.51	$ 26.89	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss)^D	.58^G	.42	.42	.16
Net realized and unrealized gain (loss)	(1.97)	2.61	4.85	(16.57)
Total from investment operations	(1.39)	3.03	5.27	(16.41)
Distributions from net investment income	(.53)	(.41)	(.36)	-
Distributions from net realized gain	(.08)	-	-	-
Total distributions	(.61)	(.41)	(.36)	-
Redemption fees added to paid in capital ^D,J	-	-	-	-
Net asset value, end of period	$ 27.51	$ 29.51	$ 26.89	$ 21.98
Total Return^B,C	(4.87)%	11.33%	24.64%	(42.75)%
Ratios to Average Net Assets^E,I
Expenses before reductions	.73%	.79%	.77%	.88%^A
Expenses net of fee waivers, if any	.72%	.79%	.77%	.88%^A
Expenses net of all reductions	.70%	.77%	.76%	.87%^A
Net investment income (loss)	1.95%^G	1.54%	1.81%	1.45%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 8,115,192	$ 7,697,405	$ 4,713,909	$ 932,275
Portfolio turnover rate^F	45%	57%	54%	49%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^J Amount represents less than $.01 per share.

Financial Highlights - Class F

Years ended October 31,	2011	2010	2009^H
Selected Per-Share Data
Net asset value, beginning of period	$ 29.52	$ 26.89	$ 23.29
Income from Investment Operations
Net investment income (loss)^D	.61^G	.43	(.02)
Net realized and unrealized gain (loss)	(2.00)	2.62	3.62
Total from investment operations	(1.39)	3.05	3.60
Distributions from net investment income	(.54)	(.42)	-
Distributions from net realized gain	(.08)	-	-
Total distributions	(.62)	(.42)	-
Redemption fees added to paid in capital ^D,J	-	-	-
Net asset value, end of period	$ 27.51	$ 29.52	$ 26.89
Total Return^B,C	(4.86)%	11.41%	15.46%
Ratios to Average Net Assets^E,I
Expenses before reductions	.68%	.73%	.71%^A
Expenses net of fee waivers, if any	.67%	.73%	.71%^A
Expenses net of all reductions	.65%	.72%	.70%^A
Net investment income (loss)	2.00%^G	1.59%	(.19)%^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 171,337	$ 594,602	$ 37,155
Portfolio turnover rate^F	45%	57%	54%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^J Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Debt securities, including restricted securities, are valued based on evaluated prices received from independent pricing services or from dealers who make markets in such securities. For master notes, pricing services utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices and are generally categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 4,524,622,015
Gross unrealized depreciation	(2,058,103,983)
Net unrealized appreciation (depreciation) on securities and other investments	$ 2,466,518,032

Tax Cost	$ 23,853,324,232

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 419,615,619
Capital Loss Carryfoward	$ (3,286,171,990)
Net unrealized appreciation (depreciation)	$ 2,469,263,889

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 647,951,728	$ 474,506,693

4. Operating Policies.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $13,875,962,686 and $20,794,928,294, respectively.

Annual Report

6. Fees and Other Transactions with Affiliates.

	Amount	% of Average Net Assets
Diversified International	$ 51,100,072	.22
Class K	4,314,388	.05
	$ 55,414,460

7. Committed Line of Credit.

8. Security Lending.

Annual Report

Notes to Financial Statements - continued

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of its management fee. For the period, the amount of this reimbursement was $2,833,493.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Diversified International	$ 404,459,076	$ 398,456,259
Class K	139,574,930	74,880,028
Class F	10,137,376	1,170,406
Total	$ 554,171,382	$ 474,506,693
From net realized gain
Diversified International	$ 71,011,904	$ -
Class K	21,272,351	-
Class F	1,496,091	-
Total	$ 93,780,346	$ -

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Diversified International
Shares sold	95,789,996	179,662,935	$ 2,861,192,033	$ 4,893,668,837
Reinvestment of distributions	15,446,133	13,627,007	459,413,511	384,281,814
Shares redeemed	(382,099,741)	(447,584,331)	(11,334,070,882)	(12,092,134,122)
Net increase (decrease)	(270,863,612)	(254,294,389)	$ (8,013,465,338)	$ (6,814,183,471)
Class K
Shares sold	125,231,374	151,794,829	$ 3,707,928,503	$ 4,125,917,772
Reinvestment of distributions	5,413,899	2,657,205	160,847,281	74,880,028
Shares redeemed	(96,416,162)	(68,937,812)	(2,871,502,023)	(1,889,669,527)
Net increase (decrease)	34,229,111	85,514,222	$ 997,273,761	$ 2,311,128,273
Class F
Shares sold	13,012,404	24,587,499	$ 389,423,461	$ 664,182,809
Reinvestment of distributions	391,673	41,548	11,633,466	1,170,406
Shares redeemed	(27,320,491)	(5,866,038)	(802,392,088)	(157,550,823)
Net increase (decrease)	(13,916,414)	18,763,009	$ (401,335,161)	$ 507,802,392

12. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Diversified International Fund:

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 16, 2011

Annual Report

Trustees and Officers

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

Class F designates 86% and 100% of the dividends distributed on December 3, 2010 and December 30, 2010, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Class F	12/06/2011	0.431	0.0414
Class F	12/31/2010	0.072	0.000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Diversified International Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Annual Report

Fidelity Diversified International Fund

dif30405

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Fidelity Diversified International Fund

dif30407

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Annual Report

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Annual Report

Managing Your Investments

By Phone

(phone graphic)

Fidelity Workplace Investing
1-800-835-5092

By PC

(computer graphic)

Fidelity's Web Site
www.401k.com

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

FIL Investment Advisors
FIL Investment Advisors (UK) Limited
FIL Investments (Japan) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

(Fidelity Logo)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

DIF-F-ANN-1211
1.891706.102

Fidelity®

Emerging Europe,
Middle East, Africa (EMEA)

Fund

Annual Report

October 31, 2011

(Fidelity Cover Art)

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Acting Chairman's Photograph)

Dear Shareholder:

Sincerely,

(Acting Chairman's Signature)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Life of fund ^A
Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund	-5.91%	-4.16%

^A From May 8, 2008.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund, a class of the fund, on May 8, 2008, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EM (Emerging Markets) Europe, Middle East and Africa Index performed over the same period.

dif30468

Annual Report

Management's Discussion of Fund Performance

Market Recap: Emerging-markets stocks concluded the 12-month period ending October 31, 2011, on a strong note, reversing direction in October amid hope for a resolution to the sovereign debt crisis in Europe. The brief rally, on top of a robust first half of the period, could only partially offset the negative impact of a five-month downturn that began in May and intensified in August and September, as investors began to flee riskier securities due to the debt debacle, concern the U.S. economy may contract and worry about a significant slowdown in China. For the year, the MSCI®Emerging Markets Index declined 7.44%, hampered in part by global currency fluctuation. The index gained roughly 13% in October, after falling 9% in August and about 15% in September. For the full year, returns across the individual country components of the emerging-markets index were decidedly negative. Several of the largest countries in the index struggled, especially India (-20%), China (-17%) and Brazil (-12%), as did Turkey (-34%). Conversely, South Korea had the strongest result, gaining about 7%, while another sizable index component, Russia, returned roughly 1%. Smaller constituents Indonesia (+5%) and Malaysia (+4%) also finished in positive territory. A trio of countries had negative returns but outpaced the index: Mexico (-1%), Taiwan (-2%) and South Africa (-3%).

Comments from Adam Kutas, Portfolio Manager of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund: For the year, the fund's Retail Class shares returned -5.91%, outperforming the -7.42% return of the MSCI®EM (Emerging Markets) Europe, Middle East and Africa Index. Stock selection within materials and telecommunication services helped, as did picks in Russia and an overweighting in South Africa. Individual contributors included Russian natural gas producer Novatek, three South African firms - coal company Exxaro Resources, Harmony Gold Mining and supermarket company Shoprite Holdings - and not owning underperforming index constituent OTP Bank, based in Hungary. On the down side, poor stock selection in consumer discretionary hurt, particularly in retailing. On a regional basis, the fund lost ground due to the negative currency effects of our South African investments and unfavorable security selection in Poland. Among the main individual detractors were Turkish banks Turkiye Garanti Bankasi and Turkiye Halk Bankasi - the latter of which was sold from the fund by period end - and underweighting Russian oil company and outperforming major index component Gazprom.

