N-CSRS 1 filing918.htm PRIMARY DOCUMENT

 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)


245 Summer St., Boston, MA 02210
(Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210
(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:

April 30, 2016


Item 1.

Reports to Stockholders




Fidelity Advisor® Canada Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Canada Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Canada 94.1% 
   United States of America* 3.0% 
   United Kingdom 0.9% 
   Bailiwick of Jersey 0.8% 
   France 0.4% 
   Israel 0.3% 
   Ireland 0.3% 
   Netherlands 0.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Canada 94.4% 
   United States of America* 3.3% 
   United Kingdom 0.9% 
   Bailiwick of Jersey 0.7% 
   Israel 0.3% 
   Sweden 0.3% 
   Ireland 0.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.0 97.8 
Short-Term Investments and Net Other Assets (Liabilities) 2.0 2.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Royal Bank of Canada (Banks) 10.0 8.9 
The Toronto-Dominion Bank (Banks) 9.2 8.3 
Canadian National Railway Co. (Road & Rail) 5.5 6.1 
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) 5.1 5.7 
Enbridge, Inc. (Oil, Gas & Consumable Fuels) 3.4 4.4 
Rogers Communications, Inc. Class B (non-vtg.) (Wireless Telecommunication Services) 3.3 3.8 
TELUS Corp. (Diversified Telecommunication Services) 3.0 3.9 
Sun Life Financial, Inc. (Insurance) 2.9 4.1 
Power Corp. of Canada (sub. vtg.) (Insurance) 2.6 2.2 
Bank of Nova Scotia (Banks) 2.3 1.6 
 47.3  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 33.3 33.1 
Energy 20.9 20.7 
Materials 13.8 10.2 
Consumer Staples 8.3 8.7 
Industrials 7.2 8.2 
Telecommunication Services 6.5 7.7 
Information Technology 3.8 3.3 
Consumer Discretionary 3.1 2.6 
Health Care 0.7 3.0 
Utilities 0.4 0.3 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 3.1%   
Auto Components - 0.5%   
Magna International, Inc. Class A (sub. vtg.) 147,200 $6,182,705 
Hotels, Restaurants & Leisure - 0.2%   
Cara Operations Ltd. 106,400 2,752,645 
Media - 1.4%   
Corus Entertainment, Inc. Class B (non-vtg.) 501,600 5,001,208 
DHX Media Ltd. 773,000 4,713,039 
Quebecor, Inc. Class B (sub. vtg.) 331,500 8,866,773 
  18,581,020 
Specialty Retail - 0.3%   
AutoCanada, Inc. (a) 204,700 3,349,399 
Textiles, Apparel & Luxury Goods - 0.7%   
Gildan Activewear, Inc. 298,790 9,280,184 
TOTAL CONSUMER DISCRETIONARY  40,145,953 
CONSUMER STAPLES - 8.3%   
Beverages - 0.5%   
Molson Coors Brewing Co. Class B 60,600 5,795,178 
Food & Staples Retailing - 6.8%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 540,800 23,706,065 
George Weston Ltd. 333,900 28,975,079 
Jean Coutu Group, Inc. Class A (sub. vtg.) 496,900 7,556,270 
Metro, Inc. Class A (sub. vtg.) 471,795 15,789,170 
North West Co., Inc. 507,200 11,274,255 
  87,300,839 
Food Products - 0.3%   
AGT Food & Ingredients, Inc. 121,700 3,934,129 
Personal Products - 0.2%   
Edgewell Personal Care Co. (b) 38,900 3,192,523 
Tobacco - 0.5%   
Imperial Tobacco Group PLC 109,910 5,971,725 
TOTAL CONSUMER STAPLES  106,194,394 
ENERGY - 20.9%   
Energy Equipment & Services - 1.4%   
Canadian Energy Services & Technology Corp. 1,930,100 5,891,674 
Pason Systems, Inc. 390,300 5,673,924 
ZCL Composites, Inc. 968,300 6,359,123 
  17,924,721 
Oil, Gas & Consumable Fuels - 19.5%   
ARC Resources Ltd. (a) 748,000 12,620,674 
Canadian Natural Resources Ltd. 724,198 21,748,450 
Cenovus Energy, Inc. 1,329,400 21,074,174 
Enbridge, Inc. 1,057,200 43,915,887 
Imperial Oil Ltd. 637,700 21,148,240 
Keyera Corp. (a) 239,704 7,720,123 
Painted Pony Petroleum Ltd. (b) 825,000 3,892,564 
Paramount Resources Ltd. Class A (a)(b) 385,100 2,802,234 
Parkland Fuel Corp. 341,700 6,517,001 
Peyto Exploration & Development Corp. 385,600 9,843,602 
PrairieSky Royalty Ltd. 601,629 12,668,397 
Raging River Exploration, Inc. (b) 821,400 6,657,877 
Spartan Energy Corp. (b) 2,605,300 5,959,362 
Suncor Energy, Inc. 2,250,000 66,045,668 
Whitecap Resources, Inc. 1,051,500 7,886,040 
  250,500,293 
TOTAL ENERGY  268,425,014 
FINANCIALS - 33.3%   
Banks - 21.5%   
Bank of Nova Scotia 559,100 29,320,778 
Royal Bank of Canada 2,075,800 128,912,361 
The Toronto-Dominion Bank 2,643,500 117,669,144 
  275,902,283 
Capital Markets - 1.0%   
Amundi SA 103,800 4,776,830 
Ashmore Group PLC (a) 1,186,200 5,322,707 
Uranium Participation Corp. (b) 624,800 2,300,611 
  12,400,148 
Insurance - 9.2%   
Fairfax Financial Holdings Ltd. (sub. vtg.) 29,600 15,865,147 
Intact Financial Corp. 295,625 21,876,768 
Manulife Financial Corp. 724,500 10,682,434 
Power Corp. of Canada (sub. vtg.) 1,347,500 32,745,098 
Sun Life Financial, Inc. 1,099,400 37,502,447 
  118,671,894 
Real Estate Investment Trusts - 1.6%   
Allied Properties (REIT) 382,300 10,770,945 
H&R REIT/H&R Finance Trust 604,700 10,564,297 
  21,335,242 
TOTAL FINANCIALS  428,309,567 
HEALTH CARE - 0.7%   
Pharmaceuticals - 0.7%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 82,400 4,486,680 
Valeant Pharmaceuticals International, Inc. (Canada) (b) 148,921 4,968,004 
  9,454,684 
INDUSTRIALS - 7.2%   
Airlines - 0.5%   
WestJet Airlines Ltd. 361,700 6,053,798 
Professional Services - 0.6%   
Stantec, Inc. 282,200 7,233,245 
Stantec, Inc. ADR 52,700 1,342,806 
  8,576,051 
Road & Rail - 6.1%   
Canadian National Railway Co. 1,146,800 70,615,899 
TransForce, Inc. 415,100 7,834,198 
  78,450,097 
TOTAL INDUSTRIALS  93,079,946 
INFORMATION TECHNOLOGY - 3.8%   
Electronic Equipment & Components - 0.2%   
Avigilon Corp. (a)(b) 213,600 2,744,267 
IT Services - 1.4%   
CGI Group, Inc. Class A (sub. vtg.) (b) 396,300 18,104,659 
Software - 2.2%   
Constellation Software, Inc. 35,500 13,873,492 
Open Text Corp. 257,814 14,434,872 
  28,308,364 
TOTAL INFORMATION TECHNOLOGY  49,157,290 
MATERIALS - 13.8%   
Chemicals - 2.2%   
Agrium, Inc. 213,900 18,432,189 
LyondellBasell Industries NV Class A 28,800 2,380,896 
Monsanto Co. 39,100 3,662,888 
Potash Corp. of Saskatchewan, Inc. 203,600 3,602,391 
  28,078,364 
Construction Materials - 0.3%   
CRH PLC 139,700 4,065,676 
Containers & Packaging - 1.2%   
CCL Industries, Inc. Class B 62,600 11,462,780 
Winpak Ltd. 113,500 3,916,008 
  15,378,788 
Metals & Mining - 9.5%   
Agnico Eagle Mines Ltd. (Canada) 418,700 19,792,059 
Continental Gold, Inc. (b) 1,142,500 2,522,296 
Franco-Nevada Corp. 83,300 5,848,992 
Goldcorp, Inc. 1,301,500 26,222,938 
Labrador Iron Ore Royalty Corp. (a) 368,800 4,320,842 
Lundin Mining Corp. (b) 2,504,500 9,840,747 
Randgold Resources Ltd. 102,964 10,284,896 
Silver Wheaton Corp. 853,200 17,877,284 
Tahoe Resources, Inc. 759,900 10,731,990 
Teck Resources Ltd. Class B (sub. vtg.) 654,800 8,016,042 
Torex Gold Resources, Inc. (b) 3,556,100 6,320,318 
  121,778,404 
Paper & Forest Products - 0.6%   
Stella-Jones, Inc. 109,300 4,178,785 
Western Forest Products, Inc. 1,809,500 3,244,899 
  7,423,684 
TOTAL MATERIALS  176,724,916 
TELECOMMUNICATION SERVICES - 6.5%   
Diversified Telecommunication Services - 3.2%   
Manitoba Telecom Services, Inc. 96,500 2,525,751 
TELUS Corp. 1,216,300 38,562,536 
  41,088,287 
Wireless Telecommunication Services - 3.3%   
Rogers Communications, Inc. Class B (non-vtg.) 1,099,400 42,759,799 
TOTAL TELECOMMUNICATION SERVICES  83,848,086 
UTILITIES - 0.4%   
Electric Utilities - 0.4%   
Hydro One Ltd. 244,600 4,592,951 
TOTAL COMMON STOCKS   
(Cost $1,011,771,553)  1,259,932,801 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 0.38% (c) 20,320,612 20,320,612 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 10,341,617 10,341,617 
TOTAL MONEY MARKET FUNDS   
(Cost $30,662,229)  30,662,229 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $1,042,433,782)  1,290,595,030 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (4,985,358) 
NET ASSETS - 100%  $1,285,609,672 

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $43,503 
Fidelity Securities Lending Cash Central Fund 952,909 
Total $996,412 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $40,145,953 $40,145,953 $-- $-- 
Consumer Staples 106,194,394 106,194,394 -- -- 
Energy 268,425,014 268,425,014 -- -- 
Financials 428,309,567 428,309,567 -- -- 
Health Care 9,454,684 9,454,684 -- -- 
Industrials 93,079,946 93,079,946 -- -- 
Information Technology 49,157,290 49,157,290 -- -- 
Materials 176,724,916 162,374,344 14,350,572 -- 
Telecommunication Services 83,848,086 83,848,086 -- -- 
Utilities 4,592,951 4,592,951 -- -- 
Money Market Funds 30,662,229 30,662,229 -- -- 
Total Investments in Securities: $1,290,595,030 $1,276,244,458 $14,350,572 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,857,677) — See accompanying schedule:
Unaffiliated issuers (cost $1,011,771,553) 		$1,259,932,801  
Fidelity Central Funds (cost $30,662,229) 30,662,229  
Total Investments (cost $1,042,433,782)  $1,290,595,030 
Foreign currency held at value (cost $40,845)  40,845 
Receivable for investments sold  14,117,371 
Receivable for fund shares sold  683,671 
Dividends receivable  2,510,752 
Distributions receivable from Fidelity Central Funds  195,666 
Prepaid expenses  1,745 
Other receivables  3,103 
Total assets  1,308,148,183 
Liabilities   
Payable for investments purchased $7,933,946  
Payable for fund shares redeemed 3,028,172  
Accrued management fee 878,006  
Distribution and service plan fees payable 32,252  
Other affiliated payables 283,687  
Other payables and accrued expenses 40,831  
Collateral on securities loaned, at value 10,341,617  
Total liabilities  22,538,511 
Net Assets  $1,285,609,672 
Net Assets consist of:   
Paid in capital  $1,082,592,424 
Undistributed net investment income  5,545,722 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (50,751,002) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  248,222,528 
Net Assets  $1,285,609,672 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($47,435,581 ÷ 993,715 shares)  $47.74 
Maximum offering price per share (100/94.25 of $47.74)  $50.65 
Class T:   
Net Asset Value and redemption price per share ($11,413,979 ÷ 240,120 shares)  $47.53 
Maximum offering price per share (100/96.50 of $47.53)  $49.25 
Class B:   
Net Asset Value and offering price per share ($2,218,869 ÷ 47,287 shares)(a)  $46.92 
Class C:   
Net Asset Value and offering price per share ($19,909,120 ÷ 426,363 shares)(a)  $46.70 
Canada:   
Net Asset Value, offering price and redemption price per share ($1,195,964,152 ÷ 24,956,980 shares)  $47.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($8,667,971 ÷ 181,174 shares)  $47.84 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $17,965,445 
Interest  40 
Income from Fidelity Central Funds (including $952,909 from security lending)  996,412 
Income before foreign taxes withheld  18,961,897 
Less foreign taxes withheld  (2,585,887) 
Total income  16,376,010 
Expenses   
Management fee   
Basic fee $4,221,805  
Performance adjustment 1,593,391  
Transfer agent fees 1,437,412  
Distribution and service plan fees 189,908  
Accounting and security lending fees 281,330  
Custodian fees and expenses 11,972  
Independent trustees' compensation 2,724  
Registration fees 66,487  
Audit 39,975  
Legal 2,162  
Miscellaneous 4,401  
Total expenses before reductions 7,851,567  
Expense reductions (9,373) 7,842,194 
Net investment income (loss)  8,533,816 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (38,078,868)  
Foreign currency transactions (188,472)  
Total net realized gain (loss)  (38,267,340) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		98,783,700  
Assets and liabilities in foreign currencies 77,536  
Total change in net unrealized appreciation (depreciation)  98,861,236 
Net gain (loss)  60,593,896 
Net increase (decrease) in net assets resulting from operations  $69,127,712 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,533,816 $20,629,341 
Net realized gain (loss) (38,267,340) (6,996,196) 
Change in net unrealized appreciation (depreciation) 98,861,236 (283,157,405) 
Net increase (decrease) in net assets resulting from operations 69,127,712 (269,524,260) 
Distributions to shareholders from net investment income (17,462,078) (24,029,674) 
Distributions to shareholders from net realized gain (1,771,774) (262,730,704) 
Total distributions (19,233,852) (286,760,378) 
Share transactions - net increase (decrease) (154,046,279) (304,156,881) 
Redemption fees 34,509 128,345 
Total increase (decrease) in net assets (104,117,910) (860,313,174) 
Net Assets   
Beginning of period 1,389,727,582 2,250,040,756 
End of period (including undistributed net investment income of $5,545,722 and undistributed net investment income of $14,473,984, respectively) $1,285,609,672 $1,389,727,582 

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


Financial Highlights — Fidelity Canada Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.25 $60.56 $57.31 $53.65 $52.20 $53.81 
Income from Investment Operations       
Net investment income (loss)A .24 .45 .47 .60 .57 .34 
Net realized and unrealized gain (loss) 2.73 (8.04) 3.13 3.63 1.50 (1.17) 
Total from investment operations 2.97 (7.59) 3.60 4.23 2.07 (.83) 
Distributions from net investment income (.42) (.50) (.03) (.57) (.33) (.35) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.48) (7.72) (.35) (.57) (.62) (.79) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.74 $45.25 $60.56 $57.31 $53.65 $52.20 
Total ReturnC,D,E 6.66% (14.32)% 6.32% 7.98% 4.04% (1.64)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.43% 1.29% 1.19% 1.08% 1.12% 
Expenses net of fee waivers, if any 1.57%H 1.43% 1.29% 1.19% 1.08% 1.12% 
Expenses net of all reductions 1.57%H 1.43% 1.29% 1.18% 1.08% 1.12% 
Net investment income (loss) 1.14%H .90% .79% 1.11% 1.11% .59% 
Supplemental Data       
Net assets, end of period (000 omitted) $47,436 $58,286 $95,004 $116,661 $159,597 $215,369 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.99 $60.22 $57.14 $53.48 $52.01 $53.64 
Income from Investment Operations       
Net investment income (loss)A .18 .29 .29 .45 .43 .17 
Net realized and unrealized gain (loss) 2.71 (8.00) 3.11 3.63 1.49 (1.16) 
Total from investment operations 2.89 (7.71) 3.40 4.08 1.92 (.99) 
Distributions from net investment income (.29) (.30) – (.42) (.16) (.21) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.35) (7.52) (.32) (.42) (.45) (.65) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.53 $44.99 $60.22 $57.14 $53.48 $52.01 
Total ReturnC,D,E 6.49% (14.58)% 5.99% 7.69% 3.74% (1.93)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.85%H 1.75% 1.59% 1.47% 1.36% 1.42% 
Expenses net of fee waivers, if any 1.85%H 1.75% 1.59% 1.47% 1.36% 1.42% 
Expenses net of all reductions 1.85%H 1.75% 1.59% 1.46% 1.36% 1.42% 
Net investment income (loss) .86%H .58% .48% .83% .83% .30% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,414 $12,820 $21,989 $23,751 $29,626 $34,323 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.22 $59.27 $56.53 $52.89 $51.37 $53.03 
Income from Investment Operations       
Net investment income (loss)A .08 .05 (.01) .18 .17 (.11) 
Net realized and unrealized gain (loss) 2.68 (7.88) 3.07 3.60 1.49 (1.14) 
Total from investment operations 2.76 (7.83) 3.06 3.78 1.66 (1.25) 
Distributions from net investment income – – – (.14) – (.01) 
Distributions from net realized gain (.06) (7.22) (.32) – (.14) (.41) 
Total distributions (.06) (7.22) (.32) (.14) (.14) (.42) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $46.92 $44.22 $59.27 $56.53 $52.89 $51.37 
Total ReturnC,D,E 6.25% (14.99)% 5.45% 7.17% 3.25% (2.41)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.33%H 2.22% 2.09% 1.96% 1.85% 1.91% 
Expenses net of fee waivers, if any 2.33%H 2.22% 2.09% 1.96% 1.85% 1.91% 
Expenses net of all reductions 2.33%H 2.22% 2.09% 1.95% 1.85% 1.91% 
Net investment income (loss) .38%H .11% (.01)% .34% .34% (.20)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,219 $2,678 $6,290 $7,737 $9,804 $11,866 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.02 $59.04 $56.27 $52.61 $51.19 $52.87 
Income from Investment Operations       
Net investment income (loss)A .09 .07 .02 .20 .19 (.08) 
Net realized and unrealized gain (loss) 2.67 (7.85) 3.07 3.58 1.46 (1.14) 
Total from investment operations 2.76 (7.78) 3.09 3.78 1.65 (1.22) 
Distributions from net investment income (.02) (.02) – (.12) – (.03) 
Distributions from net realized gain (.06) (7.22) (.32) – (.23) (.44) 
Total distributions (.08) (7.24) (.32) (.12) (.23) (.47) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $46.70 $44.02 $59.04 $56.27 $52.61 $51.19 
Total ReturnC,D,E 6.28% (14.96)% 5.53% 7.21% 3.26% (2.36)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.30%H 2.19% 2.03% 1.93% 1.82% 1.86% 
Expenses net of fee waivers, if any 2.30%H 2.19% 2.03% 1.92% 1.82% 1.86% 
Expenses net of all reductions 2.29%H 2.18% 2.03% 1.92% 1.82% 1.86% 
Net investment income (loss) .41%H .14% .04% .37% .37% (.15)% 
Supplemental Data       
Net assets, end of period (000 omitted) $19,909 $21,610 $38,749 $46,040 $66,500 $87,990 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.55 $60.95 $57.72 $54.05 $52.59 $54.14 
Income from Investment Operations       
Net investment income (loss)A .31 .60 .66 .77 .73 .52 
Net realized and unrealized gain (loss) 2.73 (8.09) 3.13 3.66 1.51 (1.18) 
Total from investment operations 3.04 (7.49) 3.79 4.43 2.24 (.66) 
Distributions from net investment income (.61) (.69) (.24) (.76) (.49) (.46) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.67) (7.91) (.56) (.76) (.78) (.90) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.92 $45.55 $60.95 $57.72 $54.05 $52.59 
Total ReturnC,D 6.83% (14.08)% 6.64% 8.32% 4.36% (1.33)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.26%G 1.15% .98% .87% .77% .82% 
Expenses net of fee waivers, if any 1.26%G 1.15% .98% .87% .77% .82% 
Expenses net of all reductions 1.26%G 1.14% .98% .86% .77% .82% 
Net investment income (loss) 1.45%G 1.18% 1.09% 1.42% 1.42% .90% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,195,964 $1,279,488 $2,057,843 $2,262,380 $2,992,597 $3,778,765 
Portfolio turnover rateH 37%G 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.44 $60.80 $57.57 $53.91 $52.44 $54.02 
Income from Investment Operations       
Net investment income (loss)A .32 .61 .65 .78 .74 .51 
Net realized and unrealized gain (loss) 2.73 (8.07) 3.12 3.64 1.50 (1.18) 
Total from investment operations 3.05 (7.46) 3.77 4.42 2.24 (.67) 
Distributions from net investment income (.59) (.68) (.22) (.76) (.48) (.48) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.65) (7.90) (.54) (.76) (.77) (.92) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.84 $45.44 $60.80 $57.57 $53.91 $52.44 
Total ReturnC,D 6.85% (14.05)% 6.62% 8.34% 4.38% (1.35)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.21%G 1.13% 1.00% .86% .76% .82% 
Expenses net of fee waivers, if any 1.21%G 1.12% 1.00% .86% .76% .82% 
Expenses net of all reductions 1.21%G 1.12% 1.00% .85% .76% .82% 
Net investment income (loss) 1.50%G 1.21% 1.08% 1.43% 1.42% .89% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,668 $14,846 $30,165 $30,831 $59,245 $68,112 
Portfolio turnover rateH 37%G 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Canada 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, Canada and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation 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 $314,151,043 
Gross unrealized depreciation (74,008,231) 
Net unrealized appreciation (depreciation) on securities $240,142,812 
Tax cost $1,050,452,218 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $222,288,695 and $383,011,745, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .96% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $58,105 $– 
Class T .25% .25% 27,541 – 
Class B .75% .25% 11,113 8,335 
Class C .75% .25% 93,149 2,665 
   $189,908 $11,000 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $2,637 
Class T 1,094 
Class B(a) 1,397 
Class C(a) 597 
 $5,725 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $67,198 .29 
Class T 17,829 .32 
Class B 3,332 .30 
Class C 25,128 .27 
Canada 1,314,704 .23 
Class I 9,221 .18 
 $1,437,412  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $294 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,071 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $2,028 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,918 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $21.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,434.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $482,934 $783,478 
Class T 79,315 106,245 
Class C 8,502 12,920 
Canada 16,735,044 22,800,214 
Class I 156,283 326,817 
Total $17,462,078 $24,029,674 
From net realized gain   
Class A $69,321 $11,358,847 
Class T 16,639 2,548,483 
Class B 3,460 742,098 
Class C 28,339 4,664,328 
Canada 1,638,014 239,967,215 
Class I 16,001 3,449,733 
Total $1,771,774 $262,730,704 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 36,639 153,407 $1,582,358 $8,099,168 
Reinvestment of distributions 11,425 200,582 496,287 10,552,616 
Shares redeemed (342,515) (634,705) (14,730,138) (31,737,294) 
Net increase (decrease) (294,451) (280,716) $(12,651,493) $(13,085,510) 
Class T     
Shares sold 9,827 21,812 $408,970 $1,102,045 
Reinvestment of distributions 2,169 49,518 93,951 2,597,730 
Shares redeemed (56,853) (151,491) (2,357,721) (7,597,599) 
Net increase (decrease) (44,857) (80,161) $(1,854,800) $(3,897,824) 
Class B     
Shares sold 499 1,663 $21,790 $85,823 
Reinvestment of distributions 68 12,380 2,895 641,184 
Shares redeemed (13,828) (59,611) (579,039) (2,906,257) 
Net increase (decrease) (13,261) (45,568) $(554,354) $(2,179,250) 
Class C     
Shares sold 24,743 42,631 $1,052,682 $2,146,853 
Reinvestment of distributions 731 75,003 31,141 3,864,885 
Shares redeemed (90,006) (283,087) (3,720,124) (13,692,762) 
Net increase (decrease) (64,532) (165,453) $(2,636,301) $(7,681,024) 
Canada     
Shares sold 779,017 1,250,697 $33,585,544 $63,450,179 
Reinvestment of distributions 388,588 4,716,591 16,926,879 249,177,482 
Shares redeemed (4,297,518) (11,643,757) (180,976,780) (581,614,067) 
Net increase (decrease) (3,129,913) (5,676,469) $(130,464,357) $(268,986,406) 
Class I     
Shares sold 70,963 66,679 $2,977,708 $3,430,310 
Reinvestment of distributions 2,849 49,883 123,890 2,628,352 
Shares redeemed (219,360) (285,976) (8,986,572) (14,385,529) 
Net increase (decrease) (145,548) (169,414) $(5,884,974) $(8,326,867) 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.57%    
Actual  $1,000.00 $1,066.60 $8.07 
Hypothetical-C  $1,000.00 $1,017.06 $7.87 
Class T 1.85%    
Actual  $1,000.00 $1,064.90 $9.50 
Hypothetical-C  $1,000.00 $1,015.66 $9.27 
Class B 2.33%    
Actual  $1,000.00 $1,062.50 $11.95 
Hypothetical-C  $1,000.00 $1,013.28 $11.66 
Class C 2.30%    
Actual  $1,000.00 $1,062.80 $11.80 
Hypothetical-C  $1,000.00 $1,013.43 $11.51 
Canada 1.26%    
Actual  $1,000.00 $1,068.30 $6.48 
Hypothetical-C  $1,000.00 $1,018.60 $6.32 
Class I 1.21%    
Actual  $1,000.00 $1,068.50 $6.22 
Hypothetical-C  $1,000.00 $1,018.85 $6.07 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ACAN-SANN-0616
1.843168.108

Fidelity Advisor® Canada Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Canada Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Canada 94.1% 
   United States of America* 3.0% 
   United Kingdom 0.9% 
   Bailiwick of Jersey 0.8% 
   France 0.4% 
   Israel 0.3% 
   Ireland 0.3% 
   Netherlands 0.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Canada 94.4% 
   United States of America* 3.3% 
   United Kingdom 0.9% 
   Bailiwick of Jersey 0.7% 
   Israel 0.3% 
   Sweden 0.3% 
   Ireland 0.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.0 97.8 
Short-Term Investments and Net Other Assets (Liabilities) 2.0 2.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Royal Bank of Canada (Banks) 10.0 8.9 
The Toronto-Dominion Bank (Banks) 9.2 8.3 
Canadian National Railway Co. (Road & Rail) 5.5 6.1 
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) 5.1 5.7 
Enbridge, Inc. (Oil, Gas & Consumable Fuels) 3.4 4.4 
Rogers Communications, Inc. Class B (non-vtg.) (Wireless Telecommunication Services) 3.3 3.8 
TELUS Corp. (Diversified Telecommunication Services) 3.0 3.9 
Sun Life Financial, Inc. (Insurance) 2.9 4.1 
Power Corp. of Canada (sub. vtg.) (Insurance) 2.6 2.2 
Bank of Nova Scotia (Banks) 2.3 1.6 
 47.3  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 33.3 33.1 
Energy 20.9 20.7 
Materials 13.8 10.2 
Consumer Staples 8.3 8.7 
Industrials 7.2 8.2 
Telecommunication Services 6.5 7.7 
Information Technology 3.8 3.3 
Consumer Discretionary 3.1 2.6 
Health Care 0.7 3.0 
Utilities 0.4 0.3 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 3.1%   
Auto Components - 0.5%   
Magna International, Inc. Class A (sub. vtg.) 147,200 $6,182,705 
Hotels, Restaurants & Leisure - 0.2%   
Cara Operations Ltd. 106,400 2,752,645 
Media - 1.4%   
Corus Entertainment, Inc. Class B (non-vtg.) 501,600 5,001,208 
DHX Media Ltd. 773,000 4,713,039 
Quebecor, Inc. Class B (sub. vtg.) 331,500 8,866,773 
  18,581,020 
Specialty Retail - 0.3%   
AutoCanada, Inc. (a) 204,700 3,349,399 
Textiles, Apparel & Luxury Goods - 0.7%   
Gildan Activewear, Inc. 298,790 9,280,184 
TOTAL CONSUMER DISCRETIONARY  40,145,953 
CONSUMER STAPLES - 8.3%   
Beverages - 0.5%   
Molson Coors Brewing Co. Class B 60,600 5,795,178 
Food & Staples Retailing - 6.8%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 540,800 23,706,065 
George Weston Ltd. 333,900 28,975,079 
Jean Coutu Group, Inc. Class A (sub. vtg.) 496,900 7,556,270 
Metro, Inc. Class A (sub. vtg.) 471,795 15,789,170 
North West Co., Inc. 507,200 11,274,255 
  87,300,839 
Food Products - 0.3%   
AGT Food & Ingredients, Inc. 121,700 3,934,129 
Personal Products - 0.2%   
Edgewell Personal Care Co. (b) 38,900 3,192,523 
Tobacco - 0.5%   
Imperial Tobacco Group PLC 109,910 5,971,725 
TOTAL CONSUMER STAPLES  106,194,394 
ENERGY - 20.9%   
Energy Equipment & Services - 1.4%   
Canadian Energy Services & Technology Corp. 1,930,100 5,891,674 
Pason Systems, Inc. 390,300 5,673,924 
ZCL Composites, Inc. 968,300 6,359,123 
  17,924,721 
Oil, Gas & Consumable Fuels - 19.5%   
ARC Resources Ltd. (a) 748,000 12,620,674 
Canadian Natural Resources Ltd. 724,198 21,748,450 
Cenovus Energy, Inc. 1,329,400 21,074,174 
Enbridge, Inc. 1,057,200 43,915,887 
Imperial Oil Ltd. 637,700 21,148,240 
Keyera Corp. (a) 239,704 7,720,123 
Painted Pony Petroleum Ltd. (b) 825,000 3,892,564 
Paramount Resources Ltd. Class A (a)(b) 385,100 2,802,234 
Parkland Fuel Corp. 341,700 6,517,001 
Peyto Exploration & Development Corp. 385,600 9,843,602 
PrairieSky Royalty Ltd. 601,629 12,668,397 
Raging River Exploration, Inc. (b) 821,400 6,657,877 
Spartan Energy Corp. (b) 2,605,300 5,959,362 
Suncor Energy, Inc. 2,250,000 66,045,668 
Whitecap Resources, Inc. 1,051,500 7,886,040 
  250,500,293 
TOTAL ENERGY  268,425,014 
FINANCIALS - 33.3%   
Banks - 21.5%   
Bank of Nova Scotia 559,100 29,320,778 
Royal Bank of Canada 2,075,800 128,912,361 
The Toronto-Dominion Bank 2,643,500 117,669,144 
  275,902,283 
Capital Markets - 1.0%   
Amundi SA 103,800 4,776,830 
Ashmore Group PLC (a) 1,186,200 5,322,707 
Uranium Participation Corp. (b) 624,800 2,300,611 
  12,400,148 
Insurance - 9.2%   
Fairfax Financial Holdings Ltd. (sub. vtg.) 29,600 15,865,147 
Intact Financial Corp. 295,625 21,876,768 
Manulife Financial Corp. 724,500 10,682,434 
Power Corp. of Canada (sub. vtg.) 1,347,500 32,745,098 
Sun Life Financial, Inc. 1,099,400 37,502,447 
  118,671,894 
Real Estate Investment Trusts - 1.6%   
Allied Properties (REIT) 382,300 10,770,945 
H&R REIT/H&R Finance Trust 604,700 10,564,297 
  21,335,242 
TOTAL FINANCIALS  428,309,567 
HEALTH CARE - 0.7%   
Pharmaceuticals - 0.7%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 82,400 4,486,680 
Valeant Pharmaceuticals International, Inc. (Canada) (b) 148,921 4,968,004 
  9,454,684 
INDUSTRIALS - 7.2%   
Airlines - 0.5%   
WestJet Airlines Ltd. 361,700 6,053,798 
Professional Services - 0.6%   
Stantec, Inc. 282,200 7,233,245 
Stantec, Inc. ADR 52,700 1,342,806 
  8,576,051 
Road & Rail - 6.1%   
Canadian National Railway Co. 1,146,800 70,615,899 
TransForce, Inc. 415,100 7,834,198 
  78,450,097 
TOTAL INDUSTRIALS  93,079,946 
INFORMATION TECHNOLOGY - 3.8%   
Electronic Equipment & Components - 0.2%   
Avigilon Corp. (a)(b) 213,600 2,744,267 
IT Services - 1.4%   
CGI Group, Inc. Class A (sub. vtg.) (b) 396,300 18,104,659 
Software - 2.2%   
Constellation Software, Inc. 35,500 13,873,492 
Open Text Corp. 257,814 14,434,872 
  28,308,364 
TOTAL INFORMATION TECHNOLOGY  49,157,290 
MATERIALS - 13.8%   
Chemicals - 2.2%   
Agrium, Inc. 213,900 18,432,189 
LyondellBasell Industries NV Class A 28,800 2,380,896 
Monsanto Co. 39,100 3,662,888 
Potash Corp. of Saskatchewan, Inc. 203,600 3,602,391 
  28,078,364 
Construction Materials - 0.3%   
CRH PLC 139,700 4,065,676 
Containers & Packaging - 1.2%   
CCL Industries, Inc. Class B 62,600 11,462,780 
Winpak Ltd. 113,500 3,916,008 
  15,378,788 
Metals & Mining - 9.5%   
Agnico Eagle Mines Ltd. (Canada) 418,700 19,792,059 
Continental Gold, Inc. (b) 1,142,500 2,522,296 
Franco-Nevada Corp. 83,300 5,848,992 
Goldcorp, Inc. 1,301,500 26,222,938 
Labrador Iron Ore Royalty Corp. (a) 368,800 4,320,842 
Lundin Mining Corp. (b) 2,504,500 9,840,747 
Randgold Resources Ltd. 102,964 10,284,896 
Silver Wheaton Corp. 853,200 17,877,284 
Tahoe Resources, Inc. 759,900 10,731,990 
Teck Resources Ltd. Class B (sub. vtg.) 654,800 8,016,042 
Torex Gold Resources, Inc. (b) 3,556,100 6,320,318 
  121,778,404 
Paper & Forest Products - 0.6%   
Stella-Jones, Inc. 109,300 4,178,785 
Western Forest Products, Inc. 1,809,500 3,244,899 
  7,423,684 
TOTAL MATERIALS  176,724,916 
TELECOMMUNICATION SERVICES - 6.5%   
Diversified Telecommunication Services - 3.2%   
Manitoba Telecom Services, Inc. 96,500 2,525,751 
TELUS Corp. 1,216,300 38,562,536 
  41,088,287 
Wireless Telecommunication Services - 3.3%   
Rogers Communications, Inc. Class B (non-vtg.) 1,099,400 42,759,799 
TOTAL TELECOMMUNICATION SERVICES  83,848,086 
UTILITIES - 0.4%   
Electric Utilities - 0.4%   
Hydro One Ltd. 244,600 4,592,951 
TOTAL COMMON STOCKS   
(Cost $1,011,771,553)  1,259,932,801 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 0.38% (c) 20,320,612 20,320,612 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 10,341,617 10,341,617 
TOTAL MONEY MARKET FUNDS   
(Cost $30,662,229)  30,662,229 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $1,042,433,782)  1,290,595,030 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (4,985,358) 
NET ASSETS - 100%  $1,285,609,672 

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $43,503 
Fidelity Securities Lending Cash Central Fund 952,909 
Total $996,412 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $40,145,953 $40,145,953 $-- $-- 
Consumer Staples 106,194,394 106,194,394 -- -- 
Energy 268,425,014 268,425,014 -- -- 
Financials 428,309,567 428,309,567 -- -- 
Health Care 9,454,684 9,454,684 -- -- 
Industrials 93,079,946 93,079,946 -- -- 
Information Technology 49,157,290 49,157,290 -- -- 
Materials 176,724,916 162,374,344 14,350,572 -- 
Telecommunication Services 83,848,086 83,848,086 -- -- 
Utilities 4,592,951 4,592,951 -- -- 
Money Market Funds 30,662,229 30,662,229 -- -- 
Total Investments in Securities: $1,290,595,030 $1,276,244,458 $14,350,572 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,857,677) — See accompanying schedule:
Unaffiliated issuers (cost $1,011,771,553) 		$1,259,932,801  
Fidelity Central Funds (cost $30,662,229) 30,662,229  
Total Investments (cost $1,042,433,782)  $1,290,595,030 
Foreign currency held at value (cost $40,845)  40,845 
Receivable for investments sold  14,117,371 
Receivable for fund shares sold  683,671 
Dividends receivable  2,510,752 
Distributions receivable from Fidelity Central Funds  195,666 
Prepaid expenses  1,745 
Other receivables  3,103 
Total assets  1,308,148,183 
Liabilities   
Payable for investments purchased $7,933,946  
Payable for fund shares redeemed 3,028,172  
Accrued management fee 878,006  
Distribution and service plan fees payable 32,252  
Other affiliated payables 283,687  
Other payables and accrued expenses 40,831  
Collateral on securities loaned, at value 10,341,617  
Total liabilities  22,538,511 
Net Assets  $1,285,609,672 
Net Assets consist of:   
Paid in capital  $1,082,592,424 
Undistributed net investment income  5,545,722 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (50,751,002) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  248,222,528 
Net Assets  $1,285,609,672 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($47,435,581 ÷ 993,715 shares)  $47.74 
Maximum offering price per share (100/94.25 of $47.74)  $50.65 
Class T:   
Net Asset Value and redemption price per share ($11,413,979 ÷ 240,120 shares)  $47.53 
Maximum offering price per share (100/96.50 of $47.53)  $49.25 
Class B:   
Net Asset Value and offering price per share ($2,218,869 ÷ 47,287 shares)(a)  $46.92 
Class C:   
Net Asset Value and offering price per share ($19,909,120 ÷ 426,363 shares)(a)  $46.70 
Canada:   
Net Asset Value, offering price and redemption price per share ($1,195,964,152 ÷ 24,956,980 shares)  $47.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($8,667,971 ÷ 181,174 shares)  $47.84 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $17,965,445 
Interest  40 
Income from Fidelity Central Funds (including $952,909 from security lending)  996,412 
Income before foreign taxes withheld  18,961,897 
Less foreign taxes withheld  (2,585,887) 
Total income  16,376,010 
Expenses   
Management fee   
Basic fee $4,221,805  
Performance adjustment 1,593,391  
Transfer agent fees 1,437,412  
Distribution and service plan fees 189,908  
Accounting and security lending fees 281,330  
Custodian fees and expenses 11,972  
Independent trustees' compensation 2,724  
Registration fees 66,487  
Audit 39,975  
Legal 2,162  
Miscellaneous 4,401  
Total expenses before reductions 7,851,567  
Expense reductions (9,373) 7,842,194 
Net investment income (loss)  8,533,816 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (38,078,868)  
Foreign currency transactions (188,472)  
Total net realized gain (loss)  (38,267,340) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		98,783,700  
Assets and liabilities in foreign currencies 77,536  
Total change in net unrealized appreciation (depreciation)  98,861,236 
Net gain (loss)  60,593,896 
Net increase (decrease) in net assets resulting from operations  $69,127,712 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,533,816 $20,629,341 
Net realized gain (loss) (38,267,340) (6,996,196) 
Change in net unrealized appreciation (depreciation) 98,861,236 (283,157,405) 
Net increase (decrease) in net assets resulting from operations 69,127,712 (269,524,260) 
Distributions to shareholders from net investment income (17,462,078) (24,029,674) 
Distributions to shareholders from net realized gain (1,771,774) (262,730,704) 
Total distributions (19,233,852) (286,760,378) 
Share transactions - net increase (decrease) (154,046,279) (304,156,881) 
Redemption fees 34,509 128,345 
Total increase (decrease) in net assets (104,117,910) (860,313,174) 
Net Assets   
Beginning of period 1,389,727,582 2,250,040,756 
End of period (including undistributed net investment income of $5,545,722 and undistributed net investment income of $14,473,984, respectively) $1,285,609,672 $1,389,727,582 

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


Financial Highlights — Fidelity Canada Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.25 $60.56 $57.31 $53.65 $52.20 $53.81 
Income from Investment Operations       
Net investment income (loss)A .24 .45 .47 .60 .57 .34 
Net realized and unrealized gain (loss) 2.73 (8.04) 3.13 3.63 1.50 (1.17) 
Total from investment operations 2.97 (7.59) 3.60 4.23 2.07 (.83) 
Distributions from net investment income (.42) (.50) (.03) (.57) (.33) (.35) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.48) (7.72) (.35) (.57) (.62) (.79) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.74 $45.25 $60.56 $57.31 $53.65 $52.20 
Total ReturnC,D,E 6.66% (14.32)% 6.32% 7.98% 4.04% (1.64)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.43% 1.29% 1.19% 1.08% 1.12% 
Expenses net of fee waivers, if any 1.57%H 1.43% 1.29% 1.19% 1.08% 1.12% 
Expenses net of all reductions 1.57%H 1.43% 1.29% 1.18% 1.08% 1.12% 
Net investment income (loss) 1.14%H .90% .79% 1.11% 1.11% .59% 
Supplemental Data       
Net assets, end of period (000 omitted) $47,436 $58,286 $95,004 $116,661 $159,597 $215,369 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.99 $60.22 $57.14 $53.48 $52.01 $53.64 
Income from Investment Operations       
Net investment income (loss)A .18 .29 .29 .45 .43 .17 
Net realized and unrealized gain (loss) 2.71 (8.00) 3.11 3.63 1.49 (1.16) 
Total from investment operations 2.89 (7.71) 3.40 4.08 1.92 (.99) 
Distributions from net investment income (.29) (.30) – (.42) (.16) (.21) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.35) (7.52) (.32) (.42) (.45) (.65) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.53 $44.99 $60.22 $57.14 $53.48 $52.01 
Total ReturnC,D,E 6.49% (14.58)% 5.99% 7.69% 3.74% (1.93)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.85%H 1.75% 1.59% 1.47% 1.36% 1.42% 
Expenses net of fee waivers, if any 1.85%H 1.75% 1.59% 1.47% 1.36% 1.42% 
Expenses net of all reductions 1.85%H 1.75% 1.59% 1.46% 1.36% 1.42% 
Net investment income (loss) .86%H .58% .48% .83% .83% .30% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,414 $12,820 $21,989 $23,751 $29,626 $34,323 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.22 $59.27 $56.53 $52.89 $51.37 $53.03 
Income from Investment Operations       
Net investment income (loss)A .08 .05 (.01) .18 .17 (.11) 
Net realized and unrealized gain (loss) 2.68 (7.88) 3.07 3.60 1.49 (1.14) 
Total from investment operations 2.76 (7.83) 3.06 3.78 1.66 (1.25) 
Distributions from net investment income – – – (.14) – (.01) 
Distributions from net realized gain (.06) (7.22) (.32) – (.14) (.41) 
Total distributions (.06) (7.22) (.32) (.14) (.14) (.42) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $46.92 $44.22 $59.27 $56.53 $52.89 $51.37 
Total ReturnC,D,E 6.25% (14.99)% 5.45% 7.17% 3.25% (2.41)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.33%H 2.22% 2.09% 1.96% 1.85% 1.91% 
Expenses net of fee waivers, if any 2.33%H 2.22% 2.09% 1.96% 1.85% 1.91% 
Expenses net of all reductions 2.33%H 2.22% 2.09% 1.95% 1.85% 1.91% 
Net investment income (loss) .38%H .11% (.01)% .34% .34% (.20)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,219 $2,678 $6,290 $7,737 $9,804 $11,866 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.02 $59.04 $56.27 $52.61 $51.19 $52.87 
Income from Investment Operations       
Net investment income (loss)A .09 .07 .02 .20 .19 (.08) 
Net realized and unrealized gain (loss) 2.67 (7.85) 3.07 3.58 1.46 (1.14) 
Total from investment operations 2.76 (7.78) 3.09 3.78 1.65 (1.22) 
Distributions from net investment income (.02) (.02) – (.12) – (.03) 
Distributions from net realized gain (.06) (7.22) (.32) – (.23) (.44) 
Total distributions (.08) (7.24) (.32) (.12) (.23) (.47) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $46.70 $44.02 $59.04 $56.27 $52.61 $51.19 
Total ReturnC,D,E 6.28% (14.96)% 5.53% 7.21% 3.26% (2.36)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.30%H 2.19% 2.03% 1.93% 1.82% 1.86% 
Expenses net of fee waivers, if any 2.30%H 2.19% 2.03% 1.92% 1.82% 1.86% 
Expenses net of all reductions 2.29%H 2.18% 2.03% 1.92% 1.82% 1.86% 
Net investment income (loss) .41%H .14% .04% .37% .37% (.15)% 
Supplemental Data       
Net assets, end of period (000 omitted) $19,909 $21,610 $38,749 $46,040 $66,500 $87,990 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.55 $60.95 $57.72 $54.05 $52.59 $54.14 
Income from Investment Operations       
Net investment income (loss)A .31 .60 .66 .77 .73 .52 
Net realized and unrealized gain (loss) 2.73 (8.09) 3.13 3.66 1.51 (1.18) 
Total from investment operations 3.04 (7.49) 3.79 4.43 2.24 (.66) 
Distributions from net investment income (.61) (.69) (.24) (.76) (.49) (.46) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.67) (7.91) (.56) (.76) (.78) (.90) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.92 $45.55 $60.95 $57.72 $54.05 $52.59 
Total ReturnC,D 6.83% (14.08)% 6.64% 8.32% 4.36% (1.33)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.26%G 1.15% .98% .87% .77% .82% 
Expenses net of fee waivers, if any 1.26%G 1.15% .98% .87% .77% .82% 
Expenses net of all reductions 1.26%G 1.14% .98% .86% .77% .82% 
Net investment income (loss) 1.45%G 1.18% 1.09% 1.42% 1.42% .90% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,195,964 $1,279,488 $2,057,843 $2,262,380 $2,992,597 $3,778,765 
Portfolio turnover rateH 37%G 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.44 $60.80 $57.57 $53.91 $52.44 $54.02 
Income from Investment Operations       
Net investment income (loss)A .32 .61 .65 .78 .74 .51 
Net realized and unrealized gain (loss) 2.73 (8.07) 3.12 3.64 1.50 (1.18) 
Total from investment operations 3.05 (7.46) 3.77 4.42 2.24 (.67) 
Distributions from net investment income (.59) (.68) (.22) (.76) (.48) (.48) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.65) (7.90) (.54) (.76) (.77) (.92) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.84 $45.44 $60.80 $57.57 $53.91 $52.44 
Total ReturnC,D 6.85% (14.05)% 6.62% 8.34% 4.38% (1.35)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.21%G 1.13% 1.00% .86% .76% .82% 
Expenses net of fee waivers, if any 1.21%G 1.12% 1.00% .86% .76% .82% 
Expenses net of all reductions 1.21%G 1.12% 1.00% .85% .76% .82% 
Net investment income (loss) 1.50%G 1.21% 1.08% 1.43% 1.42% .89% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,668 $14,846 $30,165 $30,831 $59,245 $68,112 
Portfolio turnover rateH 37%G 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Canada 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, Canada and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation 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 $314,151,043 
Gross unrealized depreciation (74,008,231) 
Net unrealized appreciation (depreciation) on securities $240,142,812 
Tax cost $1,050,452,218 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $222,288,695 and $383,011,745, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .96% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $58,105 $– 
Class T .25% .25% 27,541 – 
Class B .75% .25% 11,113 8,335 
Class C .75% .25% 93,149 2,665 
   $189,908 $11,000 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $2,637 
Class T 1,094 
Class B(a) 1,397 
Class C(a) 597 
 $5,725 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $67,198 .29 
Class T 17,829 .32 
Class B 3,332 .30 
Class C 25,128 .27 
Canada 1,314,704 .23 
Class I 9,221 .18 
 $1,437,412  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $294 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,071 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $2,028 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,918 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $21.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,434.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $482,934 $783,478 
Class T 79,315 106,245 
Class C 8,502 12,920 
Canada 16,735,044 22,800,214 
Class I 156,283 326,817 
Total $17,462,078 $24,029,674 
From net realized gain   
Class A $69,321 $11,358,847 
Class T 16,639 2,548,483 
Class B 3,460 742,098 
Class C 28,339 4,664,328 
Canada 1,638,014 239,967,215 
Class I 16,001 3,449,733 
Total $1,771,774 $262,730,704 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 36,639 153,407 $1,582,358 $8,099,168 
Reinvestment of distributions 11,425 200,582 496,287 10,552,616 
Shares redeemed (342,515) (634,705) (14,730,138) (31,737,294) 
Net increase (decrease) (294,451) (280,716) $(12,651,493) $(13,085,510) 
Class T     
Shares sold 9,827 21,812 $408,970 $1,102,045 
Reinvestment of distributions 2,169 49,518 93,951 2,597,730 
Shares redeemed (56,853) (151,491) (2,357,721) (7,597,599) 
Net increase (decrease) (44,857) (80,161) $(1,854,800) $(3,897,824) 
Class B     
Shares sold 499 1,663 $21,790 $85,823 
Reinvestment of distributions 68 12,380 2,895 641,184 
Shares redeemed (13,828) (59,611) (579,039) (2,906,257) 
Net increase (decrease) (13,261) (45,568) $(554,354) $(2,179,250) 
Class C     
Shares sold 24,743 42,631 $1,052,682 $2,146,853 
Reinvestment of distributions 731 75,003 31,141 3,864,885 
Shares redeemed (90,006) (283,087) (3,720,124) (13,692,762) 
Net increase (decrease) (64,532) (165,453) $(2,636,301) $(7,681,024) 
Canada     
Shares sold 779,017 1,250,697 $33,585,544 $63,450,179 
Reinvestment of distributions 388,588 4,716,591 16,926,879 249,177,482 
Shares redeemed (4,297,518) (11,643,757) (180,976,780) (581,614,067) 
Net increase (decrease) (3,129,913) (5,676,469) $(130,464,357) $(268,986,406) 
Class I     
Shares sold 70,963 66,679 $2,977,708 $3,430,310 
Reinvestment of distributions 2,849 49,883 123,890 2,628,352 
Shares redeemed (219,360) (285,976) (8,986,572) (14,385,529) 
Net increase (decrease) (145,548) (169,414) $(5,884,974) $(8,326,867) 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.57%    
Actual  $1,000.00 $1,066.60 $8.07 
Hypothetical-C  $1,000.00 $1,017.06 $7.87 
Class T 1.85%    
Actual  $1,000.00 $1,064.90 $9.50 
Hypothetical-C  $1,000.00 $1,015.66 $9.27 
Class B 2.33%    
Actual  $1,000.00 $1,062.50 $11.95 
Hypothetical-C  $1,000.00 $1,013.28 $11.66 
Class C 2.30%    
Actual  $1,000.00 $1,062.80 $11.80 
Hypothetical-C  $1,000.00 $1,013.43 $11.51 
Canada 1.26%    
Actual  $1,000.00 $1,068.30 $6.48 
Hypothetical-C  $1,000.00 $1,018.60 $6.32 
Class I 1.21%    
Actual  $1,000.00 $1,068.50 $6.22 
Hypothetical-C  $1,000.00 $1,018.85 $6.07 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ACANI-SANN-0616
1.843161.108

Fidelity Advisor® China Region Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® China Region Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   China 37.1% 
   Cayman Islands 26.7% 
   Taiwan 18.9% 
   Hong Kong 6.2% 
   United Kingdom 3.5% 
   Bermuda 3.3% 
   Netherlands 2.8% 
   British Virgin Islands 1.1% 
   United States of America* 0.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   China 49.0% 
   Cayman Islands 25.8% 
   Hong Kong 8.7% 
   Bermuda 5.0% 
   Taiwan 3.7% 
   Netherlands 3.0% 
   United Kingdom 1.7% 
   Bailiwick of Jersey 1.7% 
   United States of America* 1.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.6 98.6 
Short-Term Investments and Net Other Assets (Liabilities) 0.4 1.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Tencent Holdings Ltd. (Internet Software & Services) 7.9 6.0 
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) 7.6 0.0 
Alibaba Group Holding Ltd. sponsored ADR (Internet Software & Services) 2.7 0.6 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) (Insurance) 2.7 2.8 
China Construction Bank Corp. (H Shares) (Banks) 2.6 4.9 
Kweichow Moutai Co. Ltd. (Beverages) 2.4 1.4 
Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) 2.3 2.3 
Chongqing Changan Automobile Co. Ltd. (B Shares) (Automobiles) 2.2 2.2 
BBMG Corp. (H Shares) (Construction Materials) 2.1 1.8 
China Pacific Insurance (Group) Co. Ltd. (H Shares) (Insurance) 2.0 2.3 
 34.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 27.8 14.0 
Financials 22.1 37.8 
Consumer Discretionary 19.8 14.4 
Industrials 9.8 12.9 
Materials 5.6 6.7 
Telecommunication Services 4.1 2.4 
Consumer Staples 4.1 2.0 
Health Care 3.3 5.5 
Utilities 2.9 1.3 
Energy 0.1 1.6 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese markets. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 19.1%   
Auto Components - 0.8%   
Weifu High-Technology Co. Ltd. (B Shares) 4,257,836 $9,002,116 
Automobiles - 2.2%   
Chongqing Changan Automobile Co. Ltd. (B Shares) 13,112,941 22,686,340 
Diversified Consumer Services - 1.4%   
New Oriental Education & Technology Group, Inc. sponsored ADR 297,200 11,638,352 
TAL Education Group ADR (a) 51,000 2,950,860 
  14,589,212 
Hotels, Restaurants & Leisure - 3.2%   
China CYTS Tours Holding Co. Ltd. 887,536 2,725,375 
China International Travel Service Corp. Ltd. (A Shares) 753,281 5,121,899 
Huangshan Tourism Development Co. Ltd. 5,899,876 12,377,940 
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares) 13,520,000 5,550,538 
Tuniu Corp. Class A sponsored ADR (a)(b) 742,800 7,895,964 
  33,671,716 
Household Durables - 4.2%   
Haier Electronics Group Co. Ltd. 5,492,000 9,223,978 
Nien Made Enterprise Co. Ltd. 800,000 6,290,437 
Qingdao Haier Co. Ltd. 3,099,822 3,988,464 
Sundart Holdings Ltd. 20,000,000 11,680,502 
Techtronic Industries Co. Ltd. 3,582,500 13,429,610 
  44,612,991 
Internet & Catalog Retail - 2.3%   
Ctrip.com International Ltd. ADR (a) 286,000 12,472,460 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 285,000 11,630,850 
  24,103,310 
Media - 0.3%   
Poly Culture Group Corp. Ltd. (H Shares) 1,148,800 2,704,631 
Multiline Retail - 0.0%   
Lifestyle International Holdings Ltd. 339,000 561,562 
Specialty Retail - 1.7%   
Chow Tai Fook Jewellery Group Ltd. 16,335,200 11,354,113 
Luk Fook Holdings International Ltd. 2,830,000 6,445,257 
  17,799,370 
Textiles, Apparel & Luxury Goods - 3.0%   
Anta Sports Products Ltd. 1,169,000 2,977,711 
ECLAT Textile Co. Ltd. 390,000 4,448,968 
Lao Feng Xiang Co. Ltd. (B Shares) 2,499,988 9,502,454 
Pacific Textile Holdings Ltd. 4,000,000 5,150,096 
Shenzhou International Group Holdings Ltd. 522,000 2,698,493 
Toung Loong Textile Manufacturing Co. Ltd. 2,375,000 6,315,590 
  31,093,312 
TOTAL CONSUMER DISCRETIONARY  200,824,560 
CONSUMER STAPLES - 4.1%   
Beverages - 2.4%   
Kweichow Moutai Co. Ltd. 656,346 25,466,920 
Food Products - 1.7%   
China Modern Dairy Holdings Ltd. (b) 34,000,000 6,240,081 
Unified-President Enterprises Corp. 6,240,000 11,242,547 
  17,482,628 
TOTAL CONSUMER STAPLES  42,949,548 
ENERGY - 0.1%   
Energy Equipment & Services - 0.1%   
China Oilfield Services Ltd. (H Shares) 1,192,000 1,034,064 
FINANCIALS - 22.1%   
Banks - 7.7%   
China Construction Bank Corp. (H Shares) 43,894,000 27,878,267 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) 2,810,800 13,228,980 
Industrial & Commercial Bank of China Ltd. (H Shares) 44,543,000 23,848,363 
Midea Group Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 2/10/17 (a)(c) 3,090,600 15,323,987 
  80,279,597 
Capital Markets - 3.5%   
Hangzhou Robam Appliances Co. Ltd. ELS (UBS Warrant Programme) warrants 1/15/18 (a)(c) 512,858 4,075,740 
Shanghai Bestway Marine Engineering Design Co. Ltd. ELS warrants 3/5/17 (a)(c) 2,798,094 12,274,522 
Shenzhen Airport Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(c) 8,765,531 10,614,957 
Wuliangye Yibin Co. Ltd. ELS (UBS Warrant Programme) warrants 3/7/19 (a)(c) 1,071,282 4,699,440 
Yunnan Baiyao Group Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(c) 559,455 5,223,786 
  36,888,445 
Insurance - 7.2%   
AIA Group Ltd. 3,432,400 20,541,562 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 6,041,400 21,183,844 
PICC Property & Casualty Co. Ltd. (H Shares) 3,164,000 5,755,562 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 6,024,500 28,273,483 
  75,754,451 
Real Estate Management & Development - 3.7%   
Beijing Capital Land Ltd. (H Shares) 35,170,000 13,865,732 
Cheung Kong Property Holdings Ltd. 2,848,000 19,450,390 
Sun Hung Kai Properties Ltd. 456,000 5,747,024 
  39,063,146 
TOTAL FINANCIALS  231,985,639 
HEALTH CARE - 3.3%   
Health Care Providers & Services - 0.0%   
China National Accord Medicines Corp. Ltd. 24,173 132,319 
Life Sciences Tools & Services - 1.0%   
JHL Biotech, Inc. (a) 3,976,696 10,753,317 
Pharmaceuticals - 2.3%   
Jiangsu Hengrui Medicine Co. Ltd. 735,988 5,306,712 
Lee's Pharmaceutical Holdings Ltd. 8,273,500 6,694,421 
Livzon Pharmaceutical Group, Inc. 2,485,700 11,484,017 
  23,485,150 
TOTAL HEALTH CARE  34,370,786 
INDUSTRIALS - 9.8%   
Air Freight & Logistics - 0.4%   
Sinotrans Air Transportation Development Co. Ltd. (A Shares) 1,599,830 4,541,960 
Airlines - 3.0%   
Air China Ltd. (H Shares) 6,648,000 5,033,096 
China Eastern Airlines Corp. Ltd. (H Shares) (a) 26,446,000 14,458,119 
China Southern Airlines Ltd. (H Shares) 20,194,000 12,662,503 
  32,153,718 
Construction & Engineering - 1.6%   
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 20,963,000 12,108,422 
China Energy Engineering Corp. Ltd. 27,132,000 4,735,774 
  16,844,196 
Electrical Equipment - 1.3%   
Harbin Electric Machinery Co. Ltd.(H Shares) (b) 21,974,000 8,993,794 
Jiangnan Group Ltd. 25,552,000 4,304,437 
  13,298,231 
Machinery - 0.8%   
Lonking Holdings Ltd. 28,600,000 4,774,187 
Sinotruk Hong Kong Ltd. 8,000,000 4,028,249 
  8,802,436 
Marine - 1.5%   
China Shipping Development Co. Ltd. (H Shares) 18,762,000 13,322,169 
Sinotrans Shipping Ltd. (b) 12,186,000 2,143,439 
  15,465,608 
Trading Companies & Distributors - 1.0%   
Summit Ascent Holdings Ltd. (a)(b) 48,136,000 10,321,526 
Transportation Infrastructure - 0.2%   
Shanghai International Airport Co. Ltd. 472,000 1,983,784 
TOTAL INDUSTRIALS  103,411,459 
INFORMATION TECHNOLOGY - 27.8%   
Electronic Equipment & Components - 4.1%   
Hon Hai Precision Industry Co. Ltd. (Foxconn) 4,464,000 10,654,565 
Largan Precision Co. Ltd. 156,000 10,962,449 
Sunny Optical Technology Group Co. Ltd. (b) 2,700,000 8,327,490 
Tongda Group Holdings Ltd. 65,800,000 13,516,242 
  43,460,746 
Internet Software & Services - 11.3%   
58.com, Inc. ADR (a) 141,178 7,715,378 
Alibaba Group Holding Ltd. sponsored ADR (a) 370,900 28,537,046 
Tencent Holdings Ltd. 4,060,800 82,630,438 
  118,882,862 
Semiconductors & Semiconductor Equipment - 10.1%   
Advanced Semiconductor Engineering, Inc. 13,995,000 13,445,636 
Taiwan Semiconductor Manufacturing Co. Ltd. 17,294,000 79,332,048 
Vanguard International Semiconductor Corp. 8,434,000 12,910,915 
  105,688,599 
Software - 0.8%   
China City Railway Transportation Technology Holdings Co. Ltd. (a) 48,540,000 8,406,447 
Technology Hardware, Storage & Peripherals - 1.5%   
ADLINK Technology, Inc. 3,682,844 7,593,023 
Axiomtek Co. Ltd. 2,000,000 4,272,049 
HTC Corp. 1,410,000 3,596,694 
  15,461,766 
TOTAL INFORMATION TECHNOLOGY  291,900,420 
MATERIALS - 5.6%   
Construction Materials - 3.3%   
BBMG Corp. (H Shares) 30,808,000 22,515,344 
China Shanshui Cement Group Ltd. (a)(b) 20,656,000 9,200,458 
TCC International Holdings Ltd. 15,608,000 3,128,099 
  34,843,901 
Metals & Mining - 2.3%   
Fushan International Energy Group Ltd. 2,778,000 417,665 
Jiangxi Copper Co. Ltd. (H Shares) 4,214,000 5,144,924 
Zhaojin Mining Industry Co. Ltd. (H Shares) 9,357,000 8,085,303 
Zijin Mining Group Co. Ltd. (H Shares) 31,580,000 10,535,752 
  24,183,644 
TOTAL MATERIALS  59,027,545 
TELECOMMUNICATION SERVICES - 4.1%   
Diversified Telecommunication Services - 4.1%   
China Telecom Corp. Ltd. (H Shares) 13,024,000 6,447,744 
China Unicom Ltd. 13,784,000 16,131,254 
Chunghwa Telecom Co. Ltd. 4,980,000 16,804,012 
CITIC 1616 Holdings Ltd. 9,294,000 3,858,505 
  43,241,515 
UTILITIES - 2.9%   
Independent Power and Renewable Electricity Producers - 2.1%   
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) 42,174,000 13,306,264 
Huaneng Renewables Corp. Ltd. (H Shares) 31,944,000 9,426,176 
  22,732,440 
Water Utilities - 0.8%   
Beijing Enterprises Water Group Ltd. 13,838,000 8,253,479 
TOTAL UTILITIES  30,985,919 
TOTAL COMMON STOCKS   
(Cost $1,082,335,076)  1,039,731,455 
Nonconvertible Preferred Stocks - 0.7%   
CONSUMER DISCRETIONARY - 0.7%   
Internet & Catalog Retail - 0.7%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $6,268,244) 1,983,088 7,656,108 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund, 0.38% (e) 5,975,098 5,975,098 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 31,037,646 31,037,646 
TOTAL MONEY MARKET FUNDS   
(Cost $37,012,744)  37,012,744 
TOTAL INVESTMENT PORTFOLIO - 103.1%   
(Cost $1,125,616,064)  1,084,400,307 
NET OTHER ASSETS (LIABILITIES) - (3.1)%  (32,970,981) 
NET ASSETS - 100%  $1,051,429,326 

Security Type Abbreviations

ELS – Equity-Linked Security

Legend

 (a) Non-income producing

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

 (c) 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 $65,441,412 or 6.2% of net assets.

 (d) 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 $7,656,108 or 0.7% of net assets.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $6,268,244 

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 $46,081 
Fidelity Securities Lending Cash Central Fund 787,517 
Total $833,598 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $208,480,668 $129,048,069 $71,776,491 $7,656,108 
Consumer Staples 42,949,548 36,709,467 6,240,081 -- 
Energy 1,034,064 -- 1,034,064 -- 
Financials 231,985,639 -- 231,985,639 -- 
Health Care 34,370,786 16,192,348 18,178,438 -- 
Industrials 103,411,459 6,525,744 96,885,715 -- 
Information Technology 291,900,420 86,242,119 205,658,301 -- 
Materials 59,027,545 -- 49,827,087 9,200,458 
Telecommunication Services 43,241,515 16,804,012 26,437,503 -- 
Utilities 30,985,919 -- 30,985,919 -- 
Money Market Funds 37,012,744 37,012,744 -- -- 
Total Investments in Securities: $1,084,400,307 $328,534,503 $739,009,238 $16,856,566 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $86,068,185 

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

Investments in Securities:  
Equities - Consumer Discretionary  
Beginning Balance $12,373,756 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 1,388 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (4,719,036) 
Ending Balance $7,656,108 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $1,388 
Equities - Health Care  
Beginning Balance $14,369,442 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (14,369,442) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 
Equities - Industrials  
Beginning Balance $15,897,809 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (15,897,809) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 
Equities - Materials  
Beginning Balance $14,440,021 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (5,239,563) 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $9,200,458 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $(5,239,563) 

The information used in the above reconciliations 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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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 reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $29,468,457) — See accompanying schedule:
Unaffiliated issuers (cost $1,088,603,320) 		$1,047,387,563  
Fidelity Central Funds (cost $37,012,744) 37,012,744  
Total Investments (cost $1,125,616,064)  $1,084,400,307 
Receivable for investments sold  2,260,855 
Receivable for fund shares sold  629,803 
Dividends receivable  8,617 
Distributions receivable from Fidelity Central Funds  130,378 
Prepaid expenses  1,007 
Other receivables  31,340 
Total assets  1,087,462,307 
Liabilities   
Payable for investments purchased $25,401  
Payable for fund shares redeemed 3,982,214  
Accrued management fee 631,699  
Distribution and service plan fees payable 17,253  
Other affiliated payables 241,879  
Other payables and accrued expenses 96,889  
Collateral on securities loaned, at value 31,037,646  
Total liabilities  36,032,981 
Net Assets  $1,051,429,326 
Net Assets consist of:   
Paid in capital  $1,281,182,139 
Accumulated net investment loss  (4,948,592) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (183,588,248) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (41,215,973) 
Net Assets  $1,051,429,326 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($22,818,837 ÷ 1,000,986 shares)  $22.80 
Maximum offering price per share (100/94.25 of $22.80)  $24.19 
Class T:   
Net Asset Value and redemption price per share ($5,221,259 ÷ 229,672 shares)  $22.73 
Maximum offering price per share (100/96.50 of $22.73)  $23.55 
Class B:   
Net Asset Value and offering price per share ($535,037 ÷ 23,668 shares)(a)  $22.61 
Class C:   
Net Asset Value and offering price per share ($11,435,356 ÷ 512,571 shares)(a)  $22.31 
China Region:   
Net Asset Value, offering price and redemption price per share ($995,658,703 ÷ 43,200,582 shares)  $23.05 
Class I:   
Net Asset Value, offering price and redemption price per share ($15,760,134 ÷ 687,981 shares)  $22.91 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $289,863 
Income from Fidelity Central Funds (including $787,517 from security lending)  833,598 
Total income  1,123,461 
Expenses   
Management fee $3,992,712  
Transfer agent fees 1,273,934  
Distribution and service plan fees 110,852  
Accounting and security lending fees 269,796  
Custodian fees and expenses 188,324  
Independent trustees' compensation 2,600  
Registration fees 81,227  
Audit 57,221  
Legal 1,907  
Interest 133  
Miscellaneous 4,958  
Total expenses before reductions 5,983,664  
Expense reductions (5,348) 5,978,316 
Net investment income (loss)  (4,854,855) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (180,006,367)  
Foreign currency transactions 268,756  
Total net realized gain (loss)  (179,737,611) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		46,758,426  
Assets and liabilities in foreign currencies (118)  
Total change in net unrealized appreciation (depreciation)  46,758,308 
Net gain (loss)  (132,979,303) 
Net increase (decrease) in net assets resulting from operations  $(137,834,158) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(4,854,855) $23,670,929 
Net realized gain (loss) (179,737,611) 235,474,014 
Change in net unrealized appreciation (depreciation) 46,758,308 (344,541,210) 
Net increase (decrease) in net assets resulting from operations (137,834,158) (85,396,267) 
Distributions to shareholders from net investment income (15,103,497) (13,114,934) 
Distributions to shareholders from net realized gain (159,831,115) (172,413,722) 
Total distributions (174,934,612) (185,528,656) 
Share transactions - net increase (decrease) 20,511,269 200,238,928 
Redemption fees 123,475 2,391,591 
Total increase (decrease) in net assets (292,134,026) (68,294,404) 
Net Assets   
Beginning of period 1,343,563,352 1,411,857,756 
End of period (including accumulated net investment loss of $4,948,592 and undistributed net investment income of $15,009,760, respectively) $1,051,429,326 $1,343,563,352 

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


Financial Highlights — Fidelity China Region Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.34 $34.18 $35.56 $28.53 $27.28 $31.61 
Income from Investment Operations       
Net investment income (loss)A (.14) .40B .21 .30 .36 .33 
Net realized and unrealized gain (loss) (2.54) (.83) 2.01C 7.06 1.42 (4.33) 
Total from investment operations (2.68) (.43) 2.22 7.36 1.78 (4.00) 
Distributions from net investment income (.27) (.22) (.30) (.34) (.19) (.31) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.86) (4.46) (3.61) (.34) (.53) (.34) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.80 $29.34 $34.18 $35.56 $28.53 $27.28 
Total ReturnE,F,G (10.57)% (1.45)% 6.45%C 26.07% 6.70% (12.79)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.33%J 1.28% 1.35% 1.35% 1.36% 1.37% 
Expenses net of fee waivers, if any 1.32%J 1.28% 1.35% 1.35% 1.36% 1.37% 
Expenses net of all reductions 1.32%J 1.26% 1.35% 1.31% 1.29% 1.31% 
Net investment income (loss) (1.13)%J 1.26%B .64% .94% 1.35% 1.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,819 $32,761 $21,728 $20,623 $13,539 $14,808 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .85%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.42%.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.18 $34.02 $35.40 $28.40 $27.13 $31.48 
Income from Investment Operations       
Net investment income (loss)A (.18) .30B .12 .21 .29 .25 
Net realized and unrealized gain (loss) (2.55) (.83) 1.99C 7.04 1.40 (4.32) 
Total from investment operations (2.73) (.53) 2.11 7.25 1.69 (4.07) 
Distributions from net investment income (.13) (.12) (.19) (.26) (.08) (.27) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.72) (4.36) (3.50) (.26) (.42) (.29)D 
Redemption fees added to paid in capitalA –E .05 .01 .01 –E .01 
Net asset value, end of period $22.73 $29.18 $34.02 $35.40 $28.40 $27.13 
Total ReturnF,G,H (10.75)% (1.79)% 6.15%C 25.74% 6.38% (13.04)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.68%K 1.62% 1.65% 1.64% 1.64% 1.63% 
Expenses net of fee waivers, if any 1.68%K 1.62% 1.65% 1.64% 1.64% 1.63% 
Expenses net of all reductions 1.68%K 1.60% 1.65% 1.60% 1.57% 1.57% 
Net investment income (loss) (1.48)%K .92%B .35% .65% 1.06% .81% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,221 $6,409 $6,305 $5,965 $4,349 $5,281 
Portfolio turnover rateL 80%K 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .51%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.12%.

 D Total distributions of $.29 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.025 per share.

 E Amount represents less than $.005 per share.

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

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

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $28.97 $33.79 $35.12 $28.16 $26.94 $31.23 
Income from Investment Operations       
Net investment income (loss)A (.23) .14B (.04) .06 .16 .10 
Net realized and unrealized gain (loss) (2.54) (.80) 1.99C 6.99 1.40 (4.29) 
Total from investment operations (2.77) (.66) 1.95 7.05 1.56 (4.19) 
Distributions from net investment income – – – (.10) – (.08) 
Distributions from net realized gain (3.59) (4.21) (3.29) – (.34) (.03) 
Total distributions (3.59) (4.21) (3.29) (.10) (.34) (.11) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.61 $28.97 $33.79 $35.12 $28.16 $26.94 
Total ReturnE,F,G (10.95)% (2.23)% 5.68%C 25.12% 5.90% (13.45)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.11%J 2.10% 2.11% 2.10% 2.11% 2.12% 
Expenses net of fee waivers, if any 2.11%J 2.10% 2.11% 2.10% 2.11% 2.12% 
Expenses net of all reductions 2.11%J 2.07% 2.11% 2.07% 2.04% 2.06% 
Net investment income (loss) (1.91)%J .44%B (.12)% .19% .59% .32% 
Supplemental Data       
Net assets, end of period (000 omitted) $535 $803 $1,215 $1,494 $1,533 $1,801 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 5.65%.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $28.68 $33.56 $34.99 $28.07 $26.86 $31.19 
Income from Investment Operations       
Net investment income (loss)A (.22) .15B (.02) .06 .16 .10 
Net realized and unrealized gain (loss) (2.50) (.80) 1.97C 6.97 1.39 (4.28) 
Total from investment operations (2.72) (.65) 1.95 7.03 1.55 (4.18) 
Distributions from net investment income (.06) (.04) (.08) (.12) – (.13) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.65) (4.28) (3.39) (.12) (.34) (.16) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.31 $28.68 $33.56 $34.99 $28.07 $26.86 
Total ReturnE,F,G (10.90)% (2.21)% 5.71%C 25.14% 5.88% (13.46)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.08%J 2.05% 2.07% 2.10% 2.11% 2.12% 
Expenses net of fee waivers, if any 2.08%J 2.05% 2.07% 2.10% 2.11% 2.12% 
Expenses net of all reductions 2.08%J 2.02% 2.07% 2.07% 2.04% 2.06% 
Net investment income (loss) (1.88)%J .49%B (.07)% .19% .59% .32% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,435 $14,355 $10,445 $6,957 $4,515 $5,230 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 5.68%.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.66 $34.51 $35.83 $28.73 $27.49 $31.81 
Income from Investment Operations       
Net investment income (loss)A (.10) .51B .33 .41 .45 .44 
Net realized and unrealized gain (loss) (2.58) (.84) 2.03C 7.11 1.42 (4.37) 
Total from investment operations (2.68) (.33) 2.36 7.52 1.87 (3.93) 
Distributions from net investment income (.35) (.33) (.38) (.43) (.29) (.38) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.93)D (4.57) (3.69) (.43) (.63) (.40)E 
Redemption fees added to paid in capitalA –F .05 .01 .01 –F .01 
Net asset value, end of period $23.05 $29.66 $34.51 $35.83 $28.73 $27.49 
Total ReturnG,H (10.45)% (1.14)% 6.83%C 26.51% 7.01% (12.52)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.03%K .99% 1.01% 1.02% 1.04% 1.04% 
Expenses net of fee waivers, if any 1.03%K .98% 1.01% 1.02% 1.04% 1.04% 
Expenses net of all reductions 1.02%K .96% 1.01% .98% .98% .98% 
Net investment income (loss) (.83)%K 1.55%B .99% 1.27% 1.66% 1.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $995,659 $1,262,274 $1,352,761 $1,425,828 $1,265,488 $1,515,084 
Portfolio turnover rateL 80%K 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.80%.

 D Total distributions of $3.93 per share is comprised of distributions from net investment income of $.345 and distributions from net realized gain of $3.588 per share.

 E Total distributions of $.40 per share is comprised of distributions from net investment income of $.376 and distributions from net realized gain of $.025 per share.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.51 $34.39 $35.75 $28.68 $27.46 $31.79 
Income from Investment Operations       
Net investment income (loss)A (.10) .51B .34 .42 .45 .43 
Net realized and unrealized gain (loss) (2.55) (.84) 2.02C 7.10 1.42 (4.37) 
Total from investment operations (2.65) (.33) 2.36 7.52 1.87 (3.94) 
Distributions from net investment income (.36) (.36) (.43) (.46) (.31) (.37) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.95) (4.60) (3.73)D (.46) (.65) (.40) 
Redemption fees added to paid in capitalA –E .05 .01 .01 –E .01 
Net asset value, end of period $22.91 $29.51 $34.39 $35.75 $28.68 $27.46 
Total ReturnF,G (10.43)% (1.14)% 6.87%C 26.58% 7.02% (12.56)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.00%J .97% .98% .97% 1.04% 1.06% 
Expenses net of fee waivers, if any 1.00%J .97% .98% .97% 1.04% 1.06% 
Expenses net of all reductions 1.00%J .95% .98% .93% .98% 1.01% 
Net investment income (loss) (.80)%J 1.57%B 1.01% 1.32% 1.66% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,760 $26,961 $19,404 $10,206 $1,958 $2,034 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.84%.

 D Total distributions of $3.73 per share is comprised of distributions from net investment income of $.425 and distributions from net realized gain of $3.306 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity China Region 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, China Region and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternative valuation approaches, including the market approach and the income approach and are categorized as level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 04/30/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input* 
Equities $16,856,566 Adjusted transaction price Proxy movement 45.0% Increase 
  Last transaction price Transaction price $3.86 Increase 

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 April 30, 2016, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation 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 $83,242,428 
Gross unrealized depreciation (128,294,828) 
Net unrealized appreciation (depreciation) on securities $(45,052,400) 
Tax cost $1,129,452,707 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $452,226,068 and $594,988,343, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $33,035 $1,879 
Class T .25% .25% 13,818 160 
Class B .75% .25% 3,184 2,388 
Class C .75% .25% 60,815 25,390 
   $110,852 $29,817 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $35,646 
Class T 1,702 
Class B(a) 160 
Class C(a) 6,468 
 $43,976 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $35,754 .27 
Class T 10,433 .38 
Class B 973 .31 
Class C 16,540 .27 
China Region 1,190,656 .22 
Class I 19,578 .20 
 $1,273,934  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,217 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $7,322,000 .65% $133 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,030 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $9,957 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $781 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,567.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $297,014 $147,088 
Class T 28,522 22,529 
Class C 29,301 12,652 
China Region 14,431,516 12,728,622 
Class I 317,144 204,043 
Total $15,103,497 $13,114,934 
From net realized gain   
Class A $3,946,989 $2,783,517 
Class T 763,704 789,251 
Class B 93,006 149,794 
Class C 1,752,229 1,276,956 
China Region 150,087,760 165,004,911 
Class I 3,187,427 2,409,293 
Total $159,831,115 $172,413,722 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 147,013 1,058,546 $3,579,372 $35,978,665 
Reinvestment of distributions 162,605 93,297 4,157,811 2,812,898 
Shares redeemed (425,054) (671,056) (9,695,535) (22,101,227) 
Net increase (decrease) (115,436) 480,787 $(1,958,352) $16,690,336 
Class T     
Shares sold 25,114 151,664 $590,683 $5,390,399 
Reinvestment of distributions 30,599 26,640 781,504 801,072 
Shares redeemed (45,663) (143,989) (1,080,869) (4,554,275) 
Net increase (decrease) 10,050 34,315 $291,318 $1,637,196 
Class B     
Shares sold 28 2,771 $647 $95,500 
Reinvestment of distributions 3,443 4,834 87,630 144,877 
Shares redeemed (7,534) (15,827) (179,703) (523,534) 
Net increase (decrease) (4,063) (8,222) $(91,426) $(283,157) 
Class C     
Shares sold 69,272 412,366 $1,686,759 $14,420,908 
Reinvestment of distributions 55,713 38,139 1,398,404 1,131,586 
Shares redeemed (112,880) (261,252) (2,721,043) (7,778,046) 
Net increase (decrease) 12,105 189,253 $364,120 $7,774,448 
China Region     
Shares sold 2,127,375 18,091,274 $51,586,381 $635,141,274 
Reinvestment of distributions 6,142,435 5,608,420 158,659,097 170,439,887 
Shares redeemed (7,626,217) (20,336,385) (183,247,122) (642,334,138) 
Net increase (decrease) 643,593 3,363,309 $26,998,356 $163,247,023 
Class I     
Shares sold 193,468 1,017,162 $5,004,992 $33,130,120 
Reinvestment of distributions 99,936 58,945 2,565,348 1,781,897 
Shares redeemed (518,949) (726,796) (12,663,087) (23,738,935) 
Net increase (decrease) (225,545) 349,311 $(5,092,747) $11,173,082 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.32%    
Actual  $1,000.00 $894.30 $6.22 
Hypothetical-C  $1,000.00 $1,018.30 $6.62 
Class T 1.68%    
Actual  $1,000.00 $892.50 $7.91 
Hypothetical-C  $1,000.00 $1,016.51 $8.42 
Class B 2.11%    
Actual  $1,000.00 $890.50 $9.92 
Hypothetical-C  $1,000.00 $1,014.37 $10.57 
Class C 2.08%    
Actual  $1,000.00 $891.00 $9.78 
Hypothetical-C  $1,000.00 $1,014.52 $10.42 
China Region 1.03%    
Actual  $1,000.00 $895.50 $4.85 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class I 1.00%    
Actual  $1,000.00 $895.70 $4.71 
Hypothetical-C  $1,000.00 $1,019.89 $5.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AHKC-SANN-0616
1.861464.107

Fidelity Advisor® China Region Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® China Region Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   China 37.1% 
   Cayman Islands 26.7% 
   Taiwan 18.9% 
   Hong Kong 6.2% 
   United Kingdom 3.5% 
   Bermuda 3.3% 
   Netherlands 2.8% 
   British Virgin Islands 1.1% 
   United States of America* 0.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   China 49.0% 
   Cayman Islands 25.8% 
   Hong Kong 8.7% 
   Bermuda 5.0% 
   Taiwan 3.7% 
   Netherlands 3.0% 
   United Kingdom 1.7% 
   Bailiwick of Jersey 1.7% 
   United States of America* 1.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.6 98.6 
Short-Term Investments and Net Other Assets (Liabilities) 0.4 1.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Tencent Holdings Ltd. (Internet Software & Services) 7.9 6.0 
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) 7.6 0.0 
Alibaba Group Holding Ltd. sponsored ADR (Internet Software & Services) 2.7 0.6 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) (Insurance) 2.7 2.8 
China Construction Bank Corp. (H Shares) (Banks) 2.6 4.9 
Kweichow Moutai Co. Ltd. (Beverages) 2.4 1.4 
Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) 2.3 2.3 
Chongqing Changan Automobile Co. Ltd. (B Shares) (Automobiles) 2.2 2.2 
BBMG Corp. (H Shares) (Construction Materials) 2.1 1.8 
China Pacific Insurance (Group) Co. Ltd. (H Shares) (Insurance) 2.0 2.3 
 34.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 27.8 14.0 
Financials 22.1 37.8 
Consumer Discretionary 19.8 14.4 
Industrials 9.8 12.9 
Materials 5.6 6.7 
Telecommunication Services 4.1 2.4 
Consumer Staples 4.1 2.0 
Health Care 3.3 5.5 
Utilities 2.9 1.3 
Energy 0.1 1.6 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese markets. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 19.1%   
Auto Components - 0.8%   
Weifu High-Technology Co. Ltd. (B Shares) 4,257,836 $9,002,116 
Automobiles - 2.2%   
Chongqing Changan Automobile Co. Ltd. (B Shares) 13,112,941 22,686,340 
Diversified Consumer Services - 1.4%   
New Oriental Education & Technology Group, Inc. sponsored ADR 297,200 11,638,352 
TAL Education Group ADR (a) 51,000 2,950,860 
  14,589,212 
Hotels, Restaurants & Leisure - 3.2%   
China CYTS Tours Holding Co. Ltd. 887,536 2,725,375 
China International Travel Service Corp. Ltd. (A Shares) 753,281 5,121,899 
Huangshan Tourism Development Co. Ltd. 5,899,876 12,377,940 
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares) 13,520,000 5,550,538 
Tuniu Corp. Class A sponsored ADR (a)(b) 742,800 7,895,964 
  33,671,716 
Household Durables - 4.2%   
Haier Electronics Group Co. Ltd. 5,492,000 9,223,978 
Nien Made Enterprise Co. Ltd. 800,000 6,290,437 
Qingdao Haier Co. Ltd. 3,099,822 3,988,464 
Sundart Holdings Ltd. 20,000,000 11,680,502 
Techtronic Industries Co. Ltd. 3,582,500 13,429,610 
  44,612,991 
Internet & Catalog Retail - 2.3%   
Ctrip.com International Ltd. ADR (a) 286,000 12,472,460 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 285,000 11,630,850 
  24,103,310 
Media - 0.3%   
Poly Culture Group Corp. Ltd. (H Shares) 1,148,800 2,704,631 
Multiline Retail - 0.0%   
Lifestyle International Holdings Ltd. 339,000 561,562 
Specialty Retail - 1.7%   
Chow Tai Fook Jewellery Group Ltd. 16,335,200 11,354,113 
Luk Fook Holdings International Ltd. 2,830,000 6,445,257 
  17,799,370 
Textiles, Apparel & Luxury Goods - 3.0%   
Anta Sports Products Ltd. 1,169,000 2,977,711 
ECLAT Textile Co. Ltd. 390,000 4,448,968 
Lao Feng Xiang Co. Ltd. (B Shares) 2,499,988 9,502,454 
Pacific Textile Holdings Ltd. 4,000,000 5,150,096 
Shenzhou International Group Holdings Ltd. 522,000 2,698,493 
Toung Loong Textile Manufacturing Co. Ltd. 2,375,000 6,315,590 
  31,093,312 
TOTAL CONSUMER DISCRETIONARY  200,824,560 
CONSUMER STAPLES - 4.1%   
Beverages - 2.4%   
Kweichow Moutai Co. Ltd. 656,346 25,466,920 
Food Products - 1.7%   
China Modern Dairy Holdings Ltd. (b) 34,000,000 6,240,081 
Unified-President Enterprises Corp. 6,240,000 11,242,547 
  17,482,628 
TOTAL CONSUMER STAPLES  42,949,548 
ENERGY - 0.1%   
Energy Equipment & Services - 0.1%   
China Oilfield Services Ltd. (H Shares) 1,192,000 1,034,064 
FINANCIALS - 22.1%   
Banks - 7.7%   
China Construction Bank Corp. (H Shares) 43,894,000 27,878,267 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) 2,810,800 13,228,980 
Industrial & Commercial Bank of China Ltd. (H Shares) 44,543,000 23,848,363 
Midea Group Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 2/10/17 (a)(c) 3,090,600 15,323,987 
  80,279,597 
Capital Markets - 3.5%   
Hangzhou Robam Appliances Co. Ltd. ELS (UBS Warrant Programme) warrants 1/15/18 (a)(c) 512,858 4,075,740 
Shanghai Bestway Marine Engineering Design Co. Ltd. ELS warrants 3/5/17 (a)(c) 2,798,094 12,274,522 
Shenzhen Airport Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(c) 8,765,531 10,614,957 
Wuliangye Yibin Co. Ltd. ELS (UBS Warrant Programme) warrants 3/7/19 (a)(c) 1,071,282 4,699,440 
Yunnan Baiyao Group Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(c) 559,455 5,223,786 
  36,888,445 
Insurance - 7.2%   
AIA Group Ltd. 3,432,400 20,541,562 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 6,041,400 21,183,844 
PICC Property & Casualty Co. Ltd. (H Shares) 3,164,000 5,755,562 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 6,024,500 28,273,483 
  75,754,451 
Real Estate Management & Development - 3.7%   
Beijing Capital Land Ltd. (H Shares) 35,170,000 13,865,732 
Cheung Kong Property Holdings Ltd. 2,848,000 19,450,390 
Sun Hung Kai Properties Ltd. 456,000 5,747,024 
  39,063,146 
TOTAL FINANCIALS  231,985,639 
HEALTH CARE - 3.3%   
Health Care Providers & Services - 0.0%   
China National Accord Medicines Corp. Ltd. 24,173 132,319 
Life Sciences Tools & Services - 1.0%   
JHL Biotech, Inc. (a) 3,976,696 10,753,317 
Pharmaceuticals - 2.3%   
Jiangsu Hengrui Medicine Co. Ltd. 735,988 5,306,712 
Lee's Pharmaceutical Holdings Ltd. 8,273,500 6,694,421 
Livzon Pharmaceutical Group, Inc. 2,485,700 11,484,017 
  23,485,150 
TOTAL HEALTH CARE  34,370,786 
INDUSTRIALS - 9.8%   
Air Freight & Logistics - 0.4%   
Sinotrans Air Transportation Development Co. Ltd. (A Shares) 1,599,830 4,541,960 
Airlines - 3.0%   
Air China Ltd. (H Shares) 6,648,000 5,033,096 
China Eastern Airlines Corp. Ltd. (H Shares) (a) 26,446,000 14,458,119 
China Southern Airlines Ltd. (H Shares) 20,194,000 12,662,503 
  32,153,718 
Construction & Engineering - 1.6%   
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 20,963,000 12,108,422 
China Energy Engineering Corp. Ltd. 27,132,000 4,735,774 
  16,844,196 
Electrical Equipment - 1.3%   
Harbin Electric Machinery Co. Ltd.(H Shares) (b) 21,974,000 8,993,794 
Jiangnan Group Ltd. 25,552,000 4,304,437 
  13,298,231 
Machinery - 0.8%   
Lonking Holdings Ltd. 28,600,000 4,774,187 
Sinotruk Hong Kong Ltd. 8,000,000 4,028,249 
  8,802,436 
Marine - 1.5%   
China Shipping Development Co. Ltd. (H Shares) 18,762,000 13,322,169 
Sinotrans Shipping Ltd. (b) 12,186,000 2,143,439 
  15,465,608 
Trading Companies & Distributors - 1.0%   
Summit Ascent Holdings Ltd. (a)(b) 48,136,000 10,321,526 
Transportation Infrastructure - 0.2%   
Shanghai International Airport Co. Ltd. 472,000 1,983,784 
TOTAL INDUSTRIALS  103,411,459 
INFORMATION TECHNOLOGY - 27.8%   
Electronic Equipment & Components - 4.1%   
Hon Hai Precision Industry Co. Ltd. (Foxconn) 4,464,000 10,654,565 
Largan Precision Co. Ltd. 156,000 10,962,449 
Sunny Optical Technology Group Co. Ltd. (b) 2,700,000 8,327,490 
Tongda Group Holdings Ltd. 65,800,000 13,516,242 
  43,460,746 
Internet Software & Services - 11.3%   
58.com, Inc. ADR (a) 141,178 7,715,378 
Alibaba Group Holding Ltd. sponsored ADR (a) 370,900 28,537,046 
Tencent Holdings Ltd. 4,060,800 82,630,438 
  118,882,862 
Semiconductors & Semiconductor Equipment - 10.1%   
Advanced Semiconductor Engineering, Inc. 13,995,000 13,445,636 
Taiwan Semiconductor Manufacturing Co. Ltd. 17,294,000 79,332,048 
Vanguard International Semiconductor Corp. 8,434,000 12,910,915 
  105,688,599 
Software - 0.8%   
China City Railway Transportation Technology Holdings Co. Ltd. (a) 48,540,000 8,406,447 
Technology Hardware, Storage & Peripherals - 1.5%   
ADLINK Technology, Inc. 3,682,844 7,593,023 
Axiomtek Co. Ltd. 2,000,000 4,272,049 
HTC Corp. 1,410,000 3,596,694 
  15,461,766 
TOTAL INFORMATION TECHNOLOGY  291,900,420 
MATERIALS - 5.6%   
Construction Materials - 3.3%   
BBMG Corp. (H Shares) 30,808,000 22,515,344 
China Shanshui Cement Group Ltd. (a)(b) 20,656,000 9,200,458 
TCC International Holdings Ltd. 15,608,000 3,128,099 
  34,843,901 
Metals & Mining - 2.3%   
Fushan International Energy Group Ltd. 2,778,000 417,665 
Jiangxi Copper Co. Ltd. (H Shares) 4,214,000 5,144,924 
Zhaojin Mining Industry Co. Ltd. (H Shares) 9,357,000 8,085,303 
Zijin Mining Group Co. Ltd. (H Shares) 31,580,000 10,535,752 
  24,183,644 
TOTAL MATERIALS  59,027,545 
TELECOMMUNICATION SERVICES - 4.1%   
Diversified Telecommunication Services - 4.1%   
China Telecom Corp. Ltd. (H Shares) 13,024,000 6,447,744 
China Unicom Ltd. 13,784,000 16,131,254 
Chunghwa Telecom Co. Ltd. 4,980,000 16,804,012 
CITIC 1616 Holdings Ltd. 9,294,000 3,858,505 
  43,241,515 
UTILITIES - 2.9%   
Independent Power and Renewable Electricity Producers - 2.1%   
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) 42,174,000 13,306,264 
Huaneng Renewables Corp. Ltd. (H Shares) 31,944,000 9,426,176 
  22,732,440 
Water Utilities - 0.8%   
Beijing Enterprises Water Group Ltd. 13,838,000 8,253,479 
TOTAL UTILITIES  30,985,919 
TOTAL COMMON STOCKS   
(Cost $1,082,335,076)  1,039,731,455 
Nonconvertible Preferred Stocks - 0.7%   
CONSUMER DISCRETIONARY - 0.7%   
Internet & Catalog Retail - 0.7%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $6,268,244) 1,983,088 7,656,108 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund, 0.38% (e) 5,975,098 5,975,098 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 31,037,646 31,037,646 
TOTAL MONEY MARKET FUNDS   
(Cost $37,012,744)  37,012,744 
TOTAL INVESTMENT PORTFOLIO - 103.1%   
(Cost $1,125,616,064)  1,084,400,307 
NET OTHER ASSETS (LIABILITIES) - (3.1)%  (32,970,981) 
NET ASSETS - 100%  $1,051,429,326 

Security Type Abbreviations

ELS – Equity-Linked Security

Legend

 (a) Non-income producing

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

 (c) 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 $65,441,412 or 6.2% of net assets.

 (d) 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 $7,656,108 or 0.7% of net assets.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $6,268,244 

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 $46,081 
Fidelity Securities Lending Cash Central Fund 787,517 
Total $833,598 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $208,480,668 $129,048,069 $71,776,491 $7,656,108 
Consumer Staples 42,949,548 36,709,467 6,240,081 -- 
Energy 1,034,064 -- 1,034,064 -- 
Financials 231,985,639 -- 231,985,639 -- 
Health Care 34,370,786 16,192,348 18,178,438 -- 
Industrials 103,411,459 6,525,744 96,885,715 -- 
Information Technology 291,900,420 86,242,119 205,658,301 -- 
Materials 59,027,545 -- 49,827,087 9,200,458 
Telecommunication Services 43,241,515 16,804,012 26,437,503 -- 
Utilities 30,985,919 -- 30,985,919 -- 
Money Market Funds 37,012,744 37,012,744 -- -- 
Total Investments in Securities: $1,084,400,307 $328,534,503 $739,009,238 $16,856,566 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $86,068,185 

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

Investments in Securities:  
Equities - Consumer Discretionary  
Beginning Balance $12,373,756 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 1,388 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (4,719,036) 
Ending Balance $7,656,108 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $1,388 
Equities - Health Care  
Beginning Balance $14,369,442 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (14,369,442) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 
Equities - Industrials  
Beginning Balance $15,897,809 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (15,897,809) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 
Equities - Materials  
Beginning Balance $14,440,021 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (5,239,563) 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $9,200,458 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $(5,239,563) 

The information used in the above reconciliations 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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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 reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $29,468,457) — See accompanying schedule:
Unaffiliated issuers (cost $1,088,603,320) 		$1,047,387,563  
Fidelity Central Funds (cost $37,012,744) 37,012,744  
Total Investments (cost $1,125,616,064)  $1,084,400,307 
Receivable for investments sold  2,260,855 
Receivable for fund shares sold  629,803 
Dividends receivable  8,617 
Distributions receivable from Fidelity Central Funds  130,378 
Prepaid expenses  1,007 
Other receivables  31,340 
Total assets  1,087,462,307 
Liabilities   
Payable for investments purchased $25,401  
Payable for fund shares redeemed 3,982,214  
Accrued management fee 631,699  
Distribution and service plan fees payable 17,253  
Other affiliated payables 241,879  
Other payables and accrued expenses 96,889  
Collateral on securities loaned, at value 31,037,646  
Total liabilities  36,032,981 
Net Assets  $1,051,429,326 
Net Assets consist of:   
Paid in capital  $1,281,182,139 
Accumulated net investment loss  (4,948,592) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (183,588,248) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (41,215,973) 
Net Assets  $1,051,429,326 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($22,818,837 ÷ 1,000,986 shares)  $22.80 
Maximum offering price per share (100/94.25 of $22.80)  $24.19 
Class T:   
Net Asset Value and redemption price per share ($5,221,259 ÷ 229,672 shares)  $22.73 
Maximum offering price per share (100/96.50 of $22.73)  $23.55 
Class B:   
Net Asset Value and offering price per share ($535,037 ÷ 23,668 shares)(a)  $22.61 
Class C:   
Net Asset Value and offering price per share ($11,435,356 ÷ 512,571 shares)(a)  $22.31 
China Region:   
Net Asset Value, offering price and redemption price per share ($995,658,703 ÷ 43,200,582 shares)  $23.05 
Class I:   
Net Asset Value, offering price and redemption price per share ($15,760,134 ÷ 687,981 shares)  $22.91 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $289,863 
Income from Fidelity Central Funds (including $787,517 from security lending)  833,598 
Total income  1,123,461 
Expenses   
Management fee $3,992,712  
Transfer agent fees 1,273,934  
Distribution and service plan fees 110,852  
Accounting and security lending fees 269,796  
Custodian fees and expenses 188,324  
Independent trustees' compensation 2,600  
Registration fees 81,227  
Audit 57,221  
Legal 1,907  
Interest 133  
Miscellaneous 4,958  
Total expenses before reductions 5,983,664  
Expense reductions (5,348) 5,978,316 
Net investment income (loss)  (4,854,855) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (180,006,367)  
Foreign currency transactions 268,756  
Total net realized gain (loss)  (179,737,611) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		46,758,426  
Assets and liabilities in foreign currencies (118)  
Total change in net unrealized appreciation (depreciation)  46,758,308 
Net gain (loss)  (132,979,303) 
Net increase (decrease) in net assets resulting from operations  $(137,834,158) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(4,854,855) $23,670,929 
Net realized gain (loss) (179,737,611) 235,474,014 
Change in net unrealized appreciation (depreciation) 46,758,308 (344,541,210) 
Net increase (decrease) in net assets resulting from operations (137,834,158) (85,396,267) 
Distributions to shareholders from net investment income (15,103,497) (13,114,934) 
Distributions to shareholders from net realized gain (159,831,115) (172,413,722) 
Total distributions (174,934,612) (185,528,656) 
Share transactions - net increase (decrease) 20,511,269 200,238,928 
Redemption fees 123,475 2,391,591 
Total increase (decrease) in net assets (292,134,026) (68,294,404) 
Net Assets   
Beginning of period 1,343,563,352 1,411,857,756 
End of period (including accumulated net investment loss of $4,948,592 and undistributed net investment income of $15,009,760, respectively) $1,051,429,326 $1,343,563,352 

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


Financial Highlights — Fidelity China Region Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.34 $34.18 $35.56 $28.53 $27.28 $31.61 
Income from Investment Operations       
Net investment income (loss)A (.14) .40B .21 .30 .36 .33 
Net realized and unrealized gain (loss) (2.54) (.83) 2.01C 7.06 1.42 (4.33) 
Total from investment operations (2.68) (.43) 2.22 7.36 1.78 (4.00) 
Distributions from net investment income (.27) (.22) (.30) (.34) (.19) (.31) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.86) (4.46) (3.61) (.34) (.53) (.34) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.80 $29.34 $34.18 $35.56 $28.53 $27.28 
Total ReturnE,F,G (10.57)% (1.45)% 6.45%C 26.07% 6.70% (12.79)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.33%J 1.28% 1.35% 1.35% 1.36% 1.37% 
Expenses net of fee waivers, if any 1.32%J 1.28% 1.35% 1.35% 1.36% 1.37% 
Expenses net of all reductions 1.32%J 1.26% 1.35% 1.31% 1.29% 1.31% 
Net investment income (loss) (1.13)%J 1.26%B .64% .94% 1.35% 1.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,819 $32,761 $21,728 $20,623 $13,539 $14,808 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .85%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.42%.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.18 $34.02 $35.40 $28.40 $27.13 $31.48 
Income from Investment Operations       
Net investment income (loss)A (.18) .30B .12 .21 .29 .25 
Net realized and unrealized gain (loss) (2.55) (.83) 1.99C 7.04 1.40 (4.32) 
Total from investment operations (2.73) (.53) 2.11 7.25 1.69 (4.07) 
Distributions from net investment income (.13) (.12) (.19) (.26) (.08) (.27) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.72) (4.36) (3.50) (.26) (.42) (.29)D 
Redemption fees added to paid in capitalA –E .05 .01 .01 –E .01 
Net asset value, end of period $22.73 $29.18 $34.02 $35.40 $28.40 $27.13 
Total ReturnF,G,H (10.75)% (1.79)% 6.15%C 25.74% 6.38% (13.04)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.68%K 1.62% 1.65% 1.64% 1.64% 1.63% 
Expenses net of fee waivers, if any 1.68%K 1.62% 1.65% 1.64% 1.64% 1.63% 
Expenses net of all reductions 1.68%K 1.60% 1.65% 1.60% 1.57% 1.57% 
Net investment income (loss) (1.48)%K .92%B .35% .65% 1.06% .81% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,221 $6,409 $6,305 $5,965 $4,349 $5,281 
Portfolio turnover rateL 80%K 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .51%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.12%.

 D Total distributions of $.29 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.025 per share.

 E Amount represents less than $.005 per share.

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

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

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $28.97 $33.79 $35.12 $28.16 $26.94 $31.23 
Income from Investment Operations       
Net investment income (loss)A (.23) .14B (.04) .06 .16 .10 
Net realized and unrealized gain (loss) (2.54) (.80) 1.99C 6.99 1.40 (4.29) 
Total from investment operations (2.77) (.66) 1.95 7.05 1.56 (4.19) 
Distributions from net investment income – – – (.10) – (.08) 
Distributions from net realized gain (3.59) (4.21) (3.29) – (.34) (.03) 
Total distributions (3.59) (4.21) (3.29) (.10) (.34) (.11) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.61 $28.97 $33.79 $35.12 $28.16 $26.94 
Total ReturnE,F,G (10.95)% (2.23)% 5.68%C 25.12% 5.90% (13.45)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.11%J 2.10% 2.11% 2.10% 2.11% 2.12% 
Expenses net of fee waivers, if any 2.11%J 2.10% 2.11% 2.10% 2.11% 2.12% 
Expenses net of all reductions 2.11%J 2.07% 2.11% 2.07% 2.04% 2.06% 
Net investment income (loss) (1.91)%J .44%B (.12)% .19% .59% .32% 
Supplemental Data       
Net assets, end of period (000 omitted) $535 $803 $1,215 $1,494 $1,533 $1,801 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 5.65%.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $28.68 $33.56 $34.99 $28.07 $26.86 $31.19 
Income from Investment Operations       
Net investment income (loss)A (.22) .15B (.02) .06 .16 .10 
Net realized and unrealized gain (loss) (2.50) (.80) 1.97C 6.97 1.39 (4.28) 
Total from investment operations (2.72) (.65) 1.95 7.03 1.55 (4.18) 
Distributions from net investment income (.06) (.04) (.08) (.12) – (.13) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.65) (4.28) (3.39) (.12) (.34) (.16) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.31 $28.68 $33.56 $34.99 $28.07 $26.86 
Total ReturnE,F,G (10.90)% (2.21)% 5.71%C 25.14% 5.88% (13.46)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.08%J 2.05% 2.07% 2.10% 2.11% 2.12% 
Expenses net of fee waivers, if any 2.08%J 2.05% 2.07% 2.10% 2.11% 2.12% 
Expenses net of all reductions 2.08%J 2.02% 2.07% 2.07% 2.04% 2.06% 
Net investment income (loss) (1.88)%J .49%B (.07)% .19% .59% .32% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,435 $14,355 $10,445 $6,957 $4,515 $5,230 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 5.68%.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.66 $34.51 $35.83 $28.73 $27.49 $31.81 
Income from Investment Operations       
Net investment income (loss)A (.10) .51B .33 .41 .45 .44 
Net realized and unrealized gain (loss) (2.58) (.84) 2.03C 7.11 1.42 (4.37) 
Total from investment operations (2.68) (.33) 2.36 7.52 1.87 (3.93) 
Distributions from net investment income (.35) (.33) (.38) (.43) (.29) (.38) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.93)D (4.57) (3.69) (.43) (.63) (.40)E 
Redemption fees added to paid in capitalA –F .05 .01 .01 –F .01 
Net asset value, end of period $23.05 $29.66 $34.51 $35.83 $28.73 $27.49 
Total ReturnG,H (10.45)% (1.14)% 6.83%C 26.51% 7.01% (12.52)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.03%K .99% 1.01% 1.02% 1.04% 1.04% 
Expenses net of fee waivers, if any 1.03%K .98% 1.01% 1.02% 1.04% 1.04% 
Expenses net of all reductions 1.02%K .96% 1.01% .98% .98% .98% 
Net investment income (loss) (.83)%K 1.55%B .99% 1.27% 1.66% 1.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $995,659 $1,262,274 $1,352,761 $1,425,828 $1,265,488 $1,515,084 
Portfolio turnover rateL 80%K 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.80%.

 D Total distributions of $3.93 per share is comprised of distributions from net investment income of $.345 and distributions from net realized gain of $3.588 per share.

 E Total distributions of $.40 per share is comprised of distributions from net investment income of $.376 and distributions from net realized gain of $.025 per share.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.51 $34.39 $35.75 $28.68 $27.46 $31.79 
Income from Investment Operations       
Net investment income (loss)A (.10) .51B .34 .42 .45 .43 
Net realized and unrealized gain (loss) (2.55) (.84) 2.02C 7.10 1.42 (4.37) 
Total from investment operations (2.65) (.33) 2.36 7.52 1.87 (3.94) 
Distributions from net investment income (.36) (.36) (.43) (.46) (.31) (.37) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.95) (4.60) (3.73)D (.46) (.65) (.40) 
Redemption fees added to paid in capitalA –E .05 .01 .01 –E .01 
Net asset value, end of period $22.91 $29.51 $34.39 $35.75 $28.68 $27.46 
Total ReturnF,G (10.43)% (1.14)% 6.87%C 26.58% 7.02% (12.56)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.00%J .97% .98% .97% 1.04% 1.06% 
Expenses net of fee waivers, if any 1.00%J .97% .98% .97% 1.04% 1.06% 
Expenses net of all reductions 1.00%J .95% .98% .93% .98% 1.01% 
Net investment income (loss) (.80)%J 1.57%B 1.01% 1.32% 1.66% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,760 $26,961 $19,404 $10,206 $1,958 $2,034 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.84%.

 D Total distributions of $3.73 per share is comprised of distributions from net investment income of $.425 and distributions from net realized gain of $3.306 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity China Region 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, China Region and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternative valuation approaches, including the market approach and the income approach and are categorized as level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 04/30/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input* 
Equities $16,856,566 Adjusted transaction price Proxy movement 45.0% Increase 
  Last transaction price Transaction price $3.86 Increase 

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 April 30, 2016, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation 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 $83,242,428 
Gross unrealized depreciation (128,294,828) 
Net unrealized appreciation (depreciation) on securities $(45,052,400) 
Tax cost $1,129,452,707 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $452,226,068 and $594,988,343, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $33,035 $1,879 
Class T .25% .25% 13,818 160 
Class B .75% .25% 3,184 2,388 
Class C .75% .25% 60,815 25,390 
   $110,852 $29,817 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $35,646 
Class T 1,702 
Class B(a) 160 
Class C(a) 6,468 
 $43,976 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $35,754 .27 
Class T 10,433 .38 
Class B 973 .31 
Class C 16,540 .27 
China Region 1,190,656 .22 
Class I 19,578 .20 
 $1,273,934  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,217 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $7,322,000 .65% $133 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,030 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $9,957 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $781 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,567.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $297,014 $147,088 
Class T 28,522 22,529 
Class C 29,301 12,652 
China Region 14,431,516 12,728,622 
Class I 317,144 204,043 
Total $15,103,497 $13,114,934 
From net realized gain   
Class A $3,946,989 $2,783,517 
Class T 763,704 789,251 
Class B 93,006 149,794 
Class C 1,752,229 1,276,956 
China Region 150,087,760 165,004,911 
Class I 3,187,427 2,409,293 
Total $159,831,115 $172,413,722 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 147,013 1,058,546 $3,579,372 $35,978,665 
Reinvestment of distributions 162,605 93,297 4,157,811 2,812,898 
Shares redeemed (425,054) (671,056) (9,695,535) (22,101,227) 
Net increase (decrease) (115,436) 480,787 $(1,958,352) $16,690,336 
Class T     
Shares sold 25,114 151,664 $590,683 $5,390,399 
Reinvestment of distributions 30,599 26,640 781,504 801,072 
Shares redeemed (45,663) (143,989) (1,080,869) (4,554,275) 
Net increase (decrease) 10,050 34,315 $291,318 $1,637,196 
Class B     
Shares sold 28 2,771 $647 $95,500 
Reinvestment of distributions 3,443 4,834 87,630 144,877 
Shares redeemed (7,534) (15,827) (179,703) (523,534) 
Net increase (decrease) (4,063) (8,222) $(91,426) $(283,157) 
Class C     
Shares sold 69,272 412,366 $1,686,759 $14,420,908 
Reinvestment of distributions 55,713 38,139 1,398,404 1,131,586 
Shares redeemed (112,880) (261,252) (2,721,043) (7,778,046) 
Net increase (decrease) 12,105 189,253 $364,120 $7,774,448 
China Region     
Shares sold 2,127,375 18,091,274 $51,586,381 $635,141,274 
Reinvestment of distributions 6,142,435 5,608,420 158,659,097 170,439,887 
Shares redeemed (7,626,217) (20,336,385) (183,247,122) (642,334,138) 
Net increase (decrease) 643,593 3,363,309 $26,998,356 $163,247,023 
Class I     
Shares sold 193,468 1,017,162 $5,004,992 $33,130,120 
Reinvestment of distributions 99,936 58,945 2,565,348 1,781,897 
Shares redeemed (518,949) (726,796) (12,663,087) (23,738,935) 
Net increase (decrease) (225,545) 349,311 $(5,092,747) $11,173,082 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.32%    
Actual  $1,000.00 $894.30 $6.22 
Hypothetical-C  $1,000.00 $1,018.30 $6.62 
Class T 1.68%    
Actual  $1,000.00 $892.50 $7.91 
Hypothetical-C  $1,000.00 $1,016.51 $8.42 
Class B 2.11%    
Actual  $1,000.00 $890.50 $9.92 
Hypothetical-C  $1,000.00 $1,014.37 $10.57 
Class C 2.08%    
Actual  $1,000.00 $891.00 $9.78 
Hypothetical-C  $1,000.00 $1,014.52 $10.42 
China Region 1.03%    
Actual  $1,000.00 $895.50 $4.85 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class I 1.00%    
Actual  $1,000.00 $895.70 $4.71 
Hypothetical-C  $1,000.00 $1,019.89 $5.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AHKCI-SANN-0616
1.861454.107

Fidelity® Diversified International Fund
Class K



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Shareholder Expense Example


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 1-800-835-5092 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 15.6% 
   Japan 14.4% 
   United States of America* 9.9% 
   Germany 8.7% 
   Switzerland 4.7% 
   France 4.5% 
   Netherlands 4.4% 
   Canada 3.6% 
   Ireland 3.4% 
   Other 30.8% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 18.7% 
   Japan 14.6% 
   United States of America* 11.5% 
   Germany 8.0% 
   Switzerland 4.8% 
   France 4.1% 
   Netherlands 3.8% 
   Ireland 3.4% 
   Canada 3.2% 
   Other 27.9% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 98.9 96.1 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 3.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 2.2 1.9 
ORIX Corp. (Japan, Diversified Financial Services) 1.9 1.8 
Bayer AG (Germany, Pharmaceuticals) 1.8 1.5 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.8 1.6 
AIA Group Ltd. (Hong Kong, Insurance) 1.6 1.5 
Hoya Corp. (Japan, Health Care Equipment & Supplies) 1.5 1.5 
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals) 1.5 1.1 
Lloyds Banking Group PLC (United Kingdom, Banks) 1.4 1.4 
Syngenta AG (Switzerland) (Switzerland, Chemicals) 1.4 1.1 
Fresenius SE & Co. KGaA (Germany, Health Care Providers & Services) 1.4 1.3 
 16.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.4 22.3 
Health Care 17.8 17.5 
Consumer Discretionary 15.5 16.5 
Consumer Staples 15.2 12.3 
Information Technology 12.9 11.9 
Industrials 6.1 6.2 
Materials 3.6 3.7 
Energy 3.3 2.6 
Telecommunication Services 2.6 2.7 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
Australia - 1.2%   
Ansell Ltd. (a) 2,952,731 $44,745,023 
Australia & New Zealand Banking Group Ltd. 4,907,320 89,950,864 
CSL Ltd. 218,565 17,479,433 
Magellan Financial Group Ltd. 3,017,095 49,322,036 
Ramsay Health Care Ltd. 877,853 43,352,535 
TOTAL AUSTRALIA  244,849,891 
Austria - 0.2%   
Andritz AG 730,000 40,883,209 
Bailiwick of Jersey - 2.0%   
Shire PLC 2,402,900 149,945,770 
Wolseley PLC 2,636,396 147,669,995 
WPP PLC 5,247,109 122,586,031 
TOTAL BAILIWICK OF JERSEY  420,201,796 
Belgium - 2.6%   
Anheuser-Busch InBev SA NV 3,016,230 373,348,662 
KBC Groep NV 3,081,996 173,028,807 
TOTAL BELGIUM  546,377,469 
Canada - 3.6%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 4,721,481 206,966,968 
Cenovus Energy, Inc. 2,569,500 40,732,729 
CGI Group, Inc. Class A (sub. vtg.) (a) 3,291,700 150,378,771 
Constellation Software, Inc. 67,838 26,511,266 
Fairfax India Holdings Corp. (a) 5,973,900 66,310,290 
Imperial Oil Ltd. 1,636,900 54,285,016 
Keyera Corp. (b) 1,175,300 37,852,772 
PrairieSky Royalty Ltd. (b) 940,198 19,797,586 
Suncor Energy, Inc. 3,579,400 105,068,384 
Tourmaline Oil Corp. (a) 2,189,900 50,510,645 
TOTAL CANADA  758,414,427 
Cayman Islands - 1.0%   
58.com, Inc. ADR (a) 385,400 21,062,110 
Alibaba Group Holding Ltd. sponsored ADR (a) 2,208,900 169,952,766 
Regina Miracle International Holdings Ltd. (a) 12,439,271 18,874,469 
TOTAL CAYMAN ISLANDS  209,889,345 
China - 0.8%   
Inner Mongoli Yili Industries Co. Ltd. 5,581,400 12,957,645 
Kweichow Moutai Co. Ltd. 2,230,910 86,561,672 
Qingdao Haier Co. Ltd. 45,397,678 58,412,069 
Weifu High-Technology Co. Ltd. (B Shares) 2,943,629 6,223,558 
TOTAL CHINA  164,154,944 
Curacao - 0.8%   
Schlumberger Ltd. 2,077,125 166,876,223 
Denmark - 2.9%   
Genmab A/S (a) 925,476 137,119,158 
NNIT A/S 680,095 18,520,365 
Novo Nordisk A/S Series B 8,155,495 455,357,133 
TOTAL DENMARK  610,996,656 
Finland - 0.3%   
Sampo Oyj (A Shares) 1,329,300 58,038,244 
France - 4.5%   
Accor SA (b) 2,377,982 105,335,707 
Air Liquide SA 241,570 27,398,058 
ALTEN 384,500 23,774,673 
Amundi SA 2,191,884 100,869,536 
AXA SA 5,561,800 140,433,209 
Capgemini SA 548,384 51,194,896 
Danone SA 1,194,034 83,658,056 
Publicis Groupe SA 618,016 45,735,174 
Sanofi SA (b) 3,489,550 287,631,608 
VINCI SA 576,300 43,051,375 
Worldline SA (a)(c) 1,339,000 37,502,609 
TOTAL FRANCE  946,584,901 
Germany - 7.6%   
adidas AG 1,203,800 155,209,100 
Axel Springer Verlag AG 439,500 24,538,444 
Bayer AG 3,288,262 379,346,358 
Brenntag AG 863,800 50,651,513 
Continental AG 522,000 114,641,948 
Deutsche Boerse AG 478,900 39,312,247 
Deutsche Post AG 686,477 20,164,069 
Fresenius SE & Co. KGaA 3,988,100 290,068,774 
KION Group AG 1,152,600 62,795,353 
ProSiebenSat.1 Media AG 2,859,290 145,759,816 
Rational AG 11,525 5,850,757 
SAP AG 2,818,181 221,117,434 
Symrise AG 1,253,800 83,067,501 
TOTAL GERMANY  1,592,523,314 
Hong Kong - 2.2%   
AIA Group Ltd. 56,237,800 336,561,075 
China Resources Beer Holdings Co. Ltd. 16,168,000 35,527,733 
Hang Seng Bank Ltd. 1,586,900 28,771,377 
Techtronic Industries Co. Ltd. 16,458,500 61,697,484 
TOTAL HONG KONG  462,557,669 
India - 3.1%   
Apollo Hospitals Enterprise Ltd. 1,724,846 34,072,106 
Axis Bank Ltd. (a) 6,056,162 43,069,769 
Bharti Infratel Ltd. 15,702,404 88,634,882 
HCL Technologies Ltd. 3,632,422 41,029,518 
HDFC Bank Ltd. (a) 10,285,876 209,079,292 
Housing Development Finance Corp. Ltd. 8,291,778 135,869,294 
ITC Ltd. 16,601,304 81,212,693 
LIC Housing Finance Ltd. (a) 3,164,765 22,025,741 
TOTAL INDIA  654,993,295 
Indonesia - 0.5%   
PT Bank Central Asia Tbk 49,958,200 49,435,434 
PT Bank Rakyat Indonesia Tbk 68,786,700 53,984,103 
TOTAL INDONESIA  103,419,537 
Ireland - 3.4%   
Allergan PLC (a) 729,200 157,915,552 
DCC PLC (United Kingdom) 815,289 72,190,327 
Greencore Group PLC 9,774,700 51,530,549 
Horizon Pharma PLC (a) 2,441,200 37,521,244 
Kerry Group PLC Class A 1,019,000 90,859,179 
Medtronic PLC 1,456,800 115,305,720 
Ryanair Holdings PLC sponsored ADR 2,206,132 178,586,385 
TOTAL IRELAND  703,908,956 
Isle of Man - 0.6%   
Optimal Payments PLC (a) 11,969,437 66,668,613 
Playtech Ltd. 5,256,097 61,785,167 
TOTAL ISLE OF MAN  128,453,780 
Israel - 2.1%   
Check Point Software Technologies Ltd. (a) 1,470,000 121,818,900 
Teva Pharmaceutical Industries Ltd. sponsored ADR 5,757,600 313,501,320 
TOTAL ISRAEL  435,320,220 
Italy - 0.7%   
Intesa Sanpaolo SpA 38,694,000 107,561,598 
Mediaset SpA 8,358,800 37,614,989 
TOTAL ITALY  145,176,587 
Japan - 14.4%   
Astellas Pharma, Inc. 15,834,200 213,486,090 
Casio Computer Co. Ltd. (b) 2,456,500 46,739,643 
Dentsu, Inc. 1,877,400 95,388,833 
Don Quijote Holdings Co. Ltd. 2,001,300 71,197,912 
Fast Retailing Co. Ltd. 96,700 25,461,332 
Glory Ltd. (d) 612,900 20,073,267 
Hoya Corp. 8,342,600 319,473,825 
Japan Exchange Group, Inc. 6,965,500 103,738,896 
Japan Tobacco, Inc. 5,285,100 215,938,294 
KDDI Corp. 7,392,800 212,955,026 
Keyence Corp. 416,310 249,533,311 
Kubota Corp. 750,000 10,925,142 
Minebea Mitsumi, Inc. 2,614,000 21,411,246 
Misumi Group, Inc. 2,029,200 28,022,800 
Mitsubishi UFJ Financial Group, Inc. 23,766,100 109,676,167 
NGK Spark Plug Co. Ltd. 1,653,600 32,978,359 
Nippon Paint Holdings Co. Ltd. 444,200 11,663,310 
Nitori Holdings Co. Ltd. 893,800 83,140,223 
Olympus Corp. 2,352,800 91,657,147 
ORIX Corp. 28,118,800 397,738,620 
Rakuten, Inc. 9,015,800 98,014,054 
Seven & i Holdings Co. Ltd. 2,509,900 102,410,039 
SHIMANO, Inc. 632,300 90,716,983 
Shinsei Bank Ltd. 26,481,000 37,115,145 
SoftBank Corp. 1,627,900 87,532,999 
Suzuki Motor Corp. 1,491,600 40,875,157 
Tsuruha Holdings, Inc. 1,526,000 146,367,261 
Welcia Holdings Co. Ltd. 614,600 32,464,695 
TOTAL JAPAN  2,996,695,776 
Korea (South) - 0.3%   
Orion Corp. 70,722 57,408,480 
Luxembourg - 0.4%   
Eurofins Scientific SA 217,579 80,733,439 
Netherlands - 4.4%   
AerCap Holdings NV (a) 1,739,700 69,605,397 
Altice NV:   
Class A (a) 9,058,138 137,429,277 
Class B (a) 3,110,964 47,537,683 
Gree Electric Appliances, Inc. of Zhuhai ELS (BNP Paribas Warrants Program) (A Shares)warrants 11/24/16 (a)(c) 1,832,000 5,438,796 
IMCD Group BV 1,604,947 64,798,873 
ING Groep NV (Certificaten Van Aandelen) 10,426,800 127,689,822 
NXP Semiconductors NV (a) 906,600 77,314,848 
RELX NV 7,705,506 129,303,844 
Unilever NV (Certificaten Van Aandelen) (Bearer) (b) 5,700,157 250,407,003 
TOTAL NETHERLANDS  909,525,543 
New Zealand - 0.1%   
Ryman Healthcare Group Ltd. 2,763,492 17,231,402 
Norway - 0.4%   
Statoil ASA (b) 5,237,700 92,190,303 
Philippines - 0.2%   
Alliance Global Group, Inc. 150,892,156 46,517,195 
Singapore - 0.6%   
Broadcom Ltd. 416,400 60,690,300 
United Overseas Bank Ltd. 4,329,000 59,872,402 
TOTAL SINGAPORE  120,562,702 
South Africa - 1.0%   
Naspers Ltd. Class N 1,502,599 206,171,751 
Spain - 2.2%   
Amadeus IT Holding SA Class A 3,632,600 165,298,873 
Hispania Activos Inmobiliarios SA (a) 2,463,300 36,103,701 
Inditex SA 7,342,542 235,706,441 
Telepizza Group SAU 2,185,800 15,392,529 
TOTAL SPAIN  452,501,544 
Sweden - 2.7%   
ASSA ABLOY AB (B Shares) 4,478,400 93,912,864 
Coor Service Management Holding AB (e) 5,263,600 24,907,297 
HEXPOL AB (B Shares) (b) 1,620,800 16,752,038 
Nordea Bank AB 13,901,600 134,940,099 
Svenska Cellulosa AB (SCA) (B Shares) 6,608,800 208,128,501 
Svenska Handelsbanken AB (A Shares) 6,706,700 89,468,403 
TOTAL SWEDEN  568,109,202 
Switzerland - 4.7%   
Actelion Ltd. 671,276 108,462,191 
Compagnie Financiere Richemont SA Series A 532,865 35,531,583 
Credit Suisse Group AG 5,797,094 88,222,860 
GAM Holding Ltd. 990,613 12,908,019 
Julius Baer Group Ltd. 760,650 32,598,242 
Roche Holding AG (participation certificate) 618,734 156,545,411 
Sika AG 27,395 116,599,380 
Syngenta AG (Switzerland) 726,566 290,838,470 
UBS Group AG 8,657,887 149,818,539 
TOTAL SWITZERLAND  991,524,695 
Taiwan - 1.2%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 10,430,600 246,057,854 
Thailand - 0.2%   
Kasikornbank PCL (For. Reg.) 9,204,200 44,017,795 
United Kingdom - 15.6%   
AA PLC 5,871,215 23,900,330 
Associated British Foods PLC 1,646,000 73,690,821 
B&M European Value Retail S.A. 27,155,047 110,065,654 
British American Tobacco PLC sponsored ADR 826,200 100,920,330 
BT Group PLC 24,345,500 157,809,263 
Bunzl PLC 1,849,170 55,092,042 
Capita Group PLC 3,160,500 46,225,825 
Compass Group PLC 6,437,376 114,639,295 
Dignity PLC 178,900 6,378,154 
Essentra PLC (e) 13,275,712 157,510,190 
Halma PLC 1,243,100 16,201,892 
Howden Joinery Group PLC 6,018,400 43,441,299 
IMI PLC 1,829,535 24,994,654 
Imperial Tobacco Group PLC 2,904,132 157,789,806 
Indivior PLC 10,338,900 24,291,547 
ITV PLC 43,061,500 141,694,288 
Liberty Global PLC:   
Class A (a) 1,680,900 63,420,357 
Class C (a) 718,400 26,293,440 
Lloyds Banking Group PLC 306,526,900 300,859,529 
London Stock Exchange Group PLC 2,519,800 99,887,391 
Melrose Industries PLC 3,752,192 20,466,230 
Micro Focus International PLC 4,225,300 94,397,358 
Next PLC 1,913,500 142,172,050 
Poundland Group PLC (e) 15,009,178 37,720,736 
Prudential PLC 12,855,975 253,770,955 
Reckitt Benckiser Group PLC 2,273,387 221,470,848 
Rio Tinto PLC 621,100 20,835,605 
Rolls-Royce Group PLC 8,079,900 79,040,808 
SABMiller PLC 2,138,400 130,761,294 
Schroders PLC 1,512,300 55,551,786 
Softcat PLC 5,267,100 24,550,314 
Sophos Group PLC 5,554,717 16,662,712 
Spectris PLC 1,737,400 46,227,943 
St. James's Place Capital PLC 13,249,300 167,844,392 
The Restaurant Group PLC 6,201,467 24,927,563 
Virgin Money Holdings Uk PLC 11,584,682 61,800,324 
Whitbread PLC 1,838,197 103,997,334 
TOTAL UNITED KINGDOM  3,247,304,359 
United States of America - 8.3%   
Alphabet, Inc.:   
Class A 108,805 77,020,883 
Class C 210,903 146,157,888 
Amgen, Inc. 703,400 111,348,220 
Baxalta, Inc. 1,278,200 53,620,490 
Celgene Corp. (a) 714,300 73,865,763 
Coach, Inc. 519,800 20,932,346 
Cognizant Technology Solutions Corp. Class A (a) 1,037,400 60,553,038 
Coty, Inc. Class A (b) 3,195,800 97,152,320 
Fidelity National Information Services, Inc. 530,700 34,920,060 
Las Vegas Sands Corp. 1,943,100 87,730,965 
MasterCard, Inc. Class A 1,636,500 158,724,135 
McGraw Hill Financial, Inc. 2,269,000 242,442,650 
Mead Johnson Nutrition Co. Class A 247,400 21,560,910 
Molson Coors Brewing Co. Class B 636,800 60,897,184 
MSCI, Inc. Class A 289,000 21,946,660 
NJOY, Inc. (a)(f) 9,361,812 1,198,312 
Noble Energy, Inc. 924,856 33,396,550 
Oceaneering International, Inc. 1,246,600 45,687,890 
Phillips 66 Co. 533,400 43,797,474 
Qualcomm, Inc. 1,726,000 87,197,520 
Spectrum Brands Holdings, Inc. 249,700 28,365,920 
Verisk Analytics, Inc. (a) 274,800 21,318,984 
Visa, Inc. Class A 2,191,300 169,256,012 
Western Digital Corp. 681,800 27,861,757 
TOTAL UNITED STATES OF AMERICA  1,726,953,931 
TOTAL COMMON STOCKS   
(Cost $16,457,701,662)  20,197,126,434 
Nonconvertible Preferred Stocks - 1.6%   
Brazil - 0.5%   
Itau Unibanco Holding SA 10,727,500 102,526,110 
Germany - 1.1%   
Henkel AG & Co. KGaA 1,864,900 212,857,045 
Jungheinrich AG 133,700 12,604,162 
TOTAL GERMANY  225,461,207 
United Kingdom - 0.0%   
Rolls-Royce Group PLC 573,672,900 838,222 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $262,716,240)  328,825,539 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.25% to 0.33% 5/26/16 to 7/28/16(g)   
(Cost $6,617,073) 6,620,000 6,617,900 
 Shares Value 
Money Market Funds - 3.3%   
Fidelity Cash Central Fund, 0.38% (h) 193,027,021 193,027,021 
Fidelity Securities Lending Cash Central Fund, 0.42% (h)(i) 489,239,092 489,239,092 
TOTAL MONEY MARKET FUNDS   
(Cost $682,266,113)  682,266,113 
TOTAL INVESTMENT PORTFOLIO - 101.7%   
(Cost $17,409,301,088)  21,214,835,986 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (352,640,308) 
NET ASSETS - 100%  $20,862,195,678 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
1,256 CME Nikkei 225 Index Contracts (United States) June 2016 100,009,000 $(6,820,937) 

The face value of futures purchased as a percentage of Net Assets is 0.5%

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) 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 $42,941,405 or 0.2% of net assets.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Affiliated company

 (f) 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 $1,198,312 or 0.0% of net assets.

 (g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,617,900.

 (h) Affiliated fund that is generally 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.

 (i) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
NJOY, Inc. 6/7/13 - 2/14/14 $10,471,244 

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 $900,333 
Fidelity Securities Lending Cash Central Fund 2,758,295 
Total $3,658,628 

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 
Coor Service Management Holding AB $22,025,249 $-- $564,115 $1,114,274 $24,907,297 
Essentra PLC 176,517,577 -- 3,709,777 2,787,249 157,510,190 
Fairfax India Holdings Corp. 64,252,650 -- 1,493,380 -- -- 
Poundland Group PLC 60,695,655 2,415,927 1,011,783 347,496 37,720,736 
Total $323,491,131 $2,415,927 $6,779,055 $4,249,019 $220,138,223 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $3,236,726,516 $2,251,951,672 $983,576,532 $1,198,312 
Consumer Staples 3,141,213,908 2,303,376,982 837,836,926 -- 
Energy 690,195,572 598,005,269 92,190,303 -- 
Financials 4,500,290,519 2,169,305,491 2,330,985,028 -- 
Health Care 3,732,597,624 2,058,500,640 1,674,096,984 -- 
Industrials 1,262,597,991 1,014,331,472 248,266,519 -- 
Information Technology 2,690,733,121 2,220,082,376 470,650,745 -- 
Materials 724,664,552 664,767,579 59,896,973 -- 
Telecommunication Services 546,932,170 88,634,882 458,297,288 -- 
Government Obligations 6,617,900 -- 6,617,900 -- 
Money Market Funds 682,266,113 682,266,113 -- -- 
Total Investments in Securities: $21,214,835,986 $14,051,222,476 $7,162,415,198 $1,198,312 
Derivative Instruments:     
Liabilities     
Futures Contracts $(6,820,937) $(6,820,937) $-- $-- 
Total Liabilities $(6,820,937) $(6,820,937) $-- $-- 
Total Derivative Instruments: $(6,820,937) $(6,820,937) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $327,803,309 
Level 2 to Level 1 $2,317,070,644 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(6,820,937) 
Total Equity Risk 0 (6,820,937) 
Total Value of Derivatives $0 $(6,820,937) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 
Assets   
Investment in securities, at value (including securities loaned of $456,030,327) — See accompanying schedule:
Unaffiliated issuers (cost $16,486,374,161) 		$20,312,431,650  
Fidelity Central Funds (cost $682,266,113) 682,266,113  
Other affiliated issuers (cost $240,660,814) 220,138,223  
Total Investments (cost $17,409,301,088)  $21,214,835,986 
Foreign currency held at value (cost $1,167,659)  1,167,659 
Receivable for investments sold   
Regular delivery  73,143,255 
Delayed delivery  453,889 
Receivable for fund shares sold  14,641,483 
Dividends receivable  123,105,241 
Distributions receivable from Fidelity Central Funds  1,052,340 
Prepaid expenses  18,989 
Other receivables  1,595,224 
Total assets  21,430,014,066 
Liabilities   
Payable for investments purchased $23,866,675  
Payable for fund shares redeemed 33,350,437  
Accrued management fee 14,746,567  
Payable for daily variation margin for derivative instruments 2,574,800  
Other affiliated payables 2,280,994  
Other payables and accrued expenses 1,759,823  
Collateral on securities loaned, at value 489,239,092  
Total liabilities  567,818,388 
Net Assets  $20,862,195,678 
Net Assets consist of:   
Paid in capital  $17,325,464,003 
Undistributed net investment income  129,578,937 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (393,065,236) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  3,800,217,974 
Net Assets  $20,862,195,678 
Diversified International:   
Net Asset Value, offering price and redemption price per share ($11,817,235,192 ÷ 345,097,099 shares)  $34.24 
Class K:   
Net Asset Value, offering price and redemption price per share ($9,044,960,486 ÷ 264,569,911 shares)  $34.19 

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


Statement of Operations

  Six months ended April 30, 2016 
Investment Income   
Dividends (including $4,249,019 earned from other affiliated issuers)  $254,410,456 
Interest  41,262 
Income from Fidelity Central Funds  3,658,628 
Income before foreign taxes withheld  258,110,346 
Less foreign taxes withheld  (18,972,856) 
Total income  239,137,490 
Expenses   
Management fee   
Basic fee $71,844,117  
Performance adjustment 21,391,508  
Transfer agent fees 12,847,941  
Accounting and security lending fees 1,129,743  
Custodian fees and expenses 998,619  
Independent trustees' compensation 47,597  
Appreciation in deferred trustee compensation account 5  
Registration fees 95,852  
Audit 91,476  
Legal 32,513  
Miscellaneous 75,690  
Total expenses before reductions 108,555,061  
Expense reductions (238,137) 108,316,924 
Net investment income (loss)  130,820,566 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (177,598,081)  
Other affiliated issuers 1,794,941  
Foreign currency transactions 1,239,915  
Futures contracts (6,473,079)  
Total net realized gain (loss)  (181,036,304) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(837,341,372)  
Assets and liabilities in foreign currencies 1,303,758  
Futures contracts (12,506,904)  
Total change in net unrealized appreciation (depreciation)  (848,544,518) 
Net gain (loss)  (1,029,580,822) 
Net increase (decrease) in net assets resulting from operations  $(898,760,256) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $130,820,566 $255,650,579 
Net realized gain (loss) (181,036,304) 526,274,148 
Change in net unrealized appreciation (depreciation) (848,544,518) 59,726,439 
Net increase (decrease) in net assets resulting from operations (898,760,256) 841,651,166 
Distributions to shareholders from net investment income (211,286,764) (285,525,428) 
Distributions to shareholders from net realized gain (103,786,301) (625,108,082) 
Total distributions (315,073,065) (910,633,510) 
Share transactions - net increase (decrease) (1,127,571,911) (1,643,491,859) 
Redemption fees 78,123 259,689 
Total increase (decrease) in net assets (2,341,327,109) (1,712,214,514) 
Net Assets   
Beginning of period 23,203,522,787 24,915,737,301 
End of period (including undistributed net investment income of $129,578,937 and undistributed net investment income of $210,045,135, respectively) $20,862,195,678 $23,203,522,787 

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


Financial Highlights — Fidelity Diversified International Fund

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $36.07 $36.22 $35.89 $29.07 $27.49 $29.49 
Income from Investment Operations       
Net investment income (loss)A .20 .36 .60B .44 .42 .53C 
Net realized and unrealized gain (loss) (1.56) .80 .28 6.90 1.65 (1.99) 
Total from investment operations (1.36) 1.16 .88 7.34 2.07 (1.46) 
Distributions from net investment income (.31) (.40) (.32) (.46) (.49) (.46) 
Distributions from net realized gain (.16) (.92) (.23) (.07) – (.08) 
Total distributions (.47) (1.31)D (.55) (.52)E (.49) (.54) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $34.24 $36.07 $36.22 $35.89 $29.07 $27.49 
Total ReturnG,H (3.81)% 3.29% 2.48% 25.66% 7.72% (5.07)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.07%K 1.00% .93% .94% 1.01% .90% 
Expenses net of fee waivers, if any 1.07%K .99% .93% .94% 1.01% .89% 
Expenses net of all reductions 1.07%K .99% .92% .92% .99% .87% 
Net investment income (loss) 1.17%K .98% 1.65%B 1.38% 1.53% 1.78%C 
Supplemental Data       
Net assets, end of period (000 omitted) $11,817,235 $13,059,983 $13,781,306 $14,432,586 $13,269,769 $17,285,369 
Portfolio turnover rateL 24%K,M 31%M 39%M 52% 35% 45% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.44%.

 D Total distributions of $1.31 per share is comprised of distributions from net investment income of $.397 and distributions from net realized gain of $.917 per share.

 E Total distributions of $.52 per share is comprised of distributions from net investment income of $.456 and distributions from net realized gain of $.068 per share.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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. 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 Annualized

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

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Diversified International Fund Class K

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $36.04 $36.20 $35.87 $29.06 $27.51 $29.51 
Income from Investment Operations       
Net investment income (loss)A .22 .40 .65B .49 .47 .58C 
Net realized and unrealized gain (loss) (1.55) .80 .28 6.90 1.63 (1.97) 
Total from investment operations (1.33) 1.20 .93 7.39 2.10 (1.39) 
Distributions from net investment income (.36) (.45) (.37) (.51) (.55) (.53) 
Distributions from net realized gain (.16) (.92) (.23) (.07) – (.08) 
Total distributions (.52) (1.36)D (.60) (.58) (.55) (.61) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $34.19 $36.04 $36.20 $35.87 $29.06 $27.51 
Total ReturnF,G (3.74)% 3.40% 2.63% 25.86% 7.86% (4.87)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .94%J .87% .80% .80% .84% .73% 
Expenses net of fee waivers, if any .94%J .87% .80% .80% .84% .72% 
Expenses net of all reductions .94%J .86% .79% .78% .83% .70% 
Net investment income (loss) 1.30%J 1.10% 1.78%B 1.52% 1.70% 1.95%C 
Supplemental Data       
Net assets, end of period (000 omitted) $9,044,960 $10,143,540 $11,134,431 $11,541,599 $8,885,304 $8,115,192 
Portfolio turnover rateK 24%J,L 31%L 39%L 52% 35% 45% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.29%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%.

 D Total distributions of $1.36 per share is comprised of distributions from net investment income of $.446 and distributions from net realized gain of $.917 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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

 L Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements

For the period ended April 30, 2016

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 and Class K 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to in-kind transactions, futures contracts, foreign currency transactions, passive foreign investments companies (PFIC), market discount, partnerships, deferred trustees compensation 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 $4,689,597,730 
Gross unrealized depreciation (1,074,896,131) 
Net unrealized appreciation (depreciation) on securities $3,614,701,599 
Tax cost $17,600,134,387 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(6,473,079) and a change in net unrealized appreciation (depreciation) of $(12,506,904) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,543,180,989 and $2,682,802,377, respectively.

Redemptions In-Kind. During the period, 14,413,032 shares of the Fund held by unaffiliated entities were redeemed in-kind for cash and investments with a value of $486,333,150. The net realized gain of $139,782,567 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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 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
Class-Level Average
Net Assets(a) 
Diversified International $10,659,258 .18 
Class K 2,188,683 .05 
 $12,847,941  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $13,265 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $19,093 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $2,758,295. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $156,463 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $956.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $80,718.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Diversified International $111,194,421 $149,948,658 
Class K 100,092,343 135,576,770 
Total $211,286,764 $285,525,428 
From net realized gain   
Diversified International $58,466,749 $346,354,986 
Class K 45,319,552 278,753,096 
Total $103,786,301 $625,108,082 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Diversified International     
Shares sold 22,545,924 68,897,294 $754,790,846 $2,502,582,724 
Reinvestment of distributions 4,457,297 13,245,636 158,724,354 468,498,147 
Shares redeemed (43,948,563) (100,568,411)(a) (1,481,054,664) (3,650,099,531)(a) 
Net increase (decrease) (16,945,342) (18,425,481) $(567,539,464) $(679,018,660) 
Class K     
Shares sold 23,311,890 62,832,809 $787,966,013 $2,295,823,882 
Reinvestment of distributions 4,092,651 11,737,390 145,411,895 414,329,866 
Shares redeemed (44,273,186)(b) (100,745,655)(a) (1,493,410,355)(b) (3,674,626,947)(a) 
Net increase (decrease) (16,868,645) (26,175,456) $(560,032,447) $(964,473,199) 

 (a) Amount includes in-kind redemptions

 (b) Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).


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.

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 April 30, 2016, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015. 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 April 30, 2016, by correspondence with the custodians and brokers; when 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, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of April 30, 2016, the results of its operations for the six-months then ended, the changes in its net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
June 15, 2016

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Diversified International 1.07%    
Actual  $1,000.00 $961.90 $5.22 
Hypothetical-C  $1,000.00 $1,019.54 $5.37 
Class K .94%    
Actual  $1,000.00 $962.60 $4.59 
Hypothetical-C  $1,000.00 $1,020.19 $4.72 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

DIF-K-SANN-0616
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Fidelity's Broadly Diversified International Equity Funds

Fidelity® Diversified International Fund

Fidelity® International Capital Appreciation Fund

Fidelity® Overseas Fund

Fidelity® Worldwide Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Fidelity® Diversified International Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® International Capital Appreciation Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Overseas Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Worldwide Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Report of Independent Auditors

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.



Fidelity® Diversified International Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 15.6% 
   Japan 14.4% 
   United States of America* 9.9% 
   Germany 8.7% 
   Switzerland 4.7% 
   France 4.5% 
   Netherlands 4.4% 
   Canada 3.6% 
   Ireland 3.4% 
   Other 30.8% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 18.7% 
   Japan 14.6% 
   United States of America* 11.5% 
   Germany 8.0% 
   Switzerland 4.8% 
   France 4.1% 
   Netherlands 3.8% 
   Ireland 3.4% 
   Canada 3.2% 
   Other 27.9% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 98.9 96.1 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 3.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 2.2 1.9 
ORIX Corp. (Japan, Diversified Financial Services) 1.9 1.8 
Bayer AG (Germany, Pharmaceuticals) 1.8 1.5 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.8 1.6 
AIA Group Ltd. (Hong Kong, Insurance) 1.6 1.5 
Hoya Corp. (Japan, Health Care Equipment & Supplies) 1.5 1.5 
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals) 1.5 1.1 
Lloyds Banking Group PLC (United Kingdom, Banks) 1.4 1.4 
Syngenta AG (Switzerland) (Switzerland, Chemicals) 1.4 1.1 
Fresenius SE & Co. KGaA (Germany, Health Care Providers & Services) 1.4 1.3 
 16.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.4 22.3 
Health Care 17.8 17.5 
Consumer Discretionary 15.5 16.5 
Consumer Staples 15.2 12.3 
Information Technology 12.9 11.9 
Industrials 6.1 6.2 
Materials 3.6 3.7 
Energy 3.3 2.6 
Telecommunication Services 2.6 2.7 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Diversified International Fund

Investments April 30, 2016

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
Australia - 1.2%   
Ansell Ltd. (a) 2,952,731 $44,745,023 
Australia & New Zealand Banking Group Ltd. 4,907,320 89,950,864 
CSL Ltd. 218,565 17,479,433 
Magellan Financial Group Ltd. 3,017,095 49,322,036 
Ramsay Health Care Ltd. 877,853 43,352,535 
TOTAL AUSTRALIA  244,849,891 
Austria - 0.2%   
Andritz AG 730,000 40,883,209 
Bailiwick of Jersey - 2.0%   
Shire PLC 2,402,900 149,945,770 
Wolseley PLC 2,636,396 147,669,995 
WPP PLC 5,247,109 122,586,031 
TOTAL BAILIWICK OF JERSEY  420,201,796 
Belgium - 2.6%   
Anheuser-Busch InBev SA NV 3,016,230 373,348,662 
KBC Groep NV 3,081,996 173,028,807 
TOTAL BELGIUM  546,377,469 
Canada - 3.6%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 4,721,481 206,966,968 
Cenovus Energy, Inc. 2,569,500 40,732,729 
CGI Group, Inc. Class A (sub. vtg.) (a) 3,291,700 150,378,771 
Constellation Software, Inc. 67,838 26,511,266 
Fairfax India Holdings Corp. (a) 5,973,900 66,310,290 
Imperial Oil Ltd. 1,636,900 54,285,016 
Keyera Corp. (b) 1,175,300 37,852,772 
PrairieSky Royalty Ltd. (b) 940,198 19,797,586 
Suncor Energy, Inc. 3,579,400 105,068,384 
Tourmaline Oil Corp. (a) 2,189,900 50,510,645 
TOTAL CANADA  758,414,427 
Cayman Islands - 1.0%   
58.com, Inc. ADR (a) 385,400 21,062,110 
Alibaba Group Holding Ltd. sponsored ADR (a) 2,208,900 169,952,766 
Regina Miracle International Holdings Ltd. (a) 12,439,271 18,874,469 
TOTAL CAYMAN ISLANDS  209,889,345 
China - 0.8%   
Inner Mongoli Yili Industries Co. Ltd. 5,581,400 12,957,645 
Kweichow Moutai Co. Ltd. 2,230,910 86,561,672 
Qingdao Haier Co. Ltd. 45,397,678 58,412,069 
Weifu High-Technology Co. Ltd. (B Shares) 2,943,629 6,223,558 
TOTAL CHINA  164,154,944 
Curacao - 0.8%   
Schlumberger Ltd. 2,077,125 166,876,223 
Denmark - 2.9%   
Genmab A/S (a) 925,476 137,119,158 
NNIT A/S 680,095 18,520,365 
Novo Nordisk A/S Series B 8,155,495 455,357,133 
TOTAL DENMARK  610,996,656 
Finland - 0.3%   
Sampo Oyj (A Shares) 1,329,300 58,038,244 
France - 4.5%   
Accor SA (b) 2,377,982 105,335,707 
Air Liquide SA 241,570 27,398,058 
ALTEN 384,500 23,774,673 
Amundi SA 2,191,884 100,869,536 
AXA SA 5,561,800 140,433,209 
Capgemini SA 548,384 51,194,896 
Danone SA 1,194,034 83,658,056 
Publicis Groupe SA 618,016 45,735,174 
Sanofi SA (b) 3,489,550 287,631,608 
VINCI SA 576,300 43,051,375 
Worldline SA (a)(c) 1,339,000 37,502,609 
TOTAL FRANCE  946,584,901 
Germany - 7.6%   
adidas AG 1,203,800 155,209,100 
Axel Springer Verlag AG 439,500 24,538,444 
Bayer AG 3,288,262 379,346,358 
Brenntag AG 863,800 50,651,513 
Continental AG 522,000 114,641,948 
Deutsche Boerse AG 478,900 39,312,247 
Deutsche Post AG 686,477 20,164,069 
Fresenius SE & Co. KGaA 3,988,100 290,068,774 
KION Group AG 1,152,600 62,795,353 
ProSiebenSat.1 Media AG 2,859,290 145,759,816 
Rational AG 11,525 5,850,757 
SAP AG 2,818,181 221,117,434 
Symrise AG 1,253,800 83,067,501 
TOTAL GERMANY  1,592,523,314 
Hong Kong - 2.2%   
AIA Group Ltd. 56,237,800 336,561,075 
China Resources Beer Holdings Co. Ltd. 16,168,000 35,527,733 
Hang Seng Bank Ltd. 1,586,900 28,771,377 
Techtronic Industries Co. Ltd. 16,458,500 61,697,484 
TOTAL HONG KONG  462,557,669 
India - 3.1%   
Apollo Hospitals Enterprise Ltd. 1,724,846 34,072,106 
Axis Bank Ltd. (a) 6,056,162 43,069,769 
Bharti Infratel Ltd. 15,702,404 88,634,882 
HCL Technologies Ltd. 3,632,422 41,029,518 
HDFC Bank Ltd. (a) 10,285,876 209,079,292 
Housing Development Finance Corp. Ltd. 8,291,778 135,869,294 
ITC Ltd. 16,601,304 81,212,693 
LIC Housing Finance Ltd. (a) 3,164,765 22,025,741 
TOTAL INDIA  654,993,295 
Indonesia - 0.5%   
PT Bank Central Asia Tbk 49,958,200 49,435,434 
PT Bank Rakyat Indonesia Tbk 68,786,700 53,984,103 
TOTAL INDONESIA  103,419,537 
Ireland - 3.4%   
Allergan PLC (a) 729,200 157,915,552 
DCC PLC (United Kingdom) 815,289 72,190,327 
Greencore Group PLC 9,774,700 51,530,549 
Horizon Pharma PLC (a) 2,441,200 37,521,244 
Kerry Group PLC Class A 1,019,000 90,859,179 
Medtronic PLC 1,456,800 115,305,720 
Ryanair Holdings PLC sponsored ADR 2,206,132 178,586,385 
TOTAL IRELAND  703,908,956 
Isle of Man - 0.6%   
Optimal Payments PLC (a) 11,969,437 66,668,613 
Playtech Ltd. 5,256,097 61,785,167 
TOTAL ISLE OF MAN  128,453,780 
Israel - 2.1%   
Check Point Software Technologies Ltd. (a) 1,470,000 121,818,900 
Teva Pharmaceutical Industries Ltd. sponsored ADR 5,757,600 313,501,320 
TOTAL ISRAEL  435,320,220 
Italy - 0.7%   
Intesa Sanpaolo SpA 38,694,000 107,561,598 
Mediaset SpA 8,358,800 37,614,989 
TOTAL ITALY  145,176,587 
Japan - 14.4%   
Astellas Pharma, Inc. 15,834,200 213,486,090 
Casio Computer Co. Ltd. (b) 2,456,500 46,739,643 
Dentsu, Inc. 1,877,400 95,388,833 
Don Quijote Holdings Co. Ltd. 2,001,300 71,197,912 
Fast Retailing Co. Ltd. 96,700 25,461,332 
Glory Ltd. (d) 612,900 20,073,267 
Hoya Corp. 8,342,600 319,473,825 
Japan Exchange Group, Inc. 6,965,500 103,738,896 
Japan Tobacco, Inc. 5,285,100 215,938,294 
KDDI Corp. 7,392,800 212,955,026 
Keyence Corp. 416,310 249,533,311 
Kubota Corp. 750,000 10,925,142 
Minebea Mitsumi, Inc. 2,614,000 21,411,246 
Misumi Group, Inc. 2,029,200 28,022,800 
Mitsubishi UFJ Financial Group, Inc. 23,766,100 109,676,167 
NGK Spark Plug Co. Ltd. 1,653,600 32,978,359 
Nippon Paint Holdings Co. Ltd. 444,200 11,663,310 
Nitori Holdings Co. Ltd. 893,800 83,140,223 
Olympus Corp. 2,352,800 91,657,147 
ORIX Corp. 28,118,800 397,738,620 
Rakuten, Inc. 9,015,800 98,014,054 
Seven & i Holdings Co. Ltd. 2,509,900 102,410,039 
SHIMANO, Inc. 632,300 90,716,983 
Shinsei Bank Ltd. 26,481,000 37,115,145 
SoftBank Corp. 1,627,900 87,532,999 
Suzuki Motor Corp. 1,491,600 40,875,157 
Tsuruha Holdings, Inc. 1,526,000 146,367,261 
Welcia Holdings Co. Ltd. 614,600 32,464,695 
TOTAL JAPAN  2,996,695,776 
Korea (South) - 0.3%   
Orion Corp. 70,722 57,408,480 
Luxembourg - 0.4%   
Eurofins Scientific SA 217,579 80,733,439 
Netherlands - 4.4%   
AerCap Holdings NV (a) 1,739,700 69,605,397 
Altice NV:   
Class A (a) 9,058,138 137,429,277 
Class B (a) 3,110,964 47,537,683 
Gree Electric Appliances, Inc. of Zhuhai ELS (BNP Paribas Warrants Program) (A Shares)warrants 11/24/16 (a)(c) 1,832,000 5,438,796 
IMCD Group BV 1,604,947 64,798,873 
ING Groep NV (Certificaten Van Aandelen) 10,426,800 127,689,822 
NXP Semiconductors NV (a) 906,600 77,314,848 
RELX NV 7,705,506 129,303,844 
Unilever NV (Certificaten Van Aandelen) (Bearer) (b) 5,700,157 250,407,003 
TOTAL NETHERLANDS  909,525,543 
New Zealand - 0.1%   
Ryman Healthcare Group Ltd. 2,763,492 17,231,402 
Norway - 0.4%   
Statoil ASA (b) 5,237,700 92,190,303 
Philippines - 0.2%   
Alliance Global Group, Inc. 150,892,156 46,517,195 
Singapore - 0.6%   
Broadcom Ltd. 416,400 60,690,300 
United Overseas Bank Ltd. 4,329,000 59,872,402 
TOTAL SINGAPORE  120,562,702 
South Africa - 1.0%   
Naspers Ltd. Class N 1,502,599 206,171,751 
Spain - 2.2%   
Amadeus IT Holding SA Class A 3,632,600 165,298,873 
Hispania Activos Inmobiliarios SA (a) 2,463,300 36,103,701 
Inditex SA 7,342,542 235,706,441 
Telepizza Group SAU 2,185,800 15,392,529 
TOTAL SPAIN  452,501,544 
Sweden - 2.7%   
ASSA ABLOY AB (B Shares) 4,478,400 93,912,864 
Coor Service Management Holding AB (e) 5,263,600 24,907,297 
HEXPOL AB (B Shares) (b) 1,620,800 16,752,038 
Nordea Bank AB 13,901,600 134,940,099 
Svenska Cellulosa AB (SCA) (B Shares) 6,608,800 208,128,501 
Svenska Handelsbanken AB (A Shares) 6,706,700 89,468,403 
TOTAL SWEDEN  568,109,202 
Switzerland - 4.7%   
Actelion Ltd. 671,276 108,462,191 
Compagnie Financiere Richemont SA Series A 532,865 35,531,583 
Credit Suisse Group AG 5,797,094 88,222,860 
GAM Holding Ltd. 990,613 12,908,019 
Julius Baer Group Ltd. 760,650 32,598,242 
Roche Holding AG (participation certificate) 618,734 156,545,411 
Sika AG 27,395 116,599,380 
Syngenta AG (Switzerland) 726,566 290,838,470 
UBS Group AG 8,657,887 149,818,539 
TOTAL SWITZERLAND  991,524,695 
Taiwan - 1.2%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 10,430,600 246,057,854 
Thailand - 0.2%   
Kasikornbank PCL (For. Reg.) 9,204,200 44,017,795 
United Kingdom - 15.6%   
AA PLC 5,871,215 23,900,330 
Associated British Foods PLC 1,646,000 73,690,821 
B&M European Value Retail S.A. 27,155,047 110,065,654 
British American Tobacco PLC sponsored ADR 826,200 100,920,330 
BT Group PLC 24,345,500 157,809,263 
Bunzl PLC 1,849,170 55,092,042 
Capita Group PLC 3,160,500 46,225,825 
Compass Group PLC 6,437,376 114,639,295 
Dignity PLC 178,900 6,378,154 
Essentra PLC (e) 13,275,712 157,510,190 
Halma PLC 1,243,100 16,201,892 
Howden Joinery Group PLC 6,018,400 43,441,299 
IMI PLC 1,829,535 24,994,654 
Imperial Tobacco Group PLC 2,904,132 157,789,806 
Indivior PLC 10,338,900 24,291,547 
ITV PLC 43,061,500 141,694,288 
Liberty Global PLC:   
Class A (a) 1,680,900 63,420,357 
Class C (a) 718,400 26,293,440 
Lloyds Banking Group PLC 306,526,900 300,859,529 
London Stock Exchange Group PLC 2,519,800 99,887,391 
Melrose Industries PLC 3,752,192 20,466,230 
Micro Focus International PLC 4,225,300 94,397,358 
Next PLC 1,913,500 142,172,050 
Poundland Group PLC (e) 15,009,178 37,720,736 
Prudential PLC 12,855,975 253,770,955 
Reckitt Benckiser Group PLC 2,273,387 221,470,848 
Rio Tinto PLC 621,100 20,835,605 
Rolls-Royce Group PLC 8,079,900 79,040,808 
SABMiller PLC 2,138,400 130,761,294 
Schroders PLC 1,512,300 55,551,786 
Softcat PLC 5,267,100 24,550,314 
Sophos Group PLC 5,554,717 16,662,712 
Spectris PLC 1,737,400 46,227,943 
St. James's Place Capital PLC 13,249,300 167,844,392 
The Restaurant Group PLC 6,201,467 24,927,563 
Virgin Money Holdings Uk PLC 11,584,682 61,800,324 
Whitbread PLC 1,838,197 103,997,334 
TOTAL UNITED KINGDOM  3,247,304,359 
United States of America - 8.3%   
Alphabet, Inc.:   
Class A 108,805 77,020,883 
Class C 210,903 146,157,888 
Amgen, Inc. 703,400 111,348,220 
Baxalta, Inc. 1,278,200 53,620,490 
Celgene Corp. (a) 714,300 73,865,763 
Coach, Inc. 519,800 20,932,346 
Cognizant Technology Solutions Corp. Class A (a) 1,037,400 60,553,038 
Coty, Inc. Class A (b) 3,195,800 97,152,320 
Fidelity National Information Services, Inc. 530,700 34,920,060 
Las Vegas Sands Corp. 1,943,100 87,730,965 
MasterCard, Inc. Class A 1,636,500 158,724,135 
McGraw Hill Financial, Inc. 2,269,000 242,442,650 
Mead Johnson Nutrition Co. Class A 247,400 21,560,910 
Molson Coors Brewing Co. Class B 636,800 60,897,184 
MSCI, Inc. Class A 289,000 21,946,660 
NJOY, Inc. (a)(f) 9,361,812 1,198,312 
Noble Energy, Inc. 924,856 33,396,550 
Oceaneering International, Inc. 1,246,600 45,687,890 
Phillips 66 Co. 533,400 43,797,474 
Qualcomm, Inc. 1,726,000 87,197,520 
Spectrum Brands Holdings, Inc. 249,700 28,365,920 
Verisk Analytics, Inc. (a) 274,800 21,318,984 
Visa, Inc. Class A 2,191,300 169,256,012 
Western Digital Corp. 681,800 27,861,757 
TOTAL UNITED STATES OF AMERICA  1,726,953,931 
TOTAL COMMON STOCKS   
(Cost $16,457,701,662)  20,197,126,434 
Nonconvertible Preferred Stocks - 1.6%   
Brazil - 0.5%   
Itau Unibanco Holding SA 10,727,500 102,526,110 
Germany - 1.1%   
Henkel AG & Co. KGaA 1,864,900 212,857,045 
Jungheinrich AG 133,700 12,604,162 
TOTAL GERMANY  225,461,207 
United Kingdom - 0.0%   
Rolls-Royce Group PLC 573,672,900 838,222 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $262,716,240)  328,825,539 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.25% to 0.33% 5/26/16 to 7/28/16(g)   
(Cost $6,617,073) 6,620,000 6,617,900 
 Shares Value 
Money Market Funds - 3.3%   
Fidelity Cash Central Fund, 0.38% (h) 193,027,021 193,027,021 
Fidelity Securities Lending Cash Central Fund, 0.42% (h)(i) 489,239,092 489,239,092 
TOTAL MONEY MARKET FUNDS   
(Cost $682,266,113)  682,266,113 
TOTAL INVESTMENT PORTFOLIO - 101.7%   
(Cost $17,409,301,088)  21,214,835,986 
NET OTHER ASSETS (LIABILITIES) - (1.7)%  (352,640,308) 
NET ASSETS - 100%  $20,862,195,678 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
1,256 CME Nikkei 225 Index Contracts (United States) June 2016 100,009,000 $(6,820,937) 

The face value of futures purchased as a percentage of Net Assets is 0.5%

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) 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 $42,941,405 or 0.2% of net assets.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Affiliated company

 (f) 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 $1,198,312 or 0.0% of net assets.

 (g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $6,617,900.

 (h) Affiliated fund that is generally 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.

 (i) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
NJOY, Inc. 6/7/13 - 2/14/14 $10,471,244 

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 $900,333 
Fidelity Securities Lending Cash Central Fund 2,758,295 
Total $3,658,628 

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 
Coor Service Management Holding AB $22,025,249 $-- $564,115 $1,114,274 $24,907,297 
Essentra PLC 176,517,577 -- 3,709,777 2,787,249 157,510,190 
Fairfax India Holdings Corp. 64,252,650 -- 1,493,380 -- -- 
Poundland Group PLC 60,695,655 2,415,927 1,011,783 347,496 37,720,736 
Total $323,491,131 $2,415,927 $6,779,055 $4,249,019 $220,138,223 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $3,236,726,516 $2,251,951,672 $983,576,532 $1,198,312 
Consumer Staples 3,141,213,908 2,303,376,982 837,836,926 -- 
Energy 690,195,572 598,005,269 92,190,303 -- 
Financials 4,500,290,519 2,169,305,491 2,330,985,028 -- 
Health Care 3,732,597,624 2,058,500,640 1,674,096,984 -- 
Industrials 1,262,597,991 1,014,331,472 248,266,519 -- 
Information Technology 2,690,733,121 2,220,082,376 470,650,745 -- 
Materials 724,664,552 664,767,579 59,896,973 -- 
Telecommunication Services 546,932,170 88,634,882 458,297,288 -- 
Government Obligations 6,617,900 -- 6,617,900 -- 
Money Market Funds 682,266,113 682,266,113 -- -- 
Total Investments in Securities: $21,214,835,986 $14,051,222,476 $7,162,415,198 $1,198,312 
Derivative Instruments:     
Liabilities     
Futures Contracts $(6,820,937) $(6,820,937) $-- $-- 
Total Liabilities $(6,820,937) $(6,820,937) $-- $-- 
Total Derivative Instruments: $(6,820,937) $(6,820,937) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $327,803,309 
Level 2 to Level 1 $2,317,070,644 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(6,820,937) 
Total Equity Risk 0 (6,820,937) 
Total Value of Derivatives $0 $(6,820,937) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


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


Fidelity® Diversified International Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 
Assets   
Investment in securities, at value (including securities loaned of $456,030,327) — See accompanying schedule:
Unaffiliated issuers (cost $16,486,374,161) 		$20,312,431,650  
Fidelity Central Funds (cost $682,266,113) 682,266,113  
Other affiliated issuers (cost $240,660,814) 220,138,223  
Total Investments (cost $17,409,301,088)  $21,214,835,986 
Foreign currency held at value (cost $1,167,659)  1,167,659 
Receivable for investments sold   
Regular delivery  73,143,255 
Delayed delivery  453,889 
Receivable for fund shares sold  14,641,483 
Dividends receivable  123,105,241 
Distributions receivable from Fidelity Central Funds  1,052,340 
Prepaid expenses  18,989 
Other receivables  1,595,224 
Total assets  21,430,014,066 
Liabilities   
Payable for investments purchased $23,866,675  
Payable for fund shares redeemed 33,350,437  
Accrued management fee 14,746,567  
Payable for daily variation margin for derivative instruments 2,574,800  
Other affiliated payables 2,280,994  
Other payables and accrued expenses 1,759,823  
Collateral on securities loaned, at value 489,239,092  
Total liabilities  567,818,388 
Net Assets  $20,862,195,678 
Net Assets consist of:   
Paid in capital  $17,325,464,003 
Undistributed net investment income  129,578,937 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (393,065,236) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  3,800,217,974 
Net Assets  $20,862,195,678 
Diversified International:   
Net Asset Value, offering price and redemption price per share ($11,817,235,192 ÷ 345,097,099 shares)  $34.24 
Class K:   
Net Asset Value, offering price and redemption price per share ($9,044,960,486 ÷ 264,569,911 shares)  $34.19 

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


Statement of Operations

  Six months ended April 30, 2016 
Investment Income   
Dividends (including $4,249,019 earned from other affiliated issuers)  $254,410,456 
Interest  41,262 
Income from Fidelity Central Funds  3,658,628 
Income before foreign taxes withheld  258,110,346 
Less foreign taxes withheld  (18,972,856) 
Total income  239,137,490 
Expenses   
Management fee   
Basic fee $71,844,117  
Performance adjustment 21,391,508  
Transfer agent fees 12,847,941  
Accounting and security lending fees 1,129,743  
Custodian fees and expenses 998,619  
Independent trustees' compensation 47,597  
Appreciation in deferred trustee compensation account 5  
Registration fees 95,852  
Audit 91,476  
Legal 32,513  
Miscellaneous 75,690  
Total expenses before reductions 108,555,061  
Expense reductions (238,137) 108,316,924 
Net investment income (loss)  130,820,566 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (177,598,081)  
Other affiliated issuers 1,794,941  
Foreign currency transactions 1,239,915  
Futures contracts (6,473,079)  
Total net realized gain (loss)  (181,036,304) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(837,341,372)  
Assets and liabilities in foreign currencies 1,303,758  
Futures contracts (12,506,904)  
Total change in net unrealized appreciation (depreciation)  (848,544,518) 
Net gain (loss)  (1,029,580,822) 
Net increase (decrease) in net assets resulting from operations  $(898,760,256) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $130,820,566 $255,650,579 
Net realized gain (loss) (181,036,304) 526,274,148 
Change in net unrealized appreciation (depreciation) (848,544,518) 59,726,439 
Net increase (decrease) in net assets resulting from operations (898,760,256) 841,651,166 
Distributions to shareholders from net investment income (211,286,764) (285,525,428) 
Distributions to shareholders from net realized gain (103,786,301) (625,108,082) 
Total distributions (315,073,065) (910,633,510) 
Share transactions - net increase (decrease) (1,127,571,911) (1,643,491,859) 
Redemption fees 78,123 259,689 
Total increase (decrease) in net assets (2,341,327,109) (1,712,214,514) 
Net Assets   
Beginning of period 23,203,522,787 24,915,737,301 
End of period (including undistributed net investment income of $129,578,937 and undistributed net investment income of $210,045,135, respectively) $20,862,195,678 $23,203,522,787 

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


Financial Highlights — Fidelity Diversified International Fund

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $36.07 $36.22 $35.89 $29.07 $27.49 $29.49 
Income from Investment Operations       
Net investment income (loss)A .20 .36 .60B .44 .42 .53C 
Net realized and unrealized gain (loss) (1.56) .80 .28 6.90 1.65 (1.99) 
Total from investment operations (1.36) 1.16 .88 7.34 2.07 (1.46) 
Distributions from net investment income (.31) (.40) (.32) (.46) (.49) (.46) 
Distributions from net realized gain (.16) (.92) (.23) (.07) – (.08) 
Total distributions (.47) (1.31)D (.55) (.52)E (.49) (.54) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $34.24 $36.07 $36.22 $35.89 $29.07 $27.49 
Total ReturnG,H (3.81)% 3.29% 2.48% 25.66% 7.72% (5.07)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.07%K 1.00% .93% .94% 1.01% .90% 
Expenses net of fee waivers, if any 1.07%K .99% .93% .94% 1.01% .89% 
Expenses net of all reductions 1.07%K .99% .92% .92% .99% .87% 
Net investment income (loss) 1.17%K .98% 1.65%B 1.38% 1.53% 1.78%C 
Supplemental Data       
Net assets, end of period (000 omitted) $11,817,235 $13,059,983 $13,781,306 $14,432,586 $13,269,769 $17,285,369 
Portfolio turnover rateL 24%K,M 31%M 39%M 52% 35% 45% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.44%.

 D Total distributions of $1.31 per share is comprised of distributions from net investment income of $.397 and distributions from net realized gain of $.917 per share.

 E Total distributions of $.52 per share is comprised of distributions from net investment income of $.456 and distributions from net realized gain of $.068 per share.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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. 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 Annualized

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

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity Diversified International Fund Class K

 Six months ended April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $36.04 $36.20 $35.87 $29.06 $27.51 $29.51 
Income from Investment Operations       
Net investment income (loss)A .22 .40 .65B .49 .47 .58C 
Net realized and unrealized gain (loss) (1.55) .80 .28 6.90 1.63 (1.97) 
Total from investment operations (1.33) 1.20 .93 7.39 2.10 (1.39) 
Distributions from net investment income (.36) (.45) (.37) (.51) (.55) (.53) 
Distributions from net realized gain (.16) (.92) (.23) (.07) – (.08) 
Total distributions (.52) (1.36)D (.60) (.58) (.55) (.61) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $34.19 $36.04 $36.20 $35.87 $29.06 $27.51 
Total ReturnF,G (3.74)% 3.40% 2.63% 25.86% 7.86% (4.87)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .94%J .87% .80% .80% .84% .73% 
Expenses net of fee waivers, if any .94%J .87% .80% .80% .84% .72% 
Expenses net of all reductions .94%J .86% .79% .78% .83% .70% 
Net investment income (loss) 1.30%J 1.10% 1.78%B 1.52% 1.70% 1.95%C 
Supplemental Data       
Net assets, end of period (000 omitted) $9,044,960 $10,143,540 $11,134,431 $11,541,599 $8,885,304 $8,115,192 
Portfolio turnover rateK 24%J,L 31%L 39%L 52% 35% 45% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.29%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.61%.

 D Total distributions of $1.36 per share is comprised of distributions from net investment income of $.446 and distributions from net realized gain of $.917 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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

 L Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements

For the period ended April 30, 2016

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 and Class K 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website 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 website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to in-kind transactions, futures contracts, foreign currency transactions, passive foreign investments companies (PFIC), market discount, partnerships, deferred trustees compensation 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 $4,689,597,730 
Gross unrealized depreciation (1,074,896,131) 
Net unrealized appreciation (depreciation) on securities $3,614,701,599 
Tax cost $17,600,134,387 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(6,473,079) and a change in net unrealized appreciation (depreciation) of $(12,506,904) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,543,180,989 and $2,682,802,377, respectively.

Redemptions In-Kind. During the period, 14,413,032 shares of the Fund held by unaffiliated entities were redeemed in-kind for cash and investments with a value of $486,333,150. The net realized gain of $139,782,567 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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 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
Class-Level Average
Net Assets(a) 
Diversified International $10,659,258 .18 
Class K 2,188,683 .05 
 $12,847,941  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $13,265 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $19,093 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $2,758,295. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $156,463 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $956.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $80,718.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Diversified International $111,194,421 $149,948,658 
Class K 100,092,343 135,576,770 
Total $211,286,764 $285,525,428 
From net realized gain   
Diversified International $58,466,749 $346,354,986 
Class K 45,319,552 278,753,096 
Total $103,786,301 $625,108,082 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Diversified International     
Shares sold 22,545,924 68,897,294 $754,790,846 $2,502,582,724 
Reinvestment of distributions 4,457,297 13,245,636 158,724,354 468,498,147 
Shares redeemed (43,948,563) (100,568,411)(a) (1,481,054,664) (3,650,099,531)(a) 
Net increase (decrease) (16,945,342) (18,425,481) $(567,539,464) $(679,018,660) 
Class K     
Shares sold 23,311,890 62,832,809 $787,966,013 $2,295,823,882 
Reinvestment of distributions 4,092,651 11,737,390 145,411,895 414,329,866 
Shares redeemed (44,273,186)(b) (100,745,655)(a) (1,493,410,355)(b) (3,674,626,947)(a) 
Net increase (decrease) (16,868,645) (26,175,456) $(560,032,447) $(964,473,199) 

 (a) Amount includes in-kind redemptions

 (b) Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).


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.

Fidelity® International Capital Appreciation Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 22.2% 
   United Kingdom 14.9% 
   Japan 9.5% 
   Germany 9.0% 
   Ireland 4.5% 
   Switzerland 3.9% 
   France 3.4% 
   Australia 3.1% 
   India 2.9% 
   Other 26.6% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 19.6% 
   United Kingdom 17.2% 
   France 7.4% 
   Japan 6.5% 
   Germany 6.4% 
   Ireland 4.2% 
   Switzerland 3.7% 
   India 3.6% 
   Australia 3.0% 
   Other 28.4% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.9 98.8 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 1.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 1.9 0.0 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) 1.2 0.0 
Unilever PLC (United Kingdom, Personal Products) 1.2 0.0 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 1.1 1.0 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 1.1 1.0 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.1 0.0 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR (Taiwan, Semiconductors & Semiconductor Equipment) 1.0 1.0 
Bayer AG (Germany, Pharmaceuticals) 1.0 1.1 
AIA Group Ltd. (Hong Kong, Insurance) 0.9 0.9 
SAP AG (Germany, Software) 0.9 0.0 
 11.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 19.2 17.3 
Consumer Staples 17.1 4.3 
Industrials 14.9 17.5 
Consumer Discretionary 14.5 23.4 
Health Care 11.9 16.9 
Financials 11.7 11.8 
Materials 8.1 7.6 
Telecommunication Services 1.5 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® International Capital Appreciation Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Australia - 3.1%   
Amcor Ltd. (a) 739,349 $8,657,326 
CSL Ltd. 118,612 9,485,830 
Ramsay Health Care Ltd. 151,179 7,465,934 
realestate.com.au Ltd. 167,472 6,484,017 
Sydney Airport unit 1,347,386 6,976,742 
Transurban Group unit 905,691 7,974,476 
TOTAL AUSTRALIA  47,044,325 
Bailiwick of Jersey - 1.7%   
Experian PLC 475,600 8,693,486 
Wolseley PLC 138,547 7,760,304 
WPP PLC 399,100 9,324,008 
TOTAL BAILIWICK OF JERSEY  25,777,798 
Belgium - 1.1%   
Anheuser-Busch InBev SA NV 130,630 16,169,369 
Bermuda - 1.0%   
Axalta Coating Systems (a) 253,200 7,208,604 
Markit Ltd. (a) 204,500 7,135,005 
TOTAL BERMUDA  14,343,609 
Canada - 2.3%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 175,600 7,697,458 
Canadian National Railway Co. 172,730 10,636,104 
CCL Industries, Inc. Class B 42,720 7,822,523 
Constellation Software, Inc. 20,160 7,878,580 
TOTAL CANADA  34,034,665 
Cayman Islands - 2.4%   
Alibaba Group Holding Ltd. sponsored ADR (a) 137,430 10,573,864 
Baidu.com, Inc. sponsored ADR (a) 47,400 9,209,820 
Tencent Holdings Ltd. 805,700 16,394,638 
TOTAL CAYMAN ISLANDS  36,178,322 
Denmark - 1.6%   
Coloplast A/S Series B 97,100 7,274,294 
Novo Nordisk A/S Series B sponsored ADR 304,080 16,964,623 
TOTAL DENMARK  24,238,917 
Finland - 0.6%   
Sampo Oyj (A Shares) 192,900 8,422,160 
France - 3.4%   
Capgemini SA 85,830 8,012,739 
Dassault Systemes SA 96,600 7,554,788 
Essilor International SA 67,175 8,695,663 
L'Oreal SA (b) 57,500 10,432,407 
Sodexo SA 71,630 7,233,338 
VINCI SA (b) 134,200 10,025,151 
TOTAL FRANCE  51,954,086 
Germany - 8.5%   
adidas AG 78,200 10,082,532 
Axel Springer Verlag AG 133,200 7,436,907 
Bayer AG 135,190 15,596,030 
CTS Eventim AG 218,483 7,652,821 
Fresenius Medical Care AG & Co. KGaA 91,900 7,998,710 
Fresenius SE & Co. KGaA 134,320 9,769,574 
Henkel AG & Co. KGaA 92,589 9,407,069 
ProSiebenSat.1 Media AG 151,460 7,721,071 
SAP AG 173,210 13,590,238 
Scout24 Holding GmbH (a) 213,913 7,841,789 
Stroer Out-of-Home Media AG (b) 147,200 7,247,708 
Symrise AG 117,600 7,791,305 
United Internet AG 155,578 7,595,195 
Wirecard AG (b) 198,611 8,577,127 
TOTAL GERMANY  128,308,076 
Hong Kong - 1.4%   
AIA Group Ltd. 2,325,400 13,916,603 
Techtronic Industries Co. Ltd. 1,925,500 7,218,064 
TOTAL HONG KONG  21,134,667 
India - 2.9%   
Amara Raja Batteries Ltd. 458,675 6,600,244 
Asian Paints India Ltd. 544,672 7,103,027 
GlaxoSmithKline Consumer Healthcare Ltd. (a) 73,935 6,564,332 
HDFC Bank Ltd. (a) 310,225 6,305,892 
Housing Development Finance Corp. Ltd. 572,928 9,388,013 
Tata Consultancy Services Ltd. 212,988 8,129,876 
TOTAL INDIA  44,091,384 
Indonesia - 0.5%   
PT Bank Central Asia Tbk 7,814,100 7,732,333 
Ireland - 4.5%   
Accenture PLC Class A 64,900 7,328,508 
Allegion PLC 110,000 7,199,500 
Allergan PLC (a) 33,500 7,254,760 
CRH PLC 319,500 9,298,377 
Kerry Group PLC Class A 82,500 7,356,116 
Kingspan Group PLC (Ireland) 303,469 7,992,205 
Medtronic PLC 90,420 7,156,743 
Paddy Power PLC (Ireland) 62,580 8,387,479 
Ryanair Holdings PLC sponsored ADR 83,262 6,740,059 
TOTAL IRELAND  68,713,747 
Isle of Man - 0.5%   
Playtech Ltd. 633,869 7,451,100 
Israel - 0.5%   
Frutarom Industries Ltd. 140,100 7,180,385 
Italy - 1.0%   
Atlantia SpA 291,561 8,119,279 
Recordati SpA 277,621 7,053,977 
TOTAL ITALY  15,173,256 
Japan - 9.5%   
Astellas Pharma, Inc. 719,000 9,693,985 
Daito Trust Construction Co. Ltd. 53,900 7,623,199 
Dentsu, Inc. 170,400 8,657,855 
Hoya Corp. 215,700 8,260,075 
Japan Tobacco, Inc. 262,000 10,704,780 
Kansai Paint Co. Ltd. 436,300 7,630,736 
Kao Corp. 164,400 9,094,111 
KDDI Corp. 426,100 12,274,123 
Keyence Corp. 16,610 9,955,918 
Misumi Group, Inc. 495,700 6,845,507 
Nippon Paint Holdings Co. Ltd. 297,800 7,819,301 
Nippon Telegraph & Telephone Corp. 222,100 9,939,049 
OBIC Co. Ltd. 137,000 7,200,848 
Olympus Corp. 202,400 7,884,821 
Sundrug Co. Ltd. 92,200 6,551,346 
Tsuruha Holdings, Inc. 72,200 6,925,109 
Unicharm Corp. 338,100 6,988,893 
TOTAL JAPAN  144,049,656 
Korea (South) - 0.5%   
LG Household & Health Care Ltd. 9,187 8,074,985 
Luxembourg - 0.5%   
Eurofins Scientific SA 20,700 7,680,806 
Mexico - 2.0%   
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 824,200 7,765,506 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 467,420 7,178,120 
Grupo Aeroportuario Norte S.A.B. de CV 1,291,500 7,473,662 
Megacable Holdings S.A.B. de CV unit 1,527,400 7,053,438 
TOTAL MEXICO  29,470,726 
Netherlands - 1.1%   
Koninklijke Ahold NV 359,357 7,818,153 
RELX NV 559,451 9,387,984 
TOTAL NETHERLANDS  17,206,137 
Philippines - 2.4%   
Ayala Corp. 453,030 7,426,090 
Ayala Land, Inc. 9,465,800 6,973,317 
GT Capital Holdings, Inc. 232,625 6,760,888 
SM Investments Corp. 360,273 7,230,737 
SM Prime Holdings, Inc. 14,724,100 7,090,483 
TOTAL PHILIPPINES  35,481,515 
South Africa - 0.8%   
Naspers Ltd. Class N 86,197 11,827,099 
Spain - 1.6%   
Aena SA (a) 57,530 8,204,697 
Amadeus IT Holding SA Class A 199,200 9,064,454 
Grifols SA ADR 473,720 7,446,878 
TOTAL SPAIN  24,716,029 
Sweden - 1.7%   
ASSA ABLOY AB (B Shares) 458,362 9,611,935 
Hexagon AB (B Shares) 210,200 8,381,353 
Svenska Cellulosa AB (SCA) (B Shares) 253,800 7,992,830 
TOTAL SWEDEN  25,986,118 
Switzerland - 3.9%   
Geberit AG (Reg.) 20,900 8,024,049 
Givaudan SA 4,030 7,939,852 
Nestle SA 374,126 27,924,649 
Partners Group Holding AG 17,500 7,205,775 
Sika AG 1,880 8,001,710 
TOTAL SWITZERLAND  59,096,035 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 665,900 15,708,581 
Thailand - 0.4%   
Airports of Thailand PCL (For. Reg.) 593,800 6,665,796 
United Kingdom - 14.9%   
Aon PLC 67,630 7,109,266 
Auto Trader Group PLC 1,483,000 8,125,820 
British American Tobacco PLC (United Kingdom) 296,300 18,066,030 
Bunzl PLC 261,042 7,777,185 
Compass Group PLC 512,476 9,126,372 
Dignity PLC 202,012 7,202,144 
Diploma PLC 628,359 6,716,097 
Essentra PLC 602,800 7,151,944 
Halma PLC 530,200 6,910,339 
Hargreaves Lansdown PLC 381,400 7,166,654 
Howden Joinery Group PLC 1,209,990 8,733,806 
Imperial Tobacco Group PLC 220,275 11,968,171 
Intertek Group PLC 170,200 8,099,759 
ITV PLC 2,435,946 8,015,504 
London Stock Exchange Group PLC 192,654 7,636,997 
Moneysupermarket.com Group PLC 1,673,000 7,673,298 
Persimmon PLC 289,300 8,399,262 
Provident Financial PLC 178,500 7,600,157 
Prudential PLC 582,869 11,505,562 
Reckitt Benckiser Group PLC 126,580 12,331,284 
Rightmove PLC 128,654 7,252,376 
Sage Group PLC 845,500 7,313,582 
St. James's Place Capital PLC 594,576 7,532,190 
Unilever PLC 403,400 18,004,076 
Worldpay Group PLC (a) 2,085,800 8,134,222 
TOTAL UNITED KINGDOM  225,552,097 
United States of America - 21.1%   
A.O. Smith Corp. 93,330 7,206,943 
Acuity Brands, Inc. 29,010 7,075,249 
Adobe Systems, Inc. (a) 73,500 6,925,170 
Alphabet, Inc. Class C 9,740 6,749,917 
Altria Group, Inc. 116,300 7,293,173 
Amazon.com, Inc. (a) 12,070 7,961,251 
Amphenol Corp. Class A 124,292 6,939,222 
AutoZone, Inc. (a) 8,300 6,351,409 
Cerner Corp. (a) 127,500 7,157,850 
Constellation Brands, Inc. Class A (sub. vtg.) 46,560 7,266,154 
Danaher Corp. 71,600 6,927,300 
Domino's Pizza, Inc. 50,130 6,059,714 
Ecolab, Inc. 66,160 7,607,077 
Equifax, Inc. 60,000 7,215,000 
Estee Lauder Companies, Inc. Class A 66,060 6,333,172 
Facebook, Inc. Class A (a) 63,540 7,471,033 
FactSet Research Systems, Inc. 47,060 7,094,295 
Fiserv, Inc. (a) 62,785 6,135,350 
FleetCor Technologies, Inc. (a) 48,910 7,565,399 
Gartner, Inc. Class A (a) 81,900 7,139,223 
HEICO Corp. Class A 152,900 7,825,422 
Henry Schein, Inc. (a) 37,100 6,258,770 
Home Depot, Inc. 52,700 7,056,003 
International Flavors & Fragrances, Inc. 60,500 7,227,935 
Kimberly-Clark Corp. 55,730 6,976,839 
MasterCard, Inc. Class A 78,730 7,636,023 
McGraw Hill Financial, Inc. 73,663 7,870,892 
Mettler-Toledo International, Inc. (a) 20,620 7,380,929 
Molson Coors Brewing Co. Class B 71,200 6,808,856 
Moody's Corp. 72,930 6,980,860 
MSCI, Inc. Class A 101,100 7,677,534 
NIKE, Inc. Class B 122,830 7,239,600 
O'Reilly Automotive, Inc. (a) 25,000 6,567,000 
Philip Morris International, Inc. 66,400 6,515,168 
PPG Industries, Inc. 66,146 7,301,857 
Reynolds American, Inc. 147,100 7,296,160 
ServiceMaster Global Holdings, Inc. (a) 192,100 7,361,272 
Sherwin-Williams Co. 23,710 6,812,120 
SS&C Technologies Holdings, Inc. 114,400 6,995,560 
Starbucks Corp. 118,300 6,652,009 
The Walt Disney Co. 72,807 7,518,051 
Thermo Fisher Scientific, Inc. 48,000 6,924,000 
TransDigm Group, Inc. (a) 29,530 6,729,001 
Verisk Analytics, Inc. (a) 90,800 7,044,264 
Visa, Inc. Class A 95,268 7,358,500 
TOTAL UNITED STATES OF AMERICA  318,488,526 
TOTAL COMMON STOCKS   
(Cost $1,284,443,860)  1,487,952,305 
Nonconvertible Preferred Stocks - 0.5%   
Germany - 0.5%   
Sartorius AG (non-vtg.)   
(Cost $3,329,255) 27,684 6,829,671 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund, 0.38% (c) 15,351,484 15,351,484 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 29,820,585 29,820,585 
TOTAL MONEY MARKET FUNDS   
(Cost $45,172,069)  45,172,069 
TOTAL INVESTMENT PORTFOLIO - 101.9%   
(Cost $1,332,945,184)  1,539,954,045 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (28,524,974) 
NET ASSETS - 100%  $1,511,429,071 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $25,856 
Fidelity Securities Lending Cash Central Fund 215,095 
Total $240,951 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $219,957,718 $185,631,419 $34,326,299 $-- 
Consumer Staples 258,560,690 159,974,488 98,586,202 -- 
Financials 174,154,165 134,802,909 39,351,256 -- 
Health Care 180,233,923 139,122,038 41,111,885 -- 
Industrials 230,333,779 215,727,968 14,605,811 -- 
Information Technology 286,774,450 239,632,808 47,141,642 -- 
Materials 122,554,079 97,805,665 24,748,414 -- 
Telecommunication Services 22,213,172 -- 22,213,172 -- 
Money Market Funds 45,172,069 45,172,069 -- -- 
Total Investments in Securities: $1,539,954,045 $1,217,869,364 $322,084,681 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $6,062,456 
Level 2 to Level 1 $108,102,946 

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


Fidelity® International Capital Appreciation Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $27,886,463) — See accompanying schedule:
Unaffiliated issuers (cost $1,287,773,115) 		$1,494,781,976  
Fidelity Central Funds (cost $45,172,069) 45,172,069  
Total Investments (cost $1,332,945,184)  $1,539,954,045 
Foreign currency held at value (cost $53,670)  53,670 
Receivable for fund shares sold  805,201 
Dividends receivable  6,065,806 
Distributions receivable from Fidelity Central Funds  142,726 
Prepaid expenses  756 
Other receivables  931,482 
Total assets  1,547,953,686 
Liabilities   
Payable for fund shares redeemed $5,146,271  
Accrued management fee 1,073,944  
Other affiliated payables 294,885  
Other payables and accrued expenses 188,930  
Collateral on securities loaned, at value 29,820,585  
Total liabilities  36,524,615 
Net Assets  $1,511,429,071 
Net Assets consist of:   
Paid in capital  $1,357,847,176 
Undistributed net investment income  4,198,921 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (57,606,751) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  206,989,725 
Net Assets, for 90,417,151 shares outstanding  $1,511,429,071 
Net Asset Value, offering price and redemption price per share ($1,511,429,071 ÷ 90,417,151 shares)  $16.72 

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


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $13,153,463 
Income from Fidelity Central Funds  240,951 
Income before foreign taxes withheld  13,394,414 
Less foreign taxes withheld  (1,001,858) 
Total income  12,392,556 
Expenses   
Management fee   
Basic fee $4,943,130  
Performance adjustment 1,113,412  
Transfer agent fees 1,393,532  
Accounting and security lending fees 320,514  
Custodian fees and expenses 170,711  
Independent trustees' compensation 3,025  
Registration fees 52,495  
Audit 55,792  
Legal 2,564  
Interest 3,691  
Miscellaneous 4,403  
Total expenses before reductions 8,063,269  
Expense reductions (52,069) 8,011,200 
Net investment income (loss)  4,381,356 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (52,367,834)  
Foreign currency transactions (367,855)  
Total net realized gain (loss)  (52,735,689) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $22,283) 		51,262,087  
Assets and liabilities in foreign currencies 97,401  
Total change in net unrealized appreciation (depreciation)  51,359,488 
Net gain (loss)  (1,376,201) 
Net increase (decrease) in net assets resulting from operations  $3,005,155 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,381,356 $8,312,623 
Net realized gain (loss) (52,735,689) 16,976,120 
Change in net unrealized appreciation (depreciation) 51,359,488 29,186,149 
Net increase (decrease) in net assets resulting from operations 3,005,155 54,474,892 
Distributions to shareholders from net investment income (5,627,463) (6,239,324) 
Distributions to shareholders from net realized gain (15,577,465) (55,136,629) 
Total distributions (21,204,928) (61,375,953) 
Share transactions   
Proceeds from sales of shares 409,365,582 558,668,618 
Reinvestment of distributions 16,837,345 49,986,231 
Cost of shares redeemed (276,249,813) (367,867,221) 
Net increase (decrease) in net assets resulting from share transactions 149,953,114 240,787,628 
Redemption fees 15,794 29,377 
Total increase (decrease) in net assets 131,769,135 233,915,944 
Net Assets   
Beginning of period 1,379,659,936 1,145,743,992 
End of period (including undistributed net investment income of $4,198,921 and undistributed net investment income of $5,445,028, respectively) $1,511,429,071 $1,379,659,936 
Other Information   
Shares   
Sold 25,880,423 33,275,916 
Issued in reinvestment of distributions 1,001,031 2,996,776 
Redeemed (17,696,639) (21,588,593) 
Net increase (decrease) 9,184,815 14,684,099 

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


Financial Highlights — Fidelity International Capital Appreciation Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $16.98 $17.22 $16.28 $13.12 $11.89 $12.63 
Income from Investment Operations       
Net investment income (loss)A .05 .11 .13 .13 .12 .13B 
Net realized and unrealized gain (loss) (.05) .56 .93 3.16 1.24 (.62) 
Total from investment operations –C .67 1.06 3.29 1.36 (.49) 
Distributions from net investment income (.07) (.09) (.12) (.13) (.12) (.15) 
Distributions from net realized gain (.19) (.81) – – (.01) (.10) 
Total distributions (.26) (.91)D (.12) (.13) (.13) (.25) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $16.72 $16.98 $17.22 $16.28 $13.12 $11.89 
Total ReturnE,F (.01)% 3.96% 6.55% 25.24% 11.57% (4.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.14%I 1.13% 1.14% 1.17% 1.22% 1.16% 
Expenses net of fee waivers, if any 1.14%I 1.13% 1.14% 1.17% 1.22% 1.16% 
Expenses net of all reductions 1.13%I 1.11% 1.14% 1.12% 1.19% 1.09% 
Net investment income (loss) .62%I .64% .74% .87% 1.01% 1.02%B 
Supplemental Data       
Net assets, end of period (000 omitted) $1,511,429 $1,379,660 $1,145,744 $939,945 $730,515 $555,568 
Portfolio turnover rateJ 160 %I 187% 178% 136% 127% 254% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .78%.

 C Amount represents less than $.005 per share.

 D Total distributions of $.91 per share is comprised of distributions from net investment income of $.092 and distributions from net realized gain of $.813 per share.

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

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

 G 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.

 H 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.

 I Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation 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 $214,044,214 
Gross unrealized depreciation (15,415,876) 
Net unrealized appreciation (depreciation) on securities $198,628,338 
Tax cost $1,341,325,707 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,264,246,512 and $1,130,950,262, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .86% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 annualized rate of .20% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,896 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company (FMR) or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $11,346,261 .51% $3,691 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,231 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 income from Fidelity Central Funds. Total security lending income during the period amounted to $215,095. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $47,044 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $5,025.

9. 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.

At the end of the period, Strategic Advisers International II Fund was the owner of record of approximately 22% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 29% of the total outstanding shares of the Fund.

Fidelity® Overseas Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 22.0% 
   Japan 17.5% 
   Germany 8.8% 
   United States of America* 8.1% 
   France 8.0% 
   Switzerland 7.9% 
   Sweden 4.1% 
   Netherlands 2.7% 
   Ireland 2.6% 
   Other 18.3% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 27.6% 
   Japan 18.2% 
   Switzerland 7.8% 
   Germany 7.0% 
   United States of America* 6.7% 
   France 6.6% 
   Sweden 3.4% 
   Australia 2.9% 
   Ireland 2.8% 
   Other 17.0% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 97.6 98.2 
Short-Term Investments and Net Other Assets (Liabilities) 2.4 1.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 2.2 2.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 0.0 
Bayer AG (Germany, Pharmaceuticals) 1.6 1.5 
Total SA (France, Oil, Gas & Consumable Fuels) 1.6 1.3 
Sanofi SA (France, Pharmaceuticals) 1.5 1.7 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.3 1.2 
SAP AG (Germany, Software) 1.2 0.0 
UBS Group AG (Switzerland, Capital Markets) 1.1 1.2 
AIA Group Ltd. (Hong Kong, Insurance) 1.1 1.1 
Fresenius SE & Co. KGaA (Germany, Health Care Providers & Services) 1.1 1.2 
 14.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.2 22.6 
Health Care 16.3 15.8 
Consumer Discretionary 14.8 16.2 
Consumer Staples 12.0 11.9 
Information Technology 11.1 9.6 
Industrials 10.4 11.3 
Materials 6.5 5.5 
Telecommunication Services 3.0 3.5 
Energy 2.3 1.8 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Overseas Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value 
Australia - 2.4%   
Amcor Ltd. (a) 3,956,685 $46,330,368 
Ansell Ltd. (a) 527,656 7,995,981 
Aub Group Ltd. 2,948,275 19,502,972 
Australia & New Zealand Banking Group Ltd. 1,452,585 26,625,791 
Flight Centre Travel Group Ltd. (b) 736,160 22,003,350 
Life Healthcare Group Ltd. 1,672,012 1,728,987 
TOTAL AUSTRALIA  124,187,449 
Austria - 0.4%   
Andritz AG 380,700 21,320,873 
Bailiwick of Jersey - 2.2%   
Regus PLC 5,936,170 25,361,708 
Sanne Group PLC 1,181,000 7,614,290 
Wolseley PLC 575,693 32,245,756 
WPP PLC 2,177,633 50,875,137 
TOTAL BAILIWICK OF JERSEY  116,096,891 
Belgium - 2.2%   
Anheuser-Busch InBev SA NV 562,012 69,565,792 
KBC Groep NV 821,837 46,139,410 
TOTAL BELGIUM  115,705,202 
Bermuda - 0.4%   
Markit Ltd. (a) 606,400 21,157,296 
Canada - 0.9%   
Constellation Software, Inc. 64,400 25,167,686 
Open Text Corp. 353,900 19,814,677 
TOTAL CANADA  44,982,363 
Cayman Islands - 0.2%   
Lifestyle International Holdings Ltd. 5,835,500 9,666,645 
Denmark - 0.5%   
NNIT A/S 876,493 23,868,680 
France - 8.0%   
ALTEN 378,200 23,385,127 
Amundi SA 671,200 30,888,328 
AXA SA 1,569,900 39,639,343 
Capgemini SA 349,800 32,655,903 
Christian Dior SA 137,297 24,108,449 
Ipsen SA 293,700 17,773,518 
Publicis Groupe SA 574,300 42,500,049 
Sanofi SA (b) 925,747 76,306,142 
Sodexo SA 326,500 32,970,610 
Total SA 1,618,300 81,790,152 
Zodiac Aerospace 694,311 16,278,051 
TOTAL FRANCE  418,295,672 
Germany - 7.8%   
adidas AG 422,700 54,499,823 
Axel Springer Verlag AG 559,800 31,255,111 
Bayer AG 720,997 83,176,945 
CompuGroup Medical AG 466,300 18,314,033 
Continental AG 143,000 31,405,744 
Deutsche Post AG 1,508,219 44,301,312 
Fresenius SE & Co. KGaA 777,800 56,572,175 
mutares AG 422,100 7,008,221 
SAP AG 822,193 64,510,124 
Wirecard AG (b) 389,600 16,825,094 
TOTAL GERMANY  407,868,582 
Hong Kong - 1.7%   
AIA Group Ltd. 9,619,800 57,570,713 
Techtronic Industries Co. Ltd. 7,906,000 29,636,984 
TOTAL HONG KONG  87,207,697 
Indonesia - 0.4%   
PT Bank Rakyat Indonesia Tbk 29,074,800 22,818,030 
Ireland - 2.6%   
Allergan PLC (a) 95,900 20,768,104 
DCC PLC (United Kingdom) 307,600 27,236,654 
Kerry Group PLC Class A 424,964 37,891,934 
Medtronic PLC 407,400 32,245,710 
United Drug PLC (United Kingdom) 2,088,200 18,673,181 
TOTAL IRELAND  136,815,583 
Isle of Man - 0.4%   
Playtech Ltd. 1,856,301 21,820,729 
Israel - 0.5%   
Frutarom Industries Ltd. 534,972 27,418,308 
Italy - 2.2%   
DiaSorin S.p.A. 420,800 24,573,689 
Mediaset SpA 6,103,900 27,467,834 
OVS (a) 3,316,500 21,646,082 
Recordati SpA 933,500 23,718,984 
Reply SpA 113,362 16,134,781 
TOTAL ITALY  113,541,370 
Japan - 17.5%   
Ai Holdings Corp. 1,147,100 32,778,765 
Arc Land Sakamoto Co. Ltd. 1,049,000 10,891,921 
Astellas Pharma, Inc. 3,444,300 46,438,099 
Bridgestone Corp. 910,500 33,513,162 
Broadleaf Co. Ltd. 514,300 5,082,346 
Casio Computer Co. Ltd. (b) 1,205,900 22,944,570 
Daito Trust Construction Co. Ltd. 291,800 41,269,933 
Dentsu, Inc. 648,000 32,924,238 
Fukuda Denshi Co. Ltd. 147,200 8,037,089 
GMO Internet, Inc. 1,223,400 14,364,585 
Hoya Corp. 1,141,100 43,697,598 
Iriso Electronics Co. Ltd. 290,700 13,843,440 
Japan Tobacco, Inc. 1,212,000 49,519,822 
KDDI Corp. 1,687,600 48,612,556 
Keyence Corp. 58,490 35,058,498 
Leopalace21 Corp. (a) 1,802,900 10,818,353 
Makita Corp. 496,500 31,320,913 
Miraca Holdings, Inc. 492,300 20,921,341 
Misumi Group, Inc. 1,842,600 25,445,896 
Nakanishi, Inc. (c) 645,100 21,142,738 
NGK Spark Plug Co. Ltd. 1,207,900 24,089,598 
Nippon Paint Holdings Co. Ltd. 1,020,700 26,800,406 
Nitori Holdings Co. Ltd. 322,200 29,970,664 
NOF Corp. (c) 1,181,000 9,296,079 
OBIC Co. Ltd. 431,900 22,701,068 
Olympus Corp. 1,270,500 49,494,392 
ORIX Corp. 2,813,100 39,791,119 
Shinsei Bank Ltd. 16,258,000 22,786,830 
Ship Healthcare Holdings, Inc. 855,300 21,107,435 
SoftBank Corp. 441,600 23,745,053 
Software Service, Inc. 108,400 4,186,863 
Sundrug Co. Ltd. 410,900 29,196,833 
The Suruga Bank Ltd. 829,300 16,124,882 
Tsuruha Holdings, Inc. 336,600 32,285,203 
VT Holdings Co. Ltd. 3,332,400 16,837,525 
TOTAL JAPAN  917,039,813 
Luxembourg - 0.4%   
Eurofins Scientific SA 52,259 19,390,882 
Netherlands - 2.7%   
Arcadis NV (b) 772,600 13,230,174 
IMCD Group BV 1,012,578 40,882,293 
ING Groep NV (Certificaten Van Aandelen) 4,140,500 50,705,845 
Koninklijke Philips Electronics NV 1,297,500 35,653,445 
TOTAL NETHERLANDS  140,471,757 
New Zealand - 0.8%   
EBOS Group Ltd. 2,276,701 25,371,715 
Trade Maine Group Ltd. 5,178,779 16,489,336 
TOTAL NEW ZEALAND  41,861,051 
Panama - 0.3%   
Copa Holdings SA Class A 241,400 15,389,250 
Portugal - 0.6%   
NOS SGPS SA 4,289,900 30,774,620 
Spain - 1.4%   
Amadeus IT Holding SA Class A 1,135,500 51,670,118 
Grifols SA ADR 1,331,600 20,932,752 
TOTAL SPAIN  72,602,870 
Sweden - 4.1%   
Addlife AB (a) 42,593 538,350 
Alfa Laval AB (b) 1,157,800 18,252,711 
HEXPOL AB (B Shares) (b) 2,850,100 29,457,664 
Nordea Bank AB 4,984,800 48,386,474 
Svenska Cellulosa AB (SCA) (B Shares) 1,605,900 50,574,016 
Svenska Handelsbanken AB (A Shares) 2,201,800 29,372,348 
Swedbank AB (A Shares) 1,842,800 39,745,339 
TOTAL SWEDEN  216,326,902 
Switzerland - 7.9%   
Credit Suisse Group AG 2,714,777 41,314,733 
Julius Baer Group Ltd. 732,530 31,393,138 
Nestle SA 1,543,139 115,179,409 
Novartis AG 1,275,417 97,062,119 
Sika AG 8,220 34,986,198 
Syngenta AG (Switzerland) 88,162 35,290,533 
UBS Group AG 3,469,516 60,037,492 
TOTAL SWITZERLAND  415,263,622 
Taiwan - 0.4%   
Taiwan Semiconductor Manufacturing Co. Ltd. 4,310,000 19,771,084 
United Kingdom - 22.0%   
Aberdeen Asset Management PLC 2,892,700 12,625,059 
Aon PLC 226,200 23,778,144 
Ashmore Group PLC (b) 5,032,900 22,583,587 
British American Tobacco PLC (United Kingdom) 814,400 49,655,669 
BT Group PLC 8,518,600 55,218,171 
Capita Group PLC 1,914,900 28,007,541 
Cineworld Group PLC 3,627,900 27,458,694 
Close Brothers Group PLC 1,386,800 24,559,033 
Compass Group PLC 1,932,000 34,405,807 
Dechra Pharmaceuticals PLC 474,295 7,664,759 
Diageo PLC 1,781,860 48,174,534 
Diploma PLC 2,053,503 21,948,481 
Elementis PLC 5,004,700 15,787,941 
Essentra PLC 2,771,843 32,886,637 
Exova Group Ltd. PLC 8,056,935 18,835,825 
Hikma Pharmaceuticals PLC 589,972 18,999,308 
Hilton Food Group PLC 1,138,579 9,366,263 
Howden Joinery Group PLC 4,019,500 29,013,077 
IMI PLC 1,164,999 15,915,928 
Intertek Group PLC 475,000 22,605,086 
ITV PLC 10,239,000 33,691,530 
James Fisher and Sons PLC 945,156 19,541,358 
Jardine Lloyd Thompson Group PLC 1,387,474 17,576,757 
John Wood Group PLC 1,765,596 16,110,855 
London Stock Exchange Group PLC 747,345 29,625,503 
Melrose Industries PLC 965,385 5,265,666 
Micro Focus International PLC 1,261,900 28,192,087 
Next PLC 241,400 17,935,894 
Prudential PLC 2,745,192 54,188,811 
Reckitt Benckiser Group PLC 548,300 53,414,780 
Rio Tinto PLC 1,347,700 45,210,344 
Rolls-Royce Group PLC 1,834,566 17,946,457 
Rotork PLC 3,702,547 10,116,656 
SABMiller PLC 536,700 32,818,737 
Schroders PLC 986,900 36,252,105 
Senior Engineering Group PLC 4,960,700 15,772,359 
Shawbrook Group PLC 4,800,286 20,101,946 
Sinclair Pharma PLC (a) 10,370,587 5,455,074 
Softcat PLC 4,743,200 22,108,380 
Spectris PLC 724,800 19,285,146 
Spirax-Sarco Engineering PLC 399,510 19,934,859 
St. James's Place Capital PLC 3,594,305 45,533,269 
The Restaurant Group PLC 2,659,400 10,689,787 
Vodafone Group PLC 7,625,732 24,568,872 
Whitbread PLC 544,300 30,794,169 
TOTAL UNITED KINGDOM  1,151,620,945 
United States of America - 5.7%   
Alphabet, Inc. Class C 51,593 35,754,465 
Cognizant Technology Solutions Corp. Class A (a) 550,500 32,132,685 
Fidelity National Information Services, Inc. 453,700 29,853,460 
McGraw Hill Financial, Inc. 485,300 51,854,305 
McKesson Corp. 153,117 25,696,095 
Moody's Corp. 215,500 20,627,660 
MSCI, Inc. Class A 553,200 42,010,008 
PPG Industries, Inc. 296,600 32,741,674 
Verisk Analytics, Inc. (a) 375,600 29,139,048 
TOTAL UNITED STATES OF AMERICA  299,809,400 
TOTAL COMMON STOCKS   
(Cost $4,712,053,578)  5,053,093,566 
Nonconvertible Preferred Stocks - 1.0%   
Germany - 1.0%   
Henkel AG & Co. KGaA 460,400 52,549,404 
United Kingdom - 0.0%   
Rolls-Royce Group PLC 130,254,186 190,321 
Rolls-Royce Group PLC (C Shares) (a) 170,064,268 248,489 
TOTAL UNITED KINGDOM  438,810 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $44,266,796)  52,988,214 
Money Market Funds - 5.8%   
Fidelity Cash Central Fund, 0.38% (d) 117,556,732 117,556,732 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 182,936,671 182,936,671 
TOTAL MONEY MARKET FUNDS   
(Cost $300,493,403)  300,493,403 
TOTAL INVESTMENT PORTFOLIO - 103.4%   
(Cost $5,056,813,777)  5,406,575,183 
NET OTHER ASSETS (LIABILITIES) - (3.4)%  (177,557,639) 
NET ASSETS - 100%  $5,229,017,544 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $212,653 
Fidelity Securities Lending Cash Central Fund 1,917,406 
Total $2,130,059 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $780,460,410 $442,204,110 $338,256,300 $-- 
Consumer Staples 630,192,396 252,766,146 377,426,250 -- 
Energy 117,442,365 35,652,213 81,790,152 -- 
Financials 1,112,027,067 701,131,073 410,895,994 -- 
Health Care 841,852,738 453,458,922 388,393,816 -- 
Industrials 552,845,752 383,878,430 168,967,322 -- 
Information Technology 582,910,248 374,800,338 208,109,910 -- 
Materials 336,206,152 254,899,323 81,306,829 -- 
Telecommunication Services 152,144,652 -- 152,144,652 -- 
Money Market Funds 300,493,403 300,493,403 -- -- 
Total Investments in Securities: $5,406,575,183 $3,199,283,958 $2,207,291,225 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $23,308,879 
Level 2 to Level 1 $328,385,769 

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


Fidelity® Overseas Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $170,331,062) — See accompanying schedule:
Unaffiliated issuers (cost $4,756,320,374) 		$5,106,081,780  
Fidelity Central Funds (cost $300,493,403) 300,493,403  
Total Investments (cost $5,056,813,777)  $5,406,575,183 
Cash  41,952 
Foreign currency held at value (cost $1,154)  2,229 
Receivable for investments sold   
Regular delivery  8,642,354 
Delayed delivery  403,612 
Receivable for fund shares sold  8,438,111 
Dividends receivable  29,088,821 
Distributions receivable from Fidelity Central Funds  590,022 
Prepaid expenses  2,567 
Other receivables  276,286 
Total assets  5,454,061,137 
Liabilities   
Payable for investments purchased   
Regular delivery $16,585,383  
Delayed delivery 1,080,140  
Payable for fund shares redeemed 19,794,003  
Accrued management fee 3,485,251  
Other affiliated payables 787,010  
Other payables and accrued expenses 375,135  
Collateral on securities loaned, at value 182,936,671  
Total liabilities  225,043,593 
Net Assets  $5,229,017,544 
Net Assets consist of:   
Paid in capital  $6,080,442,578 
Undistributed net investment income  57,390,251 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,259,003,036) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  350,187,751 
Net Assets  $5,229,017,544 
Overseas:   
Net Asset Value, offering price and redemption price per share ($4,494,719,160 ÷ 110,726,753 shares)  $40.59 
Class K:   
Net Asset Value, offering price and redemption price per share ($734,298,384 ÷ 18,127,284 shares)  $40.51 

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


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $65,804,086 
Special dividends  22,808,863 
Income from Fidelity Central Funds  2,130,059 
Income before foreign taxes withheld  90,743,008 
Less foreign taxes withheld  (5,835,176) 
Total income  84,907,832 
Expenses   
Management fee   
Basic fee $16,234,438  
Performance adjustment 3,314,418  
Transfer agent fees 3,786,434  
Accounting and security lending fees 788,465  
Custodian fees and expenses 229,672  
Independent trustees' compensation 10,280  
Appreciation in deferred trustee compensation account 64  
Registration fees 117,068  
Audit 47,586  
Legal 15,236  
Miscellaneous 13,969  
Total expenses before reductions 24,557,630  
Expense reductions (42,177) 24,515,453 
Net investment income (loss)  60,392,379 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (17,439,922)  
Foreign currency transactions 1,968,001  
Total net realized gain (loss)  (15,471,921) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(86,717,449)  
Assets and liabilities in foreign currencies (217,135)  
Total change in net unrealized appreciation (depreciation)  (86,934,584) 
Net gain (loss)  (102,406,505) 
Net increase (decrease) in net assets resulting from operations  $(42,014,126) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $60,392,379 $50,015,823 
Net realized gain (loss) (15,471,921) 123,820,228 
Change in net unrealized appreciation (depreciation) (86,934,584) 99,378,276 
Net increase (decrease) in net assets resulting from operations (42,014,126) 273,214,327 
Distributions to shareholders from net investment income (49,659,846) (58,590,311) 
Distributions to shareholders from net realized gain (685,981) – 
Total distributions (50,345,827) (58,590,311) 
Share transactions - net increase (decrease) 785,462,967 955,711,893 
Redemption fees 39,729 55,180 
Total increase (decrease) in net assets 693,142,743 1,170,391,089 
Net Assets   
Beginning of period 4,535,874,801 3,365,483,712 
End of period (including undistributed net investment income of $57,390,251 and undistributed net investment income of $46,657,718, respectively) $5,229,017,544 $4,535,874,801 

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


Financial Highlights — Fidelity Overseas Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $41.56 $39.02 $39.22 $31.35 $29.28 $31.56 
Income from Investment Operations       
Net investment income (loss)A .49B .52 .77C .54 .73 .47 
Net realized and unrealized gain (loss) (1.03) 2.69 (.28) 8.10 2.19 (2.27) 
Total from investment operations (.54) 3.21 .49 8.64 2.92 (1.80) 
Distributions from net investment income (.43) (.67) (.51) (.77) (.83) (.48) 
Distributions from net realized gain (.01) – (.18) – (.02) – 
Total distributions (.43)D (.67) (.69) (.77) (.85) (.48) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $40.59 $41.56 $39.02 $39.22 $31.35 $29.28 
Total ReturnF,G (1.31)% 8.34% 1.27% 28.17% 10.37% (5.83)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.04%J 1.04% 1.04% 1.09% .69% .73% 
Expenses net of fee waivers, if any 1.04%J 1.04% 1.04% 1.09% .69% .73% 
Expenses net of all reductions 1.03%J 1.03% 1.04% 1.06% .67% .67% 
Net investment income (loss) 2.48%B,J 1.28% 1.93%C 1.54% 2.52% 1.44% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,494,719 $3,844,290 $2,738,667 $1,874,922 $1,639,725 $2,215,717 
Portfolio turnover rateK 31%J 28% 41% 42% 90% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.54%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.34%.

 D Total distributions of $.43 per share is comprised of distributions from net investment income of $.428 and distributions from net realized gain of $.006 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Overseas Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $41.49 $38.96 $39.17 $31.32 $29.29 $31.59 
Income from Investment Operations       
Net investment income (loss)A .51B .57 .82C .60 .79 .52 
Net realized and unrealized gain (loss) (1.01) 2.68 (.28) 8.08 2.18 (2.27) 
Total from investment operations (.50) 3.25 .54 8.68 2.97 (1.75) 
Distributions from net investment income (.47) (.72) (.58) (.83) (.92) (.55) 
Distributions from net realized gain (.01) – (.18) – (.02) – 
Total distributions (.48) (.72) (.75)D (.83) (.94) (.55) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $40.51 $41.49 $38.96 $39.17 $31.32 $29.29 
Total ReturnF,G (1.24)% 8.47% 1.41% 28.37% 10.59% (5.67)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .91%J .91% .90% .93% .51% .56% 
Expenses net of fee waivers, if any .91%J .91% .90% .92% .51% .55% 
Expenses net of all reductions .91%J .90% .90% .90% .48% .50% 
Net investment income (loss) 2.61%B,J 1.40% 2.06%C 1.71% 2.70% 1.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $734,298 $691,585 $626,817 $562,490 $265,484 $291,323 
Portfolio turnover rateK 31%J 28% 41% 42% 90% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.67%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.47%.

 D Total distributions of $.75 per share is comprised of distributions from net investment income of $.575 and distributions from net realized gain of $.177 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 and Class K 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.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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 $668,130,456 
Gross unrealized depreciation (318,887,140) 
Net unrealized appreciation (depreciation) on securities $349,243,316 
Tax cost $5,057,331,867 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(293,353,140) 
2017 (939,719,765) 
Total capital loss carryforward $(1,233,072,905) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,493,569,715 and $739,215,640, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 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
Class-Level Average
Net Assets(a) 
Overseas $3,622,377 .18 
Class K 164,057 .05 
 $3,786,434  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,175 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $4,184 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $1,917,406. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $24,807 for the period. In addition, through arrangements with the Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $248.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17,122.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Overseas $41,702,378 $46,955,922 
Class K 7,957,468 11,634,389 
Total $49,659,846 $58,590,311 
From net realized gain   
Overseas $584,612 $– 
Class K 101,369 – 
Total $685,981 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Overseas     
Shares sold 24,942,391 34,064,489 $990,623,129 $1,419,067,045 
Reinvestment of distributions 981,115 1,181,070 40,667,201 46,087,315 
Shares redeemed (7,706,033) (12,920,043) (302,885,946) (529,687,795) 
Net increase (decrease) 18,217,473 22,325,516 $728,404,384 $935,466,565 
Class K     
Shares sold 2,965,450 4,973,273 $115,891,575 $202,328,225 
Reinvestment of distributions 194,940 298,984 8,058,837 11,634,389 
Shares redeemed (1,703,694) (4,690,550) (66,891,829) (193,717,286) 
Net increase (decrease) 1,456,696 581,707 $57,058,583 $20,245,328 

11. 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.

At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 12% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 35% of the total outstanding shares of the Fund.

Fidelity® Worldwide Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 54.9% 
   Japan 7.3% 
   United Kingdom 6.6% 
   France 3.9% 
   Canada 3.7% 
   Germany 3.7% 
   Ireland 2.2% 
   Switzerland 1.8% 
   Sweden 1.6% 
   Other 14.3% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 51.9% 
   United Kingdom 8.9% 
   Japan 6.9% 
   France 5.5% 
   Netherlands 3.1% 
   Switzerland 2.6% 
   Germany 2.4% 
   Ireland 1.9% 
   Canada 1.6% 
   Other 15.2% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.4 98.4 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.6 1.5 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Adobe Systems, Inc. (United States of America, Software) 2.8 2.9 
Alphabet, Inc. Class A (United States of America, Internet Software & Services) 2.8 3.0 
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) 1.9 0.8 
AutoZone, Inc. (United States of America, Specialty Retail) 1.8 1.4 
PayPal Holdings, Inc. (United States of America, IT Services) 1.8 1.2 
Kansas City Southern (United States of America, Road & Rail) 1.8 0.0 
Bristol-Myers Squibb Co. (United States of America, Pharmaceuticals) 1.8 0.7 
MSCI, Inc. Class A (United States of America, Diversified Financial Services) 1.7 0.0 
Reynolds American, Inc. (United States of America, Tobacco) 1.7 1.0 
Visa, Inc. Class A (United States of America, IT Services) 1.7 1.7 
 19.8  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 18.1 21.9 
Financials 16.0 17.0 
Consumer Discretionary 14.3 16.1 
Health Care 13.5 12.9 
Consumer Staples 12.9 10.5 
Industrials 12.4 8.4 
Energy 5.7 6.1 
Telecommunication Services 3.5 2.7 
Materials 2.7 2.3 
Utilities 0.3 0.6 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Worldwide Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Australia - 1.1%   
1-Page Ltd. (a) 188,555 $138,350 
Ansell Ltd. (a) 120,679 1,828,742 
Australia & New Zealand Banking Group Ltd. 183,181 3,357,696 
Burson Group Ltd. 486,326 1,841,494 
Magellan Financial Group Ltd. 81,493 1,332,209 
Mantra Group Ltd. 551,523 1,551,597 
Ramsay Health Care Ltd. 76,655 3,785,587 
Spark Infrastructure Group unit 1,965,824 3,094,059 
TOTAL AUSTRALIA  16,929,734 
Austria - 0.2%   
Andritz AG 28,200 1,579,324 
Erste Group Bank AG 65,200 1,875,390 
TOTAL AUSTRIA  3,454,714 
Bailiwick of Jersey - 0.6%   
Integrated Diagnostics Holdings PLC 332,800 1,547,520 
Randgold Resources Ltd. sponsored ADR 16,310 1,639,155 
Regus PLC 695,121 2,969,837 
Wizz Air Holdings PLC (a) 34,000 933,967 
Wolseley PLC 34,027 1,905,923 
TOTAL BAILIWICK OF JERSEY  8,996,402 
Belgium - 0.7%   
Anheuser-Busch InBev SA NV 67,411 8,344,127 
KBC Groep NV 55,093 3,093,020 
TOTAL BELGIUM  11,437,147 
Bermuda - 0.1%   
PAX Global Technology Ltd. 1,889,000 1,626,846 
Canada - 3.7%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 52,000 2,279,429 
Cenovus Energy, Inc. 916,300 14,525,550 
Constellation Software, Inc. 9,200 3,595,384 
Franco-Nevada Corp. 19,800 1,389,168 
Keyera Corp. 63,000 2,029,035 
PrairieSky Royalty Ltd. (b) 897,799 18,904,798 
Suncor Energy, Inc. 39,400 1,156,533 
The Toronto-Dominion Bank 308,000 13,709,891 
TOTAL CANADA  57,589,788 
Cayman Islands - 0.6%   
Alibaba Group Holding Ltd. sponsored ADR (a) 31,400 2,415,916 
Ctrip.com International Ltd. ADR (a) 19,200 837,312 
Goodbaby International Holdings Ltd. (a) 5,171,000 2,896,250 
Lee's Pharmaceutical Holdings Ltd. 433,629 350,867 
New Oriental Education & Technology Group, Inc. sponsored ADR 54,800 2,145,968 
TOTAL CAYMAN ISLANDS  8,646,313 
Chile - 0.2%   
Vina San Pedro SA 357,223,088 3,519,919 
China - 0.2%   
Jiangsu Hengrui Medicine Co. Ltd. 264,160 1,904,679 
Kweichow Moutai Co. Ltd. 41,800 1,621,884 
TOTAL CHINA  3,526,563 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 31,822 7,963 
Denmark - 0.7%   
NNIT A/S 115,550 3,146,661 
Novo Nordisk A/S Series B 126,380 7,056,351 
TOTAL DENMARK  10,203,012 
Finland - 0.3%   
Sampo Oyj (A Shares) 94,300 4,117,209 
France - 3.9%   
Accor SA (b) 101,869 4,512,416 
ALTEN 40,600 2,510,408 
Altran Technologies SA 155,600 2,308,190 
Amundi SA 38,700 1,780,957 
Atos Origin SA 28,300 2,518,889 
AXA SA 261,900 6,612,869 
Capgemini SA 52,200 4,873,179 
Cegedim SA (a) 35,010 961,315 
Havas SA 308,841 2,584,389 
Sanofi SA 31,628 2,606,987 
Sodexo SA 25,800 2,605,335 
SR Teleperformance SA 18,900 1,696,689 
Total SA 262,323 13,258,010 
Unibail-Rodamco 9,400 2,518,652 
VINCI SA 119,900 8,956,897 
TOTAL FRANCE  60,305,182 
Germany - 3.7%   
adidas AG 39,000 5,028,373 
Axel Springer Verlag AG 43,237 2,414,036 
Bayer AG 23,400 2,699,513 
Beiersdorf AG 15,300 1,372,810 
Continental AG 18,000 3,953,171 
Deutsche Boerse AG 32,400 2,659,672 
Deutsche Telekom AG 197,700 3,470,312 
Fresenius SE & Co. KGaA 29,600 2,152,914 
GEA Group AG 48,856 2,265,114 
KION Group AG 90,889 4,951,767 
LEG Immobilien AG 27,743 2,567,101 
Nexus AG 47,000 823,405 
ProSiebenSat.1 Media AG 70,700 3,604,118 
Rational AG 6,700 3,401,308 
SAP AG 86,403 6,779,270 
Siemens AG 43,936 4,597,826 
Symrise AG 39,500 2,616,977 
United Internet AG 28,291 1,381,144 
TOTAL GERMANY  56,738,831 
Greece - 0.1%   
Folli Follie SA 59,300 1,221,215 
Hong Kong - 1.2%   
AIA Group Ltd. 1,415,000 8,468,217 
China Resources Beer Holdings Co. Ltd. 1,100,000 2,417,152 
Techtronic Industries Co. Ltd. 2,162,500 8,106,499 
TOTAL HONG KONG  18,991,868 
India - 1.1%   
Bharti Infratel Ltd. 667,227 3,766,276 
Dr Lal Pathlabs Ltd. 46,973 696,617 
HDFC Bank Ltd. (a) 21,187 430,665 
HDFC Bank Ltd. sponsored ADR 89,493 5,626,425 
Housing Development Finance Corp. Ltd. 385,477 6,316,436 
Lupin Ltd. 1,335 32,302 
TOTAL INDIA  16,868,721 
Indonesia - 0.0%   
PT Kino Indonesia Tbk 234,500 86,773 
Ireland - 2.2%   
Alkermes PLC (a) 159,495 6,339,926 
Cairn Homes PLC (a) 1,347,939 1,728,672 
CRH PLC 70,100 2,040,113 
Dalata Hotel Group PLC (a) 372,400 1,880,071 
Green REIT PLC 621,300 1,025,867 
Greencore Group PLC 1,373,041 7,238,438 
Irish Continental Group PLC unit 7,900 46,586 
James Hardie Industries PLC CDI 115,144 1,622,297 
Kerry Group PLC Class A 56,100 5,002,159 
Medtronic PLC 35,000 2,770,250 
Ryanair Holdings PLC sponsored ADR 53,600 4,338,920 
TOTAL IRELAND  34,033,299 
Isle of Man - 0.4%   
Optimal Payments PLC (a) 794,588 4,425,779 
Playtech Ltd. 94,225 1,107,610 
TOTAL ISLE OF MAN  5,533,389 
Israel - 1.2%   
Bezeq The Israel Telecommunication Corp. Ltd. 3,079,900 6,569,552 
Frutarom Industries Ltd. 66,100 3,387,748 
Partner Communications Co. Ltd. (a) 177,040 921,104 
Teva Pharmaceutical Industries Ltd. sponsored ADR 140,700 7,661,115 
TOTAL ISRAEL  18,539,519 
Italy - 0.6%   
De Longhi SpA 106,950 2,462,733 
Intesa Sanpaolo SpA 1,894,200 5,265,498 
Mediaset SpA 189,800 854,109 
Telecom Italia SpA (a) 1,187,300 1,159,367 
TOTAL ITALY  9,741,707 
Japan - 7.3%   
A/S One Corp. 67,300 2,426,706 
ACOM Co. Ltd. (a)(b) 186,100 970,816 
Ain Holdings, Inc. 37,900 1,841,106 
Aozora Bank Ltd. 577,000 2,047,205 
Asahi Group Holdings 68,700 2,180,335 
Astellas Pharma, Inc. (c) 412,200 5,557,525 
Broadleaf Co. Ltd. 104,700 1,034,652 
Casio Computer Co. Ltd. 134,100 2,551,511 
Daiichikosho Co. Ltd. 46,200 1,936,786 
Daito Trust Construction Co. Ltd. 14,200 2,008,338 
Dentsu, Inc. (c) 78,700 3,998,669 
Don Quijote Holdings Co. Ltd. 71,000 2,525,884 
Hoya Corp. (c) 98,300 3,764,327 
Japan Exchange Group, Inc. 115,400 1,718,680 
Japan Tobacco, Inc. (c) 119,400 4,878,438 
KDDI Corp. (c) 281,300 8,103,053 
Keyence Corp. (c) 4,060 2,433,536 
Misumi Group, Inc. (c) 191,700 2,647,334 
Mitsubishi UFJ Financial Group, Inc. 507,500 2,342,019 
Monex Group, Inc. 844,900 2,179,604 
NEC Corp. 458,000 1,114,669 
Nidec Corp. 19,300 1,414,189 
Nintendo Co. Ltd. 18,300 2,477,839 
Nippon Kanzai Co. Ltd. 107,000 1,637,128 
Nippon Telegraph & Telephone Corp. 60,300 2,698,445 
Olympus Corp. (c) 195,400 7,612,124 
ORIX Corp. (c) 495,400 7,007,401 
Seven & i Holdings Co. Ltd. (c) 64,400 2,627,677 
Seven Bank Ltd. (c) 666,300 2,831,247 
Shinsei Bank Ltd. 919,000 1,288,049 
Shionogi & Co. Ltd. 57,900 2,955,341 
Sony Corp. 231,600 5,609,728 
Sundrug Co. Ltd. (c) 39,300 2,792,493 
Tsuruha Holdings, Inc. (c) 58,000 5,563,107 
United Arrows Ltd. 63,100 2,535,495 
VT Holdings Co. Ltd. 280,200 1,415,759 
Welcia Holdings Co. Ltd. 76,800 4,056,766 
TOTAL JAPAN  112,783,981 
Kenya - 0.1%   
Safaricom Ltd. 6,251,600 1,058,439 
Luxembourg - 0.4%   
Eurofins Scientific SA 7,900 2,931,322 
Grand City Properties SA 100,234 2,213,970 
Senvion SA 54,800 963,193 
TOTAL LUXEMBOURG  6,108,485 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP 49,800 897,396 
Netherlands - 1.3%   
AerCap Holdings NV (a) 31,800 1,272,318 
IMCD Group BV 127,200 5,135,632 
ING Groep NV (Certificaten Van Aandelen) 314,600 3,852,689 
Unilever NV (Certificaten Van Aandelen) (Bearer) 233,500 10,257,618 
TOTAL NETHERLANDS  20,518,257 
New Zealand - 0.3%   
EBOS Group Ltd. 210,137 2,341,781 
Ryman Healthcare Group Ltd. 436,814 2,723,698 
TOTAL NEW ZEALAND  5,065,479 
Norway - 0.7%   
Statoil ASA 602,500 10,604,780 
Philippines - 0.2%   
D&L Industries, Inc. 8,349,900 1,597,727 
SM Investments Corp. 106,630 2,140,081 
TOTAL PHILIPPINES  3,737,808 
South Africa - 0.7%   
Distell Group Ltd. 126,410 1,411,931 
EOH Holdings Ltd. 184,122 1,792,038 
Naspers Ltd. Class N 54,500 7,477,950 
TOTAL SOUTH AFRICA  10,681,919 
Spain - 1.0%   
Amadeus IT Holding SA Class A 103,000 4,686,942 
Atresmedia Corporacion de Medios de Comunicacion SA 108,300 1,409,981 
Hispania Activos Inmobiliarios SA (a) 76,100 1,115,370 
Inditex SA 126,730 4,068,220 
Mediaset Espana Comunicacion SA 183,300 2,380,126 
Merlin Properties Socimi SA 162,800 1,892,104 
TOTAL SPAIN  15,552,743 
Sweden - 1.6%   
ASSA ABLOY AB (B Shares) 214,400 4,496,007 
Getinge AB (B Shares) 152,600 3,226,654 
HEXPOL AB (B Shares) (b) 189,000 1,953,440 
Indutrade AB 13,200 740,178 
Nordea Bank AB 314,800 3,055,702 
Saab AB (B Shares) 65,000 2,223,474 
Sandvik AB (b) 142,700 1,464,237 
Svenska Cellulosa AB (SCA) (B Shares) 189,000 5,952,107 
Svenska Handelsbanken AB (A Shares) 154,000 2,054,384 
TOTAL SWEDEN  25,166,183 
Switzerland - 1.8%   
Chubb Ltd. 14,000 1,650,040 
GAM Holding Ltd. 88,177 1,148,976 
Julius Baer Group Ltd. 59,790 2,562,347 
Novartis AG 83,226 6,333,687 
Partners Group Holding AG 15,318 6,307,318 
Schindler Holding AG (participation certificate) 10,829 1,972,090 
Syngenta AG (Switzerland) 10,848 4,342,366 
UBS Group AG 246,320 4,262,391 
TOTAL SWITZERLAND  28,579,215 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 295,104 797,986 
United Kingdom - 6.6%   
AA PLC 246,910 1,005,112 
Associated British Foods PLC 48,600 2,175,804 
B&M European Value Retail S.A. 583,765 2,366,134 
BAE Systems PLC 275,100 1,919,279 
BCA Marketplace PLC 511,600 1,246,497 
BHP Billiton PLC 192,312 2,627,846 
BT Group PLC 385,900 2,501,431 
Bunzl PLC 127,500 3,798,588 
Cineworld Group PLC 138,500 1,048,273 
CMC Markets PLC 654,000 2,388,980 
Compass Group PLC 131,200 2,336,461 
Countryside Properties PLC (a) 263,300 894,476 
Diploma PLC 147,500 1,576,526 
GlaxoSmithKline PLC 259,900 5,554,702 
Hilton Food Group PLC 350,100 2,880,019 
Howden Joinery Group PLC 675,800 4,877,979 
Imperial Tobacco Group PLC 222,944 12,113,186 
ITV PLC 586,400 1,929,555 
Lloyds Banking Group PLC 4,388,300 4,307,165 
London Stock Exchange Group PLC 10,881 431,334 
McCarthy & Stone PLC 298,600 1,012,215 
Melrose Industries PLC 98,908 539,491 
Micro Focus International PLC 239,300 5,346,197 
Moneysupermarket.com Group PLC 393,500 1,804,807 
Persimmon PLC 92,000 2,671,041 
Reckitt Benckiser Group PLC 54,500 5,309,330 
Rex Bionics PLC (a) 100,000 53,332 
Rio Tinto PLC 79,100 2,653,512 
SABMiller PLC 44,000 2,690,562 
Shawbrook Group PLC 574,700 2,406,646 
Softcat PLC 114,400 533,226 
Spirax-Sarco Engineering PLC 33,846 1,688,857 
St. James's Place Capital PLC 318,800 4,038,613 
Standard Chartered PLC (United Kingdom) 353,550 2,852,091 
Taylor Wimpey PLC 761,900 2,051,720 
Virgin Money Holdings Uk PLC 423,100 2,257,094 
Vodafone Group PLC 1,878,909 6,053,540 
Workspace Group PLC 48,900 596,609 
TOTAL UNITED KINGDOM  102,538,230 
United States of America - 54.3%   
AAON, Inc. 53,000 1,405,560 
Activision Blizzard, Inc. 66,000 2,275,020 
Acuity Brands, Inc. 22,000 5,365,580 
Adobe Systems, Inc. (a) 466,224 43,927,622 
Air Products & Chemicals, Inc. 7,000 1,021,230 
Alaska Air Group, Inc. 255,400 17,987,822 
Albemarle Corp. U.S. 110,000 7,277,600 
Alphabet, Inc. Class A 62,000 43,888,560 
Amazon.com, Inc. (a) 30,000 19,787,700 
American Tower Corp. 237,000 24,856,560 
ANSYS, Inc. (a) 91,000 8,260,070 
Applied Materials, Inc. 129,000 2,640,630 
AT&T, Inc. 335,000 13,004,700 
AutoZone, Inc. (a) 37,100 28,390,033 
Bats Global Markets, Inc. 39,300 931,803 
BlackRock, Inc. Class A 5,000 1,781,650 
bluebird bio, Inc. (a) 33,000 1,463,550 
Boston Scientific Corp.(a) 225,000 4,932,000 
Bristol-Myers Squibb Co. 374,900 27,060,282 
Cigna Corp. 17,000 2,355,180 
CME Group, Inc. 98,000 9,007,180 
Cognizant Technology Solutions Corp. Class A (a) 266,000 15,526,420 
ConocoPhillips Co. 361,000 17,252,190 
Constellation Brands, Inc. Class A (sub. vtg.) 110,600 17,260,236 
Cummins, Inc. 3,000 351,090 
CVS Health Corp. 61,000 6,130,500 
D.R. Horton, Inc. 118,000 3,547,080 
Danaher Corp. 28,300 2,738,025 
E*TRADE Financial Corp. (a) 127,000 3,197,860 
Edwards Lifesciences Corp. (a) 29,000 3,080,090 
Electronic Arts, Inc. (a) 108,000 6,679,800 
Equifax, Inc. 17,000 2,044,250 
Estee Lauder Companies, Inc. Class A 225,000 21,570,750 
Extra Space Storage, Inc. 83,000 7,050,850 
Facebook, Inc. Class A (a) 155,500 18,283,690 
Gilead Sciences, Inc. 66,000 5,821,860 
Global Payments, Inc. 31,400 2,266,452 
HealthSouth Corp. warrants 1/17/17 (a) 341 1,231 
Hess Corp. 155,000 9,241,100 
Home Depot, Inc. 92,000 12,317,880 
Intercept Pharmaceuticals, Inc. (a) 44,500 6,707,930 
Interpublic Group of Companies, Inc. 191,000 4,381,540 
Ionis Pharmaceuticals, Inc. (a) 37,000 1,515,890 
J.B. Hunt Transport Services, Inc. 15,000 1,243,200 
Kansas City Southern 294,000 27,856,500 
Level 3 Communications, Inc. (a) 83,000 4,337,580 
Lockheed Martin Corp. 38,000 8,830,440 
lululemon athletica, Inc. (a) 48,000 3,146,400 
MasterCard, Inc. Class A 225,000 21,822,750 
McGraw Hill Financial, Inc. 276,549 29,549,261 
Medivation, Inc. (a) 345,082 19,945,740 
Molson Coors Brewing Co. Class B 133,400 12,757,042 
Monster Beverage Corp. 10,000 1,442,200 
MSCI, Inc. Class A 339,300 25,766,442 
Newell Brands, Inc. 196,000 8,925,840 
NewMarket Corp. 9,140 3,711,388 
NIKE, Inc. Class B 214,000 12,613,160 
Norfolk Southern Corp. 189,000 17,030,790 
Northrop Grumman Corp. 44,000 9,075,440 
NVIDIA Corp. 11,900 422,807 
O'Reilly Automotive, Inc. (a) 24,000 6,304,320 
PACCAR, Inc. 69,000 4,064,790 
PayPal Holdings, Inc. (a) 716,000 28,052,880 
Phillips 66 Co. 14,000 1,149,540 
Post Holdings, Inc. (a) 127,800 9,181,152 
Prestige Brands Holdings, Inc. (a) 332,000 18,850,960 
Priceline Group, Inc. (a) 5,000 6,718,300 
Public Storage 9,000 2,203,290 
PVH Corp. 25,000 2,390,000 
Raytheon Co. 21,000 2,653,350 
Regal Beloit Corp. 30,000 1,932,600 
Reynolds American, Inc. 517,000 25,643,200 
Salesforce.com, Inc. (a) 125,300 9,497,740 
ServiceMaster Global Holdings, Inc. (a) 32,500 1,245,400 
Sherwin-Williams Co. 13,000 3,735,030 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 23,200 766,760 
SLM Corp. (a) 72,443 490,439 
Southwest Airlines Co. 18,000 802,980 
Spectrum Brands Holdings, Inc. 43,000 4,884,800 
Spirit Airlines, Inc. (a) 223,900 9,835,927 
The NASDAQ OMX Group, Inc. 45,000 2,776,950 
Ultragenyx Pharmaceutical, Inc. (a) 21,700 1,467,354 
Under Armour, Inc. Class A (sub. vtg.) (a) 10,000 439,400 
Union Pacific Corp. 50,000 4,361,500 
UnitedHealth Group, Inc. 146,000 19,225,280 
Visa, Inc. Class A 330,500 25,527,820 
Xylem, Inc. 69,000 2,882,820 
TOTAL UNITED STATES OF AMERICA  840,148,608 
TOTAL COMMON STOCKS   
(Cost $1,334,730,075)  1,536,355,623 
Nonconvertible Preferred Stocks - 0.1%   
Cayman Islands - 0.1%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $1,166,878) 369,166 1,425,239 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund, 0.38% (e) 25,131,066 25,131,066 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 7,590,746 7,590,746 
TOTAL MONEY MARKET FUNDS   
(Cost $32,721,812)  32,721,812 
TOTAL INVESTMENT PORTFOLIO - 101.5%   
(Cost $1,368,618,765)  1,570,502,674 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (22,547,155) 
NET ASSETS - 100%  $1,547,955,519 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) A portion of the security sold on a delayed delivery basis.

 (d) 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 $1,425,239 or 0.1% of net assets.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $1,166,878 

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 $52,860 
Fidelity Securities Lending Cash Central Fund 115,427 
Total $168,287 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $218,964,167 $182,404,671 $35,134,257 $1,425,239 
Consumer Staples 197,483,050 165,816,646 31,666,404 -- 
Energy 89,018,932 65,156,142 23,862,790 -- 
Financials 250,165,204 194,713,004 55,452,200 -- 
Health Care 206,083,498 161,864,881 44,218,617 -- 
Industrials 192,772,231 178,650,552 14,121,679 -- 
Information Technology 283,977,132 265,991,431 17,985,701 -- 
Materials 41,615,597 34,294,126 7,321,471 -- 
Telecommunication Services 53,643,799 29,657,651 23,986,148 -- 
Utilities 4,057,252 4,057,252 -- -- 
Money Market Funds 32,721,812 32,721,812 -- -- 
Total Investments in Securities: $1,570,502,674 $1,315,328,168 $253,749,267 $1,425,239 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $9,091,486 
Level 2 to Level 1 $46,637,934 

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


Fidelity® Worldwide Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,029,594) — See accompanying schedule:
Unaffiliated issuers (cost $1,335,896,953) 		$1,537,780,862  
Fidelity Central Funds (cost $32,721,812) 32,721,812  
Total Investments (cost $1,368,618,765)  $1,570,502,674 
Foreign currency held at value (cost $56,309)  55,661 
Receivable for investments sold   
Regular delivery  56,537,304 
Delayed delivery  3,448,730 
Receivable for fund shares sold  748,207 
Dividends receivable  3,847,525 
Distributions receivable from Fidelity Central Funds  50,420 
Prepaid expenses  1,213 
Other receivables  57,052 
Total assets  1,635,248,786 
Liabilities   
Payable to custodian bank $2,570,144  
Payable for investments purchased 51,436,354  
Payable for fund shares redeemed 24,394,053  
Accrued management fee 869,060  
Distribution and service plan fees payable 21,526  
Other affiliated payables 296,749  
Other payables and accrued expenses 114,635  
Collateral on securities loaned, at value 7,590,746  
Total liabilities  87,293,267 
Net Assets  $1,547,955,519 
Net Assets consist of:   
Paid in capital  $1,389,384,590 
Undistributed net investment income  5,568,061 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (48,853,510) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  201,856,378 
Net Assets  $1,547,955,519 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($31,310,008 ÷ 1,451,507 shares)  $21.57 
Maximum offering price per share (100/94.25 of $21.57)  $22.89 
Class T:   
Net Asset Value and redemption price per share ($12,729,077 ÷ 593,461 shares)  $21.45 
Maximum offering price per share (100/96.50 of $21.45)  $22.23 
Class B:   
Net Asset Value and offering price per share ($260,690 ÷ 12,281 shares)(a)  $21.23 
Class C:   
Net Asset Value and offering price per share ($11,119,959 ÷ 525,510 shares)(a)  $21.16 
Worldwide:   
Net Asset Value, offering price and redemption price per share ($1,468,611,488 ÷ 67,368,997 shares)  $21.80 
Class I:   
Net Asset Value, offering price and redemption price per share ($23,924,297 ÷ 1,102,338 shares)  $21.70 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $15,209,013 
Interest  2,357 
Income from Fidelity Central Funds  168,287 
Income before foreign taxes withheld  15,379,657 
Less foreign taxes withheld  (836,245) 
Total income  14,543,412 
Expenses   
Management fee   
Basic fee $5,237,370  
Performance adjustment 226,333  
Transfer agent fees 1,535,248  
Distribution and service plan fees 126,742  
Accounting and security lending fees 243,129  
Custodian fees and expenses 82,458  
Independent trustees' compensation 3,434  
Registration fees 83,611  
Audit 68,029  
Legal 3,483  
Miscellaneous 5,229  
Total expenses before reductions 7,615,066  
Expense reductions (26,777) 7,588,289 
Net investment income (loss)  6,955,123 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,129) (43,599,935)  
Foreign currency transactions 348,368  
Total net realized gain (loss)  (43,251,567) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $31,438) 		1,538,838  
Assets and liabilities in foreign currencies (102,488)  
Total change in net unrealized appreciation (depreciation)  1,436,350 
Net gain (loss)  (41,815,217) 
Net increase (decrease) in net assets resulting from operations  $(34,860,094) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,955,123 $8,944,137 
Net realized gain (loss) (43,251,567) 60,531,683 
Change in net unrealized appreciation (depreciation) 1,436,350 (24,468,691) 
Net increase (decrease) in net assets resulting from operations (34,860,094) 45,007,129 
Distributions to shareholders from net investment income (9,278,911) (4,942,326) 
Distributions to shareholders from net realized gain (52,672,015) (154,486,836) 
Total distributions (61,950,926) (159,429,162) 
Share transactions - net increase (decrease) 20,375,577 128,269,740 
Redemption fees 6,138 21,658 
Total increase (decrease) in net assets (76,429,305) 13,869,365 
Net Assets   
Beginning of period 1,624,384,824 1,610,515,459 
End of period (including undistributed net investment income of $5,568,061 and undistributed net investment income of $7,891,849, respectively) $1,547,955,519 $1,624,384,824 

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


Financial Highlights — Fidelity Worldwide Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.88 $24.64 $25.18 $19.69 $17.89 $17.50 
Income from Investment Operations       
Net investment income (loss)A .06 .06 .02 .02 .10 .05 
Net realized and unrealized gain (loss) (.55) .58 1.46 5.66 1.72 .47 
Total from investment operations (.49) .64 1.48 5.68 1.82 .52 
Distributions from net investment income (.07) – (.04) (.11) (.02) (.08) 
Distributions from net realized gain (.75) (2.40) (1.98) (.08) – (.05) 
Total distributions (.82) (2.40) (2.02) (.19) (.02) (.13) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.57 $22.88 $24.64 $25.18 $19.69 $17.89 
Total ReturnC,D,E (2.27)% 2.73% 6.29% 29.10% 10.20% 2.94% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.27%H 1.27% 1.31% 1.45% 1.43% 1.41% 
Expenses net of fee waivers, if any 1.27%H 1.26% 1.31% 1.45% 1.43% 1.40% 
Expenses net of all reductions 1.27%H 1.26% 1.31% 1.42% 1.41% 1.38% 
Net investment income (loss) .60%H .27% .10% .09% .52% .28% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,310 $31,043 $33,788 $28,661 $18,723 $13,153 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Worldwide Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.72 $24.49 $25.05 $19.61 $17.83 $17.46 
Income from Investment Operations       
Net investment income (loss)A .03 (.01) (.04) (.04) .05 .01 
Net realized and unrealized gain (loss) (.55) .57 1.46 5.63 1.73 .45 
Total from investment operations (.52) .56 1.42 5.59 1.78 .46 
Distributions from net investment income – – – (.07) – (.04) 
Distributions from net realized gain (.75) (2.33) (1.98) (.08) – (.05) 
Total distributions (.75) (2.33) (1.98) (.15) – (.09) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.45 $22.72 $24.49 $25.05 $19.61 $17.83 
Total ReturnC,D,E (2.38)% 2.36% 6.05% 28.73% 9.98% 2.61% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.57% 1.58% 1.71% 1.68% 1.66% 
Expenses net of fee waivers, if any 1.57%H 1.56% 1.58% 1.70% 1.68% 1.65% 
Expenses net of all reductions 1.57%H 1.56% 1.58% 1.68% 1.66% 1.63% 
Net investment income (loss) .30%H (.04)% (.17)% (.16)% .26% .03% 
Supplemental Data       
Net assets, end of period (000 omitted) $12,729 $13,055 $12,160 $9,822 $5,550 $2,187 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Worldwide Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $24.21 $24.82 $19.44 $17.77 $17.39 
Income from Investment Operations       
Net investment income (loss)A (.02) (.13) (.17) (.14) (.04) (.09) 
Net realized and unrealized gain (loss) (.55) .57 1.45 5.59 1.71 .47 
Total from investment operations (.57) .44 1.28 5.45 1.67 .38 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.75) (2.10) (1.89) (.07) – – 
Total distributions (.75) (2.10) (1.89) (.07) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.23 $22.55 $24.21 $24.82 $19.44 $17.77 
Total ReturnC,D,E (2.65)% 1.88% 5.49% 28.13% 9.40% 2.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.06%H 2.08% 2.09% 2.19% 2.18% 2.16% 
Expenses net of fee waivers, if any 2.06%H 2.08% 2.09% 2.19% 2.18% 2.16% 
Expenses net of all reductions 2.06%H 2.07% 2.09% 2.17% 2.16% 2.13% 
Net investment income (loss) (.19)%H (.55)% (.68)% (.65)% (.23)% (.47)% 
Supplemental Data       
Net assets, end of period (000 omitted) $261 $367 $573 $710 $304 $256 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Worldwide Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.48 $24.12 $24.78 $19.41 $17.74 $17.36 
Income from Investment Operations       
Net investment income (loss)A (.02) (.12) (.15) (.14) (.04) (.09) 
Net realized and unrealized gain (loss) (.55) .57 1.44 5.58 1.71 .47 
Total from investment operations (.57) .45 1.29 5.44 1.67 .38 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.75) (2.09) (1.95) (.07) – – 
Total distributions (.75) (2.09) (1.95) (.07) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.16 $22.48 $24.12 $24.78 $19.41 $17.74 
Total ReturnC,D,E (2.66)% 1.90% 5.55% 28.12% 9.41% 2.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.06%H 2.07% 2.04% 2.15% 2.18% 2.16% 
Expenses net of fee waivers, if any 2.06%H 2.07% 2.04% 2.14% 2.18% 2.15% 
Expenses net of all reductions 2.06%H 2.06% 2.03% 2.12% 2.16% 2.13% 
Net investment income (loss) (.19)%H (.54)% (.63)% (.60)% (.23)% (.47)% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,120 $11,231 $9,229 $10,778 $1,726 $1,297 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Worldwide Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.14 $24.92 $25.41 $19.85 $18.02 $17.58 
Income from Investment Operations       
Net investment income (loss)A .10 .13 .11 .10 .16 .11 
Net realized and unrealized gain (loss) (.55) .58 1.47 5.70 1.74 .48 
Total from investment operations (.45) .71 1.58 5.80 1.90 .59 
Distributions from net investment income (.14) (.08) (.09) (.16) (.07) (.10) 
Distributions from net realized gain (.75) (2.41) (1.98) (.08) – (.05) 
Total distributions (.89) (2.49) (2.07) (.24) (.07) (.15) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.80 $23.14 $24.92 $25.41 $19.85 $18.02 
Total ReturnC,D (2.08)% 3.01% 6.64% 29.54% 10.56% 3.32% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .96%G .96% .98% 1.11% 1.11% 1.08% 
Expenses net of fee waivers, if any .96%G .96% .97% 1.11% 1.11% 1.08% 
Expenses net of all reductions .95%G .95% .97% 1.08% 1.09% 1.05% 
Net investment income (loss) .91%G .57% .44% .43% .84% .60% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,468,611 $1,543,516 $1,535,658 $1,464,415 $1,081,240 $1,114,694 
Portfolio turnover rateH 124%G 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Financial Highlights — Fidelity Worldwide Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.03 $24.81 $25.31 $19.78 $17.98 $17.57 
Income from Investment Operations       
Net investment income (loss)A .09 .13 .10 .08 .14 .10 
Net realized and unrealized gain (loss) (.56) .58 1.47 5.68 1.74 .47 
Total from investment operations (.47) .71 1.57 5.76 1.88 .57 
Distributions from net investment income (.11) (.07) (.09) (.15) (.08) (.11) 
Distributions from net realized gain (.75) (2.41) (1.98) (.08) – (.05) 
Total distributions (.86) (2.49)B (2.07) (.23) (.08) (.16) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $21.70 $23.03 $24.81 $25.31 $19.78 $17.98 
Total ReturnD,E (2.17)% 3.00% 6.63% 29.44% 10.49% 3.23% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.05%H .98% 1.01% 1.17% 1.18% 1.13% 
Expenses net of fee waivers, if any 1.05%H .98% 1.01% 1.17% 1.18% 1.13% 
Expenses net of all reductions 1.05%H .97% 1.00% 1.14% 1.16% 1.10% 
Net investment income (loss) .82%H .55% .40% .37% .77% .56% 
Supplemental Data       
Net assets, end of period (000 omitted) $23,924 $25,173 $19,107 $10,639 $4,291 $3,086 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.49 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $2.413 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation 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 $244,600,092 
Gross unrealized depreciation (44,752,721) 
Net unrealized appreciation (depreciation) on securities $199,847,371 
Tax cost $1,370,655,303 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $959,804,322 and $977,150,164, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $38,402 $948 
Class T .25% .25% 31,350 111 
Class B .75% .25% 1,507 1,130 
Class C .75% .25% 55,483 14,385 
   $126,742 $16,574 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $9,190 
Class T 2,320 
Class B(a) 69 
Class C(a) 1,068 
 $12,647 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $39,375 .26 
Class T 19,127 .30 
Class B 451 .30 
Class C 16,541 .30 
Worldwide 1,424,795 .19 
Class I 34,959 .29 
 $1,535,248  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $9,611 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,379 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $115,427. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $20,702 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $297.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,778.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $95,208 $– 
Class T 2,313 – 
Worldwide 9,064,407 4,895,242 
Class I 116,983 47,084 
Total $9,278,911 $4,942,326 
From net realized gain   
Class A $1,050,091 $3,318,115 
Class T 433,754 1,143,314 
Class B 11,494 47,493 
Class C 384,211 790,219 
Worldwide 49,987,535 147,652,391 
Class I 804,930 1,535,304 
Total $52,672,015 $154,486,836 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 230,209 416,197 $4,950,696 $9,650,572 
Reinvestment of distributions 49,536 143,319 1,105,146 3,239,009 
Shares redeemed (185,147) (573,622) (3,904,065) (12,962,950) 
Net increase (decrease) 94,598 (14,106) $2,151,777 $(73,369) 
Class T     
Shares sold 57,758 129,216 $1,237,003 $2,974,281 
Reinvestment of distributions 19,370 50,075 430,197 1,126,698 
Shares redeemed (58,217) (101,388) (1,245,210) (2,303,572) 
Net increase (decrease) 18,911 77,903 $421,990 $1,797,407 
Class B     
Shares sold 457 3,860 $8,675 $90,877 
Reinvestment of distributions 487 1,857 10,726 41,646 
Shares redeemed (4,925) (13,140) (103,223) (300,445) 
Net increase (decrease) (3,981) (7,423) $(83,822) $(167,922) 
Class C     
Shares sold 71,518 216,209 $1,499,591 $4,944,508 
Reinvestment of distributions 15,568 31,721 341,870 709,279 
Shares redeemed (61,233) (130,941) (1,257,272) (2,958,600) 
Net increase (decrease) 25,853 116,989 $584,189 $2,695,187 
Worldwide     
Shares sold 4,864,505 10,346,856 $104,200,239 $242,784,559 
Reinvestment of distributions 2,542,668 6,500,654 57,260,887 148,214,908 
Shares redeemed (6,730,731) (11,769,221) (144,609,657) (274,209,696) 
Net increase (decrease) 676,442 5,078,289 $16,851,469 $116,789,771 
Class I     
Shares sold 286,917 842,969 $6,199,126 $19,464,651 
Reinvestment of distributions 28,687 64,929 643,439 1,473,244 
Shares redeemed (306,329) (584,975) (6,392,591) (13,709,229) 
Net increase (decrease) 9,275 322,923 $449,974 $7,228,666 

11. 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.

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 April 30, 2016, and the related statement of operations for the six months then ended, the statement of changes in net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015. 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 April 30, 2016, by correspondence with the custodians and brokers; when 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, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of April 30, 2016, the results of its operations for the six-months then ended, the changes in its net assets for the six months ended April 30, 2016 and for the year ended October 31, 2015, and the financial highlights for the six months ended April 30, 2016 and for each of the five years in the period ended October 31, 2015, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts
June 15, 2016

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 (November 1, 2015 to April 30, 2016).

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. 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 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. 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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Fidelity Diversified International Fund     
Diversified International 1.07%    
Actual  $1,000.00 $961.90 $5.22 
Hypothetical-C  $1,000.00 $1,019.54 $5.37 
Class K .94%    
Actual  $1,000.00 $962.60 $4.59 
Hypothetical-C  $1,000.00 $1,020.19 $4.72 
Fidleity International Capital Appreciation Fund     
International Capital Appreciation 1.14%    
Actual  $1,000.00 $999.90 $5.67 
Hypothetical-C  $1,000.00 $1,019.19 $5.72 
Fidelity Overseas Fund     
Overseas 1.04%    
Actual  $1,000.00 $986.90 $5.14 
Hypothetical-C  $1,000.00 $1,019.69 $5.22 
Class K .91%    
Actual  $1,000.00 $987.60 $4.50 
Hypothetical-C  $1,000.00 $1,020.34 $4.57 
Fidelity Worldwide Fund     
Class A 1.27%    
Actual  $1,000.00 $977.30 $6.24 
Hypothetical-C  $1,000.00 $1,018.55 $6.37 
Class T 1.57%    
Actual  $1,000.00 $976.20 $7.71 
Hypothetical-C  $1,000.00 $1,017.06 $7.87 
Class B 2.06%    
Actual  $1,000.00 $973.50 $10.11 
Hypothetical-C  $1,000.00 $1,014.62 $10.32 
Class C 2.06%    
Actual  $1,000.00 $973.40 $10.11 
Hypothetical-C  $1,000.00 $1,014.62 $10.32 
Worldwide .96%    
Actual  $1,000.00 $979.20 $4.72 
Hypothetical-C  $1,000.00 $1,020.09 $4.82 
Class I 1.05%    
Actual  $1,000.00 $978.30 $5.16 
Hypothetical-C  $1,000.00 $1,019.64 $5.27 
     
     
     

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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245 Summer St.

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Fidelity's Targeted International Equity Funds®

Fidelity® Canada Fund

Fidelity® China Region Fund

Fidelity® Emerging Asia Fund

Fidelity® Emerging Markets Fund

Fidelity® Europe Fund

Fidelity® Japan Fund

Fidelity® Japan Smaller Companies Fund

Fidelity® Latin America Fund

Fidelity® Nordic Fund

Fidelity® Pacific Basin Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Fidelity® Canada Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® China Region Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Asia Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Emerging Markets Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Europe Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Japan Smaller Companies Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Latin America Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Nordic Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Pacific Basin Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.



Fidelity® Canada Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Canada 94.1% 
   United States of America* 3.0% 
   United Kingdom 0.9% 
   Bailiwick of Jersey 0.8% 
   France 0.4% 
   Israel 0.3% 
   Ireland 0.3% 
   Netherlands 0.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Canada 94.4% 
   United States of America* 3.3% 
   United Kingdom 0.9% 
   Bailiwick of Jersey 0.7% 
   Israel 0.3% 
   Sweden 0.3% 
   Ireland 0.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.0 97.8 
Short-Term Investments and Net Other Assets (Liabilities) 2.0 2.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Royal Bank of Canada (Banks) 10.0 8.9 
The Toronto-Dominion Bank (Banks) 9.2 8.3 
Canadian National Railway Co. (Road & Rail) 5.5 6.1 
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) 5.1 5.7 
Enbridge, Inc. (Oil, Gas & Consumable Fuels) 3.4 4.4 
Rogers Communications, Inc. Class B (non-vtg.) (Wireless Telecommunication Services) 3.3 3.8 
TELUS Corp. (Diversified Telecommunication Services) 3.0 3.9 
Sun Life Financial, Inc. (Insurance) 2.9 4.1 
Power Corp. of Canada (sub. vtg.) (Insurance) 2.6 2.2 
Bank of Nova Scotia (Banks) 2.3 1.6 
 47.3  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 33.3 33.1 
Energy 20.9 20.7 
Materials 13.8 10.2 
Consumer Staples 8.3 8.7 
Industrials 7.2 8.2 
Telecommunication Services 6.5 7.7 
Information Technology 3.8 3.3 
Consumer Discretionary 3.1 2.6 
Health Care 0.7 3.0 
Utilities 0.4 0.3 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Fidelity® Canada Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 3.1%   
Auto Components - 0.5%   
Magna International, Inc. Class A (sub. vtg.) 147,200 $6,182,705 
Hotels, Restaurants & Leisure - 0.2%   
Cara Operations Ltd. 106,400 2,752,645 
Media - 1.4%   
Corus Entertainment, Inc. Class B (non-vtg.) 501,600 5,001,208 
DHX Media Ltd. 773,000 4,713,039 
Quebecor, Inc. Class B (sub. vtg.) 331,500 8,866,773 
  18,581,020 
Specialty Retail - 0.3%   
AutoCanada, Inc. (a) 204,700 3,349,399 
Textiles, Apparel & Luxury Goods - 0.7%   
Gildan Activewear, Inc. 298,790 9,280,184 
TOTAL CONSUMER DISCRETIONARY  40,145,953 
CONSUMER STAPLES - 8.3%   
Beverages - 0.5%   
Molson Coors Brewing Co. Class B 60,600 5,795,178 
Food & Staples Retailing - 6.8%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 540,800 23,706,065 
George Weston Ltd. 333,900 28,975,079 
Jean Coutu Group, Inc. Class A (sub. vtg.) 496,900 7,556,270 
Metro, Inc. Class A (sub. vtg.) 471,795 15,789,170 
North West Co., Inc. 507,200 11,274,255 
  87,300,839 
Food Products - 0.3%   
AGT Food & Ingredients, Inc. 121,700 3,934,129 
Personal Products - 0.2%   
Edgewell Personal Care Co. (b) 38,900 3,192,523 
Tobacco - 0.5%   
Imperial Tobacco Group PLC 109,910 5,971,725 
TOTAL CONSUMER STAPLES  106,194,394 
ENERGY - 20.9%   
Energy Equipment & Services - 1.4%   
Canadian Energy Services & Technology Corp. 1,930,100 5,891,674 
Pason Systems, Inc. 390,300 5,673,924 
ZCL Composites, Inc. 968,300 6,359,123 
  17,924,721 
Oil, Gas & Consumable Fuels - 19.5%   
ARC Resources Ltd. (a) 748,000 12,620,674 
Canadian Natural Resources Ltd. 724,198 21,748,450 
Cenovus Energy, Inc. 1,329,400 21,074,174 
Enbridge, Inc. 1,057,200 43,915,887 
Imperial Oil Ltd. 637,700 21,148,240 
Keyera Corp. (a) 239,704 7,720,123 
Painted Pony Petroleum Ltd. (b) 825,000 3,892,564 
Paramount Resources Ltd. Class A (a)(b) 385,100 2,802,234 
Parkland Fuel Corp. 341,700 6,517,001 
Peyto Exploration & Development Corp. 385,600 9,843,602 
PrairieSky Royalty Ltd. 601,629 12,668,397 
Raging River Exploration, Inc. (b) 821,400 6,657,877 
Spartan Energy Corp. (b) 2,605,300 5,959,362 
Suncor Energy, Inc. 2,250,000 66,045,668 
Whitecap Resources, Inc. 1,051,500 7,886,040 
  250,500,293 
TOTAL ENERGY  268,425,014 
FINANCIALS - 33.3%   
Banks - 21.5%   
Bank of Nova Scotia 559,100 29,320,778 
Royal Bank of Canada 2,075,800 128,912,361 
The Toronto-Dominion Bank 2,643,500 117,669,144 
  275,902,283 
Capital Markets - 1.0%   
Amundi SA 103,800 4,776,830 
Ashmore Group PLC (a) 1,186,200 5,322,707 
Uranium Participation Corp. (b) 624,800 2,300,611 
  12,400,148 
Insurance - 9.2%   
Fairfax Financial Holdings Ltd. (sub. vtg.) 29,600 15,865,147 
Intact Financial Corp. 295,625 21,876,768 
Manulife Financial Corp. 724,500 10,682,434 
Power Corp. of Canada (sub. vtg.) 1,347,500 32,745,098 
Sun Life Financial, Inc. 1,099,400 37,502,447 
  118,671,894 
Real Estate Investment Trusts - 1.6%   
Allied Properties (REIT) 382,300 10,770,945 
H&R REIT/H&R Finance Trust 604,700 10,564,297 
  21,335,242 
TOTAL FINANCIALS  428,309,567 
HEALTH CARE - 0.7%   
Pharmaceuticals - 0.7%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 82,400 4,486,680 
Valeant Pharmaceuticals International, Inc. (Canada) (b) 148,921 4,968,004 
  9,454,684 
INDUSTRIALS - 7.2%   
Airlines - 0.5%   
WestJet Airlines Ltd. 361,700 6,053,798 
Professional Services - 0.6%   
Stantec, Inc. 282,200 7,233,245 
Stantec, Inc. ADR 52,700 1,342,806 
  8,576,051 
Road & Rail - 6.1%   
Canadian National Railway Co. 1,146,800 70,615,899 
TransForce, Inc. 415,100 7,834,198 
  78,450,097 
TOTAL INDUSTRIALS  93,079,946 
INFORMATION TECHNOLOGY - 3.8%   
Electronic Equipment & Components - 0.2%   
Avigilon Corp. (a)(b) 213,600 2,744,267 
IT Services - 1.4%   
CGI Group, Inc. Class A (sub. vtg.) (b) 396,300 18,104,659 
Software - 2.2%   
Constellation Software, Inc. 35,500 13,873,492 
Open Text Corp. 257,814 14,434,872 
  28,308,364 
TOTAL INFORMATION TECHNOLOGY  49,157,290 
MATERIALS - 13.8%   
Chemicals - 2.2%   
Agrium, Inc. 213,900 18,432,189 
LyondellBasell Industries NV Class A 28,800 2,380,896 
Monsanto Co. 39,100 3,662,888 
Potash Corp. of Saskatchewan, Inc. 203,600 3,602,391 
  28,078,364 
Construction Materials - 0.3%   
CRH PLC 139,700 4,065,676 
Containers & Packaging - 1.2%   
CCL Industries, Inc. Class B 62,600 11,462,780 
Winpak Ltd. 113,500 3,916,008 
  15,378,788 
Metals & Mining - 9.5%   
Agnico Eagle Mines Ltd. (Canada) 418,700 19,792,059 
Continental Gold, Inc. (b) 1,142,500 2,522,296 
Franco-Nevada Corp. 83,300 5,848,992 
Goldcorp, Inc. 1,301,500 26,222,938 
Labrador Iron Ore Royalty Corp. (a) 368,800 4,320,842 
Lundin Mining Corp. (b) 2,504,500 9,840,747 
Randgold Resources Ltd. 102,964 10,284,896 
Silver Wheaton Corp. 853,200 17,877,284 
Tahoe Resources, Inc. 759,900 10,731,990 
Teck Resources Ltd. Class B (sub. vtg.) 654,800 8,016,042 
Torex Gold Resources, Inc. (b) 3,556,100 6,320,318 
  121,778,404 
Paper & Forest Products - 0.6%   
Stella-Jones, Inc. 109,300 4,178,785 
Western Forest Products, Inc. 1,809,500 3,244,899 
  7,423,684 
TOTAL MATERIALS  176,724,916 
TELECOMMUNICATION SERVICES - 6.5%   
Diversified Telecommunication Services - 3.2%   
Manitoba Telecom Services, Inc. 96,500 2,525,751 
TELUS Corp. 1,216,300 38,562,536 
  41,088,287 
Wireless Telecommunication Services - 3.3%   
Rogers Communications, Inc. Class B (non-vtg.) 1,099,400 42,759,799 
TOTAL TELECOMMUNICATION SERVICES  83,848,086 
UTILITIES - 0.4%   
Electric Utilities - 0.4%   
Hydro One Ltd. 244,600 4,592,951 
TOTAL COMMON STOCKS   
(Cost $1,011,771,553)  1,259,932,801 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 0.38% (c) 20,320,612 20,320,612 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 10,341,617 10,341,617 
TOTAL MONEY MARKET FUNDS   
(Cost $30,662,229)  30,662,229 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $1,042,433,782)  1,290,595,030 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (4,985,358) 
NET ASSETS - 100%  $1,285,609,672 

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $43,503 
Fidelity Securities Lending Cash Central Fund 952,909 
Total $996,412 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $40,145,953 $40,145,953 $-- $-- 
Consumer Staples 106,194,394 106,194,394 -- -- 
Energy 268,425,014 268,425,014 -- -- 
Financials 428,309,567 428,309,567 -- -- 
Health Care 9,454,684 9,454,684 -- -- 
Industrials 93,079,946 93,079,946 -- -- 
Information Technology 49,157,290 49,157,290 -- -- 
Materials 176,724,916 162,374,344 14,350,572 -- 
Telecommunication Services 83,848,086 83,848,086 -- -- 
Utilities 4,592,951 4,592,951 -- -- 
Money Market Funds 30,662,229 30,662,229 -- -- 
Total Investments in Securities: $1,290,595,030 $1,276,244,458 $14,350,572 $-- 

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


Fidelity® Canada Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $9,857,677) — See accompanying schedule:
Unaffiliated issuers (cost $1,011,771,553) 		$1,259,932,801  
Fidelity Central Funds (cost $30,662,229) 30,662,229  
Total Investments (cost $1,042,433,782)  $1,290,595,030 
Foreign currency held at value (cost $40,845)  40,845 
Receivable for investments sold  14,117,371 
Receivable for fund shares sold  683,671 
Dividends receivable  2,510,752 
Distributions receivable from Fidelity Central Funds  195,666 
Prepaid expenses  1,745 
Other receivables  3,103 
Total assets  1,308,148,183 
Liabilities   
Payable for investments purchased $7,933,946  
Payable for fund shares redeemed 3,028,172  
Accrued management fee 878,006  
Distribution and service plan fees payable 32,252  
Other affiliated payables 283,687  
Other payables and accrued expenses 40,831  
Collateral on securities loaned, at value 10,341,617  
Total liabilities  22,538,511 
Net Assets  $1,285,609,672 
Net Assets consist of:   
Paid in capital  $1,082,592,424 
Undistributed net investment income  5,545,722 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (50,751,002) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  248,222,528 
Net Assets  $1,285,609,672 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($47,435,581 ÷ 993,715 shares)  $47.74 
Maximum offering price per share (100/94.25 of $47.74)  $50.65 
Class T:   
Net Asset Value and redemption price per share ($11,413,979 ÷ 240,120 shares)  $47.53 
Maximum offering price per share (100/96.50 of $47.53)  $49.25 
Class B:   
Net Asset Value and offering price per share ($2,218,869 ÷ 47,287 shares)(a)  $46.92 
Class C:   
Net Asset Value and offering price per share ($19,909,120 ÷ 426,363 shares)(a)  $46.70 
Canada:   
Net Asset Value, offering price and redemption price per share ($1,195,964,152 ÷ 24,956,980 shares)  $47.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($8,667,971 ÷ 181,174 shares)  $47.84 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $17,965,445 
Interest  40 
Income from Fidelity Central Funds (including $952,909 from security lending)  996,412 
Income before foreign taxes withheld  18,961,897 
Less foreign taxes withheld  (2,585,887) 
Total income  16,376,010 
Expenses   
Management fee   
Basic fee $4,221,805  
Performance adjustment 1,593,391  
Transfer agent fees 1,437,412  
Distribution and service plan fees 189,908  
Accounting and security lending fees 281,330  
Custodian fees and expenses 11,972  
Independent trustees' compensation 2,724  
Registration fees 66,487  
Audit 39,975  
Legal 2,162  
Miscellaneous 4,401  
Total expenses before reductions 7,851,567  
Expense reductions (9,373) 7,842,194 
Net investment income (loss)  8,533,816 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (38,078,868)  
Foreign currency transactions (188,472)  
Total net realized gain (loss)  (38,267,340) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		98,783,700  
Assets and liabilities in foreign currencies 77,536  
Total change in net unrealized appreciation (depreciation)  98,861,236 
Net gain (loss)  60,593,896 
Net increase (decrease) in net assets resulting from operations  $69,127,712 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,533,816 $20,629,341 
Net realized gain (loss) (38,267,340) (6,996,196) 
Change in net unrealized appreciation (depreciation) 98,861,236 (283,157,405) 
Net increase (decrease) in net assets resulting from operations 69,127,712 (269,524,260) 
Distributions to shareholders from net investment income (17,462,078) (24,029,674) 
Distributions to shareholders from net realized gain (1,771,774) (262,730,704) 
Total distributions (19,233,852) (286,760,378) 
Share transactions - net increase (decrease) (154,046,279) (304,156,881) 
Redemption fees 34,509 128,345 
Total increase (decrease) in net assets (104,117,910) (860,313,174) 
Net Assets   
Beginning of period 1,389,727,582 2,250,040,756 
End of period (including undistributed net investment income of $5,545,722 and undistributed net investment income of $14,473,984, respectively) $1,285,609,672 $1,389,727,582 

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


Financial Highlights — Fidelity Canada Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.25 $60.56 $57.31 $53.65 $52.20 $53.81 
Income from Investment Operations       
Net investment income (loss)A .24 .45 .47 .60 .57 .34 
Net realized and unrealized gain (loss) 2.73 (8.04) 3.13 3.63 1.50 (1.17) 
Total from investment operations 2.97 (7.59) 3.60 4.23 2.07 (.83) 
Distributions from net investment income (.42) (.50) (.03) (.57) (.33) (.35) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.48) (7.72) (.35) (.57) (.62) (.79) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.74 $45.25 $60.56 $57.31 $53.65 $52.20 
Total ReturnC,D,E 6.66% (14.32)% 6.32% 7.98% 4.04% (1.64)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.43% 1.29% 1.19% 1.08% 1.12% 
Expenses net of fee waivers, if any 1.57%H 1.43% 1.29% 1.19% 1.08% 1.12% 
Expenses net of all reductions 1.57%H 1.43% 1.29% 1.18% 1.08% 1.12% 
Net investment income (loss) 1.14%H .90% .79% 1.11% 1.11% .59% 
Supplemental Data       
Net assets, end of period (000 omitted) $47,436 $58,286 $95,004 $116,661 $159,597 $215,369 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.99 $60.22 $57.14 $53.48 $52.01 $53.64 
Income from Investment Operations       
Net investment income (loss)A .18 .29 .29 .45 .43 .17 
Net realized and unrealized gain (loss) 2.71 (8.00) 3.11 3.63 1.49 (1.16) 
Total from investment operations 2.89 (7.71) 3.40 4.08 1.92 (.99) 
Distributions from net investment income (.29) (.30) – (.42) (.16) (.21) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.35) (7.52) (.32) (.42) (.45) (.65) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.53 $44.99 $60.22 $57.14 $53.48 $52.01 
Total ReturnC,D,E 6.49% (14.58)% 5.99% 7.69% 3.74% (1.93)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.85%H 1.75% 1.59% 1.47% 1.36% 1.42% 
Expenses net of fee waivers, if any 1.85%H 1.75% 1.59% 1.47% 1.36% 1.42% 
Expenses net of all reductions 1.85%H 1.75% 1.59% 1.46% 1.36% 1.42% 
Net investment income (loss) .86%H .58% .48% .83% .83% .30% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,414 $12,820 $21,989 $23,751 $29,626 $34,323 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.22 $59.27 $56.53 $52.89 $51.37 $53.03 
Income from Investment Operations       
Net investment income (loss)A .08 .05 (.01) .18 .17 (.11) 
Net realized and unrealized gain (loss) 2.68 (7.88) 3.07 3.60 1.49 (1.14) 
Total from investment operations 2.76 (7.83) 3.06 3.78 1.66 (1.25) 
Distributions from net investment income – – – (.14) – (.01) 
Distributions from net realized gain (.06) (7.22) (.32) – (.14) (.41) 
Total distributions (.06) (7.22) (.32) (.14) (.14) (.42) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $46.92 $44.22 $59.27 $56.53 $52.89 $51.37 
Total ReturnC,D,E 6.25% (14.99)% 5.45% 7.17% 3.25% (2.41)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.33%H 2.22% 2.09% 1.96% 1.85% 1.91% 
Expenses net of fee waivers, if any 2.33%H 2.22% 2.09% 1.96% 1.85% 1.91% 
Expenses net of all reductions 2.33%H 2.22% 2.09% 1.95% 1.85% 1.91% 
Net investment income (loss) .38%H .11% (.01)% .34% .34% (.20)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,219 $2,678 $6,290 $7,737 $9,804 $11,866 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.02 $59.04 $56.27 $52.61 $51.19 $52.87 
Income from Investment Operations       
Net investment income (loss)A .09 .07 .02 .20 .19 (.08) 
Net realized and unrealized gain (loss) 2.67 (7.85) 3.07 3.58 1.46 (1.14) 
Total from investment operations 2.76 (7.78) 3.09 3.78 1.65 (1.22) 
Distributions from net investment income (.02) (.02) – (.12) – (.03) 
Distributions from net realized gain (.06) (7.22) (.32) – (.23) (.44) 
Total distributions (.08) (7.24) (.32) (.12) (.23) (.47) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $46.70 $44.02 $59.04 $56.27 $52.61 $51.19 
Total ReturnC,D,E 6.28% (14.96)% 5.53% 7.21% 3.26% (2.36)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.30%H 2.19% 2.03% 1.93% 1.82% 1.86% 
Expenses net of fee waivers, if any 2.30%H 2.19% 2.03% 1.92% 1.82% 1.86% 
Expenses net of all reductions 2.29%H 2.18% 2.03% 1.92% 1.82% 1.86% 
Net investment income (loss) .41%H .14% .04% .37% .37% (.15)% 
Supplemental Data       
Net assets, end of period (000 omitted) $19,909 $21,610 $38,749 $46,040 $66,500 $87,990 
Portfolio turnover rateI 37%H 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Canada Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.55 $60.95 $57.72 $54.05 $52.59 $54.14 
Income from Investment Operations       
Net investment income (loss)A .31 .60 .66 .77 .73 .52 
Net realized and unrealized gain (loss) 2.73 (8.09) 3.13 3.66 1.51 (1.18) 
Total from investment operations 3.04 (7.49) 3.79 4.43 2.24 (.66) 
Distributions from net investment income (.61) (.69) (.24) (.76) (.49) (.46) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.67) (7.91) (.56) (.76) (.78) (.90) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.92 $45.55 $60.95 $57.72 $54.05 $52.59 
Total ReturnC,D 6.83% (14.08)% 6.64% 8.32% 4.36% (1.33)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.26%G 1.15% .98% .87% .77% .82% 
Expenses net of fee waivers, if any 1.26%G 1.15% .98% .87% .77% .82% 
Expenses net of all reductions 1.26%G 1.14% .98% .86% .77% .82% 
Net investment income (loss) 1.45%G 1.18% 1.09% 1.42% 1.42% .90% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,195,964 $1,279,488 $2,057,843 $2,262,380 $2,992,597 $3,778,765 
Portfolio turnover rateH 37%G 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Financial Highlights — Fidelity Canada Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $45.44 $60.80 $57.57 $53.91 $52.44 $54.02 
Income from Investment Operations       
Net investment income (loss)A .32 .61 .65 .78 .74 .51 
Net realized and unrealized gain (loss) 2.73 (8.07) 3.12 3.64 1.50 (1.18) 
Total from investment operations 3.05 (7.46) 3.77 4.42 2.24 (.67) 
Distributions from net investment income (.59) (.68) (.22) (.76) (.48) (.48) 
Distributions from net realized gain (.06) (7.22) (.32) – (.29) (.44) 
Total distributions (.65) (7.90) (.54) (.76) (.77) (.92) 
Redemption fees added to paid in capitalA –B –B –B –B –B .01 
Net asset value, end of period $47.84 $45.44 $60.80 $57.57 $53.91 $52.44 
Total ReturnC,D 6.85% (14.05)% 6.62% 8.34% 4.38% (1.35)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.21%G 1.13% 1.00% .86% .76% .82% 
Expenses net of fee waivers, if any 1.21%G 1.12% 1.00% .86% .76% .82% 
Expenses net of all reductions 1.21%G 1.12% 1.00% .85% .76% .82% 
Net investment income (loss) 1.50%G 1.21% 1.08% 1.43% 1.42% .89% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,668 $14,846 $30,165 $30,831 $59,245 $68,112 
Portfolio turnover rateH 37%G 24% 85% 64% 86% 104% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Canada 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, Canada and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation 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 $314,151,043 
Gross unrealized depreciation (74,008,231) 
Net unrealized appreciation (depreciation) on securities $240,142,812 
Tax cost $1,050,452,218 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $222,288,695 and $383,011,745, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Canada as compared to its benchmark index, the S&P/TSX Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .96% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $58,105 $– 
Class T .25% .25% 27,541 – 
Class B .75% .25% 11,113 8,335 
Class C .75% .25% 93,149 2,665 
   $189,908 $11,000 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $2,637 
Class T 1,094 
Class B(a) 1,397 
Class C(a) 597 
 $5,725 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $67,198 .29 
Class T 17,829 .32 
Class B 3,332 .30 
Class C 25,128 .27 
Canada 1,314,704 .23 
Class I 9,221 .18 
 $1,437,412  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $294 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,071 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $2,028 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,918 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $21.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,434.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $482,934 $783,478 
Class T 79,315 106,245 
Class C 8,502 12,920 
Canada 16,735,044 22,800,214 
Class I 156,283 326,817 
Total $17,462,078 $24,029,674 
From net realized gain   
Class A $69,321 $11,358,847 
Class T 16,639 2,548,483 
Class B 3,460 742,098 
Class C 28,339 4,664,328 
Canada 1,638,014 239,967,215 
Class I 16,001 3,449,733 
Total $1,771,774 $262,730,704 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 36,639 153,407 $1,582,358 $8,099,168 
Reinvestment of distributions 11,425 200,582 496,287 10,552,616 
Shares redeemed (342,515) (634,705) (14,730,138) (31,737,294) 
Net increase (decrease) (294,451) (280,716) $(12,651,493) $(13,085,510) 
Class T     
Shares sold 9,827 21,812 $408,970 $1,102,045 
Reinvestment of distributions 2,169 49,518 93,951 2,597,730 
Shares redeemed (56,853) (151,491) (2,357,721) (7,597,599) 
Net increase (decrease) (44,857) (80,161) $(1,854,800) $(3,897,824) 
Class B     
Shares sold 499 1,663 $21,790 $85,823 
Reinvestment of distributions 68 12,380 2,895 641,184 
Shares redeemed (13,828) (59,611) (579,039) (2,906,257) 
Net increase (decrease) (13,261) (45,568) $(554,354) $(2,179,250) 
Class C     
Shares sold 24,743 42,631 $1,052,682 $2,146,853 
Reinvestment of distributions 731 75,003 31,141 3,864,885 
Shares redeemed (90,006) (283,087) (3,720,124) (13,692,762) 
Net increase (decrease) (64,532) (165,453) $(2,636,301) $(7,681,024) 
Canada     
Shares sold 779,017 1,250,697 $33,585,544 $63,450,179 
Reinvestment of distributions 388,588 4,716,591 16,926,879 249,177,482 
Shares redeemed (4,297,518) (11,643,757) (180,976,780) (581,614,067) 
Net increase (decrease) (3,129,913) (5,676,469) $(130,464,357) $(268,986,406) 
Class I     
Shares sold 70,963 66,679 $2,977,708 $3,430,310 
Reinvestment of distributions 2,849 49,883 123,890 2,628,352 
Shares redeemed (219,360) (285,976) (8,986,572) (14,385,529) 
Net increase (decrease) (145,548) (169,414) $(5,884,974) $(8,326,867) 

11. 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.

Fidelity® China Region Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   China 37.1% 
   Cayman Islands 26.7% 
   Taiwan 18.9% 
   Hong Kong 6.2% 
   United Kingdom 3.5% 
   Bermuda 3.3% 
   Netherlands 2.8% 
   British Virgin Islands 1.1% 
   United States of America* 0.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   China 49.0% 
   Cayman Islands 25.8% 
   Hong Kong 8.7% 
   Bermuda 5.0% 
   Taiwan 3.7% 
   Netherlands 3.0% 
   United Kingdom 1.7% 
   Bailiwick of Jersey 1.7% 
   United States of America* 1.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.6 98.6 
Short-Term Investments and Net Other Assets (Liabilities) 0.4 1.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Tencent Holdings Ltd. (Internet Software & Services) 7.9 6.0 
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & Semiconductor Equipment) 7.6 0.0 
Alibaba Group Holding Ltd. sponsored ADR (Internet Software & Services) 2.7 0.6 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) (Insurance) 2.7 2.8 
China Construction Bank Corp. (H Shares) (Banks) 2.6 4.9 
Kweichow Moutai Co. Ltd. (Beverages) 2.4 1.4 
Industrial & Commercial Bank of China Ltd. (H Shares) (Banks) 2.3 2.3 
Chongqing Changan Automobile Co. Ltd. (B Shares) (Automobiles) 2.2 2.2 
BBMG Corp. (H Shares) (Construction Materials) 2.1 1.8 
China Pacific Insurance (Group) Co. Ltd. (H Shares) (Insurance) 2.0 2.3 
 34.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 27.8 14.0 
Financials 22.1 37.8 
Consumer Discretionary 19.8 14.4 
Industrials 9.8 12.9 
Materials 5.6 6.7 
Telecommunication Services 4.1 2.4 
Consumer Staples 4.1 2.0 
Health Care 3.3 5.5 
Utilities 2.9 1.3 
Energy 0.1 1.6 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Hong Kong, Taiwanese and Chinese markets. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® China Region Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 19.1%   
Auto Components - 0.8%   
Weifu High-Technology Co. Ltd. (B Shares) 4,257,836 $9,002,116 
Automobiles - 2.2%   
Chongqing Changan Automobile Co. Ltd. (B Shares) 13,112,941 22,686,340 
Diversified Consumer Services - 1.4%   
New Oriental Education & Technology Group, Inc. sponsored ADR 297,200 11,638,352 
TAL Education Group ADR (a) 51,000 2,950,860 
  14,589,212 
Hotels, Restaurants & Leisure - 3.2%   
China CYTS Tours Holding Co. Ltd. 887,536 2,725,375 
China International Travel Service Corp. Ltd. (A Shares) 753,281 5,121,899 
Huangshan Tourism Development Co. Ltd. 5,899,876 12,377,940 
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares) 13,520,000 5,550,538 
Tuniu Corp. Class A sponsored ADR (a)(b) 742,800 7,895,964 
  33,671,716 
Household Durables - 4.2%   
Haier Electronics Group Co. Ltd. 5,492,000 9,223,978 
Nien Made Enterprise Co. Ltd. 800,000 6,290,437 
Qingdao Haier Co. Ltd. 3,099,822 3,988,464 
Sundart Holdings Ltd. 20,000,000 11,680,502 
Techtronic Industries Co. Ltd. 3,582,500 13,429,610 
  44,612,991 
Internet & Catalog Retail - 2.3%   
Ctrip.com International Ltd. ADR (a) 286,000 12,472,460 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 285,000 11,630,850 
  24,103,310 
Media - 0.3%   
Poly Culture Group Corp. Ltd. (H Shares) 1,148,800 2,704,631 
Multiline Retail - 0.0%   
Lifestyle International Holdings Ltd. 339,000 561,562 
Specialty Retail - 1.7%   
Chow Tai Fook Jewellery Group Ltd. 16,335,200 11,354,113 
Luk Fook Holdings International Ltd. 2,830,000 6,445,257 
  17,799,370 
Textiles, Apparel & Luxury Goods - 3.0%   
Anta Sports Products Ltd. 1,169,000 2,977,711 
ECLAT Textile Co. Ltd. 390,000 4,448,968 
Lao Feng Xiang Co. Ltd. (B Shares) 2,499,988 9,502,454 
Pacific Textile Holdings Ltd. 4,000,000 5,150,096 
Shenzhou International Group Holdings Ltd. 522,000 2,698,493 
Toung Loong Textile Manufacturing Co. Ltd. 2,375,000 6,315,590 
  31,093,312 
TOTAL CONSUMER DISCRETIONARY  200,824,560 
CONSUMER STAPLES - 4.1%   
Beverages - 2.4%   
Kweichow Moutai Co. Ltd. 656,346 25,466,920 
Food Products - 1.7%   
China Modern Dairy Holdings Ltd. (b) 34,000,000 6,240,081 
Unified-President Enterprises Corp. 6,240,000 11,242,547 
  17,482,628 
TOTAL CONSUMER STAPLES  42,949,548 
ENERGY - 0.1%   
Energy Equipment & Services - 0.1%   
China Oilfield Services Ltd. (H Shares) 1,192,000 1,034,064 
FINANCIALS - 22.1%   
Banks - 7.7%   
China Construction Bank Corp. (H Shares) 43,894,000 27,878,267 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) 2,810,800 13,228,980 
Industrial & Commercial Bank of China Ltd. (H Shares) 44,543,000 23,848,363 
Midea Group Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 2/10/17 (a)(c) 3,090,600 15,323,987 
  80,279,597 
Capital Markets - 3.5%   
Hangzhou Robam Appliances Co. Ltd. ELS (UBS Warrant Programme) warrants 1/15/18 (a)(c) 512,858 4,075,740 
Shanghai Bestway Marine Engineering Design Co. Ltd. ELS warrants 3/5/17 (a)(c) 2,798,094 12,274,522 
Shenzhen Airport Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(c) 8,765,531 10,614,957 
Wuliangye Yibin Co. Ltd. ELS (UBS Warrant Programme) warrants 3/7/19 (a)(c) 1,071,282 4,699,440 
Yunnan Baiyao Group Co. Ltd. ELS (UBS Warrant Programme) (A Shares) warrants 2/17/17 (a)(c) 559,455 5,223,786 
  36,888,445 
Insurance - 7.2%   
AIA Group Ltd. 3,432,400 20,541,562 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 6,041,400 21,183,844 
PICC Property & Casualty Co. Ltd. (H Shares) 3,164,000 5,755,562 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 6,024,500 28,273,483 
  75,754,451 
Real Estate Management & Development - 3.7%   
Beijing Capital Land Ltd. (H Shares) 35,170,000 13,865,732 
Cheung Kong Property Holdings Ltd. 2,848,000 19,450,390 
Sun Hung Kai Properties Ltd. 456,000 5,747,024 
  39,063,146 
TOTAL FINANCIALS  231,985,639 
HEALTH CARE - 3.3%   
Health Care Providers & Services - 0.0%   
China National Accord Medicines Corp. Ltd. 24,173 132,319 
Life Sciences Tools & Services - 1.0%   
JHL Biotech, Inc. (a) 3,976,696 10,753,317 
Pharmaceuticals - 2.3%   
Jiangsu Hengrui Medicine Co. Ltd. 735,988 5,306,712 
Lee's Pharmaceutical Holdings Ltd. 8,273,500 6,694,421 
Livzon Pharmaceutical Group, Inc. 2,485,700 11,484,017 
  23,485,150 
TOTAL HEALTH CARE  34,370,786 
INDUSTRIALS - 9.8%   
Air Freight & Logistics - 0.4%   
Sinotrans Air Transportation Development Co. Ltd. (A Shares) 1,599,830 4,541,960 
Airlines - 3.0%   
Air China Ltd. (H Shares) 6,648,000 5,033,096 
China Eastern Airlines Corp. Ltd. (H Shares) (a) 26,446,000 14,458,119 
China Southern Airlines Ltd. (H Shares) 20,194,000 12,662,503 
  32,153,718 
Construction & Engineering - 1.6%   
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 20,963,000 12,108,422 
China Energy Engineering Corp. Ltd. 27,132,000 4,735,774 
  16,844,196 
Electrical Equipment - 1.3%   
Harbin Electric Machinery Co. Ltd.(H Shares) (b) 21,974,000 8,993,794 
Jiangnan Group Ltd. 25,552,000 4,304,437 
  13,298,231 
Machinery - 0.8%   
Lonking Holdings Ltd. 28,600,000 4,774,187 
Sinotruk Hong Kong Ltd. 8,000,000 4,028,249 
  8,802,436 
Marine - 1.5%   
China Shipping Development Co. Ltd. (H Shares) 18,762,000 13,322,169 
Sinotrans Shipping Ltd. (b) 12,186,000 2,143,439 
  15,465,608 
Trading Companies & Distributors - 1.0%   
Summit Ascent Holdings Ltd. (a)(b) 48,136,000 10,321,526 
Transportation Infrastructure - 0.2%   
Shanghai International Airport Co. Ltd. 472,000 1,983,784 
TOTAL INDUSTRIALS  103,411,459 
INFORMATION TECHNOLOGY - 27.8%   
Electronic Equipment & Components - 4.1%   
Hon Hai Precision Industry Co. Ltd. (Foxconn) 4,464,000 10,654,565 
Largan Precision Co. Ltd. 156,000 10,962,449 
Sunny Optical Technology Group Co. Ltd. (b) 2,700,000 8,327,490 
Tongda Group Holdings Ltd. 65,800,000 13,516,242 
  43,460,746 
Internet Software & Services - 11.3%   
58.com, Inc. ADR (a) 141,178 7,715,378 
Alibaba Group Holding Ltd. sponsored ADR (a) 370,900 28,537,046 
Tencent Holdings Ltd. 4,060,800 82,630,438 
  118,882,862 
Semiconductors & Semiconductor Equipment - 10.1%   
Advanced Semiconductor Engineering, Inc. 13,995,000 13,445,636 
Taiwan Semiconductor Manufacturing Co. Ltd. 17,294,000 79,332,048 
Vanguard International Semiconductor Corp. 8,434,000 12,910,915 
  105,688,599 
Software - 0.8%   
China City Railway Transportation Technology Holdings Co. Ltd. (a) 48,540,000 8,406,447 
Technology Hardware, Storage & Peripherals - 1.5%   
ADLINK Technology, Inc. 3,682,844 7,593,023 
Axiomtek Co. Ltd. 2,000,000 4,272,049 
HTC Corp. 1,410,000 3,596,694 
  15,461,766 
TOTAL INFORMATION TECHNOLOGY  291,900,420 
MATERIALS - 5.6%   
Construction Materials - 3.3%   
BBMG Corp. (H Shares) 30,808,000 22,515,344 
China Shanshui Cement Group Ltd. (a)(b) 20,656,000 9,200,458 
TCC International Holdings Ltd. 15,608,000 3,128,099 
  34,843,901 
Metals & Mining - 2.3%   
Fushan International Energy Group Ltd. 2,778,000 417,665 
Jiangxi Copper Co. Ltd. (H Shares) 4,214,000 5,144,924 
Zhaojin Mining Industry Co. Ltd. (H Shares) 9,357,000 8,085,303 
Zijin Mining Group Co. Ltd. (H Shares) 31,580,000 10,535,752 
  24,183,644 
TOTAL MATERIALS  59,027,545 
TELECOMMUNICATION SERVICES - 4.1%   
Diversified Telecommunication Services - 4.1%   
China Telecom Corp. Ltd. (H Shares) 13,024,000 6,447,744 
China Unicom Ltd. 13,784,000 16,131,254 
Chunghwa Telecom Co. Ltd. 4,980,000 16,804,012 
CITIC 1616 Holdings Ltd. 9,294,000 3,858,505 
  43,241,515 
UTILITIES - 2.9%   
Independent Power and Renewable Electricity Producers - 2.1%   
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) 42,174,000 13,306,264 
Huaneng Renewables Corp. Ltd. (H Shares) 31,944,000 9,426,176 
  22,732,440 
Water Utilities - 0.8%   
Beijing Enterprises Water Group Ltd. 13,838,000 8,253,479 
TOTAL UTILITIES  30,985,919 
TOTAL COMMON STOCKS   
(Cost $1,082,335,076)  1,039,731,455 
Nonconvertible Preferred Stocks - 0.7%   
CONSUMER DISCRETIONARY - 0.7%   
Internet & Catalog Retail - 0.7%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $6,268,244) 1,983,088 7,656,108 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund, 0.38% (e) 5,975,098 5,975,098 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 31,037,646 31,037,646 
TOTAL MONEY MARKET FUNDS   
(Cost $37,012,744)  37,012,744 
TOTAL INVESTMENT PORTFOLIO - 103.1%   
(Cost $1,125,616,064)  1,084,400,307 
NET OTHER ASSETS (LIABILITIES) - (3.1)%  (32,970,981) 
NET ASSETS - 100%  $1,051,429,326 

Security Type Abbreviations

ELS – Equity-Linked Security

Legend

 (a) Non-income producing

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

 (c) 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 $65,441,412 or 6.2% of net assets.

 (d) 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 $7,656,108 or 0.7% of net assets.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $6,268,244 

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 $46,081 
Fidelity Securities Lending Cash Central Fund 787,517 
Total $833,598 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $208,480,668 $129,048,069 $71,776,491 $7,656,108 
Consumer Staples 42,949,548 36,709,467 6,240,081 -- 
Energy 1,034,064 -- 1,034,064 -- 
Financials 231,985,639 -- 231,985,639 -- 
Health Care 34,370,786 16,192,348 18,178,438 -- 
Industrials 103,411,459 6,525,744 96,885,715 -- 
Information Technology 291,900,420 86,242,119 205,658,301 -- 
Materials 59,027,545 -- 49,827,087 9,200,458 
Telecommunication Services 43,241,515 16,804,012 26,437,503 -- 
Utilities 30,985,919 -- 30,985,919 -- 
Money Market Funds 37,012,744 37,012,744 -- -- 
Total Investments in Securities: $1,084,400,307 $328,534,503 $739,009,238 $16,856,566 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $86,068,185 

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

Investments in Securities:  
Equities - Consumer Discretionary  
Beginning Balance $12,373,756 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 1,388 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (4,719,036) 
Ending Balance $7,656,108 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $1,388 
Equities - Health Care  
Beginning Balance $14,369,442 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (14,369,442) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 
Equities - Industrials  
Beginning Balance $15,897,809 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (15,897,809) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 
Equities - Materials  
Beginning Balance $14,440,021 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (5,239,563) 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $9,200,458 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $(5,239,563) 

The information used in the above reconciliations 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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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 reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

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


Fidelity® China Region Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $29,468,457) — See accompanying schedule:
Unaffiliated issuers (cost $1,088,603,320) 		$1,047,387,563  
Fidelity Central Funds (cost $37,012,744) 37,012,744  
Total Investments (cost $1,125,616,064)  $1,084,400,307 
Receivable for investments sold  2,260,855 
Receivable for fund shares sold  629,803 
Dividends receivable  8,617 
Distributions receivable from Fidelity Central Funds  130,378 
Prepaid expenses  1,007 
Other receivables  31,340 
Total assets  1,087,462,307 
Liabilities   
Payable for investments purchased $25,401  
Payable for fund shares redeemed 3,982,214  
Accrued management fee 631,699  
Distribution and service plan fees payable 17,253  
Other affiliated payables 241,879  
Other payables and accrued expenses 96,889  
Collateral on securities loaned, at value 31,037,646  
Total liabilities  36,032,981 
Net Assets  $1,051,429,326 
Net Assets consist of:   
Paid in capital  $1,281,182,139 
Accumulated net investment loss  (4,948,592) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (183,588,248) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (41,215,973) 
Net Assets  $1,051,429,326 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($22,818,837 ÷ 1,000,986 shares)  $22.80 
Maximum offering price per share (100/94.25 of $22.80)  $24.19 
Class T:   
Net Asset Value and redemption price per share ($5,221,259 ÷ 229,672 shares)  $22.73 
Maximum offering price per share (100/96.50 of $22.73)  $23.55 
Class B:   
Net Asset Value and offering price per share ($535,037 ÷ 23,668 shares)(a)  $22.61 
Class C:   
Net Asset Value and offering price per share ($11,435,356 ÷ 512,571 shares)(a)  $22.31 
China Region:   
Net Asset Value, offering price and redemption price per share ($995,658,703 ÷ 43,200,582 shares)  $23.05 
Class I:   
Net Asset Value, offering price and redemption price per share ($15,760,134 ÷ 687,981 shares)  $22.91 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $289,863 
Income from Fidelity Central Funds (including $787,517 from security lending)  833,598 
Total income  1,123,461 
Expenses   
Management fee $3,992,712  
Transfer agent fees 1,273,934  
Distribution and service plan fees 110,852  
Accounting and security lending fees 269,796  
Custodian fees and expenses 188,324  
Independent trustees' compensation 2,600  
Registration fees 81,227  
Audit 57,221  
Legal 1,907  
Interest 133  
Miscellaneous 4,958  
Total expenses before reductions 5,983,664  
Expense reductions (5,348) 5,978,316 
Net investment income (loss)  (4,854,855) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (180,006,367)  
Foreign currency transactions 268,756  
Total net realized gain (loss)  (179,737,611) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		46,758,426  
Assets and liabilities in foreign currencies (118)  
Total change in net unrealized appreciation (depreciation)  46,758,308 
Net gain (loss)  (132,979,303) 
Net increase (decrease) in net assets resulting from operations  $(137,834,158) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(4,854,855) $23,670,929 
Net realized gain (loss) (179,737,611) 235,474,014 
Change in net unrealized appreciation (depreciation) 46,758,308 (344,541,210) 
Net increase (decrease) in net assets resulting from operations (137,834,158) (85,396,267) 
Distributions to shareholders from net investment income (15,103,497) (13,114,934) 
Distributions to shareholders from net realized gain (159,831,115) (172,413,722) 
Total distributions (174,934,612) (185,528,656) 
Share transactions - net increase (decrease) 20,511,269 200,238,928 
Redemption fees 123,475 2,391,591 
Total increase (decrease) in net assets (292,134,026) (68,294,404) 
Net Assets   
Beginning of period 1,343,563,352 1,411,857,756 
End of period (including accumulated net investment loss of $4,948,592 and undistributed net investment income of $15,009,760, respectively) $1,051,429,326 $1,343,563,352 

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


Financial Highlights — Fidelity China Region Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.34 $34.18 $35.56 $28.53 $27.28 $31.61 
Income from Investment Operations       
Net investment income (loss)A (.14) .40B .21 .30 .36 .33 
Net realized and unrealized gain (loss) (2.54) (.83) 2.01C 7.06 1.42 (4.33) 
Total from investment operations (2.68) (.43) 2.22 7.36 1.78 (4.00) 
Distributions from net investment income (.27) (.22) (.30) (.34) (.19) (.31) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.86) (4.46) (3.61) (.34) (.53) (.34) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.80 $29.34 $34.18 $35.56 $28.53 $27.28 
Total ReturnE,F,G (10.57)% (1.45)% 6.45%C 26.07% 6.70% (12.79)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.33%J 1.28% 1.35% 1.35% 1.36% 1.37% 
Expenses net of fee waivers, if any 1.32%J 1.28% 1.35% 1.35% 1.36% 1.37% 
Expenses net of all reductions 1.32%J 1.26% 1.35% 1.31% 1.29% 1.31% 
Net investment income (loss) (1.13)%J 1.26%B .64% .94% 1.35% 1.07% 
Supplemental Data       
Net assets, end of period (000 omitted) $22,819 $32,761 $21,728 $20,623 $13,539 $14,808 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .85%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.42%.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.18 $34.02 $35.40 $28.40 $27.13 $31.48 
Income from Investment Operations       
Net investment income (loss)A (.18) .30B .12 .21 .29 .25 
Net realized and unrealized gain (loss) (2.55) (.83) 1.99C 7.04 1.40 (4.32) 
Total from investment operations (2.73) (.53) 2.11 7.25 1.69 (4.07) 
Distributions from net investment income (.13) (.12) (.19) (.26) (.08) (.27) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.72) (4.36) (3.50) (.26) (.42) (.29)D 
Redemption fees added to paid in capitalA –E .05 .01 .01 –E .01 
Net asset value, end of period $22.73 $29.18 $34.02 $35.40 $28.40 $27.13 
Total ReturnF,G,H (10.75)% (1.79)% 6.15%C 25.74% 6.38% (13.04)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.68%K 1.62% 1.65% 1.64% 1.64% 1.63% 
Expenses net of fee waivers, if any 1.68%K 1.62% 1.65% 1.64% 1.64% 1.63% 
Expenses net of all reductions 1.68%K 1.60% 1.65% 1.60% 1.57% 1.57% 
Net investment income (loss) (1.48)%K .92%B .35% .65% 1.06% .81% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,221 $6,409 $6,305 $5,965 $4,349 $5,281 
Portfolio turnover rateL 80%K 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .51%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.12%.