Note to shareholders: The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the emerging Europe, Middle East and African markets. As of October 31, 2011, the fund did not have more than 25% of its total assets invested in any one industry.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.56%
Actual		$ 1,000.00	$ 811.30	$ 7.12
Hypothetical^A		$ 1,000.00	$ 1,017.34	$ 7.93
Class T	1.84%
Actual		$ 1,000.00	$ 809.90	$ 8.39
Hypothetical^A		$ 1,000.00	$ 1,015.93	$ 9.35
Class B	2.32%
Actual		$ 1,000.00	$ 808.00	$ 10.57
Hypothetical^A		$ 1,000.00	$ 1,013.51	$ 11.77
Class C	2.33%
Actual		$ 1,000.00	$ 807.80	$ 10.62
Hypothetical^A		$ 1,000.00	$ 1,013.46	$ 11.82
Emerging Europe, Middle East, Africa (EMEA)	1.31%
Actual		$ 1,000.00	$ 811.80	$ 5.98
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.67
Institutional Class	1.23%
Actual		$ 1,000.00	$ 811.80	$ 5.62
Hypothetical^A		$ 1,000.00	$ 1,019.00	$ 6.26

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	South Africa 46.7%
	Russia 33.6%
	Turkey 5.8%
	Poland 3.3%
	United Arab Emirates 2.3%
	Nigeria 1.6%
	Morocco 1.2%
	Kenya 1.2%
	Qatar 1.1%
	Other* 3.2%

dif30490

* Includes short-term investments and net other assets.

As of April 30, 2011
	South Africa 45.0%
	Russia 32.4%
	Turkey 8.3%
	United States of America* 3.6%
	Poland 3.1%
	United Arab Emirates 1.4%
	Morocco 1.0%
	Nigeria 1.0%
	Kenya 0.9%
	Other 3.3%

dif30502

* Includes short-term investments and net other assets.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.9	96.1
Bonds	0.7	0.3
Short-Term Investments and Net Other Assets	0.4	3.6
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	8.7	9.3
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	7.9	6.2
Lukoil Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels)	6.0	5.7
Sberbank of Russia (Russia, Commercial Banks)	5.6	5.1
Standard Bank Group Ltd. (South Africa, Commercial Banks)	4.3	3.8
OAO NOVATEK (Russia, Oil, Gas & Consumable Fuels)	4.0	3.3
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining)	3.7	3.3
FirstRand Ltd. (South Africa, Diversified Financial Services)	3.3	2.9
Vodacom Group (Pty) Ltd. (South Africa, Wireless Telecommunication Services)	3.1	1.8
Shoprite Holdings Ltd. (South Africa, Food & Staples Retailing)	3.0	3.5
	49.6
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Energy	26.7	27.5
Financials	23.4	24.0
Materials	14.9	14.7
Telecommunication Services	14.3	10.5
Consumer Staples	9.2	8.8
Consumer Discretionary	6.3	6.8
Industrials	1.7	1.9
Utilities	1.7	1.0
Health Care	0.7	0.7
Information Technology	0.3	0.2

Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
Bailiwick of Jersey - 0.8%
Randgold Resources Ltd.	9,700		$ 1,061,062
Canada - 0.3%
Silver Wheaton Corp.	13,000		448,874
Czech Republic - 0.6%
Philip Morris CR A/S	1,370		899,560
Kenya - 1.2%
British American Tobacco Kenya Ltd.	185,900		439,723
East African Breweries Ltd.	379,106		591,459
Safaricom Ltd.	15,803,616		477,210
Uchumi Supermarket Ltd. (a)	2,000,000		180,171
TOTAL KENYA			1,688,563
Morocco - 1.2%
Maroc Telecom SA	99,500		1,746,011
Nigeria - 1.6%
Guaranty Trust Bank PLC	3,807,451		349,066
Nigerian Breweries PLC	1,441,779		828,491
Skye Bank PLC	14,371,010		450,307
Zenith Bank PLC	7,356,200		595,887
TOTAL NIGERIA			2,223,751
Poland - 3.3%
Bank Polska Kasa Opieki SA	48,900		2,275,563
Eurocash SA	136,400		1,093,636
Polska Grupa Energetyczna SA	225,000		1,386,618
TOTAL POLAND			4,755,817
Qatar - 1.1%
Qatar National Bank SAQ	26,129		1,051,977
Vodafone Qatar QSC (a)	244,891		501,720
TOTAL QATAR			1,553,697
Russia - 31.8%
DIXY Group OJSC (a)	123,300		1,260,327
Lukoil Oil Co. sponsored ADR (United Kingdom)	147,895		8,607,489
Magnit OJSC	10,400		1,124,528
Magnit OJSC right 11/29/11 (a)	1,263		0
Novolipetsk Steel OJSC GDR (Reg. S)	30,600		832,932
OAO Gazprom	2,093,600		12,421,011
OAO NOVATEK	39,500		518,896
NOVATEK OAO GDR	37,100		5,208,840
Rosneft Oil Co. OJSC	32,800		236,696
Rosneft Oil Co. OJSC GDR (Reg. S)	247,700		1,762,386
Common Stocks - continued
	Shares		Value
Russia - continued
Sberbank of Russia	2,921,500		$ 7,927,577
Sistema JSFC sponsored GDR	26,300		450,782
TNK-BP Holding	786,500		2,151,883
Uralkali JSC	329,300		2,928,842
TOTAL RUSSIA			45,432,189
South Africa - 46.7%
Africa Cellular Towers Ltd. (a)	5,335,800		60,510
African Rainbow Minerals Ltd.	67,600		1,562,339
AngloGold Ashanti Ltd.	95,400		4,311,518
Aveng Ltd.	143,700		671,758
Cashbuild Ltd.	80,500		1,044,756
Clicks Group Ltd.	779,024		4,088,347
DRDGOLD Ltd.	1,024,814		675,744
Exxaro Resources Ltd.	125,700		2,843,031
FirstRand Ltd.	1,907,200		4,743,788
Foschini Ltd.	61,700		778,529
Harmony Gold Mining Co. Ltd.	404,700		5,290,930
Life Healthcare Group Holdings Ltd.	383,900		934,076
Mr Price Group Ltd.	153,400		1,476,728
MTN Group Ltd.	642,350		11,211,562
Nampak Ltd.	317,600		872,407
Naspers Ltd. Class N	28,200		1,350,216
Northam Platinum Ltd.	111,600		432,406
Paracon Holdings Ltd.	1,828,728		414,766
Pioneer Foods Ltd.	148,700		1,189,967
Raubex Group Ltd.	719,200		1,179,893
RMB Holdings Ltd.	258,400		815,609
Sanlam Ltd.	432,100		1,614,325
Sasol Ltd.	87,900		3,952,702
Shoprite Holdings Ltd.	296,200		4,340,942
Spur Corp. Ltd.	162,800		277,956
Standard Bank Group Ltd.	496,363		6,116,742
Vodacom Group (Pty) Ltd.	385,300		4,364,562
TOTAL SOUTH AFRICA			66,616,109
Turkey - 5.8%
Aygaz A/S	178,000		972,419
Bim Birlesik Magazalar A/S JSC	29,000		885,621
Koc Holding AS	159,000		568,291
Tupras-Turkiye Petrol Rafinerileri AS	32,000		723,880
Common Stocks - continued
	Shares		Value
Turkey - continued
Turk Telekomunikasyon AS	346,000		$ 1,467,553
Turkiye Garanti Bankasi AS	1,027,000		3,624,193
TOTAL TURKEY			8,241,957
United Arab Emirates - 2.3%
Dubai Financial Market PJSC (a)	4,758,417		1,334,378
Emirates NBD Bank PJSC (a)	418,373		389,555
First Gulf Bank PJSC	349,523		1,479,739
TOTAL UNITED ARAB EMIRATES			3,203,672
Zambia - 0.4%
Zambeef Products PLC	984,233		601,979
TOTAL COMMON STOCKS (Cost $130,573,013)		138,473,241
Nonconvertible Preferred Stocks - 1.8%

Russia - 1.8%
Surgutneftegaz JSC (Cost $2,598,642)	5,104,100		2,577,377

Nonconvertible Bonds - 0.3%
		Principal Amount
Multi-National - 0.3%
International Bank for Reconstruction & Development 8.2% 12/12/12 (Cost $511,604)	NGN	80,000,000	477,237
Government Obligations - 0.4%

Ghana - 0.4%
Ghana Republic 14.99% 3/11/13 (Cost $672,328)	GHS	950,000	599,847

Money Market Funds - 0.5%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b) (Cost $745,166)	745,166		$ 745,166
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $135,100,753)			142,872,868
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(170,558)
NET ASSETS - 100%		$ 142,702,310

Currency Abbreviations
GHS	-	Ghana Cedi
NGN	-	Nigerian naira

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 5,615
Fidelity Securities Lending Cash Central Fund	25
Total	$ 5,640

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
South Africa	$ 66,616,109	$ 52,385,215	$ 14,230,894	$ -
Russia	48,009,566	48,009,566	-	-
Turkey	8,241,957	8,241,957	-	-
Poland	4,755,817	4,755,817	-	-
United Arab Emirates	3,203,672	3,203,672	-	-
Nigeria	2,223,751	2,223,751	-	-
Morocco	1,746,011	1,746,011	-	-
Kenya	1,688,563	1,688,563	-	-
Qatar	1,553,697	1,553,697	-	-
Other	3,011,475	1,950,413	1,061,062	-
Corporate Bonds	477,237	-	477,237	-
Government Obligations	599,847	-	599,847	-
Money Market Funds	745,166	745,166	-	-
Total Investments in Securities:	$ 142,872,868	$ 126,503,828	$ 16,369,040	$ -

Income Tax Information

At October 31, 2011, the Fund had a capital loss carryforward of approximately $11,266,491 of which $7,410,645, $579,836 and $3,276,010 will expire in fiscal 2016, 2017 and 2018, respectively. Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $134,355,587)	$ 142,127,702
Fidelity Central Funds (cost $745,166)	745,166
Total Investments (cost $135,100,753)		$ 142,872,868
Cash		160,278
Foreign currency held at value (cost $61)		61
Receivable for fund shares sold		148,502
Dividends receivable		179,461
Interest receivable		43,184
Distributions receivable from Fidelity Central Funds		66
Prepaid expenses		716
Other receivables		20,392
Total assets		143,425,528

Liabilities
Payable for investments purchased	$ 160,278
Payable for fund shares redeemed	349,022
Accrued management fee	91,946
Distribution and service plan fees payable	9,109
Other affiliated payables	41,379
Other payables and accrued expenses	71,484
Total liabilities		723,218

Net Assets		$ 142,702,310
Net Assets consist of:
Paid in capital		$ 144,186,805
Undistributed net investment income		2,747,743
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(12,001,894)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,769,656
Net Assets		$ 142,702,310

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($10,260,374 ÷ 1,230,909 shares)		$ 8.34

Maximum offering price per share (100/94.25 of $8.34)		$ 8.85
Class T: Net Asset Value and redemption price per share ($3,502,217 ÷ 421,495 shares)		$ 8.31

Maximum offering price per share (100/96.50 of $8.31)		$ 8.61
Class B: Net Asset Value and offering price per share ($538,949 ÷ 65,051 shares)^A		$ 8.29

Class C: Net Asset Value and offering price per share ($6,650,468 ÷ 807,272 shares)^A		$ 8.24

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($114,117,343 ÷ 13,632,396 shares)		$ 8.37

Institutional Class: Net Asset Value, offering price and redemption price per share ($7,632,959 ÷ 911,487 shares)		$ 8.37

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 5,132,884
Special dividends		786,604
Interest		112,169
Income from Fidelity Central Funds		5,640
Income before foreign taxes withheld		6,037,297
Less foreign taxes withheld		(341,837)
Total income		5,695,460

Expenses
Management fee	$ 1,436,460
Transfer agent fees	498,396
Distribution and service plan fees	128,171
Accounting and security lending fees	92,187
Custodian fees and expenses	211,210
Independent trustees' compensation	978
Registration fees	81,995
Audit	62,082
Legal	658
Miscellaneous	1,418
Total expenses before reductions	2,513,555
Expense reductions	(160,094)	2,353,461
Net investment income (loss)		3,341,999
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	3,530,080
Foreign currency transactions	(102,414)
Total net realized gain (loss)		3,427,666
Change in net unrealized appreciation (depreciation) on: Investment securities	(17,515,193)
Assets and liabilities in foreign currencies	(8,519)
Total change in net unrealized appreciation (depreciation)		(17,523,712)
Net gain (loss)		(14,096,046)
Net increase (decrease) in net assets resulting from operations		$ (10,754,047)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,341,999	$ 1,510,417
Net realized gain (loss)	3,427,666	(3,213,726)
Change in net unrealized appreciation (depreciation)	(17,523,712)	29,135,993
Net increase (decrease) in net assets resulting from operations	(10,754,047)	27,432,684
Distributions to shareholders from net investment income	(1,835,361)	(816,015)
Distributions to shareholders from net realized gain	(302,617)	(391,419)
Total distributions	(2,137,978)	(1,207,434)
Share transactions - net increase (decrease)	(11,096,734)	22,045,599
Redemption fees	119,309	89,745
Total increase (decrease) in net assets	(23,869,450)	48,360,594

Net Assets
Beginning of period	166,571,760	118,211,166
End of period (including undistributed net investment income of $2,747,743 and undistributed net investment income of $1,374,218, respectively)	$ 142,702,310	$ 166,571,760

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 8.97	$ 7.26	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.16 ^H	.07	.05	.04
Net realized and unrealized gain (loss)	(.70)	1.70	2.48	(5.31)
Total from investment operations	(.54)	1.77	2.53	(5.27)
Distributions from net investment income	(.08)	(.04)	(.03)	-
Distributions from net realized gain	(.02)	(.02)	-	-
Total distributions	(.10)	(.07) ^K	(.03)	-
Redemption fees added to paid in capital ^E	.01	.01	.01	.02
Net asset value, end of period	$ 8.34	$ 8.97	$ 7.26	$ 4.75
Total Return ^{B, C, D}	(6.05)%	24.66%	53.78%	(52.50)%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	1.60%	1.69%	1.87%	2.50% ^A
Expenses net of fee waivers, if any	1.56%	1.50%	1.50%	1.50% ^A
Expenses net of all reductions	1.51%	1.38%	1.39%	1.23% ^A
Net investment income (loss)	1.70% ^H	.95%	.84%	1.20% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,260	$ 10,045	$ 4,817	$ 1,368
Portfolio turnover rate ^G	53%	96%	58%	68%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.

^I For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^J Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^K Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class T

Years ended October 31,	2011	2010	2009	2008 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 8.96	$ 7.25	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.13 ^H	.06	.04	.04
Net realized and unrealized gain (loss)	(.71)	1.69	2.47	(5.31)
Total from investment operations	(.58)	1.75	2.51	(5.27)
Distributions from net investment income	(.07)	(.03)	(.02)	-
Distributions from net realized gain	(.02)	(.02)	-	-
Total distributions	(.08) ^K	(.05)	(.02)	-
Redemption fees added to paid in capital ^E	.01	.01	.01	.02
Net asset value, end of period	$ 8.31	$ 8.96	$ 7.25	$ 4.75
Total Return ^{B, C, D}	(6.42)%	24.44%	53.20%	(52.50)%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	1.87%	1.95%	2.15%	2.78% ^A
Expenses net of fee waivers, if any	1.84%	1.75%	1.75%	1.75% ^A
Expenses net of all reductions	1.78%	1.62%	1.64%	1.49% ^A
Net investment income (loss)	1.42% ^H	.70%	.59%	.95% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,502	$ 3,114	$ 1,560	$ 568
Portfolio turnover rate ^G	53%	96%	58%	68%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the sales charges.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^K Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2011	2010	2009	2008 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 8.93	$ 7.23	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.09 ^H	.02	.01	.02
Net realized and unrealized gain (loss)	(.71)	1.68	2.48	(5.31)
Total from investment operations	(.62)	1.70	2.49	(5.29)
Distributions from net investment income	(.02)	-	-	-
Distributions from net realized gain	(.01)	(.01)	-	-
Total distributions	(.03)	(.01)	-	-
Redemption fees added to paid in capital ^E	.01	.01	.01	.02
Net asset value, end of period	$ 8.29	$ 8.93	$ 7.23	$ 4.73
Total Return ^{B, C, D}	(6.85)%	23.72%	52.85%	(52.70)%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	2.37%	2.47%	2.68%	3.32% ^A
Expenses net of fee waivers, if any	2.33%	2.25%	2.25%	2.25% ^A
Expenses net of all reductions	2.27%	2.12%	2.14%	1.99% ^A
Net investment income (loss)	.93% ^H	.20%	.09%	.45% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 539	$ 822	$ 782	$ 487
Portfolio turnover rate ^G	53%	96%	58%	68%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I For the period May 8, 2008 (commencement of operations) to October 31, 2008.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class C