 D Total distributions of $.29 per share is comprised of distributions from net investment income of $.268 and distributions from net realized gain of $.025 per share.

 E Amount represents less than $.005 per share.

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

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

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $28.97 $33.79 $35.12 $28.16 $26.94 $31.23 
Income from Investment Operations       
Net investment income (loss)A (.23) .14B (.04) .06 .16 .10 
Net realized and unrealized gain (loss) (2.54) (.80) 1.99C 6.99 1.40 (4.29) 
Total from investment operations (2.77) (.66) 1.95 7.05 1.56 (4.19) 
Distributions from net investment income – – – (.10) – (.08) 
Distributions from net realized gain (3.59) (4.21) (3.29) – (.34) (.03) 
Total distributions (3.59) (4.21) (3.29) (.10) (.34) (.11) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.61 $28.97 $33.79 $35.12 $28.16 $26.94 
Total ReturnE,F,G (10.95)% (2.23)% 5.68%C 25.12% 5.90% (13.45)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.11%J 2.10% 2.11% 2.10% 2.11% 2.12% 
Expenses net of fee waivers, if any 2.11%J 2.10% 2.11% 2.10% 2.11% 2.12% 
Expenses net of all reductions 2.11%J 2.07% 2.11% 2.07% 2.04% 2.06% 
Net investment income (loss) (1.91)%J .44%B (.12)% .19% .59% .32% 
Supplemental Data       
Net assets, end of period (000 omitted) $535 $803 $1,215 $1,494 $1,533 $1,801 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 5.65%.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $28.68 $33.56 $34.99 $28.07 $26.86 $31.19 
Income from Investment Operations       
Net investment income (loss)A (.22) .15B (.02) .06 .16 .10 
Net realized and unrealized gain (loss) (2.50) (.80) 1.97C 6.97 1.39 (4.28) 
Total from investment operations (2.72) (.65) 1.95 7.03 1.55 (4.18) 
Distributions from net investment income (.06) (.04) (.08) (.12) – (.13) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.65) (4.28) (3.39) (.12) (.34) (.16) 
Redemption fees added to paid in capitalA –D .05 .01 .01 –D .01 
Net asset value, end of period $22.31 $28.68 $33.56 $34.99 $28.07 $26.86 
Total ReturnE,F,G (10.90)% (2.21)% 5.71%C 25.14% 5.88% (13.46)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.08%J 2.05% 2.07% 2.10% 2.11% 2.12% 
Expenses net of fee waivers, if any 2.08%J 2.05% 2.07% 2.10% 2.11% 2.12% 
Expenses net of all reductions 2.08%J 2.02% 2.07% 2.07% 2.04% 2.06% 
Net investment income (loss) (1.88)%J .49%B (.07)% .19% .59% .32% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,435 $14,355 $10,445 $6,957 $4,515 $5,230 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .09%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 5.68%.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.66 $34.51 $35.83 $28.73 $27.49 $31.81 
Income from Investment Operations       
Net investment income (loss)A (.10) .51B .33 .41 .45 .44 
Net realized and unrealized gain (loss) (2.58) (.84) 2.03C 7.11 1.42 (4.37) 
Total from investment operations (2.68) (.33) 2.36 7.52 1.87 (3.93) 
Distributions from net investment income (.35) (.33) (.38) (.43) (.29) (.38) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.93)D (4.57) (3.69) (.43) (.63) (.40)E 
Redemption fees added to paid in capitalA –F .05 .01 .01 –F .01 
Net asset value, end of period $23.05 $29.66 $34.51 $35.83 $28.73 $27.49 
Total ReturnG,H (10.45)% (1.14)% 6.83%C 26.51% 7.01% (12.52)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.03%K .99% 1.01% 1.02% 1.04% 1.04% 
Expenses net of fee waivers, if any 1.03%K .98% 1.01% 1.02% 1.04% 1.04% 
Expenses net of all reductions 1.02%K .96% 1.01% .98% .98% .98% 
Net investment income (loss) (.83)%K 1.55%B .99% 1.27% 1.66% 1.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $995,659 $1,262,274 $1,352,761 $1,425,828 $1,265,488 $1,515,084 
Portfolio turnover rateL 80%K 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.80%.

 D Total distributions of $3.93 per share is comprised of distributions from net investment income of $.345 and distributions from net realized gain of $3.588 per share.

 E Total distributions of $.40 per share is comprised of distributions from net investment income of $.376 and distributions from net realized gain of $.025 per share.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity China Region Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $29.51 $34.39 $35.75 $28.68 $27.46 $31.79 
Income from Investment Operations       
Net investment income (loss)A (.10) .51B .34 .42 .45 .43 
Net realized and unrealized gain (loss) (2.55) (.84) 2.02C 7.10 1.42 (4.37) 
Total from investment operations (2.65) (.33) 2.36 7.52 1.87 (3.94) 
Distributions from net investment income (.36) (.36) (.43) (.46) (.31) (.37) 
Distributions from net realized gain (3.59) (4.24) (3.31) – (.34) (.03) 
Total distributions (3.95) (4.60) (3.73)D (.46) (.65) (.40) 
Redemption fees added to paid in capitalA –E .05 .01 .01 –E .01 
Net asset value, end of period $22.91 $29.51 $34.39 $35.75 $28.68 $27.46 
Total ReturnF,G (10.43)% (1.14)% 6.87%C 26.58% 7.02% (12.56)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.00%J .97% .98% .97% 1.04% 1.06% 
Expenses net of fee waivers, if any 1.00%J .97% .98% .97% 1.04% 1.06% 
Expenses net of all reductions 1.00%J .95% .98% .93% .98% 1.01% 
Net investment income (loss) (.80)%J 1.57%B 1.01% 1.32% 1.66% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,760 $26,961 $19,404 $10,206 $1,958 $2,034 
Portfolio turnover rateK 80%J 151% 87% 92% 107% 87% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 C Amount includes a reimbursement from the adviser for an operations error which amounted to $.01 per share. Excluding this reimbursement, the total return would have been 6.84%.

 D Total distributions of $3.73 per share is comprised of distributions from net investment income of $.425 and distributions from net realized gain of $3.306 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity China Region 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, China Region and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available are valued using alternative valuation approaches, including the market approach and the income approach and are categorized as level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value at 04/30/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input* 
Equities $16,856,566 Adjusted transaction price Proxy movement 45.0% Increase 
  Last transaction price Transaction price $3.86 Increase 

* Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

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 April 30, 2016, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation 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 $83,242,428 
Gross unrealized depreciation (128,294,828) 
Net unrealized appreciation (depreciation) on securities $(45,052,400) 
Tax cost $1,129,452,707 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $452,226,068 and $594,988,343, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $33,035 $1,879 
Class T .25% .25% 13,818 160 
Class B .75% .25% 3,184 2,388 
Class C .75% .25% 60,815 25,390 
   $110,852 $29,817 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $35,646 
Class T 1,702 
Class B(a) 160 
Class C(a) 6,468 
 $43,976 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $35,754 .27 
Class T 10,433 .38 
Class B 973 .31 
Class C 16,540 .27 
China Region 1,190,656 .22 
Class I 19,578 .20 
 $1,273,934  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $1,217 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $7,322,000 .65% $133 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,030 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $9,957 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $781 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,567.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $297,014 $147,088 
Class T 28,522 22,529 
Class C 29,301 12,652 
China Region 14,431,516 12,728,622 
Class I 317,144 204,043 
Total $15,103,497 $13,114,934 
From net realized gain   
Class A $3,946,989 $2,783,517 
Class T 763,704 789,251 
Class B 93,006 149,794 
Class C 1,752,229 1,276,956 
China Region 150,087,760 165,004,911 
Class I 3,187,427 2,409,293 
Total $159,831,115 $172,413,722 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 147,013 1,058,546 $3,579,372 $35,978,665 
Reinvestment of distributions 162,605 93,297 4,157,811 2,812,898 
Shares redeemed (425,054) (671,056) (9,695,535) (22,101,227) 
Net increase (decrease) (115,436) 480,787 $(1,958,352) $16,690,336 
Class T     
Shares sold 25,114 151,664 $590,683 $5,390,399 
Reinvestment of distributions 30,599 26,640 781,504 801,072 
Shares redeemed (45,663) (143,989) (1,080,869) (4,554,275) 
Net increase (decrease) 10,050 34,315 $291,318 $1,637,196 
Class B     
Shares sold 28 2,771 $647 $95,500 
Reinvestment of distributions 3,443 4,834 87,630 144,877 
Shares redeemed (7,534) (15,827) (179,703) (523,534) 
Net increase (decrease) (4,063) (8,222) $(91,426) $(283,157) 
Class C     
Shares sold 69,272 412,366 $1,686,759 $14,420,908 
Reinvestment of distributions 55,713 38,139 1,398,404 1,131,586 
Shares redeemed (112,880) (261,252) (2,721,043) (7,778,046) 
Net increase (decrease) 12,105 189,253 $364,120 $7,774,448 
China Region     
Shares sold 2,127,375 18,091,274 $51,586,381 $635,141,274 
Reinvestment of distributions 6,142,435 5,608,420 158,659,097 170,439,887 
Shares redeemed (7,626,217) (20,336,385) (183,247,122) (642,334,138) 
Net increase (decrease) 643,593 3,363,309 $26,998,356 $163,247,023 
Class I     
Shares sold 193,468 1,017,162 $5,004,992 $33,130,120 
Reinvestment of distributions 99,936 58,945 2,565,348 1,781,897 
Shares redeemed (518,949) (726,796) (12,663,087) (23,738,935) 
Net increase (decrease) (225,545) 349,311 $(5,092,747) $11,173,082 

11. 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.

Fidelity® Emerging Asia Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Korea (South) 18.3% 
   Cayman Islands 15.1% 
   China 13.8% 
   Taiwan 13.6% 
   Hong Kong 12.4% 
   India 9.8% 
   Singapore 3.8% 
   Bermuda 2.8% 
   Thailand 2.3% 
   Other* 8.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Korea (South) 16.5% 
   China 16.3% 
   Taiwan 12.5% 
   Cayman Islands 12.3% 
   Hong Kong 12.1% 
   India 9.1% 
   United States of America* 7.1% 
   Singapore 4.1% 
   Bermuda 2.2% 
   Other 7.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.0 93.6 
Bonds 0.0 0.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.0 6.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 5.0 6.0 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 4.5 3.9 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 4.1 3.5 
AIA Group Ltd. (Hong Kong, Insurance) 2.8 2.7 
China Construction Bank Corp. (H Shares) (China, Banks) 2.5 2.6 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 2.0 0.7 
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components) 1.8 1.8 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 1.7 1.8 
CNOOC Ltd. sponsored ADR (Hong Kong, Oil, Gas & Consumable Fuels) 1.6 1.4 
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) 1.4 1.5 
 27.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 31.7 33.2 
Information Technology 23.0 20.9 
Consumer Discretionary 9.1 8.7 
Telecommunication Services 6.0 6.8 
Industrials 5.9 5.2 
Consumer Staples 5.5 3.3 
Utilities 5.4 6.2 
Energy 5.3 4.8 
Materials 5.2 2.9 
Health Care 1.9 1.6 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Emerging Asia Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
Australia - 0.2%   
Beacon Lighting Group Ltd. 438,521 $606,842 
Sino Gas & Energy Ltd. (a) 4,797,856 324,676 
Woodside Petroleum Ltd. 47,102 1,014,969 
TOTAL AUSTRALIA  1,946,487 
Bermuda - 2.8%   
Brilliance China Automotive Holdings Ltd. 3,062,000 3,020,190 
BW LPG Ltd. 33,694 202,536 
Cheung Kong Infrastructure Holdings Ltd. 338,000 3,189,846 
CSI Properties Ltd. 31,520,000 957,393 
Digital China Holdings Ltd. (H Shares) 1,206,000 832,604 
Great Eagle Holdings Ltd. 153,000 619,759 
Hongkong Land Holdings Ltd. 675,600 4,290,060 
Joy City Property Ltd. 2,692,000 390,541 
Kerry Logistics Network Ltd. 1,607,000 2,262,271 
PAX Global Technology Ltd. 2,382,000 2,051,428 
Shenzhen International Holdings Ltd. 2,077,000 3,389,392 
Skyworth Digital Holdings Ltd. 5,505,200 3,582,845 
Summit Ascent Holdings Ltd. (a) 978,000 209,707 
Tai Cheung Holdings Ltd. 244,000 186,661 
TOTAL BERMUDA  25,185,233 
Cayman Islands - 15.1%   
58.com, Inc. ADR (a) 56,000 3,060,400 
Alibaba Group Holding Ltd. sponsored ADR (a) 240,700 18,519,458 
AMVIG Holdings Ltd. 1,270,000 522,932 
Belle International Holdings Ltd. 2,588,000 1,578,308 
Bitauto Holdings Ltd. ADR (a) 42,800 1,068,288 
Cheung Kong Property Holdings Ltd. 1,636,000 11,173,047 
China Modern Dairy Holdings Ltd. 6,486,000 1,190,387 
China Resources Cement Holdings Ltd. 9,945,706 3,272,671 
China State Construction International Holdings Ltd. 2,558,000 3,984,609 
ChinaCache International Holdings Ltd. sponsored ADR (a)(b) 63,600 525,972 
CK Hutchison Holdings Ltd. 985,500 11,790,150 
Cosmo Lady (China) Holdings Co. Ltd. 552,000 428,410 
Ctrip.com International Ltd. ADR (a) 84,200 3,671,962 
Daqo New Energy Corp. ADR (a)(b) 24,933 647,011 
ENN Energy Holdings Ltd. 934,000 4,555,715 
Greatview Aseptic Pack Co. Ltd. 2,085,000 1,055,898 
Haitian International Holdings Ltd. 564,000 962,276 
iKang Healthcare Group, Inc. sponsored ADR (a) 20,600 442,488 
International Housewares Retail Co. Ltd. 6,982,000 1,141,138 
JD.com, Inc. sponsored ADR (a) 132,000 3,373,920 
KWG Property Holding Ltd. 1,350,500 873,776 
Lee & Man Paper Manufacturing Ltd. 4,934,000 3,233,863 
Lee's Pharmaceutical Holdings Ltd. 333,500 269,848 
Longfor Properties Co. Ltd. 3,094,000 4,340,621 
MGM China Holdings Ltd. 3,785,200 5,303,316 
New Oriental Education & Technology Group, Inc. sponsored ADR 64,500 2,525,820 
Pico Far East Holdings Ltd. 1,932,000 523,801 
Samson Holding Ltd. 4,079,000 467,492 
SITC International Holdings Co. Ltd. 2,863,000 1,547,369 
Sitoy Group Holdings Ltd. 1,108,000 402,300 
SOHO China Ltd. 2,636,500 1,325,527 
Stella International Holdings Ltd. 425,000 1,072,201 
TAL Education Group ADR (a) 38,600 2,233,396 
TCC International Holdings Ltd. 2,076,000 416,064 
Tencent Holdings Ltd. 1,812,800 36,887,427 
Uni-President China Holdings Ltd. 2,383,000 2,219,213 
Xingda International Holdings Ltd. 2,193,000 458,924 
Zhen Ding Technology Holding Ltd. 282,000 592,756 
TOTAL CAYMAN ISLANDS  137,658,754 
China - 13.8%   
Anhui Conch Cement Co. Ltd. (H Shares) 918,500 2,420,311 
BBMG Corp. (H Shares) 4,464,000 3,262,415 
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) 3,018,000 952,205 
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 1,574,000 909,157 
China Construction Bank Corp. (H Shares) 35,882,000 22,789,629 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 2,081,200 7,297,616 
China Petroleum & Chemical Corp. (H Shares) 12,382,000 8,725,406 
China Railway Construction Corp. Ltd. (H Shares) 3,423,000 4,351,635 
China Shipping Development Co. Ltd. (H Shares) 1,886,000 1,339,175 
China Telecom Corp. Ltd. (H Shares) 17,810,000 8,817,131 
China Vanke Co. Ltd. (H Shares) 1,906,700 4,759,172 
Chongqing Changan Automobile Co. Ltd. (B Shares) 759,543 1,314,065 
Huadian Fuxin Energy Corp. Ltd. (H Shares) 6,500,000 1,415,910 
Huadian Power International Corp. Ltd. (H Shares) 3,846,000 1,972,105 
Huaneng Renewables Corp. Ltd. (H Shares) 13,448,000 3,968,295 
Huangshan Tourism Development Co. Ltd. 284,920 597,762 
Industrial & Commercial Bank of China Ltd. (H Shares) 29,145,000 15,604,260 
Jiangling Motors Corp. Ltd. (B Shares) 303,894 838,001 
Jiangsu Hengrui Medicine Co. Ltd. 500,926 3,611,839 
Kweichow Moutai Co. Ltd. 135,645 5,263,170 
PICC Property & Casualty Co. Ltd. (H Shares) 2,993,120 5,444,718 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 2,562,500 12,026,027 
SAIC Motor Corp. Ltd. 425,958 1,338,264 
Shenzhen Expressway Co. (H Shares) 3,798,000 3,370,746 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 625,000 979,101 
TravelSky Technology Ltd. (H Shares) 900,000 1,672,496 
TOTAL CHINA  125,040,611 
Hong Kong - 12.4%   
AIA Group Ltd. 4,263,600 25,515,966 
China Everbright Ltd. 1,606,000 3,170,339 
China Mobile Ltd. 1,109,900 12,742,509 
China Resources Beer Holdings Co. Ltd. 1,424,000 3,129,113 
China Resources Power Holdings Co. Ltd. 1,696,000 2,856,486 
CNOOC Ltd. sponsored ADR (b) 115,800 14,293,194 
Dah Sing Banking Group Ltd. 566,400 1,007,673 
Far East Horizon Ltd. 2,722,000 2,160,662 
Hang Lung Properties Ltd. 2,071,000 4,123,722 
HKT Trust/HKT Ltd. unit 3,131,300 4,501,057 
Hysan Development Co. Ltd. 1,175,000 5,191,699 
Lenovo Group Ltd. 6,074,000 4,805,091 
Magnificent Hotel Investment L 6,930,000 171,233 
PCCW Ltd. 11,517,000 7,795,666 
Power Assets Holdings Ltd. 639,000 6,079,503 
Sino Land Ltd. 3,704,000 5,815,076 
Techtronic Industries Co. Ltd. 1,312,500 4,920,129 
Wheelock and Co. Ltd. 963,000 4,458,311 
TOTAL HONG KONG  112,737,429 
India - 9.8%   
Adani Ports & Special Economic Zone 383,179 1,374,069 
Apollo Tyres Ltd. 1,467,806 3,538,839 
Bajaj Finserv Ltd. 92,703 2,617,226 
Bharat Petroleum Corp. Ltd. (a) 214,556 3,158,964 
Bharti Infratel Ltd. 397,798 2,245,438 
Cox & Kings India Ltd. (a) 728,006 2,048,923 
Edelweiss Financial Services Ltd. 2,273,486 1,986,825 
Exide Industries Ltd. (a) 228,254 505,986 
HCL Technologies Ltd. 311,503 3,518,539 
Hexaware Technologies Ltd. 533,980 1,938,954 
IL&FS Transportation Networks Ltd. 335,845 376,922 
Indian Oil Corp. Ltd. (a) 648,071 4,226,942 
Jain Irrigation Systems Ltd. (a) 492,485 453,001 
JK Tyre & Industries Ltd. (a) 1,242,243 1,572,779 
Just Dial Ltd. 57,855 737,237 
LIC Housing Finance Ltd. (a) 151,373 1,053,507 
Mahindra & Mahindra Ltd. (a) 309,624 6,203,853 
McLeod Russel India Ltd. (a) 384,327 1,100,755 
NTPC Ltd. 1,872,238 3,926,244 
Petronet LNG Ltd. 1,055,640 4,188,360 
Power Finance Corp. Ltd. 808,042 2,181,727 
Power Grid Corp. of India Ltd. 645,755 1,394,062 
Redington India Ltd. (a) 533,540 872,292 
Reliance Capital Ltd. (a) 73,076 445,053 
Reliance Industries Ltd. 773,397 11,441,649 
Shriram City Union Finance Ltd. 42,095 1,043,701 
Sun Pharmaceutical Industries Ltd. 520,832 6,361,277 
Suzlon Energy Ltd. (a) 9,081,865 2,044,002 
The Jammu & Kashmir Bank Ltd. 1,080,744 1,117,750 
Torrent Pharmaceuticals Ltd. 125,427 2,700,649 
UPL Ltd. 381,746 3,091,300 
Vakrangee Ltd. (a) 172,201 511,998 
VST Industries Ltd. (a) 42,310 1,040,592 
Yes Bank Ltd. (a) 566,055 8,035,492 
TOTAL INDIA  89,054,907 
Indonesia - 1.9%   
PT ACE Hardware Indonesia Tbk 12,337,500 865,346 
PT Bank Rakyat Indonesia Tbk 11,143,200 8,745,232 
PT Gudang Garam Tbk 880,500 4,623,493 
PT Indofood Sukses Makmur Tbk 5,370,200 2,901,325 
TOTAL INDONESIA  17,135,396 
Israel - 0.1%   
Sarine Technologies Ltd. 466,400 572,227 
Japan - 0.9%   
KDDI Corp. 169,100 4,871,050 
NGK Insulators Ltd. 150,000 3,080,484 
TOTAL JAPAN  7,951,534 
Korea (South) - 18.3%   
AMOREPACIFIC Corp. 20,779 7,390,789 
AMOREPACIFIC Group, Inc. 30,585 4,484,937 
BGFretail Co. Ltd. 5,318 863,376 
Daelim Industrial Co. 38,599 3,055,779 
DGB Financial Group Co. Ltd. 277,359 2,219,986 
Dongbu Insurance Co. Ltd. 99,942 6,115,115 
Duksan Hi-Metal Co. Ltd. (a) 69,051 571,369 
Fila Korea Ltd. 5,402 490,373 
Hana Financial Group, Inc. 117,013 2,619,751 
Hyosung Corp. 31,512 3,369,385 
Hyundai Fire & Marine Insurance Co. Ltd. 82,358 2,285,975 
Hyundai Mobis 34,267 7,791,523 
Hyundai Motor Co. 99,070 12,408,881 
Hyundai Steel Co. 115,721 6,353,330 
KB Financial Group, Inc. 227,440 6,920,894 
Kiwoom Securities Co. Ltd. 28,327 1,678,839 
Korea Electric Power Corp. 138,630 7,488,966 
Korea Petro Chemical Industries Co. Ltd. 26,319 5,410,020 
Korea Zinc Co. Ltd. 12,240 5,293,753 
LG Chemical Ltd. 26,642 6,906,561 
LG Household & Health Care Ltd. 8,095 7,115,164 
LS Industrial Systems Ltd. 53,956 2,463,088 
Poongsan Corp. 43,436 1,207,530 
Samsung Card Co. Ltd. 63,208 2,140,634 
Samsung Electronics Co. Ltd. 42,285 45,950,928 
Shinhan Financial Group Co. Ltd. 326,861 11,919,026 
SK Telecom Co. Ltd. 12,553 2,267,130 
SL Corp. 6,418 89,351 
TOTAL KOREA (SOUTH)  166,872,453 
Malaysia - 1.9%   
AEON Credit Service Bhd 165,700 559,049 
Cahya Mata Sarawak Bhd 723,400 711,086 
Glomac Bhd 1,592,200 332,175 
Media Prima Bhd 3,540,600 1,277,933 
MISC Bhd 769,800 1,665,125 
Sunway Bhd 1,353,500 1,084,463 
Tenaga Nasional Bhd 2,199,500 8,085,196 
Top Glove Corp. Bhd 536,800 681,564 
YTL Power International Bhd 8,024,300 3,081,134 
TOTAL MALAYSIA  17,477,725 
Netherlands - 0.2%   
Gree Electric Appliances, Inc. of Zhuhai ELS (BNP Paribas Warrants Program) (A Shares)warrants 11/24/16 (a)(c) 577,300 1,713,874 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) 103,800 488,533 
TOTAL NETHERLANDS  2,202,407 
Philippines - 0.9%   
ABS CBN Broadcasting Corp. (depositary receipt) 357,700 441,089 
LT Group, Inc. 1,319,300 431,960 
Metro Pacific Investments Corp. 13,203,200 1,628,119 
Metropolitan Bank & Trust Co. 2,388,671 4,126,279 
Security Bank Corp. 530,998 1,919,202 
TOTAL PHILIPPINES  8,546,649 
Singapore - 3.8%   
Boustead Singapore Ltd. 630,288 365,561 
CapitaLand Ltd. 1,603,600 3,708,366 
Centurion Corp. Ltd. 927,500 258,626 
CWT Ltd. 422,000 649,545 
Frasers Centrepoint Ltd. 438,000 543,897 
Hyflux Ltd. 1,003,300 462,539 
Mapletree Industrial (REIT) 2,768,751 3,304,343 
Singapore Telecommunications Ltd. 2,851,400 8,184,113 
United Overseas Bank Ltd. 798,600 11,045,068 
UOL Group Ltd. 602,000 2,748,470 
Wing Tai Holdings Ltd. 2,006,800 2,797,896 
Yoma Strategic Holdings Ltd. (a) 1,397,300 561,060 
TOTAL SINGAPORE  34,629,484 
Taiwan - 13.6%   
Advanced Semiconductor Engineering, Inc. 5,635,000 5,413,802 
ASUSTeK Computer, Inc. 435,000 3,817,679 
Cathay Financial Holding Co. Ltd. 6,795,000 7,625,259 
China Life Insurance Co. Ltd. 2,998,600 2,260,345 
E.SUN Financial Holdings Co. Ltd. 12,797,312 7,091,350 
Fubon Financial Holding Co. Ltd. 6,424,000 7,805,529 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 6,819,600 16,276,852 
Mega Financial Holding Co. Ltd. 4,787,000 3,393,564 
Nanya Technology Corp. 352,000 410,810 
Nien Made Enterprise Co. Ltd. 65,909 518,246 
Novatek Microelectronics Corp. 413,000 1,444,727 
PChome Online, Inc. 85,053 901,794 
Pegatron Corp. 3,574,000 7,556,704 
Pou Chen Corp. 2,823,000 3,556,824 
Powertech Technology, Inc. 637,000 1,289,657 
Taiwan Semiconductor Manufacturing Co. Ltd. 8,993,192 41,254,096 
Unified-President Enterprises Corp. 3,365,000 6,062,688 
Vanguard International Semiconductor Corp. 1,506,000 2,305,411 
Wistron NeWeb Corp. 677,661 1,762,175 
Yuanta Financial Holding Co. Ltd. 7,690,560 2,535,506 
TOTAL TAIWAN  123,283,018 
Thailand - 2.3%   
Asian Property Development PCL (For. Reg.) 13,639,800 2,343,608 
Bangkok Expressway and Metro PCL 12,354,687 2,105,108 
Intouch Holdings PCL NVDR 1,431,200 2,161,964 
Kasikornbank PCL (For. Reg.) 1,767,400 8,452,343 
Preuksa Real Estate PCL (For. Reg.) 2,512,300 1,852,569 
Thai Beverage PCL 6,959,000 3,855,043 
TOTAL THAILAND  20,770,635 
United Kingdom - 0.3%   
Standard Chartered PLC (United Kingdom) 295,723 2,385,600 
United States of America - 0.7%   
China Biologic Products, Inc. (a) 25,200 2,948,400 
Cognizant Technology Solutions Corp. Class A (a) 29,700 1,733,589 
Las Vegas Sands Corp. 40,100 1,810,515 
TOTAL UNITED STATES OF AMERICA  6,492,504 
TOTAL COMMON STOCKS   
(Cost $937,548,859)  899,943,053 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $449,651) 		INR2,245,016 432,872 
 Shares Value 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.38% (e) 10,123,465 10,123,465 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 6,648,250 6,648,250 
TOTAL MONEY MARKET FUNDS   
(Cost $16,771,715)  16,771,715 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $954,770,225)  917,147,640 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (7,710,305) 
NET ASSETS - 100%  $909,437,335 

Currency Abbreviations

INR – Indian rupee

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) 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 $2,202,407 or 0.2% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


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 $34,602 
Fidelity Securities Lending Cash Central Fund 21,617 
Total $56,219 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $82,949,406 $59,879,119 $23,070,287 $-- 
Consumer Staples 51,240,045 44,701,332 6,538,713 -- 
Energy 47,942,257 39,216,851 8,725,406 -- 
Financials 288,955,455 128,680,933 160,274,522 -- 
Health Care 17,995,166 16,746,217 1,248,949 -- 
Industrials 53,098,883 15,901,912 37,196,971 -- 
Information Technology 208,931,544 116,014,600 92,916,944 -- 
Materials 45,816,033 31,631,879 14,184,154 -- 
Telecommunication Services 53,586,058 12,591,515 40,994,543 -- 
Utilities 49,428,206 16,949,175 32,479,031 -- 
Corporate Bonds 432,872 -- 432,872 -- 
Money Market Funds 16,771,715 16,771,715 -- -- 
Total Investments in Securities: $917,147,640 $499,085,248 $418,062,392 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $172,752,904 

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


Fidelity® Emerging Asia Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $6,396,128) — See accompanying schedule:
Unaffiliated issuers (cost $937,998,510) 		$900,375,925  
Fidelity Central Funds (cost $16,771,715) 16,771,715  
Total Investments (cost $954,770,225)  $917,147,640 
Foreign currency held at value (cost $269,472)  270,232 
Receivable for investments sold  431,082 
Receivable for fund shares sold  196,350 
Dividends receivable  810,230 
Interest receivable  291 
Distributions receivable from Fidelity Central Funds  8,940 
Prepaid expenses  793 
Other receivables  389,783 
Total assets  919,255,341 
Liabilities   
Payable for fund shares redeemed $2,265,748  
Accrued management fee 614,596  
Other affiliated payables 193,227  
Other payables and accrued expenses 96,185  
Collateral on securities loaned, at value 6,648,250  
Total liabilities  9,818,006 
Net Assets  $909,437,335 
Net Assets consist of:   
Paid in capital  $1,065,661,149 
Distributions in excess of net investment income  (825,954) 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (117,597,820) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (37,800,040) 
Net Assets, for 30,011,920 shares outstanding  $909,437,335 
Net Asset Value, offering price and redemption price per share ($909,437,335 ÷ 30,011,920 shares)  $30.30 

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


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $7,243,922 
Interest  34,718 
Income from Fidelity Central Funds  56,219 
Income before foreign taxes withheld  7,334,859 
Less foreign taxes withheld  (728,852) 
Total income  6,606,007 
Expenses   
Management fee   
Basic fee $3,206,289  
Performance adjustment 567,029  
Transfer agent fees 955,360  
Accounting and security lending fees 216,839  
Custodian fees and expenses 204,847  
Independent trustees' compensation 2,056  
Registration fees 18,758  
Audit 59,110  
Legal 1,335  
Miscellaneous 3,412  
Total expenses before reductions 5,235,035  
Expense reductions (6,831) 5,228,204 
Net investment income (loss)  1,377,803 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (12,063,231)  
Foreign currency transactions (76,987)  
Total net realized gain (loss)  (12,140,218) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $1,899) 		(16,495,739)  
Assets and liabilities in foreign currencies 5,489  
Total change in net unrealized appreciation (depreciation)  (16,490,250) 
Net gain (loss)  (28,630,468) 
Net increase (decrease) in net assets resulting from operations  $(27,252,665) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,377,803 $14,020,781 
Net realized gain (loss) (12,140,218) 31,654,705 
Change in net unrealized appreciation (depreciation) (16,490,250) (108,963,314) 
Net increase (decrease) in net assets resulting from operations (27,252,665) (63,287,828) 
Distributions to shareholders from net investment income (4,222,099) (9,800,314) 
Share transactions   
Proceeds from sales of shares 19,735,295 198,826,376 
Reinvestment of distributions 3,878,736 9,282,114 
Cost of shares redeemed (90,894,093) (238,285,271) 
Net increase (decrease) in net assets resulting from share transactions (67,280,062) (30,176,781) 
Redemption fees 13,706 166,559 
Total increase (decrease) in net assets (98,741,120) (103,098,364) 
Net Assets   
Beginning of period 1,008,178,455 1,111,276,819 
End of period (including distributions in excess of net investment income of $825,954 and undistributed net investment income of $2,018,342, respectively) $909,437,335 $1,008,178,455 
Other Information   
Shares   
Sold 676,488 5,802,749 
Issued in reinvestment of distributions 126,673 283,510 
Redeemed (3,103,312) (7,416,166) 
Net increase (decrease) (2,300,151) (1,329,907) 

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


Financial Highlights — Fidelity Emerging Asia Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $31.20 $33.03 $30.91 $28.57 $27.32 $29.70 
Income from Investment Operations       
Net investment income (loss)A .04 .42 .43 .39 .46 .50 
Net realized and unrealized gain (loss) (.81) (1.96) 2.08 2.49 1.30 (2.30) 
Total from investment operations (.77) (1.54) 2.51 2.88 1.76 (1.80) 
Distributions from net investment income (.13) (.29) (.39) (.46) (.51) (.49) 
Distributions from net realized gain – – – (.08) – (.11) 
Total distributions (.13) (.29) (.39) (.54) (.51) (.59)B 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $30.30 $31.20 $33.03 $30.91 $28.57 $27.32 
Total ReturnD,E (2.47)% (4.69)% 8.21% 10.19% 6.60% (6.20)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.14%H 1.09% 1.04% 1.08% .94% .82% 
Expenses net of fee waivers, if any 1.14%H 1.09% 1.04% 1.08% .94% .82% 
Expenses net of all reductions 1.14%H 1.09% 1.04% 1.05% .91% .78% 
Net investment income (loss) .30%H 1.26% 1.36% 1.31% 1.68% 1.68% 
Supplemental Data       
Net assets, end of period (000 omitted) $909,437 $1,008,178 $1,111,277 $1,172,348 $1,325,208 $1,525,635 
Portfolio turnover rateI 54%H 68% 90% 97% 94% 115% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.59 per share is comprised of distributions from net investment income of $.485 and distributions from net realized gain of $.105 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Emerging Asia Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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 $88,584,114 
Gross unrealized depreciation (126,491,416) 
Net unrealized appreciation (depreciation) on securities $(37,907,302) 
Tax cost $955,054,942 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(104,856,402) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $241,477,090 and $255,911,268, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI All Country Asia ex Japan Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 annualized rate of .21% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $569 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $811 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $21,617. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,399 for the period

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $3,432.

9. 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.

Fidelity® Emerging Markets Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   India 13.5% 
   United States of America* 11.6% 
   Cayman Islands 9.4% 
   Mexico 8.5% 
   Brazil 8.3% 
   South Africa 6.8% 
   Korea (South) 5.5% 
   Taiwan 5.2% 
   Philippines 3.9% 
   Other 27.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   India 10.6% 
   United States of America* 9.1% 
   Korea (South) 8.6% 
   China 8.0% 
   Cayman Islands 7.7% 
   South Africa 7.4% 
   Mexico 6.8% 
   Taiwan 6.7% 
   Brazil 6.3% 
   Other 28.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.7 99.3 
Short-Term Investments and Net Other Assets (Liabilities) 1.3 0.7 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.6 3.4 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 3.4 3.2 
Naspers Ltd. Class N (South Africa, Media) 2.0 2.2 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 1.6 0.7 
Infosys Ltd. (India, IT Services) 1.4 0.0 
Baidu.com, Inc. sponsored ADR (Cayman Islands, Internet Software & Services) 1.3 0.0 
Itau Unibanco Holding SA (Brazil, Banks) 1.2 0.0 
Banco Bradesco SA (PN) (Brazil, Banks) 1.2 0.0 
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) 1.2 1.3 
Ambev SA sponsored ADR (Brazil, Beverages) 1.2 1.0 
 18.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 21.7 23.1 
Financials 18.4 19.8 
Consumer Discretionary 14.2 18.5 
Consumer Staples 13.8 8.5 
Industrials 9.8 11.3 
Health Care 8.3 8.4 
Materials 5.8 4.7 
Utilities 3.3 2.5 
Energy 2.0 1.1 
Telecommunication Services 1.4 1.4 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Emerging Markets Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%   
 Shares Value 
Argentina - 0.9%   
Banco Macro SA sponsored ADR 253,800 $15,895,494 
Grupo Financiero Galicia SA sponsored ADR 565,400 16,096,938 
TOTAL ARGENTINA  31,992,432 
Australia - 1.0%   
Amcor Ltd. (a) 1,507,331 17,649,927 
Sydney Airport unit 3,215,206 16,648,284 
TOTAL AUSTRALIA  34,298,211 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 124,900 15,460,110 
Bermuda - 2.8%   
Axalta Coating Systems (a) 542,400 15,442,128 
China Gas Holdings Ltd. 13,294,000 19,192,999 
China Resource Gas Group Ltd. 6,777,000 19,177,830 
Credicorp Ltd. (United States) 190,532 27,707,163 
Markit Ltd. (a) 378,200 13,195,398 
TOTAL BERMUDA  94,715,518 
Brazil - 4.7%   
BB Seguridade Participacoes SA 2,662,820 23,227,332 
Cielo SA 2,840,354 27,666,456 
Kroton Educacional SA 6,649,560 24,747,944 
Qualicorp SA 4,297,200 18,616,931 
Smiles SA 1,428,100 16,567,912 
Ultrapar Participacoes SA 1,214,800 25,579,942 
Weg SA 4,856,990 21,437,554 
TOTAL BRAZIL  157,844,071 
British Virgin Islands - 0.4%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 699,800 14,170,950 
Cayman Islands - 9.4%   
Alibaba Group Holding Ltd. sponsored ADR (a) 715,800 55,073,652 
Baidu.com, Inc. sponsored ADR (a) 228,500 44,397,550 
ENN Energy Holdings Ltd. 2,956,000 14,418,302 
Fu Shou Yuan International Group Ltd. (b) 22,806,000 16,000,500 
New Oriental Education & Technology Group, Inc. sponsored ADR 481,400 18,851,624 
Shenzhou International Group Holdings Ltd. 3,742,000 19,344,370 
Sino Biopharmaceutical Ltd. 24,372,000 17,270,105 
TAL Education Group ADR (a) 291,200 16,848,832 
Tencent Holdings Ltd. 5,721,000 116,412,715 
TOTAL CAYMAN ISLANDS  318,617,650 
China - 2.6%   
China Pacific Insurance (Group) Co. Ltd. (H Shares) 6,272,000 21,992,431 
Inner Mongoli Yili Industries Co. Ltd. 6,626,208 15,383,246 
Jiangsu Hengrui Medicine Co. Ltd. 2,175,571 15,686,572 
Kweichow Moutai Co. Ltd. 493,792 19,159,653 
Shanghai International Airport Co. Ltd. 3,524,600 14,813,659 
TOTAL CHINA  87,035,561 
Denmark - 0.5%   
Novo Nordisk A/S Series B sponsored ADR 290,800 16,223,732 
France - 0.5%   
Dassault Systemes SA 212,862 16,647,280 
Germany - 1.0%   
adidas AG 130,300 16,799,922 
Wirecard AG (b) 413,963 17,877,224 
TOTAL GERMANY  34,677,146 
Hong Kong - 1.7%   
AIA Group Ltd. 3,067,000 18,354,787 
Guangdong Investment Ltd. 15,741,000 22,227,261 
Techtronic Industries Co. Ltd. 4,548,000 17,048,951 
TOTAL HONG KONG  57,630,999 
India - 13.5%   
Adani Ports & Special Economic Zone 6,242,535 22,385,557 
Amara Raja Batteries Ltd. 1,160,524 16,699,714 
Asian Paints India Ltd. 1,554,398 20,270,789 
Bharti Infratel Ltd. 3,098,742 17,491,375 
Colgate-Palmolive (India) 1,354,322 17,143,742 
GlaxoSmithKline Consumer Healthcare Ltd. (a) 200,035 17,760,144 
HCL Technologies Ltd. 1,831,903 20,692,006 
HDFC Bank Ltd. (a) 855,782 17,395,339 
Hindustan Unilever Ltd. 1,870,173 24,435,242 
Housing Development Finance Corp. Ltd. 2,451,311 40,167,247 
IndusInd Bank Ltd. 1,114,105 17,591,573 
Infosys Ltd. 2,637,820 47,917,757 
ITC Ltd. 5,606,750 27,427,922 
LIC Housing Finance Ltd. (a) 2,503,611 17,424,323 
Lupin Ltd. 753,518 18,232,333 
Maruti Suzuki India Ltd. (a) 385,100 21,999,378 
Power Grid Corp. of India Ltd. 7,639,726 16,492,713 
Sun Pharmaceutical Industries Ltd. 2,084,366 25,457,786 
Tata Consultancy Services Ltd. 901,167 34,398,069 
Titan Co. Ltd. 2,684,343 14,382,393 
TOTAL INDIA  455,765,402 
Indonesia - 3.8%   
PT ACE Hardware Indonesia Tbk 230,253,400 16,149,863 
PT Bank Central Asia Tbk 25,348,100 25,082,856 
PT Bank Rakyat Indonesia Tbk 27,241,900 21,379,562 
PT Kalbe Farma Tbk 158,104,300 16,484,184 
PT Matahari Department Store Tbk 13,334,600 19,211,207 
PT Surya Citra Media Tbk 74,367,300 18,044,841 
PT Tower Bersama Infrastructure Tbk (a) 30,089,100 13,518,192 
TOTAL INDONESIA  129,870,705 
Isle of Man - 0.4%   
Playtech Ltd. 1,074,286 12,628,180 
Israel - 1.4%   
Check Point Software Technologies Ltd. (a) 190,200 15,761,874 
Frutarom Industries Ltd. 325,900 16,702,980 
Teva Pharmaceutical Industries Ltd. sponsored ADR 279,700 15,229,665 
TOTAL ISRAEL  47,694,519 
Kenya - 0.5%   
Safaricom Ltd. 98,651,000 16,702,298 
Korea (South) - 5.5%   
AMOREPACIFIC Corp. 82,091 29,198,579 
AMOREPACIFIC Group, Inc. 148,868 21,829,772 
Coway Co. Ltd. 215,727 18,566,070 
KT&G Corp. 264,441 28,390,462 
LG Chemical Ltd. 102,407 26,547,563 
LG Household & Health Care Ltd. 29,661 26,070,768 
NAVER Corp. 58,652 34,658,524 
TOTAL KOREA (SOUTH)  185,261,738 
Luxembourg - 0.5%   
Eurofins Scientific SA 45,580 16,912,616 
Mexico - 8.5%   
Banregio Grupo Financiero S.A.B. de CV 2,857,515 17,123,847 
El Puerto de Liverpool S.A.B. de CV Class C 1,481,500 16,840,619 
Fomento Economico Mexicano S.A.B. de CV unit 3,374,867 31,401,319 
Gruma S.A.B. de CV Series B 1,244,700 18,182,901 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 2,124,857 20,020,129 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 1,327,960 20,393,342 
Grupo Aeroportuario Norte S.A.B. de CV 3,088,700 17,873,713 
Grupo Financiero Banorte S.A.B. de CV Series O 5,100,400 28,954,734 
Grupo GICSA SA de CV (a) 14,416,570 11,329,032 
Infraestructura Energetica Nova S.A.B. de CV 3,983,200 15,565,009 
Kimberly-Clark de Mexico SA de CV Series A 8,174,500 19,347,423 
Megacable Holdings S.A.B. de CV unit 3,931,052 18,153,353 
Promotora y Operadora de Infraestructura S.A.B. de CV 1,309,300 16,604,590 
Tenedora Nemak SA de CV 11,309,300 16,223,145 
Wal-Mart de Mexico SA de CV Series V 7,931,800 19,616,679 
TOTAL MEXICO  287,629,835 
Philippines - 3.9%   
Ayala Corp. 1,274,520 20,891,994 
Ayala Land, Inc. 28,090,400 20,693,789 
D&L Industries, Inc. 78,821,700 15,082,286 
GT Capital Holdings, Inc. 615,950 17,901,640 
International Container Terminal Services, Inc. 11,708,080 16,179,977 
SM Investments Corp. 973,692 19,542,155 
SM Prime Holdings, Inc. 41,003,500 19,745,493 
TOTAL PHILIPPINES  130,037,334 
Russia - 1.4%   
Magnit OJSC (a) 160,055 22,244,241 
NOVATEK OAO GDR (Reg. S) 254,100 24,393,600 
TOTAL RUSSIA  46,637,841 
South Africa - 6.8%   
Aspen Pharmacare Holdings Ltd. 1,138,890 26,840,050 
Bidvest Group Ltd. 951,498 24,148,308 
Discovery Ltd. 2,303,985 20,590,644 
FirstRand Ltd. 8,009,800 25,742,319 
Mondi Ltd. 998,966 19,191,600 
Mr Price Group Ltd. 1,614,588 20,510,068 
Naspers Ltd. Class N 492,512 67,577,618 
Sanlam Ltd. 5,124,900 24,841,018 
TOTAL SOUTH AFRICA  229,441,625 
Spain - 0.5%   
Amadeus IT Holding SA Class A 374,000 17,018,603 
Switzerland - 0.5%   
Sika AG 3,880 16,514,167 
Taiwan - 5.2%   
Advantech Co. Ltd. 2,284,000 16,120,856 
ECLAT Textile Co. Ltd. 1,660,288 18,939,917 
Largan Precision Co. Ltd. 283,000 19,887,007 
Taiwan Semiconductor Manufacturing Co. Ltd. 26,409,000 121,144,904 
TOTAL TAIWAN  176,092,684 
Thailand - 1.6%   
Airports of Thailand PCL (For. Reg.) 1,793,900 20,137,709 
Bangkok Dusit Medical Services PCL (For. Reg.) 25,512,600 17,388,313 
Thai Beverage PCL 29,095,600 16,117,948 
TOTAL THAILAND  53,643,970 
Turkey - 2.2%   
Bim Birlesik Magazalar A/S JSC 863,000 18,999,571 
Koc Holding A/S 3,962,000 20,716,247 
Tofas Turk Otomobil Fabrikasi A/S 2,131,847 16,868,868 
Tupras Turkiye Petrol Rafinelleri A/S 701,000 18,502,091 
TOTAL TURKEY  75,086,777 
United Arab Emirates - 0.5%   
DP World Ltd. 966,954 18,275,431 
United Kingdom - 2.1%   
British American Tobacco PLC (United Kingdom) 271,100 16,529,533 
Hikma Pharmaceuticals PLC 620,223 19,973,504 
NMC Health PLC 1,068,200 16,341,581 
Prudential PLC 860,149 16,978,940 
TOTAL UNITED KINGDOM  69,823,558 
United States of America - 10.3%   
A.O. Smith Corp. 200,500 15,482,610 
Alphabet, Inc. Class C 19,645 13,614,181 
Amazon.com, Inc. (a) 27,400 18,072,766 
Amphenol Corp. Class A 253,700 14,164,071 
China Biologic Products, Inc. (a) 152,778 17,875,026 
Danaher Corp. 152,300 14,735,025 
Ecolab, Inc. 131,800 15,154,364 
Facebook, Inc. Class A (a) 129,400 15,214,852 
Gartner, Inc. Class A (a) 161,900 14,112,823 
International Flavors & Fragrances, Inc. 136,110 16,261,062 
MasterCard, Inc. Class A 159,200 15,440,808 
McGraw Hill Financial, Inc. 162,300 17,341,755 
MercadoLibre, Inc. 145,000 18,109,050 
Mettler-Toledo International, Inc. (a) 43,980 15,742,641 
Moody's Corp. 167,700 16,052,244 
MSCI, Inc. Class A 226,300 17,185,222 
NIKE, Inc. Class B 264,900 15,613,206 
Philip Morris International, Inc. 164,300 16,121,116 
PPG Industries, Inc. 138,156 15,251,041 
The Walt Disney Co. 143,200 14,786,832 
TransDigm Group, Inc. (a) 67,400 15,358,438 
Visa, Inc. Class A 194,800 15,046,352 
TOTAL UNITED STATES OF AMERICA  346,735,485 
TOTAL COMMON STOCKS   
(Cost $2,853,955,571)  3,211,086,428 
Nonconvertible Preferred Stocks - 3.6%   
Brazil - 3.6%   
Ambev SA sponsored ADR 7,122,280 39,813,545 
Banco Bradesco SA (PN) 5,419,920 40,815,855 
Itau Unibanco Holding SA 4,422,300 42,265,320 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $122,024,142)  122,894,720 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.38% (c) 40,807,246 40,807,246 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 18,737,780 18,737,780 
TOTAL MONEY MARKET FUNDS   
(Cost $59,545,026)  59,545,026 
TOTAL INVESTMENT PORTFOLIO - 100.5%   
(Cost $3,035,524,739)  3,393,526,174 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (17,164,414) 
NET ASSETS - 100%  $3,376,361,760 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $75,602 
Fidelity Securities Lending Cash Central Fund 328,352 
Total $403,954 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $478,150,199 $425,756,378 $52,393,821 $-- 
Consumer Staples 460,633,916 444,104,383 16,529,533 -- 
Energy 68,475,633 68,475,633 -- -- 
Financials 633,964,289 559,242,792 74,721,497 -- 
Health Care 274,275,039 257,004,934 17,270,105 -- 
Industrials 331,452,442 331,452,442 -- -- 
Information Technology 738,175,744 452,700,368 285,475,376 -- 
Materials 194,067,907 194,067,907 -- -- 
Telecommunication Services 47,711,865 47,711,865 -- -- 
Utilities 107,074,114 32,057,722 75,016,392 -- 
Money Market Funds 59,545,026 59,545,026 -- -- 
Total Investments in Securities: $3,393,526,174 $2,872,119,450 $521,406,724 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $677,669,702 

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


Fidelity® Emerging Markets Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $17,887,433) — See accompanying schedule:
Unaffiliated issuers (cost $2,975,979,713) 		$3,333,981,148  
Fidelity Central Funds (cost $59,545,026) 59,545,026  
Total Investments (cost $3,035,524,739)  $3,393,526,174 
Foreign currency held at value (cost $1,000)  558 
Receivable for investments sold  413,790 
Receivable for fund shares sold  5,018,549 
Dividends receivable  4,411,251 
Distributions receivable from Fidelity Central Funds  199,878 
Prepaid expenses  2,120 
Other receivables  1,830,965 
Total assets  3,405,403,285 
Liabilities   
Payable for fund shares redeemed $7,317,521  
Accrued management fee 1,954,961  
Other affiliated payables 607,598  
Other payables and accrued expenses 423,665  
Collateral on securities loaned, at value 18,737,780  
Total liabilities  29,041,525 
Net Assets  $3,376,361,760 
Net Assets consist of:   
Paid in capital  $3,461,571,887 
Undistributed net investment income  1,559,020 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (444,154,246) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  357,385,099 
Net Assets  $3,376,361,760 
Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($2,806,595,386 ÷ 124,804,753 shares)  $22.49 
Class K:   
Net Asset Value, offering price and redemption price per share ($569,766,374 ÷ 25,321,147 shares)  $22.50 

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


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $21,326,584 
Interest  209 
Income from Fidelity Central Funds  403,954 
Income before foreign taxes withheld  21,730,747 
Less foreign taxes withheld  (2,263,836) 
Total income  19,466,911 
Expenses   
Management fee $11,276,881  
Transfer agent fees 3,228,698  
Accounting and security lending fees 699,469  
Custodian fees and expenses 691,002  
Independent trustees' compensation 7,020  
Registration fees 92,118  
Audit 70,629  
Legal 4,179  
Interest 7,392  
Miscellaneous 11,028  
Total expenses before reductions 16,088,416  
Expense reductions (46,079) 16,042,337 
Net investment income (loss)  3,424,574 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (182,579,350)  
Foreign currency transactions (11,086)  
Total net realized gain (loss)  (182,590,436) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $363,195) 		177,537,436  
Assets and liabilities in foreign currencies 46,114  
Total change in net unrealized appreciation (depreciation)  177,583,550 
Net gain (loss)  (5,006,886) 
Net increase (decrease) in net assets resulting from operations  $(1,582,312) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,424,574 $26,242,657 
Net realized gain (loss) (182,590,436) (231,739,571) 
Change in net unrealized appreciation (depreciation) 177,583,550 (191,944,680) 
Net increase (decrease) in net assets resulting from operations (1,582,312) (397,441,594) 
Distributions to shareholders from net investment income (17,361,594) (18,114,621) 
Distributions to shareholders from net realized gain – (2,942,055) 
Total distributions (17,361,594) (21,056,676) 
Share transactions - net increase (decrease) 100,654,003 716,596,433 
Redemption fees 1,677,235 519,430 
Total increase (decrease) in net assets 83,387,332 298,617,593 
Net Assets   
Beginning of period 3,292,974,428 2,994,356,835 
End of period (including undistributed net investment income of $1,559,020 and undistributed net investment income of $15,496,040, respectively) $3,376,361,760 $3,292,974,428 

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


Financial Highlights — Fidelity Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $25.44 $24.43 $22.15 $22.23 $25.72 
Income from Investment Operations       
Net investment income (loss)A .02 .19 .17 .20 .33 .35 
Net realized and unrealized gain (loss) .02B (2.91) .86 2.38 (.11) (3.48) 
Total from investment operations .04 (2.72) 1.03 2.58 .22 (3.13) 
Distributions from net investment income (.11) (.14) (.02) (.30) (.30) (.24) 
Distributions from net realized gain – (.03) – – – (.13) 
Total distributions (.11) (.17) (.02) (.30) (.30) (.37) 
Redemption fees added to paid in capitalA .01 –C –C –C –C .01 
Net asset value, end of period $22.49 $22.55 $25.44 $24.43 $22.15 $22.23 
Total ReturnD,E .23% (10.76)% 4.22% 11.78% 1.03% (12.33)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.03%H 1.05% 1.07% 1.08% 1.09% 1.07% 
Expenses net of fee waivers, if any 1.03%H 1.05% 1.07% 1.08% 1.09% 1.07% 
Expenses net of all reductions 1.02%H 1.03% 1.07% 1.03% 1.03% 1.01% 
Net investment income (loss) .18%H .78% .71% .85% 1.50% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,806,595 $2,738,934 $2,370,927 $2,241,338 $2,203,756 $2,907,884 
Portfolio turnover rateI 85%H 107% 94% 119% 176% 122% 

 A Calculated based on average shares outstanding during the period.

 B 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.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Emerging Markets Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.58 $25.48 $24.42 $22.15 $22.23 $25.75 
Income from Investment Operations       
Net investment income (loss)A .04 .24 .23 .25 .37 .40 
Net realized and unrealized gain (loss) .02B (2.92) .86 2.38 (.10) (3.48) 
Total from investment operations .06 (2.68) 1.09 2.63 .27 (3.08) 
Distributions from net investment income (.15) (.20) (.03) (.36) (.35) (.32) 
Distributions from net realized gain – (.03) – – – (.13) 
Total distributions (.15) (.22)C (.03) (.36) (.35) (.45) 
Redemption fees added to paid in capitalA .01 –D –D –D –D .01 
Net asset value, end of period $22.50 $22.58 $25.48 $24.42 $22.15 $22.23 
Total ReturnE,F .33% (10.60)% 4.47% 12.01% 1.25% (12.17)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .84%I .85% .86% .87% .87% .87% 
Expenses net of fee waivers, if any .84%I .85% .85% .87% .87% .87% 
Expenses net of all reductions .84%I .83% .85% .82% .81% .80% 
Net investment income (loss) .36%I .98% .92% 1.07% 1.72% 1.58% 
Supplemental Data       
Net assets, end of period (000 omitted) $569,766 $554,041 $623,430 $547,369 $607,919 $497,821 
Portfolio turnover rateJ 85%I 107% 94% 119% 176% 122% 

 A Calculated based on average shares outstanding during the period.

 B 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.

 C Total distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.025 per share.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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. 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Emerging Markets 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 Emerging Markets and Class K 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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 $457,105,971 
Gross unrealized depreciation (137,734,879) 
Net unrealized appreciation (depreciation) on securities $319,371,092 
Tax cost $3,074,155,082 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(24,838,920) 
No expiration  
Short-term (189,293,193) 
Long-term (24,501,874) 
Total no expiration (213,795,067) 
Total capital loss carryforward $(238,633,987) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,445,739,072 and $1,365,772,666, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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 Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. 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
Class-Level Average
Net Assets(a) 
Emerging Markets $3,103,080 .23 
Class K 125,618 .05 
 $3,228,698  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $5,446 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $45,190,667 .65% $7,392 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $2,841 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $328,352, including $978 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $32,983 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,328.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,768.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Emerging Markets $13,660,209 $13,346,829 
Class K 3,701,385 4,767,792 
Total $17,361,594 $18,114,621 
From net realized gain   
Emerging Markets $– $2,332,143 
Class K – 609,912 
Total $– $2,942,055 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Emerging Markets     
Shares sold 29,103,318 55,410,811 $613,674,115 $1,332,719,199 
Reinvestment of distributions 572,542 546,115 12,670,348 13,577,228 
Shares redeemed (26,341,490) (27,685,404) (540,823,971) (631,200,476) 
Net increase (decrease) 3,334,370 28,271,522 $85,520,492 $715,095,951 
Class K     
Shares sold 3,504,590 8,915,876 $73,202,280 $215,741,410 
Reinvestment of distributions 167,256 216,324 3,701,385 5,377,704 
Shares redeemed (2,884,189) (9,064,709) (61,770,154) (219,618,632) 
Net increase (decrease) 787,657 67,491 $15,133,511 $1,500,482 

11. 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.

At the end of the period, Strategic Advisers Emerging Markets Fund was the owner of record of approximately 14% of the total outstanding shares of the Fund.

Fidelity® Europe Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 25.5% 
   Sweden 15.9% 
   Germany 14.5% 
   France 9.1% 
   Denmark 6.2% 
   Bailiwick of Jersey 5.5% 
   Isle of Man 3.8% 
   Spain 3.2% 
   Ireland 3.0% 
   Other* 13.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 30.9% 
   Sweden 16.5% 
   France 10.5% 
   Germany 9.4% 
   Denmark 6.6% 
   Bailiwick of Jersey 5.4% 
   Isle of Man 3.1% 
   Spain 2.8% 
   Finland 2.7% 
   Other* 12.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.3 99.7 
Short-Term Investments and Net Other Assets (Liabilities) 1.7 0.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
SAP AG (Germany, Software) 3.5 0.0 
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) 3.5 2.9 
Shire PLC (Bailiwick of Jersey, Pharmaceuticals) 3.2 3.2 
William Hill PLC (United Kingdom, Hotels, Restaurants & Leisure) 3.1 2.0 
Standard Chartered PLC (United Kingdom) (United Kingdom, Banks) 3.0 2.9 
Bayer AG (Germany, Pharmaceuticals) 2.8 2.4 
Prudential PLC (United Kingdom, Insurance) 2.1 1.8 
LEG Immobilien AG (Germany, Real Estate Management & Development) 2.0 1.5 
Optimal Payments PLC (Isle of Man, IT Services) 2.0 1.5 
Svenska Cellulosa AB (SCA) (B Shares) (Sweden, Household Products) 1.9 1.6 
 27.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.6 31.6 
Industrials 17.7 17.5 
Health Care 17.3 19.8 
Consumer Discretionary 16.7 16.8 
Information Technology 13.4 5.4 
Consumer Staples 3.8 3.0 
Materials 1.9 4.3 
Energy 1.6 0.0 
Utilities 1.3 1.3 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Europe Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
Austria - 1.2%   
Andritz AG 277,200 $15,524,418 
Bailiwick of Jersey - 5.5%   
Shire PLC 652,600 40,723,546 
Wolseley PLC 265,134 14,850,704 
WPP PLC 620,800 14,503,493 
TOTAL BAILIWICK OF JERSEY  70,077,743 
Bermuda - 2.2%   
Vostok Emerging Finance Ltd. (depository receipt) (a)(b)(c) 53,380,307 7,179,016 
Vostok New Ventures Ltd. SDR (b) 3,662,236 20,841,196 
TOTAL BERMUDA  28,020,212 
Denmark - 6.2%   
Carlsberg A/S Series B 241,500 23,519,470 
DSV de Sammensluttede Vognmaend A/S 236,000 9,930,612 
Novozymes A/S Series B 343,955 16,484,143 
Scandinavian Tobacco Group A/S 436,427 6,942,867 
William Demant Holding A/S (b) 210,000 21,582,535 
TOTAL DENMARK  78,459,627 
Finland - 2.2%   
Amer Group PLC (A Shares) 450,500 13,319,119 
Valmet Corp. 1,119,700 14,039,132 
TOTAL FINLAND  27,358,251 
France - 9.1%   
Bollore Group 3,447,549 13,658,751 
Capgemini SA 198,200 18,503,145 
Eurazeo SA 207,255 14,595,016 
Havas SA 2,857,100 23,908,285 
Publicis Groupe SA 230,946 17,090,748 
Wendel SA 146,000 16,868,190 
Zodiac Aerospace 454,600 10,658,051 
TOTAL FRANCE  115,282,186 
Germany - 14.5%   
adidas AG 140,700 18,140,821 
Bayer AG 308,000 35,532,047 
Brenntag AG 338,000 19,819,648 
CompuGroup Medical AG 259,600 10,195,846 
Fresenius SE & Co. KGaA 206,797 15,041,085 
GEA Group AG 332,091 15,396,760 
LEG Immobilien AG 270,421 25,022,458 
SAP AG 571,242 44,820,245 
TOTAL GERMANY  183,968,910 
Ireland - 3.0%   
DCC PLC (United Kingdom) 149,700 13,255,290 
Ryanair Holdings PLC sponsored ADR 137,767 11,152,239 
United Drug PLC (United Kingdom) 1,554,241 13,898,393 
TOTAL IRELAND  38,305,922 
Isle of Man - 3.8%   
Optimal Payments PLC (b) 4,443,710 24,751,037 
Playtech Ltd. 1,974,395 23,208,918 
TOTAL ISLE OF MAN  47,959,955 
Malta - 1.0%   
Kambi Group PLC (a)(b) 752,299 12,974,791 
Netherlands - 1.8%   
CSM NV (exchangeable) 295,400 7,539,543 
RELX NV 929,903 15,604,430 
TOTAL NETHERLANDS  23,143,973 
Norway - 1.6%   
TGS Nopec Geophysical Co. ASA 1,199,700 20,069,871 
Spain - 3.2%   
Amadeus IT Holding SA Class A 520,000 23,662,229 
Red Electrica Corporacion SA 180,600 16,123,886 
TOTAL SPAIN  39,786,115 
Sweden - 15.9%   
Elekta AB (B Shares) (a) 2,889,502 21,121,328 
Getinge AB (B Shares) 2,070,400 43,777,611 
H&M Hennes & Mauritz AB (B Shares) 653,350 23,228,016 
Hemfosa Fastigheter AB (a) 1,181,300 12,319,842 
Hemfosa Fastigheter AB rights 5/10/16 (a)(b) 1,181,300 426,598 
Indutrade AB 301,100 16,883,902 
Kungsleden AB (a) 1,999,100 13,753,933 
Lundbergfoeretagen AB (a) 94,092 5,109,741 
Pandox AB 781,300 13,260,924 
Sandvik AB (a) 1,121,100 11,503,545 
Svenska Cellulosa AB (SCA) (B Shares) 776,700 24,460,327 
Svenska Handelsbanken AB (A Shares) 1,135,800 15,151,746 
TOTAL SWEDEN  200,997,513 
Switzerland - 1.6%   
Julius Baer Group Ltd. 484,660 20,770,478 
United Kingdom - 25.5%   
Aldermore Group PLC (b) 412,035 1,131,844 
Big Yellow Group PLC 1,014,100 11,942,923 
Bunzl PLC 672,658 20,040,398 
CMC Markets PLC 2,220,400 8,110,844 
Compass Group PLC 1,178,117 20,980,366 
Dechra Pharmaceuticals PLC 982,700 15,880,746 
Diploma PLC 1,298,700 13,880,911 
International Personal Finance PLC 4,993,203 19,523,611 
Micro Focus International PLC 611,300 13,657,043 
Prudential PLC 1,315,049 25,958,454 
Rolls-Royce Group PLC 1,344,192 13,149,423 
Saga PLC 2,083,300 6,380,253 
Schroders PLC 216,222 7,942,550 
Senior Engineering Group PLC 3,385,600 10,764,388 
Shawbrook Group PLC 2,658,100 11,131,208 
Softcat PLC 2,168,878 10,109,289 
St. James's Place Capital PLC 577,862 7,320,454 
Standard Chartered PLC (United Kingdom) 4,774,215 38,513,636 
Unite Group PLC 1,114,687 10,301,685 
Virgin Money Holdings Uk PLC 1,292,548 6,895,302 
William Hill PLC 8,566,773 39,141,723 
Worldpay Group PLC (b) 2,438,800 9,510,855 
TOTAL UNITED KINGDOM  322,267,906 
TOTAL COMMON STOCKS   
(Cost $1,212,366,663)  1,244,967,871 
Nonconvertible Preferred Stocks - 0.0%   
United Kingdom - 0.0%   
Rolls-Royce Group PLC   
(Cost $139,439) 95,437,632 139,449 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.38% (d) 19,143,324 19,143,324 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 51,164,371 51,164,371 
TOTAL MONEY MARKET FUNDS   
(Cost $70,307,695)  70,307,695 
TOTAL INVESTMENT PORTFOLIO - 103.8%   
(Cost $1,282,813,797)  1,315,415,015 
NET OTHER ASSETS (LIABILITIES) - (3.8)%  (48,637,843) 
NET ASSETS - 100%  $1,266,777,172 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

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

 (b) Non-income producing

 (c) Affiliated company

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $14,049 
Fidelity Securities Lending Cash Central Fund 470,655 
Total $484,704 

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 
Vostok Emerging Finance Ltd. (depository receipt) $1,697,310 $3,320,861 $-- $-- $7,179,016 
Total $1,697,310 $3,320,861 $-- $-- $7,179,016 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $212,152,716 $159,578,109 $52,574,607 $-- 
Consumer Staples 47,979,797 47,979,797 -- -- 
Energy 20,069,871 20,069,871 -- -- 
Financials 314,133,845 252,253,167 61,880,678 -- 
Health Care 217,753,137 177,029,591 40,723,546 -- 
Industrials 224,647,621 209,796,917 14,850,704 -- 
Information Technology 168,222,761 123,402,516 44,820,245 -- 
Materials 24,023,686 24,023,686 -- -- 
Utilities 16,123,886 16,123,886 -- -- 
Money Market Funds 70,307,695 70,307,695 -- -- 
Total Investments in Securities: $1,315,415,015 $1,100,565,235 $214,849,780 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $14,998,864 
Level 2 to Level 1 $104,687,573 

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


Fidelity® Europe Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $47,749,257) — See accompanying schedule:
Unaffiliated issuers (cost $1,205,694,084) 		$1,237,928,304  
Fidelity Central Funds (cost $70,307,695) 70,307,695  
Other affiliated issuers (cost $6,812,018) 7,179,016  
Total Investments (cost $1,282,813,797)  $1,315,415,015 
Foreign currency held at value (cost $415,926)  416,697 
Receivable for investments sold  16,944,779 
Receivable for fund shares sold  359,129 
Dividends receivable  6,058,099 
Distributions receivable from Fidelity Central Funds  118,618 
Prepaid expenses  1,099 
Other receivables  385,751 
Total assets  1,339,699,187 
Liabilities   
Payable for investments purchased $15,172,992  
Payable for fund shares redeemed 5,402,754  
Accrued management fee 852,908  
Distribution and service plan fees payable 17,090  
Other affiliated payables 255,438  
Other payables and accrued expenses 56,462  
Collateral on securities loaned, at value 51,164,371  
Total liabilities  72,922,015 
Net Assets  $1,266,777,172 
Net Assets consist of:   
Paid in capital  $1,471,111,712 
Undistributed net investment income  6,329,298 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (243,252,646) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  32,588,808 
Net Assets  $1,266,777,172 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($20,856,215 ÷ 580,720 shares)  $35.91 
Maximum offering price per share (100/94.25 of $35.91)  $38.10 
Class T:   
Net Asset Value and redemption price per share ($8,671,461 ÷ 241,352 shares)  $35.93 
Maximum offering price per share (100/96.50 of $35.93)  $37.23 
Class B:   
Net Asset Value and offering price per share ($330,539 ÷ 9,203 shares)(a)  $35.92 
Class C:   
Net Asset Value and offering price per share ($10,556,892 ÷ 295,836 shares)(a)  $35.68 
Europe:   
Net Asset Value, offering price and redemption price per share ($1,220,777,096 ÷ 33,951,628 shares)  $35.96 
Class I:   
Net Asset Value, offering price and redemption price per share ($5,584,969 ÷ 155,274 shares)  $35.97 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $14,304,511 
Income from Fidelity Central Funds  484,704 
Income before foreign taxes withheld  14,789,215 
Less foreign taxes withheld  (1,301,648) 
Total income  13,487,567 
Expenses   
Management fee   
Basic fee $4,572,219  
Performance adjustment 720,162  
Transfer agent fees 1,275,395  
Distribution and service plan fees 103,701  
Accounting and security lending fees 300,640  
Custodian fees and expenses 58,646  
Independent trustees' compensation 2,980  
Registration fees 82,776  
Audit 51,983  
Legal 2,453  
Interest 1,158  
Miscellaneous 4,678  
Total expenses before reductions 7,176,791  
Expense reductions (17,200) 7,159,591 
Net investment income (loss)  6,327,976 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (9,336,540)  
Foreign currency transactions 527,156  
Total net realized gain (loss)  (8,809,384) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(29,111,544)  
Assets and liabilities in foreign currencies (229,593)  
Total change in net unrealized appreciation (depreciation)  (29,341,137) 
Net gain (loss)  (38,150,521) 
Net increase (decrease) in net assets resulting from operations  $(31,822,545) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,327,976 $17,742,695 
Net realized gain (loss) (8,809,384) 56,856,298 
Change in net unrealized appreciation (depreciation) (29,341,137) (21,376,933) 
Net increase (decrease) in net assets resulting from operations (31,822,545) 53,222,060 
Distributions to shareholders from net investment income (15,981,681) (31,603,696) 
Distributions to shareholders from net realized gain (5,885,187) – 
Total distributions (21,866,868) (31,603,696) 
Share transactions - net increase (decrease) (114,922,308) 125,806,049 
Redemption fees 7,934 48,244 
Total increase (decrease) in net assets (168,603,787) 147,472,657 
Net Assets   
Beginning of period 1,435,380,959 1,287,908,302 
End of period (including undistributed net investment income of $6,329,298 and undistributed net investment income of $15,983,003, respectively) $1,266,777,172 $1,435,380,959 

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


Financial Highlights — Fidelity Europe Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $37.06 $36.24 $39.45 
Income from Investment Operations    
Net investment income (loss)B .12 .37 .47 
Net realized and unrealized gain (loss) (.83) 1.29 (3.68) 
Total from investment operations (.71) 1.66 (3.21) 
Distributions from net investment income (.29) (.84) – 
Distributions from net realized gain (.15) – – 
Total distributions (.44) (.84) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.91 $37.06 $36.24 
Total ReturnD,E,F (1.94)% 4.63% (8.14)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 1.40%I 1.33% 1.35%I 
Expenses net of fee waivers, if any 1.39%I 1.33% 1.35%I 
Expenses net of all reductions 1.39%I 1.31% 1.35%I 
Net investment income (loss) .67%I .98% 1.94%I 
Supplemental Data    
Net assets, end of period (000 omitted) $20,856 $23,381 $23,633 
Portfolio turnover rateJ 43%I 87% 80%K 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Europe Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.94 $36.18 $39.45 
Income from Investment Operations    
Net investment income (loss)B .06 .26 .40 
Net realized and unrealized gain (loss) (.82) 1.29 (3.67) 
Total from investment operations (.76) 1.55 (3.27) 
Distributions from net investment income (.09) (.79) – 
Distributions from net realized gain (.15) – – 
Total distributions (.25)C (.79) – 
Redemption fees added to paid in capitalB,D – – – 
Net asset value, end of period $35.93 $36.94 $36.18 
Total ReturnE,F,G (2.08)% 4.33% (8.29)% 
Ratios to Average Net AssetsH,I    
Expenses before reductions 1.70%J 1.61% 1.62%J 
Expenses net of fee waivers, if any 1.70%J 1.61% 1.61%J 
Expenses net of all reductions 1.70%J 1.59% 1.61%J 
Net investment income (loss) .36%J .70% 1.68%J 
Supplemental Data    
Net assets, end of period (000 omitted) $8,671 $9,632 $13,679 
Portfolio turnover rateK 43%J 87% 80%L 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.25 per share is comprised of distributions from net investment income of $.092 and distributions from net realized gain of $.154 per share.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Europe Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.77 $36.07 $39.45 
Income from Investment Operations    
Net investment income (loss)B (.02) .06 .28 
Net realized and unrealized gain (loss) (.83) 1.29 (3.66) 
Total from investment operations (.85) 1.35 (3.38) 
Distributions from net investment income – (.65) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.92 $36.77 $36.07 
Total ReturnD,E,F (2.31)% 3.78% (8.57)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 2.19%I 2.15% 2.11%I 
Expenses net of fee waivers, if any 2.19%I 2.15% 2.11%I 
Expenses net of all reductions 2.19%I 2.13% 2.11%I 
Net investment income (loss) (.12)%I .16% 1.19%I 
Supplemental Data    
Net assets, end of period (000 omitted) $331 $530 $1,065 
Portfolio turnover rateJ 43%I 87% 80%K 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Europe Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.81 $36.07 $39.45 
Income from Investment Operations    
Net investment income (loss)B (.02) .07 .29 
Net realized and unrealized gain (loss) (.83) 1.29 (3.67) 
Total from investment operations (.85) 1.36 (3.38) 
Distributions from net investment income (.12) (.62) – 
Distributions from net realized gain (.15) – – 
Total distributions (.28)C (.62) – 
Redemption fees added to paid in capitalB,D – – – 
Net asset value, end of period $35.68 $36.81 $36.07 
Total ReturnE,F,G (2.33)% 3.79% (8.57)% 
Ratios to Average Net AssetsH,I    
Expenses before reductions 2.18%J 2.13% 2.10%J 
Expenses net of fee waivers, if any 2.18%J 2.13% 2.10%J 
Expenses net of all reductions 2.18%J 2.11% 2.10%J 
Net investment income (loss) (.12)%J .18% 1.19%J 
Supplemental Data    
Net assets, end of period (000 omitted) $10,557 $11,151 $6,818 
Portfolio turnover rateK 43%J 87% 80%L 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.28 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $.154 per share.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Europe Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $37.19 $36.32 $37.92 $30.15 $27.67 $30.83 
Income from Investment Operations       
Net investment income (loss)A .17 .48 .94B .61 .64 .48 
Net realized and unrealized gain (loss) (.82) 1.30 (2.00) 7.87 2.45 (2.97) 
Total from investment operations (.65) 1.78 (1.06) 8.48 3.09 (2.49) 
Distributions from net investment income (.43) (.91) (.52) (.70) (.60) (.67) 
Distributions from net realized gain (.15) – (.02) (.01) (.02) – 
Total distributions (.58) (.91) (.54) (.71) (.61)C (.67) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $35.96 $37.19 $36.32 $37.92 $30.15 $27.67 
Total ReturnE,F (1.78)% 4.97% (2.82)% 28.71% 11.53% (8.32)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.08%I 1.03% .97% 1.06% .83% 1.10% 
Expenses net of fee waivers, if any 1.08%I 1.03% .97% 1.05% .83% 1.10% 
Expenses net of all reductions 1.08%I 1.01% .96% 1.02% .80% 1.06% 
Net investment income (loss) .99%I 1.28% 2.43%B 1.82% 2.33% 1.56% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,220,777 $1,384,134 $1,237,047 $957,048 $602,520 $621,778 
Portfolio turnover rateJ 43%I 87% 80%K 59% 127% 117% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.93%.

 C Total distributions of $.61 per share is comprised of distributions from net investment income of $.595 and distributions from net realized gain of $.017 per share.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Europe Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $37.21 $36.32 $39.45 
Income from Investment Operations    
Net investment income (loss)B .18 .50 .56 
Net realized and unrealized gain (loss) (.82) 1.30 (3.69) 
Total from investment operations (.64) 1.80 (3.13) 
Distributions from net investment income (.45) (.91) – 
Distributions from net realized gain (.15) – – 
Total distributions (.60) (.91) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.97 $37.21 $36.32 
Total ReturnD,E (1.75)% 5.02% (7.93)% 
Ratios to Average Net AssetsF,G    
Expenses before reductions 1.02%H .98% .97%H 
Expenses net of fee waivers, if any 1.02%H .98% .97%H 
Expenses net of all reductions 1.02%H .96% .96%H 
Net investment income (loss) 1.05%H 1.33% 2.33%H 
Supplemental Data    
Net assets, end of period (000 omitted) $5,585 $6,552 $5,666 
Portfolio turnover rateI 43%H 87% 80%J 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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

 J The portfolio turnover rate does not include the assets acquired in the merger.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Europe 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, Europe and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, expiring capital loss carryforwards, 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 $129,342,669 
Gross unrealized depreciation (101,437,512) 
Net unrealized appreciation (depreciation) on securities 27,905,157 
Tax cost $1,287,509,858 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(29,326,707) 
2017 (199,044,876) 
Total capital loss carryforward $(228,371,583) 

The Fund acquired $27,783,139 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $13,187,073 per year.

In addition, due to large redemptions in a prior period, $199,044,876 of capital losses that existed in the Fund prior to the mergers will be limited to approximately $32,029,274 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $283,545,193 and $431,225,868, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $26,590 $886 
Class T .25% .25% 21,666 – 
Class B .75% .25% 2,040 1,569 
Class C .75% .25% 53,405 15,830 
   $103,701 $18,285 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $10,882 
Class T 686 
Class B(a) 121 
Class C(a) 2,570 
 $14,259 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $27,543 .26 
Class T 13,690 .32 
Class B 615 .30 
Class C 15,934 .30 
Europe 1,213,618 .19 
Class I 3,995 .13 
 $1,275,395  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $35 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $6,354,364 .60% $1,158 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,177 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $470,655. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $12,221 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,979.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $174,443 $549,660 
Class T 23,347 299,142 
Class B – 18,443 
Class C 38,160 108,670 
Europe 15,664,870 30,497,764 
Class I 80,861 130,017 
Total $15,981,681 $31,603,696 
From net realized gain   
Class A $94,260 $– 
Class T 39,080 – 
Class C 47,778 – 
Europe 5,676,211 – 
Class I 27,858 – 
Total $5,885,187 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 78,312 402,890 $2,720,240 $15,313,815 
Reinvestment of distributions 7,044 14,493 257,822 527,143 
Shares redeemed (135,509) (438,670) (4,688,764) (16,388,542) 
Net increase (decrease) (50,153) (21,287) $(1,710,702) $(547,584) 
Class T     
Shares sold 10,132 101,998 $350,155 $3,848,880 
Reinvestment of distributions 1,677 8,153 61,481 296,280 
Shares redeemed (31,208) (227,511) (1,080,460) (8,571,443) 
Net increase (decrease) (19,399) (117,360) $(668,824) $(4,426,283) 
Class B     
Shares sold 183 7,973 $6,068 $306,370 
Reinvestment of distributions – 481 – 17,468 
Shares redeemed (5,404) (23,568) (183,746) (877,823) 
Net increase (decrease) (5,221) (15,114) $(177,678) $(553,985) 
Class C     
Shares sold 44,908 197,774 $1,558,483 $7,494,390 
Reinvestment of distributions 2,232 2,632 81,438 95,708 
Shares redeemed (54,231) (86,511) (1,829,878) (3,194,278) 
Net increase (decrease) (7,091) 113,895 $(189,957) $4,395,820 
Europe     
Shares sold 1,463,207 10,168,406 $50,880,628 $387,319,779 
Reinvestment of distributions 559,844 803,462 20,484,708 29,241,922 
Shares redeemed (5,291,129) (7,807,853) (182,859,606) (290,372,067) 
Net increase (decrease) (3,268,078) 3,164,015 $(111,494,270) $126,189,634 
Class I     
Shares sold 36,393 130,676 $1,295,144 $4,946,083 
Reinvestment of distributions 2,803 2,526 102,586 91,940 
Shares redeemed (59,997) (113,122) (2,078,607) (4,289,576) 
Net increase (decrease) (20,801) 20,080 $(680,877) $748,447 

11. 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.

Fidelity® Japan Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 98.1% 
   Cayman Islands 1.0% 
   United States of America* 0.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 95.8% 
   Korea (South) 1.7% 
   United States of America* 1.4% 
   Cayman Islands 0.7% 
   Singapore 0.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.1 98.6 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 1.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Astellas Pharma, Inc. (Pharmaceuticals) 5.0 4.9 
East Japan Railway Co. (Road & Rail) 4.2 4.2 
KDDI Corp. (Wireless Telecommunication Services) 4.1 3.3 
Hoya Corp. (Health Care Equipment & Supplies) 3.3 3.3 
ORIX Corp. (Diversified Financial Services) 3.3 3.0 
Mitsubishi UFJ Financial Group, Inc. (Banks) 3.1 4.0 
SoftBank Corp. (Wireless Telecommunication Services) 3.1 2.8 
Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) 2.9 2.9 
Sony Corp. (Household Durables) 2.6 2.6 
Japan Tobacco, Inc. (Tobacco) 2.5 1.8 
 34.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 20.3 19.3 
Financials 16.4 19.0 
Health Care 13.5 13.3 
Information Technology 12.7 13.8 
Industrials 12.7 13.8 
Consumer Staples 9.9 7.0 
Telecommunication Services 9.1 7.2 
Materials 4.5 5.2 

Fidelity® Japan Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 20.3%   
Auto Components - 3.5%   
Bridgestone Corp. 161,700 $5,951,761 
DaikyoNishikawa Corp. 90,600 1,248,546 
NGK Spark Plug Co. Ltd. 215,400 4,295,802 
Sumitomo Electric Industries Ltd. 249,000 2,995,382 
  14,491,491 
Automobiles - 6.3%   
Fuji Heavy Industries Ltd. 53,100 1,743,538 
Honda Motor Co. Ltd. 361,300 9,749,966 
Isuzu Motors Ltd. 282,600 3,023,900 
Mazda Motor Corp. 255,100 3,886,781 
Suzuki Motor Corp. 290,200 7,952,515 
  26,356,700 
Hotels, Restaurants & Leisure - 0.7%   
Skylark Co. Ltd. 230,600 2,931,421 
Household Durables - 4.4%   
Casio Computer Co. Ltd. (a) 189,200 3,599,894 
Rinnai Corp. 43,300 3,821,360 
Sony Corp. 457,600 11,083,814 
  18,505,068 
Internet & Catalog Retail - 1.2%   
Rakuten, Inc. 317,600 3,452,746 
Start Today Co. Ltd. 35,000 1,470,440 
  4,923,186 
Media - 0.9%   
Dentsu, Inc. 36,200 1,839,286 
Proto Corp. 160,300 2,102,489 
  3,941,775 
Multiline Retail - 0.4%   
Don Quijote Holdings Co. Ltd. 50,700 1,803,695 
Specialty Retail - 2.9%   
Fast Retailing Co. Ltd. 11,500 3,027,976 
Nitori Holdings Co. Ltd. 15,600 1,451,094 
United Arrows Ltd. 73,500 2,953,390 
USS Co. Ltd. 179,400 2,837,811 
Xebio Holdings Co. Ltd. 119,300 1,902,908 
  12,173,179 
TOTAL CONSUMER DISCRETIONARY  85,126,515 
CONSUMER STAPLES - 9.9%   
Beverages - 1.4%   
Asahi Group Holdings 177,900 5,646,020 
Food & Staples Retailing - 5.1%   
Ain Holdings, Inc. 35,100 1,705,088 
San-A Co. Ltd. 49,600 2,282,993 
Seven & i Holdings Co. Ltd. 187,900 7,666,778 
Sundrug Co. Ltd. 48,200 3,424,890 
Tsuruha Holdings, Inc. 22,800 2,186,877 
Welcia Holdings Co. Ltd. 77,600 4,099,024 
  21,365,650 
Personal Products - 0.9%   
Kao Corp. 69,500 3,844,530 
Tobacco - 2.5%   
Japan Tobacco, Inc. 254,400 10,394,260 
TOTAL CONSUMER STAPLES  41,250,460 
FINANCIALS - 16.4%   
Banks - 5.0%   
Mitsubishi UFJ Financial Group, Inc. 2,783,300 12,844,416 
Seven Bank Ltd. (b) 986,900 4,193,543 
Shinsei Bank Ltd. 2,892,000 4,053,359 
  21,091,318 
Capital Markets - 0.7%   
Monex Group, Inc. 1,198,700 3,092,308 
Diversified Financial Services - 3.3%   
ORIX Corp. 961,100 13,594,698 
Insurance - 2.4%   
Sony Financial Holdings, Inc. 214,600 2,653,086 
Tokio Marine Holdings, Inc. (c) 222,300 7,274,211 
  9,927,297 
Real Estate Investment Trusts - 1.5%   
Invincible Investment Corp. 1,955 1,484,493 
LaSalle Logiport REIT 881 803,399 
Nippon Prologis REIT, Inc. 868 2,081,323 
Sekisui House (REIT), Inc. 1,449 1,696,576 
  6,065,791 
Real Estate Management & Development - 3.5%   
AEON MALL Co. Ltd. 175,200 2,409,551 
Mitsui Fudosan Co. Ltd. 501,000 12,235,639 
  14,645,190 
TOTAL FINANCIALS  68,416,602 
HEALTH CARE - 13.5%   
Biotechnology - 0.5%   
PeptiDream, Inc. (a)(d) 34,800 2,005,743 
Health Care Equipment & Supplies - 5.7%   
Hoya Corp. 360,200 13,793,598 
Olympus Corp. 264,300 10,296,236 
  24,089,834 
Health Care Providers & Services - 2.3%   
Miraca Holdings, Inc. 95,900 4,075,476 
Ship Healthcare Holdings, Inc. 225,100 5,555,108 
  9,630,584 
Pharmaceuticals - 5.0%   
Astellas Pharma, Inc. 1,548,500 20,877,795 
TOTAL HEALTH CARE  56,603,956 
INDUSTRIALS - 12.7%   
Building Products - 1.3%   
Daikin Industries Ltd. 67,000 5,318,395 
Construction & Engineering - 1.0%   
Toshiba Plant Systems & Services Corp. 351,700 4,349,274 
Electrical Equipment - 2.7%   
Mitsubishi Electric Corp. 454,000 4,824,848 
Nidec Corp. 91,200 6,682,595 
  11,507,443 
Machinery - 2.4%   
Kubota Corp. 307,700 4,482,221 
Makita Corp. 86,100 5,431,482 
  9,913,703 
Road & Rail - 4.2%   
East Japan Railway Co. 198,900 17,498,442 
Trading Companies & Distributors - 1.1%   
Misumi Group, Inc. 321,800 4,443,986 
TOTAL INDUSTRIALS  53,031,243 
INFORMATION TECHNOLOGY - 12.7%   
Electronic Equipment & Components - 6.9%   
Azbil Corp. 162,900 4,179,734 
Hitachi Ltd. 1,579,000 7,235,334 
OMRON Corp. 69,200 2,196,193 
Shimadzu Corp. 613,000 9,175,097 
TDK Corp. 55,400 3,241,669 
Topcon Corp. 245,900 3,026,938 
  29,054,965 
Internet Software & Services - 3.7%   
Alibaba Group Holding Ltd. sponsored ADR (d) 53,100 4,085,514 
DeNA Co. Ltd. 234,300 3,943,154 
Kakaku.com, Inc. 418,800 7,543,053 
  15,571,721 
Semiconductors & Semiconductor Equipment - 0.9%   
Sanken Electric Co. Ltd. (a) 381,000 1,263,105 
Sumco Corp. 397,300 2,515,961 
  3,779,066 
Software - 0.6%   
COLOPL, Inc. 117,000 2,311,206 
Technology Hardware, Storage & Peripherals - 0.6%   
NEC Corp. 961,000 2,338,857 
TOTAL INFORMATION TECHNOLOGY  53,055,815 
MATERIALS - 4.5%   
Chemicals - 4.5%   
Daicel Chemical Industries Ltd. 208,300 2,602,074 
Hitachi Chemical Co. Ltd. 143,200 2,404,863 
Kansai Paint Co. Ltd. 246,500 4,311,200 
Shin-Etsu Chemical Co. Ltd. 89,600 5,018,387 
Toray Industries, Inc. 538,000 4,493,793 
  18,830,317 
TELECOMMUNICATION SERVICES - 9.1%   
Diversified Telecommunication Services - 1.9%   
Nippon Telegraph & Telephone Corp. 179,200 8,019,259 
Wireless Telecommunication Services - 7.2%   
KDDI Corp. 600,100 17,286,321 
SoftBank Corp. 237,400 12,765,117 
  30,051,438 
TOTAL TELECOMMUNICATION SERVICES  38,070,697 
TOTAL COMMON STOCKS   
(Cost $423,826,962)  414,385,605 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 0.38% (e) 1,206,235 1,206,235 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 5,928,450 5,928,450 
TOTAL MONEY MARKET FUNDS   
(Cost $7,134,685)  7,134,685 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $430,961,647)  421,520,290 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (3,494,368) 
NET ASSETS - 100%  $418,025,922 

Legend

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

 (b) A portion of the security sold on a delayed delivery basis.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Non-income producing

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


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 $3,867 
Fidelity Securities Lending Cash Central Fund 61,820 
Total $65,687 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $85,126,515 $-- $85,126,515 $-- 
Consumer Staples 41,250,460 -- 41,250,460 -- 
Financials 68,416,602 -- 68,416,602 -- 
Health Care 56,603,956 -- 56,603,956 -- 
Industrials 53,031,243 -- 53,031,243 -- 
Information Technology 53,055,815 4,085,514 48,970,301 -- 
Materials 18,830,317 -- 18,830,317 -- 
Telecommunication Services 38,070,697 -- 38,070,697 -- 
Money Market Funds 7,134,685 7,134,685 -- -- 
Total Investments in Securities: $421,520,290 $11,220,199 $410,300,091 $-- 

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


Fidelity® Japan Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,643,777) — See accompanying schedule:
Unaffiliated issuers (cost $423,826,962) 		$414,385,605  
Fidelity Central Funds (cost $7,134,685) 7,134,685  
Total Investments (cost $430,961,647)  $421,520,290 
Receivable for investments sold   
Regular delivery  1,610,483 
Delayed delivery  1,228,772 
Receivable for fund shares sold  204,538 
Dividends receivable  3,396,451 
Distributions receivable from Fidelity Central Funds  11,311 
Prepaid expenses  360 
Other receivables  23 
Total assets  427,972,228 
Liabilities   
Payable for investments purchased   
Regular delivery $1,299,334  
Delayed delivery 1,566,723  
Payable for fund shares redeemed 824,962  
Accrued management fee 166,424  
Distribution and service plan fees payable 21,502  
Other affiliated payables 91,927  
Other payables and accrued expenses 46,984  
Collateral on securities loaned, at value 5,928,450  
Total liabilities  9,946,306 
Net Assets  $418,025,922 
Net Assets consist of:   
Paid in capital  $615,649,331 
Undistributed net investment income  1,888,227 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (190,260,232) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (9,251,404) 
Net Assets  $418,025,922 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($25,549,301 ÷ 2,254,243 shares)  $11.33 
Maximum offering price per share (100/94.25 of $11.33)  $12.02 
Class T:   
Net Asset Value and redemption price per share ($4,456,631 ÷ 393,196 shares)  $11.33 
Maximum offering price per share (100/96.50 of $11.33)  $11.74 
Class B:   
Net Asset Value and offering price per share ($181,410 ÷ 16,068 shares)(a)  $11.29 
Class C:   
Net Asset Value and offering price per share ($16,281,880 ÷ 1,447,994 shares)(a)  $11.24 
Japan:   
Net Asset Value, offering price and redemption price per share ($365,289,572 ÷ 32,138,461 shares)  $11.37 
Class I:   
Net Asset Value, offering price and redemption price per share ($6,267,128 ÷ 552,250 shares)  $11.35 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,400,064 
Income from Fidelity Central Funds  65,687 
Income before foreign taxes withheld  4,465,751 
Less foreign taxes withheld  (442,374) 
Total income  4,023,377 
Expenses   
Management fee   
Basic fee $1,739,878  
Performance adjustment (504,885)  
Transfer agent fees 486,175  
Distribution and service plan fees 133,312  
Accounting and security lending fees 129,152  
Custodian fees and expenses 28,896  
Independent trustees' compensation 1,142  
Registration fees 68,374  
Audit 40,802  
Legal 686  
Interest 1,750  
Miscellaneous 1,771  
Total expenses before reductions 2,127,053  
Expense reductions (1,978) 2,125,075 
Net investment income (loss)  1,898,302 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (7,721,419)  
Foreign currency transactions (50,452)  
Total net realized gain (loss)  (7,771,871) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(18,729,419)  
Assets and liabilities in foreign currencies 208,285  
Total change in net unrealized appreciation (depreciation)  (18,521,134) 
Net gain (loss)  (26,293,005) 
Net increase (decrease) in net assets resulting from operations  $(24,394,703) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,898,302 $3,112,183 
Net realized gain (loss) (7,771,871) (392,382) 
Change in net unrealized appreciation (depreciation) (18,521,134) 1,937,241 
Net increase (decrease) in net assets resulting from operations (24,394,703) 4,657,042 
Distributions to shareholders from net investment income (3,027,093) (3,310,432) 
Distributions to shareholders from net realized gain (270,338) – 
Total distributions (3,297,431) (3,310,432) 
Share transactions - net increase (decrease) (101,642,831) 70,904,089 
Redemption fees 36,545 139,156 
Total increase (decrease) in net assets (129,298,420) 72,389,855 
Net Assets   
Beginning of period 547,324,342 474,934,487 
End of period (including undistributed net investment income of $1,888,227 and undistributed net investment income of $3,017,018, respectively) $418,025,922 $547,324,342 

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


Financial Highlights — Fidelity Japan Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.87 $11.65 $12.00 $9.30 $9.54 $10.83 
Income from Investment Operations       
Net investment income (loss)B .03 .04 .05 .08 .09 .09 
Net realized and unrealized gain (loss) (.51) .23 (.31) 2.80 (.15) (1.39) 
Total from investment operations (.48) .27 (.26) 2.88 (.06) (1.30) 
Distributions from net investment income (.05) (.05) (.08) (.11) (.13) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.06) (.05) (.09) (.19) (.18) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.33 $11.87 $11.65 $12.00 $9.30 $9.54 
Total ReturnD,E,F (4.11)% 2.31% (2.18)% 31.58% (.64)% (11.91)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.09%I 1.10% 1.23% 1.26% 1.42% 1.20%I 
Expenses net of fee waivers, if any 1.09%I 1.10% 1.23% 1.26% 1.38% 1.20%I 
Expenses net of all reductions 1.09%I 1.09% 1.23% 1.25% 1.36% 1.16%I 
Net investment income (loss) .53%I .37% .41% .75% .94% 1.02%I 
Supplemental Data       
Net assets, end of period (000 omitted) $25,549 $23,918 $21,352 $20,520 $9,495 $13,208 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.85 $11.62 $11.96 $9.28 $9.51 $10.83 
Income from Investment Operations       
Net investment income (loss)B .01 –C .01 .05 .06 .07 
Net realized and unrealized gain (loss) (.52) .23 (.30) 2.78 (.13) (1.40) 
Total from investment operations (.51) .23 (.29) 2.83 (.07) (1.33) 
Distributions from net investment income –C – (.04) (.08) (.11) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.01) – (.05) (.16) (.16) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.33 $11.85 $11.62 $11.96 $9.28 $9.51 
Total ReturnD,E,F (4.32)% 1.98% (2.42)% 31.04% (.75)% (12.19)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.45%I 1.43% 1.54% 1.55% 1.70% 1.48%I 
Expenses net of fee waivers, if any 1.45%I 1.43% 1.54% 1.55% 1.66% 1.48%I 
Expenses net of all reductions 1.45%I 1.42% 1.54% 1.53% 1.64% 1.44%I 
Net investment income (loss) .17%I .04% .10% .46% .66% .74%I 
Supplemental Data       
Net assets, end of period (000 omitted) $4,457 $4,809 $4,104 $5,357 $3,934 $4,643 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.82 $11.65 $12.00 $9.26 $9.47 $10.83 
Income from Investment Operations       
Net investment income (loss)B (.02) (.05) (.04) –C .02 .02 
Net realized and unrealized gain (loss) (.51) .22 (.31) 2.80 (.14) (1.39) 
Total from investment operations (.53) .17 (.35) 2.80 (.12) (1.37) 
Distributions from net investment income – – – – (.04) – 
Distributions from net realized gain – – – (.07) (.05) – 
Total distributions – – – (.07) (.09) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.29 $11.82 $11.65 $12.00 $9.26 $9.47 
Total ReturnD,E,F (4.48)% 1.46% (2.92)% 30.52% (1.24)% (12.56)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.91%I 1.91% 2.02% 2.02% 2.17% 1.95%I 
Expenses net of fee waivers, if any 1.91%I 1.91% 2.02% 2.02% 2.13% 1.95%I 
Expenses net of all reductions 1.91%I 1.91% 2.02% 2.01% 2.11% 1.91%I 
Net investment income (loss) (.29)%I (.45)% (.37)% (.02)% .19% .27%I 
Supplemental Data       
Net assets, end of period (000 omitted) $181 $348 $452 $874 $1,012 $1,458 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.77 $11.58 $11.96 $9.25 $9.48 $10.83 
Income from Investment Operations       
Net investment income (loss)B (.01) (.04) (.03) –C .02 .03 
Net realized and unrealized gain (loss) (.52) .23 (.32) 2.79 (.14) (1.39) 
Total from investment operations (.53) .19 (.35) 2.79 (.12) (1.36) 
Distributions from net investment income – – (.03) (.01) (.06) – 
Distributions from net realized gain – – (.01) (.08) (.05) – 
Total distributions – – (.03)D (.09) (.11) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.24 $11.77 $11.58 $11.96 $9.25 $9.48 
Total ReturnE,F,G (4.50)% 1.64% (2.90)% 30.55% (1.27)% (12.47)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.83%J 1.81% 1.93% 1.97% 2.15% 1.92%J 
Expenses net of fee waivers, if any 1.82%J 1.81% 1.93% 1.97% 2.11% 1.92%J 
Expenses net of all reductions 1.82%J 1.80% 1.93% 1.95% 2.09% 1.88%J 
Net investment income (loss) (.21)%J (.34)% (.29)% .04% .21% .30%J 
Supplemental Data       
Net assets, end of period (000 omitted) $16,282 $18,491 $13,162 $11,824 $7,015 $8,750 
Portfolio turnover rateK 16%J 35% 112% 68% 52% 134%L 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total distributions of $.03 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.009 per share.

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

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

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

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.91 $11.69 $12.03 $9.34 $9.57 $10.57 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .09 .12 .12 .15 
Net realized and unrealized gain (loss) (.51) .23 (.32) 2.79 (.14) (.75) 
Total from investment operations (.46) .31 (.23) 2.91 (.02) (.60) 
Distributions from net investment income (.07) (.09) (.11) (.15) (.16) (.20) 
Distributions from net realized gain (.01) – (.01) (.08) (.05) (.21) 
Total distributions (.08) (.09) (.11)B (.23) (.21) (.41) 
Redemption fees added to paid in capitalA –C –C –C .01 –C .01 
Net asset value, end of period $11.37 $11.91 $11.69 $12.03 $9.34 $9.57 
Total ReturnD,E (3.93)% 2.66% (1.90)% 31.92% (.19)% (6.00)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .80%H .80% .90% .93% 1.09% .86% 
Expenses net of fee waivers, if any .80%H .80% .90% .93% 1.06% .84% 
Expenses net of all reductions .80%H .79% .90% .91% 1.04% .80% 
Net investment income (loss) .82%H .67% .74% 1.08% 1.26% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $365,290 $485,803 $415,612 $480,773 $353,550 $450,417 
Portfolio turnover rateI 16%H 35% 112% 68% 52% 134%J 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.11 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.009 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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

 J The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.89 $11.67 $12.02 $9.33 $9.57 $10.83 
Income from Investment Operations       
Net investment income (loss)B .05 .08 .09 .13 .12 .13 
Net realized and unrealized gain (loss) (.52) .23 (.32) 2.78 (.14) (1.40) 
Total from investment operations (.47) .31 (.23) 2.91 (.02) (1.27) 
Distributions from net investment income (.07) (.09) (.12) (.15) (.17) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.07)C (.09) (.12)D (.23) (.22) – 
Redemption fees added to paid in capitalB –E –E –E .01 –E .01 
Net asset value, end of period $11.35 $11.89 $11.67 $12.02 $9.33 $9.57 
Total ReturnF,G (3.97)% 2.72% (1.90)% 32.04% (.18)% (11.63)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .78%J .80% .89% .90% 1.03% .79%J 
Expenses net of fee waivers, if any .78%J .80% .89% .90% 1.01% .79%J 
Expenses net of all reductions .78%J .79% .89% .88% .99% .75%J 
Net investment income (loss) .84%J .67% .76% 1.11% 1.31% 1.43%J 
Supplemental Data       
Net assets, end of period (000 omitted) $6,267 $13,957 $20,253 $20,033 $1,488 $2,715 
Portfolio turnover rateK 16%J 35% 112% 68% 52% 134%L 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.07 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.006 per share.

 D Total distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.009 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Japan 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, Japan and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), expiring capital loss carryforwards, 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 $39,767,246 
Gross unrealized depreciation (52,790,805) 
Net unrealized appreciation (depreciation) on securities $(13,023,559) 
Tax cost $434,543,849 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(3,870,588) 
2017 (41,604,070) 
2018 (26,887,863) 
2019 (98,806,037) 
Total with expiration (171,168,558) 
No expiration  
Short-term (6,850,642) 
Total capital loss carryforward $(178,019,200) 

Due to large redemptions in a prior period, $141,955,883 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $18,885,324 per year.

The Fund acquired $5,487,891 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,371,973 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $38,419,518 and $137,061,828, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $33,499 $6,368 
Class T .25% .25% 11,518 9 
Class B .75% .25% 1,235 928 
Class C .75% .25% 87,060 27,400 
   $133,312 $34,705 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $4,707 
Class T 724 
Class B(a) 48 
Class C(a) 2,736 
 $8,215 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $31,613 .24 
Class T 7,877 .34 
Class B 374 .30 
Class C 19,011 .22 
Japan 419,330 .19 
Class I 7,970 .18 
 $486,175  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $11 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $4,817,143 .62% $1,750 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $461 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $61,820. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $14 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,964.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $121,415 $79,823 
Class T 822 – 
Japan 2,828,514 3,066,127 
Class I 76,342 164,482 
Total $3,027,093 $3,310,432 
From net realized gain   
Class A $14,867 $– 
Class T 2,466 – 
Japan 245,958 – 
Class I 7,047 – 
Total $270,338 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 712,093 1,104,408 $8,422,405 $13,420,485 
Reinvestment of distributions 10,746 6,565 128,096 74,452 
Shares redeemed (483,042) (929,216) (5,489,451) (10,724,499) 
Net increase (decrease) 239,797 181,757 $3,061,050 $2,770,438 
Class T     
Shares sold 25,621 180,232 $295,497 $2,170,519 
Reinvestment of distributions 269 – 3,216 – 
Shares redeemed (38,565) (127,640) (437,379) (1,490,023) 
Net increase (decrease) (12,675) 52,592 $(138,666) $680,496 
Class B     
Shares sold 1,967 711 $21,929 $8,779 
Shares redeemed (15,310) (10,106) (175,368) (116,253) 
Net increase (decrease) (13,343) (9,395) $(153,439) $(107,474) 
Class C     
Shares sold 165,967 747,753 $1,902,846 $8,932,993 
Shares redeemed (289,191) (312,924) (3,216,909) (3,580,602) 
Net increase (decrease) (123,224) 434,829 $(1,314,063) $5,352,391 
Japan     
Shares sold 1,365,848 18,408,352 $15,813,773 $225,875,166 
Reinvestment of distributions 251,274 262,630 3,000,214 2,980,854 
Shares redeemed (10,270,898) (13,426,033) (114,820,865) (161,325,584) 
Net increase (decrease) (8,653,776) 5,244,949 $(96,006,878) $67,530,436 
Class I     
Shares sold 153,380 1,688,546 $1,788,502 $20,578,143 
Reinvestment of distributions 6,575 14,222 78,372 161,134 
Shares redeemed (781,968) (2,263,385) (8,957,709) (26,061,475) 
Net increase (decrease) (622,013) (560,617) $(7,090,835) $(5,322,198) 

11. 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.

At the end of the period, Strategic Advisers International Fund and Strategic Advisers International II Fund were the owners of record of approximately 28% and 11%, respectively, of the total outstanding shares of the Fund. Mutual Funds managed by the investment adviser of its affiliates were the owners of record, in the aggregate, of approximately 47% of the total outstanding shares of the Fund.

Fidelity® Japan Smaller Companies Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 94.8% 
   United States of America* 5.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 96.2% 
   United States of America* 3.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 94.8 96.2 
Short-Term Investments and Net Other Assets (Liabilities) 5.2 3.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Elecom Co. Ltd. (Technology Hardware, Storage & Peripherals) 2.0 1.4 
Daito Trust Construction Co. Ltd. (Real Estate Management & Development) 2.0 1.5 
Amano Corp. (Electronic Equipment & Components) 1.9 1.6 
Asahi Co. Ltd. (Specialty Retail) 1.8 1.3 
Kotobuki Spirits Co. Ltd. (Food Products) 1.8 1.6 
Nitori Holdings Co. Ltd. (Specialty Retail) 1.8 1.4 
Daiichikosho Co. Ltd. (Media) 1.8 1.5 
SRA Holdings, Inc. (Software) 1.7 1.6 
Kinugawa Rubber Industrial Co. Ltd. (Auto Components) 1.7 1.5 
Kuraray Co. Ltd. (Chemicals) 1.6 1.5 
 18.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Industrials 23.1 21.4 
Consumer Discretionary 19.6 17.6 
Consumer Staples 11.6 10.2 
Information Technology 9.4 11.6 
Financials 9.0 12.0 
Health Care 7.8 7.1 
Materials 7.2 9.2 
Utilities 3.6 3.8 
Energy 2.0 2.1 
Telecommunication Services 1.5 1.2 

Fidelity® Japan Smaller Companies Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 19.6%   
Auto Components - 3.4%   
Bridgestone Corp. 180,000 $6,625,337 
Hi-Lex Corp. 121,000 3,120,967 
Kinugawa Rubber Industrial Co. Ltd. 1,369,884 9,538,369 
  19,284,673 
Distributors - 2.4%   
Central Automotive Products Ltd. 885,000 7,376,286 
Chori Co. Ltd. 406,100 5,847,603 
  13,223,889 
Diversified Consumer Services - 1.4%   
Asante, Inc. 572,500 7,793,653 
Hotels, Restaurants & Leisure - 1.8%   
Koshidaka Holdings Co. Ltd. 286,600 5,635,638 
St. Marc Holdings Co. Ltd. 172,400 4,663,702 
  10,299,340 
Media - 2.7%   
Daiichikosho Co. Ltd. 237,400 9,952,227 
Proto Corp. 396,600 5,201,791 
  15,154,018 
Specialty Retail - 6.7%   
Arc Land Sakamoto Co. Ltd. 611,700 6,351,371 
Asahi Co. Ltd. 687,600 10,198,667 
Fuji Corp. 292,800 4,609,951 
Nitori Holdings Co. Ltd. 108,100 10,055,335 
VT Holdings Co. Ltd. 1,307,400 6,605,864 
  37,821,188 
Textiles, Apparel & Luxury Goods - 1.2%   
Hagihara Industries, Inc. 276,400 6,522,883 
TOTAL CONSUMER DISCRETIONARY  110,099,644 
CONSUMER STAPLES - 11.6%   
Food & Staples Retailing - 5.4%   
Kato Sangyo 306,600 7,537,675 
Mitsubishi Shokuhin Co. Ltd. 314,600 8,119,610 
San-A Co. Ltd. 179,900 8,280,453 
Sogo Medical Co. Ltd. 218,700 6,342,187 
  30,279,925 
Food Products - 5.3%   
Japan Meat Co. Ltd. 307,500 3,055,304 
Kotobuki Spirits Co. Ltd. 524,000 10,195,929 
Rokko Butter Co. Ltd. 259,500 4,194,317 
S Foods, Inc. (a) 276,300 6,577,378 
Toyo Suisan Kaisha Ltd. 154,000 5,438,934 
  29,461,862 
Tobacco - 0.9%   
Japan Tobacco, Inc. 123,300 5,037,784 
TOTAL CONSUMER STAPLES  64,779,571 
ENERGY - 2.0%   
Energy Equipment & Services - 1.0%   
Shinko Plantech Co. Ltd. 722,900 5,499,903 
Oil, Gas & Consumable Fuels - 1.0%   
San-Ai Oil Co. Ltd. 808,000 5,662,789 
TOTAL ENERGY  11,162,692 
FINANCIALS - 9.0%   
Banks - 1.8%   
Fukuoka Financial Group, Inc. 1,178,000 4,026,985 
Shinsei Bank Ltd. 4,382,000 6,141,708 
  10,168,693 
Consumer Finance - 1.0%   
ACOM Co. Ltd. (a)(b) 1,084,700 5,658,485 
Diversified Financial Services - 2.8%   
Fuyo General Lease Co. Ltd. 159,000 6,676,877 
ORIX Corp. 625,300 8,844,828 
  15,521,705 
Insurance - 1.2%   
Tokio Marine Holdings, Inc. 209,300 6,848,818 
Real Estate Management & Development - 2.2%   
Century21 Real Estate Japan Ltd. (c) 102,300 1,138,964 
Daito Trust Construction Co. Ltd. 77,600 10,975,143 
  12,114,107 
TOTAL FINANCIALS  50,311,808 
HEALTH CARE - 7.8%   
Health Care Equipment & Supplies - 3.8%   
Fukuda Denshi Co. Ltd. 122,000 6,661,174 
Medikit Co. Ltd. 191,800 6,686,739 
Paramount Bed Holdings Co. Ltd. 218,900 8,142,826 
  21,490,739 
Health Care Providers & Services - 2.9%   
A/S One Corp. 235,600 8,495,273 
Miraca Holdings, Inc. 177,800 7,555,991 
  16,051,264 
Pharmaceuticals - 1.1%   
Astellas Pharma, Inc. 446,100 6,014,585 
TOTAL HEALTH CARE  43,556,588 
INDUSTRIALS - 23.1%   
Air Freight & Logistics - 0.8%   
AIT Corp. 525,400 4,343,562 
Building Products - 3.8%   
Bunka Shutter Co. Ltd. 695,700 5,863,826 
Sekisui Jushi Corp. 558,200 7,748,341 
Sinko Industries Ltd. 577,300 7,724,406 
  21,336,573 
Commercial Services & Supplies - 2.7%   
Aeon Delight Co. Ltd. 260,000 7,178,695 
ProNexus, Inc. 820,700 8,299,790 
  15,478,485 
Construction & Engineering - 2.4%   
Hokuriku Electrical Construction Co. Ltd. 819,900 5,998,879 
Toshiba Plant Systems & Services Corp. 587,900 7,270,226 
  13,269,105 
Electrical Equipment - 1.0%   
Aichi Electric Co. Ltd. 919,000 2,777,209 
Denyo Co. Ltd. 254,900 2,734,382 
  5,511,591 
Machinery - 2.2%   
Daiwa Industries Ltd. 689,500 5,910,347 
Oiles Corp. 404,580 6,560,605 
  12,470,952 
Professional Services - 4.1%   
Funai Soken Holdings, Inc. 395,020 5,993,183 
Meitec Corp. 79,100 2,743,820 
Weathernews, Inc. 238,900 8,385,228 
Yamada Consulting Group Co. Ltd. 186,300 5,691,556 
  22,813,787 
Trading Companies & Distributors - 4.8%   
Inaba Denki Sangyo Co. Ltd. 182,600 5,733,416 
Maruka Machinery Co. Ltd. (d) 123,800 1,461,838 
Mitani Shoji Co. Ltd. 299,900 8,641,676 
Yamazen Co. Ltd. 823,900 6,439,758 
Yuasa Trading Co. Ltd. 215,800 4,849,628 
  27,126,316 
Transportation Infrastructure - 1.3%   
Kamigumi Co. Ltd. 823,000 7,378,881 
TOTAL INDUSTRIALS  129,729,252 
INFORMATION TECHNOLOGY - 9.4%   
Electronic Equipment & Components - 3.0%   
Amano Corp. 663,400 10,852,731 
Macnica Fuji Electronics Holdings, Inc. (b) 529,100 5,859,071 
  16,711,802 
IT Services - 1.1%   
TKC Corp. 232,800 6,324,846 
Software - 3.3%   
Broadleaf Co. Ltd. 312,000 3,083,205 
Oracle Corp. Japan 102,600 5,526,306 
SRA Holdings, Inc. 416,500 9,667,529 
  18,277,040 
Technology Hardware, Storage & Peripherals - 2.0%   
Elecom Co. Ltd. 677,900 11,372,865 
TOTAL INFORMATION TECHNOLOGY  52,686,553 
MATERIALS - 7.2%   
Chemicals - 7.2%   
C. Uyemura & Co. Ltd. 128,400 5,437,753 
Kuraray Co. Ltd. 705,400 8,943,088 
Lintec Corp. 407,700 7,815,567 
Sakata INX Corp. 570,800 6,447,091 
SK Kaken Co. Ltd. 81,000 6,646,175 
Tokyo Ohka Kogyo Co. Ltd. 188,700 5,275,976 
  40,565,650 
TELECOMMUNICATION SERVICES - 1.5%   
Wireless Telecommunication Services - 1.5%   
KDDI Corp. 298,200 8,589,870 
UTILITIES - 3.6%   
Electric Utilities - 2.1%   
Hokuriku Electric Power Co., Inc. 375,900 4,923,261 
The Okinawa Electric Power Co., Inc. 261,250 6,676,134 
  11,599,395 
Gas Utilities - 1.5%   
Tokyo Gas Co. Ltd. 1,936,000 8,544,876 
TOTAL UTILITIES  20,144,271 
TOTAL COMMON STOCKS   
(Cost $458,360,235)  531,625,899 
Money Market Funds - 5.6%   
Fidelity Cash Central Fund, 0.38% (e) 24,961,114 24,961,114 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 6,664,063 6,664,063 
TOTAL MONEY MARKET FUNDS   
(Cost $31,625,177)  31,625,177 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $489,985,412)  563,251,076 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (2,514,419) 
NET ASSETS - 100%  $560,736,657 

Legend

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

 (b) Non-income producing

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


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 $41,969 
Fidelity Securities Lending Cash Central Fund 21,561 
Total $63,530 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $110,099,644 $-- $110,099,644 $-- 
Consumer Staples 64,779,571 -- 64,779,571 -- 
Energy 11,162,692 -- 11,162,692 -- 
Financials 50,311,808 -- 50,311,808 -- 
Health Care 43,556,588 -- 43,556,588 -- 
Industrials 129,729,252 -- 129,729,252 -- 
Information Technology 52,686,553 -- 52,686,553 -- 
Materials 40,565,650 -- 40,565,650 -- 
Telecommunication Services 8,589,870 -- 8,589,870 -- 
Utilities 20,144,271 -- 20,144,271 -- 
Money Market Funds 31,625,177 31,625,177 -- -- 
Total Investments in Securities: $563,251,076 $31,625,177 $531,625,899 $-- 

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


Fidelity® Japan Smaller Companies Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $6,345,054) — See accompanying schedule:
Unaffiliated issuers (cost $458,360,235) 		$531,625,899  
Fidelity Central Funds (cost $31,625,177) 31,625,177  
Total Investments (cost $489,985,412)  $563,251,076 
Receivable for investments sold   
Regular delivery  116,717 
Delayed delivery  49,980 
Receivable for fund shares sold  324,380 
Dividends receivable  5,434,598 
Distributions receivable from Fidelity Central Funds  9,171 
Prepaid expenses  335 
Other receivables  1,693 
Total assets  569,187,950 
Liabilities   
Payable for investments purchased   
Regular delivery $5,302  
Delayed delivery 5,620  
Payable for fund shares redeemed 1,286,949  
Accrued management fee 329,766  
Other affiliated payables 109,399  
Other payables and accrued expenses 50,194  
Collateral on securities loaned, at value 6,664,063  
Total liabilities  8,451,293 
Net Assets  $560,736,657 
Net Assets consist of:   
Paid in capital  $510,165,410 
Undistributed net investment income  3,203,195 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (26,196,965) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  73,565,017 
Net Assets, for 39,785,045 shares outstanding  $560,736,657 
Net Asset Value, offering price and redemption price per share ($560,736,657 ÷ 39,785,045 shares)  $14.09 

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


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $6,346,938 
Income from Fidelity Central Funds  63,530 
Income before foreign taxes withheld  6,410,468 
Less foreign taxes withheld  (634,694) 
Total income  5,775,774 
Expenses   
Management fee $1,837,134  
Transfer agent fees 491,809  
Accounting and security lending fees 135,442  
Custodian fees and expenses 38,457  
Independent trustees' compensation 1,138  
Registration fees 16,067  
Audit 34,275  
Legal 620  
Miscellaneous 2,614  
Total expenses before reductions 2,557,556  
Expense reductions (1,854) 2,555,702 
Net investment income (loss)  3,220,072 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,162,106)  
Foreign currency transactions (73,988)  
Total net realized gain (loss)  (5,236,094) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		23,148,315  
Assets and liabilities in foreign currencies 316,741  
Total change in net unrealized appreciation (depreciation)  23,465,056 
Net gain (loss)  18,228,962 
Net increase (decrease) in net assets resulting from operations  $21,449,034 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,220,072 $3,406,739 
Net realized gain (loss) (5,236,094) (13,284,472) 
Change in net unrealized appreciation (depreciation) 23,465,056 34,250,021 
Net increase (decrease) in net assets resulting from operations 21,449,034 24,372,288 
Distributions to shareholders from net investment income (3,361,556) (991,819) 
Distributions to shareholders from net realized gain (3,952,599) (5,888,929) 
Total distributions (7,314,155) (6,880,748) 
Share transactions   
Proceeds from sales of shares 86,587,581 181,245,784 
Reinvestment of distributions 6,515,367 6,645,506 
Cost of shares redeemed (49,402,607) (118,682,976) 
Net increase (decrease) in net assets resulting from share transactions 43,700,341 69,208,314 
Redemption fees 59,723 90,331 
Total increase (decrease) in net assets 57,894,943 86,790,185 
Net Assets   
Beginning of period 502,841,714 416,051,529 
End of period (including undistributed net investment income of $3,203,195 and undistributed net investment income of $3,344,679, respectively) $560,736,657 $502,841,714 
Other Information   
Shares   
Sold 6,386,820 13,218,734 
Issued in reinvestment of distributions 472,128 539,846 
Redeemed (3,625,125) (8,966,998) 
Net increase (decrease) 3,233,823 4,791,582 

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


Financial Highlights — Fidelity Japan Smaller Companies Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $13.76 $13.10 $13.86 $9.12 $8.62 $8.23 
Income from Investment Operations       
Net investment income (loss)A .08 .10 .09 .02 .06 .08 
Net realized and unrealized gain (loss) .45 .78 (.53) 4.91 .55 .45 
Total from investment operations .53 .88 (.44) 4.93 .61 .53 
Distributions from net investment income (.09) (.03) (.02) (.07) (.08) (.05) 
Distributions from net realized gain (.11) (.19) (.31) (.15) (.03) (.10) 
Total distributions (.20) (.22) (.33) (.22) (.11) (.14)B 
Redemption fees added to paid in capitalA –C –C .01 .03 –C –C 
Net asset value, end of period $14.09 $13.76 $13.10 $13.86 $9.12 $8.62 
Total ReturnD,E 3.87% 6.93% (3.16)% 55.79% 7.13% 6.44% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .97%H .98% 1.00% 1.01% 1.05% 1.05% 
Expenses net of fee waivers, if any .97%H .98% 1.00% 1.01% 1.05% 1.05% 
Expenses net of all reductions .97%H .97% 1.00% .98% 1.02% 1.01% 
Net investment income (loss) 1.22%H .77% .70% .18% .67% .88% 
Supplemental Data       
Net assets, end of period (000 omitted) $560,737 $502,842 $416,052 $661,445 $237,893 $303,619 
Portfolio turnover rateI 17%H 41% 112% 91% 86% 133% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.14 per share is comprised of distributions from net investment income of $.045 and distributions from net realized gain of $.095 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Japan Smaller Companies Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period

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

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

Gross unrealized appreciation $85,357,909 
Gross unrealized depreciation (19,030,743) 
Net unrealized appreciation (depreciation) on securities $66,327,166 
Tax cost $496,923,910 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(8,159,164) 
Long-term (5,622,544) 
Total capital loss carryforward $(13,781,708) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $72,867,017 and $43,044,104, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 annualized rate of .19% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $454 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $21,561. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $14.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $1,840.

9. 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.

At the end of the period, Strategic Advisers International Fund, and Fidelity VIP Funds Manager 60% Portfolio were the owners of record of approximately 15% and 10%, respectively of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 46% of the total outstanding shares of the Fund.

Fidelity® Latin America Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Brazil 45.5% 
   Mexico 30.6% 
   United States of America* 8.4% 
   Chile 3.8% 
   Bermuda 3.7% 
   Panama 2.6% 
   United Kingdom 1.4% 
   Spain 1.0% 
   Peru 1.0% 
   Other 2.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Brazil 39.0% 
   Mexico 33.2% 
   Chile 12.5% 
   Colombia 5.6% 
   United States of America* 3.2% 
   Peru 3.0% 
   Panama 1.6% 
   Belgium 0.9% 
   Spain 0.7% 
   Other 0.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 96.6 97.2 
Short-Term Investments and Net Other Assets (Liabilities) 3.4 2.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Itau Unibanco Holding SA (Brazil, Banks) 8.0 4.7 
Grupo Financiero Banorte S.A.B. de CV Series O (Mexico, Banks) 5.0 0.0 
Fomento Economico Mexicano S.A.B. de CV unit (Mexico, Beverages) 4.4 5.5 
Cielo SA (Brazil, IT Services) 3.9 1.1 
Credicorp Ltd. (United States) (Bermuda, Banks) 3.7 0.0 
Itausa-Investimentos Itau SA (PN) (Brazil, Banks) 3.5 1.5 
Kroton Educacional SA (Brazil, Diversified Consumer Services) 2.6 0.0 
BB Seguridade Participacoes SA (Brazil, Insurance) 2.5 1.0 
Kimberly-Clark de Mexico SA de CV Series A (Mexico, Household Products) 2.3 1.1 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) 2.3 1.8 
 38.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 35.2 26.9 
Consumer Staples 16.4 28.0 
Consumer Discretionary 14.5 8.1 
Industrials 10.2 5.8 
Health Care 6.2 1.4 
Information Technology 5.9 1.1 
Materials 3.6 7.8 
Energy 2.3 5.0 
Utilities 1.5 4.6 
Telecommunication Services 0.8 8.5 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Latin America Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.6%   
 Shares Value 
Argentina - 1.0%   
Grupo Financiero Galicia SA sponsored ADR 180,473 $5,138,066 
Bermuda - 3.7%   
Credicorp Ltd. (United States) 135,801 19,748,181 
Brazil - 30.5%   
BB Seguridade Participacoes SA 1,513,600 13,202,879 
CCR SA 2,130,502 10,022,977 
Cielo SA 2,117,948 20,629,863 
CVC Brasil Operadora e Agencia de Viagens SA 1,341,033 7,408,484 
Equatorial Energia SA 668,406 8,267,498 
Estacio Participacoes SA 2,243,220 7,742,101 
Fibria Celulose SA 982,462 8,678,402 
FPC Par Corretora de Seguros 1,667,889 5,601,255 
Grendene SA 1,074,900 5,310,039 
Hypermarcas SA 1,101,286 9,715,205 
Industrias Romi SA 549,100 295,365 
Kroton Educacional SA 3,718,837 13,840,551 
Linx SA 338,067 4,649,435 
Mills Estruturas e Servicos de Engenharia SA 2,521,458 3,086,527 
Multiplus SA 580,948 6,410,402 
Odontoprev SA 2,036,893 6,194,926 
Qualicorp SA 2,460,713 10,660,645 
Smiles SA 814,156 9,445,322 
Tegma Gestao Logistica SA 2,562,627 4,276,944 
Valid Solucoes SA 659,175 6,708,185 
TOTAL BRAZIL  162,147,005 
Chile - 3.8%   
Banmedica SA 3,100,772 5,256,540 
CorpBanca SA 742,999,828 6,762,263 
Forus SA 1,878,297 5,668,936 
Vina San Pedro SA 238,206,744 2,347,184 
TOTAL CHILE  20,034,923 
France - 1.0%   
Edenred SA 264,421 5,213,790 
Mexico - 30.6%   
Banregio Grupo Financiero S.A.B. de CV 360,000 2,157,324 
Compartamos S.A.B. de CV 5,797,311 11,530,835 
Credito Real S.A.B. de CV 2,385,302 5,261,497 
Embotelladoras Arca S.A.B. de CV 1,099,169 7,587,327 
Fomento Economico Mexicano S.A.B. de CV unit 2,516,609 23,415,691 
Genomma Lab Internacional SA de CV (a)(b) 9,725,099 10,683,412 
Gruma S.A.B. de CV Series B 614,429 8,975,739 
Grupo Aeroportuario Norte S.A.B. de CV 911,563 5,275,040 
Grupo Comercial Chedraui S.A.B. de CV 355,158 1,006,560 
Grupo Financiero Banorte S.A.B. de CV Series O 4,658,402 26,445,532 
Grupo GICSA SA de CV (b) 5,477,756 4,304,607 
Grupo Herdez S.A.B. de CV 2,034,846 4,503,837 
Kimberly-Clark de Mexico SA de CV Series A 5,199,395 12,305,938 
Megacable Holdings S.A.B. de CV unit 2,210,548 10,208,173 
Promotora y Operadora de Infraestructura S.A.B. de CV 685,467 7,175,139 
Qualitas Controladora S.A.B. de CV 4,665,846 6,270,070 
Telesites S.A.B. de C.V. (b) 6,986,994 4,288,530 
Tenedora Nemak SA de CV 3,169,744 4,546,985 
Unifin Financiera SAPI de CV 2,278,967 6,718,486 
TOTAL MEXICO  162,660,722 
Panama - 2.6%   
Copa Holdings SA Class A 97,338 6,205,298 
Intergroup Financial Services Corp. 259,297 7,389,965 
TOTAL PANAMA  13,595,263 
Peru - 1.0%   
Alicorp SA Class C (b) 2,843,073 5,391,229 
Spain - 1.0%   
Prosegur Compania de Seguridad SA (Reg.) 946,444 5,472,815 
United Kingdom - 1.4%   
British American Tobacco PLC (United Kingdom) 125,624 7,659,558 
United States of America - 5.0%   
First Cash Financial Services, Inc. 110,047 5,032,449 
MercadoLibre, Inc. 46,959 5,864,710 
Monsanto Co. 112,070 10,498,718 
PriceSmart, Inc. 60,590 5,243,459 
TOTAL UNITED STATES OF AMERICA  26,639,336 
TOTAL COMMON STOCKS   
(Cost $370,927,690)  433,700,888 
Nonconvertible Preferred Stocks - 15.0%   
Brazil - 15.0%   
Alpargatas SA (PN) 2,325,383 6,254,210 
Itau Unibanco Holding SA 4,473,142 42,751,231 
Itausa-Investimentos Itau SA (PN) 7,391,854 18,612,621 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (b) 4,099,671 12,194,413 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $47,767,968)   79,812,475 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund, 0.38% (c) 15,233,830 15,233,830 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 1,908,000 1,908,000 
TOTAL MONEY MARKET FUNDS   
(Cost $17,141,830)  17,141,830 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $435,837,488)  530,655,193 
NET OTHER ASSETS (LIABILITIES) - 0.2%  1,322,703 
NET ASSETS - 100%  $531,977,896 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $13,871 
Fidelity Securities Lending Cash Central Fund 13,739 
Total $27,610 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $76,835,203 $76,835,203 $-- $-- 
Consumer Staples 88,151,727 80,492,169 7,659,558 -- 
Energy 12,194,413 12,194,413 -- -- 
Financials 186,927,261 186,927,261 -- -- 
Health Care 32,795,523 32,795,523 -- -- 
Industrials 53,732,080 53,732,080 -- -- 
Information Technology 31,144,008 31,144,008 -- -- 
Materials 19,177,120 19,177,120 -- -- 
Telecommunication Services 4,288,530 4,288,530 -- -- 
Utilities 8,267,498 8,267,498 -- -- 
Money Market Funds 17,141,830 17,141,830 -- -- 
Total Investments in Securities: $530,655,193 $522,995,635 $7,659,558 $-- 

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


Fidelity® Latin America Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,986,076) — See accompanying schedule:
Unaffiliated issuers (cost $418,695,658) 		$513,513,363  
Fidelity Central Funds (cost $17,141,830) 17,141,830  
Total Investments (cost $435,837,488)  $530,655,193 
Foreign currency held at value (cost $848,641)  845,098 
Receivable for investments sold  11,521,261 
Receivable for fund shares sold  886,476 
Dividends receivable  2,157,717 
Distributions receivable from Fidelity Central Funds  5,465 
Prepaid expenses  839 
Other receivables  4,697 
Total assets  546,076,746 
Liabilities   
Payable for investments purchased $9,981,660  
Payable for fund shares redeemed 1,673,044  
Accrued management fee 295,020  
Distribution and service plan fees payable 10,382  
Other affiliated payables 141,288  
Other payables and accrued expenses 89,456  
Collateral on securities loaned, at value 1,908,000  
Total liabilities  14,098,850 
Net Assets  $531,977,896 
Net Assets consist of:   
Paid in capital  $621,439,296 
Undistributed net investment income  5,280,315 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (189,596,126) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  94,854,411 
Net Assets  $531,977,896 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($15,995,909 ÷ 829,375 shares)  $19.29 
Maximum offering price per share (100/94.25 of $19.29)  $20.47 
Class T:   
Net Asset Value and redemption price per share ($5,751,716 ÷ 297,544 shares)  $19.33 
Maximum offering price per share (100/96.50 of $19.33)  $20.03 
Class B:   
Net Asset Value and offering price per share ($424,337 ÷ 21,533 shares)(a)  $19.71 
Class C:   
Net Asset Value and offering price per share ($5,785,469 ÷ 296,693 shares)(a)  $19.50 
Latin America:   
Net Asset Value, offering price and redemption price per share ($500,862,877 ÷ 26,047,611 shares)  $19.23 
Class I:   
Net Asset Value, offering price and redemption price per share ($3,157,588 ÷ 164,416 shares)  $19.20 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $11,941,726 
Income from Fidelity Central Funds  27,610 
Income before foreign taxes withheld  11,969,336 
Less foreign taxes withheld  (658,372) 
Total income  11,310,964 
Expenses   
Management fee $1,625,345  
Transfer agent fees 695,198  
Distribution and service plan fees 56,456  
Accounting and security lending fees 120,506  
Custodian fees and expenses 201,427  
Independent trustees' compensation 1,051  
Registration fees 43,549  
Audit 39,945  
Legal 713  
Interest 882  
Miscellaneous 1,577  
Total expenses before reductions 2,786,649  
Expense reductions (7,128) 2,779,521 
Net investment income (loss)  8,531,443 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (101,386,798)  
Foreign currency transactions (358,721)  
Total net realized gain (loss)  (101,745,519) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		133,562,288  
Assets and liabilities in foreign currencies 76,379  
Total change in net unrealized appreciation (depreciation)  133,638,667 
Net gain (loss)  31,893,148 
Net increase (decrease) in net assets resulting from operations  $40,424,591 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,531,443 $10,341,112 
Net realized gain (loss) (101,745,519) (87,419,393) 
Change in net unrealized appreciation (depreciation) 133,638,667 (231,042,995) 
Net increase (decrease) in net assets resulting from operations 40,424,591 (308,121,276) 
Distributions to shareholders from net investment income (10,264,003) (12,592,762) 
Distributions to shareholders from net realized gain – (66,395,306) 
Total distributions (10,264,003) (78,988,068) 
Share transactions - net increase (decrease) (8,769,783) (98,503,600) 
Redemption fees 24,821 127,133 
Total increase (decrease) in net assets 21,415,626 (485,485,811) 
Net Assets   
Beginning of period 510,562,270 996,048,081 
End of period (including undistributed net investment income of $5,280,315 and undistributed net investment income of $7,012,875, respectively) $531,977,896 $510,562,270 

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


Financial Highlights — Fidelity Latin America Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.09 $30.31 $40.71 $48.95 $52.38 $57.48 
Income from Investment Operations       
Net investment income (loss)A .29 .28 .49 .72 .92 1.15 
Net realized and unrealized gain (loss) 1.22 (10.11) (4.08) (4.73) (3.66) (5.87) 
Total from investment operations 1.51 (9.83) (3.59) (4.01) (2.74) (4.72) 
Distributions from net investment income (.31) (.31) (.57) (.79) (.70) (.19) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.31) (2.39) (6.82) (4.24) (.70) (.39) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.29 $18.09 $30.31 $40.71 $48.95 $52.38 
Total ReturnC,D,E 8.51% (34.60)% (9.06)% (8.93)% (5.23)% (8.26)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.42%H 1.40% 1.38% 1.37% 1.35% 1.34% 
Expenses net of fee waivers, if any 1.42%H 1.40% 1.38% 1.37% 1.35% 1.34% 
Expenses net of all reductions 1.42%H 1.39% 1.38% 1.35% 1.35% 1.34% 
Net investment income (loss) 3.43%H 1.26% 1.52% 1.66% 1.80% 2.05% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,996 $16,424 $34,898 $48,464 $69,654 $91,407 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.11 $30.33 $40.68 $48.88 $52.27 $57.47 
Income from Investment Operations       
Net investment income (loss)A .27 .22 .40 .61 .78 .99 
Net realized and unrealized gain (loss) 1.21 (10.13) (4.08) (4.74) (3.65) (5.85) 
Total from investment operations 1.48 (9.91) (3.68) (4.13) (2.87) (4.86) 
Distributions from net investment income (.26) (.23) (.43) (.63) (.53) (.15) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.26) (2.31) (6.68) (4.08) (.53) (.35) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.33 $18.11 $30.33 $40.68 $48.88 $52.27 
Total ReturnC,D,E 8.33% (34.78)% (9.30)% (9.17)% (5.49)% (8.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.71%H 1.67% 1.65% 1.63% 1.61% 1.61% 
Expenses net of fee waivers, if any 1.71%H 1.67% 1.65% 1.63% 1.61% 1.61% 
Expenses net of all reductions 1.71%H 1.66% 1.65% 1.61% 1.61% 1.61% 
Net investment income (loss) 3.14%H .99% 1.25% 1.40% 1.54% 1.78% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,752 $5,284 $9,761 $12,705 $19,334 $26,020 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.27 $30.46 $40.63 $48.72 $52.06 $57.44 
Income from Investment Operations       
Net investment income (loss)A .23 .12 .25 .40 .53 .72 
Net realized and unrealized gain (loss) 1.24 (10.23) (4.08) (4.74) (3.63) (5.84) 
Total from investment operations 1.47 (10.11) (3.83) (4.34) (3.10) (5.12) 
Distributions from net investment income (.03) – (.10) (.31) (.25) (.07) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.03) (2.08) (6.35) (3.76) (.25) (.27) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.71 $18.27 $30.46 $40.63 $48.72 $52.06 
Total ReturnC,D,E 8.10% (35.09)% (9.73)% (9.60)% (5.95)% (8.94)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.17%H 2.16% 2.14% 2.12% 2.10% 2.10% 
Expenses net of fee waivers, if any 2.17%H 2.15% 2.14% 2.12% 2.10% 2.10% 
Expenses net of all reductions 2.17%H 2.15% 2.13% 2.10% 2.10% 2.10% 
Net investment income (loss) 2.68%H .50% .76% .91% 1.05% 1.29% 
Supplemental Data       
Net assets, end of period (000 omitted) $424 $628 $2,211 $4,764 $9,492 $14,114 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.18 $30.37 $40.59 $48.73 $52.05 $57.44 
Income from Investment Operations       
Net investment income (loss)A .23 .11 .25 .40 .54 .73 
Net realized and unrealized gain (loss) 1.22 (10.17) (4.07) (4.74) (3.64) (5.84) 
Total from investment operations 1.45 (10.06) (3.82) (4.34) (3.10) (5.11) 
Distributions from net investment income (.13) (.05) (.16) (.36) (.23) (.09) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.13) (2.13) (6.41) (3.81) (.23) (.29) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.50 $18.18 $30.37 $40.59 $48.73 $52.05 
Total ReturnC,D,E 8.07% (35.08)% (9.74)% (9.62)% (5.94)% (8.93)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.17%H 2.15% 2.13% 2.12% 2.10% 2.08% 
Expenses net of fee waivers, if any 2.17%H 2.15% 2.13% 2.12% 2.10% 2.08% 
Expenses net of all reductions 2.16%H 2.15% 2.13% 2.10% 2.10% 2.08% 
Net investment income (loss) 2.69%H .51% .77% .91% 1.06% 1.31% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,785 $5,394 $11,349 $15,185 $27,405 $35,203 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.08 $30.34 $40.80 $49.09 $52.48 $57.50 
Income from Investment Operations       
Net investment income (loss)A .31 .34 .59 .87 1.09 1.34 
Net realized and unrealized gain (loss) 1.22 (10.11) (4.10) (4.74) (3.67) (5.88) 
Total from investment operations 1.53 (9.77) (3.51) (3.87) (2.58) (4.54) 
Distributions from net investment income (.38) (.41) (.71) (.98) (.82) (.29) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.38) (2.49) (6.96) (4.43) (.82) (.49) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.23 $18.08 $30.34 $40.80 $49.09 $52.48 
Total ReturnC,D 8.67% (34.45)% (8.79)% (8.63)% (4.91)% (7.96)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.17%G 1.13% 1.08% 1.04% 1.02% 1.00% 
Expenses net of fee waivers, if any 1.17%G 1.12% 1.08% 1.04% 1.02% 1.00% 
Expenses net of all reductions 1.17%G 1.12% 1.07% 1.03% 1.02% 1.00% 
Net investment income (loss) 3.68%G 1.53% 1.83% 1.99% 2.14% 2.39% 
Supplemental Data       
Net assets, end of period (000 omitted) $500,863 $481,005 $933,298 $1,324,748 $2,274,601 $2,884,301 
Portfolio turnover rateH 165%G 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.08 $30.35 $40.79 $49.07 $52.51 $57.49 
Income from Investment Operations       
Net investment income (loss)A .31 .36 .60 .87 1.08 1.32 
Net realized and unrealized gain (loss) 1.21 (10.13) (4.07) (4.74) (3.67) (5.88) 
Total from investment operations 1.52 (9.77) (3.47) (3.87) (2.59) (4.56) 
Distributions from net investment income (.40) (.42) (.73) (.97) (.86) (.23) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.40) (2.50) (6.98) (4.42) (.86) (.43) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.20 $18.08 $30.35 $40.79 $49.07 $52.51 
Total ReturnC,D 8.66% (34.42)% (8.69)% (8.63)% (4.93)% (7.98)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.13%G 1.06% 1.04% 1.03% 1.04% 1.04% 
Expenses net of fee waivers, if any 1.13%G 1.06% 1.04% 1.03% 1.04% 1.04% 
Expenses net of all reductions 1.12%G 1.05% 1.04% 1.01% 1.04% 1.04% 
Net investment income (loss) 3.73%G 1.60% 1.86% 2.00% 2.12% 2.35% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,158 $1,828 $4,531 $5,131 $7,928 $9,603 
Portfolio turnover rateH 165%G 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Latin America 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, Latin America and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, deferred trustees compensation 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 $108,291,244 
Gross unrealized depreciation (19,001,999) 
Net unrealized appreciation (depreciation) on securities $89,289,245 
Tax cost $441,365,948 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(34,655,095) 
Long-term (50,107,400) 
Total capital loss carryforward $(84,762,495) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $384,349,836 and $399,551,878, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $17,807 $– 
Class T .25% .25% 12,316 – 
Class B .75% .25% 2,397 1,798 
Class C .75% .25% 23,936 1,863 
   $56,456 $3,661 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $2,586 
Class T 808 
Class B(a) 36 
Class C(a) 385 
 $3,815 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $21,549 .30 
Class T 8,453 .34 
Class B 721 .30 
Class C 7,142 .30 
Latin America 654,143 .30 
Class I 3,190 .25 
 $695,198  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6,916 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $7,287,286 .62% $882 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $400 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $13,739, including $185 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,446 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,682.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $264,922 $341,444 
Class T 74,433 71,167 
Class B 1,059 – 
Class C 37,419 18,114 
Latin America 9,833,214 12,109,807 
Class I 52,956 52,230 
Total $10,264,003 $12,592,762 
From net realized gain   
Class A $– $2,330,553 
Class T – 658,521 
Class B – 144,042 
Class C – 754,025 
Latin America – 62,251,897 
Class I – 256,268 
Total $– $66,395,306 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 66,880 218,330 $1,163,572 $4,910,163 
Reinvestment of distributions 14,810 103,775 256,538 2,587,573 
Shares redeemed (160,323) (565,352) (2,718,955) (12,518,797) 
Net increase (decrease) (78,633) (243,247) $(1,298,845) $(5,021,061) 
Class T     
Shares sold 31,261 29,946 $528,543 $658,518 
Reinvestment of distributions 4,243 28,508 73,689 713,357 
Shares redeemed (29,741) (88,493) (509,091) (1,990,592) 
Net increase (decrease) 5,763 (30,039) $93,141 $(618,717) 
Class B     
Shares sold 1 116 $10 $2,989 
Reinvestment of distributions 59 5,261 1,009 133,376 
Shares redeemed (12,894) (43,584) (221,180) (982,322) 
Net increase (decrease) (12,834) (38,207) $(220,161) $(845,957) 
Class C     
Shares sold 46,774 48,350 $817,698 $1,099,271 
Reinvestment of distributions 1,720 25,875 30,044 652,617 
Shares redeemed (48,571) (151,109) (821,023) (3,411,105) 
Net increase (decrease) (77) (76,884) $26,719 $(1,659,217) 
Latin America     
Shares sold 2,247,110 2,736,036 $38,271,000 $60,647,605 
Reinvestment of distributions 545,601 2,862,287 9,420,593 71,197,829 
Shares redeemed (3,343,417) (9,758,242) (56,149,551) (221,025,945) 
Net increase (decrease) (550,706) (4,159,919) $(8,457,958) $(89,180,511) 
Class I     
Shares sold 98,480 41,136 $1,665,317 $906,993 
Reinvestment of distributions 2,787 11,139 48,070 276,862 
Shares redeemed (37,940) (100,491) (626,066) (2,361,992) 
Net increase (decrease) 63,327 (48,216) $1,087,321 $(1,178,137) 

11. 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.