Years ended October 31,	2011	2010	2009	2008 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 8.90	$ 7.23	$ 4.73	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.08 ^H	.02	.01	.02
Net realized and unrealized gain (loss)	(.69)	1.67	2.48	(5.31)
Total from investment operations	(.61)	1.69	2.49	(5.29)
Distributions from net investment income	(.05)	(.01)	-	-
Distributions from net realized gain	(.02)	(.02)	-	-
Total distributions	(.06) ^K	(.03)	-	-
Redemption fees added to paid in capital ^E	.01	.01	.01	.02
Net asset value, end of period	$ 8.24	$ 8.90	$ 7.23	$ 4.73
Total Return ^{B, C, D}	(6.79)%	23.61%	52.85%	(52.70)%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	2.36%	2.45%	2.61%	3.28% ^A
Expenses net of fee waivers, if any	2.33%	2.25%	2.25%	2.25% ^A
Expenses net of all reductions	2.27%	2.13%	2.14%	1.99% ^A
Net investment income (loss)	.93% ^H	.20%	.09%	.45% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,650	$ 5,151	$ 2,677	$ 741
Portfolio turnover rate ^G	53%	96%	58%	68%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Total returns do not include the effect of the contingent deferred sales charge.

^E Calculated based on average shares outstanding during the period.

^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^I For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^K Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)

Years ended October 31,	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.00	$ 7.28	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.18 ^G	.09	.07	.05
Net realized and unrealized gain (loss)	(.71)	1.70	2.48	(5.31)
Total from investment operations	(.53)	1.79	2.55	(5.26)
Distributions from net investment income	(.09)	(.05)	(.04)	-
Distributions from net realized gain	(.02)	(.02)	-	-
Total distributions	(.11)	(.08) ^J	(.04)	-
Redemption fees added to paid in capital ^D	.01	.01	.01	.02
Net asset value, end of period	$ 8.37	$ 9.00	$ 7.28	$ 4.76
Total Return ^{B, C}	(5.91)%	24.92%	54.15%	(52.40)%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	1.35%	1.45%	1.61%	2.19% ^A
Expenses net of fee waivers, if any	1.31%	1.25%	1.25%	1.25% ^A
Expenses net of all reductions	1.25%	1.12%	1.14%	.98% ^A
Net investment income (loss)	1.95% ^G	1.21%	1.09%	1.45% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 114,117	$ 140,270	$ 104,141	$ 32,535
Portfolio turnover rate ^F	53%	96%	58%	68%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^G Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%.

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^J Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2011	2010	2009	2008 ^H
Selected Per-Share Data
Net asset value, beginning of period	$ 9.00	$ 7.28	$ 4.76	$ 10.00
Income from Investment Operations
Net investment income (loss) ^D	.19 ^G	.09	.06	.05
Net realized and unrealized gain (loss)	(.72)	1.70	2.49	(5.31)
Total from investment operations	(.53)	1.79	2.55	(5.26)
Distributions from net investment income	(.09)	(.05)	(.04)	-
Distributions from net realized gain	(.02)	(.02)	-	-
Total distributions	(.11)	(.08) ^J	(.04)	-
Redemption fees added to paid in capital ^D	.01	.01	.01	.02
Net asset value, end of period	$ 8.37	$ 9.00	$ 7.28	$ 4.76
Total Return ^{B, C}	(5.91)%	24.95%	54.15%	(52.40)%
Ratios to Average Net Assets ^{E, I}
Expenses before reductions	1.26%	1.34%	1.60%	2.12% ^A
Expenses net of fee waivers, if any	1.24%	1.25%	1.25%	1.25% ^A
Expenses net of all reductions	1.19%	1.13%	1.14%	.98% ^A
Net investment income (loss)	2.02% ^G	1.20%	1.09%	1.46% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,633	$ 7,171	$ 4,235	$ 2,695
Portfolio turnover rate ^F	53%	96%	58%	68%

^A Annualized

^B Total returns for periods of less than one year are not annualized.

^C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^D Calculated based on average shares outstanding during the period.

^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^H For the period May 8, 2008 (commencement of operations) to October 31, 2008.

^J Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2011

1. Organization.

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Effective after the close of business on September 1, 2010, Class B shares were closed to new accounts and additional purchases, except for exchanges and reinvestments by existing shareholders. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2011, is included at the end of the Fund's Schedule of Investments. Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Security Valuation - continued

Investments in open-end mutual funds, including Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carry forwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 21,839,274
Gross unrealized depreciation	(14,802,561)
Net unrealized appreciation (depreciation) on securities and other investments	$ 7,036,713

Tax Cost	$ 135,836,155

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 2,747,743
Capital loss carryforward	$ (11,266,491)
Net unrealized appreciation (depreciation)	$ 7,034,254

The tax character of distributions paid was as follows:

	October 31, 2011	October 31, 2010
Ordinary Income	$ 2,137,978	$ 1,207,434

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $91,399,924 and $94,303,247, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 30,466	$ 2,908
Class T	.25%	.25%	18,756	28
Class B	.75%	.25%	7,308	5,498
Class C	.75%	.25%	71,641	32,384
			$ 128,171	$ 40,818

Annual Report

5. Fees and Other Transactions with Affiliates - continued

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC
Class A	$ 11,710
Class T	2,792
Class B*	2,575
Class C*	1,417
	$ 18,494

* When Class B and Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of the respective classes of the Fund. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 34,413	.28
Class T	11,646	.31
Class B	2,238	.31
Class C	20,980	.29
Emerging Europe, Middle East, Africa (EMEA)	410,243	.28
Institutional Class	18,876	.20
	$ 498,396

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR or an affiliate in a $4.0 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $554 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $25. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

FMR voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

Annual Report

8. Expense Reductions - continued

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement from adviser
Class A	1.50%-1.65%*	$ 4,071
Class T	1.75%-1.90%*	1,321
Class B	2.25%-2.40%*	321
Class C	2.25%-2.40%*	2,211
Emerging Europe, Middle East, Africa (EMEA)	1.25%-1.40%*	56,199
Institutional Class	1.25%-1.40%*	1,658
		$ 65,781

* Expense limitation in effect at period end.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2011	2010
From net investment income
Class A	$ 97,896	$ 26,924
Class T	26,168	5,586
Class B	1,907	-
Class C	32,267	2,308
Emerging Europe, Middle East, Africa (EMEA)	1,585,636	748,050
Institutional Class	91,487	33,147
Total	$ 1,835,361	$ 816,015
From net realized gain
Class A	$ 18,012	$ 15,761
Class T	5,690	5,156
Class B	902	1,284
Class C	9,924	9,232
Emerging Europe, Middle East, Africa (EMEA)	253,422	345,254
Institutional Class	14,667	14,732
Total	$ 302,617	$ 391,419

Annual Report

Notes to Financial Statements - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2011	2010	2011	2010
Class A
Shares sold	827,297	750,400	$ 7,697,437	$ 5,978,580
Reinvestment of distributions	10,020	5,604	92,483	40,683
Shares redeemed	(725,856)	(299,775)	(6,651,188)	(2,302,163)
Net increase (decrease)	111,461	456,229	$ 1,138,732	$ 3,717,100
Class T
Shares sold	164,342	258,490	$ 1,527,510	$ 2,070,251
Reinvestment of distributions	3,447	1,476	31,848	10,717
Shares redeemed	(94,003)	(127,308)	(862,784)	(967,322)
Net increase (decrease)	73,786	132,658	$ 696,574	$ 1,113,646
Class B
Shares sold	9,372	50,154	$ 87,632	$ 403,463
Reinvestment of distributions	285	173	2,673	1,261
Shares redeemed	(36,653)	(66,507)	(325,442)	(516,486)
Net increase (decrease)	(26,996)	(16,180)	$ (235,137)	$ (111,762)
Class C
Shares sold	438,284	353,916	$ 4,066,195	$ 2,814,751
Reinvestment of distributions	4,100	1,559	37,820	11,306
Shares redeemed	(213,656)	(147,366)	(1,892,778)	(1,102,603)
Net increase (decrease)	228,728	208,109	$ 2,211,237	$ 1,723,454
Emerging Europe, Middle East, Africa (EMEA)
Shares sold	7,381,313	10,587,461	$ 68,910,601	$ 85,331,520
Reinvestment of distributions	187,137	144,800	1,730,170	1,051,250
Shares redeemed	(9,520,946)	(9,457,558)	(86,802,311)	(72,517,018)
Net increase (decrease)	(1,952,496)	1,274,703	$ (16,161,540)	$ 13,865,752
Institutional Class
Shares sold	597,666	319,437	$ 5,560,036	$ 2,551,378
Reinvestment of distributions	1,263	825	11,681	5,986
Shares redeemed	(484,423)	(105,236)	(4,318,317)	(819,955)
Net increase (decrease)	114,506	215,026	$ 1,253,400	$ 1,737,409