Fidelity® Nordic Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Sweden 48.1% 
   Denmark 22.6% 
   Finland 11.8% 
   Malta 8.4% 
   Norway 4.1% 
   United States of America* 3.7% 
   Bermuda 1.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Sweden 50.1% 
   Denmark 22.6% 
   Finland 15.2% 
   Malta 6.9% 
   Norway 2.7% 
   Bermuda 1.4% 
   United States of America* 1.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 96.3 98.9 
Short-Term Investments and Net Other Assets (Liabilities) 3.7 1.1 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
H&M Hennes & Mauritz AB (B Shares) (Sweden, Specialty Retail) 6.3 4.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 6.0 6.5 
Carlsberg A/S Series B (Denmark, Beverages) 5.2 4.9 
Svenska Cellulosa AB (SCA) (B Shares) (Sweden, Household Products) 5.1 5.6 
Kambi Group PLC (Malta, Hotels, Restaurants & Leisure) 4.9 2.3 
Eltel AB (Sweden, Construction & Engineering) 4.0 3.5 
Unibet Group PLC unit (Malta, Hotels, Restaurants & Leisure) 3.5 4.6 
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) 3.4 4.2 
Bravida AB (Sweden, Commercial Services & Supplies) 3.2 2.5 
Svenska Handelsbanken AB (A Shares) (Sweden, Banks) 3.1 2.9 
 44.7  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 22.9 19.8 
Industrials 22.0 25.0 
Financials 15.4 17.0 
Health Care 15.3 17.4 
Consumer Staples 13.4 13.8 
Information Technology 4.8 1.7 
Materials 1.7 4.2 
Energy 0.8 0.0 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Nordic Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.3%   
 Shares Value 
Bermuda - 1.3%   
Vostok Emerging Finance Ltd. (depository receipt) (a) 9,489,995 $1,276,291 
Vostok New Ventures Ltd. SDR (a) 919,054 5,230,189 
TOTAL BERMUDA  6,506,480 
Denmark - 22.6%   
Alm. Brand A/S 1,265,654 9,405,217 
Carlsberg A/S Series B 254,900 24,824,484 
DSV de Sammensluttede Vognmaend A/S 312,400 13,145,437 
Jyske Bank A/S (Reg.) 49,100 2,010,171 
NNIT A/S 138,748 3,778,389 
Novo Nordisk A/S Series B 513,005 28,643,324 
Novozymes A/S Series B 175,700 8,420,473 
Scandinavian Tobacco Group A/S 445,507 7,087,315 
William Demant Holding A/S (a) 106,400 10,935,151 
TOTAL DENMARK  108,249,961 
Finland - 11.8%   
Amer Group PLC (A Shares) 345,900 10,226,600 
Cramo Oyj (B Shares) 455,600 9,113,833 
Olvi PLC (A Shares) 309,546 8,598,851 
Raisio Group PLC (V Shares) 1,303,500 6,418,063 
Vaisala Oyj 331,500 9,436,460 
Valmet Corp. 1,023,285 12,830,252 
TOTAL FINLAND  56,624,059 
Malta - 8.4%   
Kambi Group PLC (a)(b) 1,373,411 23,687,019 
Unibet Group PLC unit 1,470,698 16,592,500 
TOTAL MALTA  40,279,519 
Norway - 4.1%   
Schibsted ASA (B Shares) 291,854 8,296,898 
TGS Nopec Geophysical Co. ASA 229,498 3,839,289 
Zalaris ASA (A Shares) (c) 1,912,400 7,600,340 
TOTAL NORWAY  19,736,527 
Sweden - 48.1%   
Addlife AB (a)(b) 212,912 2,691,078 
AddTech AB (B Shares) 667,000 8,388,945 
Bravida AB 2,264,900 15,300,615 
Coor Service Management Holding AB 711,900 3,368,703 
Dustin Group AB (b) 837,188 6,124,787 
East Capital Explorer AB 1,420,992 10,793,979 
Elekta AB (B Shares) (b) 1,438,185 10,512,669 
Eltel AB 1,620,600 19,423,911 
Getinge AB (B Shares) 768,300 16,245,334 
H&M Hennes & Mauritz AB (B Shares) 848,651 30,171,394 
Hemfosa Fastigheter AB (b) 1,366,258 14,248,779 
Hemfosa Fastigheter AB rights 5/10/16 (a)(b) 1,293,658 467,173 
Kungsleden AB 767,100 5,277,696 
Mekonomen AB (b) 392,000 9,958,097 
Nordea Bank AB 306,935 2,979,358 
Pandox AB 271,300 4,604,747 
Sandvik AB (b) 1,030,500 10,573,903 
Svenska Cellulosa AB (SCA) (B Shares) 780,700 24,586,297 
Svenska Handelsbanken AB (A Shares) 1,125,700 15,017,010 
Systemair AB (b) 482,379 6,157,046 
Telefonaktiebolaget LM Ericsson (B Shares) 1,684,300 13,646,892 
TOTAL SWEDEN  230,538,413 
TOTAL COMMON STOCKS   
(Cost $413,872,258)  461,934,959 
Money Market Funds - 9.9%   
Fidelity Cash Central Fund, 0.38% (d) 18,873,165 18,873,165 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 28,418,850 28,418,850 
TOTAL MONEY MARKET FUNDS   
(Cost $47,292,015)  47,292,015 
TOTAL INVESTMENT PORTFOLIO - 106.2%   
(Cost $461,164,273)  509,226,974 
NET OTHER ASSETS (LIABILITIES) - (6.2)%  (29,689,287) 
NET ASSETS - 100%  $479,537,687 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $20,490 
Fidelity Securities Lending Cash Central Fund 394,995 
Total $415,485 

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 
Zalaris ASA (A Shares) $7,941,931 $347,140 $-- $-- $7,600,340 
Total $7,941,931 $347,140 $-- $-- $7,600,340 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $109,662,042 $109,662,042 $-- $-- 
Consumer Staples 64,427,695 64,427,695 -- -- 
Energy 3,839,289 3,839,289 -- -- 
Financials 73,793,178 58,776,168 15,017,010 -- 
Health Care 72,805,945 44,162,621 28,643,324 -- 
Industrials 105,902,985 105,902,985 -- -- 
Information Technology 23,083,352 9,436,460 13,646,892 -- 
Materials 8,420,473 8,420,473 -- -- 
Money Market Funds 47,292,015 47,292,015 -- -- 
Total Investments in Securities: $509,226,974 $451,919,748 $57,307,226 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $22,585,312 

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


Fidelity® Nordic Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $26,525,562) — See accompanying schedule:
Unaffiliated issuers (cost $406,504,753) 		$454,334,619  
Fidelity Central Funds (cost $47,292,015) 47,292,015  
Other affiliated issuers (cost $7,367,505) 7,600,340  
Total Investments (cost $461,164,273)  $509,226,974 
Cash  249,873 
Receivable for fund shares sold  417,091 
Dividends receivable  758,658 
Distributions receivable from Fidelity Central Funds  145,625 
Prepaid expenses  451 
Other receivables  3,668 
Total assets  510,802,340 
Liabilities   
Payable for investments purchased $672,132  
Payable for fund shares redeemed 1,764,532  
Accrued management fee 275,286  
Other affiliated payables 93,795  
Other payables and accrued expenses 40,058  
Collateral on securities loaned, at value 28,418,850  
Total liabilities  31,264,653 
Net Assets  $479,537,687 
Net Assets consist of:   
Paid in capital  $451,224,244 
Undistributed net investment income  4,410,827 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (24,163,382) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  48,065,998 
Net Assets, for 9,834,825 shares outstanding  $479,537,687 
Net Asset Value, offering price and redemption price per share ($479,537,687 ÷ 9,834,825 shares)  $48.76 

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


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $7,206,373 
Income from Fidelity Central Funds (including $394,995 from security lending)  415,485 
Income before foreign taxes withheld  7,621,858 
Less foreign taxes withheld  (1,084,011) 
Total income  6,537,847 
Expenses   
Management fee $1,492,823  
Transfer agent fees 423,106  
Accounting and security lending fees 112,596  
Custodian fees and expenses 24,733  
Independent trustees' compensation 905  
Registration fees 13,150  
Audit 58,071  
Legal 525  
Miscellaneous 1,234  
Total expenses before reductions 2,127,143  
Expense reductions (8,333) 2,118,810 
Net investment income (loss)  4,419,037 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 3,422,610  
Foreign currency transactions (19,355)  
Total net realized gain (loss)  3,403,255 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		33,457,589  
Assets and liabilities in foreign currencies 6,766  
Total change in net unrealized appreciation (depreciation)  33,464,355 
Net gain (loss)  36,867,610 
Net increase (decrease) in net assets resulting from operations  $41,286,647 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,419,037 $5,506,157 
Net realized gain (loss) 3,403,255 120,453 
Change in net unrealized appreciation (depreciation) 33,464,355 10,093,903 
Net increase (decrease) in net assets resulting from operations 41,286,647 15,720,513 
Distributions to shareholders from net investment income (5,087,442) – 
Distributions to shareholders from net realized gain (468,224) – 
Total distributions (5,555,666) – 
Share transactions   
Proceeds from sales of shares 67,711,802 67,283,706 
Reinvestment of distributions 5,260,046 – 
Cost of shares redeemed (34,905,787) (164,909,842) 
Net increase (decrease) in net assets resulting from share transactions 38,066,061 (97,626,136) 
Redemption fees 14,170 50,450 
Total increase (decrease) in net assets 73,811,212 (81,855,173) 
Net Assets   
Beginning of period 405,726,475 487,581,648 
End of period (including undistributed net investment income of $4,410,827 and undistributed net investment income of $5,079,232, respectively) $479,537,687 $405,726,475 
Other Information   
Shares   
Sold 1,462,871 1,529,284 
Issued in reinvestment of distributions 111,940 – 
Redeemed (758,154) (3,755,142) 
Net increase (decrease) 816,657 (2,225,858) 

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


Financial Highlights — Fidelity Nordic Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $44.99 $43.36 $43.91 $30.60 $29.60 $32.27 
Income from Investment Operations       
Net investment income (loss)A .47 .56 .71 .90 .70B .47 
Net realized and unrealized gain (loss) 3.92 1.06 1.35 13.04 .91 (2.86) 
Total from investment operations 4.39 1.62 2.06 13.94 1.61 (2.39) 
Distributions from net investment income (.57) – (.83) (.63) (.61) (.29) 
Distributions from net realized gain (.05) – (1.80) – – – 
Total distributions (.62) – (2.63) (.63) (.61) (.29) 
Redemption fees added to paid in capitalA –C .01 .02 –C –C .01 
Net asset value, end of period $48.76 $44.99 $43.36 $43.91 $30.60 $29.60 
Total ReturnD,E 9.80% 3.76% 4.88% 46.42% 5.69% (7.49)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .99%H 1.00% .99% 1.04% 1.08% 1.05% 
Expenses net of fee waivers, if any .99%H 1.00% .99% 1.04% 1.08% 1.05% 
Expenses net of all reductions .99%H .99% .98% 1.02% 1.04% .99% 
Net investment income (loss) 2.07%H 1.26% 1.56% 2.50% 2.40%B 1.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $479,538 $405,726 $487,582 $439,147 $296,951 $360,900 
Portfolio turnover rateI 30%H 80% 103% 61% 193% 265% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.17 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.83%.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Nordic Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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 $67,317,159 
Gross unrealized depreciation (22,095,947) 
Net unrealized appreciation (depreciation) on securities $45,221,212 
Tax cost $464,005,762 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(24,086,581) 
No expiration  
Short-term (287,934) 
Total capital loss carryforward $(24,374,515) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $86,267,876 and $62,517,835, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 annualized rate of .20% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $366 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $1 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $6,792 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $27.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $1,514.

9. 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.

Fidelity® Pacific Basin Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 36.6% 
   Australia 13.9% 
   Taiwan 7.7% 
   Hong Kong 6.0% 
   India 5.8% 
   Bermuda 4.8% 
   China 4.3% 
   United States of America* 3.7% 
   Indonesia 3.2% 
   Other 14.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 39.6% 
   Australia 12.3% 
   India 6.6% 
   Taiwan 5.6% 
   Hong Kong 4.7% 
   China 4.4% 
   Bermuda 4.3% 
   Cayman Islands 3.9% 
   United States of America* 3.6% 
   Other 15.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.8 98.8 
Short-Term Investments and Net Other Assets (Liabilities) 1.2 1.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 2.9 2.6 
Naspers Ltd. Class N (South Africa, Media) 2.2 2.2 
AIA Group Ltd. (Hong Kong, Insurance) 2.2 2.1 
Commonwealth Bank of Australia (Australia, Banks) 2.1 2.0 
Astellas Pharma, Inc. (Japan, Pharmaceuticals) 1.8 1.9 
Cheung Kong Infrastructure Holdings Ltd. (Bermuda, Electric Utilities) 1.8 1.7 
KDDI Corp. (Japan, Wireless Telecommunication Services) 1.8 1.4 
Kweichow Moutai Co. Ltd. (China, Beverages) 1.6 1.4 
Ryman Healthcare Group Ltd. (New Zealand, Health Care Providers & Services) 1.6 1.4 
SoftBank Corp. (Japan, Wireless Telecommunication Services) 1.5 1.6 
 19.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 22.2 22.9 
Consumer Discretionary 16.5 17.5 
Health Care 15.5 15.7 
Consumer Staples 11.7 11.7 
Information Technology 10.0 9.0 
Industrials 9.8 9.4 
Telecommunication Services 4.8 4.3 
Materials 3.7 3.9 
Utilities 2.4 2.4 
Energy 2.2 2.0 

Fidelity® Pacific Basin Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
Australia - 13.9%   
1-Page Ltd. (a)(b) 872,167 $639,942 
Aconex Ltd. (b) 1,274,474 6,482,920 
Amcor Ltd. (b) 597,546 6,996,899 
Ansell Ltd. (b) 303,164 4,594,079 
ARB Corp. Ltd. (a) 243,082 2,979,418 
Arena (REIT) unit 2,192,142 3,225,249 
Asaleo Care Ltd. 3,476,847 5,207,933 
Australia & New Zealand Banking Group Ltd. 517,822 9,491,644 
Commonwealth Bank of Australia 240,378 13,504,980 
CSL Ltd. 106,723 8,535,024 
Magellan Financial Group Ltd. 251,802 4,116,339 
NIB Holdings Ltd. 1,403,041 4,864,618 
realestate.com.au Ltd. 123,597 4,785,308 
Sydney Airport unit 1,171,376 6,065,366 
Woodside Petroleum Ltd. 344,166 7,416,199 
TOTAL AUSTRALIA  88,905,918 
Bermuda - 4.8%   
Brilliance China Automotive Holdings Ltd. 2,248,000 2,217,305 
Cheung Kong Infrastructure Holdings Ltd. 1,211,000 11,428,708 
Dairy Farm International Holdings Ltd. 970,900 6,699,210 
Hongkong Land Holdings Ltd. 982,000 6,235,700 
PAX Global Technology Ltd. 4,667,000 4,019,317 
TOTAL BERMUDA  30,600,240 
Cayman Islands - 2.2%   
Alibaba Group Holding Ltd. sponsored ADR (b) 99,700 7,670,918 
China High Precision Automation Group Ltd. (b) 1,875,000 2 
China Metal Recycling (Holdings) Ltd. (b) 2,572,200 3 
ENN Energy Holdings Ltd. 778,000 3,794,803 
International Housewares Retail Co. Ltd. 17,378,000 2,840,259 
TOTAL CAYMAN ISLANDS  14,305,985 
China - 4.3%   
Industrial & Commercial Bank of China Ltd. (H Shares) 13,110,000 7,019,106 
Jiangsu Hengrui Medicine Co. Ltd. 1,021,496 7,365,317 
Kweichow Moutai Co. Ltd. 261,750 10,156,177 
Weifu High-Technology Co. Ltd. (B Shares) 1,382,213 2,922,339 
TOTAL CHINA  27,462,939 
Hong Kong - 6.0%   
AIA Group Ltd. 2,311,200 13,831,621 
China Resources Beer Holdings Co. Ltd. 1,538,000 3,379,617 
Hang Seng Bank Ltd. 394,400 7,150,691 
Lenovo Group Ltd. 3,310,000 2,618,514 
Magnificent Hotel Investment L 90,048,000 2,224,996 
Techtronic Industries Co. Ltd. 2,367,000 8,873,102 
TOTAL HONG KONG  38,078,541 
India - 5.8%   
Asian Paints India Ltd. 433,057 5,647,464 
Bharti Infratel Ltd. 1,673,826 9,448,195 
Housing Development Finance Corp. Ltd. 261,834 4,290,419 
Page Industries Ltd. 21,955 4,152,678 
Petronet LNG Ltd. 1,712,799 6,795,706 
Sun Pharmaceutical Industries Ltd. 569,005 6,949,647 
TOTAL INDIA  37,284,109 
Indonesia - 3.2%   
PT Bank Central Asia Tbk 8,610,900 8,520,795 
PT Bank Rakyat Indonesia Tbk 8,236,100 6,463,727 
PT Gudang Garam Tbk 1,017,700 5,343,928 
TOTAL INDONESIA  20,328,450 
Israel - 1.0%   
Sarine Technologies Ltd. 4,978,000 6,107,521 
Japan - 36.6%   
Arcland Service Co. Ltd. 219,700 6,154,505 
Asahi Group Holdings 186,400 5,915,785 
Astellas Pharma, Inc. 876,300 11,814,797 
Broadleaf Co. Ltd. 146,951 1,452,179 
Century Tokyo Leasing Corp. 91,500 3,111,276 
Create SD Holdings Co. Ltd. 211,800 5,078,781 
Daito Trust Construction Co. Ltd. 57,400 8,118,212 
Dentsu, Inc. 91,900 4,669,348 
East Japan Railway Co. 78,300 6,888,527 
Fuji Heavy Industries Ltd. (c) 215,500 7,075,942 
Harmonic Drive Systems, Inc. (a) 115,100 2,578,194 
Hoya Corp. 209,400 8,018,821 
Japan Tobacco, Inc. 233,400 9,536,243 
KDDI Corp. 392,100 11,294,728 
Keyence Corp. 12,300 7,372,534 
Misumi Group, Inc. 300,900 4,155,362 
Mitsubishi Pencil Co. Ltd. 131,500 6,263,677 
Mitsui Fudosan Co. Ltd. 196,000 4,786,797 
Nakanishi, Inc. 138,400 4,535,971 
NGK Spark Plug Co. Ltd. 240,700 4,800,369 
Nidec Corp. 87,100 6,382,171 
Nihon M&A Center, Inc. 67,000 3,858,529 
Nihon Parkerizing Co. Ltd. 426,800 3,764,547 
Nitori Holdings Co. Ltd. 93,300 8,678,656 
Open House Co. Ltd. (c) 253,900 5,397,054 
ORIX Corp. 456,200 6,452,920 
Pigeon Corp. 123,500 3,243,809 
ProNexus, Inc. 276,400 2,795,250 
Rakuten, Inc. 432,400 4,700,778 
Seven Bank Ltd. (c) 1,743,900 7,410,194 
SHIMANO, Inc. 27,800 3,988,506 
Shionogi & Co. Ltd. 141,900 7,242,883 
SK Kaken Co. Ltd. 40,000 3,282,062 
SoftBank Corp. 181,300 9,748,592 
Sosei Group Corp. (a) 27,300 5,610,741 
Start Today Co. Ltd. 108,600 4,562,565 
Sysmex Corp. 99,000 6,191,392 
The Suruga Bank Ltd. 223,500 4,345,727 
Toshiba Plant Systems & Services Corp. 423,100 5,232,238 
VT Holdings Co. Ltd. 572,200 2,891,139 
Welcia Holdings Co. Ltd. 83,200 4,394,830 
TOTAL JAPAN  233,796,631 
Korea (South) - 2.9%   
BGFretail Co. Ltd. 30,209 4,904,422 
KEPCO Plant Service & Engineering Co. Ltd. 88,695 5,845,002 
LG Household & Health Care Ltd. 4,637 4,075,727 
Medy-Tox, Inc. 10,750 3,969,058 
TOTAL KOREA (SOUTH)  18,794,209 
Malaysia - 0.4%   
Bursa Malaysia Bhd 1,145,100 2,465,197 
Netherlands - 0.4%   
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 11/27/17 (b)(d) 600,000 2,823,889 
New Zealand - 2.6%   
EBOS Group Ltd. 580,263 6,466,491 
Ryman Healthcare Group Ltd. 1,574,341 9,816,603 
TOTAL NEW ZEALAND  16,283,094 
Philippines - 1.3%   
Bank of the Philippine Islands (BPI) 2,286,080 4,398,644 
D&L Industries, Inc. 20,046,200 3,835,778 
TOTAL PHILIPPINES  8,234,422 
South Africa - 2.2%   
Naspers Ltd. Class N 101,400 13,913,104 
Taiwan - 7.7%   
Advantech Co. Ltd. 743,000 5,244,219 
CTCI Corp. 3,183,000 4,143,428 
ECLAT Textile Co. Ltd. 418,000 4,768,381 
eMemory Technology, Inc. 205,000 2,246,541 
King Slide Works Co. Ltd. 511,000 6,050,754 
Lung Yen Life Service Co. Ltd. 951,000 1,604,479 
Merida Industry Co. Ltd. 674,750 2,767,680 
Nien Made Enterprise Co. Ltd. 517,000 4,065,195 
Taiwan Semiconductor Manufacturing Co. Ltd. 4,007,000 18,381,145 
TOTAL TAIWAN  49,271,822 
Thailand - 1.0%   
Thai Beverage PCL 11,431,700 6,332,763 
United States of America - 2.5%   
China Biologic Products, Inc. (b) 34,400 4,024,800 
Cognizant Technology Solutions Corp. Class A (b) 130,200 7,599,774 
GI Dynamics, Inc. CDI (b) 5,561,290 67,656 
ResMed, Inc. CDI 776,185 4,402,685 
TOTAL UNITED STATES OF AMERICA  16,094,915 
TOTAL COMMON STOCKS   
(Cost $557,599,382)  631,083,749 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund, 0.38% (e) 1,886,867 1,886,867 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 8,037,345 8,037,345 
TOTAL MONEY MARKET FUNDS   
(Cost $9,924,212)  9,924,212 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $567,523,594)  641,007,961 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (2,590,741) 
NET ASSETS - 100%  $638,417,220 

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

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

 (b) Non-income producing

 (c) A portion of the security sold on a delayed delivery basis.

 (d) 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 $2,823,889 or 0.4% of net assets.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


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 $13,261 
Fidelity Securities Lending Cash Central Fund 223,289 
Total $236,550 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $105,636,052 $41,958,582 $63,677,470 $-- 
Consumer Staples 74,269,225 42,720,160 31,549,065 -- 
Energy 14,211,905 14,211,905 -- -- 
Financials 141,883,328 58,085,668 83,797,660 -- 
Health Care 99,605,965 56,191,360 43,414,605 -- 
Industrials 62,507,490 28,212,071 34,295,419 -- 
Information Technology 63,728,005 29,884,314 33,843,689 2 
Materials 23,526,753 16,480,141 7,046,609 3 
Telecommunication Services 30,491,515 9,448,195 21,043,320 -- 
Utilities 15,223,511 -- 15,223,511 -- 
Money Market Funds 9,924,212 9,924,212 -- -- 
Total Investments in Securities: $641,007,961 $307,116,608 $333,891,348 $5 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $156,819,925 

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


Fidelity® Pacific Basin Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,532,375) — See accompanying schedule:
Unaffiliated issuers (cost $557,599,382) 		$631,083,749  
Fidelity Central Funds (cost $9,924,212) 9,924,212  
Total Investments (cost $567,523,594)  $641,007,961 
Foreign currency held at value (cost $72)  72 
Receivable for investments sold   
Regular delivery  6,698,077 
Delayed delivery  1,227,129 
Receivable for fund shares sold  318,394 
Dividends receivable  1,931,630 
Distributions receivable from Fidelity Central Funds  33,232 
Prepaid expenses  520 
Other receivables  33,046 
Total assets  651,250,061 
Liabilities   
Payable for fund shares redeemed $4,089,685  
Accrued management fee 490,771  
Other affiliated payables 126,615  
Other payables and accrued expenses 88,425  
Collateral on securities loaned, at value 8,037,345  
Total liabilities  12,832,841 
Net Assets  $638,417,220 
Net Assets consist of:   
Paid in capital  $564,619,236 
Undistributed net investment income  98,134 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  165,942 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  73,533,908 
Net Assets, for 24,021,343 shares outstanding  $638,417,220 
Net Asset Value, offering price and redemption price per share ($638,417,220 ÷ 24,021,343 shares)  $26.58 

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


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $2,877,080 
Special dividends  2,425,068 
Income from Fidelity Central Funds  236,550 
Income before foreign taxes withheld  5,538,698 
Less foreign taxes withheld  (354,574) 
Total income  5,184,124 
Expenses   
Management fee   
Basic fee $2,212,386  
Performance adjustment 689,160  
Transfer agent fees 601,778  
Accounting and security lending fees 158,241  
Custodian fees and expenses 76,723  
Independent trustees' compensation 1,444  
Registration fees 19,011  
Audit 46,175  
Legal 1,183  
Miscellaneous 2,257  
Total expenses before reductions 3,808,358  
Expense reductions (7,534) 3,800,824 
Net investment income (loss)  1,383,300 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 6,558,415  
Foreign currency transactions 67,700  
Total net realized gain (loss)  6,626,115 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $56,311) 		12,147,423  
Assets and liabilities in foreign currencies 50,621  
Total change in net unrealized appreciation (depreciation)  12,198,044 
Net gain (loss)  18,824,159 
Net increase (decrease) in net assets resulting from operations  $20,207,459 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,383,300 $9,343,644 
Net realized gain (loss) 6,626,115 28,035,513 
Change in net unrealized appreciation (depreciation) 12,198,044 (45,966,498) 
Net increase (decrease) in net assets resulting from operations 20,207,459 (8,587,341) 
Distributions to shareholders from net investment income (8,723,132) (4,307,962) 
Distributions to shareholders from net realized gain (22,916,295) (38,224,213) 
Total distributions (31,639,427) (42,532,175) 
Share transactions   
Proceeds from sales of shares 28,407,239 132,445,887 
Reinvestment of distributions 30,030,140 40,866,947 
Cost of shares redeemed (62,639,440) (165,448,385) 
Net increase (decrease) in net assets resulting from share transactions (4,202,061) 7,864,449 
Redemption fees 18,989 85,778 
Total increase (decrease) in net assets (15,615,040) (43,169,289) 
Net Assets   
Beginning of period 654,032,260 697,201,549 
End of period (including undistributed net investment income of $98,134 and undistributed net investment income of $7,437,966, respectively) $638,417,220 $654,032,260 
Other Information   
Shares   
Sold 1,096,528 4,689,033 
Issued in reinvestment of distributions 1,147,503 1,545,649 
Redeemed (2,438,149) (6,127,983) 
Net increase (decrease) (194,118) 106,699 

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


Financial Highlights — Fidelity Pacific Basin Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $27.01 $28.92 $31.47 $24.85 $22.96 $25.11 
Income from Investment Operations       
Net investment income (loss)A .06B .37C .31 .12 .30 .21 
Net realized and unrealized gain (loss) .82 (.49) 1.25 7.26 1.79 (1.51) 
Total from investment operations .88 (.12) 1.56 7.38 2.09 (1.30) 
Distributions from net investment income (.36) (.18) (.18) (.29) (.12) (.20) 
Distributions from net realized gain (.95) (1.61) (3.93) (.47) (.08) (.66) 
Total distributions (1.31) (1.79) (4.11) (.76) (.20) (.86) 
Redemption fees added to paid in capitalA –D –D –D –D –D .01 
Net asset value, end of period $26.58 $27.01 $28.92 $31.47 $24.85 $22.96 
Total ReturnE,F 3.35% (.29)% 5.68% 30.58% 9.22% (5.44)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.20%I 1.17% 1.18% 1.23% 1.28% 1.14% 
Expenses net of fee waivers, if any 1.20%I 1.17% 1.18% 1.22% 1.28% 1.13% 
Expenses net of all reductions 1.20%I 1.17% 1.18% 1.21% 1.26% 1.10% 
Net investment income (loss) .44%B,I 1.34%C 1.09% .42% 1.29% .81% 
Supplemental Data       
Net assets, end of period (000 omitted) $638,417 $654,032 $697,202 $719,675 $581,254 $722,453 
Portfolio turnover rateJ 30%I 36% 30% 82% 26% 59% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.33) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.10 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .99%.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 H 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.

 I Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Pacific Basin Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation 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 $121,555,219 
Gross unrealized depreciation (53,706,208) 
Net unrealized appreciation (depreciation) on securities $67,849,011 
Tax cost $573,158,950 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $95,513,066 and $129,110,419, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI All Country Pacific Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .92% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 annualized rate of .19% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $32 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $560 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $60,345. 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 $223,289, including $3,990 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,202 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $2,332.

9. 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.

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 (November 1, 2015 to April 30, 2016).

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 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.

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Fidelity Canada Fund     
Class A 1.57%    
Actual  $1,000.00 $1,066.60 $8.07 
Hypothetical-C  $1,000.00 $1,017.06 $7.87 
Class T 1.85%    
Actual  $1,000.00 $1,064.90 $9.50 
Hypothetical-C  $1,000.00 $1,015.66 $9.27 
Class B 2.33%    
Actual  $1,000.00 $1,062.50 $11.95 
Hypothetical-C  $1,000.00 $1,013.28 $11.66 
Class C 2.30%    
Actual  $1,000.00 $1,062.80 $11.80 
Hypothetical-C  $1,000.00 $1,013.43 $11.51 
Canada 1.26%    
Actual  $1,000.00 $1,068.30 $6.48 
Hypothetical-C  $1,000.00 $1,018.60 $6.32 
Class I 1.21%    
Actual  $1,000.00 $1,068.50 $6.22 
Hypothetical-C  $1,000.00 $1,018.85 $6.07 
Fidelity China Region Fund     
Class A 1.32%    
Actual  $1,000.00 $894.30 $6.22 
Hypothetical-C  $1,000.00 $1,018.30 $6.62 
Class T 1.68%    
Actual  $1,000.00 $892.50 $7.91 
Hypothetical-C  $1,000.00 $1,016.51 $8.42 
Class B 2.11%    
Actual  $1,000.00 $890.50 $9.92 
Hypothetical-C  $1,000.00 $1,014.37 $10.57 
Class C 2.08%    
Actual  $1,000.00 $891.00 $9.78 
Hypothetical-C  $1,000.00 $1,014.52 $10.42 
China Region 1.03%    
Actual  $1,000.00 $895.50 $4.85 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class I 1.00%    
Actual  $1,000.00 $895.70 $4.71 
Hypothetical-C  $1,000.00 $1,019.89 $5.02 
Fidelity Emerging Asia Fund 1.14%    
Actual  $1,000.00 $975.30 $5.60 
Hypothetical-C  $1,000.00 $1,019.19 $5.72 
Fidelity Emerging Markets Fund     
Emerging Markets 1.03%    
Actual  $1,000.00 $1,002.30 $5.13 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class K .84%    
Actual  $1,000.00 $1,003.30 $4.18 
Hypothetical-C  $1,000.00 $1,020.69 $4.22 
Fidelity Europe Fund     
Class A 1.39%    
Actual  $1,000.00 $980.60 $6.84 
Hypothetical-C  $1,000.00 $1,017.95 $6.97 
Class T 1.70%    
Actual  $1,000.00 $979.20 $8.37 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.19%    
Actual  $1,000.00 $976.90 $10.76 
Hypothetical-C  $1,000.00 $1,013.97 $10.97 
Class C 2.18%    
Actual  $1,000.00 $976.70 $10.71 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Europe 1.08%    
Actual  $1,000.00 $982.20 $5.32 
Hypothetical-C  $1,000.00 $1,019.49 $5.42 
Class I 1.02%    
Actual  $1,000.00 $982.50 $5.03 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 
Fidelity Japan Fund     
Class A 1.09%    
Actual  $1,000.00 $958.90 $5.31 
Hypothetical-C  $1,000.00 $1,019.44 $5.47 
Class T 1.45%    
Actual  $1,000.00 $956.80 $7.05 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class B 1.91%    
Actual  $1,000.00 $955.20 $9.29 
Hypothetical-C  $1,000.00 $1,015.37 $9.57 
Class C 1.82%    
Actual  $1,000.00 $955.00 $8.85 
Hypothetical-C  $1,000.00 $1,015.81 $9.12 
Japan .80%    
Actual  $1,000.00 $960.70 $3.90 
Hypothetical-C  $1,000.00 $1,020.89 $4.02 
Class I .78%    
Actual  $1,000.00 $960.30 $3.80 
Hypothetical-C  $1,000.00 $1,020.98 $3.92 
Fidelity Japan Smaller Companies Fund .97%    
Actual  $1,000.00 $1,038.70 $4.92 
Hypothetical-C  $1,000.00 $1,020.04 $4.87 
Fidelity Latin America Fund     
Class A 1.42%    
Actual  $1,000.00 $1,085.10 $7.36 
Hypothetical-C  $1,000.00 $1,017.80 $7.12 
Class T 1.71%    
Actual  $1,000.00 $1,083.30 $8.86 
Hypothetical-C  $1,000.00 $1,016.36 $8.57 
Class B 2.17%    
Actual  $1,000.00 $1,081.00 $11.23 
Hypothetical-C  $1,000.00 $1,014.07 $10.87 
Class C 2.17%    
Actual  $1,000.00 $1,080.70 $11.23 
Hypothetical-C  $1,000.00 $1,014.07 $10.87 
Latin America 1.17%    
Actual  $1,000.00 $1,086.70 $6.07 
Hypothetical-C  $1,000.00 $1,019.05 $5.87 
Class I 1.13%    
Actual  $1,000.00 $1,086.60 $5.86 
Hypothetical-C  $1,000.00 $1,019.24 $5.67 
Fidelity Nordic Fund .99%    
Actual  $1,000.00 $1,098.00 $5.16 
Hypothetical-C  $1,000.00 $1,019.94 $4.97 
Fidelity Pacific Basin Fund 1.20%    
Actual  $1,000.00 $1,033.50 $6.07 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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Fidelity® Total International Equity Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 to request a free copy of the proxy voting guidelines.

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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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 13.7% 
   United Kingdom 13.5% 
   United States of America* 12.7% 
   Switzerland 7.7% 
   France 7.0% 
   Germany 3.8% 
   India 3.3% 
   Australia 3.2% 
   Spain 2.8% 
   Other 32.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 15.7% 
   Japan 14.0% 
   United States of America* 10.2% 
   Switzerland 8.4% 
   France 6.6% 
   Germany 3.8% 
   Sweden 2.9% 
   Australia 2.7% 
   India 2.6% 
   Other 33.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.5 99.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.5 1.0 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 2.6 2.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 2.3 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.2 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.3 1.3 
Total SA (France, Oil, Gas & Consumable Fuels) 1.2 1.2 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.2 1.1 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 1.1 1.0 
CSL Ltd. (Australia, Biotechnology) 1.1 0.8 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 1.1 1.0 
Astellas Pharma, Inc. (Japan, Pharmaceuticals) 1.1 1.1 
 14.0  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.3 22.0 
Health Care 14.1 14.7 
Consumer Discretionary 13.8 16.1 
Consumer Staples 13.7 11.4 
Information Technology 12.4 11.3 
Industrials 11.3 11.1 
Materials 5.2 4.9 
Energy 3.6 2.9 
Telecommunication Services 2.9 2.7 
Utilities 2.2 1.9 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value 
Argentina - 0.2%   
Banco Macro SA sponsored ADR 5,400 $338,202 
Grupo Financiero Galicia SA sponsored ADR 11,900 338,793 
TOTAL ARGENTINA  676,995 
Australia - 3.2%   
Amcor Ltd. (a) 31,664 370,766 
Ansell Ltd. (a) 33,670 510,228 
Beacon Lighting Group Ltd. 28,000 38,747 
CSL Ltd. 42,420 3,392,481 
DuluxGroup Ltd. 22,765 110,780 
Imdex Ltd. (a) 134,227 20,922 
Macquarie Group Ltd. 9,698 468,241 
RCG Corp. Ltd. 97,518 101,583 
Sydney Airport unit 140,091 725,389 
TFS Corp. Ltd. 64,586 76,608 
Transurban Group unit 173,855 1,530,768 
Westpac Banking Corp. 108,726 2,552,187 
TOTAL AUSTRALIA  9,898,700 
Austria - 0.5%   
Andritz AG 25,972 1,454,546 
Zumtobel AG 4,500 58,586 
TOTAL AUSTRIA  1,513,132 
Bailiwick of Jersey - 0.3%   
Integrated Diagnostics Holdings PLC 14,600 67,890 
Wolseley PLC 15,116 846,678 
TOTAL BAILIWICK OF JERSEY  914,568 
Belgium - 1.9%   
Anheuser-Busch InBev SA NV 38,071 4,712,425 
Gimv NV 819 45,483 
KBC Ancora 4,281 151,127 
KBC Groep NV 21,007 1,179,371 
TOTAL BELGIUM  6,088,406 
Bermuda - 0.7%   
Axalta Coating Systems (a) 11,500 327,405 
China Gas Holdings Ltd. 278,000 401,358 
China Resource Gas Group Ltd. 142,000 401,837 
Credicorp Ltd. (United States) 4,200 610,764 
Markit Ltd. (a) 8,000 279,120 
Vostok New Ventures Ltd. SDR (a) 13,260 75,461 
TOTAL BERMUDA  2,095,945 
Brazil - 1.1%   
BB Seguridade Participacoes SA 55,700 485,862 
Cielo SA 60,036 584,780 
Kroton Educacional SA 140,300 522,160 
Qualicorp SA 90,800 393,376 
Smiles SA 30,300 351,521 
Ultrapar Participacoes SA 25,600 539,057 
Weg SA 102,500 452,410 
TOTAL BRAZIL  3,329,166 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 14,800 299,700 
Canada - 0.7%   
Cara Operations Ltd. 4,100 106,070 
Constellation Software, Inc. 100 39,080 
Imperial Oil Ltd. 24,900 825,766 
McCoy Global, Inc. 15,800 25,815 
New Look Vision Group, Inc. 3,000 74,241 
Pason Systems, Inc. 43,100 626,559 
Potash Corp. of Saskatchewan, Inc. 21,900 387,487 
ShawCor Ltd. Class A 1,900 51,335 
Tesco Corp. 5,500 52,030 
TOTAL CANADA  2,188,383 
Cayman Islands - 2.5%   
58.com, Inc. ADR (a) 9,700 530,105 
Alibaba Group Holding Ltd. sponsored ADR (a) 21,800 1,677,292 
Baidu.com, Inc. sponsored ADR (a) 5,000 971,500 
ENN Energy Holdings Ltd. 62,000 302,414 
Fu Shou Yuan International Group Ltd. 482,000 338,167 
International Housewares Retail Co. Ltd. 300,000 49,032 
New Oriental Education & Technology Group, Inc. sponsored ADR 9,900 387,684 
Shenzhou International Group Holdings Ltd. 79,000 408,393 
Sino Biopharmaceutical Ltd. 516,000 365,640 
TAL Education Group ADR (a) 6,200 358,732 
Tencent Holdings Ltd. 122,900 2,500,808 
Value Partners Group Ltd. 55,000 52,500 
TOTAL CAYMAN ISLANDS  7,942,267 
China - 0.6%   
China Pacific Insurance (Group) Co. Ltd. (H Shares) 132,200 463,552 
Inner Mongoli Yili Industries Co. Ltd. 139,000 322,699 
Jiangsu Hengrui Medicine Co. Ltd. 45,830 330,449 
Kweichow Moutai Co. Ltd. 10,340 401,203 
Shanghai International Airport Co. Ltd. 72,800 305,974 
TOTAL CHINA  1,823,877 
Denmark - 1.3%   
Jyske Bank A/S (Reg.) 15,654 640,880 
Novo Nordisk A/S Series B sponsored ADR 60,760 3,389,800 
Scandinavian Tobacco Group A/S 3,000 47,725 
Spar Nord Bank A/S 11,631 94,842 
TOTAL DENMARK  4,173,247 
Finland - 0.5%   
Sampo Oyj (A Shares) 27,653 1,207,351 
Tikkurila Oyj 26,280 460,707 
TOTAL FINLAND  1,668,058 
France - 7.0%   
Atos Origin SA 16,004 1,424,463 
AXA SA 75,806 1,914,071 
Bouygues SA (b) 12,277 409,363 
Capgemini SA 15,802 1,475,210 
Dassault Systemes SA 4,500 351,931 
Elis SA 5,500 100,985 
Essilor International SA 9,145 1,183,801 
Havas SA 80,986 677,693 
Laurent-Perrier Group SA 759 64,530 
Orange SA 59,500 988,529 
Renault SA 9,911 956,459 
Sanofi SA 29,328 2,417,406 
Societe Generale Series A 31,200 1,227,632 
SR Teleperformance SA 5,700 511,700 
Total SA 77,133 3,898,362 
Unibail-Rodamco 5,000 1,339,709 
Vetoquinol SA 1,700 70,466 
VINCI SA 24,100 1,800,344 
Virbac SA 730 133,157 
Vivendi SA (b) 57,152 1,097,908 
TOTAL FRANCE  22,043,719 
Germany - 3.6%   
adidas AG 2,800 361,011 
alstria office REIT-AG 6,200 86,967 
Axel Springer Verlag AG 9,300 519,244 
BASF AG 23,970 1,980,290 
Bayer AG 16,012 1,847,205 
CompuGroup Medical AG 7,646 300,298 
Continental AG 2,383 523,356 
CTS Eventim AG 7,980 279,516 
Fielmann AG 2,458 181,228 
Fresenius SE & Co. KGaA 18,300 1,331,024 
GEA Group AG 11,615 538,507 
Nexus AG 4,000 70,077 
SAP AG 37,730 2,960,335 
Wirecard AG (b) 8,800 380,033 
TOTAL GERMANY  11,359,091 
Greece - 0.0%   
Titan Cement Co. SA (Reg.) 1,844 42,065 
Hong Kong - 1.4%   
AIA Group Ltd. 429,800 2,572,184 
Guangdong Investment Ltd. 334,000 471,629 
Power Assets Holdings Ltd. 87,500 832,483 
Techtronic Industries Co. Ltd. 96,500 361,747 
TOTAL HONG KONG  4,238,043 
India - 3.3%   
Adani Ports & Special Economic Zone 130,670 468,579 
Amara Raja Batteries Ltd. 25,033 360,220 
Asian Paints India Ltd. 32,877 428,747 
Bharti Infratel Ltd. 65,320 368,710 
Colgate-Palmolive (India) 28,645 362,604 
GlaxoSmithKline Consumer Healthcare Ltd. (a) 4,231 375,650 
HCL Technologies Ltd. 38,811 438,384 
HDFC Bank Ltd. (a) 19,066 387,551 
Hindustan Unilever Ltd. 39,555 516,816 
Housing Development Finance Corp. Ltd. 87,831 1,439,201 
IndusInd Bank Ltd. 23,402 369,515 
Infosys Ltd. 54,376 987,776 
ITC Ltd. 117,362 574,129 
Jyothy Laboratories Ltd. 16,417 75,232 
LIC Housing Finance Ltd. (a) 52,804 367,499 
Lupin Ltd. 15,964 386,269 
Maruti Suzuki India Ltd. (a) 8,151 465,637 
Power Grid Corp. of India Ltd. 160,535 346,564 
Sun Pharmaceutical Industries Ltd. 44,169 539,466 
Tata Consultancy Services Ltd. 18,951 723,371 
Titan Co. Ltd. 55,471 297,207 
TOTAL INDIA  10,279,127 
Indonesia - 0.9%   
PT ACE Hardware Indonesia Tbk 4,792,900 336,172 
PT Bank Central Asia Tbk 537,100 531,480 
PT Bank Rakyat Indonesia Tbk 575,000 451,263 
PT Kalbe Farma Tbk 3,267,100 340,633 
PT Matahari Department Store Tbk 279,100 402,100 
PT Surya Citra Media Tbk 1,553,000 376,827 
PT Tower Bersama Infrastructure Tbk (a) 621,800 279,357 
TOTAL INDONESIA  2,717,832 
Ireland - 1.6%   
Allergan PLC (a) 2,200 476,432 
CRH PLC sponsored ADR 59,929 1,744,533 
FBD Holdings PLC 5,372 39,368 
James Hardie Industries PLC:   
CDI 23,978 337,833 
sponsored ADR 112,225 1,573,395 
Medtronic PLC 10,600 838,990 
TOTAL IRELAND  5,010,551 
Isle of Man - 0.3%   
Playtech Ltd. 76,677 901,334 
Israel - 1.1%   
Azrieli Group 11,796 468,500 
Check Point Software Technologies Ltd. (a) 4,000 331,480 
Frutarom Industries Ltd. 6,900 353,638 
Ituran Location & Control Ltd. 5,661 117,749 
Strauss Group Ltd. 6,859 108,692 
Teva Pharmaceutical Industries Ltd. sponsored ADR 35,509 1,933,465 
TOTAL ISRAEL  3,313,524 
Italy - 1.6%   
Azimut Holding SpA 22,914 576,704 
Banco di Desio e della Brianza SpA 19,000 53,563 
Beni Stabili SpA SIIQ 190,326 141,003 
Eni SpA 94,900 1,550,375 
Interpump Group SpA 49,391 710,898 
Intesa Sanpaolo SpA 297,500 826,991 
Mediaset SpA 121,000 544,506 
Telecom Italia SpA (a) 638,800 623,771 
TOTAL ITALY  5,027,811 
Japan - 13.7%   
Aoki Super Co. Ltd. 6,000 70,898 
Artnature, Inc. 12,300 101,984 
Asahi Co. Ltd. 6,600 97,893 
Astellas Pharma, Inc. 245,800 3,314,022 
Autobacs Seven Co. Ltd. 5,800 100,069 
Azbil Corp. 8,200 210,398 
Broadleaf Co. Ltd. 2,700 26,682 
Central Automotive Products Ltd. 8,000 66,678 
Century21 Real Estate Japan Ltd. (c) 2,500 27,834 
Coca-Cola Central Japan Co. Ltd. 18,700 342,601 
Daiichikosho Co. Ltd. 3,300 138,342 
Daikokutenbussan Co. Ltd. 5,000 224,719 
DENSO Corp. 48,600 1,847,343 
Dentsu, Inc. 21,800 1,107,636 
East Japan Railway Co. 20,600 1,812,307 
Funai Soken Holdings, Inc. 3,000 45,516 
GCA Savvian Group Corp. 6,800 62,834 
Glory Ltd. 3,900 127,730 
Goldcrest Co. Ltd. 7,960 113,977 
Hokuriku Electrical Construction Co. Ltd. 5,000 36,583 
Hoya Corp. 50,700 1,941,520 
Hub Co. Ltd. 2,500 40,088 
Itochu Corp. 85,300 1,084,044 
Iwatsuka Confectionary Co. Ltd. 800 36,244 
Japan Digital Laboratory Co. 6,100 82,516 
Japan Tobacco, Inc. 70,800 2,892,742 
KDDI Corp. 49,800 1,434,526 
Keyence Corp. 2,621 1,571,009 
Kobayashi Pharmaceutical Co. Ltd. 2,000 159,305 
Koshidaka Holdings Co. Ltd. 4,000 78,655 
Lasertec Corp. 6,300 81,908 
Makita Corp. 12,700 801,159 
Medikit Co. Ltd. 2,200 76,699 
Meiko Network Japan Co. Ltd. 2,700 29,778 
Mitsubishi UFJ Financial Group, Inc. 357,000 1,647,489 
Mitsui Fudosan Co. Ltd. 54,000 1,318,811 
Nagaileben Co. Ltd. 8,600 175,497 
Nakano Refrigerators Co. Ltd. 2,000 47,850 
ND Software Co. Ltd. 6,000 49,390 
Nihon Parkerizing Co. Ltd. 20,200 178,172 
Nintendo Co. Ltd. 4,400 595,765 
Nippon Prologis REIT, Inc. (c) 241 577,879 
Nippon Telegraph & Telephone Corp. 41,900 1,875,039 
NS Tool Co. Ltd. 3,800 63,002 
OBIC Co. Ltd. 17,800 935,585 
Olympus Corp. 43,600 1,698,509 
ORIX Corp. 71,100 1,005,705 
OSG Corp. 33,500 622,551 
Paramount Bed Holdings Co. Ltd. 3,400 126,476 
ProNexus, Inc. 8,000 80,904 
San-Ai Oil Co. Ltd. 11,000 77,092 
Seven & i Holdings Co. Ltd. 23,200 946,617 
Seven Bank Ltd. 398,800 1,694,584 
Shinsei Bank Ltd. 334,000 468,127 
SHO-BOND Holdings Co. Ltd. 22,100 956,249 
Shoei Co. Ltd. 5,800 87,794 
SK Kaken Co. Ltd. 1,100 90,257 
Software Service, Inc. 1,600 61,799 
Sony Corp. 31,300 758,137 
Sony Financial Holdings, Inc. 44,000 543,969 
Sumitomo Mitsui Financial Group, Inc. 42,600 1,281,907 
Techno Medica Co. Ltd. 1,800 37,734 
The Monogatari Corp. 1,500 70,800 
The Nippon Synthetic Chemical Industry Co. Ltd. 6,000 36,206 
TKC Corp. 3,300 89,656 
Tocalo Co. Ltd. 2,800 50,368 
Toyota Motor Corp. 50,000 2,534,487 
Tsutsumi Jewelry Co. Ltd. 2,200 45,954 
USS Co. Ltd. 110,600 1,749,509 
Workman Co. Ltd. 3,800 119,455 
Yamada Consulting Group Co. Ltd. 2,000 61,101 
Yamato Kogyo Co. Ltd. 1,700 39,907 
TOTAL JAPAN  42,986,572 
Kenya - 0.2%   
Safaricom Ltd. 4,376,100 740,904 
Korea (South) - 1.6%   
AMOREPACIFIC Corp. 1,718 611,068 
AMOREPACIFIC Group, Inc. 3,162 463,671 
BGFretail Co. Ltd. 4,710 764,667 
Coway Co. Ltd. 4,513 388,401 
KT&G Corp. 5,617 603,043 
Leeno Industrial, Inc. 959 35,868 
LG Chemical Ltd. 2,168 562,023 
LG Household & Health Care Ltd. 620 544,954 
NAVER Corp. 1,801 1,064,243 
TOTAL KOREA (SOUTH)  5,037,938 
Luxembourg - 0.3%   
Eurofins Scientific SA 1,000 371,053 
RTL Group SA 6,427 534,133 
TOTAL LUXEMBOURG  905,186 
Mexico - 2.2%   
Banregio Grupo Financiero S.A.B. de CV 64,200 384,723 
Consorcio ARA S.A.B. de CV 254,355 99,793 
El Puerto de Liverpool S.A.B. de CV Class C 31,300 355,796 
Fomento Economico Mexicano S.A.B. de CV:   
unit 71,500 665,269 
sponsored ADR 7,333 683,509 
Gruma S.A.B. de CV Series B 26,400 385,658 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 45,000 423,984 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 28,135 432,066 
Grupo Aeroportuario Norte S.A.B. de CV 65,200 377,300 
Grupo Financiero Banorte S.A.B. de CV Series O 106,900 606,866 
Grupo GICSA SA de CV (a) 272,500 214,140 
Infraestructura Energetica Nova S.A.B. de CV 84,400 329,807 
Kimberly-Clark de Mexico SA de CV Series A 173,200 409,930 
Megacable Holdings S.A.B. de CV unit 81,200 374,977 
Promotora y Operadora de Infraestructura S.A.B. de CV 27,700 351,292 
Tenedora Nemak SA de CV 233,700 335,242 
Wal-Mart de Mexico SA de CV Series V 167,600 414,503 
TOTAL MEXICO  6,844,855 
Netherlands - 1.6%   
Aalberts Industries NV 6,100 208,985 
Heijmans NV (Certificaten Van Aandelen) (a) 4,481 42,228 
ING Groep NV (Certificaten Van Aandelen) 113,576 1,390,887 
Koninklijke KPN NV 150,029 589,562 
Mylan N.V. 9,800 408,758 
PostNL NV (a) 74,300 324,995 
RELX NV 100,780 1,691,160 
VastNed Retail NV 5,035 221,677 
TOTAL NETHERLANDS  4,878,252 
Norway - 0.0%   
Kongsberg Gruppen ASA 4,500 75,449 
Philippines - 0.9%   
Ayala Corp. 26,950 441,766 
Ayala Land, Inc. 590,400 434,939 
D&L Industries, Inc. 1,653,900 316,469 
GT Capital Holdings, Inc. 12,985 377,389 
International Container Terminal Services, Inc. 241,940 334,349 
Jollibee Food Corp. 16,980 82,887 
SM Investments Corp. 20,420 409,833 
SM Prime Holdings, Inc. 859,600 413,946 
TOTAL PHILIPPINES  2,811,578 
Russia - 0.3%   
Magnit OJSC (a) 3,350 465,579 
NOVATEK OAO GDR (Reg. S) 5,300 508,800 
TOTAL RUSSIA  974,379 
South Africa - 2.0%   
Aspen Pharmacare Holdings Ltd. 23,800 560,891 
Bidvest Group Ltd. 20,132 510,935 
Clicks Group Ltd. 60,693 443,283 
Discovery Ltd. 48,767 435,829 
FirstRand Ltd. 169,400 544,427 
Mondi Ltd. 21,100 405,362 
Mr Price Group Ltd. 33,900 430,631 
Naspers Ltd. Class N 17,300 2,373,735 
Sanlam Ltd. 107,700 522,035 
TOTAL SOUTH AFRICA  6,227,128 
Spain - 2.8%   
Amadeus IT Holding SA Class A 42,900 1,952,134 
Hispania Activos Inmobiliarios SA (a) 38,400 562,815 
Iberdrola SA 254,372 1,810,808 
Inditex SA 91,236 2,928,810 
Mediaset Espana Comunicacion SA 49,300 640,154 
Merlin Properties Socimi SA 36,100 419,564 
Prosegur Compania de Seguridad SA (Reg.) 106,676 616,854 
TOTAL SPAIN  8,931,139 
Sweden - 2.4%   
ASSA ABLOY AB (B Shares) 136,700 2,866,624 
Fagerhult AB 49,855 1,160,942 
Intrum Justitia AB 11,563 414,978 
Nordea Bank AB 138,267 1,342,131 
Saab AB (B Shares) 3,000 102,622 
Sandvik AB (b) 48,200 494,578 
Svenska Handelsbanken AB (A Shares) (b) 87,445 1,166,530 
TOTAL SWEDEN  7,548,405 
Switzerland - 7.7%   
Credit Suisse Group AG 48,674 740,743 
Lafargeholcim Ltd. (Reg.) 13,560 686,552 
Nestle SA 107,904 8,053,917 
Novartis AG 72,031 5,481,722 
Roche Holding AG (participation certificate) 15,701 3,972,498 
Schindler Holding AG:   
(participation certificate) 7,634 1,390,243 
(Reg.) 2,251 413,688 
Sika AG 90 383,061 
Syngenta AG (Switzerland) 3,219 1,288,540 
Tecan Group AG 600 83,311 
UBS Group AG 22,589 390,112 
Zurich Insurance Group AG 5,646 1,266,874 
TOTAL SWITZERLAND  24,151,261 
Taiwan - 1.6%   
Addcn Technology Co. Ltd. 8,500 65,257 
Advantech Co. Ltd. 48,000 338,792 
ECLAT Textile Co. Ltd. 34,643 395,194 
Largan Precision Co. Ltd. 5,870 412,497 
Taiwan Semiconductor Manufacturing Co. Ltd. 835,035 3,830,521 
TOTAL TAIWAN  5,042,261 
Thailand - 0.4%   
Airports of Thailand PCL (For. Reg.) 37,800 424,330 
Bangkok Dusit Medical Services PCL (For. Reg.) 527,200 359,317 
Thai Beverage PCL 612,400 339,248 
TOTAL THAILAND  1,122,895 
Turkey - 0.5%   
Bim Birlesik Magazalar A/S JSC 19,000 418,299 
Koc Holding A/S 83,000 433,985 
Tofas Turk Otomobil Fabrikasi A/S 44,054 348,590 
Tupras Turkiye Petrol Rafinelleri A/S 15,000 395,908 
TOTAL TURKEY  1,596,782 
United Arab Emirates - 0.1%   
DP World Ltd. 20,486 387,185 
United Kingdom - 13.5%   
AA PLC 21,973 89,447 
Alliance Pharma PLC 64,414 42,353 
Associated British Foods PLC 28,900 1,293,842 
AstraZeneca PLC (United Kingdom) 31,527 1,808,786 
Aviva PLC 160,179 1,014,812 
Babcock International Group PLC 28,323 392,115 
BAE Systems PLC 249,621 1,741,520 
Barclays PLC 406,095 1,019,607 
Bellway PLC 6,328 226,253 
Berendsen PLC 67,555 1,164,754 
British American Tobacco PLC (United Kingdom) 5,700 347,541 
Britvic PLC 8,417 86,581 
Bunzl PLC 42,632 1,270,129 
Compass Group PLC 72,807 1,296,575 
Dechra Pharmaceuticals PLC 9,600 155,139 
DP Poland PLC (a) 200,000 75,980 
Elementis PLC 47,708 150,501 
Great Portland Estates PLC 13,972 154,747 
Hikma Pharmaceuticals PLC 13,118 422,449 
Hilton Food Group PLC 5,400 44,422 
Howden Joinery Group PLC 67,400 486,499 
HSBC Holdings PLC sponsored ADR 53,617 1,787,055 
Imperial Tobacco Group PLC 38,114 2,070,843 
Informa PLC 223,214 2,134,646 
InterContinental Hotel Group PLC ADR 69,496 2,789,569 
ITE Group PLC 41,200 93,460 
ITV PLC 374,619 1,232,687 
JUST EAT Ltd. (a) 12,540 70,268 
Lloyds Banking Group PLC 2,277,100 2,234,999 
Micro Focus International PLC 36,100 806,510 
National Grid PLC 115,665 1,650,378 
NMC Health PLC 22,600 345,740 
Prudential PLC 122,580 2,419,672 
Reckitt Benckiser Group PLC 36,651 3,570,500 
Rightmove PLC 7,800 439,695 
Rio Tinto PLC 69,603 2,334,923 
Royal Dutch Shell PLC Class B (United Kingdom) 39,530 1,037,855 
Shaftesbury PLC 41,837 556,284 
Spectris PLC 7,970 212,062 
Spirax-Sarco Engineering PLC 5,699 284,370 
Taylor Wimpey PLC 29,400 79,171 
Ted Baker PLC 3,375 117,613 
Topps Tiles PLC 33,400 66,371 
Ultra Electronics Holdings PLC 5,901 152,269 
Unite Group PLC 66,977 618,986 
Vodafone Group PLC sponsored ADR 63,826 2,089,663 
TOTAL UNITED KINGDOM  42,479,641 
United States of America - 11.2%   
A.O. Smith Corp. 4,200 324,324 
Alphabet, Inc.:   
Class A 2,030 1,436,996 
Class C 406 281,362 
Altria Group, Inc. 11,100 696,081 
Amazon.com, Inc. (a) 600 395,754 
Amphenol Corp. Class A 5,400 301,482 
ANSYS, Inc. (a) 500 45,385 
Autoliv, Inc. 13,654 1,672,205 
Berkshire Hathaway, Inc. Class B (a) 9,016 1,311,648 
Broadridge Financial Solutions, Inc. 1,340 80,186 
Chevron Corp. 9,000 919,620 
China Biologic Products, Inc. (a) 10,200 1,193,400 
ConocoPhillips Co. 22,200 1,060,938 
Constellation Brands, Inc. Class A (sub. vtg.) 8,300 1,295,298 
Danaher Corp. 3,200 309,600 
Domino's Pizza, Inc. 6,800 821,984 
Ecolab, Inc. 2,800 321,944 
Edgewell Personal Care Co. (a) 5,400 443,178 
Energizer Holdings, Inc. 1,000 43,490 
Facebook, Inc. Class A (a) 2,800 329,224 
Gartner, Inc. Class A (a) 3,400 296,378 
International Flavors & Fragrances, Inc. 3,100 370,357 
Kennedy-Wilson Holdings, Inc. 7,773 167,975 
Martin Marietta Materials, Inc. 4,970 841,073 
MasterCard, Inc. Class A 26,000 2,521,740 
McGraw Hill Financial, Inc. 19,800 2,115,630 
MercadoLibre, Inc. 3,100 387,159 
Mettler-Toledo International, Inc. (a) 1,000 357,950 
Mohawk Industries, Inc. (a) 8,665 1,669,139 
Molson Coors Brewing Co. Class B 14,800 1,415,324 
Moody's Corp. 9,900 947,628 
MSCI, Inc. Class A 12,200 926,468 
NIKE, Inc. Class B 5,600 330,064 
Philip Morris International, Inc. 18,500 1,815,220 
PPG Industries, Inc. 2,900 320,131 
PriceSmart, Inc. 8,885 768,908 
ResMed, Inc. 12,720 709,776 
Reynolds American, Inc. 24,900 1,235,040 
Sherwin-Williams Co. 2,300 660,813 
SS&C Technologies Holdings, Inc. 14,054 859,402 
The Walt Disney Co. 3,000 309,780 
TransDigm Group, Inc. (a) 1,500 341,805 
Visa, Inc. Class A 32,877 2,539,419 
TOTAL UNITED STATES OF AMERICA  35,191,278 
TOTAL COMMON STOCKS   
(Cost $262,015,051)  305,478,629 
Nonconvertible Preferred Stocks - 1.1%   
Brazil - 0.9%   
Ambev SA sponsored ADR 152,100 850,239 
Banco Bradesco SA (PN) 113,850 857,372 
Itau Unibanco Holding SA 94,300 901,255 
TOTAL BRAZIL  2,608,866 
Germany - 0.2%   
Sartorius AG (non-vtg.) 900 222,031 
Volkswagen AG 2,990 432,927 
TOTAL GERMANY  654,958 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $3,142,197)  3,263,824 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 0.38% (d) 3,860,982 3,860,982 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 3,158,800 3,158,800 
TOTAL MONEY MARKET FUNDS   
(Cost $7,019,782)  7,019,782 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $272,177,030)  315,762,235 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (2,185,787) 
NET ASSETS - 100%  $313,576,448 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $6,565 
Fidelity Securities Lending Cash Central Fund 41,244 
Total $47,809 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $44,289,186 $31,864,746 $12,424,440 $-- 
Consumer Staples 43,532,195 26,785,127 16,747,068 -- 
Energy 11,569,512 5,005,828 6,563,684 -- 
Financials 59,479,309 30,876,288 28,603,021 -- 
Health Care 44,295,373 22,767,675 21,527,698 -- 
Industrials 34,242,642 25,865,080 8,377,562 -- 
Information Technology 38,595,430 23,298,008 15,297,422 -- 
Materials 17,201,467 14,479,937 2,721,530 -- 
Telecommunication Services 8,990,061 3,478,634 5,511,427 -- 
Utilities 6,547,278 676,371 5,870,907 -- 
Money Market Funds 7,019,782 7,019,782 -- -- 
Total Investments in Securities: $315,762,235 $192,117,476 $123,644,759 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $4,099,814 
Level 2 to Level 1 $34,866,774 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,961,201) — See accompanying schedule:
Unaffiliated issuers (cost $265,157,248) 		$308,742,453  
Fidelity Central Funds (cost $7,019,782) 7,019,782  
Total Investments (cost $272,177,030)  $315,762,235 
Foreign currency held at value (cost $18,143)  17,488 
Receivable for investments sold  433,383 
Receivable for fund shares sold  52,780 
Dividends receivable  1,829,196 
Distributions receivable from Fidelity Central Funds  23,163 
Prepaid expenses  265 
Receivable from investment adviser for expense reductions  56 
Other receivables  24,958 
Total assets  318,143,524 
Liabilities   
Payable to custodian bank $71,380  
Payable for investments purchased   
Regular delivery 521,035  
Delayed delivery 44,749  
Payable for fund shares redeemed 436,104  
Accrued management fee 199,146  
Distribution and service plan fees payable 10,041  
Other affiliated payables 47,252  
Other payables and accrued expenses 78,569  
Collateral on securities loaned, at value 3,158,800  
Total liabilities  4,567,076 
Net Assets  $313,576,448 
Net Assets consist of:   
Paid in capital  $303,103,887 
Undistributed net investment income  1,912,194 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (35,054,648) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  43,615,015 
Net Assets  $313,576,448 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,818,273 ÷ 1,166,002 shares)  $7.56 
Maximum offering price per share (100/94.25 of $7.56)  $8.02 
Class T:   
Net Asset Value and redemption price per share ($13,627,834 ÷ 1,793,896 shares)  $7.60 
Maximum offering price per share (100/96.50 of $7.60)  $7.88 
Class B:   
Net Asset Value and offering price per share ($93,240 ÷ 12,203 shares)(a)  $7.64 
Class C:   
Net Asset Value and offering price per share ($3,077,150 ÷ 406,220 shares)(a)  $7.58 
Total International Equity:   
Net Asset Value, offering price and redemption price per share ($284,995,679 ÷ 37,639,906 shares)  $7.57 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,964,272 ÷ 393,120 shares)  $7.54 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,405,366 
Income from Fidelity Central Funds  47,809 
Income before foreign taxes withheld  4,453,175 
Less foreign taxes withheld  (400,599) 
Total income  4,052,576 
Expenses   
Management fee   
Basic fee $1,101,234  
Performance adjustment 185,483  
Transfer agent fees 204,427  
Distribution and service plan fees 59,906  
Accounting and security lending fees 81,700  
Custodian fees and expenses 112,889  
Independent trustees' compensation 693  
Registration fees 33,115  
Audit 63,656  
Legal 868  
Miscellaneous 1,090  
Total expenses before reductions 1,845,061  
Expense reductions (13,581) 1,831,480 
Net investment income (loss)  2,221,096 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,285,836)  
Foreign currency transactions 74,152  
Total net realized gain (loss)  (5,211,684) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $30,538) 		(4,718,985)  
Assets and liabilities in foreign currencies 3,044  
Total change in net unrealized appreciation (depreciation)  (4,715,941) 
Net gain (loss)  (9,927,625) 
Net increase (decrease) in net assets resulting from operations  $(7,706,529) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,221,096 $4,170,618 
Net realized gain (loss) (5,211,684) (5,852,740) 
Change in net unrealized appreciation (depreciation) (4,715,941) (558,579) 
Net increase (decrease) in net assets resulting from operations (7,706,529) (2,240,701) 
Distributions to shareholders from net investment income (3,869,339) (5,482,469) 
Distributions to shareholders from net realized gain – (1,726,810) 
Total distributions (3,869,339) (7,209,279) 
Share transactions - net increase (decrease) (11,041,483) (4,678,824) 
Redemption fees 426 1,289 
Total increase (decrease) in net assets (22,616,925) (14,127,515) 
Net Assets   
Beginning of period 336,193,373 350,320,888 
End of period (including undistributed net investment income of $1,912,194 and undistributed net investment income of $3,560,437, respectively) $313,576,448 $336,193,373 

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


Financial Highlights — Fidelity Total International Equity Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.79 $8.00 $8.27 $7.31 $6.67 $7.36 
Income from Investment Operations       
Net investment income (loss)A .04 .07 .13 .09 .13 .11 
Net realized and unrealized gain (loss) (.21) (.14) (.12) 1.24 .59 (.69) 
Total from investment operations (.17) (.07) .01 1.33 .72 (.58) 
Distributions from net investment income (.06) (.10) (.10) (.13) (.08) (.09) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.06) (.14) (.28) (.37)B (.08) (.11) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.56 $7.79 $8.00 $8.27 $7.31 $6.67 
Total ReturnD,E,F (2.18)% (.89)% .19% 19.00% 10.88% (8.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.53%I 1.48% 1.44% 1.50% 1.57% 1.73% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.44% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.45%I 1.44% 1.44% 1.43% 1.42% 1.42% 
Net investment income (loss) 1.12%I .86% 1.63% 1.21% 1.88% 1.44% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,818 $9,163 $9,164 $9,034 $5,767 $4,307 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.37 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Total International Equity Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.81 $8.04 $8.32 $7.37 $6.73 $7.41 
Income from Investment Operations       
Net investment income (loss)A .03 .05 .11 .07 .11 .09 
Net realized and unrealized gain (loss) (.20) (.15) (.12) 1.25 .59 (.68) 
Total from investment operations (.17) (.10) (.01) 1.32 .70 (.59) 
Distributions from net investment income (.04) (.09) (.09) (.13) (.06) (.07) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.04) (.13) (.27) (.37)B (.06) (.09) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.60 $7.81 $8.04 $8.32 $7.37 $6.73 
Total ReturnD,E,F (2.15)% (1.26)% (.06)% 18.73% 10.52% (8.08)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.75%I 1.70% 1.68% 1.75% 1.84% 2.02% 
Expenses net of fee waivers, if any 1.70%I 1.70% 1.68% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.70%I 1.69% 1.68% 1.67% 1.67% 1.67% 
Net investment income (loss) .87%I .61% 1.38% .96% 1.63% 1.19% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,628 $13,962 $10,282 $7,909 $2,348 $997 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.37 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Total International Equity Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.84 $8.05 $8.31 $7.33 $6.68 $7.37 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .07 .04 .08 .05 
Net realized and unrealized gain (loss) (.21) (.14) (.12) 1.24 .59 (.68) 
Total from investment operations (.20) (.13) (.05) 1.28 .67 (.63) 
Distributions from net investment income – (.04) (.03) (.05) (.02) (.04) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions – (.08) (.21) (.30) (.02) (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $7.64 $7.84 $8.05 $8.31 $7.33 $6.68 
Total ReturnC,D,E (2.55)% (1.62)% (.56)% 18.05% 10.05% (8.66)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.30%H 2.26% 2.22% 2.26% 2.34% 2.51% 
Expenses net of fee waivers, if any 2.20%H 2.20% 2.20% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.20%H 2.19% 2.20% 2.18% 2.17% 2.17% 
Net investment income (loss) .37%H .11% .87% .46% 1.13% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $93 $120 $168 $192 $220 $254 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Total International Equity Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.77 $8.00 $8.28 $7.31 $6.67 $7.36 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .07 .04 .08 .05 
Net realized and unrealized gain (loss) (.20) (.15) (.12) 1.25 .58 (.69) 
Total from investment operations (.19) (.14) (.05) 1.29 .66 (.64) 
Distributions from net investment income – (.05) (.05) (.08) (.02) (.03) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions – (.09) (.23) (.32)B (.02) (.05) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.58 $7.77 $8.00 $8.28 $7.31 $6.67 
Total ReturnD,E,F (2.45)% (1.73)% (.57)% 18.30% 9.98% (8.72)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.31%I 2.26% 2.22% 2.26% 2.31% 2.51% 
Expenses net of fee waivers, if any 2.20%I 2.20% 2.20% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.20%I 2.19% 2.20% 2.18% 2.17% 2.17% 
Net investment income (loss) .37%I .11% .87% .46% 1.13% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,077 $3,311 $4,028 $3,584 $2,737 $1,396 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.32 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

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

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

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

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Total International Equity Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.82 $8.03 $8.29 $7.32 $6.69 $7.37 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .16 .12 .15 .12 
Net realized and unrealized gain (loss) (.20) (.14) (.12) 1.24 .58 (.68) 
Total from investment operations (.15) (.04) .04 1.36 .73 (.56) 
Distributions from net investment income (.10) (.13) (.12) (.15) (.10) (.10) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.10) (.17) (.30) (.39)B (.10) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.57 $7.82 $8.03 $8.29 $7.32 $6.69 
Total ReturnD,E (2.00)% (.51)% .55% 19.48% 11.03% (7.70)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.12%H 1.07% 1.04% 1.09% 1.16% 1.42% 
Expenses net of fee waivers, if any 1.12%H 1.07% 1.04% 1.09% 1.16% 1.20% 
Expenses net of all reductions 1.12%H 1.06% 1.04% 1.07% 1.13% 1.17% 
Net investment income (loss) 1.46%H 1.24% 2.03% 1.57% 2.16% 1.69% 
Supplemental Data       
Net assets, end of period (000 omitted) $284,996 $307,035 $324,438 $324,395 $281,979 $131,338 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Total International Equity Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.78 $7.99 $8.26 $7.30 $6.67 $7.35 
Income from Investment Operations       
Net investment income (loss)A .05 .09 .15 .11 .14 .12 
Net realized and unrealized gain (loss) (.20) (.14) (.12) 1.24 .59 (.68) 
Total from investment operations (.15) (.05) .03 1.35 .73 (.56) 
Distributions from net investment income (.09) (.12) (.12) (.15) (.10) (.10) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.09) (.16) (.30) (.39)B (.10) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.54 $7.78 $7.99 $8.26 $7.30 $6.67 
Total ReturnD,E (1.99)% (.64)% .37% 19.40% 11.06% (7.72)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.17% 1.15% 1.21% 1.27% 1.48% 
Expenses net of fee waivers, if any 1.20%H 1.17% 1.15% 1.20% 1.20% 1.20% 
Expenses net of all reductions 1.20%H 1.16% 1.15% 1.18% 1.17% 1.17% 
Net investment income (loss) 1.37%H 1.14% 1.91% 1.46% 2.13% 1.69% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,964 $2,602 $2,240 $2,372 $1,514 $197 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Total International Equity 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, Total International Equity and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, certain foreign taxes, passive foreign investment companies (PFIC), 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 $ 56,805,584 
Gross unrealized depreciation (15,433,463) 
Net unrealized appreciation (depreciation) on securities $41,372,121 
Tax cost $274,390,114 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(13,607,298) 
2019 (8,855,997) 
Total with expiration $(22,463,295) 
No expiration  
Short-term (5,613,592) 
Total capital loss carryforward $(28,076,887) 

Due to large subscriptions in a prior period, $22,463,295 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $4,535,766 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $67,742,727 and $81,527,820, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $10,969 $810 
Class T .25% .25% 32,951 57 
Class B .75% .25% 515 386 
Class C .75% .25% 15,471 2,767 
   $59,906 $4,020 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,356 
Class T 488 
Class B(a) – 
Class C(a) 295 
 $2,139 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $12,141 .28 
Class T 16,142 .24 
Class B 152 .30 
Class C 4,828 .31 
Total International Equity 168,031 .12 
Class I 3,133 .24 
 $204,427  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $330 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $282 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $41,244. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.45% $3,471 
Class T 1.70% 3,118 
Class B 2.20% 49 
Class C 2.20% 1,763 
Class I 1.20% 563 
  $8,964 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,442 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,175.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $72,361 $113,499 
Class T 77,358 118,041 
Class B – 852 
Class C – 26,493 
Total International Equity 3,691,251 5,189,901 
Class I 28,369 33,683 
Total $3,869,339 $5,482,469 
From net realized gain   
Class A $– $45,400 
Class T – 52,463 
Class B – 832 
Class C – 19,994 
Total International Equity – 1,596,893 
Class I – 11,228 
Total $– $1,726,810 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 125,145 302,437 $923,609 $2,413,258 
Reinvestment of distributions 9,322 20,115 71,782 158,306 
Shares redeemed (145,056) (290,995) (1,062,034) (2,277,557) 
Net increase (decrease) (10,589) 31,557 $(66,643) $294,007 
Class T     
Shares sold 242,570 824,018 $1,805,986 $6,637,966 
Reinvestment of distributions 9,988 21,537 77,308 170,355 
Shares redeemed (245,478) (337,655) (1,795,924) (2,691,540) 
Net increase (decrease) 7,080 507,900 $87,370 $4,116,781 
Class B     
Shares sold 1,079 2,293 $7,667 $19,363 
Reinvestment of distributions – 210 – 1,675 
Shares redeemed (4,239) (7,999) (31,696) (62,934) 
Net increase (decrease) (3,160) (5,496) $(24,029) $(41,896) 
Class C     
Shares sold 40,022 142,460 $294,781 $1,136,553 
Reinvestment of distributions – 4,767 – 37,661 
Shares redeemed (60,109) (224,769) (446,353) (1,823,746) 
Net increase (decrease) (20,087) (77,542) $(151,572) $(649,532) 
Total International Equity     
Shares sold 2,536,155 6,834,390 $18,902,576 $54,586,662 
Reinvestment of distributions 471,692 851,193 3,632,026 6,698,889 
Shares redeemed (4,642,011) (8,793,992) (33,862,381) (70,164,751) 
Net increase (decrease) (1,634,164) (1,108,409) $(11,327,779) $(8,879,200) 
Class I     
Shares sold 102,309 149,022 $761,726 $1,222,878 
Reinvestment of distributions 3,671 5,728 28,160 44,910 
Shares redeemed (47,313) (100,501) (348,716) (786,772) 
Net increase (decrease) 58,667 54,249 $441,170 $481,016 

11. 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.

At the end of the period, a shareholder of record owned approximately 71% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.45%    
Actual  $1,000.00 $978.20 $7.13 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class T 1.70%    
Actual  $1,000.00 $978.50 $8.36 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.20%    
Actual  $1,000.00 $974.50 $10.80 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Class C 2.20%    
Actual  $1,000.00 $975.50 $10.81 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Total International Equity 1.12%    
Actual  $1,000.00 $980.00 $5.51 
Hypothetical-C  $1,000.00 $1,019.29 $5.62 
Class I 1.20%    
Actual  $1,000.00 $980.10 $5.91 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

TIE-SANN-0616
1.912361.106

Fidelity Advisor® Total Emerging Markets Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Total Emerging Markets Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 2.1 2.0 
Naspers Ltd. Class N (South Africa, Media) 2.0 1.2 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 1.5 1.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 1.4 0.6 
China Mobile Ltd. (Hong Kong, Wireless Telecommuncation Services) 1.2 1.1 
 8.2  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 18.8 17.5 
Energy 16.8 14.9 
Information Technology 13.0 10.9 
Consumer Discretionary 7.4 5.7 
Consumer Staples 5.8 5.7 

Top Five Countries as of April 30, 2016

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Korea (South) 8.7 9.3 
Cayman Islands 6.9 7.0 
Brazil 6.1 5.2 
Mexico 6.0 6.2 
India 5.5 5.3 

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

Asset Allocation (% of fund's net assets)

As of April 30, 2016 
   Stocks and Equity Futures 67.5% 
   Bonds 28.8% 
   Other Investments 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.4% 


As of October 31, 2015 
   Stocks and Equity Futures 55.3% 
   Bonds 40.8% 
   Other Investments 0.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.3% 


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 60.3%   
 Shares Value 
Argentina - 0.3%   
Telecom Argentina SA Class B sponsored ADR 4,334 $81,132 
YPF SA Class D sponsored ADR 6,200 124,930 
TOTAL ARGENTINA  206,062 
Austria - 0.3%   
Erste Group Bank AG 7,805 224,500 
Bermuda - 1.0%   
AGTech Holdings Ltd. (a) 112,000 25,952 
Credicorp Ltd. (United States) 1,290 187,592 
GP Investments Ltd. Class A (depositary receipt) (a) 22,922 51,253 
PAX Global Technology Ltd. 115,460 99,437 
Shangri-La Asia Ltd. 262,000 320,071 
TOTAL BERMUDA  684,305 
Brazil - 2.6%   
B2W Companhia Global do Varejo (a) 32,040 127,629 
BB Seguridade Participacoes SA 36,310 316,726 
BR Properties SA 6,700 20,007 
CCR SA 32,700 153,838 
Cielo SA 25,436 247,759 
Companhia de Saneamento de Minas Gerais 15,706 98,184 
Cosan SA Industria e Comercio 12,521 115,917 
Direcional Engenharia SA 42,000 75,104 
Fibria Celulose SA 6,700 59,183 
FPC Par Corretora de Seguros 33,600 112,839 
Minerva SA (a) 47,700 146,599 
Smiles SA 29,700 344,561 
TOTAL BRAZIL  1,818,346 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 5,080 102,870 
Canada - 0.6%   
Goldcorp, Inc. 3,600 72,534 
Pan American Silver Corp. 17,700 277,359 
Torex Gold Resources, Inc. (a) 44,300 78,735 
TOTAL CANADA  428,628 
Cayman Islands - 6.7%   
51job, Inc. sponsored ADR (a) 3,100 92,380 
58.com, Inc. ADR (a) 10,050 549,233 
AAC Technology Holdings, Inc. 11,000 76,351 
Alibaba Group Holding Ltd. sponsored ADR (a) 12,700 977,138 
Autohome, Inc. ADR Class A (a) 2,000 59,120 
Bitauto Holdings Ltd. ADR (a) 6,700 167,232 
BizLink Holding, Inc. 5,000 28,480 
China State Construction International Holdings Ltd. 84,000 130,847 
CK Hutchison Holdings Ltd. 8,770 104,921 
Ctrip.com International Ltd. ADR (a) 1,400 61,054 
Haitian International Holdings Ltd. 34,000 58,010 
Himax Technologies, Inc. sponsored ADR 4,100 42,599 
JD.com, Inc. sponsored ADR (a) 13,600 347,616 
New Oriental Education & Technology Group, Inc. sponsored ADR 3,100 121,396 
Sino Biopharmaceutical Ltd. 248,000 175,734 
SouFun Holdings Ltd. ADR 19,000 108,110 
Sunny Optical Technology Group Co. Ltd. 25,000 77,106 
Tencent Holdings Ltd. 51,750 1,053,025 
Uni-President China Holdings Ltd. 404,600 376,791 
Vipshop Holdings Ltd. ADR (a) 12,600 171,864 
TOTAL CAYMAN ISLANDS  4,779,007 
Chile - 1.0%   
Compania Cervecerias Unidas SA sponsored ADR 7,700 172,634 
CorpBanca SA 11,730,819 106,766 
Empresas CMPC SA 25,201 56,988 
Enersis Chile SA 316,233 38,579 
Enersis SA 352,800 60,833 
Inversiones La Construccion SA 9,283 109,456 
Vina Concha y Toro SA 93,580 156,841 
TOTAL CHILE  702,097 
China - 5.4%   
Anhui Conch Cement Co. Ltd. (H Shares) 78,000 205,535 
BBMG Corp. (H Shares) 224,500 164,071 
China Life Insurance Co. Ltd. (H Shares) 127,034 292,630 
China Longyuan Power Grid Corp. Ltd. (H Shares) 155,860 107,832 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 138,106 484,261 
China Petroleum & Chemical Corp. (H Shares) 204,000 143,756 
China Suntien Green Energy Corp. Ltd. (H Shares) 328,690 37,395 
China Telecom Corp. Ltd. (H Shares) 334,449 165,574 
Industrial & Commercial Bank of China Ltd. (H Shares) 1,540,660 824,871 
Inner Mongoli Yili Industries Co. Ltd. 67,371 156,407 
Kweichow Moutai Co. Ltd. 8,040 311,961 
Maanshan Iron & Steel Ltd. (H Shares) (a) 296,000 68,021 
PetroChina Co. Ltd. (H Shares) 152,000 111,208 
PICC Property & Casualty Co. Ltd. (H Shares) 117,800 214,287 
Qingdao Haier Co. Ltd. 185,774 239,031 
Shanghai International Airport Co. Ltd. 19,900 83,638 
Zhengzhou Yutong Bus Co. Ltd. 37,500 118,801 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 20,000 113,795 
TOTAL CHINA  3,843,074 
Colombia - 0.2%   
Bancolombia SA sponsored ADR 4,155 160,757 
Egypt - 0.1%   
Citadel Capital Corp. (a) 141,500 23,583 
Global Telecom Holding GDR (a) 17,460 28,809 
TOTAL EGYPT  52,392 
Greece - 0.3%   
Titan Cement Co. SA (Reg.) 9,700 221,273 
Hong Kong - 3.7%   
AIA Group Ltd. 34,320 205,392 
China Mobile Ltd. 16,610 190,696 
China Mobile Ltd. sponsored ADR 12,112 696,682 
China Resources Beer Holdings Co. Ltd. 104,000 228,531 
China Resources Power Holdings Co. Ltd. 64,189 108,110 
CNOOC Ltd. 441,000 544,777 
CNOOC Ltd. sponsored ADR 44 5,431 
Far East Horizon Ltd. 438,980 348,452 
Sinotruk Hong Kong Ltd. 154,000 77,544 
Techtronic Industries Co. Ltd. 55,000 206,177 
TOTAL HONG KONG  2,611,792 
India - 5.5%   
Adani Ports & Special Economic Zone 46,861 168,042 
Axis Bank Ltd. (a) 21,528 153,101 
Bharti Infratel Ltd. 36,476 205,895 
Coal India Ltd. 60,713 263,278 
Edelweiss Financial Services Ltd. 75,572 66,043 
Eicher Motors Ltd. (a) 468 141,156 
Grasim Industries Ltd. 3,510 226,465 
Housing Development Finance Corp. Ltd. 2,631 43,112 
ITC Ltd. 40,866 199,914 
JK Cement Ltd. 12,525 111,862 
Just Dial Ltd. 4,157 52,972 
Larsen & Toubro Ltd. (a) 7,910 149,399 
LIC Housing Finance Ltd. (a) 18,430 128,267 
Lupin Ltd. 14,104 341,264 
Oil & Natural Gas Corp. Ltd. 46,067 150,666 
Petronet LNG Ltd. 25,887 102,709 
Phoenix Mills Ltd. 23,725 114,686 
Power Grid Corp. of India Ltd. 140,906 304,189 
SREI Infrastructure Finance Ltd. (a) 116,223 104,018 
State Bank of India (a) 54,040 153,760 
Sun Pharmaceutical Industries Ltd. 31,005 378,685 
Tata Consultancy Services Ltd. 10,234 390,638 
TOTAL INDIA  3,950,121 
Indonesia - 0.5%   
Link Net Tbk PT 86,000 27,486 
PT Bank Mandiri (Persero) Tbk 176,150 128,048 
PT Bank Rakyat Indonesia Tbk 207,300 162,690 
PT Kalbe Farma Tbk 555,300 57,896 
TOTAL INDONESIA  376,120 
Israel - 0.4%   
Bezeq The Israel Telecommunication Corp. Ltd. 119,655 255,229 
Japan - 0.2%   
Rakuten, Inc. 10,832 117,759 
Korea (South) - 7.8%   
AMOREPACIFIC Group, Inc. 2,000 293,277 
Daou Technology, Inc. 5,064 103,430 
Duk San Neolux Co. Ltd. (a) 1,826 43,352 
E-Mart Co. Ltd. 1,187 190,119 
EO Technics Co. Ltd. 442 43,750 
Fila Korea Ltd. 2,435 221,040 
Hanon Systems 11,898 106,967 
Hyundai Glovis Co. Ltd. 2,043 338,813 
Hyundai Industrial Development & Construction Co. 3,241 142,859 
Hyundai Mobis 1,845 419,510 
InterPark INT Corp. 4,011 68,444 
Kakao Corp. 742 65,089 
KB Financial Group, Inc. 9,312 283,360 
KEPCO Plant Service & Engineering Co. Ltd. 1,426 93,973 
Korea Electric Power Corp. 3,805 205,551 
Korean Reinsurance Co. 21,509 249,695 
KT Corp. 2,253 60,021 
KT Corp. sponsored ADR 3,052 41,538 
LG Chemical Ltd. 1,202 311,601 
NAVER Corp. 171 101,047 
NCSOFT Corp. 726 145,114 
Samsung Electronics Co. Ltd. 648 704,179 
Samsung Fire & Marine Insurance Co. Ltd. 568 146,007 
Samsung SDI Co. Ltd. 1,310 130,351 
Shinhan Financial Group Co. Ltd. 14,142 515,690 
SK Hynix, Inc. 16,437 403,868 
SK Telecom Co. Ltd. sponsored ADR 4,250 85,000 
Viatron Technologies, Inc. 2,018 50,552 
TOTAL KOREA (SOUTH)  5,564,197 
Malaysia - 0.3%   
Tenaga Nasional Bhd 53,179 195,482 
Mauritius - 0.1%   
MakeMyTrip Ltd. (a) 3,100 56,916 
Mexico - 3.8%   
America Movil S.A.B. de CV Series L sponsored ADR 17,863 252,940 
Banregio Grupo Financiero S.A.B. de CV 9,480 56,810 
CEMEX S.A.B. de CV sponsored ADR 15,288 113,896 
El Puerto de Liverpool S.A.B. de CV Class C 19,700 223,935 
Fibra Uno Administracion SA de CV 119,360 284,167 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 17,100 161,114 
Grupo Comercial Chedraui S.A.B. de CV 44,076 124,917 
Grupo Financiero Banorte S.A.B. de CV Series O 117,969 669,705 
Infraestructura Energetica Nova S.A.B. de CV 14,000 54,707 
Macquarie Mexican (REIT) 252,670 347,768 
Promotora y Operadora de Infraestructura S.A.B. de CV 6,200 78,629 
Tenedora Nemak SA de CV 64,900 93,099 
Wal-Mart de Mexico SA de CV Series V 94,100 232,725 
TOTAL MEXICO  2,694,412 
Netherlands - 0.7%   
Cnova NV (a) 5,550 19,425 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(b) 15,500 72,950 
Yandex NV (a) 19,517 399,513 
TOTAL NETHERLANDS  491,888 
Nigeria - 0.2%   
Guaranty Trust Bank PLC GDR (Reg. S) 11,980 41,930 
Transnational Corp. of Nigeria PLC 3,901,713 19,412 
Zenith Bank PLC 1,851,312 118,155 
TOTAL NIGERIA  179,497 
Pakistan - 0.2%   
Habib Bank Ltd. 96,700 174,336 
Panama - 0.2%   
Copa Holdings SA Class A 2,200 140,250 
Philippines - 0.9%   
Alliance Global Group, Inc. 547,150 168,676 
Metro Pacific Investments Corp. 459,100 56,613 
Metropolitan Bank & Trust Co. 124,721 215,448 
Robinsons Land Corp. 363,980 209,713 
TOTAL PHILIPPINES  650,450 
Romania - 0.1%   
Banca Transilvania SA 89,698 61,556 
Russia - 3.4%   
E.ON Russia JSC (a) 1,584,700 64,565 
Lukoil PJSC sponsored ADR 13,700 580,675 
Magnit OJSC GDR (Reg. S) 5,500 190,300 
MMC Norilsk Nickel PJSC sponsored ADR 19,900 293,525 
Mobile TeleSystems OJSC (a) 33,812 132,204 
Mobile TeleSystems OJSC sponsored ADR 1,940 17,964 
NOVATEK OAO GDR (Reg. S) 3,000 288,000 
Rosneft Oil Co. OJSC (a) 55,500 300,753 
Sberbank of Russia (a) 67,580 129,019 
Sberbank of Russia sponsored ADR 39,884 319,710 
Sistema JSFC (a) 240,200 72,128 
Sistema JSFC sponsored GDR 2,860 21,021 
TOTAL RUSSIA  2,409,864 
Singapore - 0.7%   
Ascendas Real Estate Investment Trust 135,310 247,509 
CapitaMall Trust 54,800 84,348 
First Resources Ltd. 103,200 146,184 
TOTAL SINGAPORE  478,041 
South Africa - 4.2%   
Alexander Forbes Group Holdings Ltd. (c) 126,689 63,900 
Aspen Pharmacare Holdings Ltd. 7,141 168,291 
Barclays Africa Group Ltd. (d) 25,640 259,908 
Bidvest Group Ltd. 8,056 204,455 
Imperial Holdings Ltd. 18,800 196,819 
JSE Ltd. 6,910 80,098 
Life Healthcare Group Holdings Ltd. 53,600 140,785 
Naspers Ltd. Class N 10,554 1,448,115 
Nedbank Group Ltd. 8,080 103,361 
Sasol Ltd. 4,000 130,841 
Shoprite Holdings Ltd. (c) 9,551 114,885 
Telkom SA Ltd. 23,762 94,612 
TOTAL SOUTH AFRICA  3,006,070 
Spain - 0.2%   
Banco Bilbao Vizcaya Argentaria SA 25,681 176,475 
Taiwan - 4.4%   
Advanced Semiconductor Engineering, Inc. 98,000 94,153 
Advantech Co. Ltd. 25,000 176,454 
Boardtek Electronics Corp. 36,000 51,710 
Catcher Technology Co. Ltd. 13,000 91,354 
E.SUN Financial Holdings Co. Ltd. 252,546 139,943 
Hermes Microvision, Inc. 1,000 30,802 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 29,555 70,541 
HTC Corp. 22,000 56,119 
Inotera Memories, Inc. (a) 29,000 26,304 
King's Town Bank 96,600 67,285 
Kingpak Technology, Inc. (a) 5,000 48,757 
Largan Precision Co. Ltd. 1,833 128,809 
MediaTek, Inc. 5,000 35,600 
Siliconware Precision Industries Co. Ltd. 25,000 36,958 
Taiwan Cement Corp. 270,000 274,990 
Taiwan Fertilizer Co. Ltd. 44,000 59,728 
Taiwan Semiconductor Manufacturing Co. Ltd. 324,000 1,486,264 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,642 38,735 
Universal Cement Corp. 66,654 42,609 
Vanguard International Semiconductor Corp. 38,000 58,171 
Wistron NeWeb Corp. 19,000 49,407 
Yuanta Financial Holding Co. Ltd. 247,231 81,510 
TOTAL TAIWAN  3,146,203 
Thailand - 1.8%   
Advanced Info Service PCL (For. Reg.) 12,640 56,467 
Airports of Thailand PCL (For. Reg.) 14,500 162,772 
Intouch Holdings PCL NVDR 30,250 45,696 
Jasmine Broadband Internet Infrastructure Fund 223,390 60,134 
Kasikornbank PCL (For. Reg.) 74,080 354,277 
PTT Global Chemical PCL (For. Reg.) 50,600 90,564 
PTT PCL (For. Reg.) 25,700 223,734 
Star Petroleum Refining PCL 253,300 79,791 
Thai Union Frozen Products PCL (For. Reg.) 321,800 190,758 
TOTAL THAILAND  1,264,193 
Turkey - 0.9%   
Aselsan A/S 14,000 99,871 
Enka Insaat ve Sanayi A/S 46,000 79,900 
Tupras Turkiye Petrol Rafinelleri A/S 7,900 208,511 
Turkiye Garanti Bankasi A/S 53,674 165,220 
Turkiye Halk Bankasi A/S 25,980 99,816 
TOTAL TURKEY  653,318 
United Arab Emirates - 0.7%   
DP World Ltd. 7,270 137,403 
Emaar Properties PJSC 95,651 177,088 
First Gulf Bank PJSC 53,346 188,089 
TOTAL UNITED ARAB EMIRATES  502,580 
United Kingdom - 0.3%   
Fresnillo PLC 10,600 172,384 
HSBC Holdings PLC (Hong Kong) 10,995 73,189 
TOTAL UNITED KINGDOM  245,573 
United States of America - 0.5%   
Cognizant Technology Solutions Corp. Class A (a) 2,420 141,255 
First Cash Financial Services, Inc. 2,549 116,566 
Micron Technology, Inc. (a) 8,700 93,525 
TOTAL UNITED STATES OF AMERICA  351,346 
TOTAL COMMON STOCKS   
(Cost $40,006,021)  42,976,979 
Nonconvertible Preferred Stocks - 4.0%   
Brazil - 3.1%   
Ambev SA sponsored ADR 100,500 561,795 
Banco do Estado Rio Grande do Sul SA 25,820 63,888 
Companhia Paranaense de Energia-Copel:   
(PN-B) 615 5,062 
(PN-B) sponsored ADR 13,122 108,519 
Itau Unibanco Holding SA sponsored ADR 67,638 644,590 
Metalurgica Gerdau SA (PN) 100,570 85,094 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 44,106 260,225 
Telefonica Brasil SA 9,537 117,464 
Vale SA (PN-A) sponsored ADR 74,300 337,322 
TOTAL BRAZIL  2,183,959 
Korea (South) - 0.9%   
Hyundai Motor Co. Series 2 3,119 271,969 
Samsung Electronics Co. Ltd. 295 268,562 
Samsung Fire & Marine Insurance Co. Ltd. 717 117,343 
TOTAL KOREA (SOUTH)  657,874 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $2,875,342)  2,841,833 
 Principal Amount Value 
Nonconvertible Bonds - 14.6%   
Azerbaijan - 1.3%   
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) 200,000 188,600 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 200,000 205,550 
State Oil Co. of Azerbaijan Republic:   
4.75% 3/13/23 (Reg. S) 325,000 292,050 
6.95% 3/18/30 (Reg. S) 275,000 261,938 
TOTAL AZERBAIJAN  948,138 
Canada - 0.0%   
Pacific Rubiales Energy Corp. 5.125% 3/28/23 (b)(e) 100,000 14,750 
Colombia - 0.1%   
Ecopetrol SA 7.375% 9/18/43 100,000 92,813 
Georgia - 0.7%   
Georgian Oil & Gas Corp.:   
6.75% 4/26/21 (b) 250,000 251,300 
6.875% 5/16/17 (b) 250,000 251,855 
TOTAL GEORGIA  503,155 
Indonesia - 2.2%   
PT Pertamina Persero:   
4.875% 5/3/22 (b) 275,000 283,452 
5.25% 5/23/21 (b) 200,000 210,232 
5.625% 5/20/43 (b) 200,000 184,581 
6% 5/3/42 (b) 400,000 383,910 
6.5% 5/27/41 (b) 475,000 484,377 
TOTAL INDONESIA  1,546,552 
Ireland - 0.2%   
Vnesheconombank Via VEB Finance PLC 6.8% 11/22/25 (b) 100,000 104,625 
Kazakhstan - 0.9%   
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) 400,000 334,024 
KazMunaiGaz Finance Sub BV 9.125% 7/2/18 (b) 300,000 328,500 
TOTAL KAZAKHSTAN  662,524 
Luxembourg - 2.0%   
Petrobras International Finance Co. Ltd.:   
3.5% 2/6/17 200,000 198,030 
5.375% 1/27/21 530,000 471,038 
8.375% 12/10/18 300,000 309,000 
RSHB Capital SA 5.1% 7/25/18 (b) 400,000 411,280 
TOTAL LUXEMBOURG  1,389,348 
Mexico - 2.2%   
Pemex Project Funding Master Trust 6.625% 6/15/35 350,000 355,250 
Petroleos Mexicanos:   
6.5% 6/2/41 425,000 424,150 
6.625% (b)(f) 850,000 809,625 
TOTAL MEXICO  1,589,025 
Netherlands - 0.7%   
Petrobras Global Finance BV:   
6.85% 6/5/2115 215,000 159,100 
7.25% 3/17/44 400,000 324,000 
TOTAL NETHERLANDS  483,100 
South Africa - 0.4%   
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (b) 300,000 282,375 
Trinidad & Tobago - 0.8%   
Petroleum Co. of Trinidad & Tobago Ltd.:   
6% 5/8/22 (b) 262,708 246,158 
9.75% 8/14/19 (b) 300,000 312,900 
TOTAL TRINIDAD & TOBAGO  559,058 
Turkey - 0.3%   
Turk Sise ve Cam Fabrikalari A/S 4.25% 5/9/20 (Reg. S) 200,000 199,498 
United Arab Emirates - 0.1%   
DP World Ltd. 6.85% 7/2/37 (Reg. S) 100,000 103,686 
United Kingdom - 0.8%   
Biz Finance PLC 9.625% 4/27/22 (b) 600,000 555,120 
Venezuela - 1.9%   
Petroleos de Venezuela SA:   
5.25% 4/12/17 300,000 164,250 
5.5% 4/12/37 500,000 176,200 
6% 11/15/26 (Reg. S) 1,200,000 410,280 
8.5% 11/2/17 (b) 166,667 97,500 
9% 11/17/21 (Reg. S) 550,000 216,425 
12.75% 2/17/22 (b) 600,000 279,000 
TOTAL VENEZUELA  1,343,655 
TOTAL NONCONVERTIBLE BONDS   
(Cost $11,036,167)  10,377,422 
Government Obligations - 14.6%   
Angola - 0.3%   
Angola Republic 9.5% 11/12/25 (b) 200,000 195,260 
Argentina - 1.4%   
Argentine Republic:   
6.25% 4/22/19 (b) 150,000 155,550 
6.875% 4/22/21 (b) 170,000 175,100 
7.5% 4/22/26 (b) 185,000 187,775 
7.625% 4/22/46 (b) 150,000 147,525 
8.28% 12/31/33 315,459 330,443 
TOTAL ARGENTINA  996,393 
Armenia - 0.5%   
Republic of Armenia 6% 9/30/20 (b) 325,000 324,220 
Barbados - 0.3%   
Barbados Government 7% 8/4/22 (b) 250,000 245,750 
Brazil - 0.4%   
Brazilian Federative Republic:   
5% 1/27/45 200,000 161,500 
12.25% 3/6/30 100,000 155,500 
TOTAL BRAZIL  317,000 
Cameroon - 0.3%   
Cameroon Republic 9.5% 11/19/25 (b) 200,000 195,760 
Colombia - 0.6%   
Colombian Republic:   
6.125% 1/18/41 100,000 107,250 
7.375% 9/18/37 250,000 301,875 
TOTAL COLOMBIA  409,125 
Congo - 0.3%   
Congo Republic 4% 6/30/29 (g) 292,600 209,958 
Costa Rica - 0.5%   
Costa Rican Republic:   
4.375% 4/30/25 (b) 225,000 200,250 
7.158% 3/12/45 (b) 200,000 186,500 
TOTAL COSTA RICA  386,750 
Croatia - 0.7%   
Croatia Republic 6% 1/26/24 (b) 450,000 492,188 
Dominican Republic - 0.6%   
Dominican Republic 6.6% 1/28/24 (b) 375,000 401,250 
Ecuador - 0.2%   
Ecuador Republic 7.95% 6/20/24 (b) 200,000 173,500 
El Salvador - 0.2%   
El Salvador Republic 7.625% 2/1/41 (b) 150,000 131,625 
Ethiopia - 0.3%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 200,000 181,500 
Gabon - 0.2%   
Gabonese Republic 6.375% 12/12/24 (b) 200,000 174,724 
Ghana - 0.5%   
Ghana Republic:   
7.875% 8/7/23 (Reg.S) 200,000 159,540 
10.75% 10/14/30 (b) 200,000 196,760 
TOTAL GHANA  356,300 
Iraq - 0.2%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 250,000 177,525 
Ivory Coast - 0.3%   
Ivory Coast 5.375% 7/23/24 (b) 200,000 184,500 
Jamaica - 0.2%   
Jamaican Government 8% 6/24/19 150,000 163,313 
Jordan - 0.3%   
Jordanian Kingdom 6.125% 1/29/26 (b) 200,000 211,250 
Kenya - 0.3%   
Republic of Kenya 6.875% 6/24/24 (b) 200,000 188,020 
Lebanon - 0.2%   
Lebanese Republic 6.1% 10/4/22 150,000 148,782 
Mongolia - 0.2%   
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) 200,000 157,796 
Mozambique - 0.2%   
Mozambique Republic 10.5% 1/18/23 (b) 200,000 163,000 
Pakistan - 0.3%   
Islamic Republic of Pakistan 7.25% 4/15/19 (b) 200,000 209,715 
Russia - 1.7%   
Russian Federation:   
5% 4/29/20 (b) 225,000 237,915 
5.625% 4/4/42 (b) 200,000 210,354 
12.75% 6/24/28 (Reg. S) 425,000 730,159 
TOTAL RUSSIA  1,178,428 
Senegal - 0.3%   
Republic of Senegal 8.75% 5/13/21 (b) 200,000 217,040 
Tanzania - 0.2%   
United Republic of Tanzania 6.8921% 3/9/20 (h) 177,778 180,445 
Turkey - 1.0%   
Turkish Republic:   
6.875% 3/17/36 100,000 119,125 
7% 6/5/20 250,000 284,243 
11.875% 1/15/30 165,000 284,460 
TOTAL TURKEY  687,828 
Ukraine - 0.2%   
Ukraine Government 0% 5/31/40 (b)(h) 430,000 134,285 
United States of America - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.29% to 0.32% 5/19/16 to 6/23/16 (i) 280,000 279,951 
Venezuela - 1.1%   
Venezuelan Republic:   
7% 3/31/38 650,000 232,375 
9% 5/7/23 (Reg. S) 300,000 114,375 
9.25% 9/15/27 650,000 277,063 
12.75% 8/23/22 325,000 150,719 
TOTAL VENEZUELA  774,532 
Zambia - 0.2%   
Republic of Zambia 8.97% 7/30/27 (b) 200,000 165,000 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $10,810,800)  10,412,713 
Preferred Securities - 0.3%   
Cayman Islands - 0.2%   
Banco Do Brasil SA 9% (b)(f)(h) 200,000 150,139 
Colombia - 0.1%   
Colombia Telecomunicacines SA 8.5% (b)(f)(h) 100,000 89,739 
TOTAL PREFERRED SECURITIES   
(Cost $228,131)  239,878 
 Shares Value 
Money Market Funds - 6.0%   
Fidelity Cash Central Fund, 0.38% (j)   
(Cost $4,255,911) 4,255,911 4,255,911 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $69,212,372)  71,104,736 
NET OTHER ASSETS (LIABILITIES) - 0.2%  139,079 
NET ASSETS - 100%  $71,243,815 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
54 ICE E-mini MSCI Emerging Markets Index Contracts (United States) June 2016 2,263,680 $(20,655) 

The face value of futures purchased as a percentage of Net Assets is 3.2%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $1,146,512.

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) 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 $12,030,258 or 16.9% of net assets.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Non-income producing - Security is in default.

 (f) Security is perpetual in nature with no stated maturity date.

 (g) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

 (h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $129,976.

 (j) Affiliated fund that is generally 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 are available on the SEC's website or upon request.


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 $3,649 
Total $3,649 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $5,258,501 $4,614,494 $644,007 $-- 
Consumer Staples 3,794,638 3,189,316 605,322 -- 
Energy 3,672,597 2,704,620 967,977 -- 
Financials 12,054,266 8,140,422 3,913,844 -- 
Health Care 1,262,655 1,086,921 175,734 -- 
Industrials 3,229,566 2,744,449 485,117 -- 
Information Technology 9,198,494 6,249,248 2,949,246 -- 
Materials 3,367,091 2,481,726 885,365 -- 
Telecommunication Services 2,648,558 2,100,063 548,495 -- 
Utilities 1,332,446 910,953 421,493 -- 
Corporate Bonds 10,377,422 -- 10,377,422 -- 
Government Obligations 10,412,713 -- 10,412,713 -- 
Preferred Securities 239,878 -- 239,878 -- 
Money Market Funds 4,255,911 4,255,911 -- -- 
Total Investments in Securities: $71,104,736 $38,478,123 $32,626,613 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(20,655) $(20,655) $-- $-- 
Total Liabilities $(20,655) $(20,655) $-- $-- 
Total Derivative Instruments: $(20,655) $(20,655) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $162,341 
Level 2 to Level 1 $5,630,433 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(20,655) 
Total Equity Risk 0 (20,655) 
Total Value of Derivatives $0 $(20,655) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

BBB 6.6% 
BB 8.2% 
B 8.4% 
CCC,CC,C 3.8% 
Not Rated 2.1% 
Equities 64.3% 
Short-Term Investments and Net Other Assets 6.6% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $64,956,461) 		$66,848,825  
Fidelity Central Funds (cost $4,255,911) 4,255,911  
Total Investments (cost $69,212,372)  $71,104,736 
Cash  96,849 
Foreign currency held at value (cost $84,060)  84,095 
Receivable for investments sold   
Regular delivery  196,038 
Delayed delivery  5,021 
Receivable for fund shares sold  584,193 
Dividends receivable  41,415 
Interest receivable  448,185 
Distributions receivable from Fidelity Central Funds  735 
Prepaid expenses  57 
Receivable from investment adviser for expense reductions  24,578 
Other receivables  85,356 
Total assets  72,671,258 
Liabilities   
Payable for investments purchased   
Regular delivery $1,039,039  
Delayed delivery 31,664  
Payable for fund shares redeemed 182,047  
Accrued management fee 44,979  
Distribution and service plan fees payable 9,024  
Payable for daily variation margin for derivative instruments 12,354  
Other affiliated payables 17,432  
Other payables and accrued expenses 90,904  
Total liabilities  1,427,443 
Net Assets  $71,243,815 
Net Assets consist of:   
Paid in capital  $72,223,458 
Undistributed net investment income  796,595 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (3,645,165) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,868,927 
Net Assets  $71,243,815 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($9,739,977 ÷ 946,836 shares)  $10.29 
Maximum offering price per share (100/94.25 of $10.29)  $10.92 
Class T:   
Net Asset Value and redemption price per share ($2,602,344 ÷ 252,697 shares)  $10.30 
Maximum offering price per share (100/96.50 of $10.30)  $10.67 
Class C:   
Net Asset Value and offering price per share ($7,363,066 ÷ 717,907 shares)(a)  $10.26 
Total Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($47,144,250 ÷ 4,583,390 shares)  $10.29 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,394,178 ÷ 427,606 shares)  $10.28 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $389,416 
Interest  1,118,515 
Income from Fidelity Central Funds  3,649 
Income before foreign taxes withheld  1,511,580 
Less foreign taxes withheld  (41,195) 
Total income  1,470,385 
Expenses   
Management fee $257,316  
Transfer agent fees 89,622  
Distribution and service plan fees 53,784  
Accounting fees and expenses 16,678  
Custodian fees and expenses 115,562  
Independent trustees' compensation 139  
Registration fees 30,565  
Audit 58,674  
Legal 74  
Miscellaneous 1,246  
Total expenses before reductions 623,660  
Expense reductions (119,256) 504,404 
Net investment income (loss)  965,981 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,705,939)  
Foreign currency transactions 27,019  
Futures contracts (199,083)  
Total net realized gain (loss)  (1,878,003) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $2,203) 		2,049,760  
Assets and liabilities in foreign currencies 175  
Futures contracts (42,773)  
Total change in net unrealized appreciation (depreciation)  2,007,162 
Net gain (loss)  129,159 
Net increase (decrease) in net assets resulting from operations  $1,095,140 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $965,981 $1,845,806 
Net realized gain (loss) (1,878,003) (1,339,969) 
Change in net unrealized appreciation (depreciation) 2,007,162 (7,213,595) 
Net increase (decrease) in net assets resulting from operations 1,095,140 (6,707,758) 
Distributions to shareholders from net investment income (1,715,467) (1,198,750) 
Distributions to shareholders from net realized gain – (136,019) 
Total distributions (1,715,467) (1,334,769) 
Share transactions - net increase (decrease) 6,358,083 (6,024,786) 
Redemption fees 13,218 16,471 
Total increase (decrease) in net assets 5,750,974 (14,050,842) 
Net Assets   
Beginning of period 65,492,841 79,543,683 
End of period (including undistributed net investment income of $796,595 and undistributed net investment income of $1,546,081, respectively) $71,243,815 $65,492,841 

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


Financial Highlights — Fidelity Total Emerging Markets Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.35 $11.56 $11.37 $10.86 $10.00 
Income from Investment Operations      
Net investment income (loss)B .14 .28 .18 .18 .20 
Net realized and unrealized gain (loss) .04 (1.30) .19 .48 .68 
Total from investment operations .18 (1.02) .37 .66 .88 
Distributions from net investment income (.24) (.17) (.18) (.15) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.24) (.19) (.18) (.16) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.29 $10.35 $11.56 $11.37 $10.86 
Total ReturnD,E,F 1.84% (8.92)% 3.30% 6.23% 8.80% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 2.00%I 1.93% 1.98% 1.89% 1.87% 
Expenses net of fee waivers, if any 1.65%I 1.65% 1.65% 1.65% 1.65% 
Expenses net of all reductions 1.65%I 1.64% 1.65% 1.62% 1.62% 
Net investment income (loss) 2.91%I 2.58% 1.61% 1.61% 1.92% 
Supplemental Data      
Net assets, end of period (000 omitted) $9,740 $10,164 $13,627 $18,837 $7,675 
Portfolio turnover rateJ 93%I 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.33 $11.54 $11.34 $10.84 $10.00 
Income from Investment Operations      
Net investment income (loss)B .13 .25 .15 .15 .17 
Net realized and unrealized gain (loss) .04 (1.30) .19 .48 .68 
Total from investment operations .17 (1.05) .34 .63 .85 
Distributions from net investment income (.20) (.14) (.14) (.12) (.01) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.20) (.16) (.14) (.14)C (.01) 
Redemption fees added to paid in capitalB –D –D –D .01 –D 
Net asset value, end of period $10.30 $10.33 $11.54 $11.34 $10.84 
Total ReturnE,F,G 1.74% (9.18)% 3.04% 5.93% 8.56% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 2.33%J 2.27% 2.32% 2.13% 2.10% 
Expenses net of fee waivers, if any 1.90%J 1.90% 1.90% 1.90% 1.90% 
Expenses net of all reductions 1.90%J 1.89% 1.90% 1.88% 1.87% 
Net investment income (loss) 2.66%J 2.33% 1.36% 1.36% 1.67% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,602 $3,331 $5,277 $5,967 $5,823 
Portfolio turnover rateK 93%J 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.14 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.25 $11.47 $11.29 $10.80 $10.00 
Income from Investment Operations      
Net investment income (loss)B .11 .20 .10 .09 .12 
Net realized and unrealized gain (loss) .05 (1.30) .19 .47 .69 
Total from investment operations .16 (1.10) .29 .56 .81 
Distributions from net investment income (.15) (.10) (.11) (.07) (.01) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.15) (.12) (.11) (.08) (.01) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.26 $10.25 $11.47 $11.29 $10.80 
Total ReturnD,E,F 1.56% (9.68)% 2.56% 5.31% 8.07% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 2.74%I 2.68% 2.72% 2.65% 2.63% 
Expenses net of fee waivers, if any 2.40%I 2.40% 2.40% 2.40% 2.40% 
Expenses net of all reductions 2.40%I 2.39% 2.40% 2.37% 2.37% 
Net investment income (loss) 2.16%I 1.83% .86% .86% 1.17% 
Supplemental Data      
Net assets, end of period (000 omitted) $7,363 $7,736 $10,104 $7,436 $5,824 
Portfolio turnover rateJ 93%I 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

 G 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.38 $11.60 $11.40 $10.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .15 .31 .21 .21 .22 
Net realized and unrealized gain (loss) .05 (1.31) .19 .47 .69 
Total from investment operations .20 (1.00) .40 .68 .91 
Distributions from net investment income (.29) (.20) (.20) (.17) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.29) (.22) (.20) (.18) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.29 $10.38 $11.60 $11.40 $10.89 
Total ReturnD,E 2.03% (8.74)% 3.56% 6.44% 9.15% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.78%H 1.72% 1.73% 1.56% 1.60% 
Expenses net of fee waivers, if any 1.40%H 1.40% 1.40% 1.40% 1.40% 
Expenses net of all reductions 1.40%H 1.39% 1.40% 1.38% 1.38% 
Net investment income (loss) 3.16%H 2.83% 1.86% 1.85% 2.16% 
Supplemental Data      
Net assets, end of period (000 omitted) $47,144 $37,918 $45,763 $49,959 $81,416 
Portfolio turnover rateI 93%H 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.37 $11.59 $11.40 $10.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .15 .31 .21 .20 .22 
Net realized and unrealized gain (loss) .05 (1.31) .18 .48 .69 
Total from investment operations .20 (1.00) .39 .68 .91 
Distributions from net investment income (.29) (.20) (.20) (.17) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.29) (.22) (.20) (.18) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.28 $10.37 $11.59 $11.40 $10.89 
Total ReturnD,E 2.06% (8.74)% 3.51% 6.44% 9.15% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.66%H 1.58% 1.71% 1.63% 1.62% 
Expenses net of fee waivers, if any 1.40%H 1.40% 1.40% 1.40% 1.40% 
Expenses net of all reductions 1.40%H 1.39% 1.40% 1.37% 1.37% 
Net investment income (loss) 3.16%H 2.83% 1.86% 1.86% 2.17% 
Supplemental Data      
Net assets, end of period (000 omitted) $4,394 $6,343 $4,773 $5,354 $2,287 
Portfolio turnover rateI 93%H 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Total Emerging Markets 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, Total Emerging Markets and Class I 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, futures contracts, certain foreign taxes, market discount, passive foreign investment companies (PFIC), capital loss carryforward 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 $6,261,932 
Gross unrealized depreciation (4,885,266) 
Net unrealized appreciation (depreciation) on securities $1,376,666 
Tax cost $69,728,070 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,367,584) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(199,083) and a change in net unrealized appreciation (depreciation) of $(42,773) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $32,470,293 and $28,900,560, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% 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 the investment adviser, 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% $10,947 $913 
Class T .25% .25% 7,126 878 
Class C .75% .25% 35,711 9,487 
   $53,784 $11,278 

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, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 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 $3,031 
Class T 1,228 
Class C(a) 182 
 $4,441 

 (a) When 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $11,430 .26 
Class T 4,831 .34 
Class C 9,178 .26 
Total Emerging Markets 59,330 .29 
Class I 4,853 .18 
 $89,622  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $230 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $57 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.65% $15,535 
Class T 1.90% 6,044 
Class C 2.40% 12,340 
Total Emerging Markets 1.40% 77,877 
Class I 1.40% 7,037 
  $118,833 

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $190.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $233.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $214,855 $211,944 
Class T 63,597 63,689 
Class C 107,081 88,937 
Total Emerging Markets 1,155,874 751,293 
Class I 174,060 82,887 
Total $1,715,467 $1,198,750 
From net realized gain   
Class A $– $24,934 
Class T – 9,098 
Class C – 18,150 
Total Emerging Markets – 75,507 
Class I – 8,330 
Total $– $136,019 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 231,549 251,231 $2,286,170 $2,772,246 
Reinvestment of distributions 21,375 21,174 212,465 232,918 
Shares redeemed (288,585) (469,131) (2,888,428) (4,963,727) 
Net increase (decrease) (35,661) (196,726) $(389,793) $(1,958,563) 
Class T     
Shares sold 39,364 45,171 $384,188 $491,646 
Reinvestment of distributions 6,356 6,566 63,302 72,226 
Shares redeemed (115,507) (186,633) (1,138,165) (1,964,687) 
Net increase (decrease) (69,787) (134,896) $(690,675) $(1,400,815) 
Class C     
Shares sold 117,585 198,104 $1,158,004 $2,115,228 
Reinvestment of distributions 10,753 9,691 106,882 106,316 
Shares redeemed (164,784) (334,580) (1,599,463) (3,520,139) 
Net increase (decrease) (36,446) (126,785) $(334,577) $(1,298,595) 
Total Emerging Markets     
Shares sold 1,869,299 1,772,167 $18,595,164 $18,534,579 
Reinvestment of distributions 112,410 70,595 1,116,229 777,256 
Shares redeemed (1,051,095) (2,136,425) (10,173,118) (22,904,245) 
Net increase (decrease) 930,614 (293,663) $9,538,275 $(3,592,410) 
Class I     
Shares sold 163,149 421,240 $1,629,549 $4,563,340 
Reinvestment of distributions 14,612 8,237 144,954 90,609 
Shares redeemed (361,612) (229,844) (3,539,650) (2,428,352) 
Net increase (decrease) (183,851) 199,633 $(1,765,147) $2,225,597 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.65%    
Actual  $1,000.00 $1,018.40 $8.28 
Hypothetical-C  $1,000.00 $1,016.66 $8.27 
Class T 1.90%    
Actual  $1,000.00 $1,017.40 $9.53 
Hypothetical-C  $1,000.00 $1,015.42 $9.52 
Class C 2.40%    
Actual  $1,000.00 $1,015.60 $12.03 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Total Emerging Markets 1.40%    
Actual  $1,000.00 $1,020.30 $7.03 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.40%    
Actual  $1,000.00 $1,020.60 $7.03 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ATEKI-SANN-0616
1.931264.104

Fidelity Advisor® Global Commodity Stock Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Global Commodity Stock Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Monsanto Co. 5.5 6.9 
Syngenta AG (Switzerland) 4.5 3.7 
Chevron Corp. 4.0 3.8 
Rio Tinto PLC 3.6 4.3 
BHP Billiton PLC 3.3 4.7 
Potash Corp. of Saskatchewan, Inc. 3.0 4.9 
Agrium, Inc. 3.0 3.8 
CF Industries Holdings, Inc. 2.8 2.5 
The Mosaic Co. 2.6 3.9 
Total SA 2.3 2.2 
 34.6  

Top Sectors (% of fund's net assets)

As of April 30, 2016 
   Agriculture 34.2% 
   Energy  32.2% 
   Metals 26.0% 
   Other  5.5% 
   Short-Term Investment and Net Other Assets 2.1% 


As of October 31, 2015 
   Agriculture 37.7% 
   Energy  29.6% 
   Metals 26.5% 
   Other  6.1% 
   Short-Term Investment and Net Other Assets 0.1% 


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%   
 Shares Value 
Aerospace & Defense - 0.4%   
Aerospace & Defense - 0.4%   
Rolls-Royce Group PLC 120,320 $1,177,018 
Chemicals - 27.0%   
Commodity Chemicals - 0.6%   
LyondellBasell Industries NV Class A 19,400 1,603,798 
Diversified Chemicals - 0.8%   
E.I. du Pont de Nemours & Co. 24,000 1,581,840 
Eastman Chemical Co. 6,700 511,746 
  2,093,586 
Fertilizers & Agricultural Chemicals - 25.2%   
Agrium, Inc. 92,100 7,936,441 
CF Industries Holdings, Inc. 229,460 7,588,242 
FMC Corp. 25,100 1,085,826 
Israel Chemicals Ltd. 152,200 755,206 
Monsanto Co. 158,500 14,848,283 
OCI NV (a)(b) 67,400 1,332,450 
Potash Corp. of Saskatchewan, Inc. 455,000 8,050,530 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 185,800 3,870,214 
Syngenta AG (Switzerland) 30,463 12,194,092 
The Mosaic Co. 245,861 6,881,649 
Yara International ASA 83,000 3,323,360 
  67,866,293 
Specialty Chemicals - 0.4%   
Albemarle Corp. U.S. 8,300 549,128 
W.R. Grace & Co. 6,700 513,756 
  1,062,884 
TOTAL CHEMICALS  72,626,561 
Containers & Packaging - 1.1%   
Metal & Glass Containers - 0.4%   
Ball Corp. 14,800 1,056,424 
Paper Packaging - 0.7%   
Graphic Packaging Holding Co. 35,700 474,096 
Smurfit Kappa Group PLC 20,000 530,158 
WestRock Co. 19,659 822,729 
  1,826,983 
TOTAL CONTAINERS & PACKAGING  2,883,407 
Electrical Equipment - 0.5%   
Electrical Components & Equipment - 0.5%   
Regal Beloit Corp. 9,100 586,222 
SolarCity Corp. (a) 20,500 621,560 
  1,207,782 
Energy Equipment & Services - 0.5%   
Oil & Gas Equipment & Services - 0.5%   
Baker Hughes, Inc. 17,300 836,628 
Dril-Quip, Inc. (a) 1,800 116,676 
SBM Offshore NV 37,500 502,176 
  1,455,480 
Food Products - 3.4%   
Agricultural Products - 3.2%   
Archer Daniels Midland Co. 48,600 1,941,084 
Bunge Ltd. 11,500 718,750 
Darling International, Inc. (a) 164,100 2,377,809 
First Resources Ltd. 1,033,700 1,464,251 
Golden Agri-Resources Ltd. 2,237,800 665,591 
SLC Agricola SA 294,200 1,327,610 
  8,495,095 
Packaged Foods & Meats - 0.2%   
Adecoagro SA (a) 61,200 652,392 
TOTAL FOOD PRODUCTS  9,147,487 
Household Products - 0.3%   
Household Products - 0.3%   
Svenska Cellulosa AB (SCA) (B Shares) 21,200 667,644 
Independent Power and Renewable Electricity Producers - 1.4%   
Independent Power Producers & Energy Traders - 0.3%   
China Resources Power Holdings Co. Ltd. 396,000 666,962 
Renewable Electricity - 1.1%   
Huaneng Renewables Corp. Ltd. (H Shares) 3,010,000 888,204 
NextEra Energy Partners LP 71,600 2,068,524 
  2,956,728 
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS  3,623,690 
Machinery - 1.3%   
Agricultural & Farm Machinery - 1.2%   
AGCO Corp. 27,100 1,449,037 
Deere & Co. 12,500 1,051,375 
Jain Irrigation Systems Ltd. (a) 954,603 878,070 
  3,378,482 
Construction Machinery & Heavy Trucks - 0.1%   
Caterpillar, Inc. 3,000 233,160 
TOTAL MACHINERY  3,611,642 
Metals & Mining - 25.2%   
Aluminum - 0.4%   
Alcoa, Inc. 93,600 1,045,512 
Diversified Metals & Mining - 10.6%   
Anglo American PLC (United Kingdom) 62,851 701,066 
BHP Billiton PLC 644,273 8,803,665 
Boliden AB (b) 31,200 543,930 
First Quantum Minerals Ltd. 115,724 985,964 
Freeport-McMoRan, Inc. (b) 48,100 673,400 
Glencore Xstrata PLC 1,335,538 3,178,865 
Grupo Mexico SA de CV Series B 568,211 1,445,244 
Ivanhoe Mines Ltd. (a) 906,400 751,300 
MMC Norilsk Nickel PJSC sponsored ADR 66,400 979,400 
Rio Tinto PLC 292,187 9,801,792 
South32 Ltd. (a) 443,636 559,949 
Turquoise Hill Resources Ltd. (a) 53,000 158,404 
  28,582,979 
Gold - 8.2%   
Agnico Eagle Mines Ltd. (Canada) 35,800 1,692,275 
AngloGold Ashanti Ltd. sponsored ADR (a) 35,600 585,620 
Argonaut Gold, Inc. (a) 319,700 749,118 
B2Gold Corp. (a) 965,680 2,147,324 
Barrick Gold Corp. 150,400 2,911,625 
Compania de Minas Buenaventura SA sponsored ADR (a)(b) 60,500 614,075 
Continental Gold, Inc. (a) 479,200 1,057,929 
Franco-Nevada Corp. 21,700 1,523,687 
Goldcorp, Inc. 137,910 2,778,644 
Newcrest Mining Ltd. (a) 58,573 844,848 
Newmont Mining Corp. 87,500 3,059,875 
Premier Gold Mines Ltd. (a) 200,500 599,247 
Randgold Resources Ltd. sponsored ADR 16,600 1,668,300 
SEMAFO, Inc. (a) 139,900 623,289 
Sibanye Gold Ltd. ADR (b) 41,400 637,560 
Torex Gold Resources, Inc. (a) 351,200 624,194 
  22,117,610 
Precious Metals & Minerals - 0.5%   
Impala Platinum Holdings Ltd. (a) 60,500 250,751 
Industrias Penoles SA de CV 35,035 547,681 
Tahoe Resources, Inc. 40,600 573,390 
  1,371,822 
Silver - 0.6%   
Silver Wheaton Corp. 76,500 1,602,921 
Steel - 4.9%   
ArcelorMittal SA Class A unit (b) 193,710 1,090,587 
Fortescue Metals Group Ltd. 100,000 259,279 
Hitachi Metals Ltd. (c) 63,700 646,820 
Hyundai Steel Co. 17,664 969,791 
JFE Holdings, Inc. 34,100 478,537 
Kobe Steel Ltd. 498,000 478,189 
Nippon Steel & Sumitomo Metal Corp. 111,200 2,313,824 
Nucor Corp. 40,700 2,026,046 
POSCO 9,750 2,031,585 
Steel Dynamics, Inc. 20,600 519,326 
Thyssenkrupp AG 66,200 1,539,545 
Voestalpine AG 19,200 692,087 
  13,045,616 
TOTAL METALS & MINING  67,766,460 
Oil, Gas & Consumable Fuels - 30.3%   
Coal & Consumable Fuels - 0.4%   
Cameco Corp. 70,800 885,917 
Coal India Ltd. 55,487 240,616 
  1,126,533 
Integrated Oil & Gas - 16.5%   
BP PLC 478,800 2,637,892 
Cenovus Energy, Inc. 171,300 2,715,515 
Chevron Corp. 104,800 10,708,464 
China Petroleum & Chemical Corp. (H Shares) 1,290,000 909,043 
Eni SpA 58,000 947,542 
Exxon Mobil Corp. 50,700 4,481,880 
Imperial Oil Ltd. 58,700 1,946,686 
InterOil Corp. (a) 19,100 639,277 
Lukoil PJSC sponsored ADR 40,300 1,708,116 
Occidental Petroleum Corp. 9,400 720,510 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 150,000 3,928,980 
Class B (United Kingdom) 39,863 1,046,598 
Statoil ASA 115,800 2,038,230 
Suncor Energy, Inc. 109,032 3,200,485 
Total SA 122,600 6,196,300 
YPF SA Class D sponsored ADR 33,300 670,995 
  44,496,513 
Oil & Gas Exploration & Production - 12.9%   
Anadarko Petroleum Corp. 106,600 5,624,216 
Apache Corp. 19,300 1,049,920 
Cabot Oil & Gas Corp. 50,700 1,186,380 
Carrizo Oil & Gas, Inc. (a) 15,500 548,235 
Cimarex Energy Co. 4,600 500,848 
CNOOC Ltd. sponsored ADR (b) 16,700 2,061,281 
Cobalt International Energy, Inc. (a) 284,500 918,935 
ConocoPhillips Co. 67,900 3,244,941 
Continental Resources, Inc. (a) 13,900 517,914 
Devon Energy Corp. 30,200 1,047,336 
EOG Resources, Inc. 29,300 2,420,766 
EQT Corp. 26,601 1,864,730 
Hess Corp. 13,700 816,794 
Marathon Oil Corp. 58,900 829,901 
Newfield Exploration Co. (a) 14,100 511,125 
Noble Energy, Inc. 60,900 2,199,099 
NOVATEK OAO GDR (Reg. S) 11,200 1,075,200 
PDC Energy, Inc. (a) 12,800 803,712 
Pioneer Natural Resources Co. 3,410 566,401 
PrairieSky Royalty Ltd. 91,000 1,916,171 
QEP Resources, Inc. 20,700 371,151 
SM Energy Co. 55,300 1,723,148 
Southwestern Energy Co. (a)(b) 42,100 565,403 
Tullow Oil PLC (a) 148,500 606,895 
Whiting Petroleum Corp. (a)(b) 76,700 920,400 
Woodside Petroleum Ltd. 35,573 766,538 
  34,657,440 
Oil & Gas Storage & Transport - 0.5%   
Teekay LNG Partners LP 5,400 74,196 
Williams Partners LP 37,900 1,145,717 
  1,219,913 
TOTAL OIL, GAS & CONSUMABLE FUELS  81,500,399 
Paper & Forest Products - 4.5%   
Forest Products - 0.6%   
TFS Corp. Ltd. 632,575 750,326 
West Fraser Timber Co. Ltd. 26,900 886,304 
  1,636,630 
Paper Products - 3.9%   
Empresas CMPC SA 534,203 1,208,006 
Fibria Celulose SA 198,300 1,751,648 
Mondi PLC 172,100 3,289,148 
Oji Holdings Corp. 174,000 714,538 
Stora Enso Oyj (R Shares) (b) 176,500 1,540,012 
UPM-Kymmene Corp. (b) 103,500 1,976,791 
  10,480,143 
TOTAL PAPER & FOREST PRODUCTS  12,116,773 
Real Estate Investment Trusts - 0.7%   
Specialized REITs - 0.7%   
Potlatch Corp. 52,400 1,845,528 
Semiconductors & Semiconductor Equipment - 0.3%   
Semiconductor Equipment - 0.3%   
SolarEdge Technologies, Inc. (a) 27,400 734,046 
TOTAL COMMON STOCKS   
(Cost $331,791,961)  260,363,917 
Nonconvertible Preferred Stocks - 1.0%   
Aerospace & Defense - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Group PLC 8,542,720 12,482 
Metals & Mining - 0.7%   
Steel - 0.7%   
Vale SA (PN-A) sponsored ADR 449,300 2,039,822 
Oil, Gas & Consumable Fuels - 0.3%   
Integrated Oil & Gas - 0.3%   
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 123,600 729,240 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $5,284,416)  2,781,544 
Money Market Funds - 5.3%   
Fidelity Cash Central Fund, 0.38% (d) 6,967,597 6,967,597 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 7,338,155 7,338,155 
TOTAL MONEY MARKET FUNDS   
(Cost $14,305,752)  14,305,752 
TOTAL INVESTMENT PORTFOLIO - 103.2%   
(Cost $351,382,129)  277,451,213 
NET OTHER ASSETS (LIABILITIES) - (3.2)%  (8,591,938) 
NET ASSETS - 100%  $268,859,275 

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $4,891 
Fidelity Securities Lending Cash Central Fund 106,267 
Total $111,158 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Common Stocks $260,363,917 $215,835,216 $44,528,701 $-- 
Nonconvertible Preferred Stocks 2,781,544 2,781,544 -- -- 
Money Market Funds 14,305,752 14,305,752 -- -- 
Total Investments in Securities: $277,451,213 $232,922,512 $44,528,701 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $14,804,712 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 40.3% 
Canada 17.3% 
United Kingdom 11.9% 
Switzerland 4.5% 
France 2.3% 
Brazil 2.2% 
Norway 2.0% 
Chile 1.8% 
Bailiwick of Jersey 1.8% 
Japan 1.8% 
Russia 1.4% 
Finland 1.3% 
Netherlands 1.3% 
Australia 1.2% 
Korea (South) 1.1% 
Hong Kong 1.1% 
Others (Individually Less Than 1%) 6.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,031,911) — See accompanying schedule:
Unaffiliated issuers (cost $337,076,377) 		$263,145,461  
Fidelity Central Funds (cost $14,305,752) 14,305,752  
Total Investments (cost $351,382,129)  $277,451,213 
Foreign currency held at value (cost $26,141)  26,141 
Receivable for investments sold  1,128,703 
Receivable for fund shares sold  1,257,584 
Dividends receivable  1,107,997 
Distributions receivable from Fidelity Central Funds  21,225 
Prepaid expenses  281 
Other receivables  6,912 
Total assets  281,000,056 
Liabilities   
Payable to custodian bank $324  
Payable for investments purchased   
Regular delivery 3,410,510  
Delayed delivery 76,258  
Payable for fund shares redeemed 1,052,362  
Accrued management fee 142,776  
Distribution and service plan fees payable 18,314  
Other affiliated payables 65,802  
Other payables and accrued expenses 36,280  
Collateral on securities loaned, at value 7,338,155  
Total liabilities  12,140,781 
Net Assets  $268,859,275 
Net Assets consist of:   
Paid in capital  $443,643,861 
Undistributed net investment income  1,567,386 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (102,409,631) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (73,942,341) 
Net Assets  $268,859,275 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,034,388 ÷ 3,073,781 shares)  $10.42 
Maximum offering price per share (100/94.25 of $10.42)  $11.06 
Class T:   
Net Asset Value and redemption price per share ($6,177,528 ÷ 592,800 shares)  $10.42 
Maximum offering price per share (100/96.50 of $10.42)  $10.80 
Class B:   
Net Asset Value and offering price per share ($805,040 ÷ 77,326 shares)(a)  $10.41 
Class C:   
Net Asset Value and offering price per share ($11,528,539 ÷ 1,114,551 shares)(a)  $10.34 
Global Commodity Stock:   
Net Asset Value, offering price and redemption price per share ($187,023,903 ÷ 17,915,595 shares)  $10.44 
Class I:   
Net Asset Value, offering price and redemption price per share ($31,289,877 ÷ 2,999,773 shares)  $10.43 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $3,551,835 
Income from Fidelity Central Funds  111,158 
Income before foreign taxes withheld  3,662,993 
Less foreign taxes withheld  (261,962) 
Total income  3,401,031 
Expenses   
Management fee $741,086  
Transfer agent fees 311,622  
Distribution and service plan fees 101,260  
Accounting and security lending fees 55,708  
Custodian fees and expenses 29,898  
Independent trustees' compensation 460  
Registration fees 75,498  
Audit 31,910  
Legal 915  
Miscellaneous 719  
Total expenses before reductions 1,349,076  
Expense reductions (5,501) 1,343,575 
Net investment income (loss)  2,057,456 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (32,971,910)  
Foreign currency transactions (34,212)  
Total net realized gain (loss)  (33,006,122) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		47,992,729  
Assets and liabilities in foreign currencies 14,367  
Total change in net unrealized appreciation (depreciation)  48,007,096 
Net gain (loss)  15,000,974 
Net increase (decrease) in net assets resulting from operations  $17,058,430 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,057,456 $5,601,197 
Net realized gain (loss) (33,006,122) (22,741,457) 
Change in net unrealized appreciation (depreciation) 48,007,096 (54,129,193) 
Net increase (decrease) in net assets resulting from operations 17,058,430 (71,269,453) 
Distributions to shareholders from net investment income (5,140,876) (3,898,874) 
Distributions to shareholders from net realized gain (224,075) (629,272) 
Total distributions (5,364,951) (4,528,146) 
Share transactions - net increase (decrease) 26,135,446 (20,805,112) 
Redemption fees 5,198 7,987 
Total increase (decrease) in net assets 37,834,123 (96,594,724) 
Net Assets   
Beginning of period 231,025,152 327,619,876 
End of period (including undistributed net investment income of $1,567,386 and undistributed net investment income of $4,650,806, respectively) $268,859,275 $231,025,152 

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


Financial Highlights — Fidelity Global Commodity Stock Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.05 $13.25 $14.17 $14.59 $15.14 $15.60 
Income from Investment Operations       
Net investment income (loss)A .08 .22 .15 .16 .11 .12 
Net realized and unrealized gain (loss) .51 (3.25) (.91) (.45) (.59) (.38) 
Total from investment operations .59 (3.03) (.76) (.29) (.48) (.26) 
Distributions from net investment income (.21) (.14) (.15) (.13) (.05) (.13) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.22) (.17) (.16) (.13) (.07)B (.20)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.42 $10.05 $13.25 $14.17 $14.59 $15.14 
Total ReturnE,F,G 6.14% (23.16)% (5.41)% (2.00)% (3.19)% (1.80)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.43%J 1.34% 1.35% 1.36% 1.34% 1.32% 
Expenses net of fee waivers, if any 1.43%J 1.34% 1.35% 1.35% 1.34% 1.32% 
Expenses net of all reductions 1.42%J 1.34% 1.35% 1.34% 1.33% 1.31% 
Net investment income (loss) 1.77%J 1.85% 1.05% 1.12% .80% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,034 $31,391 $51,586 $71,293 $99,694 $127,979 
Portfolio turnover rateK 99%J 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share.

 C Total distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.02 $13.21 $14.13 $14.54 $15.08 $15.55 
Income from Investment Operations       
Net investment income (loss)A .07 .19 .11 .12 .08 .07 
Net realized and unrealized gain (loss) .51 (3.25) (.90) (.45) (.60) (.38) 
Total from investment operations .58 (3.06) (.79) (.33) (.52) (.31) 
Distributions from net investment income (.17) (.10) (.11) (.08) (.01) (.10) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.18) (.13) (.13)B (.08) (.02) (.16) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $10.42 $10.02 $13.21 $14.13 $14.54 $15.08 
Total ReturnD,E,F 6.03% (23.40)% (5.65)% (2.26)% (3.43)% (2.09)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.70%I 1.63% 1.62% 1.62% 1.61% 1.60% 
Expenses net of fee waivers, if any 1.70%I 1.63% 1.62% 1.61% 1.61% 1.60% 
Expenses net of all reductions 1.70%I 1.62% 1.62% 1.60% 1.60% 1.59% 
Net investment income (loss) 1.50%I 1.57% .78% .86% .53% .43% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,178 $6,335 $9,867 $12,551 $16,692 $20,831 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.13 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.013 per share.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.97 $13.12 $14.01 $14.41 $15.00 $15.46 
Income from Investment Operations       
Net investment income (loss)A .05 .13 .04 .05 –B (.01) 
Net realized and unrealized gain (loss) .51 (3.24) (.89) (.45) (.59) (.39) 
Total from investment operations .56 (3.11) (.85) (.40) (.59) (.40) 
Distributions from net investment income (.11) (.02) (.03) –B – – 
Distributions from net realized gain (.01) (.03) (.01) – – (.06) 
Total distributions (.12) (.04)C (.04) –B – (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.41 $9.97 $13.12 $14.01 $14.41 $15.00 
Total ReturnD,E,F 5.72% (23.76)% (6.06)% (2.75)% (3.93)% (2.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.18%I 2.13% 2.11% 2.11% 2.10% 2.11% 
Expenses net of fee waivers, if any 2.18%I 2.12% 2.11% 2.11% 2.10% 2.11% 
Expenses net of all reductions 2.17%I 2.12% 2.11% 2.10% 2.10% 2.10% 
Net investment income (loss) 1.03%I 1.07% .29% .36% .03% (.09)% 
Supplemental Data       
Net assets, end of period (000 omitted) $805 $864 $1,584 $2,303 $3,097 $4,324 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.04 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.026 per share.

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

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

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

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.92 $13.06 $13.96 $14.37 $14.95 $15.45 
Income from Investment Operations       
Net investment income (loss)A .05 .13 .04 .05 .01 (.01) 
Net realized and unrealized gain (loss) .50 (3.22) (.89) (.44) (.59) (.38) 
Total from investment operations .55 (3.09) (.85) (.39) (.58) (.39) 
Distributions from net investment income (.12) (.03) (.03) (.02) – (.05) 
Distributions from net realized gain (.01) (.03) (.01) – – (.06) 
Total distributions (.13) (.05)B (.05)C (.02) – (.11) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.34 $9.92 $13.06 $13.96 $14.37 $14.95 
Total ReturnE,F,G 5.70% (23.74)% (6.13)% (2.75)% (3.88)% (2.58)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.18%J 2.12% 2.11% 2.11% 2.10% 2.09% 
Expenses net of fee waivers, if any 2.18%J 2.12% 2.11% 2.11% 2.10% 2.09% 
Expenses net of all reductions 2.17%J 2.11% 2.11% 2.10% 2.09% 2.08% 
Net investment income (loss) 1.02%J 1.08% .29% .36% .03% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,529 $11,274 $17,659 $23,830 $31,865 $37,185 
Portfolio turnover rateK 99%J 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.05 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.05 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $.013 per share.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.09 $13.31 $14.24 $14.66 $15.21 $15.66 
Income from Investment Operations       
Net investment income (loss)A .09 .25 .19 .19 .15 .16 
Net realized and unrealized gain (loss) .51 (3.27) (.92) (.45) (.60) (.39) 
Total from investment operations .60 (3.02) (.73) (.26) (.45) (.23) 
Distributions from net investment income (.24) (.18) (.19) (.16) (.08) (.16) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.25) (.20)B (.20) (.16) (.10)C (.22) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.44 $10.09 $13.31 $14.24 $14.66 $15.21 
Total ReturnE,F 6.26% (22.97)% (5.16)% (1.75)% (2.96)% (1.59)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.18%I 1.12% 1.11% 1.11% 1.10% 1.08% 
Expenses net of fee waivers, if any 1.18%I 1.12% 1.11% 1.11% 1.10% 1.08% 
Expenses net of all reductions 1.17%I 1.11% 1.11% 1.09% 1.09% 1.07% 
Net investment income (loss) 2.03%I 2.08% 1.29% 1.37% 1.04% .95% 
Supplemental Data       
Net assets, end of period (000 omitted) $187,024 $156,320 $223,084 $273,476 $387,242 $531,224 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.09 $13.31 $14.24 $14.67 $15.22 $15.66 
Income from Investment Operations       
Net investment income (loss)A .09 .25 .19 .20 .16 .16 
Net realized and unrealized gain (loss) .51 (3.26) (.92) (.45) (.60) (.38) 
Total from investment operations .60 (3.01) (.73) (.25) (.44) (.22) 
Distributions from net investment income (.25) (.19) (.19) (.18) (.09) (.16) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.26) (.21)B (.20) (.18) (.11)C (.22) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.43 $10.09 $13.31 $14.24 $14.67 $15.22 
Total ReturnE,F 6.27% (22.93)% (5.16)% (1.71)% (2.90)% (1.50)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.14%I 1.09% 1.06% 1.04% 1.04% 1.03% 
Expenses net of fee waivers, if any 1.14%I 1.08% 1.06% 1.04% 1.04% 1.03% 
Expenses net of all reductions 1.13%I 1.08% 1.06% 1.03% 1.03% 1.03% 
Net investment income (loss) 2.07%I 2.11% 1.34% 1.43% 1.10% .99% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,290 $24,841 $23,840 $31,613 $50,540 $58,925 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.21 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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. 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Global Commodity Stock 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, Global Commodity Stock and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $14,424,349 
Gross unrealized depreciation (93,694,823) 
Net unrealized appreciation (depreciation) on securities $(79,270,474) 
Tax cost $356,721,687 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2019 $(6,952,413) 
No expiration  
Short-term (17,522,131) 
Long-term (40,298,374) 
Total no expiration (57,820,505) 
Total capital loss carryforward $(64,772,918) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $124,970,983 and $107,482,256, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $34,521 $– 
Class T .25% .25% 13,584 – 
Class B .75% .25% 3,615 2,711 
Class C .75% .25% 49,540 6,624 
   $101,260 $9,335 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $10,807 
Class T 1,023 
Class B(a) 350 
Class C(a) 334 
 $12,514 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $41,634 .30 
Class T 8,788 .32 
Class B 1,083 .30 
Class C 14,985 .30 
Global Commodity Stock 214,868 .30 
Class I 30,264 .26 
 $ 311,622  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,386 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $180 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $106,267. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,774 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $727.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $638,599 $520,699 
Class T 103,956 72,766 
Class B 8,861 1,871 
Class C 133,173 32,755 
Global Commodity Stock 3,642,366 2,937,401 
Class I 613,921 333,382 
Total $5,140,876 $3,898,874 
From net realized gain   
Class A $30,410 $97,397 
Class T 6,044 19,110 
Class B 836 3,040 
Class C 11,098 34,065 
Global Commodity Stock 151,130 429,058 
Class I 24,557 46,602 
Total $224,075 $629,272 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 429,562 526,290 $3,833,800 $6,210,169 
Reinvestment of distributions 70,559 46,881 655,495 594,452 
Shares redeemed (549,813) (1,342,823) (4,931,070) (16,036,860) 
Net increase (decrease) (49,692) (769,652) $(441,775) $(9,232,239) 
Class T     
Shares sold 60,531 79,898 $540,227 $963,935 
Reinvestment of distributions 11,521 7,092 107,030 89,851 
Shares redeemed (111,329) (201,781) (1,011,230) (2,371,414) 
Net increase (decrease) (39,277) (114,791) $(363,973) $(1,317,628) 
Class B     
Shares sold 2,904 580 $29,575 $7,071 
Reinvestment of distributions 982 371 9,133 4,698 
Shares redeemed (13,281) (35,007) (118,751) (422,886) 
Net increase (decrease) (9,395) (34,056) $(80,043) $(411,117) 
Class C     
Shares sold 147,205 206,447 $1,336,468 $2,471,711 
Reinvestment of distributions 14,787 4,962 136,635 62,526 
Shares redeemed (184,114) (426,784) (1,670,395) (5,161,590) 
Net increase (decrease) (22,122) (215,375) $(197,292) $(2,627,353) 
Global Commodity Stock     
Shares sold 4,803,019 4,004,137 $43,836,205 $47,467,615 
Reinvestment of distributions 376,092 238,065 3,493,876 3,023,431 
Shares redeemed (2,761,293) (5,506,523) (25,223,516) (65,599,040) 
Net increase (decrease) 2,417,818 (1,264,321) $22,106,565 $(15,107,994) 
Class I     
Shares sold 1,846,997 1,576,324 $16,610,772 $18,219,363 
Reinvestment of distributions 60,388 24,972 560,405 316,895 
Shares redeemed (1,370,427) (929,289) (12,059,213) (10,645,039) 
Net increase (decrease) 536,958 672,007 $5,111,964 $7,891,219 

11. 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.

At the end of the period, the investment adviser or its affiliates were the owner of record of 20% of the outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.43%    
Actual  $1,000.00 $1,061.40 $7.33 
Hypothetical-C  $1,000.00 $1,017.75 $7.17 
Class T 1.70%    
Actual  $1,000.00 $1,060.30 $8.71 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.18%    
Actual  $1,000.00 $1,057.20 $11.15 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Class C 2.18%    
Actual  $1,000.00 $1,057.00 $11.15 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Global Commodity Stock 1.18%    
Actual  $1,000.00 $1,062.60 $6.05 
Hypothetical-C  $1,000.00 $1,019.00 $5.92 
Class I 1.14%    
Actual  $1,000.00 $1,062.70 $5.85 
Hypothetical-C  $1,000.00 $1,019.19 $5.72 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AGCS-SANN-0616
1.879399.107

Fidelity® Emerging Markets Discovery Fund

Fidelity® Total Emerging Markets Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Fidelity® Emerging Markets Discovery Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Fidelity® Total Emerging Markets Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.



Fidelity® Emerging Markets Discovery Fund

Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Hyundai Glovis Co. Ltd. (Korea (South), Air Freight & Logistics) 1.5 1.0 
58.com, Inc. ADR (Cayman Islands, Internet Software & Services) 1.4 1.1 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.3 2.4 
Yandex NV (Netherlands, Internet Software & Services) 1.3 0.0 
Advantech Co. Ltd. (Taiwan, Technology Hardware, Storage & Peripherals) 1.3 1.4 
 6.8  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 18.0 18.1 
Information Technology 17.5 15.4 
Consumer Discretionary 15.5 14.6 
Industrials 14.2 17.0 
Materials 9.9 10.2 

Top Five Countries as of April 30, 2016

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
India 13.2 13.0 
Korea (South) 12.0 13.3 
Cayman Islands 10.1 11.4 
Taiwan 9.8 9.6 
Brazil 7.4 4.1 

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

Asset Allocation (% of fund's net assets)

As of April 30, 2016 
   Stocks 97.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.5% 


As of October 31, 2015 
   Stocks 97.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.3% 


Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Emerging Markets Discovery Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%   
 Shares Value 
Argentina - 0.5%   
Inversiones y Representaciones SA ADR (a) 22,300 $330,709 
Bangladesh - 0.4%   
BRAC Bank Ltd. 449,466 237,421 
Bermuda - 1.9%   
Digital China Holdings Ltd. (H Shares) 154,000 106,319 
PAX Global Technology Ltd. 390,000 335,876 
Shangri-La Asia Ltd. 676,000 825,832 
TOTAL BERMUDA  1,268,027 
Brazil - 5.7%   
AES Tiete Energia SA unit 53,700 220,468 
BR Properties SA 81,400 243,070 
Cosan SA Industria e Comercio 32,760 303,287 
Direcional Engenharia SA 219,000 391,612 
Fibria Celulose SA 33,700 297,683 
FPC Par Corretora de Seguros 132,000 443,294 
Mills Estruturas e Servicos de Engenharia SA 26,400 32,316 
Minerva SA (b) 127,100 390,622 
QGEP Participacoes SA 298,500 354,112 
Smiles SA 56,000 649,677 
Tegma Gestao Logistica SA 269,600 449,954 
TOTAL BRAZIL  3,776,095 
British Virgin Islands - 0.3%   
Dolphin Capital Investors Ltd. (b) 1,423,300 168,972 
Canada - 1.5%   
Pan American Silver Corp. 30,600 479,502 
Torex Gold Resources, Inc. (b) 306,500 544,748 
TOTAL CANADA  1,024,250 
Cayman Islands - 10.1%   
51job, Inc. sponsored ADR (b) 12,100 360,580 
58.com, Inc. ADR (b) 16,400 896,260 
Casetek Holdings 48,000 216,203 
China State Construction International Holdings Ltd. 334,000 520,273 
GCL-Poly Energy Holdings Ltd. 1,040,000 154,985 
Goodbaby International Holdings Ltd. (b) 506,000 283,408 
Haitian International Holdings Ltd. 313,000 534,029 
Ju Teng International Holdings Ltd. 416,000 186,736 
Kingboard Laminates Holdings Ltd. 578,500 295,747 
Kingsoft Corp. Ltd. 77,000 176,792 
Lee's Pharmaceutical Holdings Ltd. 366,000 296,145 
Pico Far East Holdings Ltd. 2,320,000 628,995 
Semiconductor Manufacturing International Corp. (b) 2,077,000 170,746 
SITC International Holdings Co. Ltd. 928,000 501,557 
Sunny Optical Technology Group Co. Ltd. 109,000 336,184 
TPK Holding Co. Ltd. 30,000 62,966 
Uni-President China Holdings Ltd. 871,000 811,135 
Yirendai Ltd. sponsored ADR (a) 21,100 260,374 
TOTAL CAYMAN ISLANDS  6,693,115 
Chile - 4.1%   
Compania Cervecerias Unidas SA sponsored ADR (a) 22,800 511,176 
CorpBanca SA 40,999,981 373,153 
Empresas CMPC SA 219,687 496,783 
Inversiones La Construccion SA 34,117 402,273 
Quinenco SA 143,799 282,951 
Vina Concha y Toro SA 372,483 624,286 
TOTAL CHILE  2,690,622 
China - 5.5%   
BBMG Corp. (H Shares) 775,000 566,392 
China Longyuan Power Grid Corp. Ltd. (H Shares) 331,200 229,140 
Huangshan Tourism Development Co. Ltd. 343,100 719,824 
Qingdao Haier Co. Ltd. 547,886 704,951 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 448,000 701,820 
Zhengzhou Yutong Bus Co. Ltd. 127,619 404,301 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 57,000 324,315 
TOTAL CHINA  3,650,743 
Colombia - 0.3%   
Organizacion Terpel SA 59,128 205,486 
Cyprus - 0.7%   
Global Ports Investment PLC GDR (Reg. S) (b) 136,700 452,477 
Egypt - 0.3%   
Citadel Capital Corp. (b) 1,032,100 172,018 
Georgia - 0.1%   
TBC Bank JSC unit 8,575 90,038 
Greece - 0.7%   
Titan Cement Co. SA (Reg.) 18,800 428,859 
Hong Kong - 2.8%   
BYD Electronic International Co. Ltd. (b) 146,000 83,613 
China Resources Beer Holdings Co. Ltd. 226,000 496,615 
Far East Horizon Ltd. 532,584 422,753 
Techtronic Industries Co. Ltd. 231,500 867,817 
TOTAL HONG KONG  1,870,798 
India - 13.2%   
Adani Ports & Special Economic Zone 133,403 478,379 
Alembic Pharmaceuticals Ltd. (b) 77,612 703,965 
Arvind Mills Ltd. (b) 78,092 326,062 
Dr Lal Pathlabs Ltd. 21,735 322,333 
Edelweiss Financial Services Ltd. 431,938 377,476 
Exide Industries Ltd. (b) 166,764 369,677 
Grasim Industries Ltd. 10,589 683,203 
IDFC Ltd. 317,213 232,070 
Iifl Holdings Ltd. (b) 115,270 378,215 
Indraprastha Gas Ltd. (b) 50,968 439,891 
JK Cement Ltd. 33,493 299,128 
LIC Housing Finance Ltd. (b) 47,601 331,288 
Mahindra Lifespace Developers Ltd. (b) 43,426 283,599 
Manappuram General Finance & Leasing Ltd. 732,000 441,346 
Marksans Pharma Ltd. 462,523 319,255 
Mphasis BFL Ltd. 49,287 363,018 
Power Grid Corp. of India Ltd. 368,175 794,820 
Redington India Ltd. (b) 97,326 159,120 
Solar Industries India Ltd. (b) 5,528 282,390 
The Jammu & Kashmir Bank Ltd. 200,767 207,642 
Torrent Pharmaceuticals Ltd. 30,108 648,275 
VST Industries Ltd. (b) 12,492 307,234 
TOTAL INDIA  8,748,386 
Indonesia - 1.8%   
Link Net Tbk PT 1,434,800 458,575 
PT Bank Danamon Indonesia Tbk Series A 820,800 204,764 
PT Media Nusantara Citra Tbk 442,100 78,779 
PT Panin Life Tbk (b) 30,841,700 423,290 
TOTAL INDONESIA  1,165,408 
Israel - 0.5%   
Bezeq The Israel Telecommunication Corp. Ltd. 155,760 332,242 
Korea (South) - 11.4%   
AMOREPACIFIC Group, Inc. 2,952 432,877 
Binggrea Co. Ltd. 3,310 197,038 
BS Financial Group, Inc. 40,160 325,648 
Com2uS Corp. 2,269 256,276 
Daou Technology, Inc. 10,330 210,987 
Devsisters Co. Ltd. (b) 6,881 145,647 
DGB Financial Group Co. Ltd. 38,521 308,323 
E-Mart Co. Ltd. 2,431 389,367 
Fila Korea Ltd. 7,708 699,703 
Hanon Systems 47,137 423,777 
Hyundai Glovis Co. Ltd. 5,806 962,872 
Hyundai HCN 81,610 263,563 
Hyundai Industrial Development & Construction Co. 7,283 321,026 
Hyundai Wia Corp. 4,509 380,186 
Koh Young Technology, Inc. 5,832 213,799 
Korea Express Co. Ltd. (b) 2,438 413,897 
Korean Reinsurance Co. 22,174 257,415 
Medy-Tox, Inc. 1,829 675,294 
NCSOFT Corp. 1,959 391,569 
Nice Information & Telecom, Inc. 2,998 89,102 
Silicon Works Co. Ltd. 7,345 204,513 
TOTAL KOREA (SOUTH)  7,562,879 
Malaysia - 1.3%   
Inari Amertron Bhd 266,000 185,890 
Top Glove Corp. Bhd 532,500 676,104 
TOTAL MALAYSIA  861,994 
Mexico - 6.7%   
Fibra Uno Administracion SA de CV 223,100 531,146 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 45,300 426,811 
Grupo Comercial Chedraui S.A.B. de CV (a) 171,700 486,618 
Grupo GICSA SA de CV (b) 256,832 201,827 
Industrias Penoles SA de CV 36,820 575,585 
Macquarie Mexican (REIT) 522,872 719,666 
Megacable Holdings S.A.B. de CV unit 74,500 344,036 
Qualitas Controladora S.A.B. de CV 293,900 394,950 
Tenedora Nemak SA de CV 200,800 288,047 
Terrafina (a) 260,200 480,635 
TOTAL MEXICO  4,449,321 
Netherlands - 1.3%   
Yandex NV (b) 41,700 853,599 
Pakistan - 0.5%   
Habib Bank Ltd. 172,400 310,812 
Panama - 0.8%   
Copa Holdings SA Class A 7,800 497,250 
Philippines - 0.6%   
Alliance Global Group, Inc. 1,264,500 389,821 
Poland - 1.6%   
Asseco Poland SA 20,300 307,934 
Inter Cars SA 8,764 546,236 
Prime Car Management SA 19,300 195,177 
TOTAL POLAND  1,049,347 
Romania - 0.3%   
Banca Transilvania SA 331,743 227,663 
Russia - 0.9%   
Inter Rao Ues JSC (b) 13,451,004 373,278 
Sistema JSFC sponsored GDR 34,060 250,341 
TOTAL RUSSIA  623,619 
Singapore - 0.7%   
First (REIT) 271,800 252,630 
First Resources Ltd. 154,300 218,568 
TOTAL SINGAPORE  471,198 
South Africa - 2.4%   
Alexander Forbes Group Holdings Ltd. 491,636 247,972 
Imperial Holdings Ltd. 40,800 427,139 
Northam Platinum Ltd. (b)(c) 122,600 417,789 
Reunert Ltd. 97,700 490,997 
TOTAL SOUTH AFRICA  1,583,897 
Sri Lanka - 0.6%   
Hatton National Bank PLC 278,137 393,671 
Taiwan - 9.8%   
ADLINK Technology, Inc. 96,087 198,105 
Advantech Co. Ltd. 120,000 846,980 
Chipbond Technology Corp. 118,000 157,075 
Cleanaway Co. Ltd. 68,000 368,387 
CTCI Corp. 335,000 436,082 
Cub Elecparts, Inc. 44,892 543,379 
Elite Semiconductor Memory Technology, Inc. 137,000 111,329 
eMemory Technology, Inc. 22,000 241,092 
Everlight Electronics Co. Ltd. 152,000 212,921 
FLEXium Interconnect, Inc. 79,442 182,970 
Forhouse Corp. 462,000 173,055 
Hermes Microvision, Inc. 4,000 123,208 
Inventec Corp. 418,000 276,268 
Lite-On Technology Corp. 318,640 387,659 
Powertech Technology, Inc. 175,000 354,301 
Radiant Opto-Electronics Corp. 84,000 121,048 
Sirtec International Co. Ltd. 168,000 202,309 
St.Shine Optical Co. Ltd. 27,000 504,845 
Synnex Technology International Corp. 264,000 261,932 
Tong Hsing Electronics Industries Ltd. 103,000 295,579 
Universal Cement Corp. 281,840 180,169 
Vanguard International Semiconductor Corp. 190,000 290,855 
TOTAL TAIWAN  6,469,548 
Thailand - 2.4%   
Delta Electronics PCL (For. Reg.) 110,600 228,041 
PTT Global Chemical PCL (For. Reg.) 240,400 430,269 
Star Petroleum Refining PCL 1,082,800 341,088 
Thai Union Frozen Products PCL (For. Reg.) 1,043,200 618,392 
TOTAL THAILAND  1,617,790 
Turkey - 1.9%   
Aksa Akrilik Kimya Sanayii 77,000 268,317 
Aselsan A/S 74,000 527,891 
Tupras Turkiye Petrol Rafinelleri A/S 16,576 437,505 
TOTAL TURKEY  1,233,713 
United Arab Emirates - 0.4%   
National Bank of Ras Al-Khaimah PSC (b) 196,514 284,105 
United Kingdom - 0.7%   
Bgeo Group PLC 14,540 486,513 
Vietnam - 0.5%   
FTP Corp. 142,600 310,946 
TOTAL COMMON STOCKS   
(Cost $66,186,963)  62,983,352 
Nonconvertible Preferred Stocks - 2.3%   
Brazil - 1.7%   
Banco ABC Brasil SA 72,600 250,145 
Banco do Estado Rio Grande do Sul SA 152,500 377,342 
Metalurgica Gerdau SA (PN) 635,900 538,044 
TOTAL BRAZIL  1,165,531 
Korea (South) - 0.6%   
LG Chemical Ltd. 2,215 381,838 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,424,609)  1,547,369 
 Principal Amount Value 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.21% to 0.3% 5/19/16 to 7/14/16
(Cost $79,972) 		80,000 79,983 
 Shares Value 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund, 0.38% (d) 2,015,766 2,015,766 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 1,092,150 1,092,150 
TOTAL MONEY MARKET FUNDS   
(Cost $3,107,916)  3,107,916 
TOTAL INVESTMENT PORTFOLIO - 102.3%   
(Cost $70,799,460)  67,718,620 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (1,542,085) 
NET ASSETS - 100%  $66,176,535 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

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

 (b) Non-income producing

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $3,946 
Fidelity Securities Lending Cash Central Fund 5,223 
Total $9,169 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $10,236,503 $7,630,451 $2,606,052 $-- 
Consumer Staples 5,483,928 4,176,178 1,307,750 -- 
Energy 1,435,992 1,435,992 -- -- 
Financials 11,813,854 11,159,031 654,823 -- 
Health Care 4,848,036 3,850,071 997,965 -- 
Industrials 9,371,343 7,491,169 1,880,174 -- 
Information Technology 11,639,928 9,792,930 1,846,998 -- 
Materials 6,602,382 4,923,928 1,678,454 -- 
Telecommunication Services 1,041,158 1,041,158 -- -- 
Utilities 2,057,597 1,828,457 229,140 -- 
Government Obligations 79,983 -- 79,983 -- 
Money Market Funds 3,107,916 3,107,916 -- -- 
Total Investments in Securities: $67,718,620 $56,437,281 $11,281,339 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $513,350 
Level 2 to Level 1 $11,800,840 

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

Investments in Securities:  
Beginning Balance $792,670 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (792,670) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 

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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructuring or corporate actions. 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.

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


Fidelity® Emerging Markets Discovery Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,056,713) — See accompanying schedule:
Unaffiliated issuers (cost $67,691,544) 		$64,610,704  
Fidelity Central Funds (cost $3,107,916) 3,107,916  
Total Investments (cost $70,799,460)  $67,718,620 
Foreign currency held at value (cost $67,248)  67,236 
Receivable for investments sold  2,293,237 
Receivable for fund shares sold  90,727 
Dividends receivable  92,213 
Distributions receivable from Fidelity Central Funds  1,961 
Prepaid expenses  66 
Other receivables  16,941 
Total assets  70,281,001 
Liabilities   
Payable to custodian bank $1,802,368  
Payable for investments purchased   
Regular delivery 756,311  
Delayed delivery 35,139  
Payable for fund shares redeemed 265,965  
Accrued management fee 58,418  
Distribution and service plan fees payable 3,166  
Other affiliated payables 15,898  
Other payables and accrued expenses 75,051  
Collateral on securities loaned, at value 1,092,150  
Total liabilities  4,104,466 
Net Assets  $66,176,535 
Net Assets consist of:   
Paid in capital  $74,137,370 
Undistributed net investment income  115,022 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (4,977,675) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (3,098,182) 
Net Assets  $66,176,535 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($4,358,567 ÷ 394,003 shares)  $11.06 
Maximum offering price per share (100/94.25 of $11.06)  $11.73 
Class T:   
Net Asset Value and redemption price per share ($2,107,239 ÷ 191,242 shares)  $11.02 
Maximum offering price per share (100/96.50 of $11.02)  $11.42 
Class C:   
Net Asset Value and offering price per share ($1,721,722 ÷ 158,821 shares)(a)  $10.84 
Emerging Markets Discovery:   
Net Asset Value, offering price and redemption price per share ($56,615,815 ÷ 5,096,251 shares)  $11.11 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,373,192 ÷ 123,266 shares)  $11.14 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $711,619 
Interest  57 
Income from Fidelity Central Funds  9,169 
Income before foreign taxes withheld  720,845 
Less foreign taxes withheld  (45,068) 
Total income  675,777 
Expenses   
Management fee $273,908  
Transfer agent fees 79,317  
Distribution and service plan fees 18,188  
Accounting and security lending fees 16,831  
Custodian fees and expenses 80,413  
Independent trustees' compensation 143  
Registration fees 29,054  
Audit 53,294  
Legal 94  
Miscellaneous 236  
Total expenses before reductions 551,478  
Expense reductions (67,843) 483,635 
Net investment income (loss)  192,142 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,937,454)  
Foreign currency transactions 260  
Futures contracts 172,417  
Total net realized gain (loss)  (2,764,777) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $8,025) 		3,777,452  
Assets and liabilities in foreign currencies 10,070  
Total change in net unrealized appreciation (depreciation)  3,787,522 
Net gain (loss)  1,022,745 
Net increase (decrease) in net assets resulting from operations  $1,214,887 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $192,142 $749,160 
Net realized gain (loss) (2,764,777) (1,932,100) 
Change in net unrealized appreciation (depreciation) 3,787,522 (8,002,533) 
Net increase (decrease) in net assets resulting from operations 1,214,887 (9,185,473) 
Distributions to shareholders from net investment income (490,717) – 
Share transactions - net increase (decrease) (5,938,352) (6,487,831) 
Redemption fees 30,593 32,392 
Total increase (decrease) in net assets (5,183,589) (15,640,912) 
Net Assets   
Beginning of period 71,360,124 87,001,036 
End of period (including undistributed net investment income of $115,022 and undistributed net investment income of $413,597, respectively) $66,176,535 $71,360,124 

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


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.92 $12.17 $12.49 $11.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .02 .09C .04 .08 .12 
Net realized and unrealized gain (loss) .17 (1.34) (.01) .75 1.76 
Total from investment operations .19 (1.25) .03 .83 1.88 
Distributions from net investment income (.05) – (.06) (.04) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.05) – (.36) (.25)D (.01) 
Redemption fees added to paid in capitalB –E –E .01 .02 .02 
Net asset value, end of period $11.06 $10.92 $12.17 $12.49 $11.89 
Total ReturnF,G,H 1.79% (10.27)% .31% 7.20% 19.00% 
Ratios to Average Net AssetsI,J      
Expenses before reductions 1.97%K 1.88% 1.82% 1.87% 3.49% 
Expenses net of fee waivers, if any 1.70%K 1.70% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.69%K 1.69% 1.70% 1.64% 1.64% 
Net investment income (loss) .40%K .76%C .29% .62% 1.16% 
Supplemental Data      
Net assets, end of period (000 omitted) $4,359 $4,660 $4,362 $5,065 $1,671 
Portfolio turnover rateL 63%K 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%.

 D Total distributions of $.25 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.203 per share.

 E Amount represents less than $.005 per share.

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

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

 H Total returns do not include the effect of the sales charges.

 I 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.86 $12.13 $12.44 $11.87 $10.00 
Income from Investment Operations      
Net investment income (loss)B .01 .06C –D .05 .10 
Net realized and unrealized gain (loss) .17 (1.33) –D .74 1.75 
Total from investment operations .18 (1.27) –D .79 1.85 
Distributions from net investment income (.02) – (.02) (.03) –D 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.02) – (.32) (.24)E –D 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.02 $10.86 $12.13 $12.44 $11.87 
Total ReturnF,G,H 1.69% (10.47)% .05% 6.87% 18.75% 
Ratios to Average Net AssetsI,J      
Expenses before reductions 2.26%K 2.16% 2.10% 2.19% 3.77% 
Expenses net of fee waivers, if any 1.95%K 1.95% 1.95% 1.95% 1.95% 
Expenses net of all reductions 1.94%K 1.94% 1.95% 1.89% 1.89% 
Net investment income (loss) .15%K .51%C .04% .37% .91% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,107 $2,015 $2,031 $1,914 $1,700 
Portfolio turnover rateL 63%K 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 D Amount represents less than $.005 per share.

 E Total distributions of $.24 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.203 per share.

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

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

 H Total returns do not include the effect of the sales charges.

 I 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.69 $12.00 $12.35 $11.82 $10.00 
Income from Investment Operations      
Net investment income (loss)B (.02) –C,D (.06) (.02) .04 
Net realized and unrealized gain (loss) .17 (1.31) –D .74 1.76 
Total from investment operations .15 (1.31) (.06) .72 1.80 
Distributions from net investment income – – – (.01) – 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions – – (.30) (.21) – 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $10.84 $10.69 $12.00 $12.35 $11.82 
Total ReturnE,F,G 1.40% (10.92)% (.42)% 6.32% 18.20% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 2.72%J 2.64% 2.58% 2.70% 4.32% 
Expenses net of fee waivers, if any 2.45%J 2.45% 2.45% 2.45% 2.45% 
Expenses net of all reductions 2.44%J 2.44% 2.45% 2.39% 2.39% 
Net investment income (loss) (.35)%J .01%C (.46)% (.13)% .41% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,722 $1,675 $1,750 $2,082 $1,474 
Portfolio turnover rateK 63%J 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.52) %.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Emerging Markets Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.98 $12.21 $12.52 $11.92 $10.00 
Income from Investment Operations      
Net investment income (loss)B .03 .12C .07 .11 .15 
Net realized and unrealized gain (loss) .19 (1.35) –D .74 1.76 
Total from investment operations .22 (1.23) .07 .85 1.91 
Distributions from net investment income (.09) – (.09) (.07) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.09) – (.39) (.27) (.01) 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.11 $10.98 $12.21 $12.52 $11.92 
Total ReturnE,F 1.99% (10.07)% .61% 7.37% 19.35% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.64%I 1.56% 1.48% 1.57% 3.02% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.44%I 1.44% 1.45% 1.39% 1.39% 
Net investment income (loss) .65%I 1.01%C .54% .87% 1.41% 
Supplemental Data      
Net assets, end of period (000 omitted) $56,616 $61,601 $78,377 $96,731 $39,135 
Portfolio turnover rateJ 63%I 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $11.02 $12.25 $12.53 $11.92 $10.00 
Income from Investment Operations      
Net investment income (loss)B .03 .12C .07 .11 .15 
Net realized and unrealized gain (loss) .18 (1.35) –D .75 1.76 
Total from investment operations .21 (1.23) .07 .86 1.91 
Distributions from net investment income (.09) – (.06) (.07) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.09) – (.36) (.27) (.01) 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.14 $11.02 $12.25 $12.53 $11.92 
Total ReturnE,F 1.91% (10.04)% .61% 7.45% 19.35% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.61%I 1.54% 1.56% 1.60% 3.21% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.44%I 1.43% 1.45% 1.39% 1.39% 
Net investment income (loss) .65%I 1.01%C .54% .87% 1.41% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,373 $1,410 $481 $1,076 $1,825 
Portfolio turnover rateJ 63%I 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Emerging Markets Discovery 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, Emerging Markets Discovery and Class I 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, futures transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 $5,799,157 
Gross unrealized depreciation (9,248,368) 
Net unrealized appreciation (depreciation) on securities $(3,449,211) 
Tax cost $71,167,831 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,731,575) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end.

During the period the Fund recognized net realized gain (loss) of $172,417 related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $19,964,528 and $25,414,601, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .85% 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 the investment adviser, 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% $5,319 $166 
Class T .25% .25% 4,870 17 
Class C .75% .25% 7,999 2,824 
   $18,188 $3,007 

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, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 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 $1,176 
Class T 567 
Class C(a) 89 
 $1,832 

 (a) When 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $6,692 .31 
Class T 3,430 .35 
Class C 2,516 .31 
Emerging Markets Discovery 65,442 .24 
Class I 1,237 .20 
 $79,317  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $201 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $57 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $5,223. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.70% $5,845 
Class T 1.95% 2,989 
Class C 2.45% 2,170 
Emerging Markets Discovery 1.45% 53,138 
Class I 1.45% 1,004 
  $65,146 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,463 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $234.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $22,428 $– 
Class T 4,316 – 
Emerging Markets Discovery 453,104 – 
Class I 10,869 – 
Total $490,717 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 55,629 161,641 $577,534 $1,908,467 
Reinvestment of distributions 1,944 – 20,757 – 
Shares redeemed (90,322) (93,262) (940,546) (1,088,220) 
Net increase (decrease) (32,749) 68,379 $(342,255) $820,247 
Class T     
Shares sold 18,358 59,344 $188,721 $694,558 
Reinvestment of distributions 389 – 4,146 – 
Shares redeemed (13,066) (41,200) (133,700) (472,328) 
Net increase (decrease) 5,681 18,144 $59,167 $222,230 
Class C     
Shares sold 17,201 68,780 $175,833 $796,943 
Shares redeemed (15,073) (57,921) (149,534) (667,642) 
Net increase (decrease) 2,128 10,859 $26,299 $129,301 
Emerging Markets Discovery     
Shares sold 828,955 2,311,392 $8,559,244 $27,313,497 
Reinvestment of distributions 39,922 – 427,569 – 
Shares redeemed (1,380,942) (3,121,418) (14,622,762) (36,074,220) 
Net increase (decrease) (512,065) (810,026) $(5,635,949) $(8,760,723) 
Class I     
Shares sold 56,585 209,924 $587,375 $2,474,235 
Reinvestment of distributions 981 – 10,531 – 
Shares redeemed (62,265) (121,211) (643,520) (1,373,121) 
Net increase (decrease) (4,699) 88,713 $(45,614) $1,101,114 

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.

At the end of the period, the investment adviser or its affiliates were the owners of record of 12% of the total outstanding shares of the Fund.

Fidelity® Total Emerging Markets Fund

Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 2.1 2.0 
Naspers Ltd. Class N (South Africa, Media) 2.0 1.2 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 1.5 1.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 1.4 0.6 
China Mobile Ltd. (Hong Kong, Wireless Telecommuncation Services) 1.2 1.1 
 8.2  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 18.8 17.5 
Energy 16.8 14.9 
Information Technology 13.0 10.9 
Consumer Discretionary 7.4 5.7 
Consumer Staples 5.8 5.7 

Top Five Countries as of April 30, 2016

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Korea (South) 8.7 9.3 
Cayman Islands 6.9 7.0 
Brazil 6.1 5.2 
Mexico 6.0 6.2 
India 5.5 5.3 

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

Asset Allocation (% of fund's net assets)

As of April 30, 2016 
   Stocks and Equity Futures 67.5% 
   Bonds 28.8% 
   Other Investments 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.4% 


As of October 31, 2015 
   Stocks and Equity Futures 55.3% 
   Bonds 40.8% 
   Other Investments 0.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.3% 


Fidelity® Total Emerging Markets Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 60.3%   
 Shares Value 
Argentina - 0.3%   
Telecom Argentina SA Class B sponsored ADR 4,334 $81,132 
YPF SA Class D sponsored ADR 6,200 124,930 
TOTAL ARGENTINA  206,062 
Austria - 0.3%   
Erste Group Bank AG 7,805 224,500 
Bermuda - 1.0%   
AGTech Holdings Ltd. (a) 112,000 25,952 
Credicorp Ltd. (United States) 1,290 187,592 
GP Investments Ltd. Class A (depositary receipt) (a) 22,922 51,253 
PAX Global Technology Ltd. 115,460 99,437 
Shangri-La Asia Ltd. 262,000 320,071 
TOTAL BERMUDA  684,305 
Brazil - 2.6%   
B2W Companhia Global do Varejo (a) 32,040 127,629 
BB Seguridade Participacoes SA 36,310 316,726 
BR Properties SA 6,700 20,007 
CCR SA 32,700 153,838 
Cielo SA 25,436 247,759 
Companhia de Saneamento de Minas Gerais 15,706 98,184 
Cosan SA Industria e Comercio 12,521 115,917 
Direcional Engenharia SA 42,000 75,104 
Fibria Celulose SA 6,700 59,183 
FPC Par Corretora de Seguros 33,600 112,839 
Minerva SA (a) 47,700 146,599 
Smiles SA 29,700 344,561 
TOTAL BRAZIL  1,818,346 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 5,080 102,870 
Canada - 0.6%   
Goldcorp, Inc. 3,600 72,534 
Pan American Silver Corp. 17,700 277,359 
Torex Gold Resources, Inc. (a) 44,300 78,735 
TOTAL CANADA  428,628 
Cayman Islands - 6.7%   
51job, Inc. sponsored ADR (a) 3,100 92,380 
58.com, Inc. ADR (a) 10,050 549,233 
AAC Technology Holdings, Inc. 11,000 76,351 
Alibaba Group Holding Ltd. sponsored ADR (a) 12,700 977,138 
Autohome, Inc. ADR Class A (a) 2,000 59,120 
Bitauto Holdings Ltd. ADR (a) 6,700 167,232 
BizLink Holding, Inc. 5,000 28,480 
China State Construction International Holdings Ltd. 84,000 130,847 
CK Hutchison Holdings Ltd. 8,770 104,921 
Ctrip.com International Ltd. ADR (a) 1,400 61,054 
Haitian International Holdings Ltd. 34,000 58,010 
Himax Technologies, Inc. sponsored ADR 4,100 42,599 
JD.com, Inc. sponsored ADR (a) 13,600 347,616 
New Oriental Education & Technology Group, Inc. sponsored ADR 3,100 121,396 
Sino Biopharmaceutical Ltd. 248,000 175,734 
SouFun Holdings Ltd. ADR 19,000 108,110 
Sunny Optical Technology Group Co. Ltd. 25,000 77,106 
Tencent Holdings Ltd. 51,750 1,053,025 
Uni-President China Holdings Ltd. 404,600 376,791 
Vipshop Holdings Ltd. ADR (a) 12,600 171,864 
TOTAL CAYMAN ISLANDS  4,779,007 
Chile - 1.0%   
Compania Cervecerias Unidas SA sponsored ADR 7,700 172,634 
CorpBanca SA 11,730,819 106,766 
Empresas CMPC SA 25,201 56,988 
Enersis Chile SA 316,233 38,579 
Enersis SA 352,800 60,833 
Inversiones La Construccion SA 9,283 109,456 
Vina Concha y Toro SA 93,580 156,841 
TOTAL CHILE  702,097 
China - 5.4%   
Anhui Conch Cement Co. Ltd. (H Shares) 78,000 205,535 
BBMG Corp. (H Shares) 224,500 164,071 
China Life Insurance Co. Ltd. (H Shares) 127,034 292,630 
China Longyuan Power Grid Corp. Ltd. (H Shares) 155,860 107,832 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 138,106 484,261 
China Petroleum & Chemical Corp. (H Shares) 204,000 143,756 
China Suntien Green Energy Corp. Ltd. (H Shares) 328,690 37,395 
China Telecom Corp. Ltd. (H Shares) 334,449 165,574 
Industrial & Commercial Bank of China Ltd. (H Shares) 1,540,660 824,871 
Inner Mongoli Yili Industries Co. Ltd. 67,371 156,407 
Kweichow Moutai Co. Ltd. 8,040 311,961 
Maanshan Iron & Steel Ltd. (H Shares) (a) 296,000 68,021 
PetroChina Co. Ltd. (H Shares) 152,000 111,208 
PICC Property & Casualty Co. Ltd. (H Shares) 117,800 214,287 
Qingdao Haier Co. Ltd. 185,774 239,031 
Shanghai International Airport Co. Ltd. 19,900 83,638 
Zhengzhou Yutong Bus Co. Ltd. 37,500 118,801 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 20,000 113,795 
TOTAL CHINA  3,843,074 
Colombia - 0.2%   
Bancolombia SA sponsored ADR 4,155 160,757 
Egypt - 0.1%   
Citadel Capital Corp. (a) 141,500 23,583 
Global Telecom Holding GDR (a) 17,460 28,809 
TOTAL EGYPT  52,392 
Greece - 0.3%   
Titan Cement Co. SA (Reg.) 9,700 221,273 
Hong Kong - 3.7%   
AIA Group Ltd. 34,320 205,392 
China Mobile Ltd. 16,610 190,696 
China Mobile Ltd. sponsored ADR 12,112 696,682 
China Resources Beer Holdings Co. Ltd. 104,000 228,531 
China Resources Power Holdings Co. Ltd. 64,189 108,110 
CNOOC Ltd. 441,000 544,777 
CNOOC Ltd. sponsored ADR 44 5,431 
Far East Horizon Ltd. 438,980 348,452 
Sinotruk Hong Kong Ltd. 154,000 77,544 
Techtronic Industries Co. Ltd. 55,000 206,177 
TOTAL HONG KONG  2,611,792 
India - 5.5%   
Adani Ports & Special Economic Zone 46,861 168,042 
Axis Bank Ltd. (a) 21,528 153,101 
Bharti Infratel Ltd. 36,476 205,895 
Coal India Ltd. 60,713 263,278 
Edelweiss Financial Services Ltd. 75,572 66,043 
Eicher Motors Ltd. (a) 468 141,156 
Grasim Industries Ltd. 3,510 226,465 
Housing Development Finance Corp. Ltd. 2,631 43,112 
ITC Ltd. 40,866 199,914 
JK Cement Ltd. 12,525 111,862 
Just Dial Ltd. 4,157 52,972 
Larsen & Toubro Ltd. (a) 7,910 149,399 
LIC Housing Finance Ltd. (a) 18,430 128,267 
Lupin Ltd. 14,104 341,264 
Oil & Natural Gas Corp. Ltd. 46,067 150,666 
Petronet LNG Ltd. 25,887 102,709 
Phoenix Mills Ltd. 23,725 114,686 
Power Grid Corp. of India Ltd. 140,906 304,189 
SREI Infrastructure Finance Ltd. (a) 116,223 104,018 
State Bank of India (a) 54,040 153,760 
Sun Pharmaceutical Industries Ltd. 31,005 378,685 
Tata Consultancy Services Ltd. 10,234 390,638 
TOTAL INDIA  3,950,121 
Indonesia - 0.5%   
Link Net Tbk PT 86,000 27,486 
PT Bank Mandiri (Persero) Tbk 176,150 128,048 
PT Bank Rakyat Indonesia Tbk 207,300 162,690 
PT Kalbe Farma Tbk 555,300 57,896 
TOTAL INDONESIA  376,120 
Israel - 0.4%   
Bezeq The Israel Telecommunication Corp. Ltd. 119,655 255,229 
Japan - 0.2%   
Rakuten, Inc. 10,832 117,759 
Korea (South) - 7.8%   
AMOREPACIFIC Group, Inc. 2,000 293,277 
Daou Technology, Inc. 5,064 103,430 
Duk San Neolux Co. Ltd. (a) 1,826 43,352 
E-Mart Co. Ltd. 1,187 190,119 
EO Technics Co. Ltd. 442 43,750 
Fila Korea Ltd. 2,435 221,040 
Hanon Systems 11,898 106,967 
Hyundai Glovis Co. Ltd. 2,043 338,813 
Hyundai Industrial Development & Construction Co. 3,241 142,859 
Hyundai Mobis 1,845 419,510 
InterPark INT Corp. 4,011 68,444 
Kakao Corp. 742 65,089 
KB Financial Group, Inc. 9,312 283,360 
KEPCO Plant Service & Engineering Co. Ltd. 1,426 93,973 
Korea Electric Power Corp. 3,805 205,551 
Korean Reinsurance Co. 21,509 249,695 
KT Corp. 2,253 60,021 
KT Corp. sponsored ADR 3,052 41,538 
LG Chemical Ltd. 1,202 311,601 
NAVER Corp. 171 101,047 
NCSOFT Corp. 726 145,114 
Samsung Electronics Co. Ltd. 648 704,179 
Samsung Fire & Marine Insurance Co. Ltd. 568 146,007 
Samsung SDI Co. Ltd. 1,310 130,351 
Shinhan Financial Group Co. Ltd. 14,142 515,690 
SK Hynix, Inc. 16,437 403,868 
SK Telecom Co. Ltd. sponsored ADR 4,250 85,000 
Viatron Technologies, Inc. 2,018 50,552 
TOTAL KOREA (SOUTH)  5,564,197 
Malaysia - 0.3%   
Tenaga Nasional Bhd 53,179 195,482 
Mauritius - 0.1%   
MakeMyTrip Ltd. (a) 3,100 56,916 
Mexico - 3.8%   
America Movil S.A.B. de CV Series L sponsored ADR 17,863 252,940 
Banregio Grupo Financiero S.A.B. de CV 9,480 56,810 
CEMEX S.A.B. de CV sponsored ADR 15,288 113,896 
El Puerto de Liverpool S.A.B. de CV Class C 19,700 223,935 
Fibra Uno Administracion SA de CV 119,360 284,167 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 17,100 161,114 
Grupo Comercial Chedraui S.A.B. de CV 44,076 124,917 
Grupo Financiero Banorte S.A.B. de CV Series O 117,969 669,705 
Infraestructura Energetica Nova S.A.B. de CV 14,000 54,707 
Macquarie Mexican (REIT) 252,670 347,768 
Promotora y Operadora de Infraestructura S.A.B. de CV 6,200 78,629 
Tenedora Nemak SA de CV 64,900 93,099 
Wal-Mart de Mexico SA de CV Series V 94,100 232,725 
TOTAL MEXICO  2,694,412 
Netherlands - 0.7%   
Cnova NV (a) 5,550 19,425 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(b) 15,500 72,950 
Yandex NV (a) 19,517 399,513 
TOTAL NETHERLANDS  491,888 
Nigeria - 0.2%   
Guaranty Trust Bank PLC GDR (Reg. S) 11,980 41,930 
Transnational Corp. of Nigeria PLC 3,901,713 19,412 
Zenith Bank PLC 1,851,312 118,155 
TOTAL NIGERIA  179,497 
Pakistan - 0.2%   
Habib Bank Ltd. 96,700 174,336 
Panama - 0.2%   
Copa Holdings SA Class A 2,200 140,250 
Philippines - 0.9%   
Alliance Global Group, Inc. 547,150 168,676 
Metro Pacific Investments Corp. 459,100 56,613 
Metropolitan Bank & Trust Co. 124,721 215,448 
Robinsons Land Corp. 363,980 209,713 
TOTAL PHILIPPINES  650,450 
Romania - 0.1%   
Banca Transilvania SA 89,698 61,556 
Russia - 3.4%   
E.ON Russia JSC (a) 1,584,700 64,565 
Lukoil PJSC sponsored ADR 13,700 580,675 
Magnit OJSC GDR (Reg. S) 5,500 190,300 
MMC Norilsk Nickel PJSC sponsored ADR 19,900 293,525 
Mobile TeleSystems OJSC (a) 33,812 132,204 
Mobile TeleSystems OJSC sponsored ADR 1,940 17,964 
NOVATEK OAO GDR (Reg. S) 3,000 288,000 
Rosneft Oil Co. OJSC (a) 55,500 300,753 
Sberbank of Russia (a) 67,580 129,019 
Sberbank of Russia sponsored ADR 39,884 319,710 
Sistema JSFC (a) 240,200 72,128 
Sistema JSFC sponsored GDR 2,860 21,021 
TOTAL RUSSIA  2,409,864 
Singapore - 0.7%   
Ascendas Real Estate Investment Trust 135,310 247,509 
CapitaMall Trust 54,800 84,348 
First Resources Ltd. 103,200 146,184 
TOTAL SINGAPORE  478,041 
South Africa - 4.2%   
Alexander Forbes Group Holdings Ltd. (c) 126,689 63,900 
Aspen Pharmacare Holdings Ltd. 7,141 168,291 
Barclays Africa Group Ltd. (d) 25,640 259,908 
Bidvest Group Ltd. 8,056 204,455 
Imperial Holdings Ltd. 18,800 196,819 
JSE Ltd. 6,910 80,098 
Life Healthcare Group Holdings Ltd. 53,600 140,785 
Naspers Ltd. Class N 10,554 1,448,115 
Nedbank Group Ltd. 8,080 103,361 
Sasol Ltd. 4,000 130,841 
Shoprite Holdings Ltd. (c) 9,551 114,885 
Telkom SA Ltd. 23,762 94,612 
TOTAL SOUTH AFRICA  3,006,070 
Spain - 0.2%   
Banco Bilbao Vizcaya Argentaria SA 25,681 176,475 
Taiwan - 4.4%   
Advanced Semiconductor Engineering, Inc. 98,000 94,153 
Advantech Co. Ltd. 25,000 176,454 
Boardtek Electronics Corp. 36,000 51,710 
Catcher Technology Co. Ltd. 13,000 91,354 
E.SUN Financial Holdings Co. Ltd. 252,546 139,943 
Hermes Microvision, Inc. 1,000 30,802 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 29,555 70,541 
HTC Corp. 22,000 56,119 
Inotera Memories, Inc. (a) 29,000 26,304 
King's Town Bank 96,600 67,285 
Kingpak Technology, Inc. (a) 5,000 48,757 
Largan Precision Co. Ltd. 1,833 128,809 
MediaTek, Inc. 5,000 35,600 
Siliconware Precision Industries Co. Ltd. 25,000 36,958 
Taiwan Cement Corp. 270,000 274,990 
Taiwan Fertilizer Co. Ltd. 44,000 59,728 
Taiwan Semiconductor Manufacturing Co. Ltd. 324,000 1,486,264 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,642 38,735 
Universal Cement Corp. 66,654 42,609 
Vanguard International Semiconductor Corp. 38,000 58,171 
Wistron NeWeb Corp. 19,000 49,407 
Yuanta Financial Holding Co. Ltd. 247,231 81,510 
TOTAL TAIWAN  3,146,203 
Thailand - 1.8%   
Advanced Info Service PCL (For. Reg.) 12,640 56,467 
Airports of Thailand PCL (For. Reg.) 14,500 162,772 
Intouch Holdings PCL NVDR 30,250 45,696 
Jasmine Broadband Internet Infrastructure Fund 223,390 60,134 
Kasikornbank PCL (For. Reg.) 74,080 354,277 
PTT Global Chemical PCL (For. Reg.) 50,600 90,564 
PTT PCL (For. Reg.) 25,700 223,734 
Star Petroleum Refining PCL 253,300 79,791 
Thai Union Frozen Products PCL (For. Reg.) 321,800 190,758 
TOTAL THAILAND  1,264,193 
Turkey - 0.9%   
Aselsan A/S 14,000 99,871 
Enka Insaat ve Sanayi A/S 46,000 79,900 
Tupras Turkiye Petrol Rafinelleri A/S 7,900 208,511 
Turkiye Garanti Bankasi A/S 53,674 165,220 
Turkiye Halk Bankasi A/S 25,980 99,816 
TOTAL TURKEY  653,318 
United Arab Emirates - 0.7%   
DP World Ltd. 7,270 137,403 
Emaar Properties PJSC 95,651 177,088 
First Gulf Bank PJSC 53,346 188,089 
TOTAL UNITED ARAB EMIRATES  502,580 
United Kingdom - 0.3%   
Fresnillo PLC 10,600 172,384 
HSBC Holdings PLC (Hong Kong) 10,995 73,189 
TOTAL UNITED KINGDOM  245,573 
United States of America - 0.5%   
Cognizant Technology Solutions Corp. Class A (a) 2,420 141,255 
First Cash Financial Services, Inc. 2,549 116,566 
Micron Technology, Inc. (a) 8,700 93,525 
TOTAL UNITED STATES OF AMERICA  351,346 
TOTAL COMMON STOCKS   
(Cost $40,006,021)  42,976,979 
Nonconvertible Preferred Stocks - 4.0%   
Brazil - 3.1%   
Ambev SA sponsored ADR 100,500 561,795 
Banco do Estado Rio Grande do Sul SA 25,820 63,888 
Companhia Paranaense de Energia-Copel:   
(PN-B) 615 5,062 
(PN-B) sponsored ADR 13,122 108,519 
Itau Unibanco Holding SA sponsored ADR 67,638 644,590 
Metalurgica Gerdau SA (PN) 100,570 85,094 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 44,106 260,225 
Telefonica Brasil SA 9,537 117,464 
Vale SA (PN-A) sponsored ADR 74,300 337,322 
TOTAL BRAZIL  2,183,959 
Korea (South) - 0.9%   
Hyundai Motor Co. Series 2 3,119 271,969 
Samsung Electronics Co. Ltd. 295 268,562 
Samsung Fire & Marine Insurance Co. Ltd. 717 117,343 
TOTAL KOREA (SOUTH)  657,874 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $2,875,342)  2,841,833 
 Principal Amount Value 
Nonconvertible Bonds - 14.6%   
Azerbaijan - 1.3%   
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) 200,000 188,600 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 200,000 205,550 
State Oil Co. of Azerbaijan Republic:   
4.75% 3/13/23 (Reg. S) 325,000 292,050 
6.95% 3/18/30 (Reg. S) 275,000 261,938 
TOTAL AZERBAIJAN  948,138 
Canada - 0.0%   
Pacific Rubiales Energy Corp. 5.125% 3/28/23 (b)(e) 100,000 14,750 
Colombia - 0.1%   
Ecopetrol SA 7.375% 9/18/43 100,000 92,813 
Georgia - 0.7%   
Georgian Oil & Gas Corp.:   
6.75% 4/26/21 (b) 250,000 251,300 
6.875% 5/16/17 (b) 250,000 251,855 
TOTAL GEORGIA  503,155 
Indonesia - 2.2%   
PT Pertamina Persero:   
4.875% 5/3/22 (b) 275,000 283,452 
5.25% 5/23/21 (b) 200,000 210,232 
5.625% 5/20/43 (b) 200,000 184,581 
6% 5/3/42 (b) 400,000 383,910 
6.5% 5/27/41 (b) 475,000 484,377 
TOTAL INDONESIA  1,546,552 
Ireland - 0.2%   
Vnesheconombank Via VEB Finance PLC 6.8% 11/22/25 (b) 100,000 104,625 
Kazakhstan - 0.9%   
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) 400,000 334,024 
KazMunaiGaz Finance Sub BV 9.125% 7/2/18 (b) 300,000 328,500 
TOTAL KAZAKHSTAN  662,524 
Luxembourg - 2.0%   
Petrobras International Finance Co. Ltd.:   
3.5% 2/6/17 200,000 198,030 
5.375% 1/27/21 530,000 471,038 
8.375% 12/10/18 300,000 309,000 
RSHB Capital SA 5.1% 7/25/18 (b) 400,000 411,280 
TOTAL LUXEMBOURG  1,389,348 
Mexico - 2.2%   
Pemex Project Funding Master Trust 6.625% 6/15/35 350,000 355,250 
Petroleos Mexicanos:   
6.5% 6/2/41 425,000 424,150 
6.625% (b)(f) 850,000 809,625 
TOTAL MEXICO  1,589,025 
Netherlands - 0.7%   
Petrobras Global Finance BV:   
6.85% 6/5/2115 215,000 159,100 
7.25% 3/17/44 400,000 324,000 
TOTAL NETHERLANDS  483,100 
South Africa - 0.4%   
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (b) 300,000 282,375 
Trinidad & Tobago - 0.8%   
Petroleum Co. of Trinidad & Tobago Ltd.:   
6% 5/8/22 (b) 262,708 246,158 
9.75% 8/14/19 (b) 300,000 312,900 
TOTAL TRINIDAD & TOBAGO  559,058 
Turkey - 0.3%   
Turk Sise ve Cam Fabrikalari A/S 4.25% 5/9/20 (Reg. S) 200,000 199,498 
United Arab Emirates - 0.1%   
DP World Ltd. 6.85% 7/2/37 (Reg. S) 100,000 103,686 
United Kingdom - 0.8%   
Biz Finance PLC 9.625% 4/27/22 (b) 600,000 555,120 
Venezuela - 1.9%   
Petroleos de Venezuela SA:   
5.25% 4/12/17 300,000 164,250 
5.5% 4/12/37 500,000 176,200 
6% 11/15/26 (Reg. S) 1,200,000 410,280 
8.5% 11/2/17 (b) 166,667 97,500 
9% 11/17/21 (Reg. S) 550,000 216,425 
12.75% 2/17/22 (b) 600,000 279,000 
TOTAL VENEZUELA  1,343,655 
TOTAL NONCONVERTIBLE BONDS   
(Cost $11,036,167)  10,377,422 
Government Obligations - 14.6%   
Angola - 0.3%   
Angola Republic 9.5% 11/12/25 (b) 200,000 195,260 
Argentina - 1.4%   
Argentine Republic:   
6.25% 4/22/19 (b) 150,000 155,550 
6.875% 4/22/21 (b) 170,000 175,100 
7.5% 4/22/26 (b) 185,000 187,775 
7.625% 4/22/46 (b) 150,000 147,525 
8.28% 12/31/33 315,459 330,443 
TOTAL ARGENTINA  996,393 
Armenia - 0.5%   
Republic of Armenia 6% 9/30/20 (b) 325,000 324,220 
Barbados - 0.3%   
Barbados Government 7% 8/4/22 (b) 250,000 245,750 
Brazil - 0.4%   
Brazilian Federative Republic:   
5% 1/27/45 200,000 161,500 
12.25% 3/6/30 100,000 155,500 
TOTAL BRAZIL  317,000 
Cameroon - 0.3%   
Cameroon Republic 9.5% 11/19/25 (b) 200,000 195,760 
Colombia - 0.6%   
Colombian Republic:   
6.125% 1/18/41 100,000 107,250 
7.375% 9/18/37 250,000 301,875 
TOTAL COLOMBIA  409,125 
Congo - 0.3%   
Congo Republic 4% 6/30/29 (g) 292,600 209,958 
Costa Rica - 0.5%   
Costa Rican Republic:   
4.375% 4/30/25 (b) 225,000 200,250 
7.158% 3/12/45 (b) 200,000 186,500 
TOTAL COSTA RICA  386,750 
Croatia - 0.7%   
Croatia Republic 6% 1/26/24 (b) 450,000 492,188 
Dominican Republic - 0.6%   
Dominican Republic 6.6% 1/28/24 (b) 375,000 401,250 
Ecuador - 0.2%   
Ecuador Republic 7.95% 6/20/24 (b) 200,000 173,500 
El Salvador - 0.2%   
El Salvador Republic 7.625% 2/1/41 (b) 150,000 131,625 
Ethiopia - 0.3%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 200,000 181,500 
Gabon - 0.2%   
Gabonese Republic 6.375% 12/12/24 (b) 200,000 174,724 
Ghana - 0.5%   
Ghana Republic:   
7.875% 8/7/23 (Reg.S) 200,000 159,540 
10.75% 10/14/30 (b) 200,000 196,760 
TOTAL GHANA  356,300 
Iraq - 0.2%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 250,000 177,525 
Ivory Coast - 0.3%   
Ivory Coast 5.375% 7/23/24 (b) 200,000 184,500 
Jamaica - 0.2%   
Jamaican Government 8% 6/24/19 150,000 163,313 
Jordan - 0.3%   
Jordanian Kingdom 6.125% 1/29/26 (b) 200,000 211,250 
Kenya - 0.3%   
Republic of Kenya 6.875% 6/24/24 (b) 200,000 188,020 
Lebanon - 0.2%   
Lebanese Republic 6.1% 10/4/22 150,000 148,782 
Mongolia - 0.2%   
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) 200,000 157,796 
Mozambique - 0.2%   
Mozambique Republic 10.5% 1/18/23 (b) 200,000 163,000 
Pakistan - 0.3%   
Islamic Republic of Pakistan 7.25% 4/15/19 (b) 200,000 209,715 
Russia - 1.7%   
Russian Federation:   
5% 4/29/20 (b) 225,000 237,915 
5.625% 4/4/42 (b) 200,000 210,354 
12.75% 6/24/28 (Reg. S) 425,000 730,159 
TOTAL RUSSIA  1,178,428 
Senegal - 0.3%   
Republic of Senegal 8.75% 5/13/21 (b) 200,000 217,040 
Tanzania - 0.2%   
United Republic of Tanzania 6.8921% 3/9/20 (h) 177,778 180,445 
Turkey - 1.0%   
Turkish Republic:   
6.875% 3/17/36 100,000 119,125 
7% 6/5/20 250,000 284,243 
11.875% 1/15/30 165,000 284,460 
TOTAL TURKEY  687,828 
Ukraine - 0.2%   
Ukraine Government 0% 5/31/40 (b)(h) 430,000 134,285 
United States of America - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.29% to 0.32% 5/19/16 to 6/23/16 (i) 280,000 279,951 
Venezuela - 1.1%   
Venezuelan Republic:   
7% 3/31/38 650,000 232,375 
9% 5/7/23 (Reg. S) 300,000 114,375 
9.25% 9/15/27 650,000 277,063 
12.75% 8/23/22 325,000 150,719 
TOTAL VENEZUELA  774,532 
Zambia - 0.2%   
Republic of Zambia 8.97% 7/30/27 (b) 200,000 165,000 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $10,810,800)  10,412,713 
Preferred Securities - 0.3%   
Cayman Islands - 0.2%   
Banco Do Brasil SA 9% (b)(f)(h) 200,000 150,139 
Colombia - 0.1%   
Colombia Telecomunicacines SA 8.5% (b)(f)(h) 100,000 89,739 
TOTAL PREFERRED SECURITIES   
(Cost $228,131)  239,878 
 Shares Value 
Money Market Funds - 6.0%   
Fidelity Cash Central Fund, 0.38% (j)   
(Cost $4,255,911) 4,255,911 4,255,911 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $69,212,372)  71,104,736 
NET OTHER ASSETS (LIABILITIES) - 0.2%  139,079 
NET ASSETS - 100%  $71,243,815 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
54 ICE E-mini MSCI Emerging Markets Index Contracts (United States) June 2016 2,263,680 $(20,655) 

The face value of futures purchased as a percentage of Net Assets is 3.2%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $1,146,512.

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) 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 $12,030,258 or 16.9% of net assets.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Non-income producing - Security is in default.

 (f) Security is perpetual in nature with no stated maturity date.

 (g) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

 (h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $129,976.

 (j) Affiliated fund that is generally 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 are available on the SEC's website or upon request.


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 $3,649 
Total $3,649 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $5,258,501 $4,614,494 $644,007 $-- 
Consumer Staples 3,794,638 3,189,316 605,322 -- 
Energy 3,672,597 2,704,620 967,977 -- 
Financials 12,054,266 8,140,422 3,913,844 -- 
Health Care 1,262,655 1,086,921 175,734 -- 
Industrials 3,229,566 2,744,449 485,117 -- 
Information Technology 9,198,494 6,249,248 2,949,246 -- 
Materials 3,367,091 2,481,726 885,365 -- 
Telecommunication Services 2,648,558 2,100,063 548,495 -- 
Utilities 1,332,446 910,953 421,493 -- 
Corporate Bonds 10,377,422 -- 10,377,422 -- 
Government Obligations 10,412,713 -- 10,412,713 -- 
Preferred Securities 239,878 -- 239,878 -- 
Money Market Funds 4,255,911 4,255,911 -- -- 
Total Investments in Securities: $71,104,736 $38,478,123 $32,626,613 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(20,655) $(20,655) $-- $-- 
Total Liabilities $(20,655) $(20,655) $-- $-- 
Total Derivative Instruments: $(20,655) $(20,655) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $162,341 
Level 2 to Level 1 $5,630,433 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(20,655) 
Total Equity Risk 0 (20,655) 
Total Value of Derivatives $0 $(20,655) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

BBB 6.6% 
BB 8.2% 
B 8.4% 
CCC,CC,C 3.8% 
Not Rated 2.1% 
Equities 64.3% 
Short-Term Investments and Net Other Assets 6.6% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

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


Fidelity® Total Emerging Markets Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $64,956,461) 		$66,848,825  
Fidelity Central Funds (cost $4,255,911) 4,255,911  
Total Investments (cost $69,212,372)  $71,104,736 
Cash  96,849 
Foreign currency held at value (cost $84,060)  84,095 
Receivable for investments sold   
Regular delivery  196,038 
Delayed delivery  5,021 
Receivable for fund shares sold  584,193 
Dividends receivable  41,415 
Interest receivable  448,185 
Distributions receivable from Fidelity Central Funds  735 
Prepaid expenses  57 
Receivable from investment adviser for expense reductions  24,578 
Other receivables  85,356 
Total assets  72,671,258 
Liabilities   
Payable for investments purchased   
Regular delivery $1,039,039  
Delayed delivery 31,664  
Payable for fund shares redeemed 182,047  
Accrued management fee 44,979  
Distribution and service plan fees payable 9,024  
Payable for daily variation margin for derivative instruments 12,354  
Other affiliated payables 17,432  
Other payables and accrued expenses 90,904  
Total liabilities  1,427,443 
Net Assets  $71,243,815 
Net Assets consist of:   
Paid in capital  $72,223,458 
Undistributed net investment income  796,595 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (3,645,165) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,868,927 
Net Assets  $71,243,815 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($9,739,977 ÷ 946,836 shares)  $10.29 
Maximum offering price per share (100/94.25 of $10.29)  $10.92 
Class T:   
Net Asset Value and redemption price per share ($2,602,344 ÷ 252,697 shares)  $10.30 
Maximum offering price per share (100/96.50 of $10.30)  $10.67 
Class C:   
Net Asset Value and offering price per share ($7,363,066 ÷ 717,907 shares)(a)  $10.26 
Total Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($47,144,250 ÷ 4,583,390 shares)  $10.29 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,394,178 ÷ 427,606 shares)  $10.28 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $389,416 
Interest  1,118,515 
Income from Fidelity Central Funds  3,649 
Income before foreign taxes withheld  1,511,580 
Less foreign taxes withheld  (41,195) 
Total income  1,470,385 
Expenses   
Management fee $257,316  
Transfer agent fees 89,622  
Distribution and service plan fees 53,784  
Accounting fees and expenses 16,678  
Custodian fees and expenses 115,562  
Independent trustees' compensation 139  
Registration fees 30,565  
Audit 58,674  
Legal 74  
Miscellaneous 1,246  
Total expenses before reductions 623,660  
Expense reductions (119,256) 504,404 
Net investment income (loss)  965,981 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,705,939)  
Foreign currency transactions 27,019  
Futures contracts (199,083)  
Total net realized gain (loss)  (1,878,003) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $2,203) 		2,049,760  
Assets and liabilities in foreign currencies 175  
Futures contracts (42,773)  
Total change in net unrealized appreciation (depreciation)  2,007,162 
Net gain (loss)  129,159 
Net increase (decrease) in net assets resulting from operations  $1,095,140 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $965,981 $1,845,806 
Net realized gain (loss) (1,878,003) (1,339,969) 
Change in net unrealized appreciation (depreciation) 2,007,162 (7,213,595) 
Net increase (decrease) in net assets resulting from operations 1,095,140 (6,707,758) 
Distributions to shareholders from net investment income (1,715,467) (1,198,750) 
Distributions to shareholders from net realized gain – (136,019) 
Total distributions (1,715,467) (1,334,769) 
Share transactions - net increase (decrease) 6,358,083 (6,024,786) 
Redemption fees 13,218 16,471 
Total increase (decrease) in net assets 5,750,974 (14,050,842) 
Net Assets   
Beginning of period 65,492,841 79,543,683 
End of period (including undistributed net investment income of $796,595 and undistributed net investment income of $1,546,081, respectively) $71,243,815 $65,492,841 

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


Financial Highlights — Fidelity Total Emerging Markets Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.35 $11.56 $11.37 $10.86 $10.00 
Income from Investment Operations      
Net investment income (loss)B .14 .28 .18 .18 .20 
Net realized and unrealized gain (loss) .04 (1.30) .19 .48 .68 
Total from investment operations .18 (1.02) .37 .66 .88 
Distributions from net investment income (.24) (.17) (.18) (.15) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.24) (.19) (.18) (.16) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.29 $10.35 $11.56 $11.37 $10.86 
Total ReturnD,E,F 1.84% (8.92)% 3.30% 6.23% 8.80% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 2.00%I 1.93% 1.98% 1.89% 1.87% 
Expenses net of fee waivers, if any 1.65%I 1.65% 1.65% 1.65% 1.65% 
Expenses net of all reductions 1.65%I 1.64% 1.65% 1.62% 1.62% 
Net investment income (loss) 2.91%I 2.58% 1.61% 1.61% 1.92% 
Supplemental Data      
Net assets, end of period (000 omitted) $9,740 $10,164 $13,627 $18,837 $7,675 
Portfolio turnover rateJ 93%I 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.33 $11.54 $11.34 $10.84 $10.00 
Income from Investment Operations      
Net investment income (loss)B .13 .25 .15 .15 .17 
Net realized and unrealized gain (loss) .04 (1.30) .19 .48 .68 
Total from investment operations .17 (1.05) .34 .63 .85 
Distributions from net investment income (.20) (.14) (.14) (.12) (.01) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.20) (.16) (.14) (.14)C (.01) 
Redemption fees added to paid in capitalB –D –D –D .01 –D 
Net asset value, end of period $10.30 $10.33 $11.54 $11.34 $10.84 
Total ReturnE,F,G 1.74% (9.18)% 3.04% 5.93% 8.56% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 2.33%J 2.27% 2.32% 2.13% 2.10% 
Expenses net of fee waivers, if any 1.90%J 1.90% 1.90% 1.90% 1.90% 
Expenses net of all reductions 1.90%J 1.89% 1.90% 1.88% 1.87% 
Net investment income (loss) 2.66%J 2.33% 1.36% 1.36% 1.67% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,602 $3,331 $5,277 $5,967 $5,823 
Portfolio turnover rateK 93%J 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.14 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.25 $11.47 $11.29 $10.80 $10.00 
Income from Investment Operations      
Net investment income (loss)B .11 .20 .10 .09 .12 
Net realized and unrealized gain (loss) .05 (1.30) .19 .47 .69 
Total from investment operations .16 (1.10) .29 .56 .81 
Distributions from net investment income (.15) (.10) (.11) (.07) (.01) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.15) (.12) (.11) (.08) (.01) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.26 $10.25 $11.47 $11.29 $10.80 
Total ReturnD,E,F 1.56% (9.68)% 2.56% 5.31% 8.07% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 2.74%I 2.68% 2.72% 2.65% 2.63% 
Expenses net of fee waivers, if any 2.40%I 2.40% 2.40% 2.40% 2.40% 
Expenses net of all reductions 2.40%I 2.39% 2.40% 2.37% 2.37% 
Net investment income (loss) 2.16%I 1.83% .86% .86% 1.17% 
Supplemental Data      
Net assets, end of period (000 omitted) $7,363 $7,736 $10,104 $7,436 $5,824 
Portfolio turnover rateJ 93%I 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

 G 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.

 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 Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.38 $11.60 $11.40 $10.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .15 .31 .21 .21 .22 
Net realized and unrealized gain (loss) .05 (1.31) .19 .47 .69 
Total from investment operations .20 (1.00) .40 .68 .91 
Distributions from net investment income (.29) (.20) (.20) (.17) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.29) (.22) (.20) (.18) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.29 $10.38 $11.60 $11.40 $10.89 
Total ReturnD,E 2.03% (8.74)% 3.56% 6.44% 9.15% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.78%H 1.72% 1.73% 1.56% 1.60% 
Expenses net of fee waivers, if any 1.40%H 1.40% 1.40% 1.40% 1.40% 
Expenses net of all reductions 1.40%H 1.39% 1.40% 1.38% 1.38% 
Net investment income (loss) 3.16%H 2.83% 1.86% 1.85% 2.16% 
Supplemental Data      
Net assets, end of period (000 omitted) $47,144 $37,918 $45,763 $49,959 $81,416 
Portfolio turnover rateI 93%H 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Total Emerging Markets Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.37 $11.59 $11.40 $10.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .15 .31 .21 .20 .22 
Net realized and unrealized gain (loss) .05 (1.31) .18 .48 .69 
Total from investment operations .20 (1.00) .39 .68 .91 
Distributions from net investment income (.29) (.20) (.20) (.17) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.29) (.22) (.20) (.18) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.28 $10.37 $11.59 $11.40 $10.89 
Total ReturnD,E 2.06% (8.74)% 3.51% 6.44% 9.15% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.66%H 1.58% 1.71% 1.63% 1.62% 
Expenses net of fee waivers, if any 1.40%H 1.40% 1.40% 1.40% 1.40% 
Expenses net of all reductions 1.40%H 1.39% 1.40% 1.37% 1.37% 
Net investment income (loss) 3.16%H 2.83% 1.86% 1.86% 2.17% 
Supplemental Data      
Net assets, end of period (000 omitted) $4,394 $6,343 $4,773 $5,354 $2,287 
Portfolio turnover rateI 93%H 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Total Emerging Markets 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, Total Emerging Markets and Class I 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, futures contracts, certain foreign taxes, market discount, passive foreign investment companies (PFIC), capital loss carryforward 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 $6,261,932 
Gross unrealized depreciation (4,885,266) 
Net unrealized appreciation (depreciation) on securities $1,376,666 
Tax cost $69,728,070 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,367,584) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(199,083) and a change in net unrealized appreciation (depreciation) of $(42,773) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $32,470,293 and $28,900,560, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% 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 the investment adviser, 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% $10,947 $913 
Class T .25% .25% 7,126 878 
Class C .75% .25% 35,711 9,487 
   $53,784 $11,278 

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, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 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 $3,031 
Class T 1,228 
Class C(a) 182 
 $4,441 

 (a) When 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $11,430 .26 
Class T 4,831 .34 
Class C 9,178 .26 
Total Emerging Markets 59,330 .29 
Class I 4,853 .18 
 $89,622  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $230 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $57 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.65% $15,535 
Class T 1.90% 6,044 
Class C 2.40% 12,340 
Total Emerging Markets 1.40% 77,877 
Class I 1.40% 7,037 
  $118,833 

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $190.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $233.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $214,855 $211,944 
Class T 63,597 63,689 
Class C 107,081 88,937 
Total Emerging Markets 1,155,874 751,293 
Class I 174,060 82,887 
Total $1,715,467 $1,198,750 
From net realized gain   
Class A $– $24,934 
Class T – 9,098 
Class C – 18,150 
Total Emerging Markets – 75,507 
Class I – 8,330 
Total $– $136,019 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 231,549 251,231 $2,286,170 $2,772,246 
Reinvestment of distributions 21,375 21,174 212,465 232,918 
Shares redeemed (288,585) (469,131) (2,888,428) (4,963,727) 
Net increase (decrease) (35,661) (196,726) $(389,793) $(1,958,563) 
Class T     
Shares sold 39,364 45,171 $384,188 $491,646 
Reinvestment of distributions 6,356 6,566 63,302 72,226 
Shares redeemed (115,507) (186,633) (1,138,165) (1,964,687) 
Net increase (decrease) (69,787) (134,896) $(690,675) $(1,400,815) 
Class C     
Shares sold 117,585 198,104 $1,158,004 $2,115,228 
Reinvestment of distributions 10,753 9,691 106,882 106,316 
Shares redeemed (164,784) (334,580) (1,599,463) (3,520,139) 
Net increase (decrease) (36,446) (126,785) $(334,577) $(1,298,595) 
Total Emerging Markets     
Shares sold 1,869,299 1,772,167 $18,595,164 $18,534,579 
Reinvestment of distributions 112,410 70,595 1,116,229 777,256 
Shares redeemed (1,051,095) (2,136,425) (10,173,118) (22,904,245) 
Net increase (decrease) 930,614 (293,663) $9,538,275 $(3,592,410) 
Class I     
Shares sold 163,149 421,240 $1,629,549 $4,563,340 
Reinvestment of distributions 14,612 8,237 144,954 90,609 
Shares redeemed (361,612) (229,844) (3,539,650) (2,428,352) 
Net increase (decrease) (183,851) 199,633 $(1,765,147) $2,225,597 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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 RatioA Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Fidelity Emerging Markets Discovery Fund     
Class A 1.70%    
Actual  $1,000.00 $1,017.90 $8.53 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class T 1.95%    
Actual  $1,000.00 $1,016.90 $9.78 
Hypothetical-C  $1,000.00 $1,015.17 $9.77 
Class C 2.45%    
Actual  $1,000.00 $1,014.00 $12.27 
Hypothetical-C  $1,000.00 $1,012.68 $12.26 
Emerging Markets Discovery 1.45%    
Actual  $1,000.00 $1,019.90 $7.28 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class I 1.45%    
Actual  $1,000.00 $1,019.10 $7.28 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Fidelity Total Emerging Markets Fund     
Class A 1.65%    
Actual  $1,000.00 $1,018.40 $8.28 
Hypothetical-C  $1,000.00 $1,016.66 $8.27 
Class T 1.90%    
Actual  $1,000.00 $1,017.40 $9.53 
Hypothetical-C  $1,000.00 $1,015.42 $9.52 
Class C 2.40%    
Actual  $1,000.00 $1,015.60 $12.03 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Total Emerging Markets 1.40%    
Actual  $1,000.00 $1,020.30 $7.03 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.40%    
Actual  $1,000.00 $1,020.60 $7.03 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
     
     
     

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EMD-TEK-SANN-0616
1.931240.104

Fidelity Advisor® International Small Cap Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® International Small Cap Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 22.2% 
   United Kingdom 14.8% 
   United States of America* 5.9% 
   Canada 4.1% 
   France 4.0% 
   Cayman Islands 3.9% 
   Australia 3.6% 
   Switzerland 3.3% 
   Ireland 2.5% 
   Other 35.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 21.6% 
   United Kingdom 14.5% 
   United States of America* 6.6% 
   Canada 4.0% 
   Switzerland 3.9% 
   Cayman Islands 3.7% 
   Germany 3.4% 
   France 3.3% 
   Australia 2.9% 
   Other 36.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 95.0 94.6 
Short-Term Investments and Net Other Assets (Liabilities) 5.0 5.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Micro Focus International PLC (United Kingdom, Software) 1.3 1.1 
EBOS Group Ltd. (New Zealand, Health Care Providers & Services) 1.2 1.1 
United Drug PLC (United Kingdom) (Ireland, Health Care Providers & Services) 1.1 1.0 
Tsuruha Holdings, Inc. (Japan, Food & Staples Retailing) 1.1 0.9 
Nuplex Industries Ltd. (New Zealand, Chemicals) 1.0 0.9 
Nitori Holdings Co. Ltd. (Japan, Specialty Retail) 1.0 0.9 
Frutarom Industries Ltd. (Israel, Chemicals) 1.0 1.1 
Allied World Assurance Co. Holdings AG (Switzerland, Insurance) 1.0 0.9 
JSR Corp. (Japan, Chemicals) 0.9 1.0 
GUD Holdings Ltd. (Australia, Household Durables) 0.9 0.5 
 10.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 20.9 22.6 
Industrials 19.4 18.9 
Consumer Discretionary 15.2 16.3 
Information Technology 9.4 10.0 
Consumer Staples 8.9 7.5 
Health Care 8.9 8.5 
Materials 7.8 6.9 
Energy 4.1 3.5 
Utilities 0.4 0.4 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%   
 Shares Value 
Australia - 3.6%   
Aub Group Ltd. 470,441 $3,111,988 
Austal Ltd. 919,229 1,090,340 
Challenger Ltd. 769,974 5,245,630 
GUD Holdings Ltd. (a) 1,286,901 8,356,349 
Imdex Ltd. (b)(c) 13,086,370 2,039,795 
Life Healthcare Group Ltd. 2,075,053 2,145,763 
Nanosonics Ltd. (b) 1,719,782 2,902,952 
Programmed Maintenance Services Ltd. 1,870,070 2,083,095 
SAI Global Ltd. 1,348,285 3,741,865 
SomnoMed Ltd. (a)(b) 672,977 1,453,222 
TOTAL AUSTRALIA  32,170,999 
Austria - 1.8%   
Andritz AG 118,732 6,649,514 
IMMOFINANZ Immobilien Anlagen AG (a)(b) 1,934,143 4,560,048 
RHI AG 218,140 4,690,891 
TOTAL AUSTRIA  15,900,453 
Bailiwick of Jersey - 0.6%   
Regus PLC 1,332,800 5,694,258 
Belgium - 1.0%   
Barco NV 67,583 4,719,767 
Econocom Group SA 362,620 3,907,202 
TOTAL BELGIUM  8,626,969 
Bermuda - 1.6%   
BW Offshore Ltd. 5,305,227 1,159,634 
Hiscox Ltd. 389,355 5,122,999 
Petra Diamonds Ltd. 3,093,474 5,333,635 
Travelport Worldwide Ltd. 228,600 3,188,970 
TOTAL BERMUDA  14,805,238 
Brazil - 0.3%   
MAHLE Metal Leve SA 362,500 2,385,222 
British Virgin Islands - 0.3%   
Gem Diamonds Ltd. 1,174,862 2,326,060 
Canada - 4.1%   
AutoCanada, Inc. (a) 254,084 4,157,444 
Dorel Industries, Inc. Class B (sub. vtg.) 122,003 2,714,851 
Genesis Land Development Corp. 1,051,822 2,221,510 
Jean Coutu Group, Inc. Class A (sub. vtg.) 244,913 3,724,348 
Lassonde Industries, Inc. Class A (sub. vtg.) 37,869 5,281,499 
McCoy Global, Inc. 1,341,870 2,192,423 
Open Text Corp. 136,048 7,617,257 
ShawCor Ltd. Class A 117,885 3,185,065 
Whitecap Resources, Inc. (a) 696,153 5,221,009 
TOTAL CANADA  36,315,406 
Cayman Islands - 3.9%   
AMVIG Holdings Ltd. 16,168,000 6,657,294 
Best Pacific International Holdings Ltd. 1,678,000 995,768 
China High Precision Automation Group Ltd. (b) 712,000 1 
China Metal Recycling (Holdings) Ltd. (b) 436,800 1 
Greatview Aseptic Pack Co. Ltd. 5,597,000 2,834,467 
Haitian International Holdings Ltd. 2,600,000 4,436,023 
Lifestyle International Holdings Ltd. 3,347,000 5,544,385 
Pico Far East Holdings Ltd. 18,482,000 5,010,814 
SITC International Holdings Co. Ltd. 12,181,000 6,583,480 
Value Partners Group Ltd. 3,286,000 3,136,655 
TOTAL CAYMAN ISLANDS  35,198,888 
Chile - 0.9%   
Quinenco SA 2,409,395 4,740,929 
Vina San Pedro SA 352,175,653 3,470,184 
TOTAL CHILE  8,211,113 
Denmark - 0.7%   
Jyske Bank A/S (Reg.) 153,703 6,292,655 
Finland - 2.4%   
Amer Group PLC (A Shares) 201,445 5,955,760 
Asiakastieto Group Oyj 192,023 3,518,015 
Cramo Oyj (B Shares) 186,710 3,734,951 
Olvi PLC (A Shares) 126,157 3,504,504 
Tikkurila Oyj 269,946 4,732,347 
TOTAL FINLAND  21,445,577 
France - 4.0%   
ALTEN 105,219 6,505,975 
Coface SA 358,202 2,891,212 
Rexel SA 300,300 4,549,248 
Saft Groupe SA 116,100 3,608,000 
The Lisi Group 143,009 4,092,174 
The Vicat Group 88,556 6,165,184 
Thermador Groupe SA 27,557 2,519,914 
Wendel SA 47,235 5,457,321 
TOTAL FRANCE  35,789,028 
Germany - 2.0%   
AURELIUS AG 86,435 5,168,339 
CompuGroup Medical AG 178,949 7,028,260 
mutares AG 144,900 2,405,807 
SHW Group 102,339 2,953,018 
TOTAL GERMANY  17,555,424 
Greece - 0.4%   
Metka SA 435,516 3,332,417 
Hong Kong - 1.9%   
Dah Sing Banking Group Ltd. 3,157,200 5,616,923 
Far East Horizon Ltd. 4,274,000 3,392,604 
Magnificent Hotel Investment L 113,522,000 2,805,015 
Shun Ho Technology Holdings Ltd. 1,650,033 552,810 
Techtronic Industries Co. Ltd. 1,142,000 4,280,981 
TOTAL HONG KONG  16,648,333 
India - 0.6%   
Edelweiss Financial Services Ltd. 3,634,440 3,176,178 
Torrent Pharmaceuticals Ltd. 100,431 2,162,444 
TOTAL INDIA  5,338,622 
Indonesia - 0.7%   
PT ACE Hardware Indonesia Tbk 43,202,200 3,030,182 
PT Media Nusantara Citra Tbk 17,060,400 3,040,032 
TOTAL INDONESIA  6,070,214 
Ireland - 2.5%   
C&C Group PLC 885,778 3,978,942 
Mincon Group PLC 5,015,823 4,284,553 
Origin Enterprises PLC 588,700 4,147,007 
United Drug PLC (United Kingdom) 1,079,749 9,655,373 
TOTAL IRELAND  22,065,875 
Isle of Man - 0.6%   
Optimal Payments PLC (b) 1,050,400 5,850,627 
Israel - 1.0%   
Frutarom Industries Ltd. 167,089 8,563,621 
Italy - 1.1%   
Banco di Desio e della Brianza SpA 669,139 1,886,379 
Danieli & C. Officine Meccaniche SpA 98,967 2,170,119 
Recordati SpA 232,561 5,909,063 
TOTAL ITALY  9,965,561 
Japan - 22.2%   
A/S One Corp. 142,500 5,138,270 
Aeon Delight Co. Ltd. 192,900 5,326,040 
Ain Holdings, Inc. 61,100 2,968,116 
Arc Land Sakamoto Co. Ltd. 432,300 4,488,634 
Broadleaf Co. Ltd. 383,300 3,787,796 
Central Automotive Products Ltd. (d) 316,000 2,633,793 
Daiwa Industries Ltd. 495,600 4,248,249 
Dexerials Corp. 303,900 2,459,684 
Fuji Corp. 149,100 2,347,486 
Fukuda Denshi Co. Ltd. 129,800 7,087,053 
Funai Soken Holdings, Inc. 190,320 2,887,506 
GMO Internet, Inc. 404,200 4,745,925 
Iida Group Holdings Co. Ltd. 223,551 4,175,060 
Japan Meat Co. Ltd. 195,300 1,940,491 
JSR Corp. 621,100 8,514,147 
KAWAI Musical Instruments Manufacturing Co. Ltd. 165,700 3,016,977 
Kinugawa Rubber Industrial Co. Ltd. 733,000 5,103,808 
Konica Minolta, Inc. 286,800 2,475,534 
Kotobuki Spirits Co. Ltd. 165,900 3,228,062 
Leopalace21 Corp. (b) 966,500 5,799,511 
Meitec Corp. 145,700 5,054,040 
Minebea Mitsumi, Inc. 382,000 3,128,958 
Miraca Holdings, Inc. 131,500 5,588,374 
Mitani Shoji Co. Ltd. 247,700 7,137,523 
Monex Group, Inc. 699,100 1,803,481 
Nihon House Holdings Co. Ltd. (a) 795,600 2,681,573 
Nihon Parkerizing Co. Ltd. (d) 366,900 3,236,205 
Nitori Holdings Co. Ltd. 95,300 8,864,694 
Paramount Bed Holdings Co. Ltd. 205,600 7,648,082 
Ricoh Leasing Co. Ltd. 243,600 7,037,993 
S Foods, Inc. (a) 337,600 8,036,637 
San-Ai Oil Co. Ltd. 589,000 4,127,949 
Shinsei Bank Ltd. 3,781,000 5,299,360 
Ship Healthcare Holdings, Inc. 161,700 3,990,497 
TKC Corp. 239,700 6,512,310 
Toshiba Plant Systems & Services Corp. 582,700 7,205,920 
Toyo Suisan Kaisha Ltd. 103,400 3,651,856 
Tsuruha Holdings, Inc. 100,000 9,591,564 
VT Holdings Co. Ltd. 1,114,800 5,632,719 
Welcia Holdings Co. Ltd. 77,700 4,104,307 
Yamada Consulting Group Co. Ltd. 174,600 5,334,116 
TOTAL JAPAN  198,040,300 
Korea (South) - 1.3%   
BGFretail Co. Ltd. 17,709 2,875,051 
Fila Korea Ltd. 43,834 3,979,083 
Hy-Lok Corp. 125,792 3,123,733 
NS Shopping Co. Ltd. (b) 12,780 1,673,249 
TOTAL KOREA (SOUTH)  11,651,116 
Luxembourg - 0.5%   
Grand City Properties SA 189,517 4,186,054 
Mexico - 0.0%   
Genomma Lab Internacional SA de CV (b) 66,889 73,480 
Netherlands - 2.1%   
Amsterdam Commodities NV 196,055 5,296,907 
Arcadis NV 199,900 3,423,132 
BinckBank NV 737,859 4,343,556 
IMCD Group BV 142,000 5,733,174 
TOTAL NETHERLANDS  18,796,769 
New Zealand - 2.2%   
EBOS Group Ltd. 929,004 10,352,886 
Nuplex Industries Ltd. 2,454,889 9,033,445 
TOTAL NEW ZEALAND  19,386,331 
Norway - 2.0%   
ABG Sundal Collier ASA (a) 6,615,910 4,617,748 
Ekornes A/S 331,597 3,871,175 
Kongsberg Gruppen ASA 337,433 5,657,514 
Spectrum ASA 1,183,572 3,895,336 
TOTAL NORWAY  18,041,773 
Philippines - 0.2%   
Century Pacific Food, Inc. 4,939,000 1,984,631 
Portugal - 0.5%   
NOS SGPS SA 670,400 4,809,274 
Romania - 0.4%   
Banca Transilvania SA 5,501,626 3,775,557 
Singapore - 2.2%   
Boustead Projects Pte Ltd. (b) 618,906 296,832 
Boustead Singapore Ltd. 2,267,369 1,315,052 
Hour Glass Ltd. 8,087,500 4,510,261 
Mapletree Industrial (REIT) 3,150,494 3,759,931 
OSIM International Ltd. 3,765,300 3,891,711 
Wing Tai Holdings Ltd. 4,110,600 5,731,029 
TOTAL SINGAPORE  19,504,816 
South Africa - 0.8%   
Clicks Group Ltd. 992,132 7,246,235 
Spain - 0.5%   
Hispania Activos Inmobiliarios SA (b) 315,800 4,628,567 
Sweden - 1.1%   
Addlife AB (b) 59,554 752,726 
AddTech AB (B Shares) 211,219 2,656,528 
Coor Service Management Holding AB 474,600 2,245,802 
Ratos AB (B Shares) (a) 711,500 4,162,440 
TOTAL SWEDEN  9,817,496 
Switzerland - 3.3%   
Allied World Assurance Co. Holdings AG 239,504 8,521,552 
Daetwyler Holdings AG 18,222 2,708,701 
Pargesa Holding SA 27,516 1,911,750 
Vontobel Holdings AG 189,326 8,190,377 
VZ Holding AG 24,982 7,773,509 
TOTAL SWITZERLAND  29,105,889 
Taiwan - 2.2%   
King's Town Bank 4,364,000 3,039,656 
Sunspring Metal Corp. 3,075,000 3,864,811 
Tripod Technology Corp. 2,830,000 5,177,631 
Vanguard International Semiconductor Corp. 3,124,000 4,782,274 
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 1,182,000 2,630,895 
TOTAL TAIWAN  19,495,267 
Thailand - 1.0%   
Delta Electronics PCL (For. Reg.) 2,525,300 5,206,804 
TISCO Financial Group PCL 2,773,700 3,455,210 
TOTAL THAILAND  8,662,014 
Turkey - 0.4%   
Aygaz A/S 864,000 3,560,372 
United Kingdom - 14.8%   
Aberdeen Asset Management PLC 799,849 3,490,905 
AEW UK REIT PLC 2,828,268 4,132,524 
Alliance Pharma PLC 3,728,897 2,451,815 
Amec Foster Wheeler PLC 556,552 4,016,424 
Ashmore Group PLC (a) 1,036,507 4,651,006 
BBA Aviation PLC 2,510,798 7,344,642 
Bond International Software PLC 899,666 1,156,801 
Brammer PLC (a) 1,014,728 2,587,259 
Brewin Dolphin Holding PLC 808,175 3,235,570 
Cineworld Group PLC 431,676 3,267,251 
Close Brothers Group PLC 269,680 4,775,800 
Countrywide PLC 1,161,507 6,031,621 
Diploma PLC 363,251 3,882,540 
Elementis PLC 1,178,900 3,718,985 
Empiric Student Property PLC 1,836,872 3,012,729 
Exova Group Ltd. PLC 1,002,769 2,344,313 
Informa PLC 560,320 5,358,467 
ITE Group PLC 1,873,654 4,250,263 
James Fisher and Sons PLC 204,800 4,234,296 
Jardine Lloyd Thompson Group PLC 270,900 3,431,807 
John Wood Group PLC 542,500 4,950,248 
Luxfer Holdings PLC sponsored ADR 491,254 6,312,614 
McColl's Retail Group PLC 1,844,974 4,313,254 
Mears Group PLC 1,047,710 6,100,483 
Melrose Industries PLC 142,773 778,751 
Micro Focus International PLC 507,044 11,327,864 
PayPoint PLC 243,111 2,994,518 
Sinclair Pharma PLC (b) 6,297,432 3,312,537 
Spectris PLC 200,847 5,344,045 
The Restaurant Group PLC 676,100 2,717,668 
Ultra Electronics Holdings PLC 259,525 6,696,759 
TOTAL UNITED KINGDOM  132,223,759 
United States of America - 0.9%   
Dillard's, Inc. Class A 93,994 6,621,877 
Hornbeck Offshore Services, Inc. (a)(b) 152,170 1,786,476 
YOU On Demand Holdings, Inc. warrants 8/30/17 (b)(e) 27,500 615 
TOTAL UNITED STATES OF AMERICA  8,408,968 
TOTAL COMMON STOCKS   
(Cost $827,590,703)  843,951,228 
Nonconvertible Preferred Stocks - 0.4%   
Brazil - 0.4%   
Banco ABC Brasil SA   
(Cost $3,961,678) 1,117,476 3,850,284 
Money Market Funds - 6.0%   
Fidelity Cash Central Fund, 0.38% (f) 39,282,539 39,282,539 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 13,711,375 13,711,375 
TOTAL MONEY MARKET FUNDS   
(Cost $52,993,914)  52,993,914 
TOTAL INVESTMENT PORTFOLIO - 101.0%   
(Cost $884,546,295)  900,795,426 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (8,908,552) 
NET ASSETS - 100%  $891,886,874 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

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

 (b) Non-income producing

 (c) Affiliated company

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) 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 $615 or 0.0% of net assets.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
YOU On Demand Holdings, Inc. warrants 8/30/17 9/14/12 $0 

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 $61,241 
Fidelity Securities Lending Cash Central Fund 178,311 
Total $239,552 

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 
Imdex Ltd. $1,246,756 $769,515 $-- $-- $2,039,795 
Total $1,246,756 $769,515 $-- $-- $2,039,795 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $135,678,269 $77,543,137 $58,135,132 $-- 
Consumer Staples 79,343,595 45,822,562 33,521,033 -- 
Energy 36,083,912 31,955,963 4,127,949 -- 
Financials 184,335,775 152,249,248 32,086,527 -- 
Health Care 77,652,797 48,200,521 29,452,276 -- 
Industrials 175,903,353 121,229,081 54,674,272 -- 
Information Technology 84,766,467 64,785,217 19,981,249 1 
Materials 70,476,972 49,234,858 21,242,113 1 
Utilities 3,560,372 3,560,372 -- -- 
Money Market Funds 52,993,914 52,993,914 -- -- 
Total Investments in Securities: $900,795,426 $647,574,873 $253,220,551 $2 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $3,784,452 
Level 2 to Level 1 $53,766,744 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $13,024,078) — See accompanying schedule:
Unaffiliated issuers (cost $826,178,703) 		$845,761,717  
Fidelity Central Funds (cost $52,993,914) 52,993,914  
Other affiliated issuers (cost $5,373,678) 2,039,795  
Total Investments (cost $884,546,295)  $900,795,426 
Foreign currency held at value (cost $3,435,438)  3,443,129 
Receivable for investments sold  1,018,282 
Receivable for fund shares sold  680,172 
Dividends receivable  5,489,031 
Distributions receivable from Fidelity Central Funds  53,923 
Prepaid expenses  773 
Other receivables  13,513 
Total assets  911,494,249 
Liabilities   
Payable for investments purchased   
Regular delivery $2,507,860  
Delayed delivery 73,580  
Payable for fund shares redeemed 2,257,365  
Accrued management fee 696,108  
Distribution and service plan fees payable 20,488  
Other affiliated payables 220,069  
Other payables and accrued expenses 120,530  
Collateral on securities loaned, at value 13,711,375  
Total liabilities  19,607,375 
Net Assets  $891,886,874 
Net Assets consist of:   
Paid in capital  $875,247,184 
Undistributed net investment income  8,805,214 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (8,523,197) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  16,357,673 
Net Assets  $891,886,874 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($31,897,656 ÷ 1,419,288 shares)  $22.47 
Maximum offering price per share (100/94.25 of $22.47)  $23.84 
Class T:   
Net Asset Value and redemption price per share ($13,016,808 ÷ 582,355 shares)  $22.35 
Maximum offering price per share (100/96.50 of $22.35)  $23.16 
Class B:   
Net Asset Value and offering price per share ($276,630 ÷ 12,519 shares)(a)  $22.10 
Class C:   
Net Asset Value and offering price per share ($9,910,610 ÷ 455,303 shares)(a)  $21.77 
International Small Cap:   
Net Asset Value, offering price and redemption price per share ($828,798,591 ÷ 36,296,748 shares)  $22.83 
Class I:   
Net Asset Value, offering price and redemption price per share ($7,986,579 ÷ 347,003 shares)  $23.02 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $15,653,620 
Income from Fidelity Central Funds  239,552 
Income before foreign taxes withheld  15,893,172 
Less foreign taxes withheld  (1,109,413) 
Total income  14,783,759 
Expenses   
Management fee   
Basic fee $3,548,462  
Performance adjustment 764,573  
Transfer agent fees 1,114,365  
Distribution and service plan fees 119,772  
Accounting and security lending fees 200,536  
Custodian fees and expenses 146,102  
Independent trustees' compensation 1,816  
Registration fees 47,264  
Audit 52,823  
Legal 1,099  
Miscellaneous 2,661  
Total expenses before reductions 5,999,473  
Expense reductions (7,275) 5,992,198 
Net investment income (loss)  8,791,561 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (883,158)  
Foreign currency transactions (42,970)  
Total net realized gain (loss)  (926,128) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		17,069,850  
Assets and liabilities in foreign currencies 179,334  
Total change in net unrealized appreciation (depreciation)  17,249,184 
Net gain (loss)  16,323,056 
Net increase (decrease) in net assets resulting from operations  $25,114,617 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,791,561 $11,998,423 
Net realized gain (loss) (926,128) 25,838,406 
Change in net unrealized appreciation (depreciation) 17,249,184 6,824,724 
Net increase (decrease) in net assets resulting from operations 25,114,617 44,661,553 
Distributions to shareholders from net investment income (10,933,091) (7,662,528) 
Distributions to shareholders from net realized gain (23,540,154) (116,906,834) 
Total distributions (34,473,245) (124,569,362) 
Share transactions - net increase (decrease) 27,183,054 53,722,708 
Redemption fees 70,645 103,111 
Total increase (decrease) in net assets 17,895,071 (26,081,990) 
Net Assets   
Beginning of period 873,991,803 900,073,793 
End of period (including undistributed net investment income of $8,805,214 and undistributed net investment income of $10,946,744, respectively) $891,886,874 $873,991,803 

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


Financial Highlights — Fidelity International Small Cap Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.69 $24.98 $26.34 $19.74 $18.97 $20.42 
Income from Investment Operations       
Net investment income (loss)A .20 .27 .17 .06 .06 .10 
Net realized and unrealized gain (loss) .45 1.05 (.89) 6.94 1.09 (.88) 
Total from investment operations .65 1.32 (.72) 7.00 1.15 (.78) 
Distributions from net investment income (.25) (.16) (.05) (.07) (.11) (.02) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.87) (3.61) (.65) (.40) (.38) (.68) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.47 $22.69 $24.98 $26.34 $19.74 $18.97 
Total ReturnC,D,E 2.97% 6.21% (2.79)% 36.18% 6.28% (4.00)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.66%H 1.59% 1.50% 1.61% 1.63% 1.56% 
Expenses net of fee waivers, if any 1.66%H 1.58% 1.50% 1.61% 1.63% 1.55% 
Expenses net of all reductions 1.66%H 1.58% 1.50% 1.60% 1.60% 1.54% 
Net investment income (loss) 1.88%H 1.18% .65% .25% .32% .49% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,898 $28,238 $24,572 $24,020 $14,125 $17,185 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $24.81 $26.17 $19.59 $18.80 $20.23 
Income from Investment Operations       
Net investment income (loss)A .17 .21 .10 –B .01 .05 
Net realized and unrealized gain (loss) .44 1.04 (.87) 6.90 1.08 (.86) 
Total from investment operations .61 1.25 (.77) 6.90 1.09 (.81) 
Distributions from net investment income (.19) (.06) – – (.03) – 
Distributions from net realized gain (.62) (3.45) (.60) (.32) (.27) (.63) 
Total distributions (.81) (3.51) (.60) (.32) (.30) (.63) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.35 $22.55 $24.81 $26.17 $19.59 $18.80 
Total ReturnC,D,E 2.81% 5.90% (3.00)% 35.80% 5.97% (4.18)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.95%H 1.87% 1.77% 1.87% 1.88% 1.82% 
Expenses net of fee waivers, if any 1.95%H 1.86% 1.77% 1.87% 1.88% 1.81% 
Expenses net of all reductions 1.95%H 1.86% 1.76% 1.85% 1.85% 1.79% 
Net investment income (loss) 1.58%H .90% .38% (.01)% .07% .24% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,017 $12,400 $12,296 $13,530 $9,262 $13,744 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.22 $24.51 $25.87 $19.22 $18.38 $19.79 
Income from Investment Operations       
Net investment income (loss)A .12 .09 (.03) (.11) (.08) (.05) 
Net realized and unrealized gain (loss) .44 1.04 (.87) 6.84 1.07 (.85) 
Total from investment operations .56 1.13 (.90) 6.73 .99 (.90) 
Distributions from net investment income (.06) – – – – – 
Distributions from net realized gain (.62) (3.42) (.47) (.08) (.15) (.52) 
Total distributions (.68) (3.42) (.47) (.08) (.15) (.52) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.10 $22.22 $24.51 $25.87 $19.22 $18.38 
Total ReturnC,D,E 2.59% 5.40% (3.52)% 35.14% 5.45% (4.68)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.44%H 2.36% 2.28% 2.37% 2.38% 2.32% 
Expenses net of fee waivers, if any 2.44%H 2.36% 2.28% 2.36% 2.38% 2.30% 
Expenses net of all reductions 2.44%H 2.36% 2.27% 2.35% 2.35% 2.29% 
Net investment income (loss) 1.09%H .41% (.13)% (.51)% (.43)% (.26)% 
Supplemental Data       
Net assets, end of period (000 omitted) $277 $390 $507 $795 $790 $2,067 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.96 $24.27 $25.68 $19.18 $18.38 $19.85 
Income from Investment Operations       
Net investment income (loss)A .11 .09 (.02) (.11) (.08) (.04) 
Net realized and unrealized gain (loss) .45 1.02 (.85) 6.79 1.07 (.85) 
Total from investment operations .56 1.11 (.87) 6.68 .99 (.89) 
Distributions from net investment income (.13) – – – – – 
Distributions from net realized gain (.62) (3.42) (.55) (.18) (.19) (.59) 
Total distributions (.75) (3.42) (.55) (.18) (.19) (.59) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $21.77 $21.96 $24.27 $25.68 $19.18 $18.38 
Total ReturnC,D,E 2.61% 5.37% (3.43)% 35.15% 5.46% (4.64)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.44%H 2.36% 2.23% 2.33% 2.38% 2.27% 
Expenses net of fee waivers, if any 2.44%H 2.35% 2.22% 2.33% 2.38% 2.26% 
Expenses net of all reductions 2.44%H 2.35% 2.22% 2.32% 2.35% 2.24% 
Net investment income (loss) 1.09%H .41% (.07)% (.47)% (.43)% (.21)% 
Supplemental Data       
Net assets, end of period (000 omitted) $9,911 $11,359 $12,576 $13,426 $6,799 $9,545 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.06 $25.34 $26.67 $19.99 $19.23 $20.66 
Income from Investment Operations       
Net investment income (loss)A .23 .34 .25 .12 .11 .17 
Net realized and unrealized gain (loss) .45 1.07 (.90) 7.02 1.10 (.89) 
Total from investment operations .68 1.41 (.65) 7.14 1.21 (.72) 
Distributions from net investment income (.29) (.24) (.09) (.14) (.18) (.06) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.91) (3.69) (.69) (.46)B (.45) (.72) 
Redemption fees added to paid in capitalA –C –C .01 –C –C .01 
Net asset value, end of period $22.83 $23.06 $25.34 $26.67 $19.99 $19.23 
Total ReturnD,E 3.07% 6.53% (2.48)% 36.56% 6.55% (3.65)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.40%H 1.31% 1.21% 1.33% 1.35% 1.26% 
Expenses net of fee waivers, if any 1.40%H 1.31% 1.20% 1.32% 1.35% 1.25% 
Expenses net of all reductions 1.40%H 1.31% 1.20% 1.31% 1.33% 1.23% 
Net investment income (loss) 2.13%H 1.45% .95% .53% .59% .80% 
Supplemental Data       
Net assets, end of period (000 omitted) $828,799 $811,534 $842,031 $1,029,629 $692,769 $856,692 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.46 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.327 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.24 $25.34 $26.67 $20.00 $19.24 $20.66 
Income from Investment Operations       
Net investment income (loss)A .24 .36 .29 .16 .13 .18 
Net realized and unrealized gain (loss) .47 1.07 (.90) 7.00 1.10 (.89) 
Total from investment operations .71 1.43 (.61) 7.16 1.23 (.71) 
Distributions from net investment income (.31) (.08) (.13) (.16) (.20) (.06) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.93) (3.53) (.73) (.49) (.47) (.72) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $23.02 $23.24 $25.34 $26.67 $20.00 $19.24 
Total ReturnC,D 3.16% 6.60% (2.35)% 36.68% 6.65% (3.62)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.34%G 1.24% 1.08% 1.20% 1.25% 1.22% 
Expenses net of fee waivers, if any 1.34%G 1.23% 1.08% 1.20% 1.25% 1.21% 
Expenses net of all reductions 1.34%G 1.23% 1.08% 1.18% 1.22% 1.19% 
Net investment income (loss) 2.20%G 1.53% 1.07% .66% .70% .84% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,987 $10,070 $8,092 $67,038 $9,503 $15,752 
Portfolio turnover rateH 25%G 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Small Cap 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, International Small Cap and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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 $118,739,691 
Gross unrealized depreciation (109,342,665) 
Net unrealized appreciation (depreciation) on securities $9,397,026 
Tax cost $891,398,400 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $105,149,143 and $100,546,287, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Small Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index effective April 1, 2014 (the MSCI EAFE Small Cap Index prior to April 1, 2014), over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was 1.03% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $36,761 $– 
Class T .25% .25% 30,678 – 
Class B .75% .25% 1,596 1,197 
Class C .75% .25% 50,737 8,321 
   $119,772 $9,518 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $8,966 
Class T 1,548 
Class B(a) 8 
Class C(a) 1,861 
 $12,383 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $39,714 .27 
Class T 19,256 .31 
Class B 483 .30 
Class C 15,549 .31 
International Small Cap 1,030,543 .27 
Class I 8,820 .20 
 $1,114,365  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $731 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $178,311, including $844 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,199 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $15.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,061.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $319,347 $155,785 
Class T 106,306 27,108 
Class B 996 – 
Class C 64,383 – 
International Small Cap 10,307,620 7,454,709 
Class I 134,439 24,926 
Total $10,933,091 $7,662,528 
From net realized gain   
Class A $788,825 $3,382,206 
Class T 339,739 1,671,017 
Class B 10,287 66,002 
Class C 319,340 1,697,539 
International Small Cap 21,811,338 109,040,767 
Class I 270,625 1,049,303 
Total $23,540,154 $116,906,834 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 325,140 432,152 $6,861,060 $9,990,970 
Reinvestment of distributions 49,226 159,613 1,077,561 3,404,539 
Shares redeemed (199,361) (331,016) (4,291,584) (7,450,558) 
Net increase (decrease) 175,005 260,749 $3,647,037 $5,944,951 
Class T     
Shares sold 98,594 124,085 $2,040,918 $2,869,552 
Reinvestment of distributions 20,220 77,005 440,798 1,636,354 
Shares redeemed (86,353) (146,828) (1,830,831) (3,289,706) 
Net increase (decrease) 32,461 54,262 $650,885 $1,216,200 
Class B     
Shares sold 2,210 4,667 $44,407 $108,058 
Reinvestment of distributions 493 2,954 10,648 62,128 
Shares redeemed (7,751) (10,732) (163,958) (240,945) 
Net increase (decrease) (5,048) (3,111) $(108,903) $(70,759) 
Class C     
Shares sold 60,963 196,292 $1,285,274 $4,379,607 
Reinvestment of distributions 16,869 71,584 358,801 1,488,229 
Shares redeemed (139,670) (268,981) (2,822,873) (5,818,752) 
Net increase (decrease) (61,838) (1,105) $(1,178,798) $49,084 
International Small Cap     
Shares sold 4,597,133 7,876,402 $99,766,157 $184,799,928 
Reinvestment of distributions 1,408,054 5,231,399 31,286,953 113,102,853 
Shares redeemed (4,905,938) (11,138,439) (105,124,693) (253,855,534) 
Net increase (decrease) 1,099,249 1,969,362 $25,928,417 $44,047,247 
Class I     
Shares sold 181,821 256,693 $3,999,752 $5,987,647 
Reinvestment of distributions 16,670 46,102 373,252 1,003,648 
Shares redeemed (284,792) (188,812) (6,128,588) (4,455,310) 
Net increase (decrease) (86,301) 113,983 $(1,755,584) $2,535,985 

11. 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.

At the end of the period, the investment adviser or its affiliates were the owner of record of 14% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.66%    
Actual  $1,000.00 $1,029.70 $8.38 
Hypothetical-C  $1,000.00 $1,016.61 $8.32 
Class T 1.95%    
Actual  $1,000.00 $1,028.10 $9.83 
Hypothetical-C  $1,000.00 $1,015.17 $9.77 
Class B 2.44%    
Actual  $1,000.00 $1,025.90 $12.29 
Hypothetical-C  $1,000.00 $1,012.73 $12.21 
Class C 2.44%    
Actual  $1,000.00 $1,026.10 $12.29 
Hypothetical-C  $1,000.00 $1,012.73 $12.21 
International Small Cap 1.40%    
Actual  $1,000.00 $1,030.70 $7.07 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.34%    
Actual  $1,000.00 $1,031.60 $6.77 
Hypothetical-C  $1,000.00 $1,018.20 $6.72 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AISCI-SANN-0616
1.800647.112

Fidelity Advisor® Latin America Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Latin America Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Brazil 45.5% 
   Mexico 30.6% 
   United States of America* 8.4% 
   Chile 3.8% 
   Bermuda 3.7% 
   Panama 2.6% 
   United Kingdom 1.4% 
   Spain 1.0% 
   Peru 1.0% 
   Other 2.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Brazil 39.0% 
   Mexico 33.2% 
   Chile 12.5% 
   Colombia 5.6% 
   United States of America* 3.2% 
   Peru 3.0% 
   Panama 1.6% 
   Belgium 0.9% 
   Spain 0.7% 
   Other 0.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 96.6 97.2 
Short-Term Investments and Net Other Assets (Liabilities) 3.4 2.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Itau Unibanco Holding SA (Brazil, Banks) 8.0 4.7 
Grupo Financiero Banorte S.A.B. de CV Series O (Mexico, Banks) 5.0 0.0 
Fomento Economico Mexicano S.A.B. de CV unit (Mexico, Beverages) 4.4 5.5 
Cielo SA (Brazil, IT Services) 3.9 1.1 
Credicorp Ltd. (United States) (Bermuda, Banks) 3.7 0.0 
Itausa-Investimentos Itau SA (PN) (Brazil, Banks) 3.5 1.5 
Kroton Educacional SA (Brazil, Diversified Consumer Services) 2.6 0.0 
BB Seguridade Participacoes SA (Brazil, Insurance) 2.5 1.0 
Kimberly-Clark de Mexico SA de CV Series A (Mexico, Household Products) 2.3 1.1 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) 2.3 1.8 
 38.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 35.2 26.9 
Consumer Staples 16.4 28.0 
Consumer Discretionary 14.5 8.1 
Industrials 10.2 5.8 
Health Care 6.2 1.4 
Information Technology 5.9 1.1 
Materials 3.6 7.8 
Energy 2.3 5.0 
Utilities 1.5 4.6 
Telecommunication Services 0.8 8.5 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.6%   
 Shares Value 
Argentina - 1.0%   
Grupo Financiero Galicia SA sponsored ADR 180,473 $5,138,066 
Bermuda - 3.7%   
Credicorp Ltd. (United States) 135,801 19,748,181 
Brazil - 30.5%   
BB Seguridade Participacoes SA 1,513,600 13,202,879 
CCR SA 2,130,502 10,022,977 
Cielo SA 2,117,948 20,629,863 
CVC Brasil Operadora e Agencia de Viagens SA 1,341,033 7,408,484 
Equatorial Energia SA 668,406 8,267,498 
Estacio Participacoes SA 2,243,220 7,742,101 
Fibria Celulose SA 982,462 8,678,402 
FPC Par Corretora de Seguros 1,667,889 5,601,255 
Grendene SA 1,074,900 5,310,039 
Hypermarcas SA 1,101,286 9,715,205 
Industrias Romi SA 549,100 295,365 
Kroton Educacional SA 3,718,837 13,840,551 
Linx SA 338,067 4,649,435 
Mills Estruturas e Servicos de Engenharia SA 2,521,458 3,086,527 
Multiplus SA 580,948 6,410,402 
Odontoprev SA 2,036,893 6,194,926 
Qualicorp SA 2,460,713 10,660,645 
Smiles SA 814,156 9,445,322 
Tegma Gestao Logistica SA 2,562,627 4,276,944 
Valid Solucoes SA 659,175 6,708,185 
TOTAL BRAZIL  162,147,005 
Chile - 3.8%   
Banmedica SA 3,100,772 5,256,540 
CorpBanca SA 742,999,828 6,762,263 
Forus SA 1,878,297 5,668,936 
Vina San Pedro SA 238,206,744 2,347,184 
TOTAL CHILE  20,034,923 
France - 1.0%   
Edenred SA 264,421 5,213,790 
Mexico - 30.6%   
Banregio Grupo Financiero S.A.B. de CV 360,000 2,157,324 
Compartamos S.A.B. de CV 5,797,311 11,530,835 
Credito Real S.A.B. de CV 2,385,302 5,261,497 
Embotelladoras Arca S.A.B. de CV 1,099,169 7,587,327 
Fomento Economico Mexicano S.A.B. de CV unit 2,516,609 23,415,691 
Genomma Lab Internacional SA de CV (a)(b) 9,725,099 10,683,412 
Gruma S.A.B. de CV Series B 614,429 8,975,739 
Grupo Aeroportuario Norte S.A.B. de CV 911,563 5,275,040 
Grupo Comercial Chedraui S.A.B. de CV 355,158 1,006,560 
Grupo Financiero Banorte S.A.B. de CV Series O 4,658,402 26,445,532 
Grupo GICSA SA de CV (a) 5,477,756 4,304,607 
Grupo Herdez S.A.B. de CV 2,034,846 4,503,837 
Kimberly-Clark de Mexico SA de CV Series A 5,199,395 12,305,938 
Megacable Holdings S.A.B. de CV unit 2,210,548 10,208,173 
Promotora y Operadora de Infraestructura S.A.B. de CV 685,467 7,175,139 
Qualitas Controladora S.A.B. de CV 4,665,846 6,270,070 
Telesites S.A.B. de C.V. (a) 6,986,994 4,288,530 
Tenedora Nemak SA de CV 3,169,744 4,546,985 
Unifin Financiera SAPI de CV 2,278,967 6,718,486 
TOTAL MEXICO  162,660,722 
Panama - 2.6%   
Copa Holdings SA Class A 97,338 6,205,298 
Intergroup Financial Services Corp. 259,297 7,389,965 
TOTAL PANAMA  13,595,263 
Peru - 1.0%   
Alicorp SA Class C (a) 2,843,073 5,391,229 
Spain - 1.0%   
Prosegur Compania de Seguridad SA (Reg.) 946,444 5,472,815 
United Kingdom - 1.4%   
British American Tobacco PLC (United Kingdom) 125,624 7,659,558 
United States of America - 5.0%   
First Cash Financial Services, Inc. 110,047 5,032,449 
MercadoLibre, Inc. 46,959 5,864,710 
Monsanto Co. 112,070 10,498,718 
PriceSmart, Inc. 60,590 5,243,459 
TOTAL UNITED STATES OF AMERICA  26,639,336 
TOTAL COMMON STOCKS   
(Cost $370,927,690)  433,700,888 
Nonconvertible Preferred Stocks - 15.0%   
Brazil - 15.0%   
Alpargatas SA (PN) 2,325,383 6,254,210 
Itau Unibanco Holding SA 4,473,142 42,751,231 
Itausa-Investimentos Itau SA (PN) 7,391,854 18,612,621 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 4,099,671 12,194,413 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $47,767,968)   79,812,475 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund, 0.38% (c) 15,233,830 15,233,830 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 1,908,000 1,908,000 
TOTAL MONEY MARKET FUNDS   
(Cost $17,141,830)  17,141,830 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $435,837,488)  530,655,193 
NET OTHER ASSETS (LIABILITIES) - 0.2%  1,322,703 
NET ASSETS - 100%  $531,977,896 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $13,871 
Fidelity Securities Lending Cash Central Fund 13,739 
Total $27,610 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $76,835,203 $76,835,203 $-- $-- 
Consumer Staples 88,151,727 80,492,169 7,659,558 -- 
Energy 12,194,413 12,194,413 -- -- 
Financials 186,927,261 186,927,261 -- -- 
Health Care 32,795,523 32,795,523 -- -- 
Industrials 53,732,080 53,732,080 -- -- 
Information Technology 31,144,008 31,144,008 -- -- 
Materials 19,177,120 19,177,120 -- -- 
Telecommunication Services 4,288,530 4,288,530 -- -- 
Utilities 8,267,498 8,267,498 -- -- 
Money Market Funds 17,141,830 17,141,830 -- -- 
Total Investments in Securities: $530,655,193 $522,995,635 $7,659,558 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,986,076) — See accompanying schedule:
Unaffiliated issuers (cost $418,695,658) 		$513,513,363  
Fidelity Central Funds (cost $17,141,830) 17,141,830  
Total Investments (cost $435,837,488)  $530,655,193 
Foreign currency held at value (cost $848,641)  845,098 
Receivable for investments sold  11,521,261 
Receivable for fund shares sold  886,476 
Dividends receivable  2,157,717 
Distributions receivable from Fidelity Central Funds  5,465 
Prepaid expenses  839 
Other receivables  4,697 
Total assets  546,076,746 
Liabilities   
Payable for investments purchased $9,981,660  
Payable for fund shares redeemed 1,673,044  
Accrued management fee 295,020  
Distribution and service plan fees payable 10,382  
Other affiliated payables 141,288  
Other payables and accrued expenses 89,456  
Collateral on securities loaned, at value 1,908,000  
Total liabilities  14,098,850 
Net Assets  $531,977,896 
Net Assets consist of:   
Paid in capital  $621,439,296 
Undistributed net investment income  5,280,315 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (189,596,126) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  94,854,411 
Net Assets  $531,977,896 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($15,995,909 ÷ 829,375 shares)  $19.29 
Maximum offering price per share (100/94.25 of $19.29)  $20.47 
Class T:   
Net Asset Value and redemption price per share ($5,751,716 ÷ 297,544 shares)  $19.33 
Maximum offering price per share (100/96.50 of $19.33)  $20.03 
Class B:   
Net Asset Value and offering price per share ($424,337 ÷ 21,533 shares)(a)  $19.71 
Class C:   
Net Asset Value and offering price per share ($5,785,469 ÷ 296,693 shares)(a)  $19.50 
Latin America:   
Net Asset Value, offering price and redemption price per share ($500,862,877 ÷ 26,047,611 shares)  $19.23 
Class I:   
Net Asset Value, offering price and redemption price per share ($3,157,588 ÷ 164,416 shares)  $19.20 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $11,941,726 
Income from Fidelity Central Funds  27,610 
Income before foreign taxes withheld  11,969,336 
Less foreign taxes withheld  (658,372) 
Total income  11,310,964 
Expenses   
Management fee $1,625,345  
Transfer agent fees 695,198  
Distribution and service plan fees 56,456  
Accounting and security lending fees 120,506  
Custodian fees and expenses 201,427  
Independent trustees' compensation 1,051  
Registration fees 43,549  
Audit 39,945  
Legal 713  
Interest 882  
Miscellaneous 1,577  
Total expenses before reductions 2,786,649  
Expense reductions (7,128) 2,779,521 
Net investment income (loss)  8,531,443 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (101,386,798)  
Foreign currency transactions (358,721)  
Total net realized gain (loss)  (101,745,519) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		133,562,288  
Assets and liabilities in foreign currencies 76,379  
Total change in net unrealized appreciation (depreciation)  133,638,667 
Net gain (loss)  31,893,148 
Net increase (decrease) in net assets resulting from operations  $40,424,591 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,531,443 $10,341,112 
Net realized gain (loss) (101,745,519) (87,419,393) 
Change in net unrealized appreciation (depreciation) 133,638,667 (231,042,995) 
Net increase (decrease) in net assets resulting from operations 40,424,591 (308,121,276) 
Distributions to shareholders from net investment income (10,264,003) (12,592,762) 
Distributions to shareholders from net realized gain – (66,395,306) 
Total distributions (10,264,003) (78,988,068) 
Share transactions - net increase (decrease) (8,769,783) (98,503,600) 
Redemption fees 24,821 127,133 
Total increase (decrease) in net assets 21,415,626 (485,485,811) 
Net Assets   
Beginning of period 510,562,270 996,048,081 
End of period (including undistributed net investment income of $5,280,315 and undistributed net investment income of $7,012,875, respectively) $531,977,896 $510,562,270 

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


Financial Highlights — Fidelity Latin America Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.09 $30.31 $40.71 $48.95 $52.38 $57.48 
Income from Investment Operations       
Net investment income (loss)A .29 .28 .49 .72 .92 1.15 
Net realized and unrealized gain (loss) 1.22 (10.11) (4.08) (4.73) (3.66) (5.87) 
Total from investment operations 1.51 (9.83) (3.59) (4.01) (2.74) (4.72) 
Distributions from net investment income (.31) (.31) (.57) (.79) (.70) (.19) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.31) (2.39) (6.82) (4.24) (.70) (.39) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.29 $18.09 $30.31 $40.71 $48.95 $52.38 
Total ReturnC,D,E 8.51% (34.60)% (9.06)% (8.93)% (5.23)% (8.26)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.42%H 1.40% 1.38% 1.37% 1.35% 1.34% 
Expenses net of fee waivers, if any 1.42%H 1.40% 1.38% 1.37% 1.35% 1.34% 
Expenses net of all reductions 1.42%H 1.39% 1.38% 1.35% 1.35% 1.34% 
Net investment income (loss) 3.43%H 1.26% 1.52% 1.66% 1.80% 2.05% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,996 $16,424 $34,898 $48,464 $69,654 $91,407 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.11 $30.33 $40.68 $48.88 $52.27 $57.47 
Income from Investment Operations       
Net investment income (loss)A .27 .22 .40 .61 .78 .99 
Net realized and unrealized gain (loss) 1.21 (10.13) (4.08) (4.74) (3.65) (5.85) 
Total from investment operations 1.48 (9.91) (3.68) (4.13) (2.87) (4.86) 
Distributions from net investment income (.26) (.23) (.43) (.63) (.53) (.15) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.26) (2.31) (6.68) (4.08) (.53) (.35) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.33 $18.11 $30.33 $40.68 $48.88 $52.27 
Total ReturnC,D,E 8.33% (34.78)% (9.30)% (9.17)% (5.49)% (8.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.71%H 1.67% 1.65% 1.63% 1.61% 1.61% 
Expenses net of fee waivers, if any 1.71%H 1.67% 1.65% 1.63% 1.61% 1.61% 
Expenses net of all reductions 1.71%H 1.66% 1.65% 1.61% 1.61% 1.61% 
Net investment income (loss) 3.14%H .99% 1.25% 1.40% 1.54% 1.78% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,752 $5,284 $9,761 $12,705 $19,334 $26,020 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.27 $30.46 $40.63 $48.72 $52.06 $57.44 
Income from Investment Operations       
Net investment income (loss)A .23 .12 .25 .40 .53 .72 
Net realized and unrealized gain (loss) 1.24 (10.23) (4.08) (4.74) (3.63) (5.84) 
Total from investment operations 1.47 (10.11) (3.83) (4.34) (3.10) (5.12) 
Distributions from net investment income (.03) – (.10) (.31) (.25) (.07) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.03) (2.08) (6.35) (3.76) (.25) (.27) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.71 $18.27 $30.46 $40.63 $48.72 $52.06 
Total ReturnC,D,E 8.10% (35.09)% (9.73)% (9.60)% (5.95)% (8.94)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.17%H 2.16% 2.14% 2.12% 2.10% 2.10% 
Expenses net of fee waivers, if any 2.17%H 2.15% 2.14% 2.12% 2.10% 2.10% 
Expenses net of all reductions 2.17%H 2.15% 2.13% 2.10% 2.10% 2.10% 
Net investment income (loss) 2.68%H .50% .76% .91% 1.05% 1.29% 
Supplemental Data       
Net assets, end of period (000 omitted) $424 $628 $2,211 $4,764 $9,492 $14,114 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.18 $30.37 $40.59 $48.73 $52.05 $57.44 
Income from Investment Operations       
Net investment income (loss)A .23 .11 .25 .40 .54 .73 
Net realized and unrealized gain (loss) 1.22 (10.17) (4.07) (4.74) (3.64) (5.84) 
Total from investment operations 1.45 (10.06) (3.82) (4.34) (3.10) (5.11) 
Distributions from net investment income (.13) (.05) (.16) (.36) (.23) (.09) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.13) (2.13) (6.41) (3.81) (.23) (.29) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.50 $18.18 $30.37 $40.59 $48.73 $52.05 
Total ReturnC,D,E 8.07% (35.08)% (9.74)% (9.62)% (5.94)% (8.93)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.17%H 2.15% 2.13% 2.12% 2.10% 2.08% 
Expenses net of fee waivers, if any 2.17%H 2.15% 2.13% 2.12% 2.10% 2.08% 
Expenses net of all reductions 2.16%H 2.15% 2.13% 2.10% 2.10% 2.08% 
Net investment income (loss) 2.69%H .51% .77% .91% 1.06% 1.31% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,785 $5,394 $11,349 $15,185 $27,405 $35,203 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity Latin America Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.08 $30.34 $40.80 $49.09 $52.48 $57.50 
Income from Investment Operations       
Net investment income (loss)A .31 .34 .59 .87 1.09 1.34 
Net realized and unrealized gain (loss) 1.22 (10.11) (4.10) (4.74) (3.67) (5.88) 
Total from investment operations 1.53 (9.77) (3.51) (3.87) (2.58) (4.54) 
Distributions from net investment income (.38) (.41) (.71) (.98) (.82) (.29) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.38) (2.49) (6.96) (4.43) (.82) (.49) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.23 $18.08 $30.34 $40.80 $49.09 $52.48 
Total ReturnC,D 8.67% (34.45)% (8.79)% (8.63)% (4.91)% (7.96)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.17%G 1.13% 1.08% 1.04% 1.02% 1.00% 
Expenses net of fee waivers, if any 1.17%G 1.12% 1.08% 1.04% 1.02% 1.00% 
Expenses net of all reductions 1.17%G 1.12% 1.07% 1.03% 1.02% 1.00% 
Net investment income (loss) 3.68%G 1.53% 1.83% 1.99% 2.14% 2.39% 
Supplemental Data       
Net assets, end of period (000 omitted) $500,863 $481,005 $933,298 $1,324,748 $2,274,601 $2,884,301 
Portfolio turnover rateH 165%G 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Financial Highlights — Fidelity Latin America Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.08 $30.35 $40.79 $49.07 $52.51 $57.49 
Income from Investment Operations       
Net investment income (loss)A .31 .36 .60 .87 1.08 1.32 
Net realized and unrealized gain (loss) 1.21 (10.13) (4.07) (4.74) (3.67) (5.88) 
Total from investment operations 1.52 (9.77) (3.47) (3.87) (2.59) (4.56) 
Distributions from net investment income (.40) (.42) (.73) (.97) (.86) (.23) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.40) (2.50) (6.98) (4.42) (.86) (.43) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.20 $18.08 $30.35 $40.79 $49.07 $52.51 
Total ReturnC,D 8.66% (34.42)% (8.69)% (8.63)% (4.93)% (7.98)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.13%G 1.06% 1.04% 1.03% 1.04% 1.04% 
Expenses net of fee waivers, if any 1.13%G 1.06% 1.04% 1.03% 1.04% 1.04% 
Expenses net of all reductions 1.12%G 1.05% 1.04% 1.01% 1.04% 1.04% 
Net investment income (loss) 3.73%G 1.60% 1.86% 2.00% 2.12% 2.35% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,158 $1,828 $4,531 $5,131 $7,928 $9,603 
Portfolio turnover rateH 165%G 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Latin America 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, Latin America and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, deferred trustees compensation 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 $108,291,244 
Gross unrealized depreciation (19,001,999) 
Net unrealized appreciation (depreciation) on securities $89,289,245 
Tax cost $441,365,948 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(34,655,095) 
Long-term (50,107,400) 
Total capital loss carryforward $(84,762,495) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $384,349,836 and $399,551,878, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $17,807 $– 
Class T .25% .25% 12,316 – 
Class B .75% .25% 2,397 1,798 
Class C .75% .25% 23,936 1,863 
   $56,456 $3,661 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $2,586 
Class T 808 
Class B(a) 36 
Class C(a) 385 
 $3,815 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $21,549 .30 
Class T 8,453 .34 
Class B 721 .30 
Class C 7,142 .30 
Latin America 654,143 .30 
Class I 3,190 .25 
 $695,198  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6,916 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $7,287,286 .62% $882 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $400 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $13,739, including $185 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,446 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,682.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $264,922 $341,444 
Class T 74,433 71,167 
Class B 1,059 – 
Class C 37,419 18,114 
Latin America 9,833,214 12,109,807 
Class I 52,956 52,230 
Total $10,264,003 $12,592,762 
From net realized gain   
Class A $– $2,330,553 
Class T – 658,521 
Class B – 144,042 
Class C – 754,025 
Latin America – 62,251,897 
Class I – 256,268 
Total $– $66,395,306 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 66,880 218,330 $1,163,572 $4,910,163 
Reinvestment of distributions 14,810 103,775 256,538 2,587,573 
Shares redeemed (160,323) (565,352) (2,718,955) (12,518,797) 
Net increase (decrease) (78,633) (243,247) $(1,298,845) $(5,021,061) 
Class T     
Shares sold 31,261 29,946 $528,543 $658,518 
Reinvestment of distributions 4,243 28,508 73,689 713,357 
Shares redeemed (29,741) (88,493) (509,091) (1,990,592) 
Net increase (decrease) 5,763 (30,039) $93,141 $(618,717) 
Class B     
Shares sold 1 116 $10 $2,989 
Reinvestment of distributions 59 5,261 1,009 133,376 
Shares redeemed (12,894) (43,584) (221,180) (982,322) 
Net increase (decrease) (12,834) (38,207) $(220,161) $(845,957) 
Class C     
Shares sold 46,774 48,350 $817,698 $1,099,271 
Reinvestment of distributions 1,720 25,875 30,044 652,617 
Shares redeemed (48,571) (151,109) (821,023) (3,411,105) 
Net increase (decrease) (77) (76,884) $26,719 $(1,659,217) 
Latin America     
Shares sold 2,247,110 2,736,036 $38,271,000 $60,647,605 
Reinvestment of distributions 545,601 2,862,287 9,420,593 71,197,829 
Shares redeemed (3,343,417) (9,758,242) (56,149,551) (221,025,945) 
Net increase (decrease) (550,706) (4,159,919) $(8,457,958) $(89,180,511) 
Class I     
Shares sold 98,480 41,136 $1,665,317 $906,993 
Reinvestment of distributions 2,787 11,139 48,070 276,862 
Shares redeemed (37,940) (100,491) (626,066) (2,361,992) 
Net increase (decrease) 63,327 (48,216) $1,087,321 $(1,178,137) 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.42%    
Actual  $1,000.00 $1,085.10 $7.36 
Hypothetical-C  $1,000.00 $1,017.80 $7.12 
Class T 1.71%    
Actual  $1,000.00 $1,083.30 $8.86 
Hypothetical-C  $1,000.00 $1,016.36 $8.57 
Class B 2.17%    
Actual  $1,000.00 $1,081.00 $11.23 
Hypothetical-C  $1,000.00 $1,014.07 $10.87 
Class C 2.17%    
Actual  $1,000.00 $1,080.70 $11.23 
Hypothetical-C  $1,000.00 $1,014.07 $10.87 
Latin America 1.17%    
Actual  $1,000.00 $1,086.70 $6.07 
Hypothetical-C  $1,000.00 $1,019.05 $5.87 
Class I 1.13%    
Actual  $1,000.00 1,086.60 $5.86 
Hypothetical-C  $1,000.00 $1,019.24 $5.67 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

FALAI-SANN-0616
1.917412.105

Fidelity Advisor® International Discovery Fund -
Class Z



Semi-Annual Report

April 30, 2016

Class Z is a class of Fidelity® International Discovery Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 17.3% 
   United Kingdom 14.5% 
   France 9.6% 
   Germany 8.0% 
   United States of America* 5.8% 
   Switzerland 4.3% 
   Sweden 4.1% 
   Hong Kong 3.3% 
   Netherlands 3.3% 
   Other 29.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 19.1% 
   Japan 15.9% 
   France 9.6% 
   United States of America* 7.3% 
   Germany 5.5% 
   Switzerland 5.1% 
   Netherlands 4.0% 
   Sweden 3.1% 
   Hong Kong 3.0% 
   Other 27.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.1 97.5 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 2.2 2.0 
Unilever NV (Certificaten Van Aandelen) (Bearer) (Netherlands, Personal Products) 1.7 1.6 
Statoil ASA (Norway, Oil, Gas & Consumable Fuels) 1.6 0.0 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.4 
AIA Group Ltd. (Hong Kong, Insurance) 1.5 1.3 
ORIX Corp. (Japan, Diversified Financial Services) 1.4 0.9 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.4 1.3 
VINCI SA (France, Construction & Engineering) 1.4 0.9 
KDDI Corp. (Japan, Wireless Telecommunication Services) 1.4 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.3 1.2 
 15.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.6 24.2 
Consumer Discretionary 15.3 17.4 
Consumer Staples 13.2 11.9 
Health Care 12.5 12.8 
Industrials 10.7 10.5 
Information Technology 10.0 7.5 
Energy 5.0 4.3 
Telecommunication Services 4.8 4.9 
Materials 3.6 2.3 
Utilities 0.6 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value (000s) 
Australia - 2.5%   
1-Page Ltd. (a)(b) 2,531,460 $1,857 
Ansell Ltd. (a) 1,588,251 24,068 
Australia & New Zealand Banking Group Ltd. 2,945,060 53,983 
Burson Group Ltd. 7,454,296 28,226 
Magellan Financial Group Ltd. 1,204,177 19,685 
Mantra Group Ltd. 7,793,893 21,927 
Ramsay Health Care Ltd. 1,164,235 57,495 
Spark Infrastructure Group unit 31,636,214 49,793 
TOTAL AUSTRALIA  257,034 
Austria - 0.5%   
Andritz AG 444,500 24,894 
Erste Group Bank AG 995,900 28,646 
TOTAL AUSTRIA  53,540 
Bailiwick of Jersey - 1.2%   
Integrated Diagnostics Holdings PLC 4,932,400 22,936 
Randgold Resources Ltd. sponsored ADR 241,314 24,252 
Regus PLC 11,055,488 47,233 
Wolseley PLC 514,260 28,805 
TOTAL BAILIWICK OF JERSEY  123,226 
Belgium - 2.0%   
Anheuser-Busch InBev SA NV 1,203,427 148,960 
KBC Groep NV 857,319 48,131 
TOTAL BELGIUM  197,091 
Bermuda - 0.3%   
PAX Global Technology Ltd. 29,071,000 25,037 
Canada - 2.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 781,500 34,257 
Cenovus Energy, Inc. 2,806,100 44,483 
Constellation Software, Inc. 156,500 61,161 
Franco-Nevada Corp. 297,300 20,859 
PrairieSky Royalty Ltd. (b) 1,734,473 36,522 
Suncor Energy, Inc. 676,200 19,849 
TOTAL CANADA  217,131 
Cayman Islands - 0.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 453,700 34,908 
Ctrip.com International Ltd. ADR (a) 294,500 12,843 
Lee's Pharmaceutical Holdings Ltd. 6,734,664 5,449 
New Oriental Education & Technology Group, Inc. sponsored ADR 830,000 32,503 
TOTAL CAYMAN ISLANDS  85,703 
China - 0.6%   
Jiangsu Hengrui Medicine Co. Ltd. 4,183,623 30,165 
Kweichow Moutai Co. Ltd. 663,582 25,748 
TOTAL CHINA  55,913 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 517,230 129 
Denmark - 1.3%   
Novo Nordisk A/S Series B 2,371,645 132,419 
Finland - 0.7%   
Sampo Oyj (A Shares) 1,653,500 72,193 
France - 9.6%   
Accor SA (b) 1,684,918 74,636 
ALTEN 608,659 37,635 
Altran Technologies SA 2,384,000 35,365 
Amundi SA 516,400 23,765 
Atos Origin SA 444,123 39,530 
AXA SA (b) 4,402,300 111,156 
Capgemini SA 855,800 79,894 
Cegedim SA (a) 536,390 14,728 
Havas SA 4,815,644 40,297 
Sanofi SA 467,356 38,523 
Sodexo SA 431,200 43,543 
SR Teleperformance SA 290,100 26,043 
Total SA 4,385,111 221,630 
Unibail-Rodamco 156,500 41,933 
VINCI SA (b) 1,924,900 143,796 
TOTAL FRANCE  972,474 
Germany - 8.0%   
Axel Springer Verlag AG 625,002 34,896 
Bayer AG 345,100 39,812 
Beiersdorf AG 242,900 21,794 
Continental AG 297,600 65,359 
Deutsche Boerse AG 526,494 43,219 
Deutsche Telekom AG 3,241,500 56,899 
Fresenius SE & Co. KGaA 468,700 34,090 
GEA Group AG 878,941 40,750 
KION Group AG 1,369,149 74,593 
LEG Immobilien AG 314,266 29,080 
Nexus AG 614,500 10,766 
ProSiebenSat.1 Media AG 1,170,000 59,644 
Rational AG 104,405 53,002 
SAP AG 1,390,594 109,107 
Siemens AG 685,498 71,736 
Symrise AG 637,700 42,249 
United Internet AG 430,714 21,027 
TOTAL GERMANY  808,023 
Hong Kong - 3.3%   
AIA Group Ltd. 24,704,000 147,844 
China Resources Beer Holdings Co. Ltd. 16,944,000 37,233 
Techtronic Industries Co. Ltd. 38,444,000 144,114 
TOTAL HONG KONG  329,191 
India - 2.6%   
Bharti Infratel Ltd. 12,647,734 71,392 
Dr Lal Pathlabs Ltd. 798,016 11,835 
HDFC Bank Ltd. sponsored ADR 1,290,984 81,164 
Housing Development Finance Corp. Ltd. 6,148,295 100,746 
TOTAL INDIA  265,137 
Ireland - 2.7%   
Cairn Homes PLC (a) 17,549,270 22,506 
CRH PLC 1,051,000 30,587 
Dalata Hotel Group PLC (a) 5,686,103 28,706 
Green REIT PLC 9,492,200 15,673 
Irish Continental Group PLC unit 101,800 600 
James Hardie Industries PLC CDI 1,482,921 20,893 
Kerry Group PLC Class A 983,700 87,712 
Ryanair Holdings PLC sponsored ADR 809,300 65,513 
TOTAL IRELAND  272,190 
Isle of Man - 0.8%   
Optimal Payments PLC (a) 11,752,725 65,462 
Playtech Ltd. 1,386,935 16,303 
TOTAL ISLE OF MAN  81,765 
Israel - 1.9%   
Frutarom Industries Ltd. 1,032,000 52,892 
Partner Communications Co. Ltd. (a) 2,268,862 11,804 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,291,300 124,761 
TOTAL ISRAEL  189,457 
Italy - 1.6%   
De Longhi SpA 1,669,626 38,446 
Intesa Sanpaolo SpA 30,697,900 85,334 
Mediaset SpA 3,440,200 15,481 
Telecom Italia SpA (a) 25,339,200 24,743 
TOTAL ITALY  164,004 
Japan - 17.3%   
ACOM Co. Ltd. (a) 3,246,300 16,935 
Aozora Bank Ltd. 9,464,000 33,578 
Asahi Group Holdings 1,066,900 33,860 
Astellas Pharma, Inc. 6,953,700 93,754 
Casio Computer Co. Ltd. (b) 2,015,200 38,343 
Daito Trust Construction Co. Ltd. 209,500 29,630 
Dentsu, Inc. 1,274,300 64,746 
Don Quijote Holdings Co. Ltd. 1,338,100 47,604 
Hoya Corp. 1,793,800 68,692 
Japan Exchange Group, Inc. 1,920,700 28,605 
Japan Tobacco, Inc. 2,318,600 94,733 
KDDI Corp. 4,728,900 136,219 
Keyence Corp. 95,360 57,158 
Misumi Group, Inc. 3,181,300 43,933 
Mitsubishi UFJ Financial Group, Inc. 11,142,500 51,421 
Monex Group, Inc. 12,207,949 31,493 
NEC Corp. 8,879,000 21,609 
Nidec Corp. 324,300 23,763 
Nintendo Co. Ltd. 274,100 37,113 
Nippon Telegraph & Telephone Corp. 904,500 40,477 
Olympus Corp. 3,148,400 122,651 
ORIX Corp. 10,231,600 144,725 
Seven & i Holdings Co. Ltd. 1,034,700 42,218 
Seven Bank Ltd. 12,039,600 51,159 
Shinsei Bank Ltd. 14,227,000 19,940 
Shionogi & Co. Ltd. 856,200 43,702 
Sony Corp. 3,594,500 87,065 
Sundrug Co. Ltd. 622,500 44,232 
Tsuruha Holdings, Inc. 834,000 79,994 
United Arrows Ltd. 991,300 39,833 
VT Holdings Co. Ltd. 3,872,500 19,566 
Welcia Holdings Co. Ltd. 1,150,800 60,788 
TOTAL JAPAN  1,749,539 
Luxembourg - 0.9%   
Eurofins Scientific SA 120,139 44,578 
Grand City Properties SA 1,528,397 33,759 
Senvion SA 708,900 12,460 
TOTAL LUXEMBOURG  90,797 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP (c) 715,655 12,896 
Netherlands - 3.3%   
AerCap Holdings NV (a) 562,900 22,522 
IMCD Group BV 1,926,800 77,794 
ING Groep NV (Certificaten Van Aandelen) 4,956,300 60,696 
Unilever NV (Certificaten Van Aandelen) (Bearer) 3,814,100 167,553 
TOTAL NETHERLANDS  328,565 
New Zealand - 0.8%   
EBOS Group Ltd. 3,154,998 35,160 
Ryman Healthcare Group Ltd. 7,137,434 44,505 
TOTAL NEW ZEALAND  79,665 
Norway - 1.6%   
Statoil ASA (b) 9,044,100 159,188 
Philippines - 0.3%   
SM Investments Corp. 1,641,730 32,950 
Romania - 0.2%   
Banca Transilvania SA 31,143,575 21,373 
South Africa - 1.3%   
EOH Holdings Ltd. 2,855,067 27,788 
Naspers Ltd. Class N 720,500 98,860 
TOTAL SOUTH AFRICA  126,648 
Spain - 2.5%   
Amadeus IT Holding SA Class A 1,717,100 78,135 
Atresmedia Corporacion de Medios de Comunicacion SA 1,719,200 22,383 
Hispania Activos Inmobiliarios SA (a) 1,085,200 15,905 
Inditex SA 2,288,877 73,476 
Mediaset Espana Comunicacion SA 2,931,000 38,059 
Merlin Properties Socimi SA 2,483,100 28,859 
TOTAL SPAIN  256,817 
Sweden - 4.1%   
ASSA ABLOY AB (B Shares) 3,682,800 77,229 
Getinge AB (B Shares) 2,461,330 52,044 
HEXPOL AB (B Shares) (b) 2,967,500 30,671 
Indutrade AB (b) 201,100 11,276 
Nordea Bank AB 5,749,200 55,806 
Saab AB (B Shares) 980,200 33,530 
Sandvik AB (b) 2,242,600 23,011 
Svenska Cellulosa AB (SCA) (B Shares) 3,034,500 95,564 
Svenska Handelsbanken AB (A Shares) (b) 2,567,100 34,246 
TOTAL SWEDEN  413,377 
Switzerland - 4.3%   
GAM Holding Ltd. 1,405,187 18,310 
Julius Baer Group Ltd. 949,640 40,698 
Novartis AG 1,375,538 104,682 
Partners Group Holding AG 247,326 101,839 
Schindler Holding AG (participation certificate) 181,273 33,012 
Syngenta AG (Switzerland) 175,928 70,423 
UBS Group AG 3,690,490 63,861 
TOTAL SWITZERLAND  432,825 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 4,953,560 13,395 
United Kingdom - 14.5%   
AA PLC 3,830,868 15,595 
Associated British Foods PLC 772,200 34,571 
B&M European Value Retail S.A. 9,180,129 37,209 
BAE Systems PLC 4,147,100 28,933 
BCA Marketplace PLC 7,762,300 18,913 
BHP Billiton PLC 2,881,014 39,368 
BT Group PLC 6,133,600 39,758 
Bunzl PLC 2,075,300 61,829 
Cineworld Group PLC 2,055,200 15,555 
CMC Markets PLC 8,647,600 31,589 
Compass Group PLC 2,013,000 35,848 
Countryside Properties PLC (a) 3,408,200 11,578 
Diploma PLC 2,312,600 24,718 
GlaxoSmithKline PLC 3,812,600 81,485 
Howden Joinery Group PLC 10,913,100 78,772 
Imperial Tobacco Group PLC 1,848,336 100,425 
ITV PLC 9,444,600 31,078 
Lloyds Banking Group PLC 69,181,900 67,903 
London Stock Exchange Group PLC 473,136 18,756 
McCarthy & Stone PLC 4,009,500 13,592 
Melrose Industries PLC 1,586,476 8,653 
Micro Focus International PLC 3,609,242 80,634 
Moneysupermarket.com Group PLC 5,210,600 23,899 
Persimmon PLC 1,469,800 42,673 
Reckitt Benckiser Group PLC 900,800 87,755 
Rex Bionics PLC (a)(c) 1,297,286 692 
Rio Tinto PLC 1,185,200 39,759 
SABMiller PLC 719,300 43,985 
Shawbrook Group PLC 8,951,700 37,487 
Softcat PLC 1,526,900 7,117 
Spirax-Sarco Engineering PLC 539,500 26,920 
St. James's Place Capital PLC 5,394,300 68,336 
Standard Chartered PLC (United Kingdom) 5,296,810 42,729 
Taylor Wimpey PLC 11,716,900 31,552 
Virgin Money Holdings Uk PLC 5,874,500 31,338 
Vodafone Group PLC 30,823,796 99,309 
Workspace Group PLC 649,000 7,918 
TOTAL UNITED KINGDOM  1,468,231 
United States of America - 3.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 520,000 81,151 
Global Payments, Inc. 465,000 33,564 
McGraw Hill Financial, Inc. 462,400 49,407 
Molson Coors Brewing Co. Class B 121,600 11,629 
MSCI, Inc. Class A 586,700 44,554 
Visa, Inc. Class A 1,147,700 88,648 
TOTAL UNITED STATES OF AMERICA  308,953 
TOTAL COMMON STOCKS   
(Cost $8,697,817)  9,796,876 
Nonconvertible Preferred Stocks - 0.2%   
Cayman Islands - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $18,833) 5,958,244 23,003 
 Principal Amount (000s) Value (000s) 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.33% 5/5/16 to 7/28/16 (e)   
(Cost $11,655) 11,660 11,657 
 Shares Value (000s) 
Money Market Funds - 5.1%   
Fidelity Cash Central Fund, 0.38% (f) 199,763,053 199,763 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 311,707,412 311,707 
TOTAL MONEY MARKET FUNDS   
(Cost $511,470)  511,470 
TOTAL INVESTMENT PORTFOLIO - 102.5%   
(Cost $9,239,775)  10,343,006 
NET OTHER ASSETS (LIABILITIES) - (2.5)%  (248,078) 
NET ASSETS - 100%  $10,094,928 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
2,402 CME Nikkei 225 Contracts (Japan) June 2016 179,021 $(11,598) 

The face value of futures purchased as a percentage of Net Assets is 1.8%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) 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 $23,003,000 or 0.2% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,657,000.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $18,833 

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 
 (Amounts in thousands) 
Fidelity Cash Central Fund $545 
Fidelity Securities Lending Cash Central Fund 2,593 
Total $3,138 

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 (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Value, end of period 
Hoegh LNG Partners LP $11,465 $-- $-- $832 $12,896 
Rex Bionics PLC 976 -- 4 -- 692 
Total $12,441 $-- $4 $832 $13,588 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,534,838 $1,034,716 $477,119 $23,003 
Consumer Staples 1,334,162 853,349 480,813 -- 
Energy 494,568 113,750 380,818 -- 
Financials 2,185,536 1,236,886 948,650 -- 
Health Care 1,265,979 574,622 691,357 -- 
Industrials 1,107,038 909,868 197,170 -- 
Information Technology 982,951 693,397 289,554 -- 
Materials 371,953 262,239 109,714 -- 
Telecommunication Services 480,601 83,196 397,405 -- 
Utilities 62,253 62,253 -- -- 
Government Obligations 11,657 -- 11,657 -- 
Money Market Funds 511,470 511,470 -- -- 
Total Investments in Securities: $10,343,006 $6,335,746 $3,984,257 $23,003 
Derivative Instruments:     
Liabilities     
Futures Contracts $(11,598) $(11,598) $-- $-- 
Total Liabilities $(11,598) $(11,598) $-- $-- 
Total Derivative Instruments: $(11,598) $(11,598) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total (000s) 
Level 1 to Level 2 $123,459 
Level 2 to Level 1 $733,107 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value (000s) 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(11,598) 
Total Equity Risk 0 (11,598) 
Total Value of Derivatives $0 $(11,598) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $292,726) — See accompanying schedule:
Unaffiliated issuers (cost $8,709,825) 		$9,817,948  
Fidelity Central Funds (cost $511,470) 511,470  
Other affiliated issuers (cost $18,480) 13,588  
Total Investments (cost $9,239,775)  $10,343,006 
Foreign currency held at value (cost $3,534)  3,534 
Receivable for investments sold  83,114 
Receivable for fund shares sold  9,626 
Dividends receivable  48,955 
Distributions receivable from Fidelity Central Funds  957 
Prepaid expenses  9 
Other receivables  4,089 
Total assets  10,493,290 
Liabilities   
Payable to custodian bank $705  
Payable for investments purchased 56,857  
Payable for fund shares redeemed 16,003  
Accrued management fee 6,281  
Distribution and service plan fees payable 100  
Payable for daily variation margin for derivative instruments 4,684  
Other affiliated payables 1,444  
Other payables and accrued expenses 581  
Collateral on securities loaned, at value 311,707  
Total liabilities  398,362 
Net Assets  $10,094,928 
Net Assets consist of:   
Paid in capital  $9,352,158 
Undistributed net investment income  88,416 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (436,449) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,090,803 
Net Assets  $10,094,928 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($260,942.4 ÷ 6,913.487 shares)  $37.74 
Maximum offering price per share (100/94.25 of $37.74)  $40.04 
Class T:   
Net Asset Value and redemption price per share ($38,584.3 ÷ 1,028.093 shares)  $37.53 
Maximum offering price per share (100/96.50 of $37.53)  $38.89 
Class B:   
Net Asset Value and offering price per share ($1,398.6 ÷ 37.492 shares)(a)  $37.30 
Class C:   
Net Asset Value and offering price per share ($32,708.8 ÷ 878.178 shares)(a)  $37.25 
International Discovery:   
Net Asset Value, offering price and redemption price per share ($6,797,488.8 ÷ 178,912.550 shares)  $37.99 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,151,531.2 ÷ 56,751.079 shares)  $37.91 
Class I:   
Net Asset Value, offering price and redemption price per share ($781,184.7 ÷ 20,610.933 shares)  $37.90 
Class Z:   
Net Asset Value, offering price and redemption price per share ($31,088.8 ÷ 820.463 shares)  $37.89 

 (a) Redemption 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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $832 earned from other affiliated issuers)  $115,061 
Special dividends  37,704 
Interest  30 
Income from Fidelity Central Funds  3,138 
Income before foreign taxes withheld  155,933 
Less foreign taxes withheld  (11,075) 
Total income  144,858 
Expenses   
Management fee   
Basic fee $34,526  
Performance adjustment 6,890  
Transfer agent fees 8,001  
Distribution and service plan fees 600  
Accounting and security lending fees 905  
Custodian fees and expenses 660  
Independent trustees' compensation 23  
Registration fees 158  
Audit 78  
Legal 14  
Miscellaneous 35  
Total expenses before reductions 51,890  
Expense reductions (113) 51,777 
Net investment income (loss)  93,081 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (355,764)  
Other affiliated issuers (19)  
Foreign currency transactions 4,399  
Futures contracts (10,549)  
Total net realized gain (loss)  (361,933) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(204,729)  
Assets and liabilities in foreign currencies (1,103)  
Futures contracts (20,801)  
Total change in net unrealized appreciation (depreciation)  (226,633) 
Net gain (loss)  (588,566) 
Net increase (decrease) in net assets resulting from operations  $(495,485) 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $93,081 $149,838 
Net realized gain (loss) (361,933) 245,770 
Change in net unrealized appreciation (depreciation) (226,633) 655 
Net increase (decrease) in net assets resulting from operations (495,485) 396,263 
Distributions to shareholders from net investment income (113,434) (74,589) 
Distributions to shareholders from net realized gain (1,362) – 
Total distributions (114,796) (74,589) 
Share transactions - net increase (decrease) (262,006) (353,147) 
Redemption fees 42 95 
Total increase (decrease) in net assets (872,245) (31,378) 
Net Assets   
Beginning of period 10,967,173 10,998,551 
End of period (including undistributed net investment income of $88,416 and undistributed net investment income of $108,769, respectively) $10,094,928 $10,967,173 

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


Financial Highlights — Fidelity International Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.78 $38.70 $39.49 $31.66 $29.43 $32.07 
Income from Investment Operations       
Net investment income (loss)A .27B .40C .53D .34 .41 .42 
Net realized and unrealized gain (loss) (2.04) .79 (.67) 7.97 2.11 (2.52) 
Total from investment operations (1.77) 1.19 (.14) 8.31 2.52 (2.10) 
Distributions from net investment income (.27) (.11) (.33) (.45) (.29) (.38) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.27)E (.11) (.65)F (.48) (.29) (.54) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.74 $39.78 $38.70 $39.49 $31.66 $29.43 
Total ReturnH,I,J (4.47)% 3.09% (.36)% 26.59% 8.70% (6.71)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.37%M 1.33% 1.28% 1.35% 1.34% 1.30% 
Expenses net of fee waivers, if any 1.37%M 1.33% 1.28% 1.35% 1.34% 1.29% 
Expenses net of all reductions 1.37%M 1.32% 1.28% 1.33% 1.31% 1.25% 
Net investment income (loss) 1.45%B,M 1.00%C 1.35%D .97% 1.41% 1.31% 
Supplemental Data       
Net assets, end of period (in millions) $261 $283 $297 $347 $299 $320 
Portfolio turnover rateN 49%M,O 60%O 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .72%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.269 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.

 G Amount represents less than $.005 per share.

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

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

 J Total returns do not include the effect of the sales charges.

 K 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.

 L 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.

 M Annualized

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

 O Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity International Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.51 $38.43 $39.23 $31.42 $29.18 $31.81 
Income from Investment Operations       
Net investment income (loss)A .23B .30C .44D .26 .34 .34 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 7.92 2.09 (2.51) 
Total from investment operations (1.80) 1.10 (.24) 8.18 2.43 (2.17) 
Distributions from net investment income (.17) (.02) (.25) (.34) (.19) (.30) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.18) (.02) (.56) (.37) (.19) (.46) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $37.53 $39.51 $38.43 $39.23 $31.42 $29.18 
Total ReturnF,G,H (4.59)% 2.86% (.60)% 26.31% 8.41% (6.96)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.61%K 1.57% 1.51% 1.59% 1.59% 1.56% 
Expenses net of fee waivers, if any 1.61%K 1.57% 1.51% 1.59% 1.59% 1.55% 
Expenses net of all reductions 1.61%K 1.56% 1.51% 1.57% 1.56% 1.51% 
Net investment income (loss) 1.21%B,K .76%C 1.11%D .73% 1.16% 1.05% 
Supplemental Data       
Net assets, end of period (in millions) $39 $43 $49 $53 $46 $61 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .56%.

 E Amount represents less than $.005 per share.

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

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

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

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

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity International Discovery Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.20 $38.32 $39.08 $31.28 $29.02 $31.60 
Income from Investment Operations       
Net investment income (loss)A .13B .08C .22D .08 .19 .17 
Net realized and unrealized gain (loss) (2.03) .80 (.66) 7.90 2.09 (2.48) 
Total from investment operations (1.90) .88 (.44) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.01) (.15) (.02) (.12) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.32) (.18) (.02) (.27)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.30 $39.20 $38.32 $39.08 $31.28 $29.02 
Total ReturnG,H,I (4.85)% 2.30% (1.12)% 25.64% 7.85% (7.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of fee waivers, if any 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of all reductions 2.14%L 2.11% 2.05% 2.08% 2.06% 2.02% 
Net investment income (loss) .68%B,L .21%C .57%D .22% .66% .54% 
Supplemental Data       
Net assets, end of period (in millions) $1 $2 $5 $7 $8 $10 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.10) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .02%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

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

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

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

 J 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.

 K 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.

 L Annualized

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

 N Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity International Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.14 $38.25 $39.07 $31.32 $29.08 $31.68 
Income from Investment Operations       
Net investment income (loss)A .13B .10C .23D .08 .19 .18 
Net realized and unrealized gain (loss) (2.02) .79 (.66) 7.90 2.09 (2.49) 
Total from investment operations (1.89) .89 (.43) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.08) (.20) (.04) (.14) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.39) (.23) (.04) (.29)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.25 $39.14 $38.25 $39.07 $31.32 $29.08 
Total ReturnG,H,I (4.83)% 2.33% (1.10)% 25.65% 7.86% (7.37)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 2.09% 2.03% 2.10% 2.09% 2.05% 
Expenses net of fee waivers, if any 2.12%L 2.09% 2.03% 2.09% 2.09% 2.04% 
Expenses net of all reductions 2.12%L 2.08% 2.02% 2.07% 2.06% 2.00% 
Net investment income (loss) .70%B,L .24%C .60%D .23% .66% .56% 
Supplemental Data       
Net assets, end of period (in millions) $33 $32 $35 $36 $30 $33 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.06) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 E Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

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

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

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

 J 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.

 K 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.

 L Annualized

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

 N Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity International Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.12 $39.03 $39.82 $31.91 $29.69 $32.34 
Income from Investment Operations       
Net investment income (loss)A .34B .54C .67D .47 .51 .53 
Net realized and unrealized gain (loss) (2.06) .81 (.68) 8.02 2.12 (2.54) 
Total from investment operations (1.72) 1.35 (.01) 8.49 2.63 (2.01) 
Distributions from net investment income (.41) (.26) (.47) (.55) (.41) (.48) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.41)E (.26) (.78) (.58) (.41) (.64) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.99 $40.12 $39.03 $39.82 $31.91 $29.69 
Total ReturnG,H (4.33)% 3.47% (.01)% 27.03% 9.03% (6.39)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.02%K .99% .93% 1.00% 1.01% .97% 
Expenses net of fee waivers, if any 1.02%K .99% .93% 1.00% 1.01% .96% 
Expenses net of all reductions 1.02%K .98% .93% .98% .98% .92% 
Net investment income (loss) 1.80%B,K 1.34%C 1.69%D 1.32% 1.73% 1.64% 
Supplemental Data       
Net assets, end of period (in millions) $6,797 $7,209 $7,464 $7,800 $5,965 $6,806 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 E Total distributions of $.41 per share is comprised of distributions from net investment income of $.409 and distributions from net realized gain of $.005 per share.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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. 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 Annualized

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

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity International Discovery Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.06 $38.97 $39.76 $31.87 $29.66 $32.32 
Income from Investment Operations       
Net investment income (loss)A .36B .59C .72D .52 .57 .58 
Net realized and unrealized gain (loss) (2.04) .81 (.67) 8.01 2.11 (2.54) 
Total from investment operations (1.68) 1.40 .05 8.53 2.68 (1.96) 
Distributions from net investment income (.46) (.31) (.53) (.61) (.47) (.55) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.47) (.31) (.84) (.64) (.47) (.70)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.91 $40.06 $38.97 $39.76 $31.87 $29.66 
Total ReturnG,H (4.25)% 3.61% .13% 27.23% 9.24% (6.24)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .89%K .86% .80% .85% .83% .80% 
Expenses net of fee waivers, if any .89%K .86% .80% .85% .83% .79% 
Expenses net of all reductions .89%K .85% .79% .83% .80% .75% 
Net investment income (loss) 1.94%B,K 1.47%C 1.83%D 1.47% 1.91% 1.81% 
Supplemental Data       
Net assets, end of period (in millions) $2,152 $2,308 $2,464 $2,576 $1,776 $1,245 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 E Total distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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. 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 Annualized

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

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity International Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.03 $38.96 $39.76 $31.87 $29.65 $32.31 
Income from Investment Operations       
Net investment income (loss)A .34B .53C .67D .47 .52 .54 
Net realized and unrealized gain (loss) (2.05) .80 (.68) 8.01 2.11 (2.55) 
Total from investment operations (1.71) 1.33 (.01) 8.48 2.63 (2.01) 
Distributions from net investment income (.42) (.26) (.48) (.56) (.41) (.50) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.42)E (.26) (.79) (.59) (.41) (.65)F 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.90 $40.03 $38.96 $39.76 $31.87 $29.65 
Total ReturnH,I (4.31)% 3.44% (.01)% 27.03% 9.07% (6.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.03%L 1.00% .93% 1.00% 1.00% .95% 
Expenses net of fee waivers, if any 1.03%L .99% .93% 1.00% 1.00% .94% 
Expenses net of all reductions 1.03%L .98% .93% .97% .97% .90% 
Net investment income (loss) 1.80%B,L 1.33%C 1.69%D 1.33% 1.75% 1.66% 
Supplemental Data       
Net assets, end of period (in millions) $781 $1,061 $650 $476 $294 $278 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.14%.