Annual Report

11. Other.

At the end of the period, FMR or its affiliates were the owners of record of 10% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2011, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period May 8, 2008 (commencement of operations) to October 31, 2008. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund as of October 31, 2011, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended and the period May 8, 2008 (commencement of operations) to October 31, 2008, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 15, 2011

Annual Report

Trustees and Officers

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Annual Report

Trustees and Officers - continued

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Annual Report

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (76)
	Year of Election or Appointment: 2007 Mr. Curvey is Trustee and Acting Chairman of the Board of Trustees of certain Trusts. Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of Fidelity Investments Money Management, Inc. (2009-present), Director of Fidelity Research & Analysis Co. (2009-present) and Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Ronald P. O'Hanley (54)
	Year of Election or Appointment: 2011 Mr. O'Hanley is Director of FMR Co., Inc. (2010-present), Director of Fidelity Investments Money Management, Inc. (2010-present), Director of Fidelity Research & Analysis Company (2010-present), President of Fidelity Asset Management and Corporate Services and a member of Fidelity's Executive Committee (2010-present). Previously, Mr. O'Hanley served as President and Chief Executive Officer of BNY Mellon Asset Management (2007-2010). Mr. O'Hanley also served as Vice Chairman of Bank New York Mellon Corp. and a member of that firm's Executive Committee. Prior to the 2007 merger of The Bank of New York and Mellon Financial Corporation, he was Vice Chairman of Mellon Financial Corporation and President and Chief Executive Officer of Mellon Asset Management. He joined Mellon in February 1997. Mr. O'Hanley currently serves as Chairman of the Boston Public Library Foundation Board of Directors and sits on the Board of Directors of Beth Israel Deaconess Medical Center, the Board of Trustees of the Marine Biological Laboratory and the Advisory Board of the Maxwell School of Citizenship and Public Administration at Syracuse University. Mr. O'Hanley also chairs the Council on Asset Management for the Financial Services Roundtable and is a member of the Board of Directors of Institutional Investor's U.S. Institute.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (63)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-Present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (58)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's, Inc. (restaurant and entertainment complexes, 2010-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-Present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (67)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is also a member of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (1999-present); a member of the Board of Trustees of Fairfield University (2005-present); and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (67)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Robert W. Selander (61)
	Year of Election or Appointment: 2011 Previously, Mr. Selander served as a Member of the Advisory Board of Fidelity's Equity and High Income Funds (2011), Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (67)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (72)
	Year of Election or Appointment: 2001 Mr. Stavropoulos is Vice Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of Univar (global distributor of commodity and specialty chemicals, 2010-present), a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (62)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (61)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-2010), as a Senior Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Members and Executive Officers:

Correspondence intended for each executive officer, Edward C. Johnson 3d, and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (81)
	Year of Election or Appointment: 2011 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC, and also serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as a Trustee and Chairman of the Board of certain Fidelity Trusts, Chairman and a Director of FMR, Chairman and a Director of FMR Co., Inc., and President of FMR LLC (2006-2007).
Peter S. Lynch (67)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (42)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as President and Treasurer (2010-present) and Assistant Treasurer (2009-present) of other Fidelity funds and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Deputy Treasurer of the Fidelity funds (2005-2008) and Treasurer and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2006-2008).
Bruce T. Herring (46)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Chief Investment Officer and Director of Fidelity Management & Research (U.K.) Inc. (2010-present) and Group Chief Investments Officer of FMR. Previously, Mr. Herring served as Vice President (2005-2006) and Senior Vice President (2006-2007) of Fidelity Management & Research Company, Vice President of FMR Co., Inc. (2001-2007) and as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (47)
	Year of Election or Appointment: 2009 Vice President of Equity and High Income Funds. Mr. Hogan also serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Scott C. Goebel (43)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as Secretary of Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); Secretary and CLO of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); employed by FMR LLC or an affiliate (2001-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (42)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Holly C. Laurent (57)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent also serves as AML Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present) and is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (53)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (64)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (50)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009).
Joseph F. Zambello (54)
	Year of Election or Appointment: 2011 Deputy Treasurer of the Fidelity funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).
Adrien E. Deberghes (44)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes also serves as Vice President and Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II (2011-present), Assistant Treasurer of other Fidelity funds (2010-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (42)
	Year of Election or Appointment: 2010 Assistant Treasurer of Fidelity's Equity and High Income Funds. Ms. Dorsey also serves as Deputy Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
John R. Hebble (53)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President (2011-present), Treasurer, and Chief Financial Officer of The North Carolina Capital Management Trust: Cash and Term Portfolios (2008-present), President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Gary W. Ryan (53)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).
Jonathan Davis (43)
	Year of Election or Appointment: 2010 Assistant Treasurer of the Fidelity funds. Mr. Davis is also Assistant Treasurer of Fidelity Rutland Square Trust II and Fidelity Commonwealth Trust II. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).

Annual Report

Distributions (Unaudited)

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund designates 100% of the dividend distributed during the fiscal year, as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1 (h) (11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Fidelity Emerging Europe,	12/13/2010	$0.050	$0.0115
Middle East, Africa (EMEA) Fund	12/31/2010	$0.011	$0.0000

The fund will notify shareholders in January 2012 of amounts for use in preparing 2011 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Nature, Extent, and Quality of Services Provided. The Board considered the staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the investment adviser's supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

dif30504

The Board noted that the investment performance of the retail class of the fund compared favorably to its benchmark for the period shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes. The Board also reviewed the fund's performance since inception as well as performance in the current year. The Board noted that it is difficult to evaluate in any comprehensive fashion the performance of the fund, in light of its relatively recent commencement of operations.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors in terms of gross management fees before expense reimbursements or caps. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 13% means that 87% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked, is also included in the chart and considered by the Board.

Annual Report

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

dif30506

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2010.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

Annual Report

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions. The Board also noted that in 2009, it and the board of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that any potential economies of scale are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance, and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year and length of portfolio manager tenure for different categories of funds over time; (iii) Fidelity's compensation structure for portfolio managers and other key personnel and strategies for attracting and retaining non-investment personnel; (iv) the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (v) historical trends in Fidelity's realization of fall-out benefits; (vi) Fidelity's group fee structures and the rationale for the individual fee rates of certain funds; (vii) fund profitability methodology and the impact of certain factors on fund profitability results; (viii) trends regarding industry use of performance fee structures and Fidelity's compliance practices with respect to performance adjustment calculations; (ix) the fee structures in place for certain other Fidelity clients; and (x) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expense ratios for certain funds and classes.

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone graphic)

Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555

Press

1 For mutual fund and brokerage trading.

2 For quotes.*

3 For account balances and holdings.

4 To review orders and mutual
fund activity.

5 To change your PIN.

* 0 To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer graphic)

Fidelity's Web Site
www.fidelity.com

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter graphic)

Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

To Visit Fidelity

For directions and hours,
please call 1-800-544-9797.