 E Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.

 G Amount represents less than $.005 per share.

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

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

 J 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.

 K 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.

 L Annualized

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

 N Portfolio turnover rate excludes securities received or delivered in-kind.


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


Financial Highlights — Fidelity International Discovery Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $40.03 $38.96 $39.77 $37.22 
Income from Investment Operations     
Net investment income (loss)B .36C .59D .72E .07 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 2.48 
Total from investment operations (1.67) 1.39 .04 2.55 
Distributions from net investment income (.46) (.32) (.54) – 
Distributions from net realized gain (.01) – (.31) – 
Total distributions (.47) (.32) (.85) – 
Redemption fees added to paid in capitalB,F – – – – 
Net asset value, end of period $37.89 $40.03 $38.96 $39.77 
Total ReturnG,H (4.24)% 3.58% .12% 6.85% 
Ratios to Average Net AssetsI,J     
Expenses before reductions .89%K .86% .80% .85%K 
Expenses net of fee waivers, if any .89%K .86% .80% .85%K 
Expenses net of all reductions .89%K .85% .79% .83%K 
Net investment income (loss) 1.94%C,K 1.47%D 1.83%E .76%K 
Supplemental Data     
Net assets, end of period (000 omitted) $31,089 $30,093 $35,125 $107 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 E Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 F Amount represents less than $.005 per share.

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

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

 I 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.

 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 Annualized

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

 M Portfolio turnover rate excludes securities received or delivered in-kind.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity International Discovery 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, International Discovery, Class K, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, certain foreign taxes, redemptions in-kind, 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 $1,550,136 
Gross unrealized depreciation (447,894) 
Net unrealized appreciation (depreciation) on securities $1,102,242 
Tax cost $9,240,764 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(49,248) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(10,549) and a change in net unrealized appreciation (depreciation) of $(20,801) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,445,746 and $2,483,783, respectively.

Redemptions In-Kind. During the period, 1,487 shares of the Fund held by an unaffiliated entity were redeemed in-kind for cash and investments with a value of $55,670. The net realized gain of $10,064 on investments delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $331 $– 
Class T .25% .25% 99 – 
Class B .75% .25% 9 7 
Class C .75% .25% 161 15 
   $600 $22 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $32 
Class T 3 
Class B(a) –(b) 
Class C(a) 1 
 $36 

 (a) 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.

 (b) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $369 .28 
Class T 53 .27 
Class B 3 .30 
Class C 45 .28 
International Discovery 6,165 .18 
Class K 508 .05 
Class I 851 .19 
Class Z 7 .05 
 $8,001  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $75. 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 $2,593, including $5 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $74 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $39.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $1,912 $864 
Class T 184 23 
International Discovery 73,519 49,040 
Class K 26,239 19,835 
Class I 11,205 4,544 
Class Z 375 283 
Total $113,434 $74,589 
From net realized gain   
Class A $36 $– 
Class T 5 – 
International Discovery 899 – 
Class K 284 – 
Class I 134 – 
Class Z 4 – 
Total $1,362 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 543 1,331 $20,433 $53,289 
Reinvestment of distributions 48 22 1,922 843 
Shares redeemed (784) (1,915) (29,432) (76,178) 
Net increase (decrease) (193) (562) $(7,077) $(22,046) 
Class T     
Shares sold 76 178 $2,881 $7,105 
Reinvestment of distributions 5 1 183 23 
Shares redeemed (140) (355) (5,252) (13,954) 
Net increase (decrease) (59) (176) $(2,188) $(6,826) 
Class B     
Shares sold – 1 $15 $53 
Shares redeemed (20) (64) (758) (2,536) 
Net increase (decrease) (20) (63) $(743) $(2,483) 
Class C     
Shares sold 159 201 $5,952 $7,918 
Shares redeemed (92) (314) (3,380) (12,486) 
Net increase (decrease) 67 (113) $2,572 $(4,568) 
International Discovery     
Shares sold 9,886 20,827 $372,799 $832,233 
Reinvestment of distributions 1,781 1,199 70,961 46,913 
Shares redeemed (12,452) (33,573) (467,188) (1,345,593) 
Net increase (decrease) (785) (11,547) $(23,428) $(466,447) 
Class K     
Shares sold 7,943 15,372 $296,942 $613,737 
Reinvestment of distributions 667 508 26,523 19,835 
Shares redeemed (9,474)(a) (21,494)(b) (358,588)(a) (860,632)(b) 
Net increase (decrease) (864) (5,614) $(35,123) $(227,060) 
Class I     
Shares sold 6,739 15,392 $253,947 $602,134 
Reinvestment of distributions 52 33 2,069 1,286 
Shares redeemed (12,681) (5,606) (454,709) (221,504) 
Net increase (decrease) (5,890) 9,819 $(198,693) $381,916 
Class Z     
Shares sold 202 402 $7,794 $16,312 
Reinvestment of distributions 10 7 379 283 
Shares redeemed (144) (559) (5,499) (22,228) 
Net increase (decrease) 68 (150) $2,674 $(5,633) 

 (a) Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).

 (b) Amount includes in-kind redemptions.


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.

At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 20% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.37%    
Actual  $1,000.00 $955.30 $6.66 
Hypothetical-C  $1,000.00 $1,018.05 $6.87 
Class T 1.61%    
Actual  $1,000.00 $954.10 $7.82 
Hypothetical-C  $1,000.00 $1,016.86 $8.07 
Class B 2.14%    
Actual  $1,000.00 $951.50 $10.38 
Hypothetical-C  $1,000.00 $1,014.22 $10.72 
Class C 2.12%    
Actual  $1,000.00 $951.70 $10.29 
Hypothetical-C  $1,000.00 $1,014.32 $10.62 
International Discovery 1.02%    
Actual  $1,000.00 $956.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 
Class K .89%    
Actual  $1,000.00 $957.50 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 
Class I 1.03%    
Actual  $1,000.00 $956.90 $5.01 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class Z .89%    
Actual  $1,000.00 $957.60 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AIDZ-SANN-0616
1.9585034.102

Fidelity Advisor® International Small Cap Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® International Small Cap Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 22.2% 
   United Kingdom 14.8% 
   United States of America* 5.9% 
   Canada 4.1% 
   France 4.0% 
   Cayman Islands 3.9% 
   Australia 3.6% 
   Switzerland 3.3% 
   Ireland 2.5% 
   Other 35.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 21.6% 
   United Kingdom 14.5% 
   United States of America* 6.6% 
   Canada 4.0% 
   Switzerland 3.9% 
   Cayman Islands 3.7% 
   Germany 3.4% 
   France 3.3% 
   Australia 2.9% 
   Other 36.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 95.0 94.6 
Short-Term Investments and Net Other Assets (Liabilities) 5.0 5.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Micro Focus International PLC (United Kingdom, Software) 1.3 1.1 
EBOS Group Ltd. (New Zealand, Health Care Providers & Services) 1.2 1.1 
United Drug PLC (United Kingdom) (Ireland, Health Care Providers & Services) 1.1 1.0 
Tsuruha Holdings, Inc. (Japan, Food & Staples Retailing) 1.1 0.9 
Nuplex Industries Ltd. (New Zealand, Chemicals) 1.0 0.9 
Nitori Holdings Co. Ltd. (Japan, Specialty Retail) 1.0 0.9 
Frutarom Industries Ltd. (Israel, Chemicals) 1.0 1.1 
Allied World Assurance Co. Holdings AG (Switzerland, Insurance) 1.0 0.9 
JSR Corp. (Japan, Chemicals) 0.9 1.0 
GUD Holdings Ltd. (Australia, Household Durables) 0.9 0.5 
 10.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 20.9 22.6 
Industrials 19.4 18.9 
Consumer Discretionary 15.2 16.3 
Information Technology 9.4 10.0 
Consumer Staples 8.9 7.5 
Health Care 8.9 8.5 
Materials 7.8 6.9 
Energy 4.1 3.5 
Utilities 0.4 0.4 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%   
 Shares Value 
Australia - 3.6%   
Aub Group Ltd. 470,441 $3,111,988 
Austal Ltd. 919,229 1,090,340 
Challenger Ltd. 769,974 5,245,630 
GUD Holdings Ltd. (a) 1,286,901 8,356,349 
Imdex Ltd. (b)(c) 13,086,370 2,039,795 
Life Healthcare Group Ltd. 2,075,053 2,145,763 
Nanosonics Ltd. (b) 1,719,782 2,902,952 
Programmed Maintenance Services Ltd. 1,870,070 2,083,095 
SAI Global Ltd. 1,348,285 3,741,865 
SomnoMed Ltd. (a)(b) 672,977 1,453,222 
TOTAL AUSTRALIA  32,170,999 
Austria - 1.8%   
Andritz AG 118,732 6,649,514 
IMMOFINANZ Immobilien Anlagen AG (a)(b) 1,934,143 4,560,048 
RHI AG 218,140 4,690,891 
TOTAL AUSTRIA  15,900,453 
Bailiwick of Jersey - 0.6%   
Regus PLC 1,332,800 5,694,258 
Belgium - 1.0%   
Barco NV 67,583 4,719,767 
Econocom Group SA 362,620 3,907,202 
TOTAL BELGIUM  8,626,969 
Bermuda - 1.6%   
BW Offshore Ltd. 5,305,227 1,159,634 
Hiscox Ltd. 389,355 5,122,999 
Petra Diamonds Ltd. 3,093,474 5,333,635 
Travelport Worldwide Ltd. 228,600 3,188,970 
TOTAL BERMUDA  14,805,238 
Brazil - 0.3%   
MAHLE Metal Leve SA 362,500 2,385,222 
British Virgin Islands - 0.3%   
Gem Diamonds Ltd. 1,174,862 2,326,060 
Canada - 4.1%   
AutoCanada, Inc. (a) 254,084 4,157,444 
Dorel Industries, Inc. Class B (sub. vtg.) 122,003 2,714,851 
Genesis Land Development Corp. 1,051,822 2,221,510 
Jean Coutu Group, Inc. Class A (sub. vtg.) 244,913 3,724,348 
Lassonde Industries, Inc. Class A (sub. vtg.) 37,869 5,281,499 
McCoy Global, Inc. 1,341,870 2,192,423 
Open Text Corp. 136,048 7,617,257 
ShawCor Ltd. Class A 117,885 3,185,065 
Whitecap Resources, Inc. (a) 696,153 5,221,009 
TOTAL CANADA  36,315,406 
Cayman Islands - 3.9%   
AMVIG Holdings Ltd. 16,168,000 6,657,294 
Best Pacific International Holdings Ltd. 1,678,000 995,768 
China High Precision Automation Group Ltd. (b) 712,000 1 
China Metal Recycling (Holdings) Ltd. (b) 436,800 1 
Greatview Aseptic Pack Co. Ltd. 5,597,000 2,834,467 
Haitian International Holdings Ltd. 2,600,000 4,436,023 
Lifestyle International Holdings Ltd. 3,347,000 5,544,385 
Pico Far East Holdings Ltd. 18,482,000 5,010,814 
SITC International Holdings Co. Ltd. 12,181,000 6,583,480 
Value Partners Group Ltd. 3,286,000 3,136,655 
TOTAL CAYMAN ISLANDS  35,198,888 
Chile - 0.9%   
Quinenco SA 2,409,395 4,740,929 
Vina San Pedro SA 352,175,653 3,470,184 
TOTAL CHILE  8,211,113 
Denmark - 0.7%   
Jyske Bank A/S (Reg.) 153,703 6,292,655 
Finland - 2.4%   
Amer Group PLC (A Shares) 201,445 5,955,760 
Asiakastieto Group Oyj 192,023 3,518,015 
Cramo Oyj (B Shares) 186,710 3,734,951 
Olvi PLC (A Shares) 126,157 3,504,504 
Tikkurila Oyj 269,946 4,732,347 
TOTAL FINLAND  21,445,577 
France - 4.0%   
ALTEN 105,219 6,505,975 
Coface SA 358,202 2,891,212 
Rexel SA 300,300 4,549,248 
Saft Groupe SA 116,100 3,608,000 
The Lisi Group 143,009 4,092,174 
The Vicat Group 88,556 6,165,184 
Thermador Groupe SA 27,557 2,519,914 
Wendel SA 47,235 5,457,321 
TOTAL FRANCE  35,789,028 
Germany - 2.0%   
AURELIUS AG 86,435 5,168,339 
CompuGroup Medical AG 178,949 7,028,260 
mutares AG 144,900 2,405,807 
SHW Group 102,339 2,953,018 
TOTAL GERMANY  17,555,424 
Greece - 0.4%   
Metka SA 435,516 3,332,417 
Hong Kong - 1.9%   
Dah Sing Banking Group Ltd. 3,157,200 5,616,923 
Far East Horizon Ltd. 4,274,000 3,392,604 
Magnificent Hotel Investment L 113,522,000 2,805,015 
Shun Ho Technology Holdings Ltd. 1,650,033 552,810 
Techtronic Industries Co. Ltd. 1,142,000 4,280,981 
TOTAL HONG KONG  16,648,333 
India - 0.6%   
Edelweiss Financial Services Ltd. 3,634,440 3,176,178 
Torrent Pharmaceuticals Ltd. 100,431 2,162,444 
TOTAL INDIA  5,338,622 
Indonesia - 0.7%   
PT ACE Hardware Indonesia Tbk 43,202,200 3,030,182 
PT Media Nusantara Citra Tbk 17,060,400 3,040,032 
TOTAL INDONESIA  6,070,214 
Ireland - 2.5%   
C&C Group PLC 885,778 3,978,942 
Mincon Group PLC 5,015,823 4,284,553 
Origin Enterprises PLC 588,700 4,147,007 
United Drug PLC (United Kingdom) 1,079,749 9,655,373 
TOTAL IRELAND  22,065,875 
Isle of Man - 0.6%   
Optimal Payments PLC (b) 1,050,400 5,850,627 
Israel - 1.0%   
Frutarom Industries Ltd. 167,089 8,563,621 
Italy - 1.1%   
Banco di Desio e della Brianza SpA 669,139 1,886,379 
Danieli & C. Officine Meccaniche SpA 98,967 2,170,119 
Recordati SpA 232,561 5,909,063 
TOTAL ITALY  9,965,561 
Japan - 22.2%   
A/S One Corp. 142,500 5,138,270 
Aeon Delight Co. Ltd. 192,900 5,326,040 
Ain Holdings, Inc. 61,100 2,968,116 
Arc Land Sakamoto Co. Ltd. 432,300 4,488,634 
Broadleaf Co. Ltd. 383,300 3,787,796 
Central Automotive Products Ltd. (d) 316,000 2,633,793 
Daiwa Industries Ltd. 495,600 4,248,249 
Dexerials Corp. 303,900 2,459,684 
Fuji Corp. 149,100 2,347,486 
Fukuda Denshi Co. Ltd. 129,800 7,087,053 
Funai Soken Holdings, Inc. 190,320 2,887,506 
GMO Internet, Inc. 404,200 4,745,925 
Iida Group Holdings Co. Ltd. 223,551 4,175,060 
Japan Meat Co. Ltd. 195,300 1,940,491 
JSR Corp. 621,100 8,514,147 
KAWAI Musical Instruments Manufacturing Co. Ltd. 165,700 3,016,977 
Kinugawa Rubber Industrial Co. Ltd. 733,000 5,103,808 
Konica Minolta, Inc. 286,800 2,475,534 
Kotobuki Spirits Co. Ltd. 165,900 3,228,062 
Leopalace21 Corp. (b) 966,500 5,799,511 
Meitec Corp. 145,700 5,054,040 
Minebea Mitsumi, Inc. 382,000 3,128,958 
Miraca Holdings, Inc. 131,500 5,588,374 
Mitani Shoji Co. Ltd. 247,700 7,137,523 
Monex Group, Inc. 699,100 1,803,481 
Nihon House Holdings Co. Ltd. (a) 795,600 2,681,573 
Nihon Parkerizing Co. Ltd. (d) 366,900 3,236,205 
Nitori Holdings Co. Ltd. 95,300 8,864,694 
Paramount Bed Holdings Co. Ltd. 205,600 7,648,082 
Ricoh Leasing Co. Ltd. 243,600 7,037,993 
S Foods, Inc. (a) 337,600 8,036,637 
San-Ai Oil Co. Ltd. 589,000 4,127,949 
Shinsei Bank Ltd. 3,781,000 5,299,360 
Ship Healthcare Holdings, Inc. 161,700 3,990,497 
TKC Corp. 239,700 6,512,310 
Toshiba Plant Systems & Services Corp. 582,700 7,205,920 
Toyo Suisan Kaisha Ltd. 103,400 3,651,856 
Tsuruha Holdings, Inc. 100,000 9,591,564 
VT Holdings Co. Ltd. 1,114,800 5,632,719 
Welcia Holdings Co. Ltd. 77,700 4,104,307 
Yamada Consulting Group Co. Ltd. 174,600 5,334,116 
TOTAL JAPAN  198,040,300 
Korea (South) - 1.3%   
BGFretail Co. Ltd. 17,709 2,875,051 
Fila Korea Ltd. 43,834 3,979,083 
Hy-Lok Corp. 125,792 3,123,733 
NS Shopping Co. Ltd. (b) 12,780 1,673,249 
TOTAL KOREA (SOUTH)  11,651,116 
Luxembourg - 0.5%   
Grand City Properties SA 189,517 4,186,054 
Mexico - 0.0%   
Genomma Lab Internacional SA de CV (b) 66,889 73,480 
Netherlands - 2.1%   
Amsterdam Commodities NV 196,055 5,296,907 
Arcadis NV 199,900 3,423,132 
BinckBank NV 737,859 4,343,556 
IMCD Group BV 142,000 5,733,174 
TOTAL NETHERLANDS  18,796,769 
New Zealand - 2.2%   
EBOS Group Ltd. 929,004 10,352,886 
Nuplex Industries Ltd. 2,454,889 9,033,445 
TOTAL NEW ZEALAND  19,386,331 
Norway - 2.0%   
ABG Sundal Collier ASA (a) 6,615,910 4,617,748 
Ekornes A/S 331,597 3,871,175 
Kongsberg Gruppen ASA 337,433 5,657,514 
Spectrum ASA 1,183,572 3,895,336 
TOTAL NORWAY  18,041,773 
Philippines - 0.2%   
Century Pacific Food, Inc. 4,939,000 1,984,631 
Portugal - 0.5%   
NOS SGPS SA 670,400 4,809,274 
Romania - 0.4%   
Banca Transilvania SA 5,501,626 3,775,557 
Singapore - 2.2%   
Boustead Projects Pte Ltd. (b) 618,906 296,832 
Boustead Singapore Ltd. 2,267,369 1,315,052 
Hour Glass Ltd. 8,087,500 4,510,261 
Mapletree Industrial (REIT) 3,150,494 3,759,931 
OSIM International Ltd. 3,765,300 3,891,711 
Wing Tai Holdings Ltd. 4,110,600 5,731,029 
TOTAL SINGAPORE  19,504,816 
South Africa - 0.8%   
Clicks Group Ltd. 992,132 7,246,235 
Spain - 0.5%   
Hispania Activos Inmobiliarios SA (b) 315,800 4,628,567 
Sweden - 1.1%   
Addlife AB (b) 59,554 752,726 
AddTech AB (B Shares) 211,219 2,656,528 
Coor Service Management Holding AB 474,600 2,245,802 
Ratos AB (B Shares) (a) 711,500 4,162,440 
TOTAL SWEDEN  9,817,496 
Switzerland - 3.3%   
Allied World Assurance Co. Holdings AG 239,504 8,521,552 
Daetwyler Holdings AG 18,222 2,708,701 
Pargesa Holding SA 27,516 1,911,750 
Vontobel Holdings AG 189,326 8,190,377 
VZ Holding AG 24,982 7,773,509 
TOTAL SWITZERLAND  29,105,889 
Taiwan - 2.2%   
King's Town Bank 4,364,000 3,039,656 
Sunspring Metal Corp. 3,075,000 3,864,811 
Tripod Technology Corp. 2,830,000 5,177,631 
Vanguard International Semiconductor Corp. 3,124,000 4,782,274 
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 1,182,000 2,630,895 
TOTAL TAIWAN  19,495,267 
Thailand - 1.0%   
Delta Electronics PCL (For. Reg.) 2,525,300 5,206,804 
TISCO Financial Group PCL 2,773,700 3,455,210 
TOTAL THAILAND  8,662,014 
Turkey - 0.4%   
Aygaz A/S 864,000 3,560,372 
United Kingdom - 14.8%   
Aberdeen Asset Management PLC 799,849 3,490,905 
AEW UK REIT PLC 2,828,268 4,132,524 
Alliance Pharma PLC 3,728,897 2,451,815 
Amec Foster Wheeler PLC 556,552 4,016,424 
Ashmore Group PLC (a) 1,036,507 4,651,006 
BBA Aviation PLC 2,510,798 7,344,642 
Bond International Software PLC 899,666 1,156,801 
Brammer PLC (a) 1,014,728 2,587,259 
Brewin Dolphin Holding PLC 808,175 3,235,570 
Cineworld Group PLC 431,676 3,267,251 
Close Brothers Group PLC 269,680 4,775,800 
Countrywide PLC 1,161,507 6,031,621 
Diploma PLC 363,251 3,882,540 
Elementis PLC 1,178,900 3,718,985 
Empiric Student Property PLC 1,836,872 3,012,729 
Exova Group Ltd. PLC 1,002,769 2,344,313 
Informa PLC 560,320 5,358,467 
ITE Group PLC 1,873,654 4,250,263 
James Fisher and Sons PLC 204,800 4,234,296 
Jardine Lloyd Thompson Group PLC 270,900 3,431,807 
John Wood Group PLC 542,500 4,950,248 
Luxfer Holdings PLC sponsored ADR 491,254 6,312,614 
McColl's Retail Group PLC 1,844,974 4,313,254 
Mears Group PLC 1,047,710 6,100,483 
Melrose Industries PLC 142,773 778,751 
Micro Focus International PLC 507,044 11,327,864 
PayPoint PLC 243,111 2,994,518 
Sinclair Pharma PLC (b) 6,297,432 3,312,537 
Spectris PLC 200,847 5,344,045 
The Restaurant Group PLC 676,100 2,717,668 
Ultra Electronics Holdings PLC 259,525 6,696,759 
TOTAL UNITED KINGDOM  132,223,759 
United States of America - 0.9%   
Dillard's, Inc. Class A 93,994 6,621,877 
Hornbeck Offshore Services, Inc. (a)(b) 152,170 1,786,476 
YOU On Demand Holdings, Inc. warrants 8/30/17 (b)(e) 27,500 615 
TOTAL UNITED STATES OF AMERICA  8,408,968 
TOTAL COMMON STOCKS   
(Cost $827,590,703)  843,951,228 
Nonconvertible Preferred Stocks - 0.4%   
Brazil - 0.4%   
Banco ABC Brasil SA   
(Cost $3,961,678) 1,117,476 3,850,284 
Money Market Funds - 6.0%   
Fidelity Cash Central Fund, 0.38% (f) 39,282,539 39,282,539 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 13,711,375 13,711,375 
TOTAL MONEY MARKET FUNDS   
(Cost $52,993,914)  52,993,914 
TOTAL INVESTMENT PORTFOLIO - 101.0%   
(Cost $884,546,295)  900,795,426 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (8,908,552) 
NET ASSETS - 100%  $891,886,874 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

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

 (b) Non-income producing

 (c) Affiliated company

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) 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 $615 or 0.0% of net assets.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
YOU On Demand Holdings, Inc. warrants 8/30/17 9/14/12 $0 

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 $61,241 
Fidelity Securities Lending Cash Central Fund 178,311 
Total $239,552 

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 
Imdex Ltd. $1,246,756 $769,515 $-- $-- $2,039,795 
Total $1,246,756 $769,515 $-- $-- $2,039,795 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $135,678,269 $77,543,137 $58,135,132 $-- 
Consumer Staples 79,343,595 45,822,562 33,521,033 -- 
Energy 36,083,912 31,955,963 4,127,949 -- 
Financials 184,335,775 152,249,248 32,086,527 -- 
Health Care 77,652,797 48,200,521 29,452,276 -- 
Industrials 175,903,353 121,229,081 54,674,272 -- 
Information Technology 84,766,467 64,785,217 19,981,249 1 
Materials 70,476,972 49,234,858 21,242,113 1 
Utilities 3,560,372 3,560,372 -- -- 
Money Market Funds 52,993,914 52,993,914 -- -- 
Total Investments in Securities: $900,795,426 $647,574,873 $253,220,551 $2 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $3,784,452 
Level 2 to Level 1 $53,766,744 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $13,024,078) — See accompanying schedule:
Unaffiliated issuers (cost $826,178,703) 		$845,761,717  
Fidelity Central Funds (cost $52,993,914) 52,993,914  
Other affiliated issuers (cost $5,373,678) 2,039,795  
Total Investments (cost $884,546,295)  $900,795,426 
Foreign currency held at value (cost $3,435,438)  3,443,129 
Receivable for investments sold  1,018,282 
Receivable for fund shares sold  680,172 
Dividends receivable  5,489,031 
Distributions receivable from Fidelity Central Funds  53,923 
Prepaid expenses  773 
Other receivables  13,513 
Total assets  911,494,249 
Liabilities   
Payable for investments purchased   
Regular delivery $2,507,860  
Delayed delivery 73,580  
Payable for fund shares redeemed 2,257,365  
Accrued management fee 696,108  
Distribution and service plan fees payable 20,488  
Other affiliated payables 220,069  
Other payables and accrued expenses 120,530  
Collateral on securities loaned, at value 13,711,375  
Total liabilities  19,607,375 
Net Assets  $891,886,874 
Net Assets consist of:   
Paid in capital  $875,247,184 
Undistributed net investment income  8,805,214 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (8,523,197) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  16,357,673 
Net Assets  $891,886,874 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($31,897,656 ÷ 1,419,288 shares)  $22.47 
Maximum offering price per share (100/94.25 of $22.47)  $23.84 
Class T:   
Net Asset Value and redemption price per share ($13,016,808 ÷ 582,355 shares)  $22.35 
Maximum offering price per share (100/96.50 of $22.35)  $23.16 
Class B:   
Net Asset Value and offering price per share ($276,630 ÷ 12,519 shares)(a)  $22.10 
Class C:   
Net Asset Value and offering price per share ($9,910,610 ÷ 455,303 shares)(a)  $21.77 
International Small Cap:   
Net Asset Value, offering price and redemption price per share ($828,798,591 ÷ 36,296,748 shares)  $22.83 
Class I:   
Net Asset Value, offering price and redemption price per share ($7,986,579 ÷ 347,003 shares)  $23.02 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $15,653,620 
Income from Fidelity Central Funds  239,552 
Income before foreign taxes withheld  15,893,172 
Less foreign taxes withheld  (1,109,413) 
Total income  14,783,759 
Expenses   
Management fee   
Basic fee $3,548,462  
Performance adjustment 764,573  
Transfer agent fees 1,114,365  
Distribution and service plan fees 119,772  
Accounting and security lending fees 200,536  
Custodian fees and expenses 146,102  
Independent trustees' compensation 1,816  
Registration fees 47,264  
Audit 52,823  
Legal 1,099  
Miscellaneous 2,661  
Total expenses before reductions 5,999,473  
Expense reductions (7,275) 5,992,198 
Net investment income (loss)  8,791,561 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (883,158)  
Foreign currency transactions (42,970)  
Total net realized gain (loss)  (926,128) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		17,069,850  
Assets and liabilities in foreign currencies 179,334  
Total change in net unrealized appreciation (depreciation)  17,249,184 
Net gain (loss)  16,323,056 
Net increase (decrease) in net assets resulting from operations  $25,114,617 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,791,561 $11,998,423 
Net realized gain (loss) (926,128) 25,838,406 
Change in net unrealized appreciation (depreciation) 17,249,184 6,824,724 
Net increase (decrease) in net assets resulting from operations 25,114,617 44,661,553 
Distributions to shareholders from net investment income (10,933,091) (7,662,528) 
Distributions to shareholders from net realized gain (23,540,154) (116,906,834) 
Total distributions (34,473,245) (124,569,362) 
Share transactions - net increase (decrease) 27,183,054 53,722,708 
Redemption fees 70,645 103,111 
Total increase (decrease) in net assets 17,895,071 (26,081,990) 
Net Assets   
Beginning of period 873,991,803 900,073,793 
End of period (including undistributed net investment income of $8,805,214 and undistributed net investment income of $10,946,744, respectively) $891,886,874 $873,991,803 

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


Financial Highlights — Fidelity International Small Cap Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.69 $24.98 $26.34 $19.74 $18.97 $20.42 
Income from Investment Operations       
Net investment income (loss)A .20 .27 .17 .06 .06 .10 
Net realized and unrealized gain (loss) .45 1.05 (.89) 6.94 1.09 (.88) 
Total from investment operations .65 1.32 (.72) 7.00 1.15 (.78) 
Distributions from net investment income (.25) (.16) (.05) (.07) (.11) (.02) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.87) (3.61) (.65) (.40) (.38) (.68) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.47 $22.69 $24.98 $26.34 $19.74 $18.97 
Total ReturnC,D,E 2.97% 6.21% (2.79)% 36.18% 6.28% (4.00)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.66%H 1.59% 1.50% 1.61% 1.63% 1.56% 
Expenses net of fee waivers, if any 1.66%H 1.58% 1.50% 1.61% 1.63% 1.55% 
Expenses net of all reductions 1.66%H 1.58% 1.50% 1.60% 1.60% 1.54% 
Net investment income (loss) 1.88%H 1.18% .65% .25% .32% .49% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,898 $28,238 $24,572 $24,020 $14,125 $17,185 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $24.81 $26.17 $19.59 $18.80 $20.23 
Income from Investment Operations       
Net investment income (loss)A .17 .21 .10 –B .01 .05 
Net realized and unrealized gain (loss) .44 1.04 (.87) 6.90 1.08 (.86) 
Total from investment operations .61 1.25 (.77) 6.90 1.09 (.81) 
Distributions from net investment income (.19) (.06) – – (.03) – 
Distributions from net realized gain (.62) (3.45) (.60) (.32) (.27) (.63) 
Total distributions (.81) (3.51) (.60) (.32) (.30) (.63) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.35 $22.55 $24.81 $26.17 $19.59 $18.80 
Total ReturnC,D,E 2.81% 5.90% (3.00)% 35.80% 5.97% (4.18)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.95%H 1.87% 1.77% 1.87% 1.88% 1.82% 
Expenses net of fee waivers, if any 1.95%H 1.86% 1.77% 1.87% 1.88% 1.81% 
Expenses net of all reductions 1.95%H 1.86% 1.76% 1.85% 1.85% 1.79% 
Net investment income (loss) 1.58%H .90% .38% (.01)% .07% .24% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,017 $12,400 $12,296 $13,530 $9,262 $13,744 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.22 $24.51 $25.87 $19.22 $18.38 $19.79 
Income from Investment Operations       
Net investment income (loss)A .12 .09 (.03) (.11) (.08) (.05) 
Net realized and unrealized gain (loss) .44 1.04 (.87) 6.84 1.07 (.85) 
Total from investment operations .56 1.13 (.90) 6.73 .99 (.90) 
Distributions from net investment income (.06) – – – – – 
Distributions from net realized gain (.62) (3.42) (.47) (.08) (.15) (.52) 
Total distributions (.68) (3.42) (.47) (.08) (.15) (.52) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.10 $22.22 $24.51 $25.87 $19.22 $18.38 
Total ReturnC,D,E 2.59% 5.40% (3.52)% 35.14% 5.45% (4.68)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.44%H 2.36% 2.28% 2.37% 2.38% 2.32% 
Expenses net of fee waivers, if any 2.44%H 2.36% 2.28% 2.36% 2.38% 2.30% 
Expenses net of all reductions 2.44%H 2.36% 2.27% 2.35% 2.35% 2.29% 
Net investment income (loss) 1.09%H .41% (.13)% (.51)% (.43)% (.26)% 
Supplemental Data       
Net assets, end of period (000 omitted) $277 $390 $507 $795 $790 $2,067 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.96 $24.27 $25.68 $19.18 $18.38 $19.85 
Income from Investment Operations       
Net investment income (loss)A .11 .09 (.02) (.11) (.08) (.04) 
Net realized and unrealized gain (loss) .45 1.02 (.85) 6.79 1.07 (.85) 
Total from investment operations .56 1.11 (.87) 6.68 .99 (.89) 
Distributions from net investment income (.13) – – – – – 
Distributions from net realized gain (.62) (3.42) (.55) (.18) (.19) (.59) 
Total distributions (.75) (3.42) (.55) (.18) (.19) (.59) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $21.77 $21.96 $24.27 $25.68 $19.18 $18.38 
Total ReturnC,D,E 2.61% 5.37% (3.43)% 35.15% 5.46% (4.64)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.44%H 2.36% 2.23% 2.33% 2.38% 2.27% 
Expenses net of fee waivers, if any 2.44%H 2.35% 2.22% 2.33% 2.38% 2.26% 
Expenses net of all reductions 2.44%H 2.35% 2.22% 2.32% 2.35% 2.24% 
Net investment income (loss) 1.09%H .41% (.07)% (.47)% (.43)% (.21)% 
Supplemental Data       
Net assets, end of period (000 omitted) $9,911 $11,359 $12,576 $13,426 $6,799 $9,545 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.06 $25.34 $26.67 $19.99 $19.23 $20.66 
Income from Investment Operations       
Net investment income (loss)A .23 .34 .25 .12 .11 .17 
Net realized and unrealized gain (loss) .45 1.07 (.90) 7.02 1.10 (.89) 
Total from investment operations .68 1.41 (.65) 7.14 1.21 (.72) 
Distributions from net investment income (.29) (.24) (.09) (.14) (.18) (.06) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.91) (3.69) (.69) (.46)B (.45) (.72) 
Redemption fees added to paid in capitalA –C –C .01 –C –C .01 
Net asset value, end of period $22.83 $23.06 $25.34 $26.67 $19.99 $19.23 
Total ReturnD,E 3.07% 6.53% (2.48)% 36.56% 6.55% (3.65)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.40%H 1.31% 1.21% 1.33% 1.35% 1.26% 
Expenses net of fee waivers, if any 1.40%H 1.31% 1.20% 1.32% 1.35% 1.25% 
Expenses net of all reductions 1.40%H 1.31% 1.20% 1.31% 1.33% 1.23% 
Net investment income (loss) 2.13%H 1.45% .95% .53% .59% .80% 
Supplemental Data       
Net assets, end of period (000 omitted) $828,799 $811,534 $842,031 $1,029,629 $692,769 $856,692 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.46 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.327 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Small Cap Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.24 $25.34 $26.67 $20.00 $19.24 $20.66 
Income from Investment Operations       
Net investment income (loss)A .24 .36 .29 .16 .13 .18 
Net realized and unrealized gain (loss) .47 1.07 (.90) 7.00 1.10 (.89) 
Total from investment operations .71 1.43 (.61) 7.16 1.23 (.71) 
Distributions from net investment income (.31) (.08) (.13) (.16) (.20) (.06) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.93) (3.53) (.73) (.49) (.47) (.72) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $23.02 $23.24 $25.34 $26.67 $20.00 $19.24 
Total ReturnC,D 3.16% 6.60% (2.35)% 36.68% 6.65% (3.62)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.34%G 1.24% 1.08% 1.20% 1.25% 1.22% 
Expenses net of fee waivers, if any 1.34%G 1.23% 1.08% 1.20% 1.25% 1.21% 
Expenses net of all reductions 1.34%G 1.23% 1.08% 1.18% 1.22% 1.19% 
Net investment income (loss) 2.20%G 1.53% 1.07% .66% .70% .84% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,987 $10,070 $8,092 $67,038 $9,503 $15,752 
Portfolio turnover rateH 25%G 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Small Cap 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, International Small Cap and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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 $118,739,691 
Gross unrealized depreciation (109,342,665) 
Net unrealized appreciation (depreciation) on securities $9,397,026 
Tax cost $891,398,400 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $105,149,143 and $100,546,287, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Small Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index effective April 1, 2014 (the MSCI EAFE Small Cap Index prior to April 1, 2014), over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was 1.03% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $36,761 $– 
Class T .25% .25% 30,678 – 
Class B .75% .25% 1,596 1,197 
Class C .75% .25% 50,737 8,321 
   $119,772 $9,518 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $8,966 
Class T 1,548 
Class B(a) 8 
Class C(a) 1,861 
 $12,383 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $39,714 .27 
Class T 19,256 .31 
Class B 483 .30 
Class C 15,549 .31 
International Small Cap 1,030,543 .27 
Class I 8,820 .20 
 $1,114,365  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $731 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $178,311, including $844 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,199 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $15.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,061.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $319,347 $155,785 
Class T 106,306 27,108 
Class B 996 – 
Class C 64,383 – 
International Small Cap 10,307,620 7,454,709 
Class I 134,439 24,926 
Total $10,933,091 $7,662,528 
From net realized gain   
Class A $788,825 $3,382,206 
Class T 339,739 1,671,017 
Class B 10,287 66,002 
Class C 319,340 1,697,539 
International Small Cap 21,811,338 109,040,767 
Class I 270,625 1,049,303 
Total $23,540,154 $116,906,834 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 325,140 432,152 $6,861,060 $9,990,970 
Reinvestment of distributions 49,226 159,613 1,077,561 3,404,539 
Shares redeemed (199,361) (331,016) (4,291,584) (7,450,558) 
Net increase (decrease) 175,005 260,749 $3,647,037 $5,944,951 
Class T     
Shares sold 98,594 124,085 $2,040,918 $2,869,552 
Reinvestment of distributions 20,220 77,005 440,798 1,636,354 
Shares redeemed (86,353) (146,828) (1,830,831) (3,289,706) 
Net increase (decrease) 32,461 54,262 $650,885 $1,216,200 
Class B     
Shares sold 2,210 4,667 $44,407 $108,058 
Reinvestment of distributions 493 2,954 10,648 62,128 
Shares redeemed (7,751) (10,732) (163,958) (240,945) 
Net increase (decrease) (5,048) (3,111) $(108,903) $(70,759) 
Class C     
Shares sold 60,963 196,292 $1,285,274 $4,379,607 
Reinvestment of distributions 16,869 71,584 358,801 1,488,229 
Shares redeemed (139,670) (268,981) (2,822,873) (5,818,752) 
Net increase (decrease) (61,838) (1,105) $(1,178,798) $49,084 
International Small Cap     
Shares sold 4,597,133 7,876,402 $99,766,157 $184,799,928 
Reinvestment of distributions 1,408,054 5,231,399 31,286,953 113,102,853 
Shares redeemed (4,905,938) (11,138,439) (105,124,693) (253,855,534) 
Net increase (decrease) 1,099,249 1,969,362 $25,928,417 $44,047,247 
Class I     
Shares sold 181,821 256,693 $3,999,752 $5,987,647 
Reinvestment of distributions 16,670 46,102 373,252 1,003,648 
Shares redeemed (284,792) (188,812) (6,128,588) (4,455,310) 
Net increase (decrease) (86,301) 113,983 $(1,755,584) $2,535,985 

11. 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.

At the end of the period, the investment adviser or its affiliates were the owner of record of 14% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.66%    
Actual  $1,000.00 $1,029.70 $8.38 
Hypothetical-C  $1,000.00 $1,016.61 $8.32 
Class T 1.95%    
Actual  $1,000.00 $1,028.10 $9.83 
Hypothetical-C  $1,000.00 $1,015.17 $9.77 
Class B 2.44%    
Actual  $1,000.00 $1,025.90 $12.29 
Hypothetical-C  $1,000.00 $1,012.73 $12.21 
Class C 2.44%    
Actual  $1,000.00 $1,026.10 $12.29 
Hypothetical-C  $1,000.00 $1,012.73 $12.21 
International Small Cap 1.40%    
Actual  $1,000.00 $1,030.70 $7.07 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.34%    
Actual  $1,000.00 $1,031.60 $6.77 
Hypothetical-C  $1,000.00 $1,018.20 $6.72 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AISC-SANN-0616
1.800644.112

Fidelity Advisor® Global Commodity Stock Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Global Commodity Stock Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Monsanto Co. 5.5 6.9 
Syngenta AG (Switzerland) 4.5 3.7 
Chevron Corp. 4.0 3.8 
Rio Tinto PLC 3.6 4.3 
BHP Billiton PLC 3.3 4.7 
Potash Corp. of Saskatchewan, Inc. 3.0 4.9 
Agrium, Inc. 3.0 3.8 
CF Industries Holdings, Inc. 2.8 2.5 
The Mosaic Co. 2.6 3.9 
Total SA 2.3 2.2 
 34.6  

Top Sectors (% of fund's net assets)

As of April 30, 2016 
   Agriculture 34.2% 
   Energy  32.2% 
   Metals 26.0% 
   Other  5.5% 
   Short-Term Investment and Net Other Assets 2.1% 


As of October 31, 2015 
   Agriculture 37.7% 
   Energy  29.6% 
   Metals 26.5% 
   Other  6.1% 
   Short-Term Investment and Net Other Assets 0.1% 


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%   
 Shares Value 
Aerospace & Defense - 0.4%   
Aerospace & Defense - 0.4%   
Rolls-Royce Group PLC 120,320 $1,177,018 
Chemicals - 27.0%   
Commodity Chemicals - 0.6%   
LyondellBasell Industries NV Class A 19,400 1,603,798 
Diversified Chemicals - 0.8%   
E.I. du Pont de Nemours & Co. 24,000 1,581,840 
Eastman Chemical Co. 6,700 511,746 
  2,093,586 
Fertilizers & Agricultural Chemicals - 25.2%   
Agrium, Inc. 92,100 7,936,441 
CF Industries Holdings, Inc. 229,460 7,588,242 
FMC Corp. 25,100 1,085,826 
Israel Chemicals Ltd. 152,200 755,206 
Monsanto Co. 158,500 14,848,283 
OCI NV (a)(b) 67,400 1,332,450 
Potash Corp. of Saskatchewan, Inc. 455,000 8,050,530 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 185,800 3,870,214 
Syngenta AG (Switzerland) 30,463 12,194,092 
The Mosaic Co. 245,861 6,881,649 
Yara International ASA 83,000 3,323,360 
  67,866,293 
Specialty Chemicals - 0.4%   
Albemarle Corp. U.S. 8,300 549,128 
W.R. Grace & Co. 6,700 513,756 
  1,062,884 
TOTAL CHEMICALS  72,626,561 
Containers & Packaging - 1.1%   
Metal & Glass Containers - 0.4%   
Ball Corp. 14,800 1,056,424 
Paper Packaging - 0.7%   
Graphic Packaging Holding Co. 35,700 474,096 
Smurfit Kappa Group PLC 20,000 530,158 
WestRock Co. 19,659 822,729 
  1,826,983 
TOTAL CONTAINERS & PACKAGING  2,883,407 
Electrical Equipment - 0.5%   
Electrical Components & Equipment - 0.5%   
Regal Beloit Corp. 9,100 586,222 
SolarCity Corp. (a) 20,500 621,560 
  1,207,782 
Energy Equipment & Services - 0.5%   
Oil & Gas Equipment & Services - 0.5%   
Baker Hughes, Inc. 17,300 836,628 
Dril-Quip, Inc. (a) 1,800 116,676 
SBM Offshore NV 37,500 502,176 
  1,455,480 
Food Products - 3.4%   
Agricultural Products - 3.2%   
Archer Daniels Midland Co. 48,600 1,941,084 
Bunge Ltd. 11,500 718,750 
Darling International, Inc. (a) 164,100 2,377,809 
First Resources Ltd. 1,033,700 1,464,251 
Golden Agri-Resources Ltd. 2,237,800 665,591 
SLC Agricola SA 294,200 1,327,610 
  8,495,095 
Packaged Foods & Meats - 0.2%   
Adecoagro SA (a) 61,200 652,392 
TOTAL FOOD PRODUCTS  9,147,487 
Household Products - 0.3%   
Household Products - 0.3%   
Svenska Cellulosa AB (SCA) (B Shares) 21,200 667,644 
Independent Power and Renewable Electricity Producers - 1.4%   
Independent Power Producers & Energy Traders - 0.3%   
China Resources Power Holdings Co. Ltd. 396,000 666,962 
Renewable Electricity - 1.1%   
Huaneng Renewables Corp. Ltd. (H Shares) 3,010,000 888,204 
NextEra Energy Partners LP 71,600 2,068,524 
  2,956,728 
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS  3,623,690 
Machinery - 1.3%   
Agricultural & Farm Machinery - 1.2%   
AGCO Corp. 27,100 1,449,037 
Deere & Co. 12,500 1,051,375 
Jain Irrigation Systems Ltd. (a) 954,603 878,070 
  3,378,482 
Construction Machinery & Heavy Trucks - 0.1%   
Caterpillar, Inc. 3,000 233,160 
TOTAL MACHINERY  3,611,642 
Metals & Mining - 25.2%   
Aluminum - 0.4%   
Alcoa, Inc. 93,600 1,045,512 
Diversified Metals & Mining - 10.6%   
Anglo American PLC (United Kingdom) 62,851 701,066 
BHP Billiton PLC 644,273 8,803,665 
Boliden AB (b) 31,200 543,930 
First Quantum Minerals Ltd. 115,724 985,964 
Freeport-McMoRan, Inc. (b) 48,100 673,400 
Glencore Xstrata PLC 1,335,538 3,178,865 
Grupo Mexico SA de CV Series B 568,211 1,445,244 
Ivanhoe Mines Ltd. (a) 906,400 751,300 
MMC Norilsk Nickel PJSC sponsored ADR 66,400 979,400 
Rio Tinto PLC 292,187 9,801,792 
South32 Ltd. (a) 443,636 559,949 
Turquoise Hill Resources Ltd. (a) 53,000 158,404 
  28,582,979 
Gold - 8.2%   
Agnico Eagle Mines Ltd. (Canada) 35,800 1,692,275 
AngloGold Ashanti Ltd. sponsored ADR (a) 35,600 585,620 
Argonaut Gold, Inc. (a) 319,700 749,118 
B2Gold Corp. (a) 965,680 2,147,324 
Barrick Gold Corp. 150,400 2,911,625 
Compania de Minas Buenaventura SA sponsored ADR (a)(b) 60,500 614,075 
Continental Gold, Inc. (a) 479,200 1,057,929 
Franco-Nevada Corp. 21,700 1,523,687 
Goldcorp, Inc. 137,910 2,778,644 
Newcrest Mining Ltd. (a) 58,573 844,848 
Newmont Mining Corp. 87,500 3,059,875 
Premier Gold Mines Ltd. (a) 200,500 599,247 
Randgold Resources Ltd. sponsored ADR 16,600 1,668,300 
SEMAFO, Inc. (a) 139,900 623,289 
Sibanye Gold Ltd. ADR (b) 41,400 637,560 
Torex Gold Resources, Inc. (a) 351,200 624,194 
  22,117,610 
Precious Metals & Minerals - 0.5%   
Impala Platinum Holdings Ltd. (a) 60,500 250,751 
Industrias Penoles SA de CV 35,035 547,681 
Tahoe Resources, Inc. 40,600 573,390 
  1,371,822 
Silver - 0.6%   
Silver Wheaton Corp. 76,500 1,602,921 
Steel - 4.9%   
ArcelorMittal SA Class A unit (b) 193,710 1,090,587 
Fortescue Metals Group Ltd. 100,000 259,279 
Hitachi Metals Ltd. (c) 63,700 646,820 
Hyundai Steel Co. 17,664 969,791 
JFE Holdings, Inc. 34,100 478,537 
Kobe Steel Ltd. 498,000 478,189 
Nippon Steel & Sumitomo Metal Corp. 111,200 2,313,824 
Nucor Corp. 40,700 2,026,046 
POSCO 9,750 2,031,585 
Steel Dynamics, Inc. 20,600 519,326 
Thyssenkrupp AG 66,200 1,539,545 
Voestalpine AG 19,200 692,087 
  13,045,616 
TOTAL METALS & MINING  67,766,460 
Oil, Gas & Consumable Fuels - 30.3%   
Coal & Consumable Fuels - 0.4%   
Cameco Corp. 70,800 885,917 
Coal India Ltd. 55,487 240,616 
  1,126,533 
Integrated Oil & Gas - 16.5%   
BP PLC 478,800 2,637,892 
Cenovus Energy, Inc. 171,300 2,715,515 
Chevron Corp. 104,800 10,708,464 
China Petroleum & Chemical Corp. (H Shares) 1,290,000 909,043 
Eni SpA 58,000 947,542 
Exxon Mobil Corp. 50,700 4,481,880 
Imperial Oil Ltd. 58,700 1,946,686 
InterOil Corp. (a) 19,100 639,277 
Lukoil PJSC sponsored ADR 40,300 1,708,116 
Occidental Petroleum Corp. 9,400 720,510 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 150,000 3,928,980 
Class B (United Kingdom) 39,863 1,046,598 
Statoil ASA 115,800 2,038,230 
Suncor Energy, Inc. 109,032 3,200,485 
Total SA 122,600 6,196,300 
YPF SA Class D sponsored ADR 33,300 670,995 
  44,496,513 
Oil & Gas Exploration & Production - 12.9%   
Anadarko Petroleum Corp. 106,600 5,624,216 
Apache Corp. 19,300 1,049,920 
Cabot Oil & Gas Corp. 50,700 1,186,380 
Carrizo Oil & Gas, Inc. (a) 15,500 548,235 
Cimarex Energy Co. 4,600 500,848 
CNOOC Ltd. sponsored ADR (b) 16,700 2,061,281 
Cobalt International Energy, Inc. (a) 284,500 918,935 
ConocoPhillips Co. 67,900 3,244,941 
Continental Resources, Inc. (a) 13,900 517,914 
Devon Energy Corp. 30,200 1,047,336 
EOG Resources, Inc. 29,300 2,420,766 
EQT Corp. 26,601 1,864,730 
Hess Corp. 13,700 816,794 
Marathon Oil Corp. 58,900 829,901 
Newfield Exploration Co. (a) 14,100 511,125 
Noble Energy, Inc. 60,900 2,199,099 
NOVATEK OAO GDR (Reg. S) 11,200 1,075,200 
PDC Energy, Inc. (a) 12,800 803,712 
Pioneer Natural Resources Co. 3,410 566,401 
PrairieSky Royalty Ltd. 91,000 1,916,171 
QEP Resources, Inc. 20,700 371,151 
SM Energy Co. 55,300 1,723,148 
Southwestern Energy Co. (a)(b) 42,100 565,403 
Tullow Oil PLC (a) 148,500 606,895 
Whiting Petroleum Corp. (a)(b) 76,700 920,400 
Woodside Petroleum Ltd. 35,573 766,538 
  34,657,440 
Oil & Gas Storage & Transport - 0.5%   
Teekay LNG Partners LP 5,400 74,196 
Williams Partners LP 37,900 1,145,717 
  1,219,913 
TOTAL OIL, GAS & CONSUMABLE FUELS  81,500,399 
Paper & Forest Products - 4.5%   
Forest Products - 0.6%   
TFS Corp. Ltd. 632,575 750,326 
West Fraser Timber Co. Ltd. 26,900 886,304 
  1,636,630 
Paper Products - 3.9%   
Empresas CMPC SA 534,203 1,208,006 
Fibria Celulose SA 198,300 1,751,648 
Mondi PLC 172,100 3,289,148 
Oji Holdings Corp. 174,000 714,538 
Stora Enso Oyj (R Shares) (b) 176,500 1,540,012 
UPM-Kymmene Corp. (b) 103,500 1,976,791 
  10,480,143 
TOTAL PAPER & FOREST PRODUCTS  12,116,773 
Real Estate Investment Trusts - 0.7%   
Specialized REITs - 0.7%   
Potlatch Corp. 52,400 1,845,528 
Semiconductors & Semiconductor Equipment - 0.3%   
Semiconductor Equipment - 0.3%   
SolarEdge Technologies, Inc. (a) 27,400 734,046 
TOTAL COMMON STOCKS   
(Cost $331,791,961)  260,363,917 
Nonconvertible Preferred Stocks - 1.0%   
Aerospace & Defense - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Group PLC 8,542,720 12,482 
Metals & Mining - 0.7%   
Steel - 0.7%   
Vale SA (PN-A) sponsored ADR 449,300 2,039,822 
Oil, Gas & Consumable Fuels - 0.3%   
Integrated Oil & Gas - 0.3%   
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 123,600 729,240 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $5,284,416)  2,781,544 
Money Market Funds - 5.3%   
Fidelity Cash Central Fund, 0.38% (d) 6,967,597 6,967,597 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 7,338,155 7,338,155 
TOTAL MONEY MARKET FUNDS   
(Cost $14,305,752)  14,305,752 
TOTAL INVESTMENT PORTFOLIO - 103.2%   
(Cost $351,382,129)  277,451,213 
NET OTHER ASSETS (LIABILITIES) - (3.2)%  (8,591,938) 
NET ASSETS - 100%  $268,859,275 

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $4,891 
Fidelity Securities Lending Cash Central Fund 106,267 
Total $111,158 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Common Stocks $260,363,917 $215,835,216 $44,528,701 $-- 
Nonconvertible Preferred Stocks 2,781,544 2,781,544 -- -- 
Money Market Funds 14,305,752 14,305,752 -- -- 
Total Investments in Securities: $277,451,213 $232,922,512 $44,528,701 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $14,804,712 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 40.3% 
Canada 17.3% 
United Kingdom 11.9% 
Switzerland 4.5% 
France 2.3% 
Brazil 2.2% 
Norway 2.0% 
Chile 1.8% 
Bailiwick of Jersey 1.8% 
Japan 1.8% 
Russia 1.4% 
Finland 1.3% 
Netherlands 1.3% 
Australia 1.2% 
Korea (South) 1.1% 
Hong Kong 1.1% 
Others (Individually Less Than 1%) 6.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,031,911) — See accompanying schedule:
Unaffiliated issuers (cost $337,076,377) 		$263,145,461  
Fidelity Central Funds (cost $14,305,752) 14,305,752  
Total Investments (cost $351,382,129)  $277,451,213 
Foreign currency held at value (cost $26,141)  26,141 
Receivable for investments sold  1,128,703 
Receivable for fund shares sold  1,257,584 
Dividends receivable  1,107,997 
Distributions receivable from Fidelity Central Funds  21,225 
Prepaid expenses  281 
Other receivables  6,912 
Total assets  281,000,056 
Liabilities   
Payable to custodian bank $324  
Payable for investments purchased   
Regular delivery 3,410,510  
Delayed delivery 76,258  
Payable for fund shares redeemed 1,052,362  
Accrued management fee 142,776  
Distribution and service plan fees payable 18,314  
Other affiliated payables 65,802  
Other payables and accrued expenses 36,280  
Collateral on securities loaned, at value 7,338,155  
Total liabilities  12,140,781 
Net Assets  $268,859,275 
Net Assets consist of:   
Paid in capital  $443,643,861 
Undistributed net investment income  1,567,386 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (102,409,631) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (73,942,341) 
Net Assets  $268,859,275 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,034,388 ÷ 3,073,781 shares)  $10.42 
Maximum offering price per share (100/94.25 of $10.42)  $11.06 
Class T:   
Net Asset Value and redemption price per share ($6,177,528 ÷ 592,800 shares)  $10.42 
Maximum offering price per share (100/96.50 of $10.42)  $10.80 
Class B:   
Net Asset Value and offering price per share ($805,040 ÷ 77,326 shares)(a)  $10.41 
Class C:   
Net Asset Value and offering price per share ($11,528,539 ÷ 1,114,551 shares)(a)  $10.34 
Global Commodity Stock:   
Net Asset Value, offering price and redemption price per share ($187,023,903 ÷ 17,915,595 shares)  $10.44 
Class I:   
Net Asset Value, offering price and redemption price per share ($31,289,877 ÷ 2,999,773 shares)  $10.43 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $3,551,835 
Income from Fidelity Central Funds  111,158 
Income before foreign taxes withheld  3,662,993 
Less foreign taxes withheld  (261,962) 
Total income  3,401,031 
Expenses   
Management fee $741,086  
Transfer agent fees 311,622  
Distribution and service plan fees 101,260  
Accounting and security lending fees 55,708  
Custodian fees and expenses 29,898  
Independent trustees' compensation 460  
Registration fees 75,498  
Audit 31,910  
Legal 915  
Miscellaneous 719  
Total expenses before reductions 1,349,076  
Expense reductions (5,501) 1,343,575 
Net investment income (loss)  2,057,456 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (32,971,910)  
Foreign currency transactions (34,212)  
Total net realized gain (loss)  (33,006,122) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		47,992,729  
Assets and liabilities in foreign currencies 14,367  
Total change in net unrealized appreciation (depreciation)  48,007,096 
Net gain (loss)  15,000,974 
Net increase (decrease) in net assets resulting from operations  $17,058,430 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,057,456 $5,601,197 
Net realized gain (loss) (33,006,122) (22,741,457) 
Change in net unrealized appreciation (depreciation) 48,007,096 (54,129,193) 
Net increase (decrease) in net assets resulting from operations 17,058,430 (71,269,453) 
Distributions to shareholders from net investment income (5,140,876) (3,898,874) 
Distributions to shareholders from net realized gain (224,075) (629,272) 
Total distributions (5,364,951) (4,528,146) 
Share transactions - net increase (decrease) 26,135,446 (20,805,112) 
Redemption fees 5,198 7,987 
Total increase (decrease) in net assets 37,834,123 (96,594,724) 
Net Assets   
Beginning of period 231,025,152 327,619,876 
End of period (including undistributed net investment income of $1,567,386 and undistributed net investment income of $4,650,806, respectively) $268,859,275 $231,025,152 

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


Financial Highlights — Fidelity Global Commodity Stock Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.05 $13.25 $14.17 $14.59 $15.14 $15.60 
Income from Investment Operations       
Net investment income (loss)A .08 .22 .15 .16 .11 .12 
Net realized and unrealized gain (loss) .51 (3.25) (.91) (.45) (.59) (.38) 
Total from investment operations .59 (3.03) (.76) (.29) (.48) (.26) 
Distributions from net investment income (.21) (.14) (.15) (.13) (.05) (.13) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.22) (.17) (.16) (.13) (.07)B (.20)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.42 $10.05 $13.25 $14.17 $14.59 $15.14 
Total ReturnE,F,G 6.14% (23.16)% (5.41)% (2.00)% (3.19)% (1.80)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.43%J 1.34% 1.35% 1.36% 1.34% 1.32% 
Expenses net of fee waivers, if any 1.43%J 1.34% 1.35% 1.35% 1.34% 1.32% 
Expenses net of all reductions 1.42%J 1.34% 1.35% 1.34% 1.33% 1.31% 
Net investment income (loss) 1.77%J 1.85% 1.05% 1.12% .80% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,034 $31,391 $51,586 $71,293 $99,694 $127,979 
Portfolio turnover rateK 99%J 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share.

 C Total distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share.

 D Amount represents less than $.005 per share.

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

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.02 $13.21 $14.13 $14.54 $15.08 $15.55 
Income from Investment Operations       
Net investment income (loss)A .07 .19 .11 .12 .08 .07 
Net realized and unrealized gain (loss) .51 (3.25) (.90) (.45) (.60) (.38) 
Total from investment operations .58 (3.06) (.79) (.33) (.52) (.31) 
Distributions from net investment income (.17) (.10) (.11) (.08) (.01) (.10) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.18) (.13) (.13)B (.08) (.02) (.16) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $10.42 $10.02 $13.21 $14.13 $14.54 $15.08 
Total ReturnD,E,F 6.03% (23.40)% (5.65)% (2.26)% (3.43)% (2.09)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.70%I 1.63% 1.62% 1.62% 1.61% 1.60% 
Expenses net of fee waivers, if any 1.70%I 1.63% 1.62% 1.61% 1.61% 1.60% 
Expenses net of all reductions 1.70%I 1.62% 1.62% 1.60% 1.60% 1.59% 
Net investment income (loss) 1.50%I 1.57% .78% .86% .53% .43% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,178 $6,335 $9,867 $12,551 $16,692 $20,831 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.13 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.013 per share.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.97 $13.12 $14.01 $14.41 $15.00 $15.46 
Income from Investment Operations       
Net investment income (loss)A .05 .13 .04 .05 –B (.01) 
Net realized and unrealized gain (loss) .51 (3.24) (.89) (.45) (.59) (.39) 
Total from investment operations .56 (3.11) (.85) (.40) (.59) (.40) 
Distributions from net investment income (.11) (.02) (.03) –B – – 
Distributions from net realized gain (.01) (.03) (.01) – – (.06) 
Total distributions (.12) (.04)C (.04) –B – (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.41 $9.97 $13.12 $14.01 $14.41 $15.00 
Total ReturnD,E,F 5.72% (23.76)% (6.06)% (2.75)% (3.93)% (2.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.18%I 2.13% 2.11% 2.11% 2.10% 2.11% 
Expenses net of fee waivers, if any 2.18%I 2.12% 2.11% 2.11% 2.10% 2.11% 
Expenses net of all reductions 2.17%I 2.12% 2.11% 2.10% 2.10% 2.10% 
Net investment income (loss) 1.03%I 1.07% .29% .36% .03% (.09)% 
Supplemental Data       
Net assets, end of period (000 omitted) $805 $864 $1,584 $2,303 $3,097 $4,324 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.04 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.026 per share.

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

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

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

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.92 $13.06 $13.96 $14.37 $14.95 $15.45 
Income from Investment Operations       
Net investment income (loss)A .05 .13 .04 .05 .01 (.01) 
Net realized and unrealized gain (loss) .50 (3.22) (.89) (.44) (.59) (.38) 
Total from investment operations .55 (3.09) (.85) (.39) (.58) (.39) 
Distributions from net investment income (.12) (.03) (.03) (.02) – (.05) 
Distributions from net realized gain (.01) (.03) (.01) – – (.06) 
Total distributions (.13) (.05)B (.05)C (.02) – (.11) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.34 $9.92 $13.06 $13.96 $14.37 $14.95 
Total ReturnE,F,G 5.70% (23.74)% (6.13)% (2.75)% (3.88)% (2.58)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.18%J 2.12% 2.11% 2.11% 2.10% 2.09% 
Expenses net of fee waivers, if any 2.18%J 2.12% 2.11% 2.11% 2.10% 2.09% 
Expenses net of all reductions 2.17%J 2.11% 2.11% 2.10% 2.09% 2.08% 
Net investment income (loss) 1.02%J 1.08% .29% .36% .03% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,529 $11,274 $17,659 $23,830 $31,865 $37,185 
Portfolio turnover rateK 99%J 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.05 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.05 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $.013 per share.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.09 $13.31 $14.24 $14.66 $15.21 $15.66 
Income from Investment Operations       
Net investment income (loss)A .09 .25 .19 .19 .15 .16 
Net realized and unrealized gain (loss) .51 (3.27) (.92) (.45) (.60) (.39) 
Total from investment operations .60 (3.02) (.73) (.26) (.45) (.23) 
Distributions from net investment income (.24) (.18) (.19) (.16) (.08) (.16) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.25) (.20)B (.20) (.16) (.10)C (.22) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.44 $10.09 $13.31 $14.24 $14.66 $15.21 
Total ReturnE,F 6.26% (22.97)% (5.16)% (1.75)% (2.96)% (1.59)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.18%I 1.12% 1.11% 1.11% 1.10% 1.08% 
Expenses net of fee waivers, if any 1.18%I 1.12% 1.11% 1.11% 1.10% 1.08% 
Expenses net of all reductions 1.17%I 1.11% 1.11% 1.09% 1.09% 1.07% 
Net investment income (loss) 2.03%I 2.08% 1.29% 1.37% 1.04% .95% 
Supplemental Data       
Net assets, end of period (000 omitted) $187,024 $156,320 $223,084 $273,476 $387,242 $531,224 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity Global Commodity Stock Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.09 $13.31 $14.24 $14.67 $15.22 $15.66 
Income from Investment Operations       
Net investment income (loss)A .09 .25 .19 .20 .16 .16 
Net realized and unrealized gain (loss) .51 (3.26) (.92) (.45) (.60) (.38) 
Total from investment operations .60 (3.01) (.73) (.25) (.44) (.22) 
Distributions from net investment income (.25) (.19) (.19) (.18) (.09) (.16) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.26) (.21)B (.20) (.18) (.11)C (.22) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.43 $10.09 $13.31 $14.24 $14.67 $15.22 
Total ReturnE,F 6.27% (22.93)% (5.16)% (1.71)% (2.90)% (1.50)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.14%I 1.09% 1.06% 1.04% 1.04% 1.03% 
Expenses net of fee waivers, if any 1.14%I 1.08% 1.06% 1.04% 1.04% 1.03% 
Expenses net of all reductions 1.13%I 1.08% 1.06% 1.03% 1.03% 1.03% 
Net investment income (loss) 2.07%I 2.11% 1.34% 1.43% 1.10% .99% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,290 $24,841 $23,840 $31,613 $50,540 $58,925 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.21 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

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

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

 G 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.

 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. 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 Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Global Commodity Stock 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, Global Commodity Stock and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $14,424,349 
Gross unrealized depreciation (93,694,823) 
Net unrealized appreciation (depreciation) on securities $(79,270,474) 
Tax cost $356,721,687 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2019 $(6,952,413) 
No expiration  
Short-term (17,522,131) 
Long-term (40,298,374) 
Total no expiration (57,820,505) 
Total capital loss carryforward $(64,772,918) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $124,970,983 and $107,482,256, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $34,521 $– 
Class T .25% .25% 13,584 – 
Class B .75% .25% 3,615 2,711 
Class C .75% .25% 49,540 6,624 
   $101,260 $9,335 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $10,807 
Class T 1,023 
Class B(a) 350 
Class C(a) 334 
 $12,514 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $41,634 .30 
Class T 8,788 .32 
Class B 1,083 .30 
Class C 14,985 .30 
Global Commodity Stock 214,868 .30 
Class I 30,264 .26 
 $ 311,622  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,386 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $180 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $106,267. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,774 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $727.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $638,599 $520,699 
Class T 103,956 72,766 
Class B 8,861 1,871 
Class C 133,173 32,755 
Global Commodity Stock 3,642,366 2,937,401 
Class I 613,921 333,382 
Total $5,140,876 $3,898,874 
From net realized gain   
Class A $30,410 $97,397 
Class T 6,044 19,110 
Class B 836 3,040 
Class C 11,098 34,065 
Global Commodity Stock 151,130 429,058 
Class I 24,557 46,602 
Total $224,075 $629,272 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 429,562 526,290 $3,833,800 $6,210,169 
Reinvestment of distributions 70,559 46,881 655,495 594,452 
Shares redeemed (549,813) (1,342,823) (4,931,070) (16,036,860) 
Net increase (decrease) (49,692) (769,652) $(441,775) $(9,232,239) 
Class T     
Shares sold 60,531 79,898 $540,227 $963,935 
Reinvestment of distributions 11,521 7,092 107,030 89,851 
Shares redeemed (111,329) (201,781) (1,011,230) (2,371,414) 
Net increase (decrease) (39,277) (114,791) $(363,973) $(1,317,628) 
Class B     
Shares sold 2,904 580 $29,575 $7,071 
Reinvestment of distributions 982 371 9,133 4,698 
Shares redeemed (13,281) (35,007) (118,751) (422,886) 
Net increase (decrease) (9,395) (34,056) $(80,043) $(411,117) 
Class C     
Shares sold 147,205 206,447 $1,336,468 $2,471,711 
Reinvestment of distributions 14,787 4,962 136,635 62,526 
Shares redeemed (184,114) (426,784) (1,670,395) (5,161,590) 
Net increase (decrease) (22,122) (215,375) $(197,292) $(2,627,353) 
Global Commodity Stock     
Shares sold 4,803,019 4,004,137 $43,836,205 $47,467,615 
Reinvestment of distributions 376,092 238,065 3,493,876 3,023,431 
Shares redeemed (2,761,293) (5,506,523) (25,223,516) (65,599,040) 
Net increase (decrease) 2,417,818 (1,264,321) $22,106,565 $(15,107,994) 
Class I     
Shares sold 1,846,997 1,576,324 $16,610,772 $18,219,363 
Reinvestment of distributions 60,388 24,972 560,405 316,895 
Shares redeemed (1,370,427) (929,289) (12,059,213) (10,645,039) 
Net increase (decrease) 536,958 672,007 $5,111,964 $7,891,219 

11. 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.

At the end of the period, the investment adviser or its affiliates were the owner of record of 20% of the outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.43%    
Actual  $1,000.00 $1,061.40 $7.33 
Hypothetical-C  $1,000.00 $1,017.75 $7.17 
Class T 1.70%    
Actual  $1,000.00 $1,060.30 $8.71 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.18%    
Actual  $1,000.00 $1,057.20 $11.15 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Class C 2.18%    
Actual  $1,000.00 $1,057.00 $11.15 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Global Commodity Stock 1.18%    
Actual  $1,000.00 $1,062.60 $6.05 
Hypothetical-C  $1,000.00 $1,019.00 $5.92 
Class I 1.14%    
Actual  $1,000.00 $1,062.70 $5.85 
Hypothetical-C  $1,000.00 $1,019.19 $5.72 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AGCSI-SANN-0616
1.879392.107

Fidelity® International Growth Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 20.8% 
   Japan 14.1% 
   United Kingdom 13.2% 
   Switzerland 12.7% 
   Spain 4.9% 
   Belgium 4.5% 
   Sweden 4.4% 
   Australia 4.0% 
   Denmark 3.3% 
   Other 18.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 17.7% 
   United Kingdom 14.4% 
   Japan 14.0% 
   Switzerland 13.6% 
   Sweden 6.1% 
   Spain 4.5% 
   Belgium 4.2% 
   Australia 3.4% 
   Denmark 3.3% 
   Other 18.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 97.3 97.7 
Short-Term Investments and Net Other Assets (Liabilities) 2.7 2.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 4.9 3.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.5 3.6 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 3.5 2.6 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 3.2 2.8 
CSL Ltd. (Australia, Biotechnology) 2.9 2.2 
Novartis AG (Switzerland, Pharmaceuticals) 2.9 3.7 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 2.8 2.5 
Inditex SA (Spain, Specialty Retail) 2.6 2.8 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 2.6 2.2 
InterContinental Hotel Group PLC ADR (United Kingdom, Hotels, Restaurants & Leisure) 2.3 2.0 
 31.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Staples 20.4 15.3 
Health Care 19.0 18.5 
Information Technology 14.2 11.7 
Financials 13.5 18.1 
Consumer Discretionary 13.3 15.1 
Industrials 11.5 12.5 
Materials 4.7 6.0 
Energy 0.4 0.3 
Telecommunication Services 0.3 0.2 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
Australia - 4.0%   
CSL Ltd. 609,912 $48,776,866 
Sydney Airport unit 1,123,380 5,816,843 
Transurban Group unit 1,422,746 12,527,069 
TOTAL AUSTRALIA  67,120,778 
Austria - 1.2%   
Andritz AG 351,321 19,675,520 
Belgium - 4.5%   
Anheuser-Busch InBev SA NV 469,291 58,088,795 
KBC Groep NV 302,468 16,981,098 
TOTAL BELGIUM  75,069,893 
Canada - 0.4%   
Pason Systems, Inc. 495,200 7,198,891 
Cayman Islands - 0.9%   
58.com, Inc. ADR (a) 128,870 7,042,746 
Alibaba Group Holding Ltd. sponsored ADR (a) 99,200 7,632,448 
TOTAL CAYMAN ISLANDS  14,675,194 
Denmark - 3.3%   
Jyske Bank A/S (Reg.) 202,800 8,302,703 
Novo Nordisk A/S Series B sponsored ADR (b) 826,700 46,121,593 
TOTAL DENMARK  54,424,296 
Finland - 0.3%   
Tikkurila Oyj 283,000 4,961,192 
France - 1.1%   
Essilor International SA 135,658 17,560,644 
Germany - 3.0%   
Bayer AG 155,100 17,892,923 
SAP AG 399,516 31,346,444 
TOTAL GERMANY  49,239,367 
Hong Kong - 1.9%   
AIA Group Ltd. 5,289,400 31,654,975 
India - 0.5%   
Housing Development Finance Corp. Ltd. 562,904 9,223,760 
Ireland - 3.1%   
CRH PLC sponsored ADR 909,066 26,462,911 
James Hardie Industries PLC:   
CDI 1,130,041 15,921,470 
sponsored ADR 601,500 8,433,030 
TOTAL IRELAND  50,817,411 
Isle of Man - 0.5%   
Playtech Ltd. 654,346 7,691,806 
Israel - 0.3%   
Azrieli Group 118,800 4,718,361 
Italy - 0.7%   
Azimut Holding SpA 204,600 5,149,414 
Interpump Group SpA 511,426 7,361,097 
TOTAL ITALY  12,510,511 
Japan - 14.1%   
Astellas Pharma, Inc. 2,477,400 33,401,778 
Coca-Cola Central Japan Co. Ltd. 190,700 3,493,796 
DENSO Corp. 727,400 27,649,326 
East Japan Railway Co. 184,100 16,196,396 
Hoya Corp. 336,900 12,901,342 
Japan Tobacco, Inc. 589,000 24,065,326 
Keyence Corp. 40,062 24,012,883 
Mitsui Fudosan Co. Ltd. 836,000 20,417,154 
Nintendo Co. Ltd. 61,000 8,259,462 
Olympus Corp. 281,300 10,958,499 
OSG Corp. 344,800 6,407,632 
Seven Bank Ltd. 2,658,200 11,295,245 
Shinsei Bank Ltd. 5,146,000 7,212,512 
SHO-BOND Holdings Co. Ltd. 182,600 7,900,949 
USS Co. Ltd. 1,301,100 20,581,249 
TOTAL JAPAN  234,753,549 
Kenya - 0.3%   
Safaricom Ltd. 30,975,500 5,244,367 
Korea (South) - 0.9%   
BGFretail Co. Ltd. 54,496 8,847,410 
NAVER Corp. 9,215 5,445,310 
TOTAL KOREA (SOUTH)  14,292,720 
Mexico - 0.6%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 106,355 9,913,350 
South Africa - 1.3%   
Clicks Group Ltd. 755,618 5,518,807 
Naspers Ltd. Class N 112,300 15,408,694 
TOTAL SOUTH AFRICA  20,927,501 
Spain - 4.9%   
Amadeus IT Holding SA Class A 514,500 23,411,956 
Hispania Activos Inmobiliarios SA (a) 215,259 3,154,974 
Inditex SA 1,361,301 43,699,772 
Merlin Properties Socimi SA 378,500 4,399,024 
Prosegur Compania de Seguridad SA (Reg.) 1,127,849 6,521,790 
TOTAL SPAIN  81,187,516 
Sweden - 4.4%   
ASSA ABLOY AB (B Shares) (b) 2,033,083 42,634,121 
Fagerhult AB 409,153 9,527,687 
Intrum Justitia AB (b) 112,700 4,044,623 
Svenska Handelsbanken AB (A Shares) (b) 1,313,920 17,527,894 
TOTAL SWEDEN  73,734,325 
Switzerland - 12.7%   
Nestle SA 1,091,098 81,439,212 
Novartis AG 625,183 47,577,841 
Roche Holding AG (participation certificate) 232,368 58,791,248 
Schindler Holding AG:   
(participation certificate) 107,226 19,527,137 
(Reg.) 18,350 3,372,360 
TOTAL SWITZERLAND  210,707,798 
Taiwan - 1.1%   
Taiwan Semiconductor Manufacturing Co. Ltd. 3,934,000 18,046,275 
United Kingdom - 13.2%   
Associated British Foods PLC 413,100 18,494,337 
Babcock International Group PLC 400,384 5,543,075 
BAE Systems PLC 1,722,200 12,015,201 
Berendsen PLC 707,573 12,199,669 
Howden Joinery Group PLC 626,100 4,519,241 
Informa PLC 1,396,912 13,358,986 
InterContinental Hotel Group PLC ADR (b) 968,696 38,883,457 
Lloyds Banking Group PLC 7,613,300 7,472,538 
Prudential PLC 1,155,443 22,807,906 
Reckitt Benckiser Group PLC 542,845 52,883,360 
Rightmove PLC 77,900 4,391,314 
SABMiller PLC 292,366 17,877,926 
Shaftesbury PLC 319,433 4,247,330 
Unite Group PLC 476,676 4,405,332 
TOTAL UNITED KINGDOM  219,099,672 
United States of America - 18.1%   
Alphabet, Inc. Class A 29,136 20,624,792 
Autoliv, Inc. (b) 198,769 24,343,239 
Berkshire Hathaway, Inc. Class B (a) 129,184 18,793,688 
China Biologic Products, Inc. (a) 87,966 10,292,022 
Domino's Pizza, Inc. 82,990 10,031,831 
Martin Marietta Materials, Inc. 66,400 11,236,872 
MasterCard, Inc. Class A 351,000 34,043,490 
McGraw Hill Financial, Inc. 117,100 12,512,135 
Mohawk Industries, Inc. (a) 117,400 22,614,762 
Molson Coors Brewing Co. Class B 108,600 10,385,418 
Moody's Corp. 94,100 9,007,252 
MSCI, Inc. Class A 103,200 7,837,008 
Philip Morris International, Inc. 210,708 20,674,669 
PriceSmart, Inc. 95,700 8,281,878 
ResMed, Inc. 170,700 9,525,060 
Reynolds American, Inc. 363,200 18,014,720 
Sherwin-Williams Co. 32,600 9,366,306 
SS&C Technologies Holdings, Inc. 178,400 10,909,160 
Visa, Inc. Class A 424,260 32,769,842 
TOTAL UNITED STATES OF AMERICA  301,264,144 
TOTAL COMMON STOCKS   
(Cost $1,493,495,241)  1,615,713,816 
Money Market Funds - 8.3%   
Fidelity Cash Central Fund, 0.38% (c) 31,871,334 31,871,334 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 106,690,874 106,690,874 
TOTAL MONEY MARKET FUNDS   
(Cost $138,562,208)  138,562,208 
TOTAL INVESTMENT PORTFOLIO - 105.6%   
(Cost $1,632,057,449)  1,754,276,024 
NET OTHER ASSETS (LIABILITIES) - (5.6)%  (93,656,005) 
NET ASSETS - 100%  $1,660,620,019 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $72,393 
Fidelity Securities Lending Cash Central Fund 330,325 
Total $402,718 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $221,090,557 $172,859,982 $48,230,575 $-- 
Consumer Staples 337,979,004 176,097,310 161,881,694 -- 
Energy 7,198,891 7,198,891 -- -- 
Financials 227,120,303 108,732,079 118,388,224 -- 
Health Care 313,799,816 150,169,108 163,630,708 -- 
Industrials 191,271,169 148,750,991 42,520,178 -- 
Information Technology 235,627,928 153,962,864 81,665,064 -- 
Materials 76,381,781 76,381,781 -- -- 
Telecommunication Services 5,244,367 5,244,367 -- -- 
Money Market Funds 138,562,208 138,562,208 -- -- 
Total Investments in Securities: $1,754,276,024 $1,137,959,581 $616,316,443 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $144,428,405 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $103,770,133) — See accompanying schedule:
Unaffiliated issuers (cost $1,493,495,241) 		$1,615,713,816  
Fidelity Central Funds (cost $138,562,208) 138,562,208  
Total Investments (cost $1,632,057,449)  $1,754,276,024 
Foreign currency held at value (cost $11,880)  11,898 
Receivable for investments sold  3,654,551 
Receivable for fund shares sold  4,651,062 
Dividends receivable  9,823,503 
Distributions receivable from Fidelity Central Funds  94,556 
Prepaid expenses  599 
Other receivables  7,870 
Total assets  1,772,520,063 
Liabilities   
Payable for investments purchased $1,891,035  
Payable for fund shares redeemed 1,836,507  
Accrued management fee 985,763  
Distribution and service plan fees payable 103,976  
Other affiliated payables 304,114  
Other payables and accrued expenses 87,775  
Collateral on securities loaned, at value 106,690,874  
Total liabilities  111,900,044 
Net Assets  $1,660,620,019 
Net Assets consist of:   
Paid in capital  $1,599,467,631 
Undistributed net investment income  11,086,000 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (72,316,667) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  122,383,055 
Net Assets  $1,660,620,019 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($227,299,900 ÷ 20,745,349 shares)  $10.96 
Maximum offering price per share (100/94.25 of $10.96)  $11.63 
Class T:   
Net Asset Value and redemption price per share ($28,247,384 ÷ 2,581,799 shares)  $10.94 
Maximum offering price per share (100/96.50 of $10.94)  $11.34 
Class B:   
Net Asset Value and offering price per share ($543,488 ÷ 50,206 shares)(a)  $10.83 
Class C:   
Net Asset Value and offering price per share ($54,803,250 ÷ 5,077,799 shares)(a)  $10.79 
International Growth:   
Net Asset Value, offering price and redemption price per share ($989,531,658 ÷ 89,694,739 shares)  $11.03 
Class I:   
Net Asset Value, offering price and redemption price per share ($344,685,048 ÷ 31,300,215 shares)  $11.01 
Class Z:   
Net Asset Value, offering price and redemption price per share ($15,509,291 ÷ 1,406,850 shares)  $11.02 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $21,128,805 
Income from Fidelity Central Funds  402,718 
Income before foreign taxes withheld  21,531,523 
Less foreign taxes withheld  (2,212,929) 
Total income  19,318,594 
Expenses   
Management fee   
Basic fee $5,303,523  
Performance adjustment 109,270  
Transfer agent fees 1,418,766  
Distribution and service plan fees 585,143  
Accounting and security lending fees 345,576  
Custodian fees and expenses 79,671  
Independent trustees' compensation 3,216  
Registration fees 88,683  
Audit 42,540  
Legal 2,186  
Miscellaneous 4,732  
Total expenses before reductions 7,983,306  
Expense reductions (16,973) 7,966,333 
Net investment income (loss)  11,352,261 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (34,889,540)  
Foreign currency transactions 296,655  
Total net realized gain (loss)  (34,592,885) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $4,737) 		(7,895,661)  
Assets and liabilities in foreign currencies 94,033  
Total change in net unrealized appreciation (depreciation)  (7,801,628) 
Net gain (loss)  (42,394,513) 
Net increase (decrease) in net assets resulting from operations  $(31,042,252) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,352,261 $10,205,219 
Net realized gain (loss) (34,592,885) (27,463,177) 
Change in net unrealized appreciation (depreciation) (7,801,628) 41,450,250 
Net increase (decrease) in net assets resulting from operations (31,042,252) 24,192,292 
Distributions to shareholders from net investment income (9,313,522) (7,019,924) 
Distributions to shareholders from net realized gain (1,062,119) – 
Total distributions (10,375,641) (7,019,924) 
Share transactions - net increase (decrease) 228,113,558 519,861,476 
Redemption fees 45,309 54,094 
Total increase (decrease) in net assets 186,740,974 537,087,938 
Net Assets   
Beginning of period 1,473,879,045 936,791,107 
End of period (including undistributed net investment income of $11,086,000 and undistributed net investment income of $9,047,261, respectively) $1,660,620,019 $1,473,879,045 

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


Financial Highlights — Fidelity International Growth Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.30 $11.01 $10.78 $8.91 $8.09 $8.38 
Income from Investment Operations       
Net investment income (loss)A .07 .07 .09 .08 .08 .08 
Net realized and unrealized gain (loss) (.35) .28 .18 1.88 .81 (.31) 
Total from investment operations (.28) .35 .27 1.96 .89 (.23) 
Distributions from net investment income (.05) (.06) (.03) (.08) (.06) (.05) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.06) (.06) (.04) (.09) (.07) (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.96 $11.30 $11.01 $10.78 $8.91 $8.09 
Total ReturnC,D,E (2.51)% 3.20% 2.54% 22.18% 11.10% (2.76)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.26%H 1.26% 1.35% 1.44% 1.58% 1.77% 
Expenses net of fee waivers, if any 1.26%H 1.26% 1.35% 1.43% 1.45% 1.45% 
Expenses net of all reductions 1.26%H 1.25% 1.34% 1.42% 1.44% 1.43% 
Net investment income (loss) 1.29%H .66% .84% .80% .99% .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $227,300 $184,878 $119,017 $74,595 $21,874 $6,352 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Growth Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.26 $10.96 $10.75 $8.89 $8.08 $8.38 
Income from Investment Operations       
Net investment income (loss)A .05 .04 .06 .05 .06 .06 
Net realized and unrealized gain (loss) (.35) .27 .18 1.88 .81 (.31) 
Total from investment operations (.30) .31 .24 1.93 .87 (.25) 
Distributions from net investment income (.01) (.01) (.02) (.07) (.05) (.04) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.02) (.01) (.03) (.07)B (.06) (.05) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $10.94 $11.26 $10.96 $10.75 $8.89 $8.08 
Total ReturnD,E,F (2.69)% 2.85% 2.21% 21.91% 10.82% (3.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.60%I 1.58% 1.65% 1.69% 1.85% 2.03% 
Expenses net of fee waivers, if any 1.60%I 1.58% 1.65% 1.69% 1.70% 1.70% 
Expenses net of all reductions 1.60%I 1.58% 1.65% 1.68% 1.69% 1.68% 
Net investment income (loss) .95%I .33% .53% .54% .74% .67% 
Supplemental Data       
Net assets, end of period (000 omitted) $28,247 $28,833 $26,369 $23,118 $10,690 $2,917 
Portfolio turnover rateJ 35%I 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $0.07 per share is comprised of distributions from net investment income of $0.69 and distributions from net realized gain of $0.005 per share.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity International Growth Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.16 $10.91 $10.73 $8.88 $8.06 $8.36 
Income from Investment Operations       
Net investment income (loss)A .02 (.02) –B –B .02 .01 
Net realized and unrealized gain (loss) (.34) .27 .19 1.89 .80 (.30) 
Total from investment operations (.32) .25 .19 1.89 .82 (.29) 
Distributions from net investment income – – – (.03) – (.01) 
Distributions from net realized gain (.01) – (.01) (.01) – –B 
Total distributions (.01) – (.01) (.04) – (.01) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.83 $11.16 $10.91 $10.73 $8.88 $8.06 
Total ReturnC,D,E (2.89)% 2.29% 1.76% 21.35% 10.17% (3.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.09%H 2.07% 2.14% 2.19% 2.35% 2.55% 
Expenses net of fee waivers, if any 2.09%H 2.07% 2.14% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.09%H 2.06% 2.14% 2.17% 2.19% 2.18% 
Net investment income (loss) .45%H (.15)% .04% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $543 $800 $1,404 $1,579 $1,116 $473 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Growth Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.12 $10.87 $10.69 $8.84 $8.03 $8.34 
Income from Investment Operations       
Net investment income (loss)A .03 (.02) .01 .01 .02 .01 
Net realized and unrealized gain (loss) (.35) .27 .18 1.87 .80 (.31) 
Total from investment operations (.32) .25 .19 1.88 .82 (.30) 
Distributions from net investment income – – – (.02) (.01) (.01) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.01) – (.01) (.03) (.01)B (.01)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.79 $11.12 $10.87 $10.69 $8.84 $8.03 
Total ReturnE,F,G (2.90)% 2.30% 1.77% 21.29% 10.27% (3.57)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.05%J 2.06% 2.12% 2.19% 2.33% 2.52% 
Expenses net of fee waivers, if any 2.05%J 2.06% 2.12% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.05%J 2.05% 2.12% 2.17% 2.19% 2.18% 
Net investment income (loss) .49%J (.15)% .06% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $54,803 $52,378 $32,737 $17,196 $5,648 $2,767 
Portfolio turnover rateK 35%J 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share.

 C Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share.

 D Amount represents less than $.005 per share.

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

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

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

 H 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.

 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. 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 Annualized

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


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


Financial Highlights — Fidelity International Growth Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.38 $11.10 $10.84 $8.95 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .09 .11 .13 .11 .11 .10 
Net realized and unrealized gain (loss) (.35) .26 .19 1.88 .81 (.30) 
Total from investment operations (.26) .37 .32 1.99 .92 (.20) 
Distributions from net investment income (.08) (.09) (.05) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.09) (.06) (.10)B (.09) (.08) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.03 $11.38 $11.10 $10.84 $8.95 $8.12 
Total ReturnD,E (2.34)% 3.36% 2.96% 22.48% 11.41% (2.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .96%H .97% 1.04% 1.13% 1.28% 1.52% 
Expenses net of fee waivers, if any .96%H .97% 1.04% 1.13% 1.20% 1.20% 
Expenses net of all reductions .96%H .96% 1.04% 1.11% 1.19% 1.18% 
Net investment income (loss) 1.58%H .94% 1.14% 1.11% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $989,532 $938,348 $635,607 $430,914 $149,526 $53,437 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Financial Highlights — Fidelity International Growth Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.36 $11.08 $10.84 $8.94 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .08 .11 .13 .11 .10 .10 
Net realized and unrealized gain (loss) (.34) .27 .18 1.90 .81 (.30) 
Total from investment operations (.26) .38 .31 2.01 .91 (.20) 
Distributions from net investment income (.08) (.10) (.06) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.10) (.07) (.11) (.09) (.08) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $11.01 $11.36 $11.08 $10.84 $8.94 $8.12 
Total ReturnC,D (2.34)% 3.41% 2.84% 22.66% 11.28% (2.47)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .97%G .98% 1.04% 1.11% 1.27% 1.50% 
Expenses net of fee waivers, if any .97%G .98% 1.04% 1.11% 1.20% 1.20% 
Expenses net of all reductions .96%G .97% 1.04% 1.09% 1.19% 1.18% 
Net investment income (loss) 1.58%G .94% 1.14% 1.13% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $344,685 $267,745 $121,554 $38,771 $3,992 $493 
Portfolio turnover rateH 35%G 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

 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 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 Annualized

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


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


Financial Highlights — Fidelity International Growth Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
April 30, 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $11.38 $11.10 $10.84 $10.26 
Income from Investment Operations     
Net investment income (loss)B .09 .12 .14 .02 
Net realized and unrealized gain (loss) (.35) .27 .19 .56 
Total from investment operations (.26) .39 .33 .58 
Distributions from net investment income (.09) (.11) (.06) – 
Distributions from net realized gain (.01) – (.01) – 
Total distributions (.10) (.11) (.07) – 
Redemption fees added to paid in capitalB,C – – – – 
Net asset value, end of period $11.02 $11.38 $11.10 $10.84 
Total ReturnD,E (2.29)% 3.52% 3.07% 5.65% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .83%H .84% .88% .94%H 
Expenses net of fee waivers, if any .83%H .84% .88% .94%H 
Expenses net of all reductions .83%H .83% .88% .93%H 
Net investment income (loss) 1.71%H 1.07% 1.30% .65%H 
Supplemental Data     
Net assets, end of period (000 omitted) $15,509 $897 $104 $106 
Portfolio turnover rateI 35%H 26% 27% 32% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Growth 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, International Growth, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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 $176,397,956 
Gross unrealized depreciation (59,559,141) 
Net unrealized appreciation (depreciation) on securities $116,838,815 
Tax cost $1,637,437,209 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(26,434,969) 
Long-term (7,319,866) 
Total no expiration $(33,754,835) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $479,246,265 and $260,718,084, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $249,157 $357 
Class T .25% .25% 69,243 – 
Class B .75% .25% 3,364 2,523 
Class C .75% .25% 263,379 98,751 
   $585,143 $101,631 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $44,378 
Class T 6,336 
Class B(a) 6 
Class C(a) 4,765 
 $55,485 

 (a) 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 the investment adviser, 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $220,276 .22 
Class T 43,164 .31 
Class B 1,028 .31 
Class C 69,895 .27 
International Growth 819,000 .18 
Class I 263,135 .18 
Class Z 2,268 .05 
 $1,418,766  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $799 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,311 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $10,140,516. 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 $330,325, including $34,892 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $11,575 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $35.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,363.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $857,306 $684,914 
Class T 25,900 29,128 
International Growth 6,508,406 5,239,951 
Class I 1,913,593 1,064,923 
Class Z 8,317 1,008 
Total $9,313,522 $7,019,924 
From net realized gain   
Class A $137,169 $– 
Class T 20,720 – 
Class B 561 – 
Class C 39,156 – 
International Growth 667,539 – 
Class I 196,266 – 
Class Z 708 – 
Total $1,062,119 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 6,246,540 9,298,452 $67,129,589 $105,707,223 
Reinvestment of distributions 86,341 60,570 970,468 669,298 
Shares redeemed (1,954,972) (3,798,128) (20,859,132) (42,982,992) 
Net increase (decrease) 4,377,909 5,560,894 $47,240,925 $63,393,529 
Class T     
Shares sold 366,792 1,158,910 $3,936,696 $13,286,739 
Reinvestment of distributions 4,067 2,593 45,714 28,654 
Shares redeemed (350,025) (1,005,399) (3,686,315) (11,627,373) 
Net increase (decrease) 20,834 156,104 $296,095 $1,688,020 
Class B     
Shares sold 1,881 30,282 $19,678 $347,009 
Reinvestment of distributions 50 – 556 – 
Shares redeemed (23,393) (87,349) (246,379) (994,341) 
Net increase (decrease) (21,462) (57,067) $(226,145) $(647,332) 
Class C     
Shares sold 819,268 2,689,800 $8,736,707 $30,433,427 
Reinvestment of distributions 3,485 – 38,678 – 
Shares redeemed (454,625) (991,400) (4,741,050) (10,978,888) 
Net increase (decrease) 368,128 1,698,400 $4,034,335 $19,454,539 
International Growth     
Shares sold 17,140,428 39,705,804 $183,584,698 $456,131,993 
Reinvestment of distributions 515,203 387,169 5,821,794 4,301,448 
Shares redeemed (10,385,791) (14,942,156) (110,850,155) (169,380,325) 
Net increase (decrease) 7,269,840 25,150,817 $78,556,337 $291,053,116 
Class I     
Shares sold 13,087,526 17,728,493 $140,430,050 $201,877,753 
Reinvestment of distributions 177,277 92,582 1,999,688 1,026,733 
Shares redeemed (5,525,257) (5,227,430) (58,460,124) (58,733,231) 
Net increase (decrease) 7,739,546 12,593,645 $83,969,614 $144,171,255 
Class Z     
Shares sold 1,378,158 88,007 $14,776,889 $956,120 
Reinvestment of distributions 799 91 9,025 1,008 
Shares redeemed (50,920) (18,621) (543,517) (208,779) 
Net increase (decrease) 1,328,037 69,477 $14,242,397 $748,349 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.26%    
Actual  $1,000.00 $974.90 $6.19 
Hypothetical-C  $1,000.00 $1,018.60 $6.32 
Class T 1.60%    
Actual  $1,000.00 $973.10 $7.85 
Hypothetical-C  $1,000.00 $1,016.91 $8.02 
Class B 2.09%    
Actual  $1,000.00 $971.10 $10.24 
Hypothetical-C  $1,000.00 $1,014.47 $10.47 
Class C 2.05%    
Actual  $1,000.00 $971.00 $10.05 
Hypothetical-C  $1,000.00 $1,014.67 $10.27 
International Growth .96%    
Actual  $1,000.00 $976.60 $4.72 
Hypothetical-C  $1,000.00 $1,020.09 $4.82 
Class I .97%    
Actual  $1,000.00 $976.60 $4.77 
Hypothetical-C  $1,000.00 $1,020.04 $4.87 
Class Z .83%    
Actual  $1,000.00 $977.10 $4.08 
Hypothetical-C  $1,000.00 $1,020.74 $4.17 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

IGF-SANN-0616
1.912353.106

Fidelity Advisor® Japan Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Japan Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 98.1% 
   Cayman Islands 1.0% 
   United States of America* 0.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 95.8% 
   Korea (South) 1.7% 
   United States of America* 1.4% 
   Cayman Islands 0.7% 
   Singapore 0.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.1 98.6 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 1.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Astellas Pharma, Inc. (Pharmaceuticals) 5.0 4.9 
East Japan Railway Co. (Road & Rail) 4.2 4.2 
KDDI Corp. (Wireless Telecommunication Services) 4.1 3.3 
Hoya Corp. (Health Care Equipment & Supplies) 3.3 3.3 
ORIX Corp. (Diversified Financial Services) 3.3 3.0 
Mitsubishi UFJ Financial Group, Inc. (Banks) 3.1 4.0 
SoftBank Corp. (Wireless Telecommunication Services) 3.1 2.8 
Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) 2.9 2.9 
Sony Corp. (Household Durables) 2.6 2.6 
Japan Tobacco, Inc. (Tobacco) 2.5 1.8 
 34.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 20.3 19.3 
Financials 16.4 19.0 
Health Care 13.5 13.3 
Information Technology 12.7 13.8 
Industrials 12.7 13.8 
Consumer Staples 9.9 7.0 
Telecommunication Services 9.1 7.2 
Materials 4.5 5.2 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 20.3%   
Auto Components - 3.5%   
Bridgestone Corp. 161,700 $5,951,761 
DaikyoNishikawa Corp. 90,600 1,248,546 
NGK Spark Plug Co. Ltd. 215,400 4,295,802 
Sumitomo Electric Industries Ltd. 249,000 2,995,382 
  14,491,491 
Automobiles - 6.3%   
Fuji Heavy Industries Ltd. 53,100 1,743,538 
Honda Motor Co. Ltd. 361,300 9,749,966 
Isuzu Motors Ltd. 282,600 3,023,900 
Mazda Motor Corp. 255,100 3,886,781 
Suzuki Motor Corp. 290,200 7,952,515 
  26,356,700 
Hotels, Restaurants & Leisure - 0.7%   
Skylark Co. Ltd. 230,600 2,931,421 
Household Durables - 4.4%   
Casio Computer Co. Ltd. (a) 189,200 3,599,894 
Rinnai Corp. 43,300 3,821,360 
Sony Corp. 457,600 11,083,814 
  18,505,068 
Internet & Catalog Retail - 1.2%   
Rakuten, Inc. 317,600 3,452,746 
Start Today Co. Ltd. 35,000 1,470,440 
  4,923,186 
Media - 0.9%   
Dentsu, Inc. 36,200 1,839,286 
Proto Corp. 160,300 2,102,489 
  3,941,775 
Multiline Retail - 0.4%   
Don Quijote Holdings Co. Ltd. 50,700 1,803,695 
Specialty Retail - 2.9%   
Fast Retailing Co. Ltd. 11,500 3,027,976 
Nitori Holdings Co. Ltd. 15,600 1,451,094 
United Arrows Ltd. 73,500 2,953,390 
USS Co. Ltd. 179,400 2,837,811 
Xebio Holdings Co. Ltd. 119,300 1,902,908 
  12,173,179 
TOTAL CONSUMER DISCRETIONARY  85,126,515 
CONSUMER STAPLES - 9.9%   
Beverages - 1.4%   
Asahi Group Holdings 177,900 5,646,020 
Food & Staples Retailing - 5.1%   
Ain Holdings, Inc. 35,100 1,705,088 
San-A Co. Ltd. 49,600 2,282,993 
Seven & i Holdings Co. Ltd. 187,900 7,666,778 
Sundrug Co. Ltd. 48,200 3,424,890 
Tsuruha Holdings, Inc. 22,800 2,186,877 
Welcia Holdings Co. Ltd. 77,600 4,099,024 
  21,365,650 
Personal Products - 0.9%   
Kao Corp. 69,500 3,844,530 
Tobacco - 2.5%   
Japan Tobacco, Inc. 254,400 10,394,260 
TOTAL CONSUMER STAPLES  41,250,460 
FINANCIALS - 16.4%   
Banks - 5.0%   
Mitsubishi UFJ Financial Group, Inc. 2,783,300 12,844,416 
Seven Bank Ltd. (b) 986,900 4,193,543 
Shinsei Bank Ltd. 2,892,000 4,053,359 
  21,091,318 
Capital Markets - 0.7%   
Monex Group, Inc. 1,198,700 3,092,308 
Diversified Financial Services - 3.3%   
ORIX Corp. 961,100 13,594,698 
Insurance - 2.4%   
Sony Financial Holdings, Inc. 214,600 2,653,086 
Tokio Marine Holdings, Inc. (c) 222,300 7,274,211 
  9,927,297 
Real Estate Investment Trusts - 1.5%   
Invincible Investment Corp. 1,955 1,484,493 
LaSalle Logiport REIT 881 803,399 
Nippon Prologis REIT, Inc. 868 2,081,323 
Sekisui House (REIT), Inc. 1,449 1,696,576 
  6,065,791 
Real Estate Management & Development - 3.5%   
AEON MALL Co. Ltd. 175,200 2,409,551 
Mitsui Fudosan Co. Ltd. 501,000 12,235,639 
  14,645,190 
TOTAL FINANCIALS  68,416,602 
HEALTH CARE - 13.5%   
Biotechnology - 0.5%   
PeptiDream, Inc. (a)(d) 34,800 2,005,743 
Health Care Equipment & Supplies - 5.7%   
Hoya Corp. 360,200 13,793,598 
Olympus Corp. 264,300 10,296,236 
  24,089,834 
Health Care Providers & Services - 2.3%   
Miraca Holdings, Inc. 95,900 4,075,476 
Ship Healthcare Holdings, Inc. 225,100 5,555,108 
  9,630,584 
Pharmaceuticals - 5.0%   
Astellas Pharma, Inc. 1,548,500 20,877,795 
TOTAL HEALTH CARE  56,603,956 
INDUSTRIALS - 12.7%   
Building Products - 1.3%   
Daikin Industries Ltd. 67,000 5,318,395 
Construction & Engineering - 1.0%   
Toshiba Plant Systems & Services Corp. 351,700 4,349,274 
Electrical Equipment - 2.7%   
Mitsubishi Electric Corp. 454,000 4,824,848 
Nidec Corp. 91,200 6,682,595 
  11,507,443 
Machinery - 2.4%   
Kubota Corp. 307,700 4,482,221 
Makita Corp. 86,100 5,431,482 
  9,913,703 
Road & Rail - 4.2%   
East Japan Railway Co. 198,900 17,498,442 
Trading Companies & Distributors - 1.1%   
Misumi Group, Inc. 321,800 4,443,986 
TOTAL INDUSTRIALS  53,031,243 
INFORMATION TECHNOLOGY - 12.7%   
Electronic Equipment & Components - 6.9%   
Azbil Corp. 162,900 4,179,734 
Hitachi Ltd. 1,579,000 7,235,334 
OMRON Corp. 69,200 2,196,193 
Shimadzu Corp. 613,000 9,175,097 
TDK Corp. 55,400 3,241,669 
Topcon Corp. 245,900 3,026,938 
  29,054,965 
Internet Software & Services - 3.7%   
Alibaba Group Holding Ltd. sponsored ADR (d) 53,100 4,085,514 
DeNA Co. Ltd. 234,300 3,943,154 
Kakaku.com, Inc. 418,800 7,543,053 
  15,571,721 
Semiconductors & Semiconductor Equipment - 0.9%   
Sanken Electric Co. Ltd. (a) 381,000 1,263,105 
Sumco Corp. 397,300 2,515,961 
  3,779,066 
Software - 0.6%   
COLOPL, Inc. 117,000 2,311,206 
Technology Hardware, Storage & Peripherals - 0.6%   
NEC Corp. 961,000 2,338,857 
TOTAL INFORMATION TECHNOLOGY  53,055,815 
MATERIALS - 4.5%   
Chemicals - 4.5%   
Daicel Chemical Industries Ltd. 208,300 2,602,074 
Hitachi Chemical Co. Ltd. 143,200 2,404,863 
Kansai Paint Co. Ltd. 246,500 4,311,200 
Shin-Etsu Chemical Co. Ltd. 89,600 5,018,387 
Toray Industries, Inc. 538,000 4,493,793 
  18,830,317 
TELECOMMUNICATION SERVICES - 9.1%   
Diversified Telecommunication Services - 1.9%   
Nippon Telegraph & Telephone Corp. 179,200 8,019,259 
Wireless Telecommunication Services - 7.2%   
KDDI Corp. 600,100 17,286,321 
SoftBank Corp. 237,400 12,765,117 
  30,051,438 
TOTAL TELECOMMUNICATION SERVICES  38,070,697 
TOTAL COMMON STOCKS   
(Cost $423,826,962)  414,385,605 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 0.38% (e) 1,206,235 1,206,235 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 5,928,450 5,928,450 
TOTAL MONEY MARKET FUNDS   
(Cost $7,134,685)  7,134,685 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $430,961,647)  421,520,290 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (3,494,368) 
NET ASSETS - 100%  $418,025,922 

Legend

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

 (b) A portion of the security sold on a delayed delivery basis.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Non-income producing

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


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 $3,867 
Fidelity Securities Lending Cash Central Fund 61,820 
Total $65,687 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $85,126,515 $-- $85,126,515 $-- 
Consumer Staples 41,250,460 -- 41,250,460 -- 
Financials 68,416,602 -- 68,416,602 -- 
Health Care 56,603,956 -- 56,603,956 -- 
Industrials 53,031,243 -- 53,031,243 -- 
Information Technology 53,055,815 4,085,514 48,970,301 -- 
Materials 18,830,317 -- 18,830,317 -- 
Telecommunication Services 38,070,697 -- 38,070,697 -- 
Money Market Funds 7,134,685 7,134,685 -- -- 
Total Investments in Securities: $421,520,290 $11,220,199 $410,300,091 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,643,777) — See accompanying schedule:
Unaffiliated issuers (cost $423,826,962) 		$414,385,605  
Fidelity Central Funds (cost $7,134,685) 7,134,685  
Total Investments (cost $430,961,647)  $421,520,290 
Receivable for investments sold   
Regular delivery  1,610,483 
Delayed delivery  1,228,772 
Receivable for fund shares sold  204,538 
Dividends receivable  3,396,451 
Distributions receivable from Fidelity Central Funds  11,311 
Prepaid expenses  360 
Other receivables  23 
Total assets  427,972,228 
Liabilities   
Payable for investments purchased   
Regular delivery $1,299,334  
Delayed delivery 1,566,723  
Payable for fund shares redeemed 824,962  
Accrued management fee 166,424  
Distribution and service plan fees payable 21,502  
Other affiliated payables 91,927  
Other payables and accrued expenses 46,984  
Collateral on securities loaned, at value 5,928,450  
Total liabilities  9,946,306 
Net Assets  $418,025,922 
Net Assets consist of:   
Paid in capital  $615,649,331 
Undistributed net investment income  1,888,227 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (190,260,232) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (9,251,404) 
Net Assets  $418,025,922 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($25,549,301 ÷ 2,254,243 shares)  $11.33 
Maximum offering price per share (100/94.25 of $11.33)  $12.02 
Class T:   
Net Asset Value and redemption price per share ($4,456,631 ÷ 393,196 shares)  $11.33 
Maximum offering price per share (100/96.50 of $11.33)  $11.74 
Class B:   
Net Asset Value and offering price per share ($181,410 ÷ 16,068 shares)(a)  $11.29 
Class C:   
Net Asset Value and offering price per share ($16,281,880 ÷ 1,447,994 shares)(a)  $11.24 
Japan:   
Net Asset Value, offering price and redemption price per share ($365,289,572 ÷ 32,138,461 shares)  $11.37 
Class I:   
Net Asset Value, offering price and redemption price per share ($6,267,128 ÷ 552,250 shares)  $11.35 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,400,064 
Income from Fidelity Central Funds  65,687 
Income before foreign taxes withheld  4,465,751 
Less foreign taxes withheld  (442,374) 
Total income  4,023,377 
Expenses   
Management fee   
Basic fee $1,739,878  
Performance adjustment (504,885)  
Transfer agent fees 486,175  
Distribution and service plan fees 133,312  
Accounting and security lending fees 129,152  
Custodian fees and expenses 28,896  
Independent trustees' compensation 1,142  
Registration fees 68,374  
Audit 40,802  
Legal 686  
Interest 1,750  
Miscellaneous 1,771  
Total expenses before reductions 2,127,053  
Expense reductions (1,978) 2,125,075 
Net investment income (loss)  1,898,302 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (7,721,419)  
Foreign currency transactions (50,452)  
Total net realized gain (loss)  (7,771,871) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(18,729,419)  
Assets and liabilities in foreign currencies 208,285  
Total change in net unrealized appreciation (depreciation)  (18,521,134) 
Net gain (loss)  (26,293,005) 
Net increase (decrease) in net assets resulting from operations  $(24,394,703) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,898,302 $3,112,183 
Net realized gain (loss) (7,771,871) (392,382) 
Change in net unrealized appreciation (depreciation) (18,521,134) 1,937,241 
Net increase (decrease) in net assets resulting from operations (24,394,703) 4,657,042 
Distributions to shareholders from net investment income (3,027,093) (3,310,432) 
Distributions to shareholders from net realized gain (270,338) – 
Total distributions (3,297,431) (3,310,432) 
Share transactions - net increase (decrease) (101,642,831) 70,904,089 
Redemption fees 36,545 139,156 
Total increase (decrease) in net assets (129,298,420) 72,389,855 
Net Assets   
Beginning of period 547,324,342 474,934,487 
End of period (including undistributed net investment income of $1,888,227 and undistributed net investment income of $3,017,018, respectively) $418,025,922 $547,324,342 

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


Financial Highlights — Fidelity Japan Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.87 $11.65 $12.00 $9.30 $9.54 $10.83 
Income from Investment Operations       
Net investment income (loss)B .03 .04 .05 .08 .09 .09 
Net realized and unrealized gain (loss) (.51) .23 (.31) 2.80 (.15) (1.39) 
Total from investment operations (.48) .27 (.26) 2.88 (.06) (1.30) 
Distributions from net investment income (.05) (.05) (.08) (.11) (.13) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.06) (.05) (.09) (.19) (.18) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.33 $11.87 $11.65 $12.00 $9.30 $9.54 
Total ReturnD,E,F (4.11)% 2.31% (2.18)% 31.58% (.64)% (11.91)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.09%I 1.10% 1.23% 1.26% 1.42% 1.20%I 
Expenses net of fee waivers, if any 1.09%I 1.10% 1.23% 1.26% 1.38% 1.20%I 
Expenses net of all reductions 1.09%I 1.09% 1.23% 1.25% 1.36% 1.16%I 
Net investment income (loss) .53%I .37% .41% .75% .94% 1.02%I 
Supplemental Data       
Net assets, end of period (000 omitted) $25,549 $23,918 $21,352 $20,520 $9,495 $13,208 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.85 $11.62 $11.96 $9.28 $9.51 $10.83 
Income from Investment Operations       
Net investment income (loss)B .01 –C .01 .05 .06 .07 
Net realized and unrealized gain (loss) (.52) .23 (.30) 2.78 (.13) (1.40) 
Total from investment operations (.51) .23 (.29) 2.83 (.07) (1.33) 
Distributions from net investment income –C – (.04) (.08) (.11) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.01) – (.05) (.16) (.16) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.33 $11.85 $11.62 $11.96 $9.28 $9.51 
Total ReturnD,E,F (4.32)% 1.98% (2.42)% 31.04% (.75)% (12.19)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.45%I 1.43% 1.54% 1.55% 1.70% 1.48%I 
Expenses net of fee waivers, if any 1.45%I 1.43% 1.54% 1.55% 1.66% 1.48%I 
Expenses net of all reductions 1.45%I 1.42% 1.54% 1.53% 1.64% 1.44%I 
Net investment income (loss) .17%I .04% .10% .46% .66% .74%I 
Supplemental Data       
Net assets, end of period (000 omitted) $4,457 $4,809 $4,104 $5,357 $3,934 $4,643 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.82 $11.65 $12.00 $9.26 $9.47 $10.83 
Income from Investment Operations       
Net investment income (loss)B (.02) (.05) (.04) –C .02 .02 
Net realized and unrealized gain (loss) (.51) .22 (.31) 2.80 (.14) (1.39) 
Total from investment operations (.53) .17 (.35) 2.80 (.12) (1.37) 
Distributions from net investment income – – – – (.04) – 
Distributions from net realized gain – – – (.07) (.05) – 
Total distributions – – – (.07) (.09) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.29 $11.82 $11.65 $12.00 $9.26 $9.47 
Total ReturnD,E,F (4.48)% 1.46% (2.92)% 30.52% (1.24)% (12.56)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.91%I 1.91% 2.02% 2.02% 2.17% 1.95%I 
Expenses net of fee waivers, if any 1.91%I 1.91% 2.02% 2.02% 2.13% 1.95%I 
Expenses net of all reductions 1.91%I 1.91% 2.02% 2.01% 2.11% 1.91%I 
Net investment income (loss) (.29)%I (.45)% (.37)% (.02)% .19% .27%I 
Supplemental Data       
Net assets, end of period (000 omitted) $181 $348 $452 $874 $1,012 $1,458 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.77 $11.58 $11.96 $9.25 $9.48 $10.83 
Income from Investment Operations       
Net investment income (loss)B (.01) (.04) (.03) –C .02 .03 
Net realized and unrealized gain (loss) (.52) .23 (.32) 2.79 (.14) (1.39) 
Total from investment operations (.53) .19 (.35) 2.79 (.12) (1.36) 
Distributions from net investment income – – (.03) (.01) (.06) – 
Distributions from net realized gain – – (.01) (.08) (.05) – 
Total distributions – – (.03)D (.09) (.11) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.24 $11.77 $11.58 $11.96 $9.25 $9.48 
Total ReturnE,F,G (4.50)% 1.64% (2.90)% 30.55% (1.27)% (12.47)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.83%J 1.81% 1.93% 1.97% 2.15% 1.92%J 
Expenses net of fee waivers, if any 1.82%J 1.81% 1.93% 1.97% 2.11% 1.92%J 
Expenses net of all reductions 1.82%J 1.80% 1.93% 1.95% 2.09% 1.88%J 
Net investment income (loss) (.21)%J (.34)% (.29)% .04% .21% .30%J 
Supplemental Data       
Net assets, end of period (000 omitted) $16,282 $18,491 $13,162 $11,824 $7,015 $8,750 
Portfolio turnover rateK 16%J 35% 112% 68% 52% 134%L 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total distributions of $.03 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.009 per share.

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

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

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

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.91 $11.69 $12.03 $9.34 $9.57 $10.57 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .09 .12 .12 .15 
Net realized and unrealized gain (loss) (.51) .23 (.32) 2.79 (.14) (.75) 
Total from investment operations (.46) .31 (.23) 2.91 (.02) (.60) 
Distributions from net investment income (.07) (.09) (.11) (.15) (.16) (.20) 
Distributions from net realized gain (.01) – (.01) (.08) (.05) (.21) 
Total distributions (.08) (.09) (.11)B (.23) (.21) (.41) 
Redemption fees added to paid in capitalA –C –C –C .01 –C .01 
Net asset value, end of period $11.37 $11.91 $11.69 $12.03 $9.34 $9.57 
Total ReturnD,E (3.93)% 2.66% (1.90)% 31.92% (.19)% (6.00)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .80%H .80% .90% .93% 1.09% .86% 
Expenses net of fee waivers, if any .80%H .80% .90% .93% 1.06% .84% 
Expenses net of all reductions .80%H .79% .90% .91% 1.04% .80% 
Net investment income (loss) .82%H .67% .74% 1.08% 1.26% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $365,290 $485,803 $415,612 $480,773 $353,550 $450,417 
Portfolio turnover rateI 16%H 35% 112% 68% 52% 134%J 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.11 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.009 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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

 J The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.89 $11.67 $12.02 $9.33 $9.57 $10.83 
Income from Investment Operations       
Net investment income (loss)B .05 .08 .09 .13 .12 .13 
Net realized and unrealized gain (loss) (.52) .23 (.32) 2.78 (.14) (1.40) 
Total from investment operations (.47) .31 (.23) 2.91 (.02) (1.27) 
Distributions from net investment income (.07) (.09) (.12) (.15) (.17) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.07)C (.09) (.12)D (.23) (.22) – 
Redemption fees added to paid in capitalB –E –E –E .01 –E .01 
Net asset value, end of period $11.35 $11.89 $11.67 $12.02 $9.33 $9.57 
Total ReturnF,G (3.97)% 2.72% (1.90)% 32.04% (.18)% (11.63)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .78%J .80% .89% .90% 1.03% .79%J 
Expenses net of fee waivers, if any .78%J .80% .89% .90% 1.01% .79%J 
Expenses net of all reductions .78%J .79% .89% .88% .99% .75%J 
Net investment income (loss) .84%J .67% .76% 1.11% 1.31% 1.43%J 
Supplemental Data       
Net assets, end of period (000 omitted) $6,267 $13,957 $20,253 $20,033 $1,488 $2,715 
Portfolio turnover rateK 16%J 35% 112% 68% 52% 134%L 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.07 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.006 per share.

 D Total distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.009 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Japan 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, Japan and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), expiring capital loss carryforwards, 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 $39,767,246 
Gross unrealized depreciation (52,790,805) 
Net unrealized appreciation (depreciation) on securities $(13,023,559) 
Tax cost $434,543,849 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(3,870,588) 
2017 (41,604,070) 
2018 (26,887,863) 
2019 (98,806,037) 
Total with expiration (171,168,558) 
No expiration  
Short-term (6,850,642) 
Total capital loss carryforward $(178,019,200) 

Due to large redemptions in a prior period, $141,955,883 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $18,885,324 per year.

The Fund acquired $5,487,891 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,371,973 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $38,419,518 and $137,061,828, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $33,499 $6,368 
Class T .25% .25% 11,518 9 
Class B .75% .25% 1,235 928 
Class C .75% .25% 87,060 27,400 
   $133,312 $34,705 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $4,707 
Class T 724 
Class B(a) 48 
Class C(a) 2,736 
 $8,215 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $31,613 .24 
Class T 7,877 .34 
Class B 374 .30 
Class C 19,011 .22 
Japan 419,330 .19 
Class I 7,970 .18 
 $486,175  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $11 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $4,817,143 .62% $1,750 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $461 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $61,820. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $14 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,964.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $121,415 $79,823 
Class T 822 – 
Japan 2,828,514 3,066,127 
Class I 76,342 164,482 
Total $3,027,093 $3,310,432 
From net realized gain   
Class A $14,867 $– 
Class T 2,466 – 
Japan 245,958 – 
Class I 7,047 – 
Total $270,338 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 712,093 1,104,408 $8,422,405 $13,420,485 
Reinvestment of distributions 10,746 6,565 128,096 74,452 
Shares redeemed (483,042) (929,216) (5,489,451) (10,724,499) 
Net increase (decrease) 239,797 181,757 $3,061,050 $2,770,438 
Class T     
Shares sold 25,621 180,232 $295,497 $2,170,519 
Reinvestment of distributions 269 – 3,216 – 
Shares redeemed (38,565) (127,640) (437,379) (1,490,023) 
Net increase (decrease) (12,675) 52,592 $(138,666) $680,496 
Class B     
Shares sold 1,967 711 $21,929 $8,779 
Shares redeemed (15,310) (10,106) (175,368) (116,253) 
Net increase (decrease) (13,343) (9,395) $(153,439) $(107,474) 
Class C     
Shares sold 165,967 747,753 $1,902,846 $8,932,993 
Shares redeemed (289,191) (312,924) (3,216,909) (3,580,602) 
Net increase (decrease) (123,224) 434,829 $(1,314,063) $5,352,391 
Japan     
Shares sold 1,365,848 18,408,352 $15,813,773 $225,875,166 
Reinvestment of distributions 251,274 262,630 3,000,214 2,980,854 
Shares redeemed (10,270,898) (13,426,033) (114,820,865) (161,325,584) 
Net increase (decrease) (8,653,776) 5,244,949 $(96,006,878) $67,530,436 
Class I     
Shares sold 153,380 1,688,546 $1,788,502 $20,578,143 
Reinvestment of distributions 6,575 14,222 78,372 161,134 
Shares redeemed (781,968) (2,263,385) (8,957,709) (26,061,475) 
Net increase (decrease) (622,013) (560,617) $(7,090,835) $(5,322,198) 

11. 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.

At the end of the period, Strategic Advisers International Fund and Strategic Advisers International II Fund were the owners of record of approximately 28% and 11%, respectively, of the total outstanding shares of the Fund. Mutual Funds managed by the investment adviser of its affiliates were the owners of record, in the aggregate, of approximately 47% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.09%    
Actual  $1,000.00 $958.90 $5.31 
Hypothetical-C  $1,000.00 $1,019.44 $5.47 
Class T 1.45%    
Actual  $1,000.00 $956.80 $7.05 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class B 1.91%    
Actual  $1,000.00 $955.20 $9.29 
Hypothetical-C  $1,000.00 $1,015.37 $9.57 
Class C 1.82%    
Actual  $1,000.00 $955.00 $8.85 
Hypothetical-C  $1,000.00 $1,015.81 $9.12 
Japan .80%    
Actual  $1,000.00 $960.70 $3.90 
Hypothetical-C  $1,000.00 $1,020.89 $4.02 
Class I .78%    
Actual  $1,000.00 $960.30 $3.80 
Hypothetical-C  $1,000.00 $1,020.98 $3.92 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AJPNA-SANN-0616
1.917401.105

Fidelity Advisor® Japan Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Japan Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 98.1% 
   Cayman Islands 1.0% 
   United States of America* 0.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 95.8% 
   Korea (South) 1.7% 
   United States of America* 1.4% 
   Cayman Islands 0.7% 
   Singapore 0.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.1 98.6 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 1.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Astellas Pharma, Inc. (Pharmaceuticals) 5.0 4.9 
East Japan Railway Co. (Road & Rail) 4.2 4.2 
KDDI Corp. (Wireless Telecommunication Services) 4.1 3.3 
Hoya Corp. (Health Care Equipment & Supplies) 3.3 3.3 
ORIX Corp. (Diversified Financial Services) 3.3 3.0 
Mitsubishi UFJ Financial Group, Inc. (Banks) 3.1 4.0 
SoftBank Corp. (Wireless Telecommunication Services) 3.1 2.8 
Mitsui Fudosan Co. Ltd. (Real Estate Management & Development) 2.9 2.9 
Sony Corp. (Household Durables) 2.6 2.6 
Japan Tobacco, Inc. (Tobacco) 2.5 1.8 
 34.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 20.3 19.3 
Financials 16.4 19.0 
Health Care 13.5 13.3 
Information Technology 12.7 13.8 
Industrials 12.7 13.8 
Consumer Staples 9.9 7.0 
Telecommunication Services 9.1 7.2 
Materials 4.5 5.2 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 20.3%   
Auto Components - 3.5%   
Bridgestone Corp. 161,700 $5,951,761 
DaikyoNishikawa Corp. 90,600 1,248,546 
NGK Spark Plug Co. Ltd. 215,400 4,295,802 
Sumitomo Electric Industries Ltd. 249,000 2,995,382 
  14,491,491 
Automobiles - 6.3%   
Fuji Heavy Industries Ltd. 53,100 1,743,538 
Honda Motor Co. Ltd. 361,300 9,749,966 
Isuzu Motors Ltd. 282,600 3,023,900 
Mazda Motor Corp. 255,100 3,886,781 
Suzuki Motor Corp. 290,200 7,952,515 
  26,356,700 
Hotels, Restaurants & Leisure - 0.7%   
Skylark Co. Ltd. 230,600 2,931,421 
Household Durables - 4.4%   
Casio Computer Co. Ltd. (a) 189,200 3,599,894 
Rinnai Corp. 43,300 3,821,360 
Sony Corp. 457,600 11,083,814 
  18,505,068 
Internet & Catalog Retail - 1.2%   
Rakuten, Inc. 317,600 3,452,746 
Start Today Co. Ltd. 35,000 1,470,440 
  4,923,186 
Media - 0.9%   
Dentsu, Inc. 36,200 1,839,286 
Proto Corp. 160,300 2,102,489 
  3,941,775 
Multiline Retail - 0.4%   
Don Quijote Holdings Co. Ltd. 50,700 1,803,695 
Specialty Retail - 2.9%   
Fast Retailing Co. Ltd. 11,500 3,027,976 
Nitori Holdings Co. Ltd. 15,600 1,451,094 
United Arrows Ltd. 73,500 2,953,390 
USS Co. Ltd. 179,400 2,837,811 
Xebio Holdings Co. Ltd. 119,300 1,902,908 
  12,173,179 
TOTAL CONSUMER DISCRETIONARY  85,126,515 
CONSUMER STAPLES - 9.9%   
Beverages - 1.4%   
Asahi Group Holdings 177,900 5,646,020 
Food & Staples Retailing - 5.1%   
Ain Holdings, Inc. 35,100 1,705,088 
San-A Co. Ltd. 49,600 2,282,993 
Seven & i Holdings Co. Ltd. 187,900 7,666,778 
Sundrug Co. Ltd. 48,200 3,424,890 
Tsuruha Holdings, Inc. 22,800 2,186,877 
Welcia Holdings Co. Ltd. 77,600 4,099,024 
  21,365,650 
Personal Products - 0.9%   
Kao Corp. 69,500 3,844,530 
Tobacco - 2.5%   
Japan Tobacco, Inc. 254,400 10,394,260 
TOTAL CONSUMER STAPLES  41,250,460 
FINANCIALS - 16.4%   
Banks - 5.0%   
Mitsubishi UFJ Financial Group, Inc. 2,783,300 12,844,416 
Seven Bank Ltd. (b) 986,900 4,193,543 
Shinsei Bank Ltd. 2,892,000 4,053,359 
  21,091,318 
Capital Markets - 0.7%   
Monex Group, Inc. 1,198,700 3,092,308 
Diversified Financial Services - 3.3%   
ORIX Corp. 961,100 13,594,698 
Insurance - 2.4%   
Sony Financial Holdings, Inc. 214,600 2,653,086 
Tokio Marine Holdings, Inc. (c) 222,300 7,274,211 
  9,927,297 
Real Estate Investment Trusts - 1.5%   
Invincible Investment Corp. 1,955 1,484,493 
LaSalle Logiport REIT 881 803,399 
Nippon Prologis REIT, Inc. 868 2,081,323 
Sekisui House (REIT), Inc. 1,449 1,696,576 
  6,065,791 
Real Estate Management & Development - 3.5%   
AEON MALL Co. Ltd. 175,200 2,409,551 
Mitsui Fudosan Co. Ltd. 501,000 12,235,639 
  14,645,190 
TOTAL FINANCIALS  68,416,602 
HEALTH CARE - 13.5%   
Biotechnology - 0.5%   
PeptiDream, Inc. (a)(d) 34,800 2,005,743 
Health Care Equipment & Supplies - 5.7%   
Hoya Corp. 360,200 13,793,598 
Olympus Corp. 264,300 10,296,236 
  24,089,834 
Health Care Providers & Services - 2.3%   
Miraca Holdings, Inc. 95,900 4,075,476 
Ship Healthcare Holdings, Inc. 225,100 5,555,108 
  9,630,584 
Pharmaceuticals - 5.0%   
Astellas Pharma, Inc. 1,548,500 20,877,795 
TOTAL HEALTH CARE  56,603,956 
INDUSTRIALS - 12.7%   
Building Products - 1.3%   
Daikin Industries Ltd. 67,000 5,318,395 
Construction & Engineering - 1.0%   
Toshiba Plant Systems & Services Corp. 351,700 4,349,274 
Electrical Equipment - 2.7%   
Mitsubishi Electric Corp. 454,000 4,824,848 
Nidec Corp. 91,200 6,682,595 
  11,507,443 
Machinery - 2.4%   
Kubota Corp. 307,700 4,482,221 
Makita Corp. 86,100 5,431,482 
  9,913,703 
Road & Rail - 4.2%   
East Japan Railway Co. 198,900 17,498,442 
Trading Companies & Distributors - 1.1%   
Misumi Group, Inc. 321,800 4,443,986 
TOTAL INDUSTRIALS  53,031,243 
INFORMATION TECHNOLOGY - 12.7%   
Electronic Equipment & Components - 6.9%   
Azbil Corp. 162,900 4,179,734 
Hitachi Ltd. 1,579,000 7,235,334 
OMRON Corp. 69,200 2,196,193 
Shimadzu Corp. 613,000 9,175,097 
TDK Corp. 55,400 3,241,669 
Topcon Corp. 245,900 3,026,938 
  29,054,965 
Internet Software & Services - 3.7%   
Alibaba Group Holding Ltd. sponsored ADR (d) 53,100 4,085,514 
DeNA Co. Ltd. 234,300 3,943,154 
Kakaku.com, Inc. 418,800 7,543,053 
  15,571,721 
Semiconductors & Semiconductor Equipment - 0.9%   
Sanken Electric Co. Ltd. (a) 381,000 1,263,105 
Sumco Corp. 397,300 2,515,961 
  3,779,066 
Software - 0.6%   
COLOPL, Inc. 117,000 2,311,206 
Technology Hardware, Storage & Peripherals - 0.6%   
NEC Corp. 961,000 2,338,857 
TOTAL INFORMATION TECHNOLOGY  53,055,815 
MATERIALS - 4.5%   
Chemicals - 4.5%   
Daicel Chemical Industries Ltd. 208,300 2,602,074 
Hitachi Chemical Co. Ltd. 143,200 2,404,863 
Kansai Paint Co. Ltd. 246,500 4,311,200 
Shin-Etsu Chemical Co. Ltd. 89,600 5,018,387 
Toray Industries, Inc. 538,000 4,493,793 
  18,830,317 
TELECOMMUNICATION SERVICES - 9.1%   
Diversified Telecommunication Services - 1.9%   
Nippon Telegraph & Telephone Corp. 179,200 8,019,259 
Wireless Telecommunication Services - 7.2%   
KDDI Corp. 600,100 17,286,321 
SoftBank Corp. 237,400 12,765,117 
  30,051,438 
TOTAL TELECOMMUNICATION SERVICES  38,070,697 
TOTAL COMMON STOCKS   
(Cost $423,826,962)  414,385,605 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 0.38% (e) 1,206,235 1,206,235 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 5,928,450 5,928,450 
TOTAL MONEY MARKET FUNDS   
(Cost $7,134,685)  7,134,685 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $430,961,647)  421,520,290 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (3,494,368) 
NET ASSETS - 100%  $418,025,922 

Legend

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

 (b) A portion of the security sold on a delayed delivery basis.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Non-income producing

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


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 $3,867 
Fidelity Securities Lending Cash Central Fund 61,820 
Total $65,687 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $85,126,515 $-- $85,126,515 $-- 
Consumer Staples 41,250,460 -- 41,250,460 -- 
Financials 68,416,602 -- 68,416,602 -- 
Health Care 56,603,956 -- 56,603,956 -- 
Industrials 53,031,243 -- 53,031,243 -- 
Information Technology 53,055,815 4,085,514 48,970,301 -- 
Materials 18,830,317 -- 18,830,317 -- 
Telecommunication Services 38,070,697 -- 38,070,697 -- 
Money Market Funds 7,134,685 7,134,685 -- -- 
Total Investments in Securities: $421,520,290 $11,220,199 $410,300,091 $-- 

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


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,643,777) — See accompanying schedule:
Unaffiliated issuers (cost $423,826,962) 		$414,385,605  
Fidelity Central Funds (cost $7,134,685) 7,134,685  
Total Investments (cost $430,961,647)  $421,520,290 
Receivable for investments sold   
Regular delivery  1,610,483 
Delayed delivery  1,228,772 
Receivable for fund shares sold  204,538 
Dividends receivable  3,396,451 
Distributions receivable from Fidelity Central Funds  11,311 
Prepaid expenses  360 
Other receivables  23 
Total assets  427,972,228 
Liabilities   
Payable for investments purchased   
Regular delivery $1,299,334  
Delayed delivery 1,566,723  
Payable for fund shares redeemed 824,962  
Accrued management fee 166,424  
Distribution and service plan fees payable 21,502  
Other affiliated payables 91,927  
Other payables and accrued expenses 46,984  
Collateral on securities loaned, at value 5,928,450  
Total liabilities  9,946,306 
Net Assets  $418,025,922 
Net Assets consist of:   
Paid in capital  $615,649,331 
Undistributed net investment income  1,888,227 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (190,260,232) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (9,251,404) 
Net Assets  $418,025,922 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($25,549,301 ÷ 2,254,243 shares)  $11.33 
Maximum offering price per share (100/94.25 of $11.33)  $12.02 
Class T:   
Net Asset Value and redemption price per share ($4,456,631 ÷ 393,196 shares)  $11.33 
Maximum offering price per share (100/96.50 of $11.33)  $11.74 
Class B:   
Net Asset Value and offering price per share ($181,410 ÷ 16,068 shares)(a)  $11.29 
Class C:   
Net Asset Value and offering price per share ($16,281,880 ÷ 1,447,994 shares)(a)  $11.24 
Japan:   
Net Asset Value, offering price and redemption price per share ($365,289,572 ÷ 32,138,461 shares)  $11.37 
Class I:   
Net Asset Value, offering price and redemption price per share ($6,267,128 ÷ 552,250 shares)  $11.35 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,400,064 
Income from Fidelity Central Funds  65,687 
Income before foreign taxes withheld  4,465,751 
Less foreign taxes withheld  (442,374) 
Total income  4,023,377 
Expenses   
Management fee   
Basic fee $1,739,878  
Performance adjustment (504,885)  
Transfer agent fees 486,175  
Distribution and service plan fees 133,312  
Accounting and security lending fees 129,152  
Custodian fees and expenses 28,896  
Independent trustees' compensation 1,142  
Registration fees 68,374  
Audit 40,802  
Legal 686  
Interest 1,750  
Miscellaneous 1,771  
Total expenses before reductions 2,127,053  
Expense reductions (1,978) 2,125,075 
Net investment income (loss)  1,898,302 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (7,721,419)  
Foreign currency transactions (50,452)  
Total net realized gain (loss)  (7,771,871) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(18,729,419)  
Assets and liabilities in foreign currencies 208,285  
Total change in net unrealized appreciation (depreciation)  (18,521,134) 
Net gain (loss)  (26,293,005) 
Net increase (decrease) in net assets resulting from operations  $(24,394,703) 

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


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,898,302 $3,112,183 
Net realized gain (loss) (7,771,871) (392,382) 
Change in net unrealized appreciation (depreciation) (18,521,134) 1,937,241 
Net increase (decrease) in net assets resulting from operations (24,394,703) 4,657,042 
Distributions to shareholders from net investment income (3,027,093) (3,310,432) 
Distributions to shareholders from net realized gain (270,338) – 
Total distributions (3,297,431) (3,310,432) 
Share transactions - net increase (decrease) (101,642,831) 70,904,089 
Redemption fees 36,545 139,156 
Total increase (decrease) in net assets (129,298,420) 72,389,855 
Net Assets   
Beginning of period 547,324,342 474,934,487 
End of period (including undistributed net investment income of $1,888,227 and undistributed net investment income of $3,017,018, respectively) $418,025,922 $547,324,342 

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


Financial Highlights — Fidelity Japan Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.87 $11.65 $12.00 $9.30 $9.54 $10.83 
Income from Investment Operations       
Net investment income (loss)B .03 .04 .05 .08 .09 .09 
Net realized and unrealized gain (loss) (.51) .23 (.31) 2.80 (.15) (1.39) 
Total from investment operations (.48) .27 (.26) 2.88 (.06) (1.30) 
Distributions from net investment income (.05) (.05) (.08) (.11) (.13) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.06) (.05) (.09) (.19) (.18) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.33 $11.87 $11.65 $12.00 $9.30 $9.54 
Total ReturnD,E,F (4.11)% 2.31% (2.18)% 31.58% (.64)% (11.91)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.09%I 1.10% 1.23% 1.26% 1.42% 1.20%I 
Expenses net of fee waivers, if any 1.09%I 1.10% 1.23% 1.26% 1.38% 1.20%I 
Expenses net of all reductions 1.09%I 1.09% 1.23% 1.25% 1.36% 1.16%I 
Net investment income (loss) .53%I .37% .41% .75% .94% 1.02%I 
Supplemental Data       
Net assets, end of period (000 omitted) $25,549 $23,918 $21,352 $20,520 $9,495 $13,208 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.85 $11.62 $11.96 $9.28 $9.51 $10.83 
Income from Investment Operations       
Net investment income (loss)B .01 –C .01 .05 .06 .07 
Net realized and unrealized gain (loss) (.52) .23 (.30) 2.78 (.13) (1.40) 
Total from investment operations (.51) .23 (.29) 2.83 (.07) (1.33) 
Distributions from net investment income –C – (.04) (.08) (.11) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.01) – (.05) (.16) (.16) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.33 $11.85 $11.62 $11.96 $9.28 $9.51 
Total ReturnD,E,F (4.32)% 1.98% (2.42)% 31.04% (.75)% (12.19)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.45%I 1.43% 1.54% 1.55% 1.70% 1.48%I 
Expenses net of fee waivers, if any 1.45%I 1.43% 1.54% 1.55% 1.66% 1.48%I 
Expenses net of all reductions 1.45%I 1.42% 1.54% 1.53% 1.64% 1.44%I 
Net investment income (loss) .17%I .04% .10% .46% .66% .74%I 
Supplemental Data       
Net assets, end of period (000 omitted) $4,457 $4,809 $4,104 $5,357 $3,934 $4,643 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.82 $11.65 $12.00 $9.26 $9.47 $10.83 
Income from Investment Operations       
Net investment income (loss)B (.02) (.05) (.04) –C .02 .02 
Net realized and unrealized gain (loss) (.51) .22 (.31) 2.80 (.14) (1.39) 
Total from investment operations (.53) .17 (.35) 2.80 (.12) (1.37) 
Distributions from net investment income – – – – (.04) – 
Distributions from net realized gain – – – (.07) (.05) – 
Total distributions – – – (.07) (.09) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.29 $11.82 $11.65 $12.00 $9.26 $9.47 
Total ReturnD,E,F (4.48)% 1.46% (2.92)% 30.52% (1.24)% (12.56)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.91%I 1.91% 2.02% 2.02% 2.17% 1.95%I 
Expenses net of fee waivers, if any 1.91%I 1.91% 2.02% 2.02% 2.13% 1.95%I 
Expenses net of all reductions 1.91%I 1.91% 2.02% 2.01% 2.11% 1.91%I 
Net investment income (loss) (.29)%I (.45)% (.37)% (.02)% .19% .27%I 
Supplemental Data       
Net assets, end of period (000 omitted) $181 $348 $452 $874 $1,012 $1,458 
Portfolio turnover rateJ 16%I 35% 112% 68% 52% 134%K 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

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

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

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

 G 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.

 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. 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 Annualized

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

 K The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.77 $11.58 $11.96 $9.25 $9.48 $10.83 
Income from Investment Operations       
Net investment income (loss)B (.01) (.04) (.03) –C .02 .03 
Net realized and unrealized gain (loss) (.52) .23 (.32) 2.79 (.14) (1.39) 
Total from investment operations (.53) .19 (.35) 2.79 (.12) (1.36) 
Distributions from net investment income – – (.03) (.01) (.06) – 
Distributions from net realized gain – – (.01) (.08) (.05) – 
Total distributions – – (.03)D (.09) (.11) – 
Redemption fees added to paid in capitalB –C –C –C .01 –C .01 
Net asset value, end of period $11.24 $11.77 $11.58 $11.96 $9.25 $9.48 
Total ReturnE,F,G (4.50)% 1.64% (2.90)% 30.55% (1.27)% (12.47)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.83%J 1.81% 1.93% 1.97% 2.15% 1.92%J 
Expenses net of fee waivers, if any 1.82%J 1.81% 1.93% 1.97% 2.11% 1.92%J 
Expenses net of all reductions 1.82%J 1.80% 1.93% 1.95% 2.09% 1.88%J 
Net investment income (loss) (.21)%J (.34)% (.29)% .04% .21% .30%J 
Supplemental Data       
Net assets, end of period (000 omitted) $16,282 $18,491 $13,162 $11,824 $7,015 $8,750 
Portfolio turnover rateK 16%J 35% 112% 68% 52% 134%L 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total distributions of $.03 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.009 per share.

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

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

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

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.91 $11.69 $12.03 $9.34 $9.57 $10.57 
Income from Investment Operations       
Net investment income (loss)A .05 .08 .09 .12 .12 .15 
Net realized and unrealized gain (loss) (.51) .23 (.32) 2.79 (.14) (.75) 
Total from investment operations (.46) .31 (.23) 2.91 (.02) (.60) 
Distributions from net investment income (.07) (.09) (.11) (.15) (.16) (.20) 
Distributions from net realized gain (.01) – (.01) (.08) (.05) (.21) 
Total distributions (.08) (.09) (.11)B (.23) (.21) (.41) 
Redemption fees added to paid in capitalA –C –C –C .01 –C .01 
Net asset value, end of period $11.37 $11.91 $11.69 $12.03 $9.34 $9.57 
Total ReturnD,E (3.93)% 2.66% (1.90)% 31.92% (.19)% (6.00)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .80%H .80% .90% .93% 1.09% .86% 
Expenses net of fee waivers, if any .80%H .80% .90% .93% 1.06% .84% 
Expenses net of all reductions .80%H .79% .90% .91% 1.04% .80% 
Net investment income (loss) .82%H .67% .74% 1.08% 1.26% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $365,290 $485,803 $415,612 $480,773 $353,550 $450,417 
Portfolio turnover rateI 16%H 35% 112% 68% 52% 134%J 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.11 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $.009 per share.

 C Amount represents less than $.005 per share.

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

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

 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 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.

 H Annualized

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

 J The portfolio turnover rate does not include the assets acquired in the merger.


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


Financial Highlights — Fidelity Japan Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 A 
Selected Per–Share Data       
Net asset value, beginning of period $11.89 $11.67 $12.02 $9.33 $9.57 $10.83 
Income from Investment Operations       
Net investment income (loss)B .05 .08 .09 .13 .12 .13 
Net realized and unrealized gain (loss) (.52) .23 (.32) 2.78 (.14) (1.40) 
Total from investment operations (.47) .31 (.23) 2.91 (.02) (1.27) 
Distributions from net investment income (.07) (.09) (.12) (.15) (.17) – 
Distributions from net realized gain (.01) – (.01) (.08) (.05) – 
Total distributions (.07)C (.09) (.12)D (.23) (.22) – 
Redemption fees added to paid in capitalB –E –E –E .01 –E .01 
Net asset value, end of period $11.35 $11.89 $11.67 $12.02 $9.33 $9.57 
Total ReturnF,G (3.97)% 2.72% (1.90)% 32.04% (.18)% (11.63)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .78%J .80% .89% .90% 1.03% .79%J 
Expenses net of fee waivers, if any .78%J .80% .89% .90% 1.01% .79%J 
Expenses net of all reductions .78%J .79% .89% .88% .99% .75%J 
Net investment income (loss) .84%J .67% .76% 1.11% 1.31% 1.43%J 
Supplemental Data       
Net assets, end of period (000 omitted) $6,267 $13,957 $20,253 $20,033 $1,488 $2,715 
Portfolio turnover rateK 16%J 35% 112% 68% 52% 134%L 

 A For the period December 14, 2010 (commencement of sale of shares) to October 31, 2011.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.07 per share is comprised of distributions from net investment income of $.065 and distributions from net realized gain of $.006 per share.

 D Total distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.009 per share.

 E Amount represents less than $.005 per share.

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

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

 H 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.

 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. 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 Annualized

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

 L The portfolio turnover rate does not include the assets acquired in the merger.


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


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Japan 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, Japan and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), expiring capital loss carryforwards, 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 $39,767,246 
Gross unrealized depreciation (52,790,805) 
Net unrealized appreciation (depreciation) on securities $(13,023,559) 
Tax cost $434,543,849 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(3,870,588) 
2017 (41,604,070) 
2018 (26,887,863) 
2019 (98,806,037) 
Total with expiration (171,168,558) 
No expiration  
Short-term (6,850,642) 
Total capital loss carryforward $(178,019,200) 

Due to large redemptions in a prior period, $141,955,883 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $18,885,324 per year.

The Fund acquired $5,487,891 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $1,371,973 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $38,419,518 and $137,061,828, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Japan as compared to its benchmark index, the TOPIX, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .50% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $33,499 $6,368 
Class T .25% .25% 11,518 9 
Class B .75% .25% 1,235 928 
Class C .75% .25% 87,060 27,400 
   $133,312 $34,705 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $4,707 
Class T 724 
Class B(a) 48 
Class C(a) 2,736 
 $8,215 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $31,613 .24 
Class T 7,877 .34 
Class B 374 .30 
Class C 19,011 .22 
Japan 419,330 .19 
Class I 7,970 .18 
 $486,175  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $11 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $4,817,143 .62% $1,750 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $461 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $61,820. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $14 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,964.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $121,415 $79,823 
Class T 822 – 
Japan 2,828,514 3,066,127 
Class I 76,342 164,482 
Total $3,027,093 $3,310,432 
From net realized gain   
Class A $14,867 $– 
Class T 2,466 – 
Japan 245,958 – 
Class I 7,047 – 
Total $270,338 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 712,093 1,104,408 $8,422,405 $13,420,485 
Reinvestment of distributions 10,746 6,565 128,096 74,452 
Shares redeemed (483,042) (929,216) (5,489,451) (10,724,499) 
Net increase (decrease) 239,797 181,757 $3,061,050 $2,770,438 
Class T     
Shares sold 25,621 180,232 $295,497 $2,170,519 
Reinvestment of distributions 269 – 3,216 – 
Shares redeemed (38,565) (127,640) (437,379) (1,490,023) 
Net increase (decrease) (12,675) 52,592 $(138,666) $680,496 
Class B     
Shares sold 1,967 711 $21,929 $8,779 
Shares redeemed (15,310) (10,106) (175,368) (116,253) 
Net increase (decrease) (13,343) (9,395) $(153,439) $(107,474) 
Class C     
Shares sold 165,967 747,753 $1,902,846 $8,932,993 
Shares redeemed (289,191) (312,924) (3,216,909) (3,580,602) 
Net increase (decrease) (123,224) 434,829 $(1,314,063) $5,352,391 
Japan     
Shares sold 1,365,848 18,408,352 $15,813,773 $225,875,166 
Reinvestment of distributions 251,274 262,630 3,000,214 2,980,854 
Shares redeemed (10,270,898) (13,426,033) (114,820,865) (161,325,584) 
Net increase (decrease) (8,653,776) 5,244,949 $(96,006,878) $67,530,436 
Class I     
Shares sold 153,380 1,688,546 $1,788,502 $20,578,143 
Reinvestment of distributions 6,575 14,222 78,372 161,134 
Shares redeemed (781,968) (2,263,385) (8,957,709) (26,061,475) 
Net increase (decrease) (622,013) (560,617) $(7,090,835) $(5,322,198) 

11. 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.

At the end of the period, Strategic Advisers International Fund and Strategic Advisers International II Fund were the owners of record of approximately 28% and 11%, respectively, of the total outstanding shares of the Fund. Mutual Funds managed by the investment adviser of its affiliates were the owners of record, in the aggregate, of approximately 47% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.09%    
Actual  $1,000.00 $958.90 $5.31 
Hypothetical-C  $1,000.00 $1,019.44 $5.47 
Class T 1.45%    
Actual  $1,000.00 $956.80 $7.05 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class B 1.91%    
Actual  $1,000.00 $955.20 $9.29 
Hypothetical-C  $1,000.00 $1,015.37 $9.57 
Class C 1.82%    
Actual  $1,000.00 $955.00 $8.85 
Hypothetical-C  $1,000.00 $1,015.81 $9.12 
Japan .80%    
Actual  $1,000.00 $960.70 $3.90 
Hypothetical-C  $1,000.00 $1,020.89 $4.02 
Class I .78%    
Actual  $1,000.00 $960.30 $3.80 
Hypothetical-C  $1,000.00 $1,020.98 $3.92 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AJPNI-SANN-0616
1.917385.105

Fidelity Advisor® International Discovery Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® International Discovery Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 17.3% 
   United Kingdom 14.5% 
   France 9.6% 
   Germany 8.0% 
   United States of America* 5.8% 
   Switzerland 4.3% 
   Sweden 4.1% 
   Hong Kong 3.3% 
   Netherlands 3.3% 
   Other 29.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 19.1% 
   Japan 15.9% 
   France 9.6% 
   United States of America* 7.3% 
   Germany 5.5% 
   Switzerland 5.1% 
   Netherlands 4.0% 
   Sweden 3.1% 
   Hong Kong 3.0% 
   Other 27.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.1 97.5 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 2.2 2.0 
Unilever NV (Certificaten Van Aandelen) (Bearer) (Netherlands, Personal Products) 1.7 1.6 
Statoil ASA (Norway, Oil, Gas & Consumable Fuels) 1.6 0.0 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.4 
AIA Group Ltd. (Hong Kong, Insurance) 1.5 1.3 
ORIX Corp. (Japan, Diversified Financial Services) 1.4 0.9 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.4 1.3 
VINCI SA (France, Construction & Engineering) 1.4 0.9 
KDDI Corp. (Japan, Wireless Telecommunication Services) 1.4 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.3 1.2 
 15.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.6 24.2 
Consumer Discretionary 15.3 17.4 
Consumer Staples 13.2 11.9 
Health Care 12.5 12.8 
Industrials 10.7 10.5 
Information Technology 10.0 7.5 
Energy 5.0 4.3 
Telecommunication Services 4.8 4.9 
Materials 3.6 2.3 
Utilities 0.6 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value (000s) 
Australia - 2.5%   
1-Page Ltd. (a)(b) 2,531,460 $1,857 
Ansell Ltd. (a) 1,588,251 24,068 
Australia & New Zealand Banking Group Ltd. 2,945,060 53,983 
Burson Group Ltd. 7,454,296 28,226 
Magellan Financial Group Ltd. 1,204,177 19,685 
Mantra Group Ltd. 7,793,893 21,927 
Ramsay Health Care Ltd. 1,164,235 57,495 
Spark Infrastructure Group unit 31,636,214 49,793 
TOTAL AUSTRALIA  257,034 
Austria - 0.5%   
Andritz AG 444,500 24,894 
Erste Group Bank AG 995,900 28,646 
TOTAL AUSTRIA  53,540 
Bailiwick of Jersey - 1.2%   
Integrated Diagnostics Holdings PLC 4,932,400 22,936 
Randgold Resources Ltd. sponsored ADR 241,314 24,252 
Regus PLC 11,055,488 47,233 
Wolseley PLC 514,260 28,805 
TOTAL BAILIWICK OF JERSEY  123,226 
Belgium - 2.0%   
Anheuser-Busch InBev SA NV 1,203,427 148,960 
KBC Groep NV 857,319 48,131 
TOTAL BELGIUM  197,091 
Bermuda - 0.3%   
PAX Global Technology Ltd. 29,071,000 25,037 
Canada - 2.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 781,500 34,257 
Cenovus Energy, Inc. 2,806,100 44,483 
Constellation Software, Inc. 156,500 61,161 
Franco-Nevada Corp. 297,300 20,859 
PrairieSky Royalty Ltd. (b) 1,734,473 36,522 
Suncor Energy, Inc. 676,200 19,849 
TOTAL CANADA  217,131 
Cayman Islands - 0.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 453,700 34,908 
Ctrip.com International Ltd. ADR (a) 294,500 12,843 
Lee's Pharmaceutical Holdings Ltd. 6,734,664 5,449 
New Oriental Education & Technology Group, Inc. sponsored ADR 830,000 32,503 
TOTAL CAYMAN ISLANDS  85,703 
China - 0.6%   
Jiangsu Hengrui Medicine Co. Ltd. 4,183,623 30,165 
Kweichow Moutai Co. Ltd. 663,582 25,748 
TOTAL CHINA  55,913 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 517,230 129 
Denmark - 1.3%   
Novo Nordisk A/S Series B 2,371,645 132,419 
Finland - 0.7%   
Sampo Oyj (A Shares) 1,653,500 72,193 
France - 9.6%   
Accor SA (b) 1,684,918 74,636 
ALTEN 608,659 37,635 
Altran Technologies SA 2,384,000 35,365 
Amundi SA 516,400 23,765 
Atos Origin SA 444,123 39,530 
AXA SA (b) 4,402,300 111,156 
Capgemini SA 855,800 79,894 
Cegedim SA (a) 536,390 14,728 
Havas SA 4,815,644 40,297 
Sanofi SA 467,356 38,523 
Sodexo SA 431,200 43,543 
SR Teleperformance SA 290,100 26,043 
Total SA 4,385,111 221,630 
Unibail-Rodamco 156,500 41,933 
VINCI SA (b) 1,924,900 143,796 
TOTAL FRANCE  972,474 
Germany - 8.0%   
Axel Springer Verlag AG 625,002 34,896 
Bayer AG 345,100 39,812 
Beiersdorf AG 242,900 21,794 
Continental AG 297,600 65,359 
Deutsche Boerse AG 526,494 43,219 
Deutsche Telekom AG 3,241,500 56,899 
Fresenius SE & Co. KGaA 468,700 34,090 
GEA Group AG 878,941 40,750 
KION Group AG 1,369,149 74,593 
LEG Immobilien AG 314,266 29,080 
Nexus AG 614,500 10,766 
ProSiebenSat.1 Media AG 1,170,000 59,644 
Rational AG 104,405 53,002 
SAP AG 1,390,594 109,107 
Siemens AG 685,498 71,736 
Symrise AG 637,700 42,249 
United Internet AG 430,714 21,027 
TOTAL GERMANY  808,023 
Hong Kong - 3.3%   
AIA Group Ltd. 24,704,000 147,844 
China Resources Beer Holdings Co. Ltd. 16,944,000 37,233 
Techtronic Industries Co. Ltd. 38,444,000 144,114 
TOTAL HONG KONG  329,191 
India - 2.6%   
Bharti Infratel Ltd. 12,647,734 71,392 
Dr Lal Pathlabs Ltd. 798,016 11,835 
HDFC Bank Ltd. sponsored ADR 1,290,984 81,164 
Housing Development Finance Corp. Ltd. 6,148,295 100,746 
TOTAL INDIA  265,137 
Ireland - 2.7%   
Cairn Homes PLC (a) 17,549,270 22,506 
CRH PLC 1,051,000 30,587 
Dalata Hotel Group PLC (a) 5,686,103 28,706 
Green REIT PLC 9,492,200 15,673 
Irish Continental Group PLC unit 101,800 600 
James Hardie Industries PLC CDI 1,482,921 20,893 
Kerry Group PLC Class A 983,700 87,712 
Ryanair Holdings PLC sponsored ADR 809,300 65,513 
TOTAL IRELAND  272,190 
Isle of Man - 0.8%   
Optimal Payments PLC (a) 11,752,725 65,462 
Playtech Ltd. 1,386,935 16,303 
TOTAL ISLE OF MAN  81,765 
Israel - 1.9%   
Frutarom Industries Ltd. 1,032,000 52,892 
Partner Communications Co. Ltd. (a) 2,268,862 11,804 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,291,300 124,761 
TOTAL ISRAEL  189,457 
Italy - 1.6%   
De Longhi SpA 1,669,626 38,446 
Intesa Sanpaolo SpA 30,697,900 85,334 
Mediaset SpA 3,440,200 15,481 
Telecom Italia SpA (a) 25,339,200 24,743 
TOTAL ITALY  164,004 
Japan - 17.3%   
ACOM Co. Ltd. (a) 3,246,300 16,935 
Aozora Bank Ltd. 9,464,000 33,578 
Asahi Group Holdings 1,066,900 33,860 
Astellas Pharma, Inc. 6,953,700 93,754 
Casio Computer Co. Ltd. (b) 2,015,200 38,343 
Daito Trust Construction Co. Ltd. 209,500 29,630 
Dentsu, Inc. 1,274,300 64,746 
Don Quijote Holdings Co. Ltd. 1,338,100 47,604 
Hoya Corp. 1,793,800 68,692 
Japan Exchange Group, Inc. 1,920,700 28,605 
Japan Tobacco, Inc. 2,318,600 94,733 
KDDI Corp. 4,728,900 136,219 
Keyence Corp. 95,360 57,158 
Misumi Group, Inc. 3,181,300 43,933 
Mitsubishi UFJ Financial Group, Inc. 11,142,500 51,421 
Monex Group, Inc. 12,207,949 31,493 
NEC Corp. 8,879,000 21,609 
Nidec Corp. 324,300 23,763 
Nintendo Co. Ltd. 274,100 37,113 
Nippon Telegraph & Telephone Corp. 904,500 40,477 
Olympus Corp. 3,148,400 122,651 
ORIX Corp. 10,231,600 144,725 
Seven & i Holdings Co. Ltd. 1,034,700 42,218 
Seven Bank Ltd. 12,039,600 51,159 
Shinsei Bank Ltd. 14,227,000 19,940 
Shionogi & Co. Ltd. 856,200 43,702 
Sony Corp. 3,594,500 87,065 
Sundrug Co. Ltd. 622,500 44,232 
Tsuruha Holdings, Inc. 834,000 79,994 
United Arrows Ltd. 991,300 39,833 
VT Holdings Co. Ltd. 3,872,500 19,566 
Welcia Holdings Co. Ltd. 1,150,800 60,788 
TOTAL JAPAN  1,749,539 
Luxembourg - 0.9%   
Eurofins Scientific SA 120,139 44,578 
Grand City Properties SA 1,528,397 33,759 
Senvion SA 708,900 12,460 
TOTAL LUXEMBOURG  90,797 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP (c) 715,655 12,896 
Netherlands - 3.3%   
AerCap Holdings NV (a) 562,900 22,522 
IMCD Group BV 1,926,800 77,794 
ING Groep NV (Certificaten Van Aandelen) 4,956,300 60,696 
Unilever NV (Certificaten Van Aandelen) (Bearer) 3,814,100 167,553 
TOTAL NETHERLANDS  328,565 
New Zealand - 0.8%   
EBOS Group Ltd. 3,154,998 35,160 
Ryman Healthcare Group Ltd. 7,137,434 44,505 
TOTAL NEW ZEALAND  79,665 
Norway - 1.6%   
Statoil ASA (b) 9,044,100 159,188 
Philippines - 0.3%   
SM Investments Corp. 1,641,730 32,950 
Romania - 0.2%   
Banca Transilvania SA 31,143,575 21,373 
South Africa - 1.3%   
EOH Holdings Ltd. 2,855,067 27,788 
Naspers Ltd. Class N 720,500 98,860 
TOTAL SOUTH AFRICA  126,648 
Spain - 2.5%   
Amadeus IT Holding SA Class A 1,717,100 78,135 
Atresmedia Corporacion de Medios de Comunicacion SA 1,719,200 22,383 
Hispania Activos Inmobiliarios SA (a) 1,085,200 15,905 
Inditex SA 2,288,877 73,476 
Mediaset Espana Comunicacion SA 2,931,000 38,059 
Merlin Properties Socimi SA 2,483,100 28,859 
TOTAL SPAIN  256,817 
Sweden - 4.1%   
ASSA ABLOY AB (B Shares) 3,682,800 77,229 
Getinge AB (B Shares) 2,461,330 52,044 
HEXPOL AB (B Shares) (b) 2,967,500 30,671 
Indutrade AB (b) 201,100 11,276 
Nordea Bank AB 5,749,200 55,806 
Saab AB (B Shares) 980,200 33,530 
Sandvik AB (b) 2,242,600 23,011 
Svenska Cellulosa AB (SCA) (B Shares) 3,034,500 95,564 
Svenska Handelsbanken AB (A Shares) (b) 2,567,100 34,246 
TOTAL SWEDEN  413,377 
Switzerland - 4.3%   
GAM Holding Ltd. 1,405,187 18,310 
Julius Baer Group Ltd. 949,640 40,698 
Novartis AG 1,375,538 104,682 
Partners Group Holding AG 247,326 101,839 
Schindler Holding AG (participation certificate) 181,273 33,012 
Syngenta AG (Switzerland) 175,928 70,423 
UBS Group AG 3,690,490 63,861 
TOTAL SWITZERLAND  432,825 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 4,953,560 13,395 
United Kingdom - 14.5%   
AA PLC 3,830,868 15,595 
Associated British Foods PLC 772,200 34,571 
B&M European Value Retail S.A. 9,180,129 37,209 
BAE Systems PLC 4,147,100 28,933 
BCA Marketplace PLC 7,762,300 18,913 
BHP Billiton PLC 2,881,014 39,368 
BT Group PLC 6,133,600 39,758 
Bunzl PLC 2,075,300 61,829 
Cineworld Group PLC 2,055,200 15,555 
CMC Markets PLC 8,647,600 31,589 
Compass Group PLC 2,013,000 35,848 
Countryside Properties PLC (a) 3,408,200 11,578 
Diploma PLC 2,312,600 24,718 
GlaxoSmithKline PLC 3,812,600 81,485 
Howden Joinery Group PLC 10,913,100 78,772 
Imperial Tobacco Group PLC 1,848,336 100,425 
ITV PLC 9,444,600 31,078 
Lloyds Banking Group PLC 69,181,900 67,903 
London Stock Exchange Group PLC 473,136 18,756 
McCarthy & Stone PLC 4,009,500 13,592 
Melrose Industries PLC 1,586,476 8,653 
Micro Focus International PLC 3,609,242 80,634 
Moneysupermarket.com Group PLC 5,210,600 23,899 
Persimmon PLC 1,469,800 42,673 
Reckitt Benckiser Group PLC 900,800 87,755 
Rex Bionics PLC (a)(c) 1,297,286 692 
Rio Tinto PLC 1,185,200 39,759 
SABMiller PLC 719,300 43,985 
Shawbrook Group PLC 8,951,700 37,487 
Softcat PLC 1,526,900 7,117 
Spirax-Sarco Engineering PLC 539,500 26,920 
St. James's Place Capital PLC 5,394,300 68,336 
Standard Chartered PLC (United Kingdom) 5,296,810 42,729 
Taylor Wimpey PLC 11,716,900 31,552 
Virgin Money Holdings Uk PLC 5,874,500 31,338 
Vodafone Group PLC 30,823,796 99,309 
Workspace Group PLC 649,000 7,918 
TOTAL UNITED KINGDOM  1,468,231 
United States of America - 3.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 520,000 81,151 
Global Payments, Inc. 465,000 33,564 
McGraw Hill Financial, Inc. 462,400 49,407 
Molson Coors Brewing Co. Class B 121,600 11,629 
MSCI, Inc. Class A 586,700 44,554 
Visa, Inc. Class A 1,147,700 88,648 
TOTAL UNITED STATES OF AMERICA  308,953 
TOTAL COMMON STOCKS   
(Cost $8,697,817)  9,796,876 
Nonconvertible Preferred Stocks - 0.2%   
Cayman Islands - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $18,833) 5,958,244 23,003 
 Principal Amount (000s) Value (000s) 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.33% 5/5/16 to 7/28/16 (e)   
(Cost $11,655) 11,660 11,657 
 Shares Value (000s) 
Money Market Funds - 5.1%   
Fidelity Cash Central Fund, 0.38% (f) 199,763,053 199,763 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 311,707,412 311,707 
TOTAL MONEY MARKET FUNDS   
(Cost $511,470)  511,470 
TOTAL INVESTMENT PORTFOLIO - 102.5%   
(Cost $9,239,775)  10,343,006 
NET OTHER ASSETS (LIABILITIES) - (2.5)%  (248,078) 
NET ASSETS - 100%  $10,094,928 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
2,402 CME Nikkei 225 Contracts (Japan) June 2016 179,021 $(11,598) 

The face value of futures purchased as a percentage of Net Assets is 1.8%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) 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 $23,003,000 or 0.2% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,657,000.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $18,833 

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 
 (Amounts in thousands) 
Fidelity Cash Central Fund $545 
Fidelity Securities Lending Cash Central Fund 2,593 
Total $3,138 

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 (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Value, end of period 
Hoegh LNG Partners LP $11,465 $-- $-- $832 $12,896 
Rex Bionics PLC 976 -- 4 -- 692 
Total $12,441 $-- $4 $832 $13,588 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,534,838 $1,034,716 $477,119 $23,003 
Consumer Staples 1,334,162 853,349 480,813 -- 
Energy 494,568 113,750 380,818 -- 
Financials 2,185,536 1,236,886 948,650 -- 
Health Care 1,265,979 574,622 691,357 -- 
Industrials 1,107,038 909,868 197,170 -- 
Information Technology 982,951 693,397 289,554 -- 
Materials 371,953 262,239 109,714 -- 
Telecommunication Services 480,601 83,196 397,405 -- 
Utilities 62,253 62,253 -- -- 
Government Obligations 11,657 -- 11,657 -- 
Money Market Funds 511,470 511,470 -- -- 
Total Investments in Securities: $10,343,006 $6,335,746 $3,984,257 $23,003 
Derivative Instruments:     
Liabilities     
Futures Contracts $(11,598) $(11,598) $-- $-- 
Total Liabilities $(11,598) $(11,598) $-- $-- 
Total Derivative Instruments: $(11,598) $(11,598) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total (000s) 
Level 1 to Level 2 $123,459 
Level 2 to Level 1 $733,107 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value (000s) 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(11,598) 
Total Equity Risk 0 (11,598) 
Total Value of Derivatives $0 $(11,598) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $292,726) — See accompanying schedule:
Unaffiliated issuers (cost $8,709,825) 		$9,817,948  
Fidelity Central Funds (cost $511,470) 511,470  
Other affiliated issuers (cost $18,480) 13,588  
Total Investments (cost $9,239,775)  $10,343,006 
Foreign currency held at value (cost $3,534)  3,534 
Receivable for investments sold  83,114 
Receivable for fund shares sold  9,626 
Dividends receivable  48,955 
Distributions receivable from Fidelity Central Funds  957 
Prepaid expenses  9 
Other receivables  4,089 
Total assets  10,493,290 
Liabilities   
Payable to custodian bank $705  
Payable for investments purchased 56,857  
Payable for fund shares redeemed 16,003  
Accrued management fee 6,281  
Distribution and service plan fees payable 100  
Payable for daily variation margin for derivative instruments 4,684  
Other affiliated payables 1,444  
Other payables and accrued expenses 581  
Collateral on securities loaned, at value 311,707  
Total liabilities  398,362 
Net Assets  $10,094,928 
Net Assets consist of:   
Paid in capital  $9,352,158 
Undistributed net investment income  88,416 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (436,449) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,090,803 
Net Assets  $10,094,928 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($260,942.4 ÷ 6,913.487 shares)  $37.74 
Maximum offering price per share (100/94.25 of $37.74)  $40.04 
Class T:   
Net Asset Value and redemption price per share ($38,584.3 ÷ 1,028.093 shares)  $37.53 
Maximum offering price per share (100/96.50 of $37.53)  $38.89 
Class B:   
Net Asset Value and offering price per share ($1,398.6 ÷ 37.492 shares)(a)  $37.30 
Class C:   
Net Asset Value and offering price per share ($32,708.8 ÷ 878.178 shares)(a)  $37.25 
International Discovery:   
Net Asset Value, offering price and redemption price per share ($6,797,488.8 ÷ 178,912.550 shares)  $37.99 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,151,531.2 ÷ 56,751.079 shares)  $37.91 
Class I:   
Net Asset Value, offering price and redemption price per share ($781,184.7 ÷ 20,610.933 shares)  $37.90 
Class Z:   
Net Asset Value, offering price and redemption price per share ($31,088.8 ÷ 820.463 shares)  $37.89 

 (a) Redemption 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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $832 earned from other affiliated issuers)  $115,061 
Special dividends  37,704 
Interest  30 
Income from Fidelity Central Funds  3,138 
Income before foreign taxes withheld  155,933 
Less foreign taxes withheld  (11,075) 
Total income  144,858 
Expenses   
Management fee   
Basic fee $34,526  
Performance adjustment 6,890  
Transfer agent fees 8,001  
Distribution and service plan fees 600  
Accounting and security lending fees 905  
Custodian fees and expenses 660  
Independent trustees' compensation 23  
Registration fees 158  
Audit 78  
Legal 14  
Miscellaneous 35  
Total expenses before reductions 51,890  
Expense reductions (113) 51,777 
Net investment income (loss)  93,081 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (355,764)  
Other affiliated issuers (19)  
Foreign currency transactions 4,399  
Futures contracts (10,549)  
Total net realized gain (loss)  (361,933) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(204,729)  
Assets and liabilities in foreign currencies (1,103)  
Futures contracts (20,801)  
Total change in net unrealized appreciation (depreciation)  (226,633) 
Net gain (loss)  (588,566) 
Net increase (decrease) in net assets resulting from operations  $(495,485) 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $93,081 $149,838 
Net realized gain (loss) (361,933) 245,770 
Change in net unrealized appreciation (depreciation) (226,633) 655 
Net increase (decrease) in net assets resulting from operations (495,485) 396,263 
Distributions to shareholders from net investment income (113,434) (74,589) 
Distributions to shareholders from net realized gain (1,362) – 
Total distributions (114,796) (74,589) 
Share transactions - net increase (decrease) (262,006) (353,147) 
Redemption fees 42 95 
Total increase (decrease) in net assets (872,245) (31,378) 
Net Assets   
Beginning of period 10,967,173 10,998,551 
End of period (including undistributed net investment income of $88,416 and undistributed net investment income of $108,769, respectively) $10,094,928 $10,967,173 

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


Financial Highlights — Fidelity International Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.78 $38.70 $39.49 $31.66 $29.43 $32.07 
Income from Investment Operations       
Net investment income (loss)A .27B .40C .53D .34 .41 .42 
Net realized and unrealized gain (loss) (2.04) .79 (.67) 7.97 2.11 (2.52) 
Total from investment operations (1.77) 1.19 (.14) 8.31 2.52 (2.10) 
Distributions from net investment income (.27) (.11) (.33) (.45) (.29) (.38) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.27)E (.11) (.65)F (.48) (.29) (.54) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.74 $39.78 $38.70 $39.49 $31.66 $29.43 
Total ReturnH,I,J (4.47)% 3.09% (.36)% 26.59% 8.70% (6.71)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.37%M 1.33% 1.28% 1.35% 1.34% 1.30% 
Expenses net of fee waivers, if any 1.37%M 1.33% 1.28% 1.35% 1.34% 1.29% 
Expenses net of all reductions 1.37%M 1.32% 1.28% 1.33% 1.31% 1.25% 
Net investment income (loss) 1.45%B,M 1.00%C 1.35%D .97% 1.41% 1.31% 
Supplemental Data       
Net assets, end of period (in millions) $261 $283 $297 $347 $299 $320 
Portfolio turnover rateN 49%M,O 60%O 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .72%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.269 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.

 G Amount represents less than $.005 per share.

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

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K 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.

 L 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.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.51 $38.43 $39.23 $31.42 $29.18 $31.81 
Income from Investment Operations       
Net investment income (loss)A .23B .30C .44D .26 .34 .34 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 7.92 2.09 (2.51) 
Total from investment operations (1.80) 1.10 (.24) 8.18 2.43 (2.17) 
Distributions from net investment income (.17) (.02) (.25) (.34) (.19) (.30) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.18) (.02) (.56) (.37) (.19) (.46) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $37.53 $39.51 $38.43 $39.23 $31.42 $29.18 
Total ReturnF,G,H (4.59)% 2.86% (.60)% 26.31% 8.41% (6.96)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.61%K 1.57% 1.51% 1.59% 1.59% 1.56% 
Expenses net of fee waivers, if any 1.61%K 1.57% 1.51% 1.59% 1.59% 1.55% 
Expenses net of all reductions 1.61%K 1.56% 1.51% 1.57% 1.56% 1.51% 
Net investment income (loss) 1.21%B,K .76%C 1.11%D .73% 1.16% 1.05% 
Supplemental Data       
Net assets, end of period (in millions) $39 $43 $49 $53 $46 $61 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .56%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.20 $38.32 $39.08 $31.28 $29.02 $31.60 
Income from Investment Operations       
Net investment income (loss)A .13B .08C .22D .08 .19 .17 
Net realized and unrealized gain (loss) (2.03) .80 (.66) 7.90 2.09 (2.48) 
Total from investment operations (1.90) .88 (.44) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.01) (.15) (.02) (.12) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.32) (.18) (.02) (.27)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.30 $39.20 $38.32 $39.08 $31.28 $29.02 
Total ReturnG,H,I (4.85)% 2.30% (1.12)% 25.64% 7.85% (7.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of fee waivers, if any 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of all reductions 2.14%L 2.11% 2.05% 2.08% 2.06% 2.02% 
Net investment income (loss) .68%B,L .21%C .57%D .22% .66% .54% 
Supplemental Data       
Net assets, end of period (in millions) $1 $2 $5 $7 $8 $10 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.10) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .02%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.14 $38.25 $39.07 $31.32 $29.08 $31.68 
Income from Investment Operations       
Net investment income (loss)A .13B .10C .23D .08 .19 .18 
Net realized and unrealized gain (loss) (2.02) .79 (.66) 7.90 2.09 (2.49) 
Total from investment operations (1.89) .89 (.43) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.08) (.20) (.04) (.14) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.39) (.23) (.04) (.29)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.25 $39.14 $38.25 $39.07 $31.32 $29.08 
Total ReturnG,H,I (4.83)% 2.33% (1.10)% 25.65% 7.86% (7.37)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 2.09% 2.03% 2.10% 2.09% 2.05% 
Expenses net of fee waivers, if any 2.12%L 2.09% 2.03% 2.09% 2.09% 2.04% 
Expenses net of all reductions 2.12%L 2.08% 2.02% 2.07% 2.06% 2.00% 
Net investment income (loss) .70%B,L .24%C .60%D .23% .66% .56% 
Supplemental Data       
Net assets, end of period (in millions) $33 $32 $35 $36 $30 $33 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.06) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 E Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.12 $39.03 $39.82 $31.91 $29.69 $32.34 
Income from Investment Operations       
Net investment income (loss)A .34B .54C .67D .47 .51 .53 
Net realized and unrealized gain (loss) (2.06) .81 (.68) 8.02 2.12 (2.54) 
Total from investment operations (1.72) 1.35 (.01) 8.49 2.63 (2.01) 
Distributions from net investment income (.41) (.26) (.47) (.55) (.41) (.48) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.41)E (.26) (.78) (.58) (.41) (.64) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.99 $40.12 $39.03 $39.82 $31.91 $29.69 
Total ReturnG,H (4.33)% 3.47% (.01)% 27.03% 9.03% (6.39)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.02%K .99% .93% 1.00% 1.01% .97% 
Expenses net of fee waivers, if any 1.02%K .99% .93% 1.00% 1.01% .96% 
Expenses net of all reductions 1.02%K .98% .93% .98% .98% .92% 
Net investment income (loss) 1.80%B,K 1.34%C 1.69%D 1.32% 1.73% 1.64% 
Supplemental Data       
Net assets, end of period (in millions) $6,797 $7,209 $7,464 $7,800 $5,965 $6,806 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 E Total distributions of $.41 per share is comprised of distributions from net investment income of $.409 and distributions from net realized gain of $.005 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.06 $38.97 $39.76 $31.87 $29.66 $32.32 
Income from Investment Operations       
Net investment income (loss)A .36B .59C .72D .52 .57 .58 
Net realized and unrealized gain (loss) (2.04) .81 (.67) 8.01 2.11 (2.54) 
Total from investment operations (1.68) 1.40 .05 8.53 2.68 (1.96) 
Distributions from net investment income (.46) (.31) (.53) (.61) (.47) (.55) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.47) (.31) (.84) (.64) (.47) (.70)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.91 $40.06 $38.97 $39.76 $31.87 $29.66 
Total ReturnG,H (4.25)% 3.61% .13% 27.23% 9.24% (6.24)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .89%K .86% .80% .85% .83% .80% 
Expenses net of fee waivers, if any .89%K .86% .80% .85% .83% .79% 
Expenses net of all reductions .89%K .85% .79% .83% .80% .75% 
Net investment income (loss) 1.94%B,K 1.47%C 1.83%D 1.47% 1.91% 1.81% 
Supplemental Data       
Net assets, end of period (in millions) $2,152 $2,308 $2,464 $2,576 $1,776 $1,245 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 E Total distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.03 $38.96 $39.76 $31.87 $29.65 $32.31 
Income from Investment Operations       
Net investment income (loss)A .34B .53C .67D .47 .52 .54 
Net realized and unrealized gain (loss) (2.05) .80 (.68) 8.01 2.11 (2.55) 
Total from investment operations (1.71) 1.33 (.01) 8.48 2.63 (2.01) 
Distributions from net investment income (.42) (.26) (.48) (.56) (.41) (.50) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.42)E (.26) (.79) (.59) (.41) (.65)F 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.90 $40.03 $38.96 $39.76 $31.87 $29.65 
Total ReturnH,I (4.31)% 3.44% (.01)% 27.03% 9.07% (6.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.03%L 1.00% .93% 1.00% 1.00% .95% 
Expenses net of fee waivers, if any 1.03%L .99% .93% 1.00% 1.00% .94% 
Expenses net of all reductions 1.03%L .98% .93% .97% .97% .90% 
Net investment income (loss) 1.80%B,L 1.33%C 1.69%D 1.33% 1.75% 1.66% 
Supplemental Data       
Net assets, end of period (in millions) $781 $1,061 $650 $476 $294 $278 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.14%.

 E Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $40.03 $38.96 $39.77 $37.22 
Income from Investment Operations     
Net investment income (loss)B .36C .59D .72E .07 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 2.48 
Total from investment operations (1.67) 1.39 .04 2.55 
Distributions from net investment income (.46) (.32) (.54) – 
Distributions from net realized gain (.01) – (.31) – 
Total distributions (.47) (.32) (.85) – 
Redemption fees added to paid in capitalB,F – – – – 
Net asset value, end of period $37.89 $40.03 $38.96 $39.77 
Total ReturnG,H (4.24)% 3.58% .12% 6.85% 
Ratios to Average Net AssetsI,J     
Expenses before reductions .89%K .86% .80% .85%K 
Expenses net of fee waivers, if any .89%K .86% .80% .85%K 
Expenses net of all reductions .89%K .85% .79% .83%K 
Net investment income (loss) 1.94%C,K 1.47%D 1.83%E .76%K 
Supplemental Data     
Net assets, end of period (000 omitted) $31,089 $30,093 $35,125 $107 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 E Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity International Discovery 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, International Discovery, Class K, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, certain foreign taxes, redemptions in-kind, 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 $1,550,136 
Gross unrealized depreciation (447,894) 
Net unrealized appreciation (depreciation) on securities $1,102,242 
Tax cost $9,240,764 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(49,248) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(10,549) and a change in net unrealized appreciation (depreciation) of $(20,801) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,445,746 and $2,483,783, respectively.

Redemptions In-Kind. During the period, 1,487 shares of the Fund held by an unaffiliated entity were redeemed in-kind for cash and investments with a value of $55,670. The net realized gain of $10,064 on investments delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $331 $– 
Class T .25% .25% 99 – 
Class B .75% .25% 9 7 
Class C .75% .25% 161 15 
   $600 $22 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $32 
Class T 3 
Class B(a) –(b) 
Class C(a) 1 
 $36 

 (a) 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.

 (b) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $369 .28 
Class T 53 .27 
Class B 3 .30 
Class C 45 .28 
International Discovery 6,165 .18 
Class K 508 .05 
Class I 851 .19 
Class Z 7 .05 
 $8,001  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $75. 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 $2,593, including $5 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $74 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $39.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $1,912 $864 
Class T 184 23 
International Discovery 73,519 49,040 
Class K 26,239 19,835 
Class I 11,205 4,544 
Class Z 375 283 
Total $113,434 $74,589 
From net realized gain   
Class A $36 $– 
Class T 5 – 
International Discovery 899 – 
Class K 284 – 
Class I 134 – 
Class Z 4 – 
Total $1,362 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 543 1,331 $20,433 $53,289 
Reinvestment of distributions 48 22 1,922 843 
Shares redeemed (784) (1,915) (29,432) (76,178) 
Net increase (decrease) (193) (562) $(7,077) $(22,046) 
Class T     
Shares sold 76 178 $2,881 $7,105 
Reinvestment of distributions 5 1 183 23 
Shares redeemed (140) (355) (5,252) (13,954) 
Net increase (decrease) (59) (176) $(2,188) $(6,826) 
Class B     
Shares sold – 1 $15 $53 
Shares redeemed (20) (64) (758) (2,536) 
Net increase (decrease) (20) (63) $(743) $(2,483) 
Class C     
Shares sold 159 201 $5,952 $7,918 
Shares redeemed (92) (314) (3,380) (12,486) 
Net increase (decrease) 67 (113) $2,572 $(4,568) 
International Discovery     
Shares sold 9,886 20,827 $372,799 $832,233 
Reinvestment of distributions 1,781 1,199 70,961 46,913 
Shares redeemed (12,452) (33,573) (467,188) (1,345,593) 
Net increase (decrease) (785) (11,547) $(23,428) $(466,447) 
Class K     
Shares sold 7,943 15,372 $296,942 $613,737 
Reinvestment of distributions 667 508 26,523 19,835 
Shares redeemed (9,474)(a) (21,494)(b) (358,588)(a) (860,632)(b) 
Net increase (decrease) (864) (5,614) $(35,123) $(227,060) 
Class I     
Shares sold 6,739 15,392 $253,947 $602,134 
Reinvestment of distributions 52 33 2,069 1,286 
Shares redeemed (12,681) (5,606) (454,709) (221,504) 
Net increase (decrease) (5,890) 9,819 $(198,693) $381,916 
Class Z     
Shares sold 202 402 $7,794 $16,312 
Reinvestment of distributions 10 7 379 283 
Shares redeemed (144) (559) (5,499) (22,228) 
Net increase (decrease) 68 (150) $2,674 $(5,633) 

 (a) Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).

 (b) Amount includes in-kind redemptions.


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.

At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 20% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.37%    
Actual  $1,000.00 $955.30 $6.66 
Hypothetical-C  $1,000.00 $1,018.05 $6.87 
Class T 1.61%    
Actual  $1,000.00 $954.10 $7.82 
Hypothetical-C  $1,000.00 $1,016.86 $8.07 
Class B 2.14%    
Actual  $1,000.00 $951.50 $10.38 
Hypothetical-C  $1,000.00 $1,014.22 $10.72 
Class C 2.12%    
Actual  $1,000.00 $951.70 $10.29 
Hypothetical-C  $1,000.00 $1,014.32 $10.62 
International Discovery 1.02%    
Actual  $1,000.00 $956.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 
Class K .89%    
Actual  $1,000.00 $957.50 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 
Class I 1.03%    
Actual  $1,000.00 $956.90 $5.01 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class Z .89%    
Actual  $1,000.00 $957.60 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AIDI-SANN-0616
1.806666.111

Fidelity Advisor® International Value Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® International Value Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 20.6% 
   Japan 19.6% 
   France 17.9% 
   Switzerland 7.9% 
   United States of America* 6.5% 
   Germany 6.0% 
   Netherlands 3.7% 
   Australia 3.7% 
   Italy 3.1% 
   Other 11.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 23.5% 
   Japan 20.6% 
   France 16.3% 
   Switzerland 8.2% 
   United States of America* 6.0% 
   Germany 5.5% 
   Netherlands 3.7% 
   Australia 2.9% 
   Spain 2.0% 
   Other 11.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.8 97.6 
Short-Term Investments and Net Other Assets (Liabilities) 1.2 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 3.5 3.1 
Westpac Banking Corp. (Australia, Banks) 2.2 1.5 
Toyota Motor Corp. (Japan, Automobiles) 2.2 2.4 
Nestle SA (Switzerland, Food Products) 2.2 2.7 
Sanofi SA (France, Pharmaceuticals) 2.1 2.6 
Rio Tinto PLC (United Kingdom, Metals & Mining) 2.0 1.6 
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) 1.9 1.8 
Imperial Tobacco Group PLC (United Kingdom, Tobacco) 1.8 1.8 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 2.6 
BASF AG (Germany, Chemicals) 1.7 1.7 
 21.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.3 26.3 
Consumer Discretionary 13.8 14.4 
Health Care 13.6 16.0 
Consumer Staples 9.3 9.3 
Industrials 8.8 8.0 
Energy 8.2 6.7 
Telecommunication Services 6.8 6.1 
Materials 5.8 4.1 
Information Technology 4.4 3.6 
Utilities 3.8 3.1 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Australia - 3.7%   
Ansell Ltd. (a) 101,524 $1,538,472 
Macquarie Group Ltd. 27,058 1,306,420 
Transurban Group unit 216,635 1,907,439 
Westpac Banking Corp. (b) 315,896 7,415,205 
TOTAL AUSTRALIA  12,167,536 
Bailiwick of Jersey - 0.7%   
Wolseley PLC 43,009 2,409,023 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 13,670 1,692,071 
Canada - 1.1%   
Imperial Oil Ltd. 70,500 2,338,013 
Potash Corp. of Saskatchewan, Inc. 62,500 1,105,842 
TOTAL CANADA  3,443,855 
Finland - 1.1%   
Sampo Oyj (A Shares) 80,434 3,511,809 
France - 17.9%   
Atos Origin SA 46,498 4,138,632 
AXA SA (b) 220,121 5,557,967 
Bouygues SA (b) 34,935 1,164,868 
Capgemini SA 45,493 4,247,041 
Havas SA 237,066 1,983,774 
Orange SA 172,900 2,872,549 
Renault SA 28,345 2,735,429 
Sanofi SA 85,210 7,023,567 
Societe Generale Series A 89,900 3,537,311 
SR Teleperformance SA 16,600 1,490,214 
Total SA 224,102 11,326,284 
Unibail-Rodamco 14,600 3,911,949 
VINCI SA (b) 70,100 5,236,685 
Vivendi SA 164,892 3,167,628 
TOTAL FRANCE  58,393,898 
Germany - 5.6%   
Axel Springer Verlag AG 26,500 1,479,565 
BASF AG 69,079 5,706,986 
Bayer AG 16,503 1,903,849 
Continental AG 6,766 1,485,953 
Fresenius SE & Co. KGaA 53,300 3,876,700 
GEA Group AG 32,955 1,527,895 
SAP AG 30,421 2,386,864 
TOTAL GERMANY  18,367,812 
Hong Kong - 0.7%   
Power Assets Holdings Ltd. 250,500 2,383,280 
Ireland - 1.2%   
Allergan PLC (a) 6,180 1,338,341 
Medtronic PLC 30,700 2,429,905 
TOTAL IRELAND  3,768,246 
Israel - 1.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 85,999 4,682,646 
Italy - 3.1%   
Eni SpA 273,600 4,469,784 
Intesa Sanpaolo SpA 843,500 2,344,762 
Mediaset SpA 344,400 1,549,816 
Telecom Italia SpA (a) 1,809,900 1,767,320 
TOTAL ITALY  10,131,682 
Japan - 19.6%   
Astellas Pharma, Inc. 237,700 3,204,813 
Dentsu, Inc. 63,000 3,200,968 
East Japan Railway Co. 24,000 2,111,426 
Hoya Corp. 85,000 3,255,013 
Itochu Corp. 242,900 3,086,920 
Japan Tobacco, Inc. 91,900 3,754,845 
KDDI Corp. 143,200 4,124,981 
Makita Corp. 36,100 2,277,311 
Mitsubishi UFJ Financial Group, Inc. 1,037,200 4,786,487 
Nippon Prologis REIT, Inc. (c) 681 1,632,928 
Nippon Telegraph & Telephone Corp. 121,600 5,441,640 
OBIC Co. Ltd. 37,600 1,976,291 
Olympus Corp. 70,900 2,762,025 
ORIX Corp. 206,700 2,923,758 
Seven & i Holdings Co. Ltd. 67,400 2,750,084 
Seven Bank Ltd. 497,900 2,115,681 
Sony Corp. 88,500 2,143,614 
Sony Financial Holdings, Inc. 127,800 1,579,983 
Sumitomo Mitsui Financial Group, Inc. 123,900 3,728,364 
Toyota Motor Corp. 144,000 7,299,324 
TOTAL JAPAN  64,156,456 
Luxembourg - 0.5%   
RTL Group SA 19,239 1,598,910 
Netherlands - 3.7%   
ING Groep NV (Certificaten Van Aandelen) 327,390 4,009,319 
Koninklijke KPN NV 425,668 1,672,729 
Mylan N.V. 28,600 1,192,906 
PostNL NV (a) 92,431 404,302 
RELX NV 292,810 4,913,559 
TOTAL NETHERLANDS  12,192,815 
Spain - 2.2%   
Iberdrola SA 738,976 5,260,579 
Mediaset Espana Comunicacion SA 146,500 1,902,283 
TOTAL SPAIN  7,162,862 
Sweden - 1.6%   
Nordea Bank AB 395,200 3,836,129 
Sandvik AB (b) 137,100 1,406,775 
TOTAL SWEDEN  5,242,904 
Switzerland - 7.9%   
Credit Suisse Group AG 139,828 2,127,967 
Lafargeholcim Ltd. (Reg.) 38,610 1,954,850 
Nestle SA 97,429 7,272,070 
Novartis AG 76,736 5,839,783 
Syngenta AG (Switzerland) 9,247 3,701,499 
UBS Group AG 64,958 1,121,825 
Zurich Insurance Group AG 16,404 3,680,801 
TOTAL SWITZERLAND  25,698,795 
United Kingdom - 20.6%   
AstraZeneca PLC (United Kingdom) 90,857 5,212,701 
Aviva PLC 465,420 2,948,663 
BAE Systems PLC 384,029 2,679,239 
Barclays PLC 1,179,880 2,962,394 
Bunzl PLC 122,364 3,645,572 
Compass Group PLC 209,239 3,726,209 
HSBC Holdings PLC sponsored ADR (b) 155,871 5,195,180 
Imperial Tobacco Group PLC 110,738 6,016,713 
Informa PLC 303,133 2,898,930 
ITV PLC 1,071,296 3,525,110 
Lloyds Banking Group PLC 5,108,500 5,014,049 
Micro Focus International PLC 70,200 1,568,337 
National Grid PLC 336,150 4,796,392 
Prudential PLC 73,355 1,447,994 
Rio Tinto PLC 198,126 6,646,394 
Royal Dutch Shell PLC Class B (United Kingdom) 113,561 2,981,529 
Vodafone Group PLC sponsored ADR 185,558 6,075,169 
TOTAL UNITED KINGDOM  67,340,575 
United States of America - 5.3%   
Altria Group, Inc. 31,400 1,969,094 
Chevron Corp. 25,900 2,646,462 
ConocoPhillips Co. 63,100 3,015,549 
Constellation Brands, Inc. Class A (sub. vtg.) 24,100 3,761,046 
Edgewell Personal Care Co. (a) 15,600 1,280,292 
McGraw Hill Financial, Inc. 24,100 2,575,085 
Molson Coors Brewing Co. Class B 19,900 1,903,037 
TOTAL UNITED STATES OF AMERICA  17,150,565 
TOTAL COMMON STOCKS   
(Cost $335,758,650)  321,495,740 
Nonconvertible Preferred Stocks - 0.4%   
Germany - 0.4%   
Volkswagen AG   
(Cost $1,940,159) 8,731 1,264,175 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.38% (d) 2,939,485 2,939,485 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 15,029,266 15,029,266 
TOTAL MONEY MARKET FUNDS   
(Cost $17,968,751)  17,968,751 
TOTAL INVESTMENT PORTFOLIO - 104.3%   
(Cost $355,667,560)  340,728,666 
NET OTHER ASSETS (LIABILITIES) - (4.3)%  (13,926,556) 
NET ASSETS - 100%  $326,802,110 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. Interest rate to be determined at settlement date.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $6,324 
Fidelity Securities Lending Cash Central Fund 137,227 
Total $143,551 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $44,875,247 $25,337,504 $19,537,743 $-- 
Consumer Staples 30,399,252 16,622,253 13,776,999 -- 
Energy 26,777,621 8,000,024 18,777,597 -- 
Financials 79,272,030 25,467,716 53,804,314 -- 
Health Care 44,260,721 16,962,819 27,297,902 -- 
Industrials 29,347,669 16,783,750 12,563,919 -- 
Information Technology 14,317,165 5,815,378 8,501,787 -- 
Materials 19,115,571 12,469,177 6,646,394 -- 
Telecommunication Services 21,954,388 6,075,169 15,879,219 -- 
Utilities 12,440,251 -- 12,440,251 -- 
Money Market Funds 17,968,751 17,968,751 -- -- 
Total Investments in Securities: $340,728,666 $151,502,541 $189,226,125 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $9,505,293 
Level 2 to Level 1 $16,220,609 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,114,361) — See accompanying schedule:
Unaffiliated issuers (cost $337,698,809) 		$322,759,915  
Fidelity Central Funds (cost $17,968,751) 17,968,751  
Total Investments (cost $355,667,560)  $340,728,666 
Foreign currency held at value (cost $60,596)  59,602 
Receivable for investments sold  406,523 
Receivable for fund shares sold  71,546 
Dividends receivable  2,263,594 
Distributions receivable from Fidelity Central Funds  50,580 
Prepaid expenses  155 
Receivable from investment adviser for expense reductions  525 
Other receivables  2,134 
Total assets  343,583,325 
Liabilities   
Payable for investments purchased   
Regular delivery $734,074  
Delayed delivery 88,039  
Payable for fund shares redeemed 628,459  
Accrued management fee 192,067  
Distribution and service plan fees payable 7,207  
Other affiliated payables 59,645  
Other payables and accrued expenses 42,458  
Collateral on securities loaned, at value 15,029,266  
Total liabilities  16,781,215 
Net Assets  $326,802,110 
Net Assets consist of:   
Paid in capital  $445,477,213 
Undistributed net investment income  3,722,812 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (107,513,209) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (14,884,706) 
Net Assets  $326,802,110 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,316,805 ÷ 1,059,524 shares)  $7.85 
Maximum offering price per share (100/94.25 of $7.85)  $8.33 
Class T:   
Net Asset Value and redemption price per share ($4,007,441 ÷ 510,734 shares)  $7.85 
Maximum offering price per share (100/96.50 of $7.85)  $8.13 
Class B:   
Net Asset Value and offering price per share ($185,710 ÷ 23,320 shares)(a)  $7.96 
Class C:   
Net Asset Value and offering price per share ($4,412,832 ÷ 562,495 shares)(a)  $7.85 
International Value:   
Net Asset Value, offering price and redemption price per share ($307,974,481 ÷ 39,244,446 shares)  $7.85 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,904,841 ÷ 242,277 shares)  $7.86 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $6,260,678 
Income from Fidelity Central Funds  143,551 
Income before foreign taxes withheld  6,404,229 
Less foreign taxes withheld  (490,131) 
Total income  5,914,098 
Expenses   
Management fee   
Basic fee $1,070,146  
Performance adjustment 83,742  
Transfer agent fees 269,737  
Distribution and service plan fees 43,317  
Accounting and security lending fees 79,749  
Custodian fees and expenses 39,497  
Independent trustees' compensation 642  
Registration fees 74,413  
Audit 33,078  
Legal 304  
Miscellaneous 750  
Total expenses before reductions 1,695,375  
Expense reductions (5,259) 1,690,116 
Net investment income (loss)  4,223,982 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,140,494)  
Foreign currency transactions 130,172  
Total net realized gain (loss)  (1,010,322) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(14,207,322)  
Assets and liabilities in foreign currencies 7,902  
Total change in net unrealized appreciation (depreciation)  (14,199,420) 
Net gain (loss)  (15,209,742) 
Net increase (decrease) in net assets resulting from operations  $(10,985,760) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,223,982 $4,113,357 
Net realized gain (loss) (1,010,322) (2,475,305) 
Change in net unrealized appreciation (depreciation) (14,199,420) (2,310,957) 
Net increase (decrease) in net assets resulting from operations (10,985,760) (672,905) 
Distributions to shareholders from net investment income (4,084,383) (7,553,931) 
Share transactions - net increase (decrease) 54,490,310 87,547,372 
Redemption fees 433 863 
Total increase (decrease) in net assets 39,420,600 79,321,399 
Net Assets   
Beginning of period 287,381,510 208,060,111 
End of period (including undistributed net investment income of $3,722,812 and undistributed net investment income of $3,583,213, respectively) $326,802,110 $287,381,510 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.27 $8.62 $8.96 $7.39 $7.02 $8.22 
Income from Investment Operations       
Net investment income (loss)A .09 .13 .31B .17 .20 .22 
Net realized and unrealized gain (loss) (.42) (.20) (.47) 1.64 .39 (1.19) 
Total from investment operations (.33) (.07) (.16) 1.81 .59 (.97) 
Distributions from net investment income (.09) (.28) (.17) (.20) (.22) (.19) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.09) (.28) (.18) (.24) (.22) (.23)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.27 $8.62 $8.96 $7.39 $7.02 
Total ReturnE,F,G (4.05)% (.81)% (1.76)% 25.24% 8.82% (12.19)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.43%J 1.37% 1.32% 1.39% 1.44% 1.36% 
Expenses net of fee waivers, if any 1.43%J 1.37% 1.32% 1.39% 1.44% 1.36% 
Expenses net of all reductions 1.43%J 1.36% 1.32% 1.36% 1.41% 1.34% 
Net investment income (loss) 2.44%J 1.58% 3.44%B 2.08% 2.85% 2.79% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,317 $8,956 $6,296 $6,191 $4,491 $4,668 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.90%.

 C Total distributions of $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.25 $8.60 $8.94 $7.38 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .08 .11 .28B .15 .18 .20 
Net realized and unrealized gain (loss) (.42) (.20) (.46) 1.64 .40 (1.19) 
Total from investment operations (.34) (.09) (.18) 1.79 .58 (.99) 
Distributions from net investment income (.06) (.26) (.15) (.19) (.20) (.17) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.06) (.26) (.16) (.23) (.20) (.21)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.25 $8.60 $8.94 $7.38 $7.00 
Total ReturnE,F,G (4.14)% (1.09)% (1.99)% 24.86% 8.60% (12.42)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.73%J 1.66% 1.59% 1.66% 1.71% 1.63% 
Expenses net of fee waivers, if any 1.70%J 1.66% 1.59% 1.65% 1.70% 1.62% 
Expenses net of all reductions 1.70%J 1.65% 1.59% 1.63% 1.67% 1.60% 
Net investment income (loss) 2.17%J 1.29% 3.17%B 1.81% 2.58% 2.52% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,007 $4,086 $3,604 $3,758 $2,693 $2,468 
Portfolio turnover rateK 26 %J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.64%.

 C Total distributions of $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.34 $8.66 $8.98 $7.39 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .07 .07 .24B .11 .14 .17 
Net realized and unrealized gain (loss) (.45) (.21) (.45) 1.65 .41 (1.20) 
Total from investment operations (.38) (.14) (.21) 1.76 .55 (1.03) 
Distributions from net investment income –C (.18) (.09) (.13) (.16) (.13) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions –C (.18) (.11)D (.17) (.16) (.17)E 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.96 $8.34 $8.66 $8.98 $7.39 $7.00 
Total ReturnF,G,H (4.51)% (1.64)% (2.39)% 24.30% 8.07% (12.88)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 2.21%K 2.15% 2.08% 2.14% 2.19% 2.11% 
Expenses net of fee waivers, if any 2.20%K 2.15% 2.08% 2.14% 2.19% 2.11% 
Expenses net of all reductions 2.20%K 2.14% 2.08% 2.11% 2.16% 2.09% 
Net investment income (loss) 1.66%K .81% 2.68%B 1.32% 2.09% 2.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $186 $302 $414 $678 $691 $901 
Portfolio turnover rateL 26%K 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Amount represents less than $.005 per share.

 D Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share.

 E Total distributions of $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.23 $8.59 $8.93 $7.38 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .06 .07 .24B .11 .14 .16 
Net realized and unrealized gain (loss) (.42) (.20) (.45) 1.63 .41 (1.19) 
Total from investment operations (.36) (.13) (.21) 1.74 .55 (1.03) 
Distributions from net investment income (.02) (.23) (.11) (.15) (.17) (.14) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.02) (.23) (.13)C (.19) (.17) (.17) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.23 $8.59 $8.93 $7.38 $7.00 
Total ReturnE,F,G (4.40)% (1.58)% (2.43)% 24.17% 8.12% (12.84)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.21%J 2.15% 2.07% 2.14% 2.19% 2.12% 
Expenses net of fee waivers, if any 2.20%J 2.14% 2.07% 2.14% 2.19% 2.11% 
Expenses net of all reductions 2.20%J 2.14% 2.07% 2.11% 2.16% 2.09% 
Net investment income (loss) 1.67%J .81% 2.69%B 1.33% 2.09% 2.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,413 $4,502 $3,647 $3,231 $2,249 $2,108 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Total distributions of $.13 per share is comprised of distributions from net investment income of $.111 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.29 $8.64 $8.97 $7.40 $7.03 $8.23 
Income from Investment Operations       
Net investment income (loss)A .11 .16 .34B .19 .22 .25 
Net realized and unrealized gain (loss) (.43) (.19) (.46) 1.65 .40 (1.20) 
Total from investment operations (.32) (.03) (.12) 1.84 .62 (.95) 
Distributions from net investment income (.12) (.32) (.20) (.22) (.25) (.22) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.12) (.32) (.21) (.27)C (.25) (.25) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.29 $8.64 $8.97 $7.40 $7.03 
Total ReturnE,F (3.96)% (.41)% (1.34)% 25.57% 9.19% (11.91)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.07%I 1.02% .96% 1.05% 1.13% 1.04% 
Expenses net of fee waivers, if any 1.07%I 1.02% .96% 1.05% 1.13% 1.03% 
Expenses net of all reductions 1.07%I 1.01% .95% 1.02% 1.10% 1.01% 
Net investment income (loss) 2.79%I 1.93% 3.80%B 2.41% 3.16% 3.11% 
Supplemental Data       
Net assets, end of period (000 omitted) $307,974 $267,567 $192,789 $181,568 $128,983 $150,967 
Portfolio turnover rateJ 26%I 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.27%.

 C Total distributions of $.27 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $.042 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.29 $8.65 $8.98 $7.41 $7.04 $8.24 
Income from Investment Operations       
Net investment income (loss)A .10 .15 .33B .19 .22 .25 
Net realized and unrealized gain (loss) (.43) (.19) (.45) 1.65 .40 (1.19) 
Total from investment operations (.33) (.04) (.12) 1.84 .62 (.94) 
Distributions from net investment income (.10) (.32) (.19) (.23) (.25) (.22) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.10) (.32) (.21)C (.27) (.25) (.26)D 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $7.86 $8.29 $8.65 $8.98 $7.41 $7.04 
Total ReturnF,G (4.07)% (.53)% (1.41)% 25.64% 9.22% (11.83)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.20%J 1.14% 1.05% 1.07% 1.10% .98% 
Expenses net of fee waivers, if any 1.20%J 1.14% 1.05% 1.07% 1.10% .98% 
Expenses net of all reductions 1.20%J 1.13% 1.04% 1.04% 1.07% .96% 
Net investment income (loss) 2.67%J 1.81% 3.71%B 2.39% 3.18% 3.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,905 $1,969 $1,310 $239 $372 $473 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.18%.

 C Total distributions of $.21 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.014 per share.

 D Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Value 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, International Value and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven four years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $20,798,749 
Gross unrealized depreciation (36,225,329) 
Net unrealized appreciation (depreciation) on securities $(15,426,580) 
Tax cost $356,155,246 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(2,663,413) 
2017 (65,376,972) 
2018 (3,571,319) 
2019 (31,368,797) 
Total with expiration $(102,980,501) 
No expiration  
Short-term $(3,001,927) 
Total capital loss carryforward $(105,982,428) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $96,477,809 and $39,058,065, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .75% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $10,630 $247 
Class T .25% .25% 9,834 – 
Class B .75% .25% 1,216 912 
Class C .75% .25% 21,637 4,385 
   $43,317 $5,544 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,140 
Class T 718 
Class B(a) 10 
Class C(a) 800 
 $2,668 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $11,787 .28 
Class T 6,443 .33 
Class B 378 .31 
Class C 6,617 .31 
International Value 241,632 .17 
Class I 2,880 .30 
 $269,737  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $136 for the period.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $266 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $137,227, including $139 from securities loaned to FCM.

8. Expense Reductions.

The investment adviser 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.

 Expense
Limitations 		Reimbursement 
Class T 1.70% $607 
Class B 2.20% 10 
Class C 2.20% 147 
Class I 1.20% 31 
  $795 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,400 for the period.

In addition, during the period the investments adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,064.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $95,726 $204,314 
Class T 30,318 109,443 
Class B 141 8,373 
Class C 10,293 99,311 
International Value 3,924,604 7,079,700 
Class I 23,301 52,790 
Total $4,084,383 $7,553,931 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 145,262 527,583 $1,133,082 $4,502,640 
Reinvestment of distributions 11,425 23,604 93,224 197,333 
Shares redeemed (179,619) (198,812) (1,367,494) (1,665,353) 
Net increase (decrease) (22,932) 352,375 $(141,188) $3,034,620 
Class T     
Shares sold 57,909 117,820 $455,086 $1,007,336 
Reinvestment of distributions 3,669 12,981 29,980 108,520 
Shares redeemed (45,795) (54,747) (348,759) (463,119) 
Net increase (decrease) 15,783 76,054 $136,307 $652,737 
Class B     
Shares sold 2 2,257 $14 $18,258 
Reinvestment of distributions 15 891 124 7,565 
Shares redeemed (12,943) (14,741) (101,798) (124,607) 
Net increase (decrease) (12,926) (11,593) $(101,660) $(98,784) 
Class C     
Shares sold 71,013 208,019 $540,561 $1,779,247 
Reinvestment of distributions 1,181 10,999 9,659 92,173 
Shares redeemed (56,610) (96,570) (438,654) (802,299) 
Net increase (decrease) 15,584 122,448 $111,566 $1,069,121 
International Value     
Shares sold 9,108,775 14,508,730 $70,505,949 $121,044,962 
Reinvestment of distributions 470,177 823,202 3,831,944 6,873,736 
Shares redeemed (2,629,480) (5,350,163) (19,886,444) (45,687,658) 
Net increase (decrease) 6,949,472 9,981,769 $54,451,449 $82,231,040 
Class I     
Shares sold 30,535 413,299 $237,842 $3,523,105 
Reinvestment of distributions 2,528 5,275 20,650 44,098 
Shares redeemed (28,411) (332,392) (224,656) (2,908,565) 
Net increase (decrease) 4,652 86,182 $33,836 $658,638 

11. 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.

At the end of the period, Strategic Advisers International II Fund, was the owner of record of approximately 69% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.43%    
Actual  $1,000.00 $959.50 $6.97 
Hypothetical-C  $1,000.00 $1,017.75 $7.17 
Class T 1.70%    
Actual  $1,000.00 $958.60 $8.28 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.20%    
Actual  $1,000.00 $954.90 $10.69 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Class C 2.20%    
Actual  $1,000.00 $956.00 $10.70 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
International Value 1.07%    
Actual  $1,000.00 $960.40 $5.22 
Hypothetical-C  $1,000.00 $1,019.54 $5.37 
Class I 1.20%    
Actual  $1,000.00 $959.30 $5.85 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AFIV-SANN-0616
1.827501.109

Fidelity Advisor® Europe Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Europe Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 25.5% 
   Sweden 15.9% 
   Germany 14.5% 
   France 9.1% 
   Denmark 6.2% 
   Bailiwick of Jersey 5.5% 
   Isle of Man 3.8% 
   Spain 3.2% 
   Ireland 3.0% 
   Other* 13.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 30.9% 
   Sweden 16.5% 
   France 10.5% 
   Germany 9.4% 
   Denmark 6.6% 
   Bailiwick of Jersey 5.4% 
   Isle of Man 3.1% 
   Spain 2.8% 
   Finland 2.7% 
   Other* 12.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.3 99.7 
Short-Term Investments and Net Other Assets (Liabilities) 1.7 0.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
SAP AG (Germany, Software) 3.5 0.0 
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) 3.5 2.9 
Shire PLC (Bailiwick of Jersey, Pharmaceuticals) 3.2 3.2 
William Hill PLC (United Kingdom, Hotels, Restaurants & Leisure) 3.1 2.0 
Standard Chartered PLC (United Kingdom) (United Kingdom, Banks) 3.0 2.9 
Bayer AG (Germany, Pharmaceuticals) 2.8 2.4 
Prudential PLC (United Kingdom, Insurance) 2.1 1.8 
LEG Immobilien AG (Germany, Real Estate Management & Development) 2.0 1.5 
Optimal Payments PLC (Isle of Man, IT Services) 2.0 1.5 
Svenska Cellulosa AB (SCA) (B Shares) (Sweden, Household Products) 1.9 1.6 
 27.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.6 31.6 
Industrials 17.7 17.5 
Health Care 17.3 19.8 
Consumer Discretionary 16.7 16.8 
Information Technology 13.4 5.4 
Consumer Staples 3.8 3.0 
Materials 1.9 4.3 
Energy 1.6 0.0 
Utilities 1.3 1.3 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
Austria - 1.2%   
Andritz AG 277,200 $15,524,418 
Bailiwick of Jersey - 5.5%   
Shire PLC 652,600 40,723,546 
Wolseley PLC 265,134 14,850,704 
WPP PLC 620,800 14,503,493 
TOTAL BAILIWICK OF JERSEY  70,077,743 
Bermuda - 2.2%   
Vostok Emerging Finance Ltd. (depository receipt) (a)(b)(c) 53,380,307 7,179,016 
Vostok New Ventures Ltd. SDR (a) 3,662,236 20,841,196 
TOTAL BERMUDA  28,020,212 
Denmark - 6.2%   
Carlsberg A/S Series B 241,500 23,519,470 
DSV de Sammensluttede Vognmaend A/S 236,000 9,930,612 
Novozymes A/S Series B 343,955 16,484,143 
Scandinavian Tobacco Group A/S 436,427 6,942,867 
William Demant Holding A/S (a) 210,000 21,582,535 
TOTAL DENMARK  78,459,627 
Finland - 2.2%   
Amer Group PLC (A Shares) 450,500 13,319,119 
Valmet Corp. 1,119,700 14,039,132 
TOTAL FINLAND  27,358,251 
France - 9.1%   
Bollore Group 3,447,549 13,658,751 
Capgemini SA 198,200 18,503,145 
Eurazeo SA 207,255 14,595,016 
Havas SA 2,857,100 23,908,285 
Publicis Groupe SA 230,946 17,090,748 
Wendel SA 146,000 16,868,190 
Zodiac Aerospace 454,600 10,658,051 
TOTAL FRANCE  115,282,186 
Germany - 14.5%   
adidas AG 140,700 18,140,821 
Bayer AG 308,000 35,532,047 
Brenntag AG 338,000 19,819,648 
CompuGroup Medical AG 259,600 10,195,846 
Fresenius SE & Co. KGaA 206,797 15,041,085 
GEA Group AG 332,091 15,396,760 
LEG Immobilien AG 270,421 25,022,458 
SAP AG 571,242 44,820,245 
TOTAL GERMANY  183,968,910 
Ireland - 3.0%   
DCC PLC (United Kingdom) 149,700 13,255,290 
Ryanair Holdings PLC sponsored ADR 137,767 11,152,239 
United Drug PLC (United Kingdom) 1,554,241 13,898,393 
TOTAL IRELAND  38,305,922 
Isle of Man - 3.8%   
Optimal Payments PLC (a) 4,443,710 24,751,037 
Playtech Ltd. 1,974,395 23,208,918 
TOTAL ISLE OF MAN  47,959,955 
Malta - 1.0%   
Kambi Group PLC (a)(b) 752,299 12,974,791 
Netherlands - 1.8%   
CSM NV (exchangeable) 295,400 7,539,543 
RELX NV 929,903 15,604,430 
TOTAL NETHERLANDS  23,143,973 
Norway - 1.6%   
TGS Nopec Geophysical Co. ASA 1,199,700 20,069,871 
Spain - 3.2%   
Amadeus IT Holding SA Class A 520,000 23,662,229 
Red Electrica Corporacion SA 180,600 16,123,886 
TOTAL SPAIN  39,786,115 
Sweden - 15.9%   
Elekta AB (B Shares) (b) 2,889,502 21,121,328 
Getinge AB (B Shares) 2,070,400 43,777,611 
H&M Hennes & Mauritz AB (B Shares) 653,350 23,228,016 
Hemfosa Fastigheter AB (b) 1,181,300 12,319,842 
Hemfosa Fastigheter AB rights 5/10/16 (a)(b) 1,181,300 426,598 
Indutrade AB 301,100 16,883,902 
Kungsleden AB (b) 1,999,100 13,753,933 
Lundbergfoeretagen AB (b) 94,092 5,109,741 
Pandox AB 781,300 13,260,924 
Sandvik AB (b) 1,121,100 11,503,545 
Svenska Cellulosa AB (SCA) (B Shares) 776,700 24,460,327 
Svenska Handelsbanken AB (A Shares) 1,135,800 15,151,746 
TOTAL SWEDEN  200,997,513 
Switzerland - 1.6%   
Julius Baer Group Ltd. 484,660 20,770,478 
United Kingdom - 25.5%   
Aldermore Group PLC (a) 412,035 1,131,844 
Big Yellow Group PLC 1,014,100 11,942,923 
Bunzl PLC 672,658 20,040,398 
CMC Markets PLC 2,220,400 8,110,844 
Compass Group PLC 1,178,117 20,980,366 
Dechra Pharmaceuticals PLC 982,700 15,880,746 
Diploma PLC 1,298,700 13,880,911 
International Personal Finance PLC 4,993,203 19,523,611 
Micro Focus International PLC 611,300 13,657,043 
Prudential PLC 1,315,049 25,958,454 
Rolls-Royce Group PLC 1,344,192 13,149,423 
Saga PLC 2,083,300 6,380,253 
Schroders PLC 216,222 7,942,550 
Senior Engineering Group PLC 3,385,600 10,764,388 
Shawbrook Group PLC 2,658,100 11,131,208 
Softcat PLC 2,168,878 10,109,289 
St. James's Place Capital PLC 577,862 7,320,454 
Standard Chartered PLC (United Kingdom) 4,774,215 38,513,636 
Unite Group PLC 1,114,687 10,301,685 
Virgin Money Holdings Uk PLC 1,292,548 6,895,302 
William Hill PLC 8,566,773 39,141,723 
Worldpay Group PLC (a) 2,438,800 9,510,855 
TOTAL UNITED KINGDOM  322,267,906 
TOTAL COMMON STOCKS   
(Cost $1,212,366,663)  1,244,967,871 
Nonconvertible Preferred Stocks - 0.0%   
United Kingdom - 0.0%   
Rolls-Royce Group PLC   
(Cost $139,439) 95,437,632 139,449 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.38% (d) 19,143,324 19,143,324 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 51,164,371 51,164,371 
TOTAL MONEY MARKET FUNDS   
(Cost $70,307,695)  70,307,695 
TOTAL INVESTMENT PORTFOLIO - 103.8%   
(Cost $1,282,813,797)  1,315,415,015 
NET OTHER ASSETS (LIABILITIES) - (3.8)%  (48,637,843) 
NET ASSETS - 100%  $1,266,777,172 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $14,049 
Fidelity Securities Lending Cash Central Fund 470,655 
Total $484,704 

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 
Vostok Emerging Finance Ltd. (depository receipt) $1,697,310 $3,320,861 $-- $-- $7,179,016 
Total $1,697,310 $3,320,861 $-- $-- $7,179,016 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $212,152,716 $159,578,109 $52,574,607 $-- 
Consumer Staples 47,979,797 47,979,797 -- -- 
Energy 20,069,871 20,069,871 -- -- 
Financials 314,133,845 252,253,167 61,880,678 -- 
Health Care 217,753,137 177,029,591 40,723,546 -- 
Industrials 224,647,621 209,796,917 14,850,704 -- 
Information Technology 168,222,761 123,402,516 44,820,245 -- 
Materials 24,023,686 24,023,686 -- -- 
Utilities 16,123,886 16,123,886 -- -- 
Money Market Funds 70,307,695 70,307,695 -- -- 
Total Investments in Securities: $1,315,415,015 $1,100,565,235 $214,849,780 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $14,998,864 
Level 2 to Level 1 $104,687,573 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $47,749,257) — See accompanying schedule:
Unaffiliated issuers (cost $1,205,694,084) 		$1,237,928,304  
Fidelity Central Funds (cost $70,307,695) 70,307,695  
Other affiliated issuers (cost $6,812,018) 7,179,016  
Total Investments (cost $1,282,813,797)  $1,315,415,015 
Foreign currency held at value (cost $415,926)  416,697 
Receivable for investments sold  16,944,779 
Receivable for fund shares sold  359,129 
Dividends receivable  6,058,099 
Distributions receivable from Fidelity Central Funds  118,618 
Prepaid expenses  1,099 
Other receivables  385,751 
Total assets  1,339,699,187 
Liabilities   
Payable for investments purchased $15,172,992  
Payable for fund shares redeemed 5,402,754  
Accrued management fee 852,908  
Distribution and service plan fees payable 17,090  
Other affiliated payables 255,438  
Other payables and accrued expenses 56,462  
Collateral on securities loaned, at value 51,164,371  
Total liabilities  72,922,015 
Net Assets  $1,266,777,172 
Net Assets consist of:   
Paid in capital  $1,471,111,712 
Undistributed net investment income  6,329,298 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (243,252,646) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  32,588,808 
Net Assets  $1,266,777,172 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($20,856,215 ÷ 580,720 shares)  $35.91 
Maximum offering price per share (100/94.25 of $35.91)  $38.10 
Class T:   
Net Asset Value and redemption price per share ($8,671,461 ÷ 241,352 shares)  $35.93 
Maximum offering price per share (100/96.50 of $35.93)  $37.23 
Class B:   
Net Asset Value and offering price per share ($330,539 ÷ 9,203 shares)(a)  $35.92 
Class C:   
Net Asset Value and offering price per share ($10,556,892 ÷ 295,836 shares)(a)  $35.68 
Europe:   
Net Asset Value, offering price and redemption price per share ($1,220,777,096 ÷ 33,951,628 shares)  $35.96 
Class I:   
Net Asset Value, offering price and redemption price per share ($5,584,969 ÷ 155,274 shares)  $35.97 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $14,304,511 
Income from Fidelity Central Funds  484,704 
Income before foreign taxes withheld  14,789,215 
Less foreign taxes withheld  (1,301,648) 
Total income  13,487,567 
Expenses   
Management fee   
Basic fee $4,572,219  
Performance adjustment 720,162  
Transfer agent fees 1,275,395  
Distribution and service plan fees 103,701  
Accounting and security lending fees 300,640  
Custodian fees and expenses 58,646  
Independent trustees' compensation 2,980  
Registration fees 82,776  
Audit 51,983  
Legal 2,453  
Interest 1,158  
Miscellaneous 4,678  
Total expenses before reductions 7,176,791  
Expense reductions (17,200) 7,159,591 
Net investment income (loss)  6,327,976 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (9,336,540)  
Foreign currency transactions 527,156  
Total net realized gain (loss)  (8,809,384) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(29,111,544)  
Assets and liabilities in foreign currencies (229,593)  
Total change in net unrealized appreciation (depreciation)  (29,341,137) 
Net gain (loss)  (38,150,521) 
Net increase (decrease) in net assets resulting from operations  $(31,822,545) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,327,976 $17,742,695 
Net realized gain (loss) (8,809,384) 56,856,298 
Change in net unrealized appreciation (depreciation) (29,341,137) (21,376,933) 
Net increase (decrease) in net assets resulting from operations (31,822,545) 53,222,060 
Distributions to shareholders from net investment income (15,981,681) (31,603,696) 
Distributions to shareholders from net realized gain (5,885,187) – 
Total distributions (21,866,868) (31,603,696) 
Share transactions - net increase (decrease) (114,922,308) 125,806,049 
Redemption fees 7,934 48,244 
Total increase (decrease) in net assets (168,603,787) 147,472,657 
Net Assets   
Beginning of period 1,435,380,959 1,287,908,302 
End of period (including undistributed net investment income of $6,329,298 and undistributed net investment income of $15,983,003, respectively) $1,266,777,172 $1,435,380,959 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $37.06 $36.24 $39.45 
Income from Investment Operations    
Net investment income (loss)B .12 .37 .47 
Net realized and unrealized gain (loss) (.83) 1.29 (3.68) 
Total from investment operations (.71) 1.66 (3.21) 
Distributions from net investment income (.29) (.84) – 
Distributions from net realized gain (.15) – – 
Total distributions (.44) (.84) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.91 $37.06 $36.24 
Total ReturnD,E,F (1.94)% 4.63% (8.14)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 1.40%I 1.33% 1.35%I 
Expenses net of fee waivers, if any 1.39%I 1.33% 1.35%I 
Expenses net of all reductions 1.39%I 1.31% 1.35%I 
Net investment income (loss) .67%I .98% 1.94%I 
Supplemental Data    
Net assets, end of period (000 omitted) $20,856 $23,381 $23,633 
Portfolio turnover rateJ 43%I 87% 80%K 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.94 $36.18 $39.45 
Income from Investment Operations    
Net investment income (loss)B .06 .26 .40 
Net realized and unrealized gain (loss) (.82) 1.29 (3.67) 
Total from investment operations (.76) 1.55 (3.27) 
Distributions from net investment income (.09) (.79) – 
Distributions from net realized gain (.15) – – 
Total distributions (.25)C (.79) – 
Redemption fees added to paid in capitalB,D – – – 
Net asset value, end of period $35.93 $36.94 $36.18 
Total ReturnE,F,G (2.08)% 4.33% (8.29)% 
Ratios to Average Net AssetsH,I    
Expenses before reductions 1.70%J 1.61% 1.62%J 
Expenses net of fee waivers, if any 1.70%J 1.61% 1.61%J 
Expenses net of all reductions 1.70%J 1.59% 1.61%J 
Net investment income (loss) .36%J .70% 1.68%J 
Supplemental Data    
Net assets, end of period (000 omitted) $8,671 $9,632 $13,679 
Portfolio turnover rateK 43%J 87% 80%L 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.25 per share is comprised of distributions from net investment income of $.092 and distributions from net realized gain of $.154 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.77 $36.07 $39.45 
Income from Investment Operations    
Net investment income (loss)B (.02) .06 .28 
Net realized and unrealized gain (loss) (.83) 1.29 (3.66) 
Total from investment operations (.85) 1.35 (3.38) 
Distributions from net investment income – (.65) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.92 $36.77 $36.07 
Total ReturnD,E,F (2.31)% 3.78% (8.57)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 2.19%I 2.15% 2.11%I 
Expenses net of fee waivers, if any 2.19%I 2.15% 2.11%I 
Expenses net of all reductions 2.19%I 2.13% 2.11%I 
Net investment income (loss) (.12)%I .16% 1.19%I 
Supplemental Data    
Net assets, end of period (000 omitted) $331 $530 $1,065 
Portfolio turnover rateJ 43%I 87% 80%K 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.81 $36.07 $39.45 
Income from Investment Operations    
Net investment income (loss)B (.02) .07 .29 
Net realized and unrealized gain (loss) (.83) 1.29 (3.67) 
Total from investment operations (.85) 1.36 (3.38) 
Distributions from net investment income (.12) (.62) – 
Distributions from net realized gain (.15) – – 
Total distributions (.28)C (.62) – 
Redemption fees added to paid in capitalB,D – – – 
Net asset value, end of period $35.68 $36.81 $36.07 
Total ReturnE,F,G (2.33)% 3.79% (8.57)% 
Ratios to Average Net AssetsH,I    
Expenses before reductions 2.18%J 2.13% 2.10%J 
Expenses net of fee waivers, if any 2.18%J 2.13% 2.10%J 
Expenses net of all reductions 2.18%J 2.11% 2.10%J 
Net investment income (loss) (.12)%J .18% 1.19%J 
Supplemental Data    
Net assets, end of period (000 omitted) $10,557 $11,151 $6,818 
Portfolio turnover rateK 43%J 87% 80%L 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.28 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $.154 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $37.19 $36.32 $37.92 $30.15 $27.67 $30.83 
Income from Investment Operations       
Net investment income (loss)A .17 .48 .94B .61 .64 .48 
Net realized and unrealized gain (loss) (.82) 1.30 (2.00) 7.87 2.45 (2.97) 
Total from investment operations (.65) 1.78 (1.06) 8.48 3.09 (2.49) 
Distributions from net investment income (.43) (.91) (.52) (.70) (.60) (.67) 
Distributions from net realized gain (.15) – (.02) (.01) (.02) – 
Total distributions (.58) (.91) (.54) (.71) (.61)C (.67) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $35.96 $37.19 $36.32 $37.92 $30.15 $27.67 
Total ReturnE,F (1.78)% 4.97% (2.82)% 28.71% 11.53% (8.32)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.08%I 1.03% .97% 1.06% .83% 1.10% 
Expenses net of fee waivers, if any 1.08%I 1.03% .97% 1.05% .83% 1.10% 
Expenses net of all reductions 1.08%I 1.01% .96% 1.02% .80% 1.06% 
Net investment income (loss) .99%I 1.28% 2.43%B 1.82% 2.33% 1.56% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,220,777 $1,384,134 $1,237,047 $957,048 $602,520 $621,778 
Portfolio turnover rateJ 43%I 87% 80%K 59% 127% 117% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.93%.

 C Total distributions of $.61 per share is comprised of distributions from net investment income of $.595 and distributions from net realized gain of $.017 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $37.21 $36.32 $39.45 
Income from Investment Operations    
Net investment income (loss)B .18 .50 .56 
Net realized and unrealized gain (loss) (.82) 1.30 (3.69) 
Total from investment operations (.64) 1.80 (3.13) 
Distributions from net investment income (.45) (.91) – 
Distributions from net realized gain (.15) – – 
Total distributions (.60) (.91) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.97 $37.21 $36.32 
Total ReturnD,E (1.75)% 5.02% (7.93)% 
Ratios to Average Net AssetsF,G    
Expenses before reductions 1.02%H .98% .97%H 
Expenses net of fee waivers, if any 1.02%H .98% .97%H 
Expenses net of all reductions 1.02%H .96% .96%H 
Net investment income (loss) 1.05%H 1.33% 2.33%H 
Supplemental Data    
Net assets, end of period (000 omitted) $5,585 $6,552 $5,666 
Portfolio turnover rateI 43%H 87% 80%J 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Europe 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, Europe and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, expiring capital loss carryforwards, 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 $129,342,669 
Gross unrealized depreciation (101,437,512) 
Net unrealized appreciation (depreciation) on securities 27,905,157 
Tax cost $1,287,509,858 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(29,326,707) 
2017 (199,044,876) 
Total capital loss carryforward $(228,371,583) 

The Fund acquired $27,783,139 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $13,187,073 per year.

In addition, due to large redemptions in a prior period, $199,044,876 of capital losses that existed in the Fund prior to the mergers will be limited to approximately $32,029,274 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $283,545,193 and $431,225,868, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $26,590 $886 
Class T .25% .25% 21,666 – 
Class B .75% .25% 2,040 1,569 
Class C .75% .25% 53,405 15,830 
   $103,701 $18,285 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $10,882 
Class T 686 
Class B(a) 121 
Class C(a) 2,570 
 $14,259 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $27,543 .26 
Class T 13,690 .32 
Class B 615 .30 
Class C 15,934 .30 
Europe 1,213,618 .19 
Class I 3,995 .13 
 $1,275,395  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $35 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $6,354,364 .60% $1,158 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,177 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $470,655. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $12,221 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,979.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $174,443 $549,660 
Class T 23,347 299,142 
Class B – 18,443 
Class C 38,160 108,670 
Europe 15,664,870 30,497,764 
Class I 80,861 130,017 
Total $15,981,681 $31,603,696 
From net realized gain   
Class A $94,260 $– 
Class T 39,080 – 
Class C 47,778 – 
Europe 5,676,211 – 
Class I 27,858 – 
Total $5,885,187 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 78,312 402,890 $2,720,240 $15,313,815 
Reinvestment of distributions 7,044 14,493 257,822 527,143 
Shares redeemed (135,509) (438,670) (4,688,764) (16,388,542) 
Net increase (decrease) (50,153) (21,287) $(1,710,702) $(547,584) 
Class T     
Shares sold 10,132 101,998 $350,155 $3,848,880 
Reinvestment of distributions 1,677 8,153 61,481 296,280 
Shares redeemed (31,208) (227,511) (1,080,460) (8,571,443) 
Net increase (decrease) (19,399) (117,360) $(668,824) $(4,426,283) 
Class B     
Shares sold 183 7,973 $6,068 $306,370 
Reinvestment of distributions – 481 – 17,468 
Shares redeemed (5,404) (23,568) (183,746) (877,823) 
Net increase (decrease) (5,221) (15,114) $(177,678) $(553,985) 
Class C     
Shares sold 44,908 197,774 $1,558,483 $7,494,390 
Reinvestment of distributions 2,232 2,632 81,438 95,708 
Shares redeemed (54,231) (86,511) (1,829,878) (3,194,278) 
Net increase (decrease) (7,091) 113,895 $(189,957) $4,395,820 
Europe     
Shares sold 1,463,207 10,168,406 $50,880,628 $387,319,779 
Reinvestment of distributions 559,844 803,462 20,484,708 29,241,922 
Shares redeemed (5,291,129) (7,807,853) (182,859,606) (290,372,067) 
Net increase (decrease) (3,268,078) 3,164,015 $(111,494,270) $126,189,634 
Class I     
Shares sold 36,393 130,676 $1,295,144 $4,946,083 
Reinvestment of distributions 2,803 2,526 102,586 91,940 
Shares redeemed (59,997) (113,122) (2,078,607) (4,289,576) 
Net increase (decrease) (20,801) 20,080 $(680,877) $748,447 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.39%    
Actual  $1,000.00 $980.60 $6.84 
Hypothetical-C  $1,000.00 $1,017.95 $6.97 
Class T 1.70%    
Actual  $1,000.00 $979.20 $8.37 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.19%    
Actual  $1,000.00 $976.90 $10.76 
Hypothetical-C  $1,000.00 $1,013.97 $10.97 
Class C 2.18%    
Actual  $1,000.00 976.70 10.71 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Europe 1.08%    
Actual  $1,000.00 $982.20 $5.32 
Hypothetical-C  $1,000.00 $1,019.49 $5.42 
Class I 1.02%    
Actual  $1,000.00 $982.50 $5.03 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AEUFI-SANN-0616
1.9586004.102

Fidelity Advisor® International Small Cap Opportunities Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® International Small Cap Opportunities Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 25.1% 
   United Kingdom 20.5% 
   United States of America* 15.5% 
   Germany 6.6% 
   Italy 3.7% 
   Sweden 3.2% 
   Netherlands 2.5% 
   France 2.2% 
   Canada 2.0% 
   Other 18.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 26.0% 
   United Kingdom 21.7% 
   United States of America* 15.0% 
   Germany 5.7% 
   Italy 4.3% 
   Sweden 3.0% 
   Netherlands 2.8% 
   Australia 2.0% 
   Canada 1.9% 
   Other 17.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 92.2 91.8 
Short-Term Investments and Net Other Assets (Liabilities) 7.8 8.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
USS Co. Ltd. (Japan, Specialty Retail) 2.0 2.0 
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) 1.8 1.6 
Berendsen PLC (United Kingdom, Commercial Services & Supplies) 1.7 1.7 
CTS Eventim AG (Germany, Media) 1.7 2.0 
Fagerhult AB (Sweden, Electrical Equipment) 1.7 1.3 
Unite Group PLC (United Kingdom, Real Estate Management & Development) 1.6 1.9 
CompuGroup Medical AG (Germany, Health Care Technology) 1.6 1.0 
OBIC Co. Ltd. (Japan, IT Services) 1.5 1.8 
Sartorius AG (non-vtg.) (Germany, Health Care Equipment & Supplies) 1.4 1.6 
Azimut Holding SpA (Italy, Capital Markets) 1.4 1.3 
 16.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 20.6 20.5 
Industrials 18.1 18.3 
Financials 15.9 18.7 
Information Technology 10.7 9.2 
Health Care 10.3 8.5 
Consumer Staples 8.5 8.5 
Materials 6.7 6.7 
Energy 1.4 1.4 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.8%   
 Shares Value 
Australia - 2.0%   
Beacon Lighting Group Ltd. 2,000,000 $2,767,674 
DuluxGroup Ltd. 1,577,979 7,678,825 
Imdex Ltd. (a) 2,434,488 379,468 
RCG Corp. Ltd. (b) 6,779,148 7,061,699 
TFS Corp. Ltd. (b) 4,354,304 5,164,840 
TOTAL AUSTRALIA  23,052,506 
Austria - 1.1%   
Andritz AG 165,900 9,291,129 
Zumtobel AG 316,081 4,115,128 
TOTAL AUSTRIA  13,406,257 
Bailiwick of Jersey - 0.4%   
Integrated Diagnostics Holdings PLC 944,579 4,392,292 
Belgium - 1.2%   
Gimv NV 56,688 3,148,164 
KBC Ancora 304,448 10,747,590 
TOTAL BELGIUM  13,895,754 
Bermuda - 0.3%   
Vostok New Ventures Ltd. SDR (a) 712,589 4,055,229 
Canada - 2.0%   
Cara Operations Ltd. 282,000 7,295,545 
McCoy Global, Inc. 636,215 1,039,484 
New Look Vision Group, Inc. 197,200 4,880,099 
Pason Systems, Inc. 448,000 6,512,728 
ShawCor Ltd. Class A 135,600 3,663,697 
Tesco Corp. 40,447 382,629 
TOTAL CANADA  23,774,182 
Cayman Islands - 0.6%   
58.com, Inc. ADR (a) 67,900 3,710,735 
Value Partners Group Ltd. 3,938,000 3,759,022 
TOTAL CAYMAN ISLANDS  7,469,757 
Denmark - 1.6%   
Jyske Bank A/S (Reg.) 213,127 8,725,494 
Scandinavian Tobacco Group A/S 200,000 3,181,685 
Spar Nord Bank A/S 796,369 6,493,770 
TOTAL DENMARK  18,400,949 
Finland - 0.6%   
Tikkurila Oyj 431,646 7,567,063 
France - 2.2%   
Elis SA 380,597 6,988,095 
Laurent-Perrier Group SA 49,163 4,179,836 
Vetoquinol SA 118,184 4,898,823 
Virbac SA (b) 51,152 9,330,455 
TOTAL FRANCE  25,397,209 
Germany - 5.2%   
alstria office REIT-AG 448,700 6,293,853 
CompuGroup Medical AG 476,478 18,713,776 
CTS Eventim AG 568,280 19,905,189 
Fielmann AG 151,773 11,190,188 
Nexus AG 278,558 4,880,131 
TOTAL GERMANY  60,983,137 
Greece - 0.3%   
Titan Cement Co. SA (Reg.) 139,480 3,181,769 
India - 0.5%   
Jyothy Laboratories Ltd. 1,189,354 5,450,307 
Ireland - 1.3%   
FBD Holdings PLC 240,328 1,761,200 
James Hardie Industries PLC:   
CDI 405,775 5,717,080 
sponsored ADR 564,575 7,915,342 
TOTAL IRELAND  15,393,622 
Isle of Man - 0.7%   
Playtech Ltd. 717,342 8,432,321 
Israel - 2.0%   
Azrieli Group 165,005 6,553,478 
Ituran Location & Control Ltd. 383,208 7,970,726 
Sarine Technologies Ltd. 665,700 816,749 
Strauss Group Ltd. 484,244 7,673,617 
TOTAL ISRAEL  23,014,570 
Italy - 3.7%   
Azimut Holding SpA 641,097 16,135,257 
Banco di Desio e della Brianza SpA 1,070,000 3,016,451 
Beni Stabili SpA SIIQ 12,945,675 9,590,769 
Interpump Group SpA 1,027,943 14,795,470 
TOTAL ITALY  43,537,947 
Japan - 25.1%   
Aoki Super Co. Ltd. 273,000 3,225,856 
Artnature, Inc. 891,000 7,387,610 
Asahi Co. Ltd. 460,400 6,828,776 
Autobacs Seven Co. Ltd. 380,300 6,561,433 
Azbil Corp. 594,000 15,241,018 
Broadleaf Co. Ltd. 76,700 757,954 
Central Automotive Products Ltd. (c) 12,000 100,017 
Century21 Real Estate Japan Ltd. (c) 4,100 45,648 
Coca-Cola Central Japan Co. Ltd. 333,300 6,106,357 
Daiichikosho Co. Ltd. 221,300 9,277,286 
Daikokutenbussan Co. Ltd. 169,100 7,599,991 
Funai Soken Holdings, Inc. 210,000 3,186,088 
GCA Savvian Group Corp. 447,600 4,135,967 
Glory Ltd. (d) 277,100 9,075,383 
Goldcrest Co. Ltd. 522,130 7,476,255 
Iwatsuka Confectionary Co. Ltd. 50,400 2,283,383 
Japan Digital Laboratory Co. 459,100 6,210,344 
Kobayashi Pharmaceutical Co. Ltd. 132,000 10,514,151 
Koshidaka Holdings Co. Ltd. 166,900 3,281,884 
Lasertec Corp. 376,136 4,890,217 
Medikit Co. Ltd. (c) 126,700 4,417,152 
Meiko Network Japan Co. Ltd. 112,600 1,241,872 
Miraial Co. Ltd. 38,200 269,148 
Nagaileben Co. Ltd. 562,600 11,480,790 
Nakano Refrigerators Co. Ltd. 135,000 3,229,851 
ND Software Co. Ltd. 73,843 607,845 
Nihon Parkerizing Co. Ltd. 1,427,500 12,591,122 
NS Tool Co. Ltd. (b) 35,600 590,226 
OBIC Co. Ltd. 336,500 17,686,755 
OSG Corp. 715,000 13,287,288 
Paramount Bed Holdings Co. Ltd. 229,400 8,533,414 
ProNexus, Inc. (d) 569,600 5,760,400 
San-Ai Oil Co. Ltd. 630,000 4,415,294 
Seven Bank Ltd. 2,834,900 12,046,080 
SHO-BOND Holdings Co. Ltd. 263,700 11,410,078 
Shoei Co. Ltd. 309,426 4,683,769 
SK Kaken Co. Ltd. 75,000 6,153,866 
Software Service, Inc. 62,900 2,429,462 
Techno Medica Co. Ltd. 79,491 1,666,416 
The Monogatari Corp. 104,300 4,922,928 
The Nippon Synthetic Chemical Industry Co. Ltd. 391,000 2,359,434 
TKC Corp. 247,400 6,721,508 
Tocalo Co. Ltd. 117,000 2,104,645 
Tsutsumi Jewelry Co. Ltd. 139,000 2,903,454 
USS Co. Ltd. 1,498,300 23,700,626 
Workman Co. Ltd. 212,500 6,680,033 
Yamada Consulting Group Co. Ltd. 134,495 4,108,888 
Yamato Kogyo Co. Ltd. 99,100 2,326,325 
TOTAL JAPAN  292,514,287 
Korea (South) - 1.4%   
BGFretail Co. Ltd. 84,156 13,662,702 
Leeno Industrial, Inc. 57,500 2,150,588 
TOTAL KOREA (SOUTH)  15,813,290 
Mexico - 0.6%   
Consorcio ARA S.A.B. de CV 17,196,078 6,746,637 
Netherlands - 2.5%   
Aalberts Industries NV 319,501 10,946,071 
Heijmans NV (Certificaten Van Aandelen) (a) 304,192 2,866,633 
VastNed Retail NV 337,390 14,854,328 
TOTAL NETHERLANDS  28,667,032 
Norway - 0.5%   
Kongsberg Gruppen ASA 320,500 5,373,610 
Philippines - 0.4%   
Jollibee Food Corp. 1,026,090 5,008,829 
South Africa - 0.6%   
Clicks Group Ltd. 899,913 6,572,695 
Spain - 2.0%   
Hispania Activos Inmobiliarios SA (a) 210,543 3,085,853 
Merlin Properties Socimi SA 613,100 7,125,606 
Prosegur Compania de Seguridad SA (Reg.) 2,317,590 13,401,470 
TOTAL SPAIN  23,612,929 
Sweden - 3.2%   
Fagerhult AB 842,305 19,614,223 
Intrum Justitia AB (b) 273,334 9,809,520 
Saab AB (B Shares) 227,500 7,782,160 
TOTAL SWEDEN  37,205,903 
Switzerland - 0.3%   
Tecan Group AG 24,053 3,339,789 
Taiwan - 0.3%   
Addcn Technology Co. Ltd. 516,900 3,968,399 
United Kingdom - 20.5%   
AA PLC 1,441,400 5,867,599 
Alliance Pharma PLC 4,253,100 2,796,488 
Bellway PLC 439,872 15,727,333 
Berendsen PLC 1,173,163 20,227,172 
Britvic PLC 543,571 5,591,441 
Dechra Pharmaceuticals PLC 609,609 9,851,476 
DP Poland PLC (a)(e) 8,208,000 3,118,211 
Elementis PLC 3,262,010 10,290,411 
Great Portland Estates PLC 961,189 10,645,665 
Hilton Food Group PLC 222,288 1,828,602 
Howden Joinery Group PLC 1,639,800 11,836,209 
Informa PLC 1,613,965 15,434,713 
InterContinental Hotel Group PLC ADR (b) 216,931 8,707,610 
ITE Group PLC 2,882,634 6,539,069 
JUST EAT Ltd. (a) 819,470 4,591,909 
Rightmove PLC 166,747 9,399,723 
Shaftesbury PLC 1,092,673 14,528,688 
Spectris PLC 557,278 14,827,798 
Spirax-Sarco Engineering PLC 408,791 20,397,965 
Taylor Wimpey PLC 1,686,800 4,542,383 
Ted Baker PLC 233,700 8,144,078 
Topps Tiles PLC 2,473,300 4,914,853 
Ultra Electronics Holdings PLC 392,558 10,129,531 
Unite Group PLC 2,079,823 19,221,254 
TOTAL UNITED KINGDOM  239,160,181 
United States of America - 7.7%   
ANSYS, Inc. (a) 36,085 3,275,435 
Autoliv, Inc. (b) 65,200 7,985,044 
Broadridge Financial Solutions, Inc. 93,905 5,619,275 
China Biologic Products, Inc. (a) 110,380 12,914,460 
Domino's Pizza, Inc. 44,000 5,318,720 
Energizer Holdings, Inc. 54,409 2,366,247 
Kennedy-Wilson Holdings, Inc. 556,629 12,028,753 
Martin Marietta Materials, Inc. 34,720 5,875,666 
Mohawk Industries, Inc. (a) 42,600 8,206,038 
PriceSmart, Inc. 147,199 12,738,601 
ResMed, Inc. 86,095 4,804,101 
SS&C Technologies Holdings, Inc. 152,058 9,298,347 
TOTAL UNITED STATES OF AMERICA  90,430,687 
TOTAL COMMON STOCKS   
(Cost $941,309,093)  1,059,819,139 
Nonconvertible Preferred Stocks - 1.4%   
Germany - 1.4%   
Sartorius AG (non-vtg.)   
(Cost $9,231,224) 65,520 16,163,851 
Money Market Funds - 8.5%   
Fidelity Cash Central Fund, 0.38% (f) 85,942,201 85,942,201 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 13,328,610 13,328,610 
TOTAL MONEY MARKET FUNDS   
(Cost $99,270,811)  99,270,811 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $1,049,811,128)  1,175,253,801 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (7,959,739) 
NET ASSETS - 100%  $1,167,294,062 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Affiliated company

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


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 $167,523 
Fidelity Securities Lending Cash Central Fund 77,863 
Total $245,386 

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 
DP Poland PLC $2,507,081 $321,456 $-- $-- $3,118,211 
Total $2,507,081 $321,456 $-- $-- $3,118,211 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $241,379,798 $171,197,720 $70,182,078 $-- 
Consumer Staples 97,181,396 60,064,048 37,117,348 -- 
Energy 16,013,832 11,598,538 4,415,294 -- 
Financials 188,656,059 161,193,087 27,462,972 -- 
Health Care 121,220,721 92,085,642 29,135,079 -- 
Industrials 209,307,773 156,554,926 52,752,847 -- 
Information Technology 125,022,200 73,245,256 51,776,944 -- 
Materials 77,201,211 50,588,695 26,612,516 -- 
Money Market Funds 99,270,811 99,270,811 -- -- 
Total Investments in Securities: $1,175,253,801 $875,798,723 $299,455,078 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $3,963,761 
Level 2 to Level 1 $28,474,370 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $13,034,826) — See accompanying schedule:
Unaffiliated issuers (cost $948,419,765) 		$1,072,864,779  
Fidelity Central Funds (cost $99,270,811) 99,270,811  
Other affiliated issuers (cost $2,120,552) 3,118,211  
Total Investments (cost $1,049,811,128)  $1,175,253,801 
Receivable for investments sold   
Regular delivery  759,807 
Delayed delivery  139,587 
Receivable for fund shares sold  1,947,400 
Dividends receivable  5,382,395 
Distributions receivable from Fidelity Central Funds  62,435 
Prepaid expenses  498 
Other receivables  2,840 
Total assets  1,183,548,763 
Liabilities   
Payable to custodian bank $27,592  
Payable for investments purchased   
Regular delivery 62,835  
Delayed delivery 30,608  
Payable for fund shares redeemed 1,639,204  
Accrued management fee 826,592  
Distribution and service plan fees payable 30,380  
Other affiliated payables 242,791  
Other payables and accrued expenses 66,089  
Collateral on securities loaned, at value 13,328,610  
Total liabilities  16,254,701 
Net Assets  $1,167,294,062 
Net Assets consist of:   
Paid in capital  $1,286,497,613 
Undistributed net investment income  3,446,654 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (248,244,637) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  125,594,432 
Net Assets  $1,167,294,062 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($50,512,499 ÷ 3,421,332 shares)  $14.76 
Maximum offering price per share (100/94.25 of $14.76)  $15.66 
Class T:   
Net Asset Value and redemption price per share ($13,820,005 ÷ 943,286 shares)  $14.65 
Maximum offering price per share (100/96.50 of $14.65)  $15.18 
Class B:   
Net Asset Value and offering price per share ($354,955 ÷ 24,616 shares)(a)  $14.42 
Class C:   
Net Asset Value and offering price per share ($16,766,047 ÷ 1,174,289 shares)(a)  $14.28 
International Small Cap Opportunities:   
Net Asset Value, offering price and redemption price per share ($943,035,473 ÷ 63,201,820 shares)  $14.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($142,805,083 ÷ 9,576,371 shares)  $14.91 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $10,624,721 
Income from Fidelity Central Funds  245,386 
Income before foreign taxes withheld  10,870,107 
Less foreign taxes withheld  (928,950) 
Total income  9,941,157 
Expenses   
Management fee   
Basic fee $4,515,535  
Performance adjustment 205,580  
Transfer agent fees 1,169,397  
Distribution and service plan fees 178,936  
Accounting and security lending fees 247,112  
Custodian fees and expenses 97,381  
Independent trustees' compensation 2,222  
Registration fees 58,793  
Audit 45,289  
Legal 1,350  
Miscellaneous 2,905  
Total expenses before reductions 6,524,500  
Expense reductions (4,405) 6,520,095 
Net investment income (loss)  3,421,062 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 13,404,515  
Foreign currency transactions 1,988  
Total net realized gain (loss)  13,406,503 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(4,093,560)  
Assets and liabilities in foreign currencies 188,590  
Total change in net unrealized appreciation (depreciation)  (3,904,970) 
Net gain (loss)  9,501,533 
Net increase (decrease) in net assets resulting from operations  $12,922,595 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,421,062 $4,880,273 
Net realized gain (loss) 13,406,503 32,155,951 
Change in net unrealized appreciation (depreciation) (3,904,970) 15,708,708 
Net increase (decrease) in net assets resulting from operations 12,922,595 52,744,932 
Distributions to shareholders from net investment income (4,852,691) (3,982,311) 
Distributions to shareholders from net realized gain (4,655,673) (949,656) 
Total distributions (9,508,364) (4,931,967) 
Share transactions - net increase (decrease) 206,876,426 250,623,581 
Redemption fees 159,056 196,651 
Total increase (decrease) in net assets 210,449,713 298,633,197 
Net Assets   
Beginning of period 956,844,349 658,211,152 
End of period (including undistributed net investment income of $3,446,654 and undistributed net investment income of $4,878,283, respectively) $1,167,294,062 $956,844,349 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.75 $13.65 $13.68 $10.78 $9.75 $9.82 
Income from Investment Operations       
Net investment income (loss)A .03 .06 .05 .07 .08 .15B 
Net realized and unrealized gain (loss) .10 1.11 .05 2.91 1.07 (.07) 
Total from investment operations .13 1.17 .10 2.98 1.15 .08 
Distributions from net investment income (.05) (.05) (.06) (.08) (.11) (.11) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.12) (.07) (.13)C (.08)D (.12) (.15) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $14.76 $14.75 $13.65 $13.68 $10.78 $9.75 
Total ReturnF,G,H .89% 8.62% .78% 27.85% 12.00% .81% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.47%K 1.52% 1.63% 1.70% 1.75% 1.34% 
Expenses net of fee waivers, if any 1.47%K 1.52% 1.63% 1.65% 1.65% 1.33% 
Expenses net of all reductions 1.47%K 1.51% 1.63% 1.64% 1.64% 1.32% 
Net investment income (loss) .40%K .38% .33% .59% .85% 1.44%B 
Supplemental Data       
Net assets, end of period (000 omitted) $50,512 $42,289 $25,041 $22,052 $18,194 $18,686 
Portfolio turnover rateL 19%K 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 C Total distributions of $.13 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.079 per share.

 D Total distributions of $.08 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.005 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.62 $13.53 $13.56 $10.69 $9.66 $9.72 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .01 .04 .06 .12B 
Net realized and unrealized gain (loss) .10 1.11 .06 2.89 1.06 (.06) 
Total from investment operations .11 1.12 .07 2.93 1.12 .06 
Distributions from net investment income (.01) (.01) (.02) (.05) (.08) (.08) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.08) (.03) (.10) (.06) (.09) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.65 $14.62 $13.53 $13.56 $10.69 $9.66 
Total ReturnD,E,F .75% 8.27% .55% 27.53% 11.72% .60% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.79%I 1.80% 1.89% 1.96% 2.02% 1.60% 
Expenses net of fee waivers, if any 1.78%I 1.80% 1.89% 1.90% 1.90% 1.60% 
Expenses net of all reductions 1.78%I 1.80% 1.89% 1.89% 1.89% 1.59% 
Net investment income (loss) .08%I .10% .07% .34% .60% 1.17%B 
Supplemental Data       
Net assets, end of period (000 omitted) $13,820 $13,296 $9,913 $9,634 $8,169 $8,701 
Portfolio turnover rateJ 19%I 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .54%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.35 $13.31 $13.31 $10.50 $9.48 $9.54 
Income from Investment Operations       
Net investment income (loss)A (.03) (.06) (.06) (.02) .01 .07B 
Net realized and unrealized gain (loss) .10 1.10 .06 2.84 1.05 (.06) 
Total from investment operations .07 1.04 – 2.82 1.06 .01 
Distributions from net investment income – – – –C (.03) (.06) 
Distributions from net realized gain – – – (.01) (.01) (.02) 
Total distributions – – – (.01) (.04) (.07)D 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.42 $14.35 $13.31 $13.31 $10.50 $9.48 
Total ReturnE,F,G .49% 7.81% -% 26.86% 11.21% .10% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.28%J 2.30% 2.38% 2.46% 2.50% 2.09% 
Expenses net of fee waivers, if any 2.28%J 2.30% 2.38% 2.40% 2.40% 2.09% 
Expenses net of all reductions 2.28%J 2.29% 2.38% 2.39% 2.39% 2.07% 
Net investment income (loss) (.41)%J (.39)% (.43)% (.16)% .10% .68%B 
Supplemental Data       
Net assets, end of period (000 omitted) $355 $604 $744 $1,410 $1,966 $2,293 
Portfolio turnover rateK 19%J 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 C Amount represents less than $.005 per share.

 D Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.26 $13.23 $13.28 $10.48 $9.47 $9.53 
Income from Investment Operations       
Net investment income (loss)A (.03) (.05) (.06) (.02) .01 .07B 
Net realized and unrealized gain (loss) .10 1.08 .06 2.84 1.04 (.06) 
Total from investment operations .07 1.03 – 2.82 1.05 .01 
Distributions from net investment income – – – (.01) (.03) (.06) 
Distributions from net realized gain (.05) – (.05) (.01) (.01) (.02) 
Total distributions (.05) – (.05) (.02) (.04) (.07)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $14.28 $14.26 $13.23 $13.28 $10.48 $9.47 
Total ReturnE,F,G .51% 7.79% .03% 26.91% 11.13% .10% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.27%J 2.27% 2.38% 2.45% 2.50% 2.09% 
Expenses net of fee waivers, if any 2.27%J 2.27% 2.38% 2.40% 2.40% 2.09% 
Expenses net of all reductions 2.27%J 2.26% 2.38% 2.39% 2.39% 2.07% 
Net investment income (loss) (.40)%J (.36)% (.42)% (.16)% .10% .68%B 
Supplemental Data       
Net assets, end of period (000 omitted) $16,766 $17,370 $8,438 $8,070 $6,608 $6,900 
Portfolio turnover rateK 19%J 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 C Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.91 $13.80 $13.82 $10.88 $9.85 $9.92 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .09 .10 .11 .17B 
Net realized and unrealized gain (loss) .11 1.12 .06 2.95 1.07 (.06) 
Total from investment operations .16 1.22 .15 3.05 1.18 .11 
Distributions from net investment income (.08) (.09) (.09) (.10) (.14) (.14) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.15) (.11) (.17) (.11) (.15) (.18) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.92 $14.91 $13.80 $13.82 $10.88 $9.85 
Total ReturnD,E 1.03% 8.92% 1.11% 28.24% 12.21% 1.10% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.19%H 1.23% 1.30% 1.39% 1.47% 1.08% 
Expenses net of fee waivers, if any 1.19%H 1.22% 1.30% 1.39% 1.40% 1.08% 
Expenses net of all reductions 1.19%H 1.22% 1.30% 1.38% 1.39% 1.06% 
Net investment income (loss) .68%H .68% .65% .85% 1.10% 1.69%B 
Supplemental Data       
Net assets, end of period (000 omitted) $943,035 $762,563 $584,253 $518,121 $334,918 $328,262 
Portfolio turnover rateI 19%H 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.91 $13.81 $13.83 $10.90 $9.86 $9.93 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .08 .11 .11 .18B 
Net realized and unrealized gain (loss) .10 1.13 .07 2.93 1.08 (.06) 
Total from investment operations .15 1.23 .15 3.04 1.19 .12 
Distributions from net investment income (.08) (.11) (.09) (.10) (.14) (.15) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.15) (.13) (.17) (.11) (.15) (.19) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.91 $14.91 $13.81 $13.83 $10.90 $9.86 
Total ReturnD,E 1.02% 8.98% 1.11% 28.11% 12.32% 1.13% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.17%H 1.19% 1.36% 1.38% 1.44% 1.03% 
Expenses net of fee waivers, if any 1.17%H 1.19% 1.36% 1.37% 1.40% 1.03% 
Expenses net of all reductions 1.17%H 1.18% 1.36% 1.37% 1.39% 1.02% 
Net investment income (loss) .69%H .71% .60% .87% 1.10% 1.74%B 
Supplemental Data       
Net assets, end of period (000 omitted) $142,805 $120,723 $29,822 $5,670 $4,591 $1,395 
Portfolio turnover rateI 19%H 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Small Cap Opportunities 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, International Small Cap Opportunities and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR)Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, passive foreign investment companies (PFIC), 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 $176,851,154 
Gross unrealized depreciation (57,863,025) 
Net unrealized appreciation (depreciation) on securities $118,988,129 
Tax cost $1,056,265,672 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  

2017 $(252,792,060) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $281,152,699 and $93,148,449, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .89% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $58,445 $2,292 
Class T .25% .25% 33,578 – 
Class B .75% .25% 2,413 1,810 
Class C .75% .25% 84,500 22,481 
   $178,936 $26,583 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $12,019 
Class T 3,054 
Class B(a) 13 
Class C(a) 2,125 
 $17,211 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $57,114 .24 
Class T 21,051 .31 
Class B 732 .30 
Class C 24,999 .30 
International Small Cap Opportunities 936,327 .22 
Class I 129,174 .20 
 $1,169,397  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $611 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $918 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $77,863, including $1,988 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $705 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $47.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund- level operating expenses in the amount of $3,653.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $159,395 $91,925 
Class T 9,385 4,261 
International Small Cap Opportunities 3,989,748 3,599,410 
Class I 694,163 286,715 
Total $4,852,691 $3,982,311 
From net realized gain   
Class A $214,570 $38,609 
Class T 65,696 14,913 
Class C 66,143 – 
International Small Cap Opportunities 3,723,825 839,863 
Class I 585,439 56,271 
Total $4,655,673 $949,656 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 950,569 1,605,762 $13,701,055 $23,674,805 
Reinvestment of distributions 24,184 9,185 359,376 124,545 
Shares redeemed (419,609) (582,997) (5,931,692) (8,244,833) 
Net increase (decrease) 555,144 1,031,950 $8,128,739 $15,554,517 
Class T     
Shares sold 160,496 309,765 $2,280,756 $4,543,322 
Reinvestment of distributions 5,021 1,404 74,158 18,926 
Shares redeemed (131,388) (134,926) (1,815,377) (1,907,198) 
Net increase (decrease) 34,129 176,243 $539,537 $2,655,050 
Class B     
Shares sold 3,601 9,791 $51,565 $136,845 
Shares redeemed (21,080) (23,615) (295,529) (329,326) 
Net increase (decrease) (17,479) (13,824) $(243,964) $(192,481) 
Class C     
Shares sold 212,639 838,785 $2,969,254 $12,019,463 
Reinvestment of distributions 4,483 – 64,648 – 
Shares redeemed (260,791) (258,762) (3,487,650) (3,578,649) 
Net increase (decrease) (43,669) 580,023 $(453,748) $8,440,814 
International Small Cap Opportunities     
Shares sold 21,099,085 18,903,102 $306,137,737 $282,906,392 
Reinvestment of distributions 402,267 239,997 6,034,011 3,280,752 
Shares redeemed (9,435,850) (10,354,861) (135,324,878) (146,998,081) 
Net increase (decrease) 12,065,502 8,788,238 $176,846,870 $139,189,063 
Class I     
Shares sold 2,990,658 7,108,830 $43,408,539 $102,023,907 
Reinvestment of distributions 75,351 23,468 1,129,506 320,812 
Shares redeemed (1,586,288) (1,195,608) (22,479,053) (17,368,101) 
Net increase (decrease) 1,479,721 5,936,690 $22,058,992 $84,976,618 

11. 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.

Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 22% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.47%    
Actual  $1,000.00 $1,008.90 $7.34 
Hypothetical-C  $1,000.00 $1,017.55 $7.37 
Class T 1.78%    
Actual  $1,000.00 $1,007.50 $8.88 
Hypothetical-C  $1,000.00 $1,016.01 $8.92 
Class B 2.28%    
Actual  $1,000.00 $1,004.90 $11.37 
Hypothetical-C  $1,000.00 $1,013.53 $11.41 
Class C 2.27%    
Actual  $1,000.00 $1,005.10 $11.32 
Hypothetical-C  $1,000.00 $1,013.58 $11.36 
International Small Cap Opportunities 1.19%    
Actual  $1,000.00 $1,010.30 $5.95 
Hypothetical-C  $1,000.00 $1,018.95 $5.97 
Class I 1.17%    
Actual  $1,000.00 $1,010.20 $5.85 
Hypothetical-C  $1,000.00 $1,019.05 $5.87 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AILS-SANN-0616
1.815094.110

Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   South Africa 41.5% 
   Russia 23.7% 
   Turkey 4.1% 
   United Arab Emirates 3.8% 
   Romania 3.4% 
   United Kingdom 3.2% 
   Hungary 2.3% 
   Poland 2.2% 
   Qatar 2.0% 
   Other* 13.8% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   South Africa 39.5% 
   Russia 21.4% 
   United Arab Emirates 5.2% 
   Romania 4.4% 
   Poland 4.3% 
   Turkey 4.3% 
   United Kingdom 3.4% 
   Qatar 3.2% 
   Austria 2.6% 
   Other* 11.7% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.9 100.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 0.0 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Naspers Ltd. Class N (South Africa, Media) 6.0 8.0 
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) 5.7 3.7 
Sberbank of Russia (Russia, Banks) 5.1 4.7 
Lukoil PJSC sponsored ADR (Russia, Oil, Gas & Consumable Fuels) 4.5 3.9 
Steinhoff International Holdings NV (South Africa) (South Africa, Household Durables) 2.7 2.4 
Remgro Ltd. (South Africa, Diversified Financial Services) 2.7 2.6 
FirstRand Ltd. (South Africa, Diversified Financial Services) 2.5 2.6 
DRDGOLD Ltd. (South Africa, Metals & Mining) 2.3 0.9 
OTP Bank PLC (Hungary, Banks) 2.3 1.4 
AngloGold Ashanti Ltd. (South Africa, Metals & Mining) 2.2 1.1 
 36.0  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 32.9 39.3 
Energy 18.3 14.9 
Consumer Discretionary 14.8 18.0 
Consumer Staples 10.9 11.8 
Materials 10.1 5.2 
Industrials 7.2 3.1 
Telecommunication Services 2.5 4.2 
Health Care 2.2 3.5 

Market Sectors may include more than one industry category.
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 Africa markets. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%   
 Shares Value 
Austria - 0.8%   
CA Immobilien Anlagen AG 9,600 $183,355 
Wienerberger AG 27,700 547,292 
TOTAL AUSTRIA  730,647 
Bailiwick of Jersey - 0.4%   
Wizz Air Holdings PLC (a) 13,888 381,498 
Botswana - 0.4%   
First National Bank of Botswana Ltd. 990,388 332,305 
British Virgin Islands - 0.4%   
Lenta Ltd. GDR (a) 62,600 403,770 
Canada - 1.1%   
Detour Gold Corp. (a) 35,200 754,947 
Osisko Gold Royalties Ltd. 21,000 281,183 
TOTAL CANADA  1,036,130 
Croatia - 0.5%   
Ledo d.d. 290 440,111 
Czech Republic - 1.0%   
Komercni Banka A/S 4,347 894,279 
Estonia - 0.7%   
Tallinna Kaubamaja AS 77,800 611,122 
Germany - 0.3%   
UNIWHEELS AG 6,802 258,397 
Greece - 1.7%   
Aegean Airlines SA 18,300 167,899 
Jumbo SA (a) 26,536 347,572 
Motor Oil (HELLAS) Corinth Refineries SA 56,500 645,141 
Sarantis SA 37,800 377,304 
TOTAL GREECE  1,537,916 
Hungary - 2.3%   
OTP Bank PLC 77,900 2,063,000 
Israel - 0.6%   
Elbit Systems Ltd. (Israel) 5,300 530,220 
Kazakhstan - 0.4%   
KazMunaiGas Exploration & Production JSC (Reg. S) GDR 53,700 360,864 
Kenya - 1.2%   
British American Tobacco Kenya Ltd. 31,700 266,468 
Kcb Group Ltd. 1,019,000 418,698 
Safaricom Ltd. 2,627,844 444,912 
TOTAL KENYA  1,130,078 
Lithuania - 0.6%   
Apranga AB (a) 174,566 521,705 
Malta - 0.6%   
Brait SA 52,700 589,260 
Netherlands - 0.3%   
AmRest Holdings NV (a) 4,600 269,351 
Nigeria - 0.5%   
Zenith Bank PLC 6,802,168 434,130 
Pakistan - 0.8%   
Millat Tractors Ltd. 77,000 382,410 
United Bank Ltd. 246,500 385,622 
TOTAL PAKISTAN  768,032 
Poland - 2.2%   
Bank Polska Kasa Opieki SA 21,700 882,622 
Kruk SA 8,900 444,190 
NG2 SA 7,600 338,490 
Orbis SA 24,200 385,481 
TOTAL POLAND  2,050,783 
Qatar - 2.0%   
Al Meera Consumer Goods Co. (a) 6,671 379,744 
Qatar National Bank SAQ 36,695 1,451,710 
TOTAL QATAR  1,831,454 
Romania - 3.4%   
Banca Transilvania SA 2,204,397 1,512,794 
BRD-Groupe Societe Generale 504,371 1,189,864 
Fondul Propietatea SA GDR 40,900 396,730 
TOTAL ROMANIA  3,099,388 
Russia - 20.2%   
Gazprom OAO (a) 2,001,228 5,213,998 
Lukoil PJSC (a) 14,000 594,820 
Lukoil PJSC sponsored ADR 84,095 3,564,367 
Magnit OJSC (a) 8,679 1,206,196 
Megafon OJSC GDR 68,800 791,200 
Moscow Exchange MICEX-RTS OAO (a) 718,000 1,132,328 
NOVATEK OAO (a) 141,500 1,338,704 
Sberbank of Russia (a) 2,428,010 4,635,375 
TOTAL RUSSIA  18,476,988 
Slovenia - 0.4%   
Krka dd Novo mesto 5,625 390,448 
South Africa - 41.5%   
African Rainbow Minerals Ltd. 127,000 1,000,102 
AngloGold Ashanti Ltd. (a) 125,100 2,033,663 
Aveng Ltd. (a) 970,000 316,173 
Barloworld Ltd. 123,800 715,914 
Cashbuild Ltd. 15,200 370,560 
City Lodge Hotels Ltd. 33,000 355,958 
Clicks Group Ltd. 156,919 1,146,089 
DRDGOLD Ltd. (b) 3,753,637 2,067,187 
Exxaro Resources Ltd. 41,000 258,496 
FirstRand Ltd. 720,100 2,314,296 
Holdsport Ltd. 168,800 723,331 
Hulamin Ltd. 1,042,200 420,973 
Imperial Holdings Ltd. 84,100 880,450 
KAP Industrial Holdings Ltd. 1,150,500 509,169 
Life Healthcare Group Holdings Ltd. 246,100 646,401 
Mr Price Group Ltd. 66,000 838,396 
MTN Group Ltd. 97,550 1,021,203 
Murray & Roberts Holdings Ltd. 421,100 436,327 
Nampak Ltd. 868,800 1,486,730 
Naspers Ltd. Class N 40,400 5,543,287 
Northam Platinum Ltd. (a) 360,100 1,227,126 
Pioneer Foods Ltd. 110,800 1,294,317 
PSG Konsult Ltd. 644,336 338,570 
Remgro Ltd. 135,500 2,432,960 
RMB Holdings Ltd. 183,300 747,995 
Sasol Ltd. 48,100 1,573,359 
Shoprite Holdings Ltd. 141,400 1,700,843 
Spar Group Ltd. 117,000 1,748,599 
Standard Bank Group Ltd. 137,363 1,232,434 
Steinhoff International Holdings NV (South Africa) 396,000 2,474,713 
Super Group Ltd. (a) 80,000 231,201 
TOTAL SOUTH AFRICA  38,086,822 
Turkey - 4.1%   
Aselsan A/S 205,000 1,462,402 
Koc Holding A/S 210,850 1,102,479 
Turk Tuborg Bira ve Malt Sanayii A/S (a) 110,000 249,643 
Turkiye Garanti Bankasi A/S 313,000 963,482 
TOTAL TURKEY  3,778,006 
United Arab Emirates - 3.8%   
Agthia Group PJSC 106,093 225,306 
Aldar Properties PJSC (a) 888,885 658,272 
Dubai Islamic Bank Pakistan Ltd. (a) 466,870 744,877 
Emaar Malls Group PJSC (a) 757,587 598,166 
First Gulf Bank PJSC 314,358 1,108,371 
SHUAA Capital PSC (a) 983,913 184,840 
TOTAL UNITED ARAB EMIRATES  3,519,832 
United Kingdom - 3.2%   
Bupa Arabia ELS (HSBC Warrant Program) warrants 10/10/16 (a)(c) 7,300 248,728 
Georgia Healthcare Group PLC (a) 129,000 365,667 
Mediclinic International PLC 20,000 264,063 
NMC Health PLC 24,500 374,807 
Samba Financial Group ELS (HSBC Bank Warrant Program) warrants 6/29/17 (c) 28,900 176,778 
Saudi Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/4/18 (c) 14,000 511,433 
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(c) 52,800 563,303 
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) 33,634 395,599 
TOTAL UNITED KINGDOM  2,900,378 
TOTAL COMMON STOCKS   
(Cost $75,616,322)  87,426,914 
Nonconvertible Preferred Stocks - 3.5%   
Russia - 3.5%   
Surgutneftegas OJSC (a) 2,892,500 1,875,246 
Tatneft PAO (a) 449,400 1,332,121 
TOTAL RUSSIA   
(Cost $2,981,109)  3,207,367 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 0.38% (d)   
(Cost $2,127,277) 2,127,277 2,127,277 
TOTAL INVESTMENT PORTFOLIO - 101.2%   
(Cost $80,724,708)  92,761,558 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (1,082,693) 
NET ASSETS - 100%  $91,678,865 

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (c) 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 $1,895,841 or 2.1% of net assets.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.


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 $2,883 
Total $2,883 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $13,538,892 $13,191,320 $347,572 $-- 
Consumer Staples 10,049,512 9,672,208 377,304 -- 
Energy 16,757,116 7,449,372 9,307,744 -- 
Financials 30,166,366 22,671,668 7,494,698 -- 
Health Care 2,041,386 2,041,386 -- -- 
Industrials 6,551,783 6,383,884 167,899 -- 
Materials 9,271,911 5,171,061 4,100,850 -- 
Telecommunication Services 2,257,315 1,236,112 1,021,203 -- 
Money Market Funds 2,127,277 2,127,277 -- -- 
Total Investments in Securities: $92,761,558 $69,944,288 $22,817,270 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $562,303 
Level 2 to Level 1 $852,918 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $78,597,431) 		$90,634,281  
Fidelity Central Funds (cost $2,127,277) 2,127,277  
Total Investments (cost $80,724,708)  $92,761,558 
Foreign currency held at value (cost $46,482)  46,429 
Receivable for investments sold  455,216 
Receivable for fund shares sold  264,048 
Dividends receivable  221,843 
Distributions receivable from Fidelity Central Funds  626 
Prepaid expenses  95 
Receivable from investment adviser for expense reductions  45,602 
Other receivables  210 
Total assets  93,795,627 
Liabilities   
Payable for investments purchased   
Regular delivery $1,524,245  
Delayed delivery 3,365  
Payable for fund shares redeemed 435,523  
Accrued management fee 56,299  
Distribution and service plan fees payable 6,476  
Other affiliated payables 22,131  
Other payables and accrued expenses 68,723  
Total liabilities  2,116,762 
Net Assets  $91,678,865 
Net Assets consist of:   
Paid in capital  $102,235,302 
Undistributed net investment income  334,366 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (22,927,761) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  12,036,958 
Net Assets  $91,678,865 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($5,977,139 ÷ 764,856 shares)  $7.81 
Maximum offering price per share (100/94.25 of $7.81)  $8.29 
Class T:   
Net Asset Value and redemption price per share ($2,392,054 ÷ 306,697 shares)  $7.80 
Maximum offering price per share (100/96.50 of $7.80)  $8.08 
Class B:   
Net Asset Value and offering price per share ($158,461 ÷ 20,034 shares)(a)  $7.91 
Class C:   
Net Asset Value and offering price per share ($6,618,271 ÷ 850,603 shares)(a)  $7.78 
Emerging Europe, Middle East, Africa (EMEA):   
Net Asset Value, offering price and redemption price per share ($73,827,085 ÷ 9,442,476 shares)  $7.82 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,705,855 ÷ 346,629 shares)  $7.81 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $1,095,508 
Income from Fidelity Central Funds  2,883 
Income before foreign taxes withheld  1,098,391 
Less foreign taxes withheld  (120,769) 
Total income  977,622 
Expenses   
Management fee $299,845  
Transfer agent fees 109,763  
Distribution and service plan fees 30,964  
Accounting fees and expenses 19,434  
Custodian fees and expenses 55,931  
Independent trustees' compensation 164  
Registration fees 71,693  
Audit 34,063  
Legal 110  
Miscellaneous 261  
Total expenses before reductions 622,228  
Expense reductions (66,024) 556,204 
Net investment income (loss)  421,418 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,108,175)  
Foreign currency transactions 1,917  
Total net realized gain (loss)  (5,106,258) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $12,949) 		9,176,617  
Assets and liabilities in foreign currencies (5)  
Total change in net unrealized appreciation (depreciation)  9,176,612 
Net gain (loss)  4,070,354 
Net increase (decrease) in net assets resulting from operations  $4,491,772 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $421,418 $1,633,113 
Net realized gain (loss) (5,106,258) (10,780,681) 
Change in net unrealized appreciation (depreciation) 9,176,612 (7,778,956) 
Net increase (decrease) in net assets resulting from operations 4,491,772 (16,926,524) 
Distributions to shareholders from net investment income (1,323,710) (2,091,570) 
Distributions to shareholders from net realized gain – (504,771) 
Total distributions (1,323,710) (2,596,341) 
Share transactions - net increase (decrease) 5,429,758 (17,106,646) 
Redemption fees 5,610 15,219 
Total increase (decrease) in net assets 8,603,430 (36,614,292) 
Net Assets   
Beginning of period 83,075,435 119,689,727 
End of period (including undistributed net investment income of $334,366 and undistributed net investment income of $1,236,658, respectively) $91,678,865 $83,075,435 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.49 $9.04 $9.49 $8.71 $8.34 $8.97 
Income from Investment Operations       
Net investment income (loss)A .03 .12 .13 .16 .18 .16B 
Net realized and unrealized gain (loss) .40 (1.50) (.46) .85 .34 (.70) 
Total from investment operations .43 (1.38) (.33) 1.01 .52 (.54) 
Distributions from net investment income (.11) (.14) (.12) (.15) (.15) (.08) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.11) (.17)C (.12) (.23)D (.15) (.10) 
Redemption fees added to paid in capitalA –E –E –E –E –E .01 
Net asset value, end of period $7.81 $7.49 $9.04 $9.49 $8.71 $8.34 
Total ReturnF,G,H 5.88% (15.42)% (3.48)% 11.75% 6.38% (6.05)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.82%K 1.61% 1.60% 1.64% 1.62% 1.60% 
Expenses net of fee waivers, if any 1.65%K 1.61% 1.60% 1.63% 1.62% 1.56% 
Expenses net of all reductions 1.65%K 1.60% 1.60% 1.62% 1.60% 1.51% 
Net investment income (loss) .95%K 1.51% 1.45% 1.82% 2.09% 1.70%B 
Supplemental Data       
Net assets, end of period (000 omitted) $5,977 $5,788 $7,889 $10,883 $8,934 $10,260 
Portfolio turnover rateL 51%K 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.

 C Total distributions of $.17 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.039 per share.

 D Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.44 $9.01 $9.46 $8.68 $8.31 $8.96 
Income from Investment Operations       
Net investment income (loss)A .02 .10 .11 .14 .15 .13B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .84 .35 (.71) 
Total from investment operations .43 (1.41) (.35) .98 .50 (.58) 
Distributions from net investment income (.07) (.13) (.10) (.12) (.13) (.07) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.07) (.16)C (.10) (.20)D (.13) (.08)E 
Redemption fees added to paid in capitalA –F –F –F –F –F .01 
Net asset value, end of period $7.80 $7.44 $9.01 $9.46 $8.68 $8.31 
Total ReturnG,H,I 5.91% (15.80)% (3.67)% 11.42% 6.14% (6.42)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 1.92% 1.92% 1.93% 1.89% 1.87% 
Expenses net of fee waivers, if any 1.90%L 1.90% 1.90% 1.90% 1.89% 1.84% 
Expenses net of all reductions 1.89%L 1.89% 1.90% 1.88% 1.86% 1.78% 
Net investment income (loss) .71%L 1.22% 1.15% 1.55% 1.82% 1.42%B 
Supplemental Data       
Net assets, end of period (000 omitted) $2,392 $2,003 $2,465 $3,465 $3,336 $3,502 
Portfolio turnover rateM 51%L 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.

 C Total distributions of $.16 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.039 per share.

 D Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.074 per share.

 E 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.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the sales charges.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.05 $9.50 $8.69 $8.29 $8.93 
Income from Investment Operations       
Net investment income (loss)A .01 .06 .06 .09 .11 .09B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .85 .35 (.71) 
Total from investment operations .42 (1.45) (.40) .94 .46 (.62) 
Distributions from net investment income (.01) (.06) (.05) (.06) (.06) (.02) 
Distributions from net realized gain – (.04) – (.07) – (.01) 
Total distributions (.01) (.10) (.05) (.13) (.06) (.03) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.91 $7.50 $9.05 $9.50 $8.69 $8.29 
Total ReturnD,E,F 5.60% (16.16)% (4.23)% 10.94% 5.56% (6.85)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.57%I 2.41% 2.40% 2.42% 2.38% 2.37% 
Expenses net of fee waivers, if any 2.40%I 2.40% 2.40% 2.40% 2.38% 2.33% 
Expenses net of all reductions 2.40%I 2.39% 2.40% 2.38% 2.35% 2.27% 
Net investment income (loss) .20%I .72% .65% 1.05% 1.33% .93%B 
Supplemental Data       
Net assets, end of period (000 omitted) $158 $181 $294 $388 $441 $539 
Portfolio turnover rateJ 51%I 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.39 $8.93 $9.39 $8.62 $8.24 $8.90 
Income from Investment Operations       
Net investment income (loss)A .01 .06 .06 .09 .11 .08B 
Net realized and unrealized gain (loss) .40 (1.48) (.46) .83 .35 (.69) 
Total from investment operations .41 (1.42) (.40) .92 .46 (.61) 
Distributions from net investment income (.02) (.08) (.06) (.08) (.08) (.05) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.02) (.12) (.06) (.15) (.08) (.06)C 
Redemption fees added to paid in capitalA –D –D –D –D –D .01 
Net asset value, end of period $7.78 $7.39 $8.93 $9.39 $8.62 $8.24 
Total ReturnE,F,G 5.54% (16.08)% (4.24)% 10.83% 5.68% (6.79)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.61%J 2.41% 2.40% 2.42% 2.37% 2.36% 
Expenses net of fee waivers, if any 2.40%J 2.40% 2.40% 2.40% 2.37% 2.33% 
Expenses net of all reductions 2.40%J 2.39% 2.40% 2.38% 2.35% 2.27% 
Net investment income (loss) .20%J .72% .65% 1.05% 1.34% .93%B 
Supplemental Data       
Net assets, end of period (000 omitted) $6,618 $4,104 $6,662 $6,782 $7,770 $6,650 
Portfolio turnover rateK 51%J 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.

 C 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.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.08 $9.52 $8.75 $8.37 $9.00 
Income from Investment Operations       
Net investment income (loss)A .04 .14 .16 .18 .20 .18B 
Net realized and unrealized gain (loss) .41 (1.51) (.47) .84 .35 (.71) 
Total from investment operations .45 (1.37) (.31) 1.02 .55 (.53) 
Distributions from net investment income (.13) (.17) (.13) (.18) (.17) (.09) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.13) (.21) (.13) (.25) (.17) (.11) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.82 $7.50 $9.08 $9.52 $8.75 $8.37 
Total ReturnD,E 6.19% (15.33)% (3.21)% 11.90% 6.81% (5.91)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.39% 1.37% 1.40% 1.37% 1.35% 
Expenses net of fee waivers, if any 1.40%H 1.38% 1.37% 1.40% 1.37% 1.31% 
Expenses net of all reductions 1.40%H 1.38% 1.37% 1.38% 1.34% 1.25% 
Net investment income (loss) 1.20%H 1.74% 1.68% 2.05% 2.34% 1.95%B 
Supplemental Data       
Net assets, end of period (000 omitted) $73,827 $67,521 $96,784 $110,265 $111,441 $114,117 
Portfolio turnover rateI 51%H 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.51%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.08 $9.52 $8.75 $8.37 $9.00 
Income from Investment Operations       
Net investment income (loss)A .04 .15 .16 .19 .21 .19B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .84 .35 (.72) 
Total from investment operations .45 (1.36) (.30) 1.03 .56 (.53) 
Distributions from net investment income (.14) (.18) (.14) (.19) (.18) (.09) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.14) (.22) (.14) (.26) (.18) (.11) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.81 $7.50 $9.08 $9.52 $8.75 $8.37 
Total ReturnD,E 6.21% (15.23)% (3.09)% 12.05% 6.93% (5.91)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.43%H 1.25% 1.26% 1.30% 1.28% 1.26% 
Expenses net of fee waivers, if any 1.40%H 1.25% 1.26% 1.30% 1.28% 1.24% 
Expenses net of all reductions 1.40%H 1.24% 1.26% 1.28% 1.25% 1.19% 
Net investment income (loss) 1.20%H 1.88% 1.79% 2.15% 2.43% 2.02%B 
Supplemental Data       
Net assets, end of period (000 omitted) $2,706 $3,478 $5,596 $10,231 $8,586 $7,633 
Portfolio turnover rateI 51%H 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 $16,887,440 
Gross unrealized depreciation (5,733,815) 
Net unrealized appreciation (depreciation) on securities $11,153,625 
Tax cost $81,607,933 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2018 $(1,624,705) 
No expiration  
Short-term (3,290,678) 
Long-term (11,971,717) 
Total no expiration (15,262,395) 
Total capital loss carryforward $(16,887,100) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $22,842,835 and $19,602,882, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% 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, except for the Class I. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, 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% $6,328 $– 
Class T .25% .25% 4,536 4 
Class B .75% .25% 717 538 
Class C .75% .25% 19,383 2,551 
   $30,964 $3,093 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,197 
Class T 532 
Class B(a) – 
Class C(a) 61 
 $1,790 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $7,504 .30 
Class T 3,080 .34 
Class B 224 .31 
Class C 5,632 .29 
Emerging Europe, Middle East, Africa (EMEA) 91,056 .30 
Class I 2,267 .16 
 $109,763  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $23 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $65 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser 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.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.65% $4,376 
Class T 1.90% 2,026 
Class B 2.40% 121 
Class C 2.40% 4,082 
Emerging Europe, Middle East, Africa (EMEA) 1.40% 54,428 
Class I 1.40% 379 
  $65,412 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $345 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $267.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $80,414 $113,464 
Class T 18,230 35,916 
Class B 201 1,835 
Class C 9,270 58,320 
Emerging Europe, Middle East, Africa (EMEA) 1,152,813 1,776,301 
Class I 62,782 105,734 
Total $1,323,710 $2,091,570 
From net realized gain   
Class A $– $32,778 
Class T – 11,206 
Class B – 1,213 
Class C – 29,160 
Emerging Europe, Middle East, Africa (EMEA) – 407,505 
Class I – 22,909 
Total $– $504,771 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 125,223 200,433 $908,033 $1,636,757 
Reinvestment of distributions 10,903 16,251 75,669 135,531 
Shares redeemed (144,519) (315,855) (980,924) (2,546,115) 
Net increase (decrease) (8,393) (99,171) $2,778 $(773,827) 
Class T     
Shares sold 73,842 86,058 $536,114 $721,254 
Reinvestment of distributions 2,627 5,631 18,230 46,793 
Shares redeemed (38,900) (96,309) (273,521) (767,911) 
Net increase (decrease) 37,569 (4,620) $280,823 $136 
Class B     
Shares sold 6,222 3,390 $48,684 $28,032 
Reinvestment of distributions 29 349 201 2,936 
Shares redeemed (10,329) (12,164) (74,883) (100,803) 
Net increase (decrease) (4,078) (8,425) $(25,998) $(69,835) 
Class C     
Shares sold 378,690 210,315 $2,804,059 $1,702,630 
Reinvestment of distributions 776 8,117 5,381 67,210 
Shares redeemed (84,612) (408,507) (573,923) (3,365,409) 
Net increase (decrease) 294,854 (190,075) $2,235,517 $(1,595,569) 
Emerging Europe, Middle East, Africa (EMEA)     
Shares sold 1,501,834 1,440,703 $10,868,652 $11,732,025 
Reinvestment of distributions 155,366 247,446 1,078,225 2,063,699 
Shares redeemed (1,214,338) (3,348,545) (8,241,773) (27,229,428) 
Net increase (decrease) 442,862 (1,660,396) $3,705,104 $(13,433,704) 
Class I     
Shares sold 44,669 131,915 $316,782 $1,069,757 
Reinvestment of distributions 7,594 12,912 52,629 107,558 
Shares redeemed (169,187) (297,795) (1,137,877) (2,411,162) 
Net increase (decrease) (116,924) (152,968) $(768,466) $(1,233,847) 

10. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.65%    
Actual  $1,000.00 $1,058.80 $8.45 
Hypothetical-C  $1,000.00 $1,016.66 $8.27 
Class T 1.90%    
Actual  $1,000.00 $1,059.10 $9.73 
Hypothetical-C  $1,000.00 $1,015.42 $9.52 
Class B 2.40%    
Actual  $1,000.00 $1,056.00 $12.27 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Class C 2.40%    
Actual  $1,000.00 $1,055.40 $12.27 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Emerging Europe, Middle East, Africa (EMEA) 1.40%    
Actual  $1,000.00 $1,061.90 $7.18 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.40%    
Actual  $1,000.00 $1,062.10 $7.18 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AEME-SANN-0616
1.861993.107

Fidelity Advisor® Emerging Markets Discovery Fund -
Class A, Class T and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T and Class C are classes of Fidelity® Emerging Markets Discovery Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Hyundai Glovis Co. Ltd. (Korea (South), Air Freight & Logistics) 1.5 1.0 
58.com, Inc. ADR (Cayman Islands, Internet Software & Services) 1.4 1.1 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.3 2.4 
Yandex NV (Netherlands, Internet Software & Services) 1.3 0.0 
Advantech Co. Ltd. (Taiwan, Technology Hardware, Storage & Peripherals) 1.3 1.4 
 6.8  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 18.0 18.1 
Information Technology 17.5 15.4 
Consumer Discretionary 15.5 14.6 
Industrials 14.2 17.0 
Materials 9.9 10.2 

Top Five Countries as of April 30, 2016

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
India 13.2 13.0 
Korea (South) 12.0 13.3 
Cayman Islands 10.1 11.4 
Taiwan 9.8 9.6 
Brazil 7.4 4.1 

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2016 
   Stocks 97.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.5% 


As of October 31, 2015 
   Stocks 97.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.3% 


Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%   
 Shares Value 
Argentina - 0.5%   
Inversiones y Representaciones SA ADR (a) 22,300 $330,709 
Bangladesh - 0.4%   
BRAC Bank Ltd. 449,466 237,421 
Bermuda - 1.9%   
Digital China Holdings Ltd. (H Shares) 154,000 106,319 
PAX Global Technology Ltd. 390,000 335,876 
Shangri-La Asia Ltd. 676,000 825,832 
TOTAL BERMUDA  1,268,027 
Brazil - 5.7%   
AES Tiete Energia SA unit 53,700 220,468 
BR Properties SA 81,400 243,070 
Cosan SA Industria e Comercio 32,760 303,287 
Direcional Engenharia SA 219,000 391,612 
Fibria Celulose SA 33,700 297,683 
FPC Par Corretora de Seguros 132,000 443,294 
Mills Estruturas e Servicos de Engenharia SA 26,400 32,316 
Minerva SA (b) 127,100 390,622 
QGEP Participacoes SA 298,500 354,112 
Smiles SA 56,000 649,677 
Tegma Gestao Logistica SA 269,600 449,954 
TOTAL BRAZIL  3,776,095 
British Virgin Islands - 0.3%   
Dolphin Capital Investors Ltd. (b) 1,423,300 168,972 
Canada - 1.5%   
Pan American Silver Corp. 30,600 479,502 
Torex Gold Resources, Inc. (b) 306,500 544,748 
TOTAL CANADA  1,024,250 
Cayman Islands - 10.1%   
51job, Inc. sponsored ADR (b) 12,100 360,580 
58.com, Inc. ADR (b) 16,400 896,260 
Casetek Holdings 48,000 216,203 
China State Construction International Holdings Ltd. 334,000 520,273 
GCL-Poly Energy Holdings Ltd. 1,040,000 154,985 
Goodbaby International Holdings Ltd. (b) 506,000 283,408 
Haitian International Holdings Ltd. 313,000 534,029 
Ju Teng International Holdings Ltd. 416,000 186,736 
Kingboard Laminates Holdings Ltd. 578,500 295,747 
Kingsoft Corp. Ltd. 77,000 176,792 
Lee's Pharmaceutical Holdings Ltd. 366,000 296,145 
Pico Far East Holdings Ltd. 2,320,000 628,995 
Semiconductor Manufacturing International Corp. (b) 2,077,000 170,746 
SITC International Holdings Co. Ltd. 928,000 501,557 
Sunny Optical Technology Group Co. Ltd. 109,000 336,184 
TPK Holding Co. Ltd. 30,000 62,966 
Uni-President China Holdings Ltd. 871,000 811,135 
Yirendai Ltd. sponsored ADR (a) 21,100 260,374 
TOTAL CAYMAN ISLANDS  6,693,115 
Chile - 4.1%   
Compania Cervecerias Unidas SA sponsored ADR (a) 22,800 511,176 
CorpBanca SA 40,999,981 373,153 
Empresas CMPC SA 219,687 496,783 
Inversiones La Construccion SA 34,117 402,273 
Quinenco SA 143,799 282,951 
Vina Concha y Toro SA 372,483 624,286 
TOTAL CHILE  2,690,622 
China - 5.5%   
BBMG Corp. (H Shares) 775,000 566,392 
China Longyuan Power Grid Corp. Ltd. (H Shares) 331,200 229,140 
Huangshan Tourism Development Co. Ltd. 343,100 719,824 
Qingdao Haier Co. Ltd. 547,886 704,951 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 448,000 701,820 
Zhengzhou Yutong Bus Co. Ltd. 127,619 404,301 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 57,000 324,315 
TOTAL CHINA  3,650,743 
Colombia - 0.3%   
Organizacion Terpel SA 59,128 205,486 
Cyprus - 0.7%   
Global Ports Investment PLC GDR (Reg. S) (b) 136,700 452,477 
Egypt - 0.3%   
Citadel Capital Corp. (b) 1,032,100 172,018 
Georgia - 0.1%   
TBC Bank JSC unit 8,575 90,038 
Greece - 0.7%   
Titan Cement Co. SA (Reg.) 18,800 428,859 
Hong Kong - 2.8%   
BYD Electronic International Co. Ltd. (b) 146,000 83,613 
China Resources Beer Holdings Co. Ltd. 226,000 496,615 
Far East Horizon Ltd. 532,584 422,753 
Techtronic Industries Co. Ltd. 231,500 867,817 
TOTAL HONG KONG  1,870,798 
India - 13.2%   
Adani Ports & Special Economic Zone 133,403 478,379 
Alembic Pharmaceuticals Ltd. (b) 77,612 703,965 
Arvind Mills Ltd. (b) 78,092 326,062 
Dr Lal Pathlabs Ltd. 21,735 322,333 
Edelweiss Financial Services Ltd. 431,938 377,476 
Exide Industries Ltd. (b) 166,764 369,677 
Grasim Industries Ltd. 10,589 683,203 
IDFC Ltd. 317,213 232,070 
Iifl Holdings Ltd. (b) 115,270 378,215 
Indraprastha Gas Ltd. (b) 50,968 439,891 
JK Cement Ltd. 33,493 299,128 
LIC Housing Finance Ltd. (b) 47,601 331,288 
Mahindra Lifespace Developers Ltd. (b) 43,426 283,599 
Manappuram General Finance & Leasing Ltd. 732,000 441,346 
Marksans Pharma Ltd. 462,523 319,255 
Mphasis BFL Ltd. 49,287 363,018 
Power Grid Corp. of India Ltd. 368,175 794,820 
Redington India Ltd. (b) 97,326 159,120 
Solar Industries India Ltd. (b) 5,528 282,390 
The Jammu & Kashmir Bank Ltd. 200,767 207,642 
Torrent Pharmaceuticals Ltd. 30,108 648,275 
VST Industries Ltd. (b) 12,492 307,234 
TOTAL INDIA  8,748,386 
Indonesia - 1.8%   
Link Net Tbk PT 1,434,800 458,575 
PT Bank Danamon Indonesia Tbk Series A 820,800 204,764 
PT Media Nusantara Citra Tbk 442,100 78,779 
PT Panin Life Tbk (b) 30,841,700 423,290 
TOTAL INDONESIA  1,165,408 
Israel - 0.5%   
Bezeq The Israel Telecommunication Corp. Ltd. 155,760 332,242 
Korea (South) - 11.4%   
AMOREPACIFIC Group, Inc. 2,952 432,877 
Binggrea Co. Ltd. 3,310 197,038 
BS Financial Group, Inc. 40,160 325,648 
Com2uS Corp. 2,269 256,276 
Daou Technology, Inc. 10,330 210,987 
Devsisters Co. Ltd. (b) 6,881 145,647 
DGB Financial Group Co. Ltd. 38,521 308,323 
E-Mart Co. Ltd. 2,431 389,367 
Fila Korea Ltd. 7,708 699,703 
Hanon Systems 47,137 423,777 
Hyundai Glovis Co. Ltd. 5,806 962,872 
Hyundai HCN 81,610 263,563 
Hyundai Industrial Development & Construction Co. 7,283 321,026 
Hyundai Wia Corp. 4,509 380,186 
Koh Young Technology, Inc. 5,832 213,799 
Korea Express Co. Ltd. (b) 2,438 413,897 
Korean Reinsurance Co. 22,174 257,415 
Medy-Tox, Inc. 1,829 675,294 
NCSOFT Corp. 1,959 391,569 
Nice Information & Telecom, Inc. 2,998 89,102 
Silicon Works Co. Ltd. 7,345 204,513 
TOTAL KOREA (SOUTH)  7,562,879 
Malaysia - 1.3%   
Inari Amertron Bhd 266,000 185,890 
Top Glove Corp. Bhd 532,500 676,104 
TOTAL MALAYSIA  861,994 
Mexico - 6.7%   
Fibra Uno Administracion SA de CV 223,100 531,146 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 45,300 426,811 
Grupo Comercial Chedraui S.A.B. de CV (a) 171,700 486,618 
Grupo GICSA SA de CV (b) 256,832 201,827 
Industrias Penoles SA de CV 36,820 575,585 
Macquarie Mexican (REIT) 522,872 719,666 
Megacable Holdings S.A.B. de CV unit 74,500 344,036 
Qualitas Controladora S.A.B. de CV 293,900 394,950 
Tenedora Nemak SA de CV 200,800 288,047 
Terrafina (a) 260,200 480,635 
TOTAL MEXICO  4,449,321 
Netherlands - 1.3%   
Yandex NV (b) 41,700 853,599 
Pakistan - 0.5%   
Habib Bank Ltd. 172,400 310,812 
Panama - 0.8%   
Copa Holdings SA Class A 7,800 497,250 
Philippines - 0.6%   
Alliance Global Group, Inc. 1,264,500 389,821 
Poland - 1.6%   
Asseco Poland SA 20,300 307,934 
Inter Cars SA 8,764 546,236 
Prime Car Management SA 19,300 195,177 
TOTAL POLAND  1,049,347 
Romania - 0.3%   
Banca Transilvania SA 331,743 227,663 
Russia - 0.9%   
Inter Rao Ues JSC (b) 13,451,004 373,278 
Sistema JSFC sponsored GDR 34,060 250,341 
TOTAL RUSSIA  623,619 
Singapore - 0.7%   
First (REIT) 271,800 252,630 
First Resources Ltd. 154,300 218,568 
TOTAL SINGAPORE  471,198 
South Africa - 2.4%   
Alexander Forbes Group Holdings Ltd. 491,636 247,972 
Imperial Holdings Ltd. 40,800 427,139 
Northam Platinum Ltd. (b)(c) 122,600 417,789 
Reunert Ltd. 97,700 490,997 
TOTAL SOUTH AFRICA  1,583,897 
Sri Lanka - 0.6%   
Hatton National Bank PLC 278,137 393,671 
Taiwan - 9.8%   
ADLINK Technology, Inc. 96,087 198,105 
Advantech Co. Ltd. 120,000 846,980 
Chipbond Technology Corp. 118,000 157,075 
Cleanaway Co. Ltd. 68,000 368,387 
CTCI Corp. 335,000 436,082 
Cub Elecparts, Inc. 44,892 543,379 
Elite Semiconductor Memory Technology, Inc. 137,000 111,329 
eMemory Technology, Inc. 22,000 241,092 
Everlight Electronics Co. Ltd. 152,000 212,921 
FLEXium Interconnect, Inc. 79,442 182,970 
Forhouse Corp. 462,000 173,055 
Hermes Microvision, Inc. 4,000 123,208 
Inventec Corp. 418,000 276,268 
Lite-On Technology Corp. 318,640 387,659 
Powertech Technology, Inc. 175,000 354,301 
Radiant Opto-Electronics Corp. 84,000 121,048 
Sirtec International Co. Ltd. 168,000 202,309 
St.Shine Optical Co. Ltd. 27,000 504,845 
Synnex Technology International Corp. 264,000 261,932 
Tong Hsing Electronics Industries Ltd. 103,000 295,579 
Universal Cement Corp. 281,840 180,169 
Vanguard International Semiconductor Corp. 190,000 290,855 
TOTAL TAIWAN  6,469,548 
Thailand - 2.4%   
Delta Electronics PCL (For. Reg.) 110,600 228,041 
PTT Global Chemical PCL (For. Reg.) 240,400 430,269 
Star Petroleum Refining PCL 1,082,800 341,088 
Thai Union Frozen Products PCL (For. Reg.) 1,043,200 618,392 
TOTAL THAILAND  1,617,790 
Turkey - 1.9%   
Aksa Akrilik Kimya Sanayii 77,000 268,317 
Aselsan A/S 74,000 527,891 
Tupras Turkiye Petrol Rafinelleri A/S 16,576 437,505 
TOTAL TURKEY  1,233,713 
United Arab Emirates - 0.4%   
National Bank of Ras Al-Khaimah PSC (b) 196,514 284,105 
United Kingdom - 0.7%   
Bgeo Group PLC 14,540 486,513 
Vietnam - 0.5%   
FTP Corp. 142,600 310,946 
TOTAL COMMON STOCKS   
(Cost $66,186,963)  62,983,352 
Nonconvertible Preferred Stocks - 2.3%   
Brazil - 1.7%   
Banco ABC Brasil SA 72,600 250,145 
Banco do Estado Rio Grande do Sul SA 152,500 377,342 
Metalurgica Gerdau SA (PN) 635,900 538,044 
TOTAL BRAZIL  1,165,531 
Korea (South) - 0.6%   
LG Chemical Ltd. 2,215 381,838 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,424,609)  1,547,369 
 Principal Amount Value 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.21% to 0.3% 5/19/16 to 7/14/16
(Cost $79,972) 		80,000 79,983 
 Shares Value 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund, 0.38% (d) 2,015,766 2,015,766 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 1,092,150 1,092,150 
TOTAL MONEY MARKET FUNDS   
(Cost $3,107,916)  3,107,916 
TOTAL INVESTMENT PORTFOLIO - 102.3%   
(Cost $70,799,460)  67,718,620 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (1,542,085) 
NET ASSETS - 100%  $66,176,535 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $3,946 
Fidelity Securities Lending Cash Central Fund 5,223 
Total $9,169 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $10,236,503 $7,630,451 $2,606,052 $-- 
Consumer Staples 5,483,928 4,176,178 1,307,750 -- 
Energy 1,435,992 1,435,992 -- -- 
Financials 11,813,854 11,159,031 654,823 -- 
Health Care 4,848,036 3,850,071 997,965 -- 
Industrials 9,371,343 7,491,169 1,880,174 -- 
Information Technology 11,639,928 9,792,930 1,846,998 -- 
Materials 6,602,382 4,923,928 1,678,454 -- 
Telecommunication Services 1,041,158 1,041,158 -- -- 
Utilities 2,057,597 1,828,457 229,140 -- 
Government Obligations 79,983 -- 79,983 -- 
Money Market Funds 3,107,916 3,107,916 -- -- 
Total Investments in Securities: $67,718,620 $56,437,281 $11,281,339 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $513,350 
Level 2 to Level 1 $11,800,840 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Beginning Balance $792,670 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (792,670) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 

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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructuring or corporate actions. 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.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,056,713) — See accompanying schedule:
Unaffiliated issuers (cost $67,691,544) 		$64,610,704  
Fidelity Central Funds (cost $3,107,916) 3,107,916  
Total Investments (cost $70,799,460)  $67,718,620 
Foreign currency held at value (cost $67,248)  67,236 
Receivable for investments sold  2,293,237 
Receivable for fund shares sold  90,727 
Dividends receivable  92,213 
Distributions receivable from Fidelity Central Funds  1,961 
Prepaid expenses  66 
Other receivables  16,941 
Total assets  70,281,001 
Liabilities   
Payable to custodian bank $1,802,368  
Payable for investments purchased   
Regular delivery 756,311  
Delayed delivery 35,139  
Payable for fund shares redeemed 265,965  
Accrued management fee 58,418  
Distribution and service plan fees payable 3,166  
Other affiliated payables 15,898  
Other payables and accrued expenses 75,051  
Collateral on securities loaned, at value 1,092,150  
Total liabilities  4,104,466 
Net Assets  $66,176,535 
Net Assets consist of:   
Paid in capital  $74,137,370 
Undistributed net investment income  115,022 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (4,977,675) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (3,098,182) 
Net Assets  $66,176,535 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($4,358,567 ÷ 394,003 shares)  $11.06 
Maximum offering price per share (100/94.25 of $11.06)  $11.73 
Class T:   
Net Asset Value and redemption price per share ($2,107,239 ÷ 191,242 shares)  $11.02 
Maximum offering price per share (100/96.50 of $11.02)  $11.42 
Class C:   
Net Asset Value and offering price per share ($1,721,722 ÷ 158,821 shares)(a)  $10.84 
Emerging Markets Discovery:   
Net Asset Value, offering price and redemption price per share ($56,615,815 ÷ 5,096,251 shares)  $11.11 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,373,192 ÷ 123,266 shares)  $11.14 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $711,619 
Interest  57 
Income from Fidelity Central Funds  9,169 
Income before foreign taxes withheld  720,845 
Less foreign taxes withheld  (45,068) 
Total income  675,777 
Expenses   
Management fee $273,908  
Transfer agent fees 79,317  
Distribution and service plan fees 18,188  
Accounting and security lending fees 16,831  
Custodian fees and expenses 80,413  
Independent trustees' compensation 143  
Registration fees 29,054  
Audit 53,294  
Legal 94  
Miscellaneous 236  
Total expenses before reductions 551,478  
Expense reductions (67,843) 483,635 
Net investment income (loss)  192,142 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,937,454)  
Foreign currency transactions 260  
Futures contracts 172,417  
Total net realized gain (loss)  (2,764,777) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $8,025) 		3,777,452  
Assets and liabilities in foreign currencies 10,070  
Total change in net unrealized appreciation (depreciation)  3,787,522 
Net gain (loss)  1,022,745 
Net increase (decrease) in net assets resulting from operations  $1,214,887 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $192,142 $749,160 
Net realized gain (loss) (2,764,777) (1,932,100) 
Change in net unrealized appreciation (depreciation) 3,787,522 (8,002,533) 
Net increase (decrease) in net assets resulting from operations 1,214,887 (9,185,473) 
Distributions to shareholders from net investment income (490,717) – 
Share transactions - net increase (decrease) (5,938,352) (6,487,831) 
Redemption fees 30,593 32,392 
Total increase (decrease) in net assets (5,183,589) (15,640,912) 
Net Assets   
Beginning of period 71,360,124 87,001,036 
End of period (including undistributed net investment income of $115,022 and undistributed net investment income of $413,597, respectively) $66,176,535 $71,360,124 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.92 $12.17 $12.49 $11.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .02 .09C .04 .08 .12 
Net realized and unrealized gain (loss) .17 (1.34) (.01) .75 1.76 
Total from investment operations .19 (1.25) .03 .83 1.88 
Distributions from net investment income (.05) – (.06) (.04) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.05) – (.36) (.25)D (.01) 
Redemption fees added to paid in capitalB –E –E .01 .02 .02 
Net asset value, end of period $11.06 $10.92 $12.17 $12.49 $11.89 
Total ReturnF,G,H 1.79% (10.27)% .31% 7.20% 19.00% 
Ratios to Average Net AssetsI,J      
Expenses before reductions 1.97%K 1.88% 1.82% 1.87% 3.49% 
Expenses net of fee waivers, if any 1.70%K 1.70% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.69%K 1.69% 1.70% 1.64% 1.64% 
Net investment income (loss) .40%K .76%C .29% .62% 1.16% 
Supplemental Data      
Net assets, end of period (000 omitted) $4,359 $4,660 $4,362 $5,065 $1,671 
Portfolio turnover rateL 63%K 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%.