Arizona

7001 West Ray Road
Chandler, AZ

15445 N. Scottsdale Road
Scottsdale, AZ

17550 North 75th Avenue
Glendale, AZ

5330 E. Broadway Blvd
Tucson, AZ

California

815 East Birch Street
Brea, CA

1411 Chapin Avenue
Burlingame, CA

851 East Hamilton Avenue
Campbell, CA

601 Larkspur Landing Circle
Larkspur, CA

2000 Avenue of the Stars
Los Angeles, CA

27101 Puerta Real
Mission Viejo, CA

73575 El Paseo
Palm Desert, CA

251 University Avenue
Palo Alto, CA

123 South Lake Avenue
Pasadena, CA

16656 Bernardo Ctr. Drive
Rancho Bernardo, CA

1220 Roseville Parkway
Roseville, CA

1740 Arden Way
Sacramento, CA

7676 Hazard Center Drive
San Diego, CA

11943 El Camino Real
San Diego, CA

8 Montgomery Street
San Francisco, CA

3793 State Street
Santa Barbara, CA

1200 Wilshire Boulevard
Santa Monica, CA

398 West El Camino Real
Sunnyvale, CA

111 South Westlake Blvd
Thousand Oaks, CA

21701 Hawthorne Boulevard
Torrance, CA

2001 North Main Street
Walnut Creek, CA

6326 Canoga Avenue
Woodland Hills, CA

2211 Michelson Drive
Irvine, CA

Colorado

281 East Flatiron Circle
Broomfield, CO

1625 Broadway
Denver, CO

9185 Westview Road
Lone Tree, CO

Connecticut

48 West Putnam Avenue
Greenwich, CT

265 Church Street
New Haven, CT

300 Atlantic Street
Stamford, CT

29 South Main Street
West Hartford, CT

1261 Post Road
Fairfield, CT

Delaware

400 Delaware Avenue
Wilmington, DE

Florida

175 East Altamonte Drive
Altamonte Springs, FL

1400 Glades Road
Boca Raton, FL

121 Alhambra Plaza
Coral Gables, FL

2948 N. Federal Highway
Ft. Lauderdale, FL

4671 Town Center Parkway
Jacksonville, FL

8880 Tamiami Trail, North
Naples, FL

230 Royal Palm Way
Palm Beach, FL

3501 PGA Boulevard
Palm Beach Gardens, FL

3550 Tamiami Trail, South
Sarasota, FL

1502 N. Westshore Blvd.
Tampa, FL

2465 State Road 7
Wellington, FL

Georgia

3242 Peachtree Road
Atlanta, GA

1000 Abernathy Road
Atlanta, GA

Illinois

One North LaSalle Street
Chicago, IL

401 North Michigan Avenue
Chicago, IL

One Skokie Valley Road
Highland Park, IL

1415 West 22nd Street
Oak Brook, IL

15105 S LaGrange Road
Orland Park, IL

1572 East Golf Road
Schaumburg, IL

1823 Freedom Drive
Naperville, IL

Indiana

8480 Keystone Crossing
Indianapolis, IN

Kansas

5400 College Boulevard
Overland Park, KS

Maine

Three Canal Plaza
Portland, ME

Maryland

7315 Wisconsin Avenue
Bethesda, MD

610 York Road
Towson, MD

Massachusetts

801 Boylston Street
Boston, MA

155 Congress Street
Boston, MA

300 Granite Street
Braintree, MA

44 Mall Road
Burlington, MA

238 Main Street
Cambridge, MA

200 Endicott Street
Danvers, MA

Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC

Annual Report

405 Cochituate Road
Framingham, MA

551 Boston Turnpike
Shrewsbury, MA

Michigan

500 E. Eisenhower Pkwy.
Ann Arbor, MI

280 N. Old Woodward Ave.
Birmingham, MI

30200 Northwestern Hwy.
Farmington Hills, MI

43420 Grand River Avenue
Novi, MI

3480 28th Street
Grand Rapids, MI

2425 S. Linden Road STE E
Flint, MI

Minnesota

7740 France Avenue South
Edina, MN

8342 3rd Street North
Oakdale, MN

Missouri

1524 South Lindbergh Blvd.
St. Louis, MO

Nevada

2225 Village Walk Drive
Henderson, NV

New Jersey

501 Route 73 South
Marlton, NJ

150 Essex Street
Millburn, NJ

35 Morris Street
Morristown, NJ

396 Route 17, North
Paramus, NJ

3518 Route 1 North
Princeton, NJ

530 Broad Street
Shrewsbury, NJ

New Mexico

2261 Q Street NE
Albuquerque, NM

New York

1130 Franklin Avenue
Garden City, NY

37 West Jericho Turnpike
Huntington Station, NY

1271 Avenue of the Americas
New York, NY

980 Madison Avenue
New York, NY

61 Broadway
New York, NY

350 Park Avenue
New York, NY

200 Fifth Avenue
New York, NY

733 Third Avenue
New York, NY

2070 Broadway
New York, NY

1075 Northern Blvd.
Roslyn, NY

799 Central Park Avenue
Scarsdale, NY

3349 Monroe Avenue
Rochester, NY

North Carolina

4611 Sharon Road
Charlotte, NC

7011 Fayetteville Road
Durham, NC

Ohio

3805 Edwards Road
Cincinnati, OH

1324 Polaris Parkway
Columbus, OH

1800 Crocker Road
Westlake, OH

28699 Chagrin Boulevard
Woodmere Village, OH

Oregon

7493 SW Bridgeport Road
Tigard, OR

Pennsylvania

600 West DeKalb Pike
King of Prussia, PA

1735 Market Street
Philadelphia, PA

12001 Perry Highway
Wexford, PA

Rhode Island

10 Memorial Boulevard
Providence, RI

Tennessee

3018 Peoples Street
Johnson City, TN

7628 West Farmington Blvd.
Germantown, TN

2035 Mallory Lane
Franklin, TN

Texas

10000 Research Boulevard
Austin, TX

4001 Northwest Parkway
Dallas, TX

12532 Memorial Drive
Houston, TX

2701 Drexel Drive
Houston, TX

6560 Fannin Street
Houston, TX

1701 Lake Robbins Drive
The Woodlands, TX

6500 N. MacArthur Blvd.
Irving, TX

6005 West Park Boulevard
Plano, TX

1576 East Southlake Blvd.
Southlake, TX

15600 Southwest Freeway
Sugar Land, TX

139 N. Loop 1604 East
San Antonio, TX

Utah

279 West South Temple
Salt Lake City, UT

Virginia

1861 International Drive
McLean, VA

11957 Democracy Drive
Reston, VA

Washington

10500 NE 8th Street
Bellevue, WA

1518 6th Avenue
Seattle, WA

304 Strander Blvd
Tukwila, WA

Washington, DC

1900 K Street, N.W.
Washington, DC

Wisconsin

16020 West Bluemound Road
Brookfield, WI

Annual Report

Investment Adviser

Fidelity Management &
Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Company
Quincy, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

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(automated service graphic) Automated line for quickest service

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Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com

EME-UANN-1211
1.861971.103

(Fidelity Logo)

Fidelity Advisor®

Emerging Europe,
Middle East, Africa (EMEA)

Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2011

(Fidelity Cover Art)

Class A, Class T, Class B, and Class C are classes of Fidelity® Emerging Europe,
Middle East, Africa (EMEA) Fund

Chairman's Message	(Click Here)	The Chairman's message to shareholders.
Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(Acting Chairman's Photograph)

Dear Shareholder:

Sincerely,

(Acting Chairman's Signature)

James C. Curvey
Acting Chairman

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2011	Past 1 year	Life of fund^A
Class A (incl. 5.75% sales charge)	-11.46%	-6.00%
Class T (incl. 3.50% sales charge)	-9.70%	-5.61%
Class B (incl. contingent deferred sales charge)^B	-11.49%	-5.93%
Class C (incl. contingent deferred sales charge) ^C	-7.72%	-5.11%

^AFrom May 8, 2008.

^BClass B shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 5% and 3%, respectively.

^CClass C shares' contingent deferred sales charges included the past one year and life of fund total return figures are 1% and 0%, respectively.

Annual Report

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund - Class A on May 8, 2008, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EM (Emerging Markets) Europe, Middle East and Africa Index performed over the same period.

dif30520

Annual Report

Management's Discussion of Fund Performance

Market Recap: Emerging-markets stocks concluded the 12-month period ending October 31, 2011, on a strong note, reversing direction in October amid hope for a resolution to the sovereign debt crisis in Europe. The brief rally, on top of a robust first half of the period, could only partially offset the negative impact of a five-month downturn that began in May and intensified in August and September, as investors began to flee riskier securities due to the debt debacle, concern the U.S. economy may contract and worry about a significant slowdown in China. For the year, the MSCI®Emerging Markets Index declined 7.44%, hampered in part by global currency fluctuation. The index gained roughly 13% in October, after falling 9% in August and about 15% in September. For the full year, returns across the individual country components of the emerging-markets index were decidedly negative. Several of the largest countries in the index struggled, especially India (-20%), China (-17%) and Brazil (-12%), as did Turkey (-34%). Conversely, South Korea had the strongest result, gaining about 7%, while another sizable index component, Russia, returned roughly 1%. Smaller constituents Indonesia (+5%) and Malaysia (+4%) also finished in positive territory. A trio of countries had negative returns but outpaced the index: Mexico (-1%), Taiwan (-2%) and South Africa (-3%).

Comments from Adam Kutas, Portfolio Manager of Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund: For the year, the fund's Class A, Class T, Class B and Class C shares returned -6.05%, -6.42%, -6.85% and -6.79%, respectively (excluding sales charges), outperforming the -7.42% return of the MSCI®EM (Emerging Markets) Europe, Middle East and Africa Index. Stock selection within materials and telecommunication services helped, as did picks in Russia and an overweighting in South Africa. Individual contributors included Russian natural gas producer Novatek, three South African firms - coal company Exxaro Resources, Harmony Gold Mining and supermarket company Shoprite Holdings - and not owning underperforming index constituent OTP Bank, based in Hungary. On the down side, poor stock selection in consumer discretionary hurt, particularly in retailing. On a regional basis, the fund lost ground due to the negative currency effects of our South African investments and unfavorable security selection in Poland. Among the main individual detractors were Turkish banks Turkiye Garanti Bankasi and Turkiye Halk Bankasi - the latter of which was sold from the fund by period end - and underweighting Russian oil company and outperforming major index component Gazprom.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2011 to October 31, 2011).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio	Beginning Account Value May 1, 2011	Ending Account Value October 31, 2011	Expenses Paid During Period* May 1, 2011 to October 31, 2011
Class A	1.56%
Actual		$ 1,000.00	$ 811.30	$ 7.12
Hypothetical^A		$ 1,000.00	$ 1,017.34	$ 7.93
Class T	1.84%
Actual		$ 1,000.00	$ 809.90	$ 8.39
Hypothetical^A		$ 1,000.00	$ 1,015.93	$ 9.35
Class B	2.32%
Actual		$ 1,000.00	$ 808.00	$ 10.57
Hypothetical^A		$ 1,000.00	$ 1,013.51	$ 11.77
Class C	2.33%
Actual		$ 1,000.00	$ 807.80	$ 10.62
Hypothetical^A		$ 1,000.00	$ 1,013.46	$ 11.82
Emerging Europe, Middle East, Africa (EMEA)	1.31%
Actual		$ 1,000.00	$ 811.80	$ 5.98
Hypothetical^A		$ 1,000.00	$ 1,018.60	$ 6.67
Institutional Class	1.23%
Actual		$ 1,000.00	$ 811.80	$ 5.62
Hypothetical^A		$ 1,000.00	$ 1,019.00	$ 6.26

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2011
	South Africa 46.7%
	Russia 33.6%
	Turkey 5.8%
	Poland 3.3%
	United Arab Emirates 2.3%
	Nigeria 1.6%
	Morocco 1.2%
	Kenya 1.2%
	Qatar 1.1%
	Other* 3.2%

dif30532

* Includes short-term investments and net other assets.

As of April 30, 2011
	South Africa 45.0%
	Russia 32.4%
	Turkey 8.3%
	United States of America* 3.6%
	Poland 3.1%
	United Arab Emirates 1.4%
	Morocco 1.0%
	Nigeria 1.0%
	Kenya 0.9%
	Other 3.3%

dif30544

* Includes short-term investments and net other assets.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.9	96.1
Bonds	0.7	0.3
Short-Term Investments and Net Other Assets	0.4	3.6
Top Ten Stocks as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	8.7	9.3
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	7.9	6.2
Lukoil Oil Co. sponsored ADR (United Kingdom) (Russia, Oil, Gas & Consumable Fuels)	6.0	5.7
Sberbank of Russia (Russia, Commercial Banks)	5.6	5.1
Standard Bank Group Ltd. (South Africa, Commercial Banks)	4.3	3.8
OAO NOVATEK (Russia, Oil, Gas & Consumable Fuels)	4.0	3.3
Harmony Gold Mining Co. Ltd. (South Africa, Metals & Mining)	3.7	3.3
FirstRand Ltd. (South Africa, Diversified Financial Services)	3.3	2.9
Vodacom Group (Pty) Ltd. (South Africa, Wireless Telecommunication Services)	3.1	1.8
Shoprite Holdings Ltd. (South Africa, Food & Staples Retailing)	3.0	3.5
	49.6
Market Sectors as of October 31, 2011
	% of fund's net assets	% of fund's net assets 6 months ago
Energy	26.7	27.5
Financials	23.4	24.0
Materials	14.9	14.7
Telecommunication Services	14.3	10.5
Consumer Staples	9.2	8.8
Consumer Discretionary	6.3	6.8
Industrials	1.7	1.9
Utilities	1.7	1.0
Health Care	0.7	0.7
Information Technology	0.3	0.2

Annual Report

Investments October 31, 2011

Showing Percentage of Net Assets

Common Stocks - 97.1%
	Shares		Value
Bailiwick of Jersey - 0.8%
Randgold Resources Ltd.	9,700		$ 1,061,062
Canada - 0.3%
Silver Wheaton Corp.	13,000		448,874
Czech Republic - 0.6%
Philip Morris CR A/S	1,370		899,560
Kenya - 1.2%
British American Tobacco Kenya Ltd.	185,900		439,723
East African Breweries Ltd.	379,106		591,459
Safaricom Ltd.	15,803,616		477,210
Uchumi Supermarket Ltd. (a)	2,000,000		180,171
TOTAL KENYA			1,688,563
Morocco - 1.2%
Maroc Telecom SA	99,500		1,746,011
Nigeria - 1.6%
Guaranty Trust Bank PLC	3,807,451		349,066
Nigerian Breweries PLC	1,441,779		828,491
Skye Bank PLC	14,371,010		450,307
Zenith Bank PLC	7,356,200		595,887
TOTAL NIGERIA			2,223,751
Poland - 3.3%
Bank Polska Kasa Opieki SA	48,900		2,275,563
Eurocash SA	136,400		1,093,636
Polska Grupa Energetyczna SA	225,000		1,386,618
TOTAL POLAND			4,755,817
Qatar - 1.1%
Qatar National Bank SAQ	26,129		1,051,977
Vodafone Qatar QSC (a)	244,891		501,720
TOTAL QATAR			1,553,697
Russia - 31.8%
DIXY Group OJSC (a)	123,300		1,260,327
Lukoil Oil Co. sponsored ADR (United Kingdom)	147,895		8,607,489
Magnit OJSC	10,400		1,124,528
Magnit OJSC right 11/29/11 (a)	1,263		0
Novolipetsk Steel OJSC GDR (Reg. S)	30,600		832,932
OAO Gazprom	2,093,600		12,421,011
OAO NOVATEK	39,500		518,896
NOVATEK OAO GDR	37,100		5,208,840
Rosneft Oil Co. OJSC	32,800		236,696
Rosneft Oil Co. OJSC GDR (Reg. S)	247,700		1,762,386
Common Stocks - continued
	Shares		Value
Russia - continued
Sberbank of Russia	2,921,500		$ 7,927,577
Sistema JSFC sponsored GDR	26,300		450,782
TNK-BP Holding	786,500		2,151,883
Uralkali JSC	329,300		2,928,842
TOTAL RUSSIA			45,432,189
South Africa - 46.7%
Africa Cellular Towers Ltd. (a)	5,335,800		60,510
African Rainbow Minerals Ltd.	67,600		1,562,339
AngloGold Ashanti Ltd.	95,400		4,311,518
Aveng Ltd.	143,700		671,758
Cashbuild Ltd.	80,500		1,044,756
Clicks Group Ltd.	779,024		4,088,347
DRDGOLD Ltd.	1,024,814		675,744
Exxaro Resources Ltd.	125,700		2,843,031
FirstRand Ltd.	1,907,200		4,743,788
Foschini Ltd.	61,700		778,529
Harmony Gold Mining Co. Ltd.	404,700		5,290,930
Life Healthcare Group Holdings Ltd.	383,900		934,076
Mr Price Group Ltd.	153,400		1,476,728
MTN Group Ltd.	642,350		11,211,562
Nampak Ltd.	317,600		872,407
Naspers Ltd. Class N	28,200		1,350,216
Northam Platinum Ltd.	111,600		432,406
Paracon Holdings Ltd.	1,828,728		414,766
Pioneer Foods Ltd.	148,700		1,189,967
Raubex Group Ltd.	719,200		1,179,893
RMB Holdings Ltd.	258,400		815,609
Sanlam Ltd.	432,100		1,614,325
Sasol Ltd.	87,900		3,952,702
Shoprite Holdings Ltd.	296,200		4,340,942
Spur Corp. Ltd.	162,800		277,956
Standard Bank Group Ltd.	496,363		6,116,742
Vodacom Group (Pty) Ltd.	385,300		4,364,562
TOTAL SOUTH AFRICA			66,616,109
Turkey - 5.8%
Aygaz A/S	178,000		972,419
Bim Birlesik Magazalar A/S JSC	29,000		885,621
Koc Holding AS	159,000		568,291
Tupras-Turkiye Petrol Rafinerileri AS	32,000		723,880
Common Stocks - continued
	Shares		Value
Turkey - continued
Turk Telekomunikasyon AS	346,000		$ 1,467,553
Turkiye Garanti Bankasi AS	1,027,000		3,624,193
TOTAL TURKEY			8,241,957
United Arab Emirates - 2.3%
Dubai Financial Market PJSC (a)	4,758,417		1,334,378
Emirates NBD Bank PJSC (a)	418,373		389,555
First Gulf Bank PJSC	349,523		1,479,739
TOTAL UNITED ARAB EMIRATES			3,203,672
Zambia - 0.4%
Zambeef Products PLC	984,233		601,979
TOTAL COMMON STOCKS (Cost $130,573,013)		138,473,241
Nonconvertible Preferred Stocks - 1.8%

Russia - 1.8%
Surgutneftegaz JSC (Cost $2,598,642)	5,104,100		2,577,377

Nonconvertible Bonds - 0.3%
		Principal Amount
Multi-National - 0.3%
International Bank for Reconstruction & Development 8.2% 12/12/12 (Cost $511,604)	NGN	80,000,000	477,237
Government Obligations - 0.4%

Ghana - 0.4%
Ghana Republic 14.99% 3/11/13 (Cost $672,328)	GHS	950,000	599,847

Money Market Funds - 0.5%
	Shares		Value
Fidelity Cash Central Fund, 0.12% (b) (Cost $745,166)	745,166		$ 745,166
TOTAL INVESTMENT PORTFOLIO - 100.1% (Cost $135,100,753)			142,872,868
NET OTHER ASSETS (LIABILITIES) - (0.1)%			(170,558)
NET ASSETS - 100%		$ 142,702,310

Currency Abbreviations
GHS	-	Ghana Cedi
NGN	-	Nigerian naira

Legend

(a) Non-income producing

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund	Income earned
Fidelity Cash Central Fund	$ 5,615
Fidelity Securities Lending Cash Central Fund	25
Total	$ 5,640

Other Information

The following is a summary of the inputs used, as of October 31, 2011, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
South Africa	$ 66,616,109	$ 52,385,215	$ 14,230,894	$ -
Russia	48,009,566	48,009,566	-	-
Turkey	8,241,957	8,241,957	-	-
Poland	4,755,817	4,755,817	-	-
United Arab Emirates	3,203,672	3,203,672	-	-
Nigeria	2,223,751	2,223,751	-	-
Morocco	1,746,011	1,746,011	-	-
Kenya	1,688,563	1,688,563	-	-
Qatar	1,553,697	1,553,697	-	-
Other	3,011,475	1,950,413	1,061,062	-
Corporate Bonds	477,237	-	477,237	-
Government Obligations	599,847	-	599,847	-
Money Market Funds	745,166	745,166	-	-
Total Investments in Securities:	$ 142,872,868	$ 126,503,828	$ 16,369,040	$ -

Income Tax Information

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2011
Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $134,355,587)	$ 142,127,702
Fidelity Central Funds (cost $745,166)	745,166
Total Investments (cost $135,100,753)		$ 142,872,868
Cash		160,278
Foreign currency held at value (cost $61)		61
Receivable for fund shares sold		148,502
Dividends receivable		179,461
Interest receivable		43,184
Distributions receivable from Fidelity Central Funds		66
Prepaid expenses		716
Other receivables		20,392
Total assets		143,425,528

Liabilities
Payable for investments purchased	$ 160,278
Payable for fund shares redeemed	349,022
Accrued management fee	91,946
Distribution and service plan fees payable	9,109
Other affiliated payables	41,379
Other payables and accrued expenses	71,484
Total liabilities		723,218

Net Assets		$ 142,702,310
Net Assets consist of:
Paid in capital		$ 144,186,805
Undistributed net investment income		2,747,743
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(12,001,894)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		7,769,656
Net Assets		$ 142,702,310

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2011
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($10,260,374 ÷ 1,230,909 shares)		$ 8.34

Maximum offering price per share (100/94.25 of $8.34)		$ 8.85
Class T: Net Asset Value and redemption price per share ($3,502,217 ÷ 421,495 shares)		$ 8.31

Maximum offering price per share (100/96.50 of $8.31)		$ 8.61
Class B: Net Asset Value and offering price per share ($538,949 ÷ 65,051 shares)^A		$ 8.29

Class C: Net Asset Value and offering price per share ($6,650,468 ÷ 807,272 shares)^A		$ 8.24

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($114,117,343 ÷ 13,632,396 shares)		$ 8.37

Institutional Class: Net Asset Value, offering price and redemption price per share ($7,632,959 ÷ 911,487 shares)		$ 8.37

^ARedemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended October 31, 2011
Investment Income
Dividends		$ 5,132,884
Special dividends		786,604
Interest		112,169
Income from Fidelity Central Funds		5,640
Income before foreign taxes withheld		6,037,297
Less foreign taxes withheld		(341,837)
Total income		5,695,460

Expenses
Management fee	$ 1,436,460
Transfer agent fees	498,396
Distribution and service plan fees	128,171
Accounting and security lending fees	92,187
Custodian fees and expenses	211,210
Independent trustees' compensation	978
Registration fees	81,995
Audit	62,082
Legal	658
Miscellaneous	1,418
Total expenses before reductions	2,513,555
Expense reductions	(160,094)	2,353,461
Net investment income (loss)		3,341,999
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	3,530,080
Foreign currency transactions	(102,414)
Total net realized gain (loss)		3,427,666
Change in net unrealized appreciation (depreciation) on: Investment securities	(17,515,193)
Assets and liabilities in foreign currencies	(8,519)
Total change in net unrealized appreciation (depreciation)		(17,523,712)
Net gain (loss)		(14,096,046)
Net increase (decrease) in net assets resulting from operations		$ (10,754,047)

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2011	Year ended October 31, 2010
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,341,999	$ 1,510,417
Net realized gain (loss)	3,427,666	(3,213,726)
Change in net unrealized appreciation (depreciation)	(17,523,712)	29,135,993
Net increase (decrease) in net assets resulting from operations	(10,754,047)	27,432,684
Distributions to shareholders from net investment income	(1,835,361)	(816,015)
Distributions to shareholders from net realized gain	(302,617)	(391,419)
Total distributions	(2,137,978)	(1,207,434)
Share transactions - net increase (decrease)	(11,096,734)	22,045,599
Redemption fees	119,309	89,745
Total increase (decrease) in net assets	(23,869,450)	48,360,594

Net Assets
Beginning of period	166,571,760	118,211,166
End of period (including undistributed net investment income of $2,747,743 and undistributed net investment income of $1,374,218, respectively)	$ 142,702,310	$ 166,571,760

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2011	2010	2009	2008 ^I
Selected Per-Share Data
Net asset value, beginning of period	$ 8.97	$ 7.26	$ 4.75	$ 10.00
Income from Investment Operations
Net investment income (loss) ^E	.16 ^H	.07	.05	.04
Net realized and unrealized gain (loss)	(.70)	1.70	2.48	(5.31)
Total from investment operations	(.54)	1.77	2.53	(5.27)
Distributions from net investment income	(.08)	(.04)	(.03)	-
Distributions from net realized gain	(.02)	(.02)	-	-
Total distributions	(.10)	(.07) ^K	(.03)	-
Redemption fees added to paid in capital ^E	.01	.01	.01	.02
Net asset value, end of period	$ 8.34	$ 8.97	$ 7.26	$ 4.75
Total Return ^{B, C, D}	(6.05)%	24.66%	53.78%	(52.50)%
Ratios to Average Net Assets ^{F, J}
Expenses before reductions	1.60%	1.69%	1.87%	2.50% ^A
Expenses net of fee waivers, if any	1.56%	1.50%	1.50%	1.50% ^A
Expenses net of all reductions	1.51%	1.38%	1.39%	1.23% ^A
Net investment income (loss)	1.70% ^H	.95%	.84%	1.20% ^A
Supplemental Data
Net assets, end of period (000 omitted)	$ 10,260	$ 10,045	$ 4,817	$ 1,368
Portfolio turnover rate ^G	53%	96%	58%	68%