 D Total distributions of $.25 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.203 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.86 $12.13 $12.44 $11.87 $10.00 
Income from Investment Operations      
Net investment income (loss)B .01 .06C –D .05 .10 
Net realized and unrealized gain (loss) .17 (1.33) –D .74 1.75 
Total from investment operations .18 (1.27) –D .79 1.85 
Distributions from net investment income (.02) – (.02) (.03) –D 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.02) – (.32) (.24)E –D 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.02 $10.86 $12.13 $12.44 $11.87 
Total ReturnF,G,H 1.69% (10.47)% .05% 6.87% 18.75% 
Ratios to Average Net AssetsI,J      
Expenses before reductions 2.26%K 2.16% 2.10% 2.19% 3.77% 
Expenses net of fee waivers, if any 1.95%K 1.95% 1.95% 1.95% 1.95% 
Expenses net of all reductions 1.94%K 1.94% 1.95% 1.89% 1.89% 
Net investment income (loss) .15%K .51%C .04% .37% .91% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,107 $2,015 $2,031 $1,914 $1,700 
Portfolio turnover rateL 63%K 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 D Amount represents less than $.005 per share.

 E Total distributions of $.24 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.203 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.69 $12.00 $12.35 $11.82 $10.00 
Income from Investment Operations      
Net investment income (loss)B (.02) –C,D (.06) (.02) .04 
Net realized and unrealized gain (loss) .17 (1.31) –D .74 1.76 
Total from investment operations .15 (1.31) (.06) .72 1.80 
Distributions from net investment income – – – (.01) – 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions – – (.30) (.21) – 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $10.84 $10.69 $12.00 $12.35 $11.82 
Total ReturnE,F,G 1.40% (10.92)% (.42)% 6.32% 18.20% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 2.72%J 2.64% 2.58% 2.70% 4.32% 
Expenses net of fee waivers, if any 2.45%J 2.45% 2.45% 2.45% 2.45% 
Expenses net of all reductions 2.44%J 2.44% 2.45% 2.39% 2.39% 
Net investment income (loss) (.35)%J .01%C (.46)% (.13)% .41% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,722 $1,675 $1,750 $2,082 $1,474 
Portfolio turnover rateK 63%J 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.52) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.98 $12.21 $12.52 $11.92 $10.00 
Income from Investment Operations      
Net investment income (loss)B .03 .12C .07 .11 .15 
Net realized and unrealized gain (loss) .19 (1.35) –D .74 1.76 
Total from investment operations .22 (1.23) .07 .85 1.91 
Distributions from net investment income (.09) – (.09) (.07) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.09) – (.39) (.27) (.01) 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.11 $10.98 $12.21 $12.52 $11.92 
Total ReturnE,F 1.99% (10.07)% .61% 7.37% 19.35% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.64%I 1.56% 1.48% 1.57% 3.02% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.44%I 1.44% 1.45% 1.39% 1.39% 
Net investment income (loss) .65%I 1.01%C .54% .87% 1.41% 
Supplemental Data      
Net assets, end of period (000 omitted) $56,616 $61,601 $78,377 $96,731 $39,135 
Portfolio turnover rateJ 63%I 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $11.02 $12.25 $12.53 $11.92 $10.00 
Income from Investment Operations      
Net investment income (loss)B .03 .12C .07 .11 .15 
Net realized and unrealized gain (loss) .18 (1.35) –D .75 1.76 
Total from investment operations .21 (1.23) .07 .86 1.91 
Distributions from net investment income (.09) – (.06) (.07) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.09) – (.36) (.27) (.01) 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.14 $11.02 $12.25 $12.53 $11.92 
Total ReturnE,F 1.91% (10.04)% .61% 7.45% 19.35% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.61%I 1.54% 1.56% 1.60% 3.21% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.44%I 1.43% 1.45% 1.39% 1.39% 
Net investment income (loss) .65%I 1.01%C .54% .87% 1.41% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,373 $1,410 $481 $1,076 $1,825 
Portfolio turnover rateJ 63%I 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Emerging Markets Discovery 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, Emerging Markets Discovery and Class I 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, futures transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 $5,799,157 
Gross unrealized depreciation (9,248,368) 
Net unrealized appreciation (depreciation) on securities $(3,449,211) 
Tax cost $71,167,831 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,731,575) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end.

During the period the Fund recognized net realized gain (loss) of $172,417 related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $19,964,528 and $25,414,601, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .85% 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 the investment adviser, 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% $5,319 $166 
Class T .25% .25% 4,870 17 
Class C .75% .25% 7,999 2,824 
   $18,188 $3,007 

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, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 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 $1,176 
Class T 567 
Class C(a) 89 
 $1,832 

 (a) When 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $6,692 .31 
Class T 3,430 .35 
Class C 2,516 .31 
Emerging Markets Discovery 65,442 .24 
Class I 1,237 .20 
 $79,317  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $201 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $57 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $5,223. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.70% $5,845 
Class T 1.95% 2,989 
Class C 2.45% 2,170 
Emerging Markets Discovery 1.45% 53,138 
Class I 1.45% 1,004 
  $65,146 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,463 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $234.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $22,428 $– 
Class T 4,316 – 
Emerging Markets Discovery 453,104 – 
Class I 10,869 – 
Total $490,717 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 55,629 161,641 $577,534 $1,908,467 
Reinvestment of distributions 1,944 – 20,757 – 
Shares redeemed (90,322) (93,262) (940,546) (1,088,220) 
Net increase (decrease) (32,749) 68,379 $(342,255) $820,247 
Class T     
Shares sold 18,358 59,344 $188,721 $694,558 
Reinvestment of distributions 389 – 4,146 – 
Shares redeemed (13,066) (41,200) (133,700) (472,328) 
Net increase (decrease) 5,681 18,144 $59,167 $222,230 
Class C     
Shares sold 17,201 68,780 $175,833 $796,943 
Shares redeemed (15,073) (57,921) (149,534) (667,642) 
Net increase (decrease) 2,128 10,859 $26,299 $129,301 
Emerging Markets Discovery     
Shares sold 828,955 2,311,392 $8,559,244 $27,313,497 
Reinvestment of distributions 39,922 – 427,569 – 
Shares redeemed (1,380,942) (3,121,418) (14,622,762) (36,074,220) 
Net increase (decrease) (512,065) (810,026) $(5,635,949) $(8,760,723) 
Class I     
Shares sold 56,585 209,924 $587,375 $2,474,235 
Reinvestment of distributions 981 – 10,531 – 
Shares redeemed (62,265) (121,211) (643,520) (1,373,121) 
Net increase (decrease) (4,699) 88,713 $(45,614) $1,101,114 

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.

At the end of the period, the investment adviser or its affiliates were the owners of record of 12% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.70%    
Actual  $1,000.00 $1,017.90 $8.53 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class T 1.95%    
Actual  $1,000.00 $1,016.90 $9.78 
Hypothetical-C  $1,000.00 $1,015.17 $9.77 
Class C 2.45%    
Actual  $1,000.00 $1,014.00 $12.27 
Hypothetical-C  $1,000.00 $1,012.68 $12.26 
Emerging Markets Discovery 1.45%    
Actual  $1,000.00 $1,019.90 $7.28 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class I 1.45%    
Actual  $1,000.00 $1,019.10 $7.28 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

AEMD-SANN-0616
1.931253.104


Fidelity Advisor® Emerging Markets Discovery Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Emerging Markets Discovery Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Hyundai Glovis Co. Ltd. (Korea (South), Air Freight & Logistics) 1.5 1.0 
58.com, Inc. ADR (Cayman Islands, Internet Software & Services) 1.4 1.1 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.3 2.4 
Yandex NV (Netherlands, Internet Software & Services) 1.3 0.0 
Advantech Co. Ltd. (Taiwan, Technology Hardware, Storage & Peripherals) 1.3 1.4 
 6.8  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 18.0 18.1 
Information Technology 17.5 15.4 
Consumer Discretionary 15.5 14.6 
Industrials 14.2 17.0 
Materials 9.9 10.2 

Top Five Countries as of April 30, 2016

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
India 13.2 13.0 
Korea (South) 12.0 13.3 
Cayman Islands 10.1 11.4 
Taiwan 9.8 9.6 
Brazil 7.4 4.1 

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2016 
   Stocks 97.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.5% 


As of October 31, 2015 
   Stocks 97.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.3% 


Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.2%   
 Shares Value 
Argentina - 0.5%   
Inversiones y Representaciones SA ADR (a) 22,300 $330,709 
Bangladesh - 0.4%   
BRAC Bank Ltd. 449,466 237,421 
Bermuda - 1.9%   
Digital China Holdings Ltd. (H Shares) 154,000 106,319 
PAX Global Technology Ltd. 390,000 335,876 
Shangri-La Asia Ltd. 676,000 825,832 
TOTAL BERMUDA  1,268,027 
Brazil - 5.7%   
AES Tiete Energia SA unit 53,700 220,468 
BR Properties SA 81,400 243,070 
Cosan SA Industria e Comercio 32,760 303,287 
Direcional Engenharia SA 219,000 391,612 
Fibria Celulose SA 33,700 297,683 
FPC Par Corretora de Seguros 132,000 443,294 
Mills Estruturas e Servicos de Engenharia SA 26,400 32,316 
Minerva SA (b) 127,100 390,622 
QGEP Participacoes SA 298,500 354,112 
Smiles SA 56,000 649,677 
Tegma Gestao Logistica SA 269,600 449,954 
TOTAL BRAZIL  3,776,095 
British Virgin Islands - 0.3%   
Dolphin Capital Investors Ltd. (b) 1,423,300 168,972 
Canada - 1.5%   
Pan American Silver Corp. 30,600 479,502 
Torex Gold Resources, Inc. (b) 306,500 544,748 
TOTAL CANADA  1,024,250 
Cayman Islands - 10.1%   
51job, Inc. sponsored ADR (b) 12,100 360,580 
58.com, Inc. ADR (b) 16,400 896,260 
Casetek Holdings 48,000 216,203 
China State Construction International Holdings Ltd. 334,000 520,273 
GCL-Poly Energy Holdings Ltd. 1,040,000 154,985 
Goodbaby International Holdings Ltd. (b) 506,000 283,408 
Haitian International Holdings Ltd. 313,000 534,029 
Ju Teng International Holdings Ltd. 416,000 186,736 
Kingboard Laminates Holdings Ltd. 578,500 295,747 
Kingsoft Corp. Ltd. 77,000 176,792 
Lee's Pharmaceutical Holdings Ltd. 366,000 296,145 
Pico Far East Holdings Ltd. 2,320,000 628,995 
Semiconductor Manufacturing International Corp. (b) 2,077,000 170,746 
SITC International Holdings Co. Ltd. 928,000 501,557 
Sunny Optical Technology Group Co. Ltd. 109,000 336,184 
TPK Holding Co. Ltd. 30,000 62,966 
Uni-President China Holdings Ltd. 871,000 811,135 
Yirendai Ltd. sponsored ADR (a) 21,100 260,374 
TOTAL CAYMAN ISLANDS  6,693,115 
Chile - 4.1%   
Compania Cervecerias Unidas SA sponsored ADR (a) 22,800 511,176 
CorpBanca SA 40,999,981 373,153 
Empresas CMPC SA 219,687 496,783 
Inversiones La Construccion SA 34,117 402,273 
Quinenco SA 143,799 282,951 
Vina Concha y Toro SA 372,483 624,286 
TOTAL CHILE  2,690,622 
China - 5.5%   
BBMG Corp. (H Shares) 775,000 566,392 
China Longyuan Power Grid Corp. Ltd. (H Shares) 331,200 229,140 
Huangshan Tourism Development Co. Ltd. 343,100 719,824 
Qingdao Haier Co. Ltd. 547,886 704,951 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 448,000 701,820 
Zhengzhou Yutong Bus Co. Ltd. 127,619 404,301 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 57,000 324,315 
TOTAL CHINA  3,650,743 
Colombia - 0.3%   
Organizacion Terpel SA 59,128 205,486 
Cyprus - 0.7%   
Global Ports Investment PLC GDR (Reg. S) (b) 136,700 452,477 
Egypt - 0.3%   
Citadel Capital Corp. (b) 1,032,100 172,018 
Georgia - 0.1%   
TBC Bank JSC unit 8,575 90,038 
Greece - 0.7%   
Titan Cement Co. SA (Reg.) 18,800 428,859 
Hong Kong - 2.8%   
BYD Electronic International Co. Ltd. (b) 146,000 83,613 
China Resources Beer Holdings Co. Ltd. 226,000 496,615 
Far East Horizon Ltd. 532,584 422,753 
Techtronic Industries Co. Ltd. 231,500 867,817 
TOTAL HONG KONG  1,870,798 
India - 13.2%   
Adani Ports & Special Economic Zone 133,403 478,379 
Alembic Pharmaceuticals Ltd. (b) 77,612 703,965 
Arvind Mills Ltd. (b) 78,092 326,062 
Dr Lal Pathlabs Ltd. 21,735 322,333 
Edelweiss Financial Services Ltd. 431,938 377,476 
Exide Industries Ltd. (b) 166,764 369,677 
Grasim Industries Ltd. 10,589 683,203 
IDFC Ltd. 317,213 232,070 
Iifl Holdings Ltd. (b) 115,270 378,215 
Indraprastha Gas Ltd. (b) 50,968 439,891 
JK Cement Ltd. 33,493 299,128 
LIC Housing Finance Ltd. (b) 47,601 331,288 
Mahindra Lifespace Developers Ltd. (b) 43,426 283,599 
Manappuram General Finance & Leasing Ltd. 732,000 441,346 
Marksans Pharma Ltd. 462,523 319,255 
Mphasis BFL Ltd. 49,287 363,018 
Power Grid Corp. of India Ltd. 368,175 794,820 
Redington India Ltd. (b) 97,326 159,120 
Solar Industries India Ltd. (b) 5,528 282,390 
The Jammu & Kashmir Bank Ltd. 200,767 207,642 
Torrent Pharmaceuticals Ltd. 30,108 648,275 
VST Industries Ltd. (b) 12,492 307,234 
TOTAL INDIA  8,748,386 
Indonesia - 1.8%   
Link Net Tbk PT 1,434,800 458,575 
PT Bank Danamon Indonesia Tbk Series A 820,800 204,764 
PT Media Nusantara Citra Tbk 442,100 78,779 
PT Panin Life Tbk (b) 30,841,700 423,290 
TOTAL INDONESIA  1,165,408 
Israel - 0.5%   
Bezeq The Israel Telecommunication Corp. Ltd. 155,760 332,242 
Korea (South) - 11.4%   
AMOREPACIFIC Group, Inc. 2,952 432,877 
Binggrea Co. Ltd. 3,310 197,038 
BS Financial Group, Inc. 40,160 325,648 
Com2uS Corp. 2,269 256,276 
Daou Technology, Inc. 10,330 210,987 
Devsisters Co. Ltd. (b) 6,881 145,647 
DGB Financial Group Co. Ltd. 38,521 308,323 
E-Mart Co. Ltd. 2,431 389,367 
Fila Korea Ltd. 7,708 699,703 
Hanon Systems 47,137 423,777 
Hyundai Glovis Co. Ltd. 5,806 962,872 
Hyundai HCN 81,610 263,563 
Hyundai Industrial Development & Construction Co. 7,283 321,026 
Hyundai Wia Corp. 4,509 380,186 
Koh Young Technology, Inc. 5,832 213,799 
Korea Express Co. Ltd. (b) 2,438 413,897 
Korean Reinsurance Co. 22,174 257,415 
Medy-Tox, Inc. 1,829 675,294 
NCSOFT Corp. 1,959 391,569 
Nice Information & Telecom, Inc. 2,998 89,102 
Silicon Works Co. Ltd. 7,345 204,513 
TOTAL KOREA (SOUTH)  7,562,879 
Malaysia - 1.3%   
Inari Amertron Bhd 266,000 185,890 
Top Glove Corp. Bhd 532,500 676,104 
TOTAL MALAYSIA  861,994 
Mexico - 6.7%   
Fibra Uno Administracion SA de CV 223,100 531,146 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 45,300 426,811 
Grupo Comercial Chedraui S.A.B. de CV (a) 171,700 486,618 
Grupo GICSA SA de CV (b) 256,832 201,827 
Industrias Penoles SA de CV 36,820 575,585 
Macquarie Mexican (REIT) 522,872 719,666 
Megacable Holdings S.A.B. de CV unit 74,500 344,036 
Qualitas Controladora S.A.B. de CV 293,900 394,950 
Tenedora Nemak SA de CV 200,800 288,047 
Terrafina (a) 260,200 480,635 
TOTAL MEXICO  4,449,321 
Netherlands - 1.3%   
Yandex NV (b) 41,700 853,599 
Pakistan - 0.5%   
Habib Bank Ltd. 172,400 310,812 
Panama - 0.8%   
Copa Holdings SA Class A 7,800 497,250 
Philippines - 0.6%   
Alliance Global Group, Inc. 1,264,500 389,821 
Poland - 1.6%   
Asseco Poland SA 20,300 307,934 
Inter Cars SA 8,764 546,236 
Prime Car Management SA 19,300 195,177 
TOTAL POLAND  1,049,347 
Romania - 0.3%   
Banca Transilvania SA 331,743 227,663 
Russia - 0.9%   
Inter Rao Ues JSC (b) 13,451,004 373,278 
Sistema JSFC sponsored GDR 34,060 250,341 
TOTAL RUSSIA  623,619 
Singapore - 0.7%   
First (REIT) 271,800 252,630 
First Resources Ltd. 154,300 218,568 
TOTAL SINGAPORE  471,198 
South Africa - 2.4%   
Alexander Forbes Group Holdings Ltd. 491,636 247,972 
Imperial Holdings Ltd. 40,800 427,139 
Northam Platinum Ltd. (b)(c) 122,600 417,789 
Reunert Ltd. 97,700 490,997 
TOTAL SOUTH AFRICA  1,583,897 
Sri Lanka - 0.6%   
Hatton National Bank PLC 278,137 393,671 
Taiwan - 9.8%   
ADLINK Technology, Inc. 96,087 198,105 
Advantech Co. Ltd. 120,000 846,980 
Chipbond Technology Corp. 118,000 157,075 
Cleanaway Co. Ltd. 68,000 368,387 
CTCI Corp. 335,000 436,082 
Cub Elecparts, Inc. 44,892 543,379 
Elite Semiconductor Memory Technology, Inc. 137,000 111,329 
eMemory Technology, Inc. 22,000 241,092 
Everlight Electronics Co. Ltd. 152,000 212,921 
FLEXium Interconnect, Inc. 79,442 182,970 
Forhouse Corp. 462,000 173,055 
Hermes Microvision, Inc. 4,000 123,208 
Inventec Corp. 418,000 276,268 
Lite-On Technology Corp. 318,640 387,659 
Powertech Technology, Inc. 175,000 354,301 
Radiant Opto-Electronics Corp. 84,000 121,048 
Sirtec International Co. Ltd. 168,000 202,309 
St.Shine Optical Co. Ltd. 27,000 504,845 
Synnex Technology International Corp. 264,000 261,932 
Tong Hsing Electronics Industries Ltd. 103,000 295,579 
Universal Cement Corp. 281,840 180,169 
Vanguard International Semiconductor Corp. 190,000 290,855 
TOTAL TAIWAN  6,469,548 
Thailand - 2.4%   
Delta Electronics PCL (For. Reg.) 110,600 228,041 
PTT Global Chemical PCL (For. Reg.) 240,400 430,269 
Star Petroleum Refining PCL 1,082,800 341,088 
Thai Union Frozen Products PCL (For. Reg.) 1,043,200 618,392 
TOTAL THAILAND  1,617,790 
Turkey - 1.9%   
Aksa Akrilik Kimya Sanayii 77,000 268,317 
Aselsan A/S 74,000 527,891 
Tupras Turkiye Petrol Rafinelleri A/S 16,576 437,505 
TOTAL TURKEY  1,233,713 
United Arab Emirates - 0.4%   
National Bank of Ras Al-Khaimah PSC (b) 196,514 284,105 
United Kingdom - 0.7%   
Bgeo Group PLC 14,540 486,513 
Vietnam - 0.5%   
FTP Corp. 142,600 310,946 
TOTAL COMMON STOCKS   
(Cost $66,186,963)  62,983,352 
Nonconvertible Preferred Stocks - 2.3%   
Brazil - 1.7%   
Banco ABC Brasil SA 72,600 250,145 
Banco do Estado Rio Grande do Sul SA 152,500 377,342 
Metalurgica Gerdau SA (PN) 635,900 538,044 
TOTAL BRAZIL  1,165,531 
Korea (South) - 0.6%   
LG Chemical Ltd. 2,215 381,838 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,424,609)  1,547,369 
 Principal Amount Value 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.21% to 0.3% 5/19/16 to 7/14/16
(Cost $79,972) 		80,000 79,983 
 Shares Value 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund, 0.38% (d) 2,015,766 2,015,766 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 1,092,150 1,092,150 
TOTAL MONEY MARKET FUNDS   
(Cost $3,107,916)  3,107,916 
TOTAL INVESTMENT PORTFOLIO - 102.3%   
(Cost $70,799,460)  67,718,620 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (1,542,085) 
NET ASSETS - 100%  $66,176,535 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $3,946 
Fidelity Securities Lending Cash Central Fund 5,223 
Total $9,169 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $10,236,503 $7,630,451 $2,606,052 $-- 
Consumer Staples 5,483,928 4,176,178 1,307,750 -- 
Energy 1,435,992 1,435,992 -- -- 
Financials 11,813,854 11,159,031 654,823 -- 
Health Care 4,848,036 3,850,071 997,965 -- 
Industrials 9,371,343 7,491,169 1,880,174 -- 
Information Technology 11,639,928 9,792,930 1,846,998 -- 
Materials 6,602,382 4,923,928 1,678,454 -- 
Telecommunication Services 1,041,158 1,041,158 -- -- 
Utilities 2,057,597 1,828,457 229,140 -- 
Government Obligations 79,983 -- 79,983 -- 
Money Market Funds 3,107,916 3,107,916 -- -- 
Total Investments in Securities: $67,718,620 $56,437,281 $11,281,339 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $513,350 
Level 2 to Level 1 $11,800,840 

The following is a reconciliation of Investments in Securities and Derivative Instruments for which Level 3 inputs were used in determining value:

Investments in Securities:  
Beginning Balance $792,670 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (792,670) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at April 30, 2016 $-- 

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 into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructuring or corporate actions. 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.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,056,713) — See accompanying schedule:
Unaffiliated issuers (cost $67,691,544) 		$64,610,704  
Fidelity Central Funds (cost $3,107,916) 3,107,916  
Total Investments (cost $70,799,460)  $67,718,620 
Foreign currency held at value (cost $67,248)  67,236 
Receivable for investments sold  2,293,237 
Receivable for fund shares sold  90,727 
Dividends receivable  92,213 
Distributions receivable from Fidelity Central Funds  1,961 
Prepaid expenses  66 
Other receivables  16,941 
Total assets  70,281,001 
Liabilities   
Payable to custodian bank $1,802,368  
Payable for investments purchased   
Regular delivery 756,311  
Delayed delivery 35,139  
Payable for fund shares redeemed 265,965  
Accrued management fee 58,418  
Distribution and service plan fees payable 3,166  
Other affiliated payables 15,898  
Other payables and accrued expenses 75,051  
Collateral on securities loaned, at value 1,092,150  
Total liabilities  4,104,466 
Net Assets  $66,176,535 
Net Assets consist of:   
Paid in capital  $74,137,370 
Undistributed net investment income  115,022 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (4,977,675) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (3,098,182) 
Net Assets  $66,176,535 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($4,358,567 ÷ 394,003 shares)  $11.06 
Maximum offering price per share (100/94.25 of $11.06)  $11.73 
Class T:   
Net Asset Value and redemption price per share ($2,107,239 ÷ 191,242 shares)  $11.02 
Maximum offering price per share (100/96.50 of $11.02)  $11.42 
Class C:   
Net Asset Value and offering price per share ($1,721,722 ÷ 158,821 shares)(a)  $10.84 
Emerging Markets Discovery:   
Net Asset Value, offering price and redemption price per share ($56,615,815 ÷ 5,096,251 shares)  $11.11 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,373,192 ÷ 123,266 shares)  $11.14 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $711,619 
Interest  57 
Income from Fidelity Central Funds  9,169 
Income before foreign taxes withheld  720,845 
Less foreign taxes withheld  (45,068) 
Total income  675,777 
Expenses   
Management fee $273,908  
Transfer agent fees 79,317  
Distribution and service plan fees 18,188  
Accounting and security lending fees 16,831  
Custodian fees and expenses 80,413  
Independent trustees' compensation 143  
Registration fees 29,054  
Audit 53,294  
Legal 94  
Miscellaneous 236  
Total expenses before reductions 551,478  
Expense reductions (67,843) 483,635 
Net investment income (loss)  192,142 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (2,937,454)  
Foreign currency transactions 260  
Futures contracts 172,417  
Total net realized gain (loss)  (2,764,777) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of increase in deferred foreign taxes of $8,025) 		3,777,452  
Assets and liabilities in foreign currencies 10,070  
Total change in net unrealized appreciation (depreciation)  3,787,522 
Net gain (loss)  1,022,745 
Net increase (decrease) in net assets resulting from operations  $1,214,887 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $192,142 $749,160 
Net realized gain (loss) (2,764,777) (1,932,100) 
Change in net unrealized appreciation (depreciation) 3,787,522 (8,002,533) 
Net increase (decrease) in net assets resulting from operations 1,214,887 (9,185,473) 
Distributions to shareholders from net investment income (490,717) – 
Share transactions - net increase (decrease) (5,938,352) (6,487,831) 
Redemption fees 30,593 32,392 
Total increase (decrease) in net assets (5,183,589) (15,640,912) 
Net Assets   
Beginning of period 71,360,124 87,001,036 
End of period (including undistributed net investment income of $115,022 and undistributed net investment income of $413,597, respectively) $66,176,535 $71,360,124 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.92 $12.17 $12.49 $11.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .02 .09C .04 .08 .12 
Net realized and unrealized gain (loss) .17 (1.34) (.01) .75 1.76 
Total from investment operations .19 (1.25) .03 .83 1.88 
Distributions from net investment income (.05) – (.06) (.04) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.05) – (.36) (.25)D (.01) 
Redemption fees added to paid in capitalB –E –E .01 .02 .02 
Net asset value, end of period $11.06 $10.92 $12.17 $12.49 $11.89 
Total ReturnF,G,H 1.79% (10.27)% .31% 7.20% 19.00% 
Ratios to Average Net AssetsI,J      
Expenses before reductions 1.97%K 1.88% 1.82% 1.87% 3.49% 
Expenses net of fee waivers, if any 1.70%K 1.70% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.69%K 1.69% 1.70% 1.64% 1.64% 
Net investment income (loss) .40%K .76%C .29% .62% 1.16% 
Supplemental Data      
Net assets, end of period (000 omitted) $4,359 $4,660 $4,362 $5,065 $1,671 
Portfolio turnover rateL 63%K 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .22%.

 D Total distributions of $.25 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.203 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.86 $12.13 $12.44 $11.87 $10.00 
Income from Investment Operations      
Net investment income (loss)B .01 .06C –D .05 .10 
Net realized and unrealized gain (loss) .17 (1.33) –D .74 1.75 
Total from investment operations .18 (1.27) –D .79 1.85 
Distributions from net investment income (.02) – (.02) (.03) –D 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.02) – (.32) (.24)E –D 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.02 $10.86 $12.13 $12.44 $11.87 
Total ReturnF,G,H 1.69% (10.47)% .05% 6.87% 18.75% 
Ratios to Average Net AssetsI,J      
Expenses before reductions 2.26%K 2.16% 2.10% 2.19% 3.77% 
Expenses net of fee waivers, if any 1.95%K 1.95% 1.95% 1.95% 1.95% 
Expenses net of all reductions 1.94%K 1.94% 1.95% 1.89% 1.89% 
Net investment income (loss) .15%K .51%C .04% .37% .91% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,107 $2,015 $2,031 $1,914 $1,700 
Portfolio turnover rateL 63%K 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 D Amount represents less than $.005 per share.

 E Total distributions of $.24 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.203 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.69 $12.00 $12.35 $11.82 $10.00 
Income from Investment Operations      
Net investment income (loss)B (.02) –C,D (.06) (.02) .04 
Net realized and unrealized gain (loss) .17 (1.31) –D .74 1.76 
Total from investment operations .15 (1.31) (.06) .72 1.80 
Distributions from net investment income – – – (.01) – 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions – – (.30) (.21) – 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $10.84 $10.69 $12.00 $12.35 $11.82 
Total ReturnE,F,G 1.40% (10.92)% (.42)% 6.32% 18.20% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 2.72%J 2.64% 2.58% 2.70% 4.32% 
Expenses net of fee waivers, if any 2.45%J 2.45% 2.45% 2.45% 2.45% 
Expenses net of all reductions 2.44%J 2.44% 2.45% 2.39% 2.39% 
Net investment income (loss) (.35)%J .01%C (.46)% (.13)% .41% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,722 $1,675 $1,750 $2,082 $1,474 
Portfolio turnover rateK 63%J 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.52) %.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.98 $12.21 $12.52 $11.92 $10.00 
Income from Investment Operations      
Net investment income (loss)B .03 .12C .07 .11 .15 
Net realized and unrealized gain (loss) .19 (1.35) –D .74 1.76 
Total from investment operations .22 (1.23) .07 .85 1.91 
Distributions from net investment income (.09) – (.09) (.07) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.09) – (.39) (.27) (.01) 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.11 $10.98 $12.21 $12.52 $11.92 
Total ReturnE,F 1.99% (10.07)% .61% 7.37% 19.35% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.64%I 1.56% 1.48% 1.57% 3.02% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.44%I 1.44% 1.45% 1.39% 1.39% 
Net investment income (loss) .65%I 1.01%C .54% .87% 1.41% 
Supplemental Data      
Net assets, end of period (000 omitted) $56,616 $61,601 $78,377 $96,731 $39,135 
Portfolio turnover rateJ 63%I 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $11.02 $12.25 $12.53 $11.92 $10.00 
Income from Investment Operations      
Net investment income (loss)B .03 .12C .07 .11 .15 
Net realized and unrealized gain (loss) .18 (1.35) –D .75 1.76 
Total from investment operations .21 (1.23) .07 .86 1.91 
Distributions from net investment income (.09) – (.06) (.07) (.01) 
Distributions from net realized gain – – (.30) (.20) – 
Total distributions (.09) – (.36) (.27) (.01) 
Redemption fees added to paid in capitalB –D –D .01 .02 .02 
Net asset value, end of period $11.14 $11.02 $12.25 $12.53 $11.92 
Total ReturnE,F 1.91% (10.04)% .61% 7.45% 19.35% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 1.61%I 1.54% 1.56% 1.60% 3.21% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.44%I 1.43% 1.45% 1.39% 1.39% 
Net investment income (loss) .65%I 1.01%C .54% .87% 1.41% 
Supplemental Data      
Net assets, end of period (000 omitted) $1,373 $1,410 $481 $1,076 $1,825 
Portfolio turnover rateJ 63%I 103% 148% 179% 83% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Emerging Markets Discovery 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, Emerging Markets Discovery and Class I 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, futures transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 $5,799,157 
Gross unrealized depreciation (9,248,368) 
Net unrealized appreciation (depreciation) on securities $(3,449,211) 
Tax cost $71,167,831 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,731,575) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end.

During the period the Fund recognized net realized gain (loss) of $172,417 related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $19,964,528 and $25,414,601, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .85% 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 the investment adviser, 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% $5,319 $166 
Class T .25% .25% 4,870 17 
Class C .75% .25% 7,999 2,824 
   $18,188 $3,007 

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, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 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 $1,176 
Class T 567 
Class C(a) 89 
 $1,832 

 (a) When 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $6,692 .31 
Class T 3,430 .35 
Class C 2,516 .31 
Emerging Markets Discovery 65,442 .24 
Class I 1,237 .20 
 $79,317  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $201 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $57 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $5,223. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.70% $5,845 
Class T 1.95% 2,989 
Class C 2.45% 2,170 
Emerging Markets Discovery 1.45% 53,138 
Class I 1.45% 1,004 
  $65,146 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,463 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $234.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $22,428 $– 
Class T 4,316 – 
Emerging Markets Discovery 453,104 – 
Class I 10,869 – 
Total $490,717 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 55,629 161,641 $577,534 $1,908,467 
Reinvestment of distributions 1,944 – 20,757 – 
Shares redeemed (90,322) (93,262) (940,546) (1,088,220) 
Net increase (decrease) (32,749) 68,379 $(342,255) $820,247 
Class T     
Shares sold 18,358 59,344 $188,721 $694,558 
Reinvestment of distributions 389 – 4,146 – 
Shares redeemed (13,066) (41,200) (133,700) (472,328) 
Net increase (decrease) 5,681 18,144 $59,167 $222,230 
Class C     
Shares sold 17,201 68,780 $175,833 $796,943 
Shares redeemed (15,073) (57,921) (149,534) (667,642) 
Net increase (decrease) 2,128 10,859 $26,299 $129,301 
Emerging Markets Discovery     
Shares sold 828,955 2,311,392 $8,559,244 $27,313,497 
Reinvestment of distributions 39,922 – 427,569 – 
Shares redeemed (1,380,942) (3,121,418) (14,622,762) (36,074,220) 
Net increase (decrease) (512,065) (810,026) $(5,635,949) $(8,760,723) 
Class I     
Shares sold 56,585 209,924 $587,375 $2,474,235 
Reinvestment of distributions 981 – 10,531 – 
Shares redeemed (62,265) (121,211) (643,520) (1,373,121) 
Net increase (decrease) (4,699) 88,713 $(45,614) $1,101,114 

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.

At the end of the period, the investment adviser or its affiliates were the owners of record of 12% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.70%    
Actual  $1,000.00 $1,017.90 $8.53 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class T 1.95%    
Actual  $1,000.00 $1,016.90 $9.78 
Hypothetical-C  $1,000.00 $1,015.17 $9.77 
Class C 2.45%    
Actual  $1,000.00 $1,014.00 $12.27 
Hypothetical-C  $1,000.00 $1,012.68 $12.26 
Emerging Markets Discovery 1.45%    
Actual  $1,000.00 $1,019.90 $7.28 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class I 1.45%    
Actual  $1,000.00 $1,019.10 $7.28 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

AEMDI-SANN-0616
1.931246.104


Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   South Africa 41.5% 
   Russia 23.7% 
   Turkey 4.1% 
   United Arab Emirates 3.8% 
   Romania 3.4% 
   United Kingdom 3.2% 
   Hungary 2.3% 
   Poland 2.2% 
   Qatar 2.0% 
   Other* 13.8% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   South Africa 39.5% 
   Russia 21.4% 
   United Arab Emirates 5.2% 
   Romania 4.4% 
   Poland 4.3% 
   Turkey 4.3% 
   United Kingdom 3.4% 
   Qatar 3.2% 
   Austria 2.6% 
   Other* 11.7% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.9 100.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 0.0 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Naspers Ltd. Class N (South Africa, Media) 6.0 8.0 
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) 5.7 3.7 
Sberbank of Russia (Russia, Banks) 5.1 4.7 
Lukoil PJSC sponsored ADR (Russia, Oil, Gas & Consumable Fuels) 4.5 3.9 
Steinhoff International Holdings NV (South Africa) (South Africa, Household Durables) 2.7 2.4 
Remgro Ltd. (South Africa, Diversified Financial Services) 2.7 2.6 
FirstRand Ltd. (South Africa, Diversified Financial Services) 2.5 2.6 
DRDGOLD Ltd. (South Africa, Metals & Mining) 2.3 0.9 
OTP Bank PLC (Hungary, Banks) 2.3 1.4 
AngloGold Ashanti Ltd. (South Africa, Metals & Mining) 2.2 1.1 
 36.0  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 32.9 39.3 
Energy 18.3 14.9 
Consumer Discretionary 14.8 18.0 
Consumer Staples 10.9 11.8 
Materials 10.1 5.2 
Industrials 7.2 3.1 
Telecommunication Services 2.5 4.2 
Health Care 2.2 3.5 

Market Sectors may include more than one industry category.
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 Africa markets. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%   
 Shares Value 
Austria - 0.8%   
CA Immobilien Anlagen AG 9,600 $183,355 
Wienerberger AG 27,700 547,292 
TOTAL AUSTRIA  730,647 
Bailiwick of Jersey - 0.4%   
Wizz Air Holdings PLC (a) 13,888 381,498 
Botswana - 0.4%   
First National Bank of Botswana Ltd. 990,388 332,305 
British Virgin Islands - 0.4%   
Lenta Ltd. GDR (a) 62,600 403,770 
Canada - 1.1%   
Detour Gold Corp. (a) 35,200 754,947 
Osisko Gold Royalties Ltd. 21,000 281,183 
TOTAL CANADA  1,036,130 
Croatia - 0.5%   
Ledo d.d. 290 440,111 
Czech Republic - 1.0%   
Komercni Banka A/S 4,347 894,279 
Estonia - 0.7%   
Tallinna Kaubamaja AS 77,800 611,122 
Germany - 0.3%   
UNIWHEELS AG 6,802 258,397 
Greece - 1.7%   
Aegean Airlines SA 18,300 167,899 
Jumbo SA (a) 26,536 347,572 
Motor Oil (HELLAS) Corinth Refineries SA 56,500 645,141 
Sarantis SA 37,800 377,304 
TOTAL GREECE  1,537,916 
Hungary - 2.3%   
OTP Bank PLC 77,900 2,063,000 
Israel - 0.6%   
Elbit Systems Ltd. (Israel) 5,300 530,220 
Kazakhstan - 0.4%   
KazMunaiGas Exploration & Production JSC (Reg. S) GDR 53,700 360,864 
Kenya - 1.2%   
British American Tobacco Kenya Ltd. 31,700 266,468 
Kcb Group Ltd. 1,019,000 418,698 
Safaricom Ltd. 2,627,844 444,912 
TOTAL KENYA  1,130,078 
Lithuania - 0.6%   
Apranga AB (a) 174,566 521,705 
Malta - 0.6%   
Brait SA 52,700 589,260 
Netherlands - 0.3%   
AmRest Holdings NV (a) 4,600 269,351 
Nigeria - 0.5%   
Zenith Bank PLC 6,802,168 434,130 
Pakistan - 0.8%   
Millat Tractors Ltd. 77,000 382,410 
United Bank Ltd. 246,500 385,622 
TOTAL PAKISTAN  768,032 
Poland - 2.2%   
Bank Polska Kasa Opieki SA 21,700 882,622 
Kruk SA 8,900 444,190 
NG2 SA 7,600 338,490 
Orbis SA 24,200 385,481 
TOTAL POLAND  2,050,783 
Qatar - 2.0%   
Al Meera Consumer Goods Co. (a) 6,671 379,744 
Qatar National Bank SAQ 36,695 1,451,710 
TOTAL QATAR  1,831,454 
Romania - 3.4%   
Banca Transilvania SA 2,204,397 1,512,794 
BRD-Groupe Societe Generale 504,371 1,189,864 
Fondul Propietatea SA GDR 40,900 396,730 
TOTAL ROMANIA  3,099,388 
Russia - 20.2%   
Gazprom OAO (a) 2,001,228 5,213,998 
Lukoil PJSC (a) 14,000 594,820 
Lukoil PJSC sponsored ADR 84,095 3,564,367 
Magnit OJSC (a) 8,679 1,206,196 
Megafon OJSC GDR 68,800 791,200 
Moscow Exchange MICEX-RTS OAO (a) 718,000 1,132,328 
NOVATEK OAO (a) 141,500 1,338,704 
Sberbank of Russia (a) 2,428,010 4,635,375 
TOTAL RUSSIA  18,476,988 
Slovenia - 0.4%   
Krka dd Novo mesto 5,625 390,448 
South Africa - 41.5%   
African Rainbow Minerals Ltd. 127,000 1,000,102 
AngloGold Ashanti Ltd. (a) 125,100 2,033,663 
Aveng Ltd. (a) 970,000 316,173 
Barloworld Ltd. 123,800 715,914 
Cashbuild Ltd. 15,200 370,560 
City Lodge Hotels Ltd. 33,000 355,958 
Clicks Group Ltd. 156,919 1,146,089 
DRDGOLD Ltd. (b) 3,753,637 2,067,187 
Exxaro Resources Ltd. 41,000 258,496 
FirstRand Ltd. 720,100 2,314,296 
Holdsport Ltd. 168,800 723,331 
Hulamin Ltd. 1,042,200 420,973 
Imperial Holdings Ltd. 84,100 880,450 
KAP Industrial Holdings Ltd. 1,150,500 509,169 
Life Healthcare Group Holdings Ltd. 246,100 646,401 
Mr Price Group Ltd. 66,000 838,396 
MTN Group Ltd. 97,550 1,021,203 
Murray & Roberts Holdings Ltd. 421,100 436,327 
Nampak Ltd. 868,800 1,486,730 
Naspers Ltd. Class N 40,400 5,543,287 
Northam Platinum Ltd. (a) 360,100 1,227,126 
Pioneer Foods Ltd. 110,800 1,294,317 
PSG Konsult Ltd. 644,336 338,570 
Remgro Ltd. 135,500 2,432,960 
RMB Holdings Ltd. 183,300 747,995 
Sasol Ltd. 48,100 1,573,359 
Shoprite Holdings Ltd. 141,400 1,700,843 
Spar Group Ltd. 117,000 1,748,599 
Standard Bank Group Ltd. 137,363 1,232,434 
Steinhoff International Holdings NV (South Africa) 396,000 2,474,713 
Super Group Ltd. (a) 80,000 231,201 
TOTAL SOUTH AFRICA  38,086,822 
Turkey - 4.1%   
Aselsan A/S 205,000 1,462,402 
Koc Holding A/S 210,850 1,102,479 
Turk Tuborg Bira ve Malt Sanayii A/S (a) 110,000 249,643 
Turkiye Garanti Bankasi A/S 313,000 963,482 
TOTAL TURKEY  3,778,006 
United Arab Emirates - 3.8%   
Agthia Group PJSC 106,093 225,306 
Aldar Properties PJSC (a) 888,885 658,272 
Dubai Islamic Bank Pakistan Ltd. (a) 466,870 744,877 
Emaar Malls Group PJSC (a) 757,587 598,166 
First Gulf Bank PJSC 314,358 1,108,371 
SHUAA Capital PSC (a) 983,913 184,840 
TOTAL UNITED ARAB EMIRATES  3,519,832 
United Kingdom - 3.2%   
Bupa Arabia ELS (HSBC Warrant Program) warrants 10/10/16 (a)(c) 7,300 248,728 
Georgia Healthcare Group PLC (a) 129,000 365,667 
Mediclinic International PLC 20,000 264,063 
NMC Health PLC 24,500 374,807 
Samba Financial Group ELS (HSBC Bank Warrant Program) warrants 6/29/17 (c) 28,900 176,778 
Saudi Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/4/18 (c) 14,000 511,433 
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(c) 52,800 563,303 
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) 33,634 395,599 
TOTAL UNITED KINGDOM  2,900,378 
TOTAL COMMON STOCKS   
(Cost $75,616,322)  87,426,914 
Nonconvertible Preferred Stocks - 3.5%   
Russia - 3.5%   
Surgutneftegas OJSC(a) 2,892,500 1,875,246 
Tatneft PAO (a) 449,400 1,332,121 
TOTAL RUSSIA   
(Cost $2,981,109)  3,207,367 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 0.38% (d)   
(Cost $2,127,277) 2,127,277 2,127,277 
TOTAL INVESTMENT PORTFOLIO - 101.2%   
(Cost $80,724,708)  92,761,558 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (1,082,693) 
NET ASSETS - 100%  $91,678,865 

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (c) 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 $1,895,841 or 2.1% of net assets.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.


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 $2,883 
Total $2,883 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $13,538,892 $13,191,320 $347,572 $-- 
Consumer Staples 10,049,512 9,672,208 377,304 -- 
Energy 16,757,116 7,449,372 9,307,744 -- 
Financials 30,166,366 22,671,668 7,494,698 -- 
Health Care 2,041,386 2,041,386 -- -- 
Industrials 6,551,783 6,383,884 167,899 -- 
Materials 9,271,911 5,171,061 4,100,850 -- 
Telecommunication Services 2,257,315 1,236,112 1,021,203 -- 
Money Market Funds 2,127,277 2,127,277 -- -- 
Total Investments in Securities: $92,761,558 $69,944,288 $22,817,270 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $562,303 
Level 2 to Level 1 $852,918 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $78,597,431) 		$90,634,281  
Fidelity Central Funds (cost $2,127,277) 2,127,277  
Total Investments (cost $80,724,708)  $92,761,558 
Foreign currency held at value (cost $46,482)  46,429 
Receivable for investments sold  455,216 
Receivable for fund shares sold  264,048 
Dividends receivable  221,843 
Distributions receivable from Fidelity Central Funds  626 
Prepaid expenses  95 
Receivable from investment adviser for expense reductions  45,602 
Other receivables  210 
Total assets  93,795,627 
Liabilities   
Payable for investments purchased   
Regular delivery $1,524,245  
Delayed delivery 3,365  
Payable for fund shares redeemed 435,523  
Accrued management fee 56,299  
Distribution and service plan fees payable 6,476  
Other affiliated payables 22,131  
Other payables and accrued expenses 68,723  
Total liabilities  2,116,762 
Net Assets  $91,678,865 
Net Assets consist of:   
Paid in capital  $102,235,302 
Undistributed net investment income  334,366 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (22,927,761) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  12,036,958 
Net Assets  $91,678,865 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($5,977,139 ÷ 764,856 shares)  $7.81 
Maximum offering price per share (100/94.25 of $7.81)  $8.29 
Class T:   
Net Asset Value and redemption price per share ($2,392,054 ÷ 306,697 shares)  $7.80 
Maximum offering price per share (100/96.50 of $7.80)  $8.08 
Class B:   
Net Asset Value and offering price per share ($158,461 ÷ 20,034 shares)(a)  $7.91 
Class C:   
Net Asset Value and offering price per share ($6,618,271 ÷ 850,603 shares)(a)  $7.78 
Emerging Europe, Middle East, Africa (EMEA):   
Net Asset Value, offering price and redemption price per share ($73,827,085 ÷ 9,442,476 shares)  $7.82 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,705,855 ÷ 346,629 shares)  $7.81 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $1,095,508 
Income from Fidelity Central Funds  2,883 
Income before foreign taxes withheld  1,098,391 
Less foreign taxes withheld  (120,769) 
Total income  977,622 
Expenses   
Management fee $299,845  
Transfer agent fees 109,763  
Distribution and service plan fees 30,964  
Accounting fees and expenses 19,434  
Custodian fees and expenses 55,931  
Independent trustees' compensation 164  
Registration fees 71,693  
Audit 34,063  
Legal 110  
Miscellaneous 261  
Total expenses before reductions 622,228  
Expense reductions (66,024) 556,204 
Net investment income (loss)  421,418 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,108,175)  
Foreign currency transactions 1,917  
Total net realized gain (loss)  (5,106,258) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $12,949) 		9,176,617  
Assets and liabilities in foreign currencies (5)  
Total change in net unrealized appreciation (depreciation)  9,176,612 
Net gain (loss)  4,070,354 
Net increase (decrease) in net assets resulting from operations  $4,491,772 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $421,418 $1,633,113 
Net realized gain (loss) (5,106,258) (10,780,681) 
Change in net unrealized appreciation (depreciation) 9,176,612 (7,778,956) 
Net increase (decrease) in net assets resulting from operations 4,491,772 (16,926,524) 
Distributions to shareholders from net investment income (1,323,710) (2,091,570) 
Distributions to shareholders from net realized gain – (504,771) 
Total distributions (1,323,710) (2,596,341) 
Share transactions - net increase (decrease) 5,429,758 (17,106,646) 
Redemption fees 5,610 15,219 
Total increase (decrease) in net assets 8,603,430 (36,614,292) 
Net Assets   
Beginning of period 83,075,435 119,689,727 
End of period (including undistributed net investment income of $334,366 and undistributed net investment income of $1,236,658, respectively) $91,678,865 $83,075,435 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.49 $9.04 $9.49 $8.71 $8.34 $8.97 
Income from Investment Operations       
Net investment income (loss)A .03 .12 .13 .16 .18 .16B 
Net realized and unrealized gain (loss) .40 (1.50) (.46) .85 .34 (.70) 
Total from investment operations .43 (1.38) (.33) 1.01 .52 (.54) 
Distributions from net investment income (.11) (.14) (.12) (.15) (.15) (.08) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.11) (.17)C (.12) (.23)D (.15) (.10) 
Redemption fees added to paid in capitalA –E –E –E –E –E .01 
Net asset value, end of period $7.81 $7.49 $9.04 $9.49 $8.71 $8.34 
Total ReturnF,G,H 5.88% (15.42)% (3.48)% 11.75% 6.38% (6.05)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.82%K 1.61% 1.60% 1.64% 1.62% 1.60% 
Expenses net of fee waivers, if any 1.65%K 1.61% 1.60% 1.63% 1.62% 1.56% 
Expenses net of all reductions 1.65%K 1.60% 1.60% 1.62% 1.60% 1.51% 
Net investment income (loss) .95%K 1.51% 1.45% 1.82% 2.09% 1.70%B 
Supplemental Data       
Net assets, end of period (000 omitted) $5,977 $5,788 $7,889 $10,883 $8,934 $10,260 
Portfolio turnover rateL 51%K 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.

 C Total distributions of $.17 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.039 per share.

 D Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.44 $9.01 $9.46 $8.68 $8.31 $8.96 
Income from Investment Operations       
Net investment income (loss)A .02 .10 .11 .14 .15 .13B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .84 .35 (.71) 
Total from investment operations .43 (1.41) (.35) .98 .50 (.58) 
Distributions from net investment income (.07) (.13) (.10) (.12) (.13) (.07) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.07) (.16)C (.10) (.20)D (.13) (.08)E 
Redemption fees added to paid in capitalA –F –F –F –F –F .01 
Net asset value, end of period $7.80 $7.44 $9.01 $9.46 $8.68 $8.31 
Total ReturnG,H,I 5.91% (15.80)% (3.67)% 11.42% 6.14% (6.42)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 1.92% 1.92% 1.93% 1.89% 1.87% 
Expenses net of fee waivers, if any 1.90%L 1.90% 1.90% 1.90% 1.89% 1.84% 
Expenses net of all reductions 1.89%L 1.89% 1.90% 1.88% 1.86% 1.78% 
Net investment income (loss) .71%L 1.22% 1.15% 1.55% 1.82% 1.42%B 
Supplemental Data       
Net assets, end of period (000 omitted) $2,392 $2,003 $2,465 $3,465 $3,336 $3,502 
Portfolio turnover rateM 51%L 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.

 C Total distributions of $.16 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.039 per share.

 D Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.074 per share.

 E 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.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the sales charges.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.05 $9.50 $8.69 $8.29 $8.93 
Income from Investment Operations       
Net investment income (loss)A .01 .06 .06 .09 .11 .09B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .85 .35 (.71) 
Total from investment operations .42 (1.45) (.40) .94 .46 (.62) 
Distributions from net investment income (.01) (.06) (.05) (.06) (.06) (.02) 
Distributions from net realized gain – (.04) – (.07) – (.01) 
Total distributions (.01) (.10) (.05) (.13) (.06) (.03) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.91 $7.50 $9.05 $9.50 $8.69 $8.29 
Total ReturnD,E,F 5.60% (16.16)% (4.23)% 10.94% 5.56% (6.85)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.57%I 2.41% 2.40% 2.42% 2.38% 2.37% 
Expenses net of fee waivers, if any 2.40%I 2.40% 2.40% 2.40% 2.38% 2.33% 
Expenses net of all reductions 2.40%I 2.39% 2.40% 2.38% 2.35% 2.27% 
Net investment income (loss) .20%I .72% .65% 1.05% 1.33% .93%B 
Supplemental Data       
Net assets, end of period (000 omitted) $158 $181 $294 $388 $441 $539 
Portfolio turnover rateJ 51%I 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.39 $8.93 $9.39 $8.62 $8.24 $8.90 
Income from Investment Operations       
Net investment income (loss)A .01 .06 .06 .09 .11 .08B 
Net realized and unrealized gain (loss) .40 (1.48) (.46) .83 .35 (.69) 
Total from investment operations .41 (1.42) (.40) .92 .46 (.61) 
Distributions from net investment income (.02) (.08) (.06) (.08) (.08) (.05) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.02) (.12) (.06) (.15) (.08) (.06)C 
Redemption fees added to paid in capitalA –D –D –D –D –D .01 
Net asset value, end of period $7.78 $7.39 $8.93 $9.39 $8.62 $8.24 
Total ReturnE,F,G 5.54% (16.08)% (4.24)% 10.83% 5.68% (6.79)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.61%J 2.41% 2.40% 2.42% 2.37% 2.36% 
Expenses net of fee waivers, if any 2.40%J 2.40% 2.40% 2.40% 2.37% 2.33% 
Expenses net of all reductions 2.40%J 2.39% 2.40% 2.38% 2.35% 2.27% 
Net investment income (loss) .20%J .72% .65% 1.05% 1.34% .93%B 
Supplemental Data       
Net assets, end of period (000 omitted) $6,618 $4,104 $6,662 $6,782 $7,770 $6,650 
Portfolio turnover rateK 51%J 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.

 C 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.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.08 $9.52 $8.75 $8.37 $9.00 
Income from Investment Operations       
Net investment income (loss)A .04 .14 .16 .18 .20 .18B 
Net realized and unrealized gain (loss) .41 (1.51) (.47) .84 .35 (.71) 
Total from investment operations .45 (1.37) (.31) 1.02 .55 (.53) 
Distributions from net investment income (.13) (.17) (.13) (.18) (.17) (.09) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.13) (.21) (.13) (.25) (.17) (.11) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.82 $7.50 $9.08 $9.52 $8.75 $8.37 
Total ReturnD,E 6.19% (15.33)% (3.21)% 11.90% 6.81% (5.91)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.39% 1.37% 1.40% 1.37% 1.35% 
Expenses net of fee waivers, if any 1.40%H 1.38% 1.37% 1.40% 1.37% 1.31% 
Expenses net of all reductions 1.40%H 1.38% 1.37% 1.38% 1.34% 1.25% 
Net investment income (loss) 1.20%H 1.74% 1.68% 2.05% 2.34% 1.95%B 
Supplemental Data       
Net assets, end of period (000 omitted) $73,827 $67,521 $96,784 $110,265 $111,441 $114,117 
Portfolio turnover rateI 51%H 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.51%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.08 $9.52 $8.75 $8.37 $9.00 
Income from Investment Operations       
Net investment income (loss)A .04 .15 .16 .19 .21 .19B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .84 .35 (.72) 
Total from investment operations .45 (1.36) (.30) 1.03 .56 (.53) 
Distributions from net investment income (.14) (.18) (.14) (.19) (.18) (.09) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.14) (.22) (.14) (.26) (.18) (.11) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.81 $7.50 $9.08 $9.52 $8.75 $8.37 
Total ReturnD,E 6.21% (15.23)% (3.09)% 12.05% 6.93% (5.91)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.43%H 1.25% 1.26% 1.30% 1.28% 1.26% 
Expenses net of fee waivers, if any 1.40%H 1.25% 1.26% 1.30% 1.28% 1.24% 
Expenses net of all reductions 1.40%H 1.24% 1.26% 1.28% 1.25% 1.19% 
Net investment income (loss) 1.20%H 1.88% 1.79% 2.15% 2.43% 2.02%B 
Supplemental Data       
Net assets, end of period (000 omitted) $2,706 $3,478 $5,596 $10,231 $8,586 $7,633 
Portfolio turnover rateI 51%H 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 $16,887,440 
Gross unrealized depreciation (5,733,815) 
Net unrealized appreciation (depreciation) on securities $11,153,625 
Tax cost $81,607,933 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2018 $(1,624,705) 
No expiration  
Short-term (3,290,678) 
Long-term (11,971,717) 
Total no expiration (15,262,395) 
Total capital loss carryforward $(16,887,100) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $22,842,835 and $19,602,882, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% 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, except for the Class I. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, 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% $6,328 $– 
Class T .25% .25% 4,536 4 
Class B .75% .25% 717 538 
Class C .75% .25% 19,383 2,551 
   $30,964 $3,093 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,197 
Class T 532 
Class B(a) – 
Class C(a) 61 
 $1,790 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $7,504 .30 
Class T 3,080 .34 
Class B 224 .31 
Class C 5,632 .29 
Emerging Europe, Middle East, Africa (EMEA) 91,056 .30 
Class I 2,267 .16 
 $109,763  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $23 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $65 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser 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.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.65% $4,376 
Class T 1.90% 2,026 
Class B 2.40% 121 
Class C 2.40% 4,082 
Emerging Europe, Middle East, Africa (EMEA) 1.40% 54,428 
Class I 1.40% 379 
  $65,412 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $345 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $267.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $80,414 $113,464 
Class T 18,230 35,916 
Class B 201 1,835 
Class C 9,270 58,320 
Emerging Europe, Middle East, Africa (EMEA) 1,152,813 1,776,301 
Class I 62,782 105,734 
Total $1,323,710 $2,091,570 
From net realized gain   
Class A $– $32,778 
Class T – 11,206 
Class B – 1,213 
Class C – 29,160 
Emerging Europe, Middle East, Africa (EMEA) – 407,505 
Class I – 22,909 
Total $– $504,771 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 125,223 200,433 $908,033 $1,636,757 
Reinvestment of distributions 10,903 16,251 75,669 135,531 
Shares redeemed (144,519) (315,855) (980,924) (2,546,115) 
Net increase (decrease) (8,393) (99,171) $2,778 $(773,827) 
Class T     
Shares sold 73,842 86,058 $536,114 $721,254 
Reinvestment of distributions 2,627 5,631 18,230 46,793 
Shares redeemed (38,900) (96,309) (273,521) (767,911) 
Net increase (decrease) 37,569 (4,620) $280,823 $136 
Class B     
Shares sold 6,222 3,390 $48,684 $28,032 
Reinvestment of distributions 29 349 201 2,936 
Shares redeemed (10,329) (12,164) (74,883) (100,803) 
Net increase (decrease) (4,078) (8,425) $(25,998) $(69,835) 
Class C     
Shares sold 378,690 210,315 $2,804,059 $1,702,630 
Reinvestment of distributions 776 8,117 5,381 67,210 
Shares redeemed (84,612) (408,507) (573,923) (3,365,409) 
Net increase (decrease) 294,854 (190,075) $2,235,517 $(1,595,569) 
Emerging Europe, Middle East, Africa (EMEA)     
Shares sold 1,501,834 1,440,703 $10,868,652 $11,732,025 
Reinvestment of distributions 155,366 247,446 1,078,225 2,063,699 
Shares redeemed (1,214,338) (3,348,545) (8,241,773) (27,229,428) 
Net increase (decrease) 442,862 (1,660,396) $3,705,104 $(13,433,704) 
Class I     
Shares sold 44,669 131,915 $316,782 $1,069,757 
Reinvestment of distributions 7,594 12,912 52,629 107,558 
Shares redeemed (169,187) (297,795) (1,137,877) (2,411,162) 
Net increase (decrease) (116,924) (152,968) $(768,466) $(1,233,847) 

10. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.65%    
Actual  $1,000.00 $1,058.80 $8.45 
Hypothetical-C  $1,000.00 $1,016.66 $8.27 
Class T 1.90%    
Actual  $1,000.00 $1,059.10 $9.73 
Hypothetical-C  $1,000.00 $1,015.42 $9.52 
Class B 2.40%    
Actual  $1,000.00 $1,056.00 $12.27 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Class C 2.40%    
Actual  $1,000.00 $1,055.40 $12.27 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Emerging Europe, Middle East, Africa (EMEA) 1.40%    
Actual  $1,000.00 $1,061.90 $7.18 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.40%    
Actual  $1,000.00 $1,062.10 $7.18 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

EME-SANN-0616
1.861975.107

Fidelity Advisor® Worldwide Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Worldwide Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 54.9% 
   Japan 7.3% 
   United Kingdom 6.6% 
   France 3.9% 
   Canada 3.7% 
   Germany 3.7% 
   Ireland 2.2% 
   Switzerland 1.8% 
   Sweden 1.6% 
   Other 14.3% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 51.9% 
   United Kingdom 8.9% 
   Japan 6.9% 
   France 5.5% 
   Netherlands 3.1% 
   Switzerland 2.6% 
   Germany 2.4% 
   Ireland 1.9% 
   Canada 1.6% 
   Other 15.2% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.4 98.4 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.6 1.5 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Adobe Systems, Inc. (United States of America, Software) 2.8 2.9 
Alphabet, Inc. Class A (United States of America, Internet Software & Services) 2.8 3.0 
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) 1.9 0.8 
AutoZone, Inc. (United States of America, Specialty Retail) 1.8 1.4 
PayPal Holdings, Inc. (United States of America, IT Services) 1.8 1.2 
Kansas City Southern (United States of America, Road & Rail) 1.8 0.0 
Bristol-Myers Squibb Co. (United States of America, Pharmaceuticals) 1.8 0.7 
MSCI, Inc. Class A (United States of America, Diversified Financial Services) 1.7 0.0 
Reynolds American, Inc. (United States of America, Tobacco) 1.7 1.0 
Visa, Inc. Class A (United States of America, IT Services) 1.7 1.7 
 19.8  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 18.1 21.9 
Financials 16.0 17.0 
Consumer Discretionary 14.3 16.1 
Health Care 13.5 12.9 
Consumer Staples 12.9 10.5 
Industrials 12.4 8.4 
Energy 5.7 6.1 
Telecommunication Services 3.5 2.7 
Materials 2.7 2.3 
Utilities 0.3 0.6 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Australia - 1.1%   
1-Page Ltd. (a) 188,555 $138,350 
Ansell Ltd. (a) 120,679 1,828,742 
Australia & New Zealand Banking Group Ltd. 183,181 3,357,696 
Burson Group Ltd. 486,326 1,841,494 
Magellan Financial Group Ltd. 81,493 1,332,209 
Mantra Group Ltd. 551,523 1,551,597 
Ramsay Health Care Ltd. 76,655 3,785,587 
Spark Infrastructure Group unit 1,965,824 3,094,059 
TOTAL AUSTRALIA  16,929,734 
Austria - 0.2%   
Andritz AG 28,200 1,579,324 
Erste Group Bank AG 65,200 1,875,390 
TOTAL AUSTRIA  3,454,714 
Bailiwick of Jersey - 0.6%   
Integrated Diagnostics Holdings PLC 332,800 1,547,520 
Randgold Resources Ltd. sponsored ADR 16,310 1,639,155 
Regus PLC 695,121 2,969,837 
Wizz Air Holdings PLC (a) 34,000 933,967 
Wolseley PLC 34,027 1,905,923 
TOTAL BAILIWICK OF JERSEY  8,996,402 
Belgium - 0.7%   
Anheuser-Busch InBev SA NV 67,411 8,344,127 
KBC Groep NV 55,093 3,093,020 
TOTAL BELGIUM  11,437,147 
Bermuda - 0.1%   
PAX Global Technology Ltd. 1,889,000 1,626,846 
Canada - 3.7%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 52,000 2,279,429 
Cenovus Energy, Inc. 916,300 14,525,550 
Constellation Software, Inc. 9,200 3,595,384 
Franco-Nevada Corp. 19,800 1,389,168 
Keyera Corp. 63,000 2,029,035 
PrairieSky Royalty Ltd. (b) 897,799 18,904,798 
Suncor Energy, Inc. 39,400 1,156,533 
The Toronto-Dominion Bank 308,000 13,709,891 
TOTAL CANADA  57,589,788 
Cayman Islands - 0.6%   
Alibaba Group Holding Ltd. sponsored ADR (a) 31,400 2,415,916 
Ctrip.com International Ltd. ADR (a) 19,200 837,312 
Goodbaby International Holdings Ltd. (a) 5,171,000 2,896,250 
Lee's Pharmaceutical Holdings Ltd. 433,629 350,867 
New Oriental Education & Technology Group, Inc. sponsored ADR 54,800 2,145,968 
TOTAL CAYMAN ISLANDS  8,646,313 
Chile - 0.2%   
Vina San Pedro SA 357,223,088 3,519,919 
China - 0.2%   
Jiangsu Hengrui Medicine Co. Ltd. 264,160 1,904,679 
Kweichow Moutai Co. Ltd. 41,800 1,621,884 
TOTAL CHINA  3,526,563 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 31,822 7,963 
Denmark - 0.7%   
NNIT A/S 115,550 3,146,661 
Novo Nordisk A/S Series B 126,380 7,056,351 
TOTAL DENMARK  10,203,012 
Finland - 0.3%   
Sampo Oyj (A Shares) 94,300 4,117,209 
France - 3.9%   
Accor SA (b) 101,869 4,512,416 
ALTEN 40,600 2,510,408 
Altran Technologies SA 155,600 2,308,190 
Amundi SA 38,700 1,780,957 
Atos Origin SA 28,300 2,518,889 
AXA SA 261,900 6,612,869 
Capgemini SA 52,200 4,873,179 
Cegedim SA (a) 35,010 961,315 
Havas SA 308,841 2,584,389 
Sanofi SA 31,628 2,606,987 
Sodexo SA 25,800 2,605,335 
SR Teleperformance SA 18,900 1,696,689 
Total SA 262,323 13,258,010 
Unibail-Rodamco 9,400 2,518,652 
VINCI SA 119,900 8,956,897 
TOTAL FRANCE  60,305,182 
Germany - 3.7%   
adidas AG 39,000 5,028,373 
Axel Springer Verlag AG 43,237 2,414,036 
Bayer AG 23,400 2,699,513 
Beiersdorf AG 15,300 1,372,810 
Continental AG 18,000 3,953,171 
Deutsche Boerse AG 32,400 2,659,672 
Deutsche Telekom AG 197,700 3,470,312 
Fresenius SE & Co. KGaA 29,600 2,152,914 
GEA Group AG 48,856 2,265,114 
KION Group AG 90,889 4,951,767 
LEG Immobilien AG 27,743 2,567,101 
Nexus AG 47,000 823,405 
ProSiebenSat.1 Media AG 70,700 3,604,118 
Rational AG 6,700 3,401,308 
SAP AG 86,403 6,779,270 
Siemens AG 43,936 4,597,826 
Symrise AG 39,500 2,616,977 
United Internet AG 28,291 1,381,144 
TOTAL GERMANY  56,738,831 
Greece - 0.1%   
Folli Follie SA 59,300 1,221,215 
Hong Kong - 1.2%   
AIA Group Ltd. 1,415,000 8,468,217 
China Resources Beer Holdings Co. Ltd. 1,100,000 2,417,152 
Techtronic Industries Co. Ltd. 2,162,500 8,106,499 
TOTAL HONG KONG  18,991,868 
India - 1.1%   
Bharti Infratel Ltd. 667,227 3,766,276 
Dr Lal Pathlabs Ltd. 46,973 696,617 
HDFC Bank Ltd. (a) 21,187 430,665 
HDFC Bank Ltd. sponsored ADR 89,493 5,626,425 
Housing Development Finance Corp. Ltd. 385,477 6,316,436 
Lupin Ltd. 1,335 32,302 
TOTAL INDIA  16,868,721 
Indonesia - 0.0%   
PT Kino Indonesia Tbk 234,500 86,773 
Ireland - 2.2%   
Alkermes PLC (a) 159,495 6,339,926 
Cairn Homes PLC (a) 1,347,939 1,728,672 
CRH PLC 70,100 2,040,113 
Dalata Hotel Group PLC (a) 372,400 1,880,071 
Green REIT PLC 621,300 1,025,867 
Greencore Group PLC 1,373,041 7,238,438 
Irish Continental Group PLC unit 7,900 46,586 
James Hardie Industries PLC CDI 115,144 1,622,297 
Kerry Group PLC Class A 56,100 5,002,159 
Medtronic PLC 35,000 2,770,250 
Ryanair Holdings PLC sponsored ADR 53,600 4,338,920 
TOTAL IRELAND  34,033,299 
Isle of Man - 0.4%   
Optimal Payments PLC (a) 794,588 4,425,779 
Playtech Ltd. 94,225 1,107,610 
TOTAL ISLE OF MAN  5,533,389 
Israel - 1.2%   
Bezeq The Israel Telecommunication Corp. Ltd. 3,079,900 6,569,552 
Frutarom Industries Ltd. 66,100 3,387,748 
Partner Communications Co. Ltd. (a) 177,040 921,104 
Teva Pharmaceutical Industries Ltd. sponsored ADR 140,700 7,661,115 
TOTAL ISRAEL  18,539,519 
Italy - 0.6%   
De Longhi SpA 106,950 2,462,733 
Intesa Sanpaolo SpA 1,894,200 5,265,498 
Mediaset SpA 189,800 854,109 
Telecom Italia SpA (a) 1,187,300 1,159,367 
TOTAL ITALY  9,741,707 
Japan - 7.3%   
A/S One Corp. 67,300 2,426,706 
ACOM Co. Ltd. (a)(b) 186,100 970,816 
Ain Holdings, Inc. 37,900 1,841,106 
Aozora Bank Ltd. 577,000 2,047,205 
Asahi Group Holdings 68,700 2,180,335 
Astellas Pharma, Inc. (c) 412,200 5,557,525 
Broadleaf Co. Ltd. 104,700 1,034,652 
Casio Computer Co. Ltd. 134,100 2,551,511 
Daiichikosho Co. Ltd. 46,200 1,936,786 
Daito Trust Construction Co. Ltd. 14,200 2,008,338 
Dentsu, Inc. (c) 78,700 3,998,669 
Don Quijote Holdings Co. Ltd. 71,000 2,525,884 
Hoya Corp. (c) 98,300 3,764,327 
Japan Exchange Group, Inc. 115,400 1,718,680 
Japan Tobacco, Inc. (c) 119,400 4,878,438 
KDDI Corp. (c) 281,300 8,103,053 
Keyence Corp. (c) 4,060 2,433,536 
Misumi Group, Inc. (c) 191,700 2,647,334 
Mitsubishi UFJ Financial Group, Inc. 507,500 2,342,019 
Monex Group, Inc. 844,900 2,179,604 
NEC Corp. 458,000 1,114,669 
Nidec Corp. 19,300 1,414,189 
Nintendo Co. Ltd. 18,300 2,477,839 
Nippon Kanzai Co. Ltd. 107,000 1,637,128 
Nippon Telegraph & Telephone Corp. 60,300 2,698,445 
Olympus Corp. (c) 195,400 7,612,124 
ORIX Corp. (c) 495,400 7,007,401 
Seven & i Holdings Co. Ltd. (c) 64,400 2,627,677 
Seven Bank Ltd. (c) 666,300 2,831,247 
Shinsei Bank Ltd. 919,000 1,288,049 
Shionogi & Co. Ltd. 57,900 2,955,341 
Sony Corp. 231,600 5,609,728 
Sundrug Co. Ltd. (c) 39,300 2,792,493 
Tsuruha Holdings, Inc. (c) 58,000 5,563,107 
United Arrows Ltd. 63,100 2,535,495 
VT Holdings Co. Ltd. 280,200 1,415,759 
Welcia Holdings Co. Ltd. 76,800 4,056,766 
TOTAL JAPAN  112,783,981 
Kenya - 0.1%   
Safaricom Ltd. 6,251,600 1,058,439 
Luxembourg - 0.4%   
Eurofins Scientific SA 7,900 2,931,322 
Grand City Properties SA 100,234 2,213,970 
Senvion SA 54,800 963,193 
TOTAL LUXEMBOURG  6,108,485 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP 49,800 897,396 
Netherlands - 1.3%   
AerCap Holdings NV (a) 31,800 1,272,318 
IMCD Group BV 127,200 5,135,632 
ING Groep NV (Certificaten Van Aandelen) 314,600 3,852,689 
Unilever NV (Certificaten Van Aandelen) (Bearer) 233,500 10,257,618 
TOTAL NETHERLANDS  20,518,257 
New Zealand - 0.3%   
EBOS Group Ltd. 210,137 2,341,781 
Ryman Healthcare Group Ltd. 436,814 2,723,698 
TOTAL NEW ZEALAND  5,065,479 
Norway - 0.7%   
Statoil ASA 602,500 10,604,780 
Philippines - 0.2%   
D&L Industries, Inc. 8,349,900 1,597,727 
SM Investments Corp. 106,630 2,140,081 
TOTAL PHILIPPINES  3,737,808 
South Africa - 0.7%   
Distell Group Ltd. 126,410 1,411,931 
EOH Holdings Ltd. 184,122 1,792,038 
Naspers Ltd. Class N 54,500 7,477,950 
TOTAL SOUTH AFRICA  10,681,919 
Spain - 1.0%   
Amadeus IT Holding SA Class A 103,000 4,686,942 
Atresmedia Corporacion de Medios de Comunicacion SA 108,300 1,409,981 
Hispania Activos Inmobiliarios SA (a) 76,100 1,115,370 
Inditex SA 126,730 4,068,220 
Mediaset Espana Comunicacion SA 183,300 2,380,126 
Merlin Properties Socimi SA 162,800 1,892,104 
TOTAL SPAIN  15,552,743 
Sweden - 1.6%   
ASSA ABLOY AB (B Shares) 214,400 4,496,007 
Getinge AB (B Shares) 152,600 3,226,654 
HEXPOL AB (B Shares) (b) 189,000 1,953,440 
Indutrade AB 13,200 740,178 
Nordea Bank AB 314,800 3,055,702 
Saab AB (B Shares) 65,000 2,223,474 
Sandvik AB (b) 142,700 1,464,237 
Svenska Cellulosa AB (SCA) (B Shares) 189,000 5,952,107 
Svenska Handelsbanken AB (A Shares) 154,000 2,054,384 
TOTAL SWEDEN  25,166,183 
Switzerland - 1.8%   
Chubb Ltd. 14,000 1,650,040 
GAM Holding Ltd. 88,177 1,148,976 
Julius Baer Group Ltd. 59,790 2,562,347 
Novartis AG 83,226 6,333,687 
Partners Group Holding AG 15,318 6,307,318 
Schindler Holding AG (participation certificate) 10,829 1,972,090 
Syngenta AG (Switzerland) 10,848 4,342,366 
UBS Group AG 246,320 4,262,391 
TOTAL SWITZERLAND  28,579,215 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 295,104 797,986 
United Kingdom - 6.6%   
AA PLC 246,910 1,005,112 
Associated British Foods PLC 48,600 2,175,804 
B&M European Value Retail S.A. 583,765 2,366,134 
BAE Systems PLC 275,100 1,919,279 
BCA Marketplace PLC 511,600 1,246,497 
BHP Billiton PLC 192,312 2,627,846 
BT Group PLC 385,900 2,501,431 
Bunzl PLC 127,500 3,798,588 
Cineworld Group PLC 138,500 1,048,273 
CMC Markets PLC 654,000 2,388,980 
Compass Group PLC 131,200 2,336,461 
Countryside Properties PLC (a) 263,300 894,476 
Diploma PLC 147,500 1,576,526 
GlaxoSmithKline PLC 259,900 5,554,702 
Hilton Food Group PLC 350,100 2,880,019 
Howden Joinery Group PLC 675,800 4,877,979 
Imperial Tobacco Group PLC 222,944 12,113,186 
ITV PLC 586,400 1,929,555 
Lloyds Banking Group PLC 4,388,300 4,307,165 
London Stock Exchange Group PLC 10,881 431,334 
McCarthy & Stone PLC 298,600 1,012,215 
Melrose Industries PLC 98,908 539,491 
Micro Focus International PLC 239,300 5,346,197 
Moneysupermarket.com Group PLC 393,500 1,804,807 
Persimmon PLC 92,000 2,671,041 
Reckitt Benckiser Group PLC 54,500 5,309,330 
Rex Bionics PLC (a) 100,000 53,332 
Rio Tinto PLC 79,100 2,653,512 
SABMiller PLC 44,000 2,690,562 
Shawbrook Group PLC 574,700 2,406,646 
Softcat PLC 114,400 533,226 
Spirax-Sarco Engineering PLC 33,846 1,688,857 
St. James's Place Capital PLC 318,800 4,038,613 
Standard Chartered PLC (United Kingdom) 353,550 2,852,091 
Taylor Wimpey PLC 761,900 2,051,720 
Virgin Money Holdings Uk PLC 423,100 2,257,094 
Vodafone Group PLC 1,878,909 6,053,540 
Workspace Group PLC 48,900 596,609 
TOTAL UNITED KINGDOM  102,538,230 
United States of America - 54.3%   
AAON, Inc. 53,000 1,405,560 
Activision Blizzard, Inc. 66,000 2,275,020 
Acuity Brands, Inc. 22,000 5,365,580 
Adobe Systems, Inc. (a) 466,224 43,927,622 
Air Products & Chemicals, Inc. 7,000 1,021,230 
Alaska Air Group, Inc. 255,400 17,987,822 
Albemarle Corp. U.S. 110,000 7,277,600 
Alphabet, Inc. Class A 62,000 43,888,560 
Amazon.com, Inc. (a) 30,000 19,787,700 
American Tower Corp. 237,000 24,856,560 
ANSYS, Inc. (a) 91,000 8,260,070 
Applied Materials, Inc. 129,000 2,640,630 
AT&T, Inc. 335,000 13,004,700 
AutoZone, Inc. (a) 37,100 28,390,033 
Bats Global Markets, Inc. 39,300 931,803 
BlackRock, Inc. Class A 5,000 1,781,650 
bluebird bio, Inc. (a) 33,000 1,463,550 
Boston Scientific Corp.(a) 225,000 4,932,000 
Bristol-Myers Squibb Co. 374,900 27,060,282 
Cigna Corp. 17,000 2,355,180 
CME Group, Inc. 98,000 9,007,180 
Cognizant Technology Solutions Corp. Class A (a) 266,000 15,526,420 
ConocoPhillips Co. 361,000 17,252,190 
Constellation Brands, Inc. Class A (sub. vtg.) 110,600 17,260,236 
Cummins, Inc. 3,000 351,090 
CVS Health Corp. 61,000 6,130,500 
D.R. Horton, Inc. 118,000 3,547,080 
Danaher Corp. 28,300 2,738,025 
E*TRADE Financial Corp. (a) 127,000 3,197,860 
Edwards Lifesciences Corp. (a) 29,000 3,080,090 
Electronic Arts, Inc. (a) 108,000 6,679,800 
Equifax, Inc. 17,000 2,044,250 
Estee Lauder Companies, Inc. Class A 225,000 21,570,750 
Extra Space Storage, Inc. 83,000 7,050,850 
Facebook, Inc. Class A (a) 155,500 18,283,690 
Gilead Sciences, Inc. 66,000 5,821,860 
Global Payments, Inc. 31,400 2,266,452 
HealthSouth Corp. warrants 1/17/17 (a) 341 1,231 
Hess Corp. 155,000 9,241,100 
Home Depot, Inc. 92,000 12,317,880 
Intercept Pharmaceuticals, Inc. (a) 44,500 6,707,930 
Interpublic Group of Companies, Inc. 191,000 4,381,540 
Ionis Pharmaceuticals, Inc. (a) 37,000 1,515,890 
J.B. Hunt Transport Services, Inc. 15,000 1,243,200 
Kansas City Southern 294,000 27,856,500 
Level 3 Communications, Inc. (a) 83,000 4,337,580 
Lockheed Martin Corp. 38,000 8,830,440 
lululemon athletica, Inc. (a) 48,000 3,146,400 
MasterCard, Inc. Class A 225,000 21,822,750 
McGraw Hill Financial, Inc. 276,549 29,549,261 
Medivation, Inc. (a) 345,082 19,945,740 
Molson Coors Brewing Co. Class B 133,400 12,757,042 
Monster Beverage Corp. 10,000 1,442,200 
MSCI, Inc. Class A 339,300 25,766,442 
Newell Brands, Inc. 196,000 8,925,840 
NewMarket Corp. 9,140 3,711,388 
NIKE, Inc. Class B 214,000 12,613,160 
Norfolk Southern Corp. 189,000 17,030,790 
Northrop Grumman Corp. 44,000 9,075,440 
NVIDIA Corp. 11,900 422,807 
O'Reilly Automotive, Inc. (a) 24,000 6,304,320 
PACCAR, Inc. 69,000 4,064,790 
PayPal Holdings, Inc. (a) 716,000 28,052,880 
Phillips 66 Co. 14,000 1,149,540 
Post Holdings, Inc. (a) 127,800 9,181,152 
Prestige Brands Holdings, Inc. (a) 332,000 18,850,960 
Priceline Group, Inc. (a) 5,000 6,718,300 
Public Storage 9,000 2,203,290 
PVH Corp. 25,000 2,390,000 
Raytheon Co. 21,000 2,653,350 
Regal Beloit Corp. 30,000 1,932,600 
Reynolds American, Inc. 517,000 25,643,200 
Salesforce.com, Inc. (a) 125,300 9,497,740 
ServiceMaster Global Holdings, Inc. (a) 32,500 1,245,400 
Sherwin-Williams Co. 13,000 3,735,030 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 23,200 766,760 
SLM Corp. (a) 72,443 490,439 
Southwest Airlines Co. 18,000 802,980 
Spectrum Brands Holdings, Inc. 43,000 4,884,800 
Spirit Airlines, Inc. (a) 223,900 9,835,927 
The NASDAQ OMX Group, Inc. 45,000 2,776,950 
Ultragenyx Pharmaceutical, Inc. (a) 21,700 1,467,354 
Under Armour, Inc. Class A (sub. vtg.) (a) 10,000 439,400 
Union Pacific Corp. 50,000 4,361,500 
UnitedHealth Group, Inc. 146,000 19,225,280 
Visa, Inc. Class A 330,500 25,527,820 
Xylem, Inc. 69,000 2,882,820 
TOTAL UNITED STATES OF AMERICA  840,148,608 
TOTAL COMMON STOCKS   
(Cost $1,334,730,075)  1,536,355,623 
Nonconvertible Preferred Stocks - 0.1%   
Cayman Islands - 0.1%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $1,166,878) 369,166 1,425,239 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund, 0.38% (e) 25,131,066 25,131,066 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 7,590,746 7,590,746 
TOTAL MONEY MARKET FUNDS   
(Cost $32,721,812)  32,721,812 
TOTAL INVESTMENT PORTFOLIO - 101.5%   
(Cost $1,368,618,765)  1,570,502,674 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (22,547,155) 
NET ASSETS - 100%  $1,547,955,519 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) A portion of the security sold on a delayed delivery basis.

 (d) 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 $1,425,239 or 0.1% of net assets.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $1,166,878 

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 $52,860 
Fidelity Securities Lending Cash Central Fund 115,427 
Total $168,287 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $218,964,167 $182,404,671 $35,134,257 $1,425,239 
Consumer Staples 197,483,050 165,816,646 31,666,404 -- 
Energy 89,018,932 65,156,142 23,862,790 -- 
Financials 250,165,204 194,713,004 55,452,200 -- 
Health Care 206,083,498 161,864,881 44,218,617 -- 
Industrials 192,772,231 178,650,552 14,121,679 -- 
Information Technology 283,977,132 265,991,431 17,985,701 -- 
Materials 41,615,597 34,294,126 7,321,471 -- 
Telecommunication Services 53,643,799 29,657,651 23,986,148 -- 
Utilities 4,057,252 4,057,252 -- -- 
Money Market Funds 32,721,812 32,721,812 -- -- 
Total Investments in Securities: $1,570,502,674 $1,315,328,168 $253,749,267 $1,425,239 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $9,091,486 
Level 2 to Level 1 $46,637,934 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,029,594) — See accompanying schedule:
Unaffiliated issuers (cost $1,335,896,953) 		$1,537,780,862  
Fidelity Central Funds (cost $32,721,812) 32,721,812  
Total Investments (cost $1,368,618,765)  $1,570,502,674 
Foreign currency held at value (cost $56,309)  55,661 
Receivable for investments sold   
Regular delivery  56,537,304 
Delayed delivery  3,448,730 
Receivable for fund shares sold  748,207 
Dividends receivable  3,847,525 
Distributions receivable from Fidelity Central Funds  50,420 
Prepaid expenses  1,213 
Other receivables  57,052 
Total assets  1,635,248,786 
Liabilities   
Payable to custodian bank $2,570,144  
Payable for investments purchased 51,436,354  
Payable for fund shares redeemed 24,394,053  
Accrued management fee 869,060  
Distribution and service plan fees payable 21,526  
Other affiliated payables 296,749  
Other payables and accrued expenses 114,635  
Collateral on securities loaned, at value 7,590,746  
Total liabilities  87,293,267 
Net Assets  $1,547,955,519 
Net Assets consist of:   
Paid in capital  $1,389,384,590 
Undistributed net investment income  5,568,061 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (48,853,510) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  201,856,378 
Net Assets  $1,547,955,519 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($31,310,008 ÷ 1,451,507 shares)  $21.57 
Maximum offering price per share (100/94.25 of $21.57)  $22.89 
Class T:   
Net Asset Value and redemption price per share ($12,729,077 ÷ 593,461 shares)  $21.45 
Maximum offering price per share (100/96.50 of $21.45)  $22.23 
Class B:   
Net Asset Value and offering price per share ($260,690 ÷ 12,281 shares)(a)  $21.23 
Class C:   
Net Asset Value and offering price per share ($11,119,959 ÷ 525,510 shares)(a)  $21.16 
Worldwide:   
Net Asset Value, offering price and redemption price per share ($1,468,611,488 ÷ 67,368,997 shares)  $21.80 
Class I:   
Net Asset Value, offering price and redemption price per share ($23,924,297 ÷ 1,102,338 shares)  $21.70 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $15,209,013 
Interest  2,357 
Income from Fidelity Central Funds  168,287 
Income before foreign taxes withheld  15,379,657 
Less foreign taxes withheld  (836,245) 
Total income  14,543,412 
Expenses   
Management fee   
Basic fee $5,237,370  
Performance adjustment 226,333  
Transfer agent fees 1,535,248  
Distribution and service plan fees 126,742  
Accounting and security lending fees 243,129  
Custodian fees and expenses 82,458  
Independent trustees' compensation 3,434  
Registration fees 83,611  
Audit 68,029  
Legal 3,483  
Miscellaneous 5,229  
Total expenses before reductions 7,615,066  
Expense reductions (26,777) 7,588,289 
Net investment income (loss)  6,955,123 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,129) (43,599,935)  
Foreign currency transactions 348,368  
Total net realized gain (loss)  (43,251,567) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $31,438) 		1,538,838  
Assets and liabilities in foreign currencies (102,488)  
Total change in net unrealized appreciation (depreciation)  1,436,350 
Net gain (loss)  (41,815,217) 
Net increase (decrease) in net assets resulting from operations  $(34,860,094) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,955,123 $8,944,137 
Net realized gain (loss) (43,251,567) 60,531,683 
Change in net unrealized appreciation (depreciation) 1,436,350 (24,468,691) 
Net increase (decrease) in net assets resulting from operations (34,860,094) 45,007,129 
Distributions to shareholders from net investment income (9,278,911) (4,942,326) 
Distributions to shareholders from net realized gain (52,672,015) (154,486,836) 
Total distributions (61,950,926) (159,429,162) 
Share transactions - net increase (decrease) 20,375,577 128,269,740 
Redemption fees 6,138 21,658 
Total increase (decrease) in net assets (76,429,305) 13,869,365 
Net Assets   
Beginning of period 1,624,384,824 1,610,515,459 
End of period (including undistributed net investment income of $5,568,061 and undistributed net investment income of $7,891,849, respectively) $1,547,955,519 $1,624,384,824 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.88 $24.64 $25.18 $19.69 $17.89 $17.50 
Income from Investment Operations       
Net investment income (loss)A .06 .06 .02 .02 .10 .05 
Net realized and unrealized gain (loss) (.55) .58 1.46 5.66 1.72 .47 
Total from investment operations (.49) .64 1.48 5.68 1.82 .52 
Distributions from net investment income (.07) – (.04) (.11) (.02) (.08) 
Distributions from net realized gain (.75) (2.40) (1.98) (.08) – (.05) 
Total distributions (.82) (2.40) (2.02) (.19) (.02) (.13) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.57 $22.88 $24.64 $25.18 $19.69 $17.89 
Total ReturnC,D,E (2.27)% 2.73% 6.29% 29.10% 10.20% 2.94% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.27%H 1.27% 1.31% 1.45% 1.43% 1.41% 
Expenses net of fee waivers, if any 1.27%H 1.26% 1.31% 1.45% 1.43% 1.40% 
Expenses net of all reductions 1.27%H 1.26% 1.31% 1.42% 1.41% 1.38% 
Net investment income (loss) .60%H .27% .10% .09% .52% .28% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,310 $31,043 $33,788 $28,661 $18,723 $13,153 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.72 $24.49 $25.05 $19.61 $17.83 $17.46 
Income from Investment Operations       
Net investment income (loss)A .03 (.01) (.04) (.04) .05 .01 
Net realized and unrealized gain (loss) (.55) .57 1.46 5.63 1.73 .45 
Total from investment operations (.52) .56 1.42 5.59 1.78 .46 
Distributions from net investment income – – – (.07) – (.04) 
Distributions from net realized gain (.75) (2.33) (1.98) (.08) – (.05) 
Total distributions (.75) (2.33) (1.98) (.15) – (.09) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.45 $22.72 $24.49 $25.05 $19.61 $17.83 
Total ReturnC,D,E (2.38)% 2.36% 6.05% 28.73% 9.98% 2.61% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.57% 1.58% 1.71% 1.68% 1.66% 
Expenses net of fee waivers, if any 1.57%H 1.56% 1.58% 1.70% 1.68% 1.65% 
Expenses net of all reductions 1.57%H 1.56% 1.58% 1.68% 1.66% 1.63% 
Net investment income (loss) .30%H (.04)% (.17)% (.16)% .26% .03% 
Supplemental Data       
Net assets, end of period (000 omitted) $12,729 $13,055 $12,160 $9,822 $5,550 $2,187 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $24.21 $24.82 $19.44 $17.77 $17.39 
Income from Investment Operations       
Net investment income (loss)A (.02) (.13) (.17) (.14) (.04) (.09) 
Net realized and unrealized gain (loss) (.55) .57 1.45 5.59 1.71 .47 
Total from investment operations (.57) .44 1.28 5.45 1.67 .38 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.75) (2.10) (1.89) (.07) – – 
Total distributions (.75) (2.10) (1.89) (.07) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.23 $22.55 $24.21 $24.82 $19.44 $17.77 
Total ReturnC,D,E (2.65)% 1.88% 5.49% 28.13% 9.40% 2.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.06%H 2.08% 2.09% 2.19% 2.18% 2.16% 
Expenses net of fee waivers, if any 2.06%H 2.08% 2.09% 2.19% 2.18% 2.16% 
Expenses net of all reductions 2.06%H 2.07% 2.09% 2.17% 2.16% 2.13% 
Net investment income (loss) (.19)%H (.55)% (.68)% (.65)% (.23)% (.47)% 
Supplemental Data       
Net assets, end of period (000 omitted) $261 $367 $573 $710 $304 $256 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.48 $24.12 $24.78 $19.41 $17.74 $17.36 
Income from Investment Operations       
Net investment income (loss)A (.02) (.12) (.15) (.14) (.04) (.09) 
Net realized and unrealized gain (loss) (.55) .57 1.44 5.58 1.71 .47 
Total from investment operations (.57) .45 1.29 5.44 1.67 .38 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.75) (2.09) (1.95) (.07) – – 
Total distributions (.75) (2.09) (1.95) (.07) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.16 $22.48 $24.12 $24.78 $19.41 $17.74 
Total ReturnC,D,E (2.66)% 1.90% 5.55% 28.12% 9.41% 2.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.06%H 2.07% 2.04% 2.15% 2.18% 2.16% 
Expenses net of fee waivers, if any 2.06%H 2.07% 2.04% 2.14% 2.18% 2.15% 
Expenses net of all reductions 2.06%H 2.06% 2.03% 2.12% 2.16% 2.13% 
Net investment income (loss) (.19)%H (.54)% (.63)% (.60)% (.23)% (.47)% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,120 $11,231 $9,229 $10,778 $1,726 $1,297 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.14 $24.92 $25.41 $19.85 $18.02 $17.58 
Income from Investment Operations       
Net investment income (loss)A .10 .13 .11 .10 .16 .11 
Net realized and unrealized gain (loss) (.55) .58 1.47 5.70 1.74 .48 
Total from investment operations (.45) .71 1.58 5.80 1.90 .59 
Distributions from net investment income (.14) (.08) (.09) (.16) (.07) (.10) 
Distributions from net realized gain (.75) (2.41) (1.98) (.08) – (.05) 
Total distributions (.89) (2.49) (2.07) (.24) (.07) (.15) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.80 $23.14 $24.92 $25.41 $19.85 $18.02 
Total ReturnC,D (2.08)% 3.01% 6.64% 29.54% 10.56% 3.32% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .96%G .96% .98% 1.11% 1.11% 1.08% 
Expenses net of fee waivers, if any .96%G .96% .97% 1.11% 1.11% 1.08% 
Expenses net of all reductions .95%G .95% .97% 1.08% 1.09% 1.05% 
Net investment income (loss) .91%G .57% .44% .43% .84% .60% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,468,611 $1,543,516 $1,535,658 $1,464,415 $1,081,240 $1,114,694 
Portfolio turnover rateH 124%G 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.03 $24.81 $25.31 $19.78 $17.98 $17.57 
Income from Investment Operations       
Net investment income (loss)A .09 .13 .10 .08 .14 .10 
Net realized and unrealized gain (loss) (.56) .58 1.47 5.68 1.74 .47 
Total from investment operations (.47) .71 1.57 5.76 1.88 .57 
Distributions from net investment income (.11) (.07) (.09) (.15) (.08) (.11) 
Distributions from net realized gain (.75) (2.41) (1.98) (.08) – (.05) 
Total distributions (.86) (2.49)B (2.07) (.23) (.08) (.16) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $21.70 $23.03 $24.81 $25.31 $19.78 $17.98 
Total ReturnD,E (2.17)% 3.00% 6.63% 29.44% 10.49% 3.23% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.05%H .98% 1.01% 1.17% 1.18% 1.13% 
Expenses net of fee waivers, if any 1.05%H .98% 1.01% 1.17% 1.18% 1.13% 
Expenses net of all reductions 1.05%H .97% 1.00% 1.14% 1.16% 1.10% 
Net investment income (loss) .82%H .55% .40% .37% .77% .56% 
Supplemental Data       
Net assets, end of period (000 omitted) $23,924 $25,173 $19,107 $10,639 $4,291 $3,086 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.49 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $2.413 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation 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 $244,600,092 
Gross unrealized depreciation (44,752,721) 
Net unrealized appreciation (depreciation) on securities $199,847,371 
Tax cost $1,370,655,303 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $959,804,322 and $977,150,164, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $38,402 $948 
Class T .25% .25% 31,350 111 
Class B .75% .25% 1,507 1,130 
Class C .75% .25% 55,483 14,385 
   $126,742 $16,574 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $9,190 
Class T 2,320 
Class B(a) 69 
Class C(a) 1,068 
 $12,647 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $39,375 .26 
Class T 19,127 .30 
Class B 451 .30 
Class C 16,541 .30 
Worldwide 1,424,795 .19 
Class I 34,959 .29 
 $1,535,248  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $9,611 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,379 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $115,427. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $20,702 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $297.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,778.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $95,208 $– 
Class T 2,313 – 
Worldwide 9,064,407 4,895,242 
Class I 116,983 47,084 
Total $9,278,911 $4,942,326 
From net realized gain   
Class A $1,050,091 $3,318,115 
Class T 433,754 1,143,314 
Class B 11,494 47,493 
Class C 384,211 790,219 
Worldwide 49,987,535 147,652,391 
Class I 804,930 1,535,304 
Total $52,672,015 $154,486,836 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 230,209 416,197 $4,950,696 $9,650,572 
Reinvestment of distributions 49,536 143,319 1,105,146 3,239,009 
Shares redeemed (185,147) (573,622) (3,904,065) (12,962,950) 
Net increase (decrease) 94,598 (14,106) $2,151,777 $(73,369) 
Class T     
Shares sold 57,758 129,216 $1,237,003 $2,974,281 
Reinvestment of distributions 19,370 50,075 430,197 1,126,698 
Shares redeemed (58,217) (101,388) (1,245,210) (2,303,572) 
Net increase (decrease) 18,911 77,903 $421,990 $1,797,407 
Class B     
Shares sold 457 3,860 $8,675 $90,877 
Reinvestment of distributions 487 1,857 10,726 41,646 
Shares redeemed (4,925) (13,140) (103,223) (300,445) 
Net increase (decrease) (3,981) (7,423) $(83,822) $(167,922) 
Class C     
Shares sold 71,518 216,209 $1,499,591 $4,944,508 
Reinvestment of distributions 15,568 31,721 341,870 709,279 
Shares redeemed (61,233) (130,941) (1,257,272) (2,958,600) 
Net increase (decrease) 25,853 116,989 $584,189 $2,695,187 
Worldwide     
Shares sold 4,864,505 10,346,856 $104,200,239 $242,784,559 
Reinvestment of distributions 2,542,668 6,500,654 57,260,887 148,214,908 
Shares redeemed (6,730,731) (11,769,221) (144,609,657) (274,209,696) 
Net increase (decrease) 676,442 5,078,289 $16,851,469 $116,789,771 
Class I     
Shares sold 286,917 842,969 $6,199,126 $19,464,651 
Reinvestment of distributions 28,687 64,929 643,439 1,473,244 
Shares redeemed (306,329) (584,975) (6,392,591) (13,709,229) 
Net increase (decrease) 9,275 322,923 $449,974 $7,228,666 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.27%    
Actual  $1,000.00 $977.30 $6.24 
Hypothetical-C  $1,000.00 $1,018.55 $6.37 
Class T 1.57%    
Actual  $1,000.00 $976.20 $7.71 
Hypothetical-C  $1,000.00 $1,017.06 $7.87 
Class B 2.06%    
Actual  $1,000.00 $973.50 $10.11 
Hypothetical-C  $1,000.00 $1,014.62 $10.32 
Class C 2.06%    
Actual  $1,000.00 $973.40 $10.11 
Hypothetical-C  $1,000.00 $1,014.62 $10.32 
Worldwide .96%    
Actual  $1,000.00 $979.20 $4.72 
Hypothetical-C  $1,000.00 $1,020.09 $4.82 
Class I 1.05%    
Actual  $1,000.00 $978.30 $5.16 
Hypothetical-C  $1,000.00 $1,019.64 $5.27 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AWLD-SANN-0616
1.883450.107

Fidelity Advisor® Worldwide Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Worldwide Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 54.9% 
   Japan 7.3% 
   United Kingdom 6.6% 
   France 3.9% 
   Canada 3.7% 
   Germany 3.7% 
   Ireland 2.2% 
   Switzerland 1.8% 
   Sweden 1.6% 
   Other 14.3% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 51.9% 
   United Kingdom 8.9% 
   Japan 6.9% 
   France 5.5% 
   Netherlands 3.1% 
   Switzerland 2.6% 
   Germany 2.4% 
   Ireland 1.9% 
   Canada 1.6% 
   Other 15.2% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.4 98.4 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.6 1.5 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Adobe Systems, Inc. (United States of America, Software) 2.8 2.9 
Alphabet, Inc. Class A (United States of America, Internet Software & Services) 2.8 3.0 
McGraw Hill Financial, Inc. (United States of America, Diversified Financial Services) 1.9 0.8 
AutoZone, Inc. (United States of America, Specialty Retail) 1.8 1.4 
PayPal Holdings, Inc. (United States of America, IT Services) 1.8 1.2 
Kansas City Southern (United States of America, Road & Rail) 1.8 0.0 
Bristol-Myers Squibb Co. (United States of America, Pharmaceuticals) 1.8 0.7 
MSCI, Inc. Class A (United States of America, Diversified Financial Services) 1.7 0.0 
Reynolds American, Inc. (United States of America, Tobacco) 1.7 1.0 
Visa, Inc. Class A (United States of America, IT Services) 1.7 1.7 
 19.8  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 18.1 21.9 
Financials 16.0 17.0 
Consumer Discretionary 14.3 16.1 
Health Care 13.5 12.9 
Consumer Staples 12.9 10.5 
Industrials 12.4 8.4 
Energy 5.7 6.1 
Telecommunication Services 3.5 2.7 
Materials 2.7 2.3 
Utilities 0.3 0.6 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Australia - 1.1%   
1-Page Ltd. (a) 188,555 $138,350 
Ansell Ltd. (a) 120,679 1,828,742 
Australia & New Zealand Banking Group Ltd. 183,181 3,357,696 
Burson Group Ltd. 486,326 1,841,494 
Magellan Financial Group Ltd. 81,493 1,332,209 
Mantra Group Ltd. 551,523 1,551,597 
Ramsay Health Care Ltd. 76,655 3,785,587 
Spark Infrastructure Group unit 1,965,824 3,094,059 
TOTAL AUSTRALIA  16,929,734 
Austria - 0.2%   
Andritz AG 28,200 1,579,324 
Erste Group Bank AG 65,200 1,875,390 
TOTAL AUSTRIA  3,454,714 
Bailiwick of Jersey - 0.6%   
Integrated Diagnostics Holdings PLC 332,800 1,547,520 
Randgold Resources Ltd. sponsored ADR 16,310 1,639,155 
Regus PLC 695,121 2,969,837 
Wizz Air Holdings PLC (a) 34,000 933,967 
Wolseley PLC 34,027 1,905,923 
TOTAL BAILIWICK OF JERSEY  8,996,402 
Belgium - 0.7%   
Anheuser-Busch InBev SA NV 67,411 8,344,127 
KBC Groep NV 55,093 3,093,020 
TOTAL BELGIUM  11,437,147 
Bermuda - 0.1%   
PAX Global Technology Ltd. 1,889,000 1,626,846 
Canada - 3.7%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 52,000 2,279,429 
Cenovus Energy, Inc. 916,300 14,525,550 
Constellation Software, Inc. 9,200 3,595,384 
Franco-Nevada Corp. 19,800 1,389,168 
Keyera Corp. 63,000 2,029,035 
PrairieSky Royalty Ltd. (b) 897,799 18,904,798 
Suncor Energy, Inc. 39,400 1,156,533 
The Toronto-Dominion Bank 308,000 13,709,891 
TOTAL CANADA  57,589,788 
Cayman Islands - 0.6%   
Alibaba Group Holding Ltd. sponsored ADR (a) 31,400 2,415,916 
Ctrip.com International Ltd. ADR (a) 19,200 837,312 
Goodbaby International Holdings Ltd. (a) 5,171,000 2,896,250 
Lee's Pharmaceutical Holdings Ltd. 433,629 350,867 
New Oriental Education & Technology Group, Inc. sponsored ADR 54,800 2,145,968 
TOTAL CAYMAN ISLANDS  8,646,313 
Chile - 0.2%   
Vina San Pedro SA 357,223,088 3,519,919 
China - 0.2%   
Jiangsu Hengrui Medicine Co. Ltd. 264,160 1,904,679 
Kweichow Moutai Co. Ltd. 41,800 1,621,884 
TOTAL CHINA  3,526,563 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 31,822 7,963 
Denmark - 0.7%   
NNIT A/S 115,550 3,146,661 
Novo Nordisk A/S Series B 126,380 7,056,351 
TOTAL DENMARK  10,203,012 
Finland - 0.3%   
Sampo Oyj (A Shares) 94,300 4,117,209 
France - 3.9%   
Accor SA (b) 101,869 4,512,416 
ALTEN 40,600 2,510,408 
Altran Technologies SA 155,600 2,308,190 
Amundi SA 38,700 1,780,957 
Atos Origin SA 28,300 2,518,889 
AXA SA 261,900 6,612,869 
Capgemini SA 52,200 4,873,179 
Cegedim SA (a) 35,010 961,315 
Havas SA 308,841 2,584,389 
Sanofi SA 31,628 2,606,987 
Sodexo SA 25,800 2,605,335 
SR Teleperformance SA 18,900 1,696,689 
Total SA 262,323 13,258,010 
Unibail-Rodamco 9,400 2,518,652 
VINCI SA 119,900 8,956,897 
TOTAL FRANCE  60,305,182 
Germany - 3.7%   
adidas AG 39,000 5,028,373 
Axel Springer Verlag AG 43,237 2,414,036 
Bayer AG 23,400 2,699,513 
Beiersdorf AG 15,300 1,372,810 
Continental AG 18,000 3,953,171 
Deutsche Boerse AG 32,400 2,659,672 
Deutsche Telekom AG 197,700 3,470,312 
Fresenius SE & Co. KGaA 29,600 2,152,914 
GEA Group AG 48,856 2,265,114 
KION Group AG 90,889 4,951,767 
LEG Immobilien AG 27,743 2,567,101 
Nexus AG 47,000 823,405 
ProSiebenSat.1 Media AG 70,700 3,604,118 
Rational AG 6,700 3,401,308 
SAP AG 86,403 6,779,270 
Siemens AG 43,936 4,597,826 
Symrise AG 39,500 2,616,977 
United Internet AG 28,291 1,381,144 
TOTAL GERMANY  56,738,831 
Greece - 0.1%   
Folli Follie SA 59,300 1,221,215 
Hong Kong - 1.2%   
AIA Group Ltd. 1,415,000 8,468,217 
China Resources Beer Holdings Co. Ltd. 1,100,000 2,417,152 
Techtronic Industries Co. Ltd. 2,162,500 8,106,499 
TOTAL HONG KONG  18,991,868 
India - 1.1%   
Bharti Infratel Ltd. 667,227 3,766,276 
Dr Lal Pathlabs Ltd. 46,973 696,617 
HDFC Bank Ltd. (a) 21,187 430,665 
HDFC Bank Ltd. sponsored ADR 89,493 5,626,425 
Housing Development Finance Corp. Ltd. 385,477 6,316,436 
Lupin Ltd. 1,335 32,302 
TOTAL INDIA  16,868,721 
Indonesia - 0.0%   
PT Kino Indonesia Tbk 234,500 86,773 
Ireland - 2.2%   
Alkermes PLC (a) 159,495 6,339,926 
Cairn Homes PLC (a) 1,347,939 1,728,672 
CRH PLC 70,100 2,040,113 
Dalata Hotel Group PLC (a) 372,400 1,880,071 
Green REIT PLC 621,300 1,025,867 
Greencore Group PLC 1,373,041 7,238,438 
Irish Continental Group PLC unit 7,900 46,586 
James Hardie Industries PLC CDI 115,144 1,622,297 
Kerry Group PLC Class A 56,100 5,002,159 
Medtronic PLC 35,000 2,770,250 
Ryanair Holdings PLC sponsored ADR 53,600 4,338,920 
TOTAL IRELAND  34,033,299 
Isle of Man - 0.4%   
Optimal Payments PLC (a) 794,588 4,425,779 
Playtech Ltd. 94,225 1,107,610 
TOTAL ISLE OF MAN  5,533,389 
Israel - 1.2%   
Bezeq The Israel Telecommunication Corp. Ltd. 3,079,900 6,569,552 
Frutarom Industries Ltd. 66,100 3,387,748 
Partner Communications Co. Ltd. (a) 177,040 921,104 
Teva Pharmaceutical Industries Ltd. sponsored ADR 140,700 7,661,115 
TOTAL ISRAEL  18,539,519 
Italy - 0.6%   
De Longhi SpA 106,950 2,462,733 
Intesa Sanpaolo SpA 1,894,200 5,265,498 
Mediaset SpA 189,800 854,109 
Telecom Italia SpA (a) 1,187,300 1,159,367 
TOTAL ITALY  9,741,707 
Japan - 7.3%   
A/S One Corp. 67,300 2,426,706 
ACOM Co. Ltd. (a)(b) 186,100 970,816 
Ain Holdings, Inc. 37,900 1,841,106 
Aozora Bank Ltd. 577,000 2,047,205 
Asahi Group Holdings 68,700 2,180,335 
Astellas Pharma, Inc. (c) 412,200 5,557,525 
Broadleaf Co. Ltd. 104,700 1,034,652 
Casio Computer Co. Ltd. 134,100 2,551,511 
Daiichikosho Co. Ltd. 46,200 1,936,786 
Daito Trust Construction Co. Ltd. 14,200 2,008,338 
Dentsu, Inc. (c) 78,700 3,998,669 
Don Quijote Holdings Co. Ltd. 71,000 2,525,884 
Hoya Corp. (c) 98,300 3,764,327 
Japan Exchange Group, Inc. 115,400 1,718,680 
Japan Tobacco, Inc. (c) 119,400 4,878,438 
KDDI Corp. (c) 281,300 8,103,053 
Keyence Corp. (c) 4,060 2,433,536 
Misumi Group, Inc. (c) 191,700 2,647,334 
Mitsubishi UFJ Financial Group, Inc. 507,500 2,342,019 
Monex Group, Inc. 844,900 2,179,604 
NEC Corp. 458,000 1,114,669 
Nidec Corp. 19,300 1,414,189 
Nintendo Co. Ltd. 18,300 2,477,839 
Nippon Kanzai Co. Ltd. 107,000 1,637,128 
Nippon Telegraph & Telephone Corp. 60,300 2,698,445 
Olympus Corp. (c) 195,400 7,612,124 
ORIX Corp. (c) 495,400 7,007,401 
Seven & i Holdings Co. Ltd. (c) 64,400 2,627,677 
Seven Bank Ltd. (c) 666,300 2,831,247 
Shinsei Bank Ltd. 919,000 1,288,049 
Shionogi & Co. Ltd. 57,900 2,955,341 
Sony Corp. 231,600 5,609,728 
Sundrug Co. Ltd. (c) 39,300 2,792,493 
Tsuruha Holdings, Inc. (c) 58,000 5,563,107 
United Arrows Ltd. 63,100 2,535,495 
VT Holdings Co. Ltd. 280,200 1,415,759 
Welcia Holdings Co. Ltd. 76,800 4,056,766 
TOTAL JAPAN  112,783,981 
Kenya - 0.1%   
Safaricom Ltd. 6,251,600 1,058,439 
Luxembourg - 0.4%   
Eurofins Scientific SA 7,900 2,931,322 
Grand City Properties SA 100,234 2,213,970 
Senvion SA 54,800 963,193 
TOTAL LUXEMBOURG  6,108,485 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP 49,800 897,396 
Netherlands - 1.3%   
AerCap Holdings NV (a) 31,800 1,272,318 
IMCD Group BV 127,200 5,135,632 
ING Groep NV (Certificaten Van Aandelen) 314,600 3,852,689 
Unilever NV (Certificaten Van Aandelen) (Bearer) 233,500 10,257,618 
TOTAL NETHERLANDS  20,518,257 
New Zealand - 0.3%   
EBOS Group Ltd. 210,137 2,341,781 
Ryman Healthcare Group Ltd. 436,814 2,723,698 
TOTAL NEW ZEALAND  5,065,479 
Norway - 0.7%   
Statoil ASA 602,500 10,604,780 
Philippines - 0.2%   
D&L Industries, Inc. 8,349,900 1,597,727 
SM Investments Corp. 106,630 2,140,081 
TOTAL PHILIPPINES  3,737,808 
South Africa - 0.7%   
Distell Group Ltd. 126,410 1,411,931 
EOH Holdings Ltd. 184,122 1,792,038 
Naspers Ltd. Class N 54,500 7,477,950 
TOTAL SOUTH AFRICA  10,681,919 
Spain - 1.0%   
Amadeus IT Holding SA Class A 103,000 4,686,942 
Atresmedia Corporacion de Medios de Comunicacion SA 108,300 1,409,981 
Hispania Activos Inmobiliarios SA (a) 76,100 1,115,370 
Inditex SA 126,730 4,068,220 
Mediaset Espana Comunicacion SA 183,300 2,380,126 
Merlin Properties Socimi SA 162,800 1,892,104 
TOTAL SPAIN  15,552,743 
Sweden - 1.6%   
ASSA ABLOY AB (B Shares) 214,400 4,496,007 
Getinge AB (B Shares) 152,600 3,226,654 
HEXPOL AB (B Shares) (b) 189,000 1,953,440 
Indutrade AB 13,200 740,178 
Nordea Bank AB 314,800 3,055,702 
Saab AB (B Shares) 65,000 2,223,474 
Sandvik AB (b) 142,700 1,464,237 
Svenska Cellulosa AB (SCA) (B Shares) 189,000 5,952,107 
Svenska Handelsbanken AB (A Shares) 154,000 2,054,384 
TOTAL SWEDEN  25,166,183 
Switzerland - 1.8%   
Chubb Ltd. 14,000 1,650,040 
GAM Holding Ltd. 88,177 1,148,976 
Julius Baer Group Ltd. 59,790 2,562,347 
Novartis AG 83,226 6,333,687 
Partners Group Holding AG 15,318 6,307,318 
Schindler Holding AG (participation certificate) 10,829 1,972,090 
Syngenta AG (Switzerland) 10,848 4,342,366 
UBS Group AG 246,320 4,262,391 
TOTAL SWITZERLAND  28,579,215 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 295,104 797,986 
United Kingdom - 6.6%   
AA PLC 246,910 1,005,112 
Associated British Foods PLC 48,600 2,175,804 
B&M European Value Retail S.A. 583,765 2,366,134 
BAE Systems PLC 275,100 1,919,279 
BCA Marketplace PLC 511,600 1,246,497 
BHP Billiton PLC 192,312 2,627,846 
BT Group PLC 385,900 2,501,431 
Bunzl PLC 127,500 3,798,588 
Cineworld Group PLC 138,500 1,048,273 
CMC Markets PLC 654,000 2,388,980 
Compass Group PLC 131,200 2,336,461 
Countryside Properties PLC (a) 263,300 894,476 
Diploma PLC 147,500 1,576,526 
GlaxoSmithKline PLC 259,900 5,554,702 
Hilton Food Group PLC 350,100 2,880,019 
Howden Joinery Group PLC 675,800 4,877,979 
Imperial Tobacco Group PLC 222,944 12,113,186 
ITV PLC 586,400 1,929,555 
Lloyds Banking Group PLC 4,388,300 4,307,165 
London Stock Exchange Group PLC 10,881 431,334 
McCarthy & Stone PLC 298,600 1,012,215 
Melrose Industries PLC 98,908 539,491 
Micro Focus International PLC 239,300 5,346,197 
Moneysupermarket.com Group PLC 393,500 1,804,807 
Persimmon PLC 92,000 2,671,041 
Reckitt Benckiser Group PLC 54,500 5,309,330 
Rex Bionics PLC (a) 100,000 53,332 
Rio Tinto PLC 79,100 2,653,512 
SABMiller PLC 44,000 2,690,562 
Shawbrook Group PLC 574,700 2,406,646 
Softcat PLC 114,400 533,226 
Spirax-Sarco Engineering PLC 33,846 1,688,857 
St. James's Place Capital PLC 318,800 4,038,613 
Standard Chartered PLC (United Kingdom) 353,550 2,852,091 
Taylor Wimpey PLC 761,900 2,051,720 
Virgin Money Holdings Uk PLC 423,100 2,257,094 
Vodafone Group PLC 1,878,909 6,053,540 
Workspace Group PLC 48,900 596,609 
TOTAL UNITED KINGDOM  102,538,230 
United States of America - 54.3%   
AAON, Inc. 53,000 1,405,560 
Activision Blizzard, Inc. 66,000 2,275,020 
Acuity Brands, Inc. 22,000 5,365,580 
Adobe Systems, Inc. (a) 466,224 43,927,622 
Air Products & Chemicals, Inc. 7,000 1,021,230 
Alaska Air Group, Inc. 255,400 17,987,822 
Albemarle Corp. U.S. 110,000 7,277,600 
Alphabet, Inc. Class A 62,000 43,888,560 
Amazon.com, Inc. (a) 30,000 19,787,700 
American Tower Corp. 237,000 24,856,560 
ANSYS, Inc. (a) 91,000 8,260,070 
Applied Materials, Inc. 129,000 2,640,630 
AT&T, Inc. 335,000 13,004,700 
AutoZone, Inc. (a) 37,100 28,390,033 
Bats Global Markets, Inc. 39,300 931,803 
BlackRock, Inc. Class A 5,000 1,781,650 
bluebird bio, Inc. (a) 33,000 1,463,550 
Boston Scientific Corp.(a) 225,000 4,932,000 
Bristol-Myers Squibb Co. 374,900 27,060,282 
Cigna Corp. 17,000 2,355,180 
CME Group, Inc. 98,000 9,007,180 
Cognizant Technology Solutions Corp. Class A (a) 266,000 15,526,420 
ConocoPhillips Co. 361,000 17,252,190 
Constellation Brands, Inc. Class A (sub. vtg.) 110,600 17,260,236 
Cummins, Inc. 3,000 351,090 
CVS Health Corp. 61,000 6,130,500 
D.R. Horton, Inc. 118,000 3,547,080 
Danaher Corp. 28,300 2,738,025 
E*TRADE Financial Corp. (a) 127,000 3,197,860 
Edwards Lifesciences Corp. (a) 29,000 3,080,090 
Electronic Arts, Inc. (a) 108,000 6,679,800 
Equifax, Inc. 17,000 2,044,250 
Estee Lauder Companies, Inc. Class A 225,000 21,570,750 
Extra Space Storage, Inc. 83,000 7,050,850 
Facebook, Inc. Class A (a) 155,500 18,283,690 
Gilead Sciences, Inc. 66,000 5,821,860 
Global Payments, Inc. 31,400 2,266,452 
HealthSouth Corp. warrants 1/17/17 (a) 341 1,231 
Hess Corp. 155,000 9,241,100 
Home Depot, Inc. 92,000 12,317,880 
Intercept Pharmaceuticals, Inc. (a) 44,500 6,707,930 
Interpublic Group of Companies, Inc. 191,000 4,381,540 
Ionis Pharmaceuticals, Inc. (a) 37,000 1,515,890 
J.B. Hunt Transport Services, Inc. 15,000 1,243,200 
Kansas City Southern 294,000 27,856,500 
Level 3 Communications, Inc. (a) 83,000 4,337,580 
Lockheed Martin Corp. 38,000 8,830,440 
lululemon athletica, Inc. (a) 48,000 3,146,400 
MasterCard, Inc. Class A 225,000 21,822,750 
McGraw Hill Financial, Inc. 276,549 29,549,261 
Medivation, Inc. (a) 345,082 19,945,740 
Molson Coors Brewing Co. Class B 133,400 12,757,042 
Monster Beverage Corp. 10,000 1,442,200 
MSCI, Inc. Class A 339,300 25,766,442 
Newell Brands, Inc. 196,000 8,925,840 
NewMarket Corp. 9,140 3,711,388 
NIKE, Inc. Class B 214,000 12,613,160 
Norfolk Southern Corp. 189,000 17,030,790 
Northrop Grumman Corp. 44,000 9,075,440 
NVIDIA Corp. 11,900 422,807 
O'Reilly Automotive, Inc. (a) 24,000 6,304,320 
PACCAR, Inc. 69,000 4,064,790 
PayPal Holdings, Inc. (a) 716,000 28,052,880 
Phillips 66 Co. 14,000 1,149,540 
Post Holdings, Inc. (a) 127,800 9,181,152 
Prestige Brands Holdings, Inc. (a) 332,000 18,850,960 
Priceline Group, Inc. (a) 5,000 6,718,300 
Public Storage 9,000 2,203,290 
PVH Corp. 25,000 2,390,000 
Raytheon Co. 21,000 2,653,350 
Regal Beloit Corp. 30,000 1,932,600 
Reynolds American, Inc. 517,000 25,643,200 
Salesforce.com, Inc. (a) 125,300 9,497,740 
ServiceMaster Global Holdings, Inc. (a) 32,500 1,245,400 
Sherwin-Williams Co. 13,000 3,735,030 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 23,200 766,760 
SLM Corp. (a) 72,443 490,439 
Southwest Airlines Co. 18,000 802,980 
Spectrum Brands Holdings, Inc. 43,000 4,884,800 
Spirit Airlines, Inc. (a) 223,900 9,835,927 
The NASDAQ OMX Group, Inc. 45,000 2,776,950 
Ultragenyx Pharmaceutical, Inc. (a) 21,700 1,467,354 
Under Armour, Inc. Class A (sub. vtg.) (a) 10,000 439,400 
Union Pacific Corp. 50,000 4,361,500 
UnitedHealth Group, Inc. 146,000 19,225,280 
Visa, Inc. Class A 330,500 25,527,820 
Xylem, Inc. 69,000 2,882,820 
TOTAL UNITED STATES OF AMERICA  840,148,608 
TOTAL COMMON STOCKS   
(Cost $1,334,730,075)  1,536,355,623 
Nonconvertible Preferred Stocks - 0.1%   
Cayman Islands - 0.1%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $1,166,878) 369,166 1,425,239 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund, 0.38% (e) 25,131,066 25,131,066 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 7,590,746 7,590,746 
TOTAL MONEY MARKET FUNDS   
(Cost $32,721,812)  32,721,812 
TOTAL INVESTMENT PORTFOLIO - 101.5%   
(Cost $1,368,618,765)  1,570,502,674 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (22,547,155) 
NET ASSETS - 100%  $1,547,955,519 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) A portion of the security sold on a delayed delivery basis.

 (d) 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 $1,425,239 or 0.1% of net assets.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $1,166,878 

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 $52,860 
Fidelity Securities Lending Cash Central Fund 115,427 
Total $168,287 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $218,964,167 $182,404,671 $35,134,257 $1,425,239 
Consumer Staples 197,483,050 165,816,646 31,666,404 -- 
Energy 89,018,932 65,156,142 23,862,790 -- 
Financials 250,165,204 194,713,004 55,452,200 -- 
Health Care 206,083,498 161,864,881 44,218,617 -- 
Industrials 192,772,231 178,650,552 14,121,679 -- 
Information Technology 283,977,132 265,991,431 17,985,701 -- 
Materials 41,615,597 34,294,126 7,321,471 -- 
Telecommunication Services 53,643,799 29,657,651 23,986,148 -- 
Utilities 4,057,252 4,057,252 -- -- 
Money Market Funds 32,721,812 32,721,812 -- -- 
Total Investments in Securities: $1,570,502,674 $1,315,328,168 $253,749,267 $1,425,239 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $9,091,486 
Level 2 to Level 1 $46,637,934 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,029,594) — See accompanying schedule:
Unaffiliated issuers (cost $1,335,896,953) 		$1,537,780,862  
Fidelity Central Funds (cost $32,721,812) 32,721,812  
Total Investments (cost $1,368,618,765)  $1,570,502,674 
Foreign currency held at value (cost $56,309)  55,661 
Receivable for investments sold   
Regular delivery  56,537,304 
Delayed delivery  3,448,730 
Receivable for fund shares sold  748,207 
Dividends receivable  3,847,525 
Distributions receivable from Fidelity Central Funds  50,420 
Prepaid expenses  1,213 
Other receivables  57,052 
Total assets  1,635,248,786 
Liabilities   
Payable to custodian bank $2,570,144  
Payable for investments purchased 51,436,354  
Payable for fund shares redeemed 24,394,053  
Accrued management fee 869,060  
Distribution and service plan fees payable 21,526  
Other affiliated payables 296,749  
Other payables and accrued expenses 114,635  
Collateral on securities loaned, at value 7,590,746  
Total liabilities  87,293,267 
Net Assets  $1,547,955,519 
Net Assets consist of:   
Paid in capital  $1,389,384,590 
Undistributed net investment income  5,568,061 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (48,853,510) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  201,856,378 
Net Assets  $1,547,955,519 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($31,310,008 ÷ 1,451,507 shares)  $21.57 
Maximum offering price per share (100/94.25 of $21.57)  $22.89 
Class T:   
Net Asset Value and redemption price per share ($12,729,077 ÷ 593,461 shares)  $21.45 
Maximum offering price per share (100/96.50 of $21.45)  $22.23 
Class B:   
Net Asset Value and offering price per share ($260,690 ÷ 12,281 shares)(a)  $21.23 
Class C:   
Net Asset Value and offering price per share ($11,119,959 ÷ 525,510 shares)(a)  $21.16 
Worldwide:   
Net Asset Value, offering price and redemption price per share ($1,468,611,488 ÷ 67,368,997 shares)  $21.80 
Class I:   
Net Asset Value, offering price and redemption price per share ($23,924,297 ÷ 1,102,338 shares)  $21.70 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $15,209,013 
Interest  2,357 
Income from Fidelity Central Funds  168,287 
Income before foreign taxes withheld  15,379,657 
Less foreign taxes withheld  (836,245) 
Total income  14,543,412 
Expenses   
Management fee   
Basic fee $5,237,370  
Performance adjustment 226,333  
Transfer agent fees 1,535,248  
Distribution and service plan fees 126,742  
Accounting and security lending fees 243,129  
Custodian fees and expenses 82,458  
Independent trustees' compensation 3,434  
Registration fees 83,611  
Audit 68,029  
Legal 3,483  
Miscellaneous 5,229  
Total expenses before reductions 7,615,066  
Expense reductions (26,777) 7,588,289 
Net investment income (loss)  6,955,123 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,129) (43,599,935)  
Foreign currency transactions 348,368  
Total net realized gain (loss)  (43,251,567) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $31,438) 		1,538,838  
Assets and liabilities in foreign currencies (102,488)  
Total change in net unrealized appreciation (depreciation)  1,436,350 
Net gain (loss)  (41,815,217) 
Net increase (decrease) in net assets resulting from operations  $(34,860,094) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,955,123 $8,944,137 
Net realized gain (loss) (43,251,567) 60,531,683 
Change in net unrealized appreciation (depreciation) 1,436,350 (24,468,691) 
Net increase (decrease) in net assets resulting from operations (34,860,094) 45,007,129 
Distributions to shareholders from net investment income (9,278,911) (4,942,326) 
Distributions to shareholders from net realized gain (52,672,015) (154,486,836) 
Total distributions (61,950,926) (159,429,162) 
Share transactions - net increase (decrease) 20,375,577 128,269,740 
Redemption fees 6,138 21,658 
Total increase (decrease) in net assets (76,429,305) 13,869,365 
Net Assets   
Beginning of period 1,624,384,824 1,610,515,459 
End of period (including undistributed net investment income of $5,568,061 and undistributed net investment income of $7,891,849, respectively) $1,547,955,519 $1,624,384,824 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.88 $24.64 $25.18 $19.69 $17.89 $17.50 
Income from Investment Operations       
Net investment income (loss)A .06 .06 .02 .02 .10 .05 
Net realized and unrealized gain (loss) (.55) .58 1.46 5.66 1.72 .47 
Total from investment operations (.49) .64 1.48 5.68 1.82 .52 
Distributions from net investment income (.07) – (.04) (.11) (.02) (.08) 
Distributions from net realized gain (.75) (2.40) (1.98) (.08) – (.05) 
Total distributions (.82) (2.40) (2.02) (.19) (.02) (.13) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.57 $22.88 $24.64 $25.18 $19.69 $17.89 
Total ReturnC,D,E (2.27)% 2.73% 6.29% 29.10% 10.20% 2.94% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.27%H 1.27% 1.31% 1.45% 1.43% 1.41% 
Expenses net of fee waivers, if any 1.27%H 1.26% 1.31% 1.45% 1.43% 1.40% 
Expenses net of all reductions 1.27%H 1.26% 1.31% 1.42% 1.41% 1.38% 
Net investment income (loss) .60%H .27% .10% .09% .52% .28% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,310 $31,043 $33,788 $28,661 $18,723 $13,153 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.72 $24.49 $25.05 $19.61 $17.83 $17.46 
Income from Investment Operations       
Net investment income (loss)A .03 (.01) (.04) (.04) .05 .01 
Net realized and unrealized gain (loss) (.55) .57 1.46 5.63 1.73 .45 
Total from investment operations (.52) .56 1.42 5.59 1.78 .46 
Distributions from net investment income – – – (.07) – (.04) 
Distributions from net realized gain (.75) (2.33) (1.98) (.08) – (.05) 
Total distributions (.75) (2.33) (1.98) (.15) – (.09) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.45 $22.72 $24.49 $25.05 $19.61 $17.83 
Total ReturnC,D,E (2.38)% 2.36% 6.05% 28.73% 9.98% 2.61% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.57% 1.58% 1.71% 1.68% 1.66% 
Expenses net of fee waivers, if any 1.57%H 1.56% 1.58% 1.70% 1.68% 1.65% 
Expenses net of all reductions 1.57%H 1.56% 1.58% 1.68% 1.66% 1.63% 
Net investment income (loss) .30%H (.04)% (.17)% (.16)% .26% .03% 
Supplemental Data       
Net assets, end of period (000 omitted) $12,729 $13,055 $12,160 $9,822 $5,550 $2,187 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $24.21 $24.82 $19.44 $17.77 $17.39 
Income from Investment Operations       
Net investment income (loss)A (.02) (.13) (.17) (.14) (.04) (.09) 
Net realized and unrealized gain (loss) (.55) .57 1.45 5.59 1.71 .47 
Total from investment operations (.57) .44 1.28 5.45 1.67 .38 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.75) (2.10) (1.89) (.07) – – 
Total distributions (.75) (2.10) (1.89) (.07) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.23 $22.55 $24.21 $24.82 $19.44 $17.77 
Total ReturnC,D,E (2.65)% 1.88% 5.49% 28.13% 9.40% 2.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.06%H 2.08% 2.09% 2.19% 2.18% 2.16% 
Expenses net of fee waivers, if any 2.06%H 2.08% 2.09% 2.19% 2.18% 2.16% 
Expenses net of all reductions 2.06%H 2.07% 2.09% 2.17% 2.16% 2.13% 
Net investment income (loss) (.19)%H (.55)% (.68)% (.65)% (.23)% (.47)% 
Supplemental Data       
Net assets, end of period (000 omitted) $261 $367 $573 $710 $304 $256 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.48 $24.12 $24.78 $19.41 $17.74 $17.36 
Income from Investment Operations       
Net investment income (loss)A (.02) (.12) (.15) (.14) (.04) (.09) 
Net realized and unrealized gain (loss) (.55) .57 1.44 5.58 1.71 .47 
Total from investment operations (.57) .45 1.29 5.44 1.67 .38 
Distributions from net investment income – – – – – – 
Distributions from net realized gain (.75) (2.09) (1.95) (.07) – – 
Total distributions (.75) (2.09) (1.95) (.07) – – 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.16 $22.48 $24.12 $24.78 $19.41 $17.74 
Total ReturnC,D,E (2.66)% 1.90% 5.55% 28.12% 9.41% 2.19% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.06%H 2.07% 2.04% 2.15% 2.18% 2.16% 
Expenses net of fee waivers, if any 2.06%H 2.07% 2.04% 2.14% 2.18% 2.15% 
Expenses net of all reductions 2.06%H 2.06% 2.03% 2.12% 2.16% 2.13% 
Net investment income (loss) (.19)%H (.54)% (.63)% (.60)% (.23)% (.47)% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,120 $11,231 $9,229 $10,778 $1,726 $1,297 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.14 $24.92 $25.41 $19.85 $18.02 $17.58 
Income from Investment Operations       
Net investment income (loss)A .10 .13 .11 .10 .16 .11 
Net realized and unrealized gain (loss) (.55) .58 1.47 5.70 1.74 .48 
Total from investment operations (.45) .71 1.58 5.80 1.90 .59 
Distributions from net investment income (.14) (.08) (.09) (.16) (.07) (.10) 
Distributions from net realized gain (.75) (2.41) (1.98) (.08) – (.05) 
Total distributions (.89) (2.49) (2.07) (.24) (.07) (.15) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $21.80 $23.14 $24.92 $25.41 $19.85 $18.02 
Total ReturnC,D (2.08)% 3.01% 6.64% 29.54% 10.56% 3.32% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .96%G .96% .98% 1.11% 1.11% 1.08% 
Expenses net of fee waivers, if any .96%G .96% .97% 1.11% 1.11% 1.08% 
Expenses net of all reductions .95%G .95% .97% 1.08% 1.09% 1.05% 
Net investment income (loss) .91%G .57% .44% .43% .84% .60% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,468,611 $1,543,516 $1,535,658 $1,464,415 $1,081,240 $1,114,694 
Portfolio turnover rateH 124%G 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Worldwide Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.03 $24.81 $25.31 $19.78 $17.98 $17.57 
Income from Investment Operations       
Net investment income (loss)A .09 .13 .10 .08 .14 .10 
Net realized and unrealized gain (loss) (.56) .58 1.47 5.68 1.74 .47 
Total from investment operations (.47) .71 1.57 5.76 1.88 .57 
Distributions from net investment income (.11) (.07) (.09) (.15) (.08) (.11) 
Distributions from net realized gain (.75) (2.41) (1.98) (.08) – (.05) 
Total distributions (.86) (2.49)B (2.07) (.23) (.08) (.16) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $21.70 $23.03 $24.81 $25.31 $19.78 $17.98 
Total ReturnD,E (2.17)% 3.00% 6.63% 29.44% 10.49% 3.23% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.05%H .98% 1.01% 1.17% 1.18% 1.13% 
Expenses net of fee waivers, if any 1.05%H .98% 1.01% 1.17% 1.18% 1.13% 
Expenses net of all reductions 1.05%H .97% 1.00% 1.14% 1.16% 1.10% 
Net investment income (loss) .82%H .55% .40% .37% .77% .56% 
Supplemental Data       
Net assets, end of period (000 omitted) $23,924 $25,173 $19,107 $10,639 $4,291 $3,086 
Portfolio turnover rateI 124%H 151% 163% 161% 186% 203% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $2.49 per share is comprised of distributions from net investment income of $.074 and distributions from net realized gain of $2.413 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, deferred trustees compensation 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 $244,600,092 
Gross unrealized depreciation (44,752,721) 
Net unrealized appreciation (depreciation) on securities $199,847,371 
Tax cost $1,370,655,303 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $959,804,322 and $977,150,164, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI World Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .70% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $38,402 $948 
Class T .25% .25% 31,350 111 
Class B .75% .25% 1,507 1,130 
Class C .75% .25% 55,483 14,385 
   $126,742 $16,574 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $9,190 
Class T 2,320 
Class B(a) 69 
Class C(a) 1,068 
 $12,647 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $39,375 .26 
Class T 19,127 .30 
Class B 451 .30 
Class C 16,541 .30 
Worldwide 1,424,795 .19 
Class I 34,959 .29 
 $1,535,248  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $9,611 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,379 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $115,427. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $20,702 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $297.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,778.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $95,208 $– 
Class T 2,313 – 
Worldwide 9,064,407 4,895,242 
Class I 116,983 47,084 
Total $9,278,911 $4,942,326 
From net realized gain   
Class A $1,050,091 $3,318,115 
Class T 433,754 1,143,314 
Class B 11,494 47,493 
Class C 384,211 790,219 
Worldwide 49,987,535 147,652,391 
Class I 804,930 1,535,304 
Total $52,672,015 $154,486,836 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 230,209 416,197 $4,950,696 $9,650,572 
Reinvestment of distributions 49,536 143,319 1,105,146 3,239,009 
Shares redeemed (185,147) (573,622) (3,904,065) (12,962,950) 
Net increase (decrease) 94,598 (14,106) $2,151,777 $(73,369) 
Class T     
Shares sold 57,758 129,216 $1,237,003 $2,974,281 
Reinvestment of distributions 19,370 50,075 430,197 1,126,698 
Shares redeemed (58,217) (101,388) (1,245,210) (2,303,572) 
Net increase (decrease) 18,911 77,903 $421,990 $1,797,407 
Class B     
Shares sold 457 3,860 $8,675 $90,877 
Reinvestment of distributions 487 1,857 10,726 41,646 
Shares redeemed (4,925) (13,140) (103,223) (300,445) 
Net increase (decrease) (3,981) (7,423) $(83,822) $(167,922) 
Class C     
Shares sold 71,518 216,209 $1,499,591 $4,944,508 
Reinvestment of distributions 15,568 31,721 341,870 709,279 
Shares redeemed (61,233) (130,941) (1,257,272) (2,958,600) 
Net increase (decrease) 25,853 116,989 $584,189 $2,695,187 
Worldwide     
Shares sold 4,864,505 10,346,856 $104,200,239 $242,784,559 
Reinvestment of distributions 2,542,668 6,500,654 57,260,887 148,214,908 
Shares redeemed (6,730,731) (11,769,221) (144,609,657) (274,209,696) 
Net increase (decrease) 676,442 5,078,289 $16,851,469 $116,789,771 
Class I     
Shares sold 286,917 842,969 $6,199,126 $19,464,651 
Reinvestment of distributions 28,687 64,929 643,439 1,473,244 
Shares redeemed (306,329) (584,975) (6,392,591) (13,709,229) 
Net increase (decrease) 9,275 322,923 $449,974 $7,228,666 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.27%    
Actual  $1,000.00 $977.30 $6.24 
Hypothetical-C  $1,000.00 $1,018.55 $6.37 
Class T 1.57%    
Actual  $1,000.00 $976.20 $7.71 
Hypothetical-C  $1,000.00 $1,017.06 $7.87 
Class B 2.06%    
Actual  $1,000.00 $973.50 $10.11 
Hypothetical-C  $1,000.00 $1,014.62 $10.32 
Class C 2.06%    
Actual  $1,000.00 $973.40 $10.11 
Hypothetical-C  $1,000.00 $1,014.62 $10.32 
Worldwide .96%    
Actual  $1,000.00 $979.20 $4.72 
Hypothetical-C  $1,000.00 $1,020.09 $4.82 
Class I 1.05%    
Actual  $1,000.00 $978.30 $5.16 
Hypothetical-C  $1,000.00 $1,019.64 $5.27 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AWLDI-SANN-0616
1.883440.107

Fidelity® Overseas Fund
Class K



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-800-835-5092 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 22.0% 
   Japan 17.5% 
   Germany 8.8% 
   United States of America* 8.1% 
   France 8.0% 
   Switzerland 7.9% 
   Sweden 4.1% 
   Netherlands 2.7% 
   Ireland 2.6% 
   Other 18.3% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 27.6% 
   Japan 18.2% 
   Switzerland 7.8% 
   Germany 7.0% 
   United States of America* 6.7% 
   France 6.6% 
   Sweden 3.4% 
   Australia 2.9% 
   Ireland 2.8% 
   Other 17.0% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 97.6 98.2 
Short-Term Investments and Net Other Assets (Liabilities) 2.4 1.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 2.2 2.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 0.0 
Bayer AG (Germany, Pharmaceuticals) 1.6 1.5 
Total SA (France, Oil, Gas & Consumable Fuels) 1.6 1.3 
Sanofi SA (France, Pharmaceuticals) 1.5 1.7 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.3 1.2 
SAP AG (Germany, Software) 1.2 0.0 
UBS Group AG (Switzerland, Capital Markets) 1.1 1.2 
AIA Group Ltd. (Hong Kong, Insurance) 1.1 1.1 
Fresenius SE & Co. KGaA (Germany, Health Care Providers & Services) 1.1 1.2 
 14.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.2 22.6 
Health Care 16.3 15.8 
Consumer Discretionary 14.8 16.2 
Consumer Staples 12.0 11.9 
Information Technology 11.1 9.6 
Industrials 10.4 11.3 
Materials 6.5 5.5 
Telecommunication Services 3.0 3.5 
Energy 2.3 1.8 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value 
Australia - 2.4%   
Amcor Ltd. (a) 3,956,685 $46,330,368 
Ansell Ltd. (a) 527,656 7,995,981 
Aub Group Ltd. 2,948,275 19,502,972 
Australia & New Zealand Banking Group Ltd. 1,452,585 26,625,791 
Flight Centre Travel Group Ltd. (b) 736,160 22,003,350 
Life Healthcare Group Ltd. 1,672,012 1,728,987 
TOTAL AUSTRALIA  124,187,449 
Austria - 0.4%   
Andritz AG 380,700 21,320,873 
Bailiwick of Jersey - 2.2%   
Regus PLC 5,936,170 25,361,708 
Sanne Group PLC 1,181,000 7,614,290 
Wolseley PLC 575,693 32,245,756 
WPP PLC 2,177,633 50,875,137 
TOTAL BAILIWICK OF JERSEY  116,096,891 
Belgium - 2.2%   
Anheuser-Busch InBev SA NV 562,012 69,565,792 
KBC Groep NV 821,837 46,139,410 
TOTAL BELGIUM  115,705,202 
Bermuda - 0.4%   
Markit Ltd. (a) 606,400 21,157,296 
Canada - 0.9%   
Constellation Software, Inc. 64,400 25,167,686 
Open Text Corp. 353,900 19,814,677 
TOTAL CANADA  44,982,363 
Cayman Islands - 0.2%   
Lifestyle International Holdings Ltd. 5,835,500 9,666,645 
Denmark - 0.5%   
NNIT A/S 876,493 23,868,680 
France - 8.0%   
ALTEN 378,200 23,385,127 
Amundi SA 671,200 30,888,328 
AXA SA 1,569,900 39,639,343 
Capgemini SA 349,800 32,655,903 
Christian Dior SA 137,297 24,108,449 
Ipsen SA 293,700 17,773,518 
Publicis Groupe SA 574,300 42,500,049 
Sanofi SA (b) 925,747 76,306,142 
Sodexo SA 326,500 32,970,610 
Total SA 1,618,300 81,790,152 
Zodiac Aerospace 694,311 16,278,051 
TOTAL FRANCE  418,295,672 
Germany - 7.8%   
adidas AG 422,700 54,499,823 
Axel Springer Verlag AG 559,800 31,255,111 
Bayer AG 720,997 83,176,945 
CompuGroup Medical AG 466,300 18,314,033 
Continental AG 143,000 31,405,744 
Deutsche Post AG 1,508,219 44,301,312 
Fresenius SE & Co. KGaA 777,800 56,572,175 
mutares AG 422,100 7,008,221 
SAP AG 822,193 64,510,124 
Wirecard AG (b) 389,600 16,825,094 
TOTAL GERMANY  407,868,582 
Hong Kong - 1.7%   
AIA Group Ltd. 9,619,800 57,570,713 
Techtronic Industries Co. Ltd. 7,906,000 29,636,984 
TOTAL HONG KONG  87,207,697 
Indonesia - 0.4%   
PT Bank Rakyat Indonesia Tbk 29,074,800 22,818,030 
Ireland - 2.6%   
Allergan PLC (a) 95,900 20,768,104 
DCC PLC (United Kingdom) 307,600 27,236,654 
Kerry Group PLC Class A 424,964 37,891,934 
Medtronic PLC 407,400 32,245,710 
United Drug PLC (United Kingdom) 2,088,200 18,673,181 
TOTAL IRELAND  136,815,583 
Isle of Man - 0.4%   
Playtech Ltd. 1,856,301 21,820,729 
Israel - 0.5%   
Frutarom Industries Ltd. 534,972 27,418,308 
Italy - 2.2%   
DiaSorin S.p.A. 420,800 24,573,689 
Mediaset SpA 6,103,900 27,467,834 
OVS (a) 3,316,500 21,646,082 
Recordati SpA 933,500 23,718,984 
Reply SpA 113,362 16,134,781 
TOTAL ITALY  113,541,370 
Japan - 17.5%   
Ai Holdings Corp. 1,147,100 32,778,765 
Arc Land Sakamoto Co. Ltd. 1,049,000 10,891,921 
Astellas Pharma, Inc. 3,444,300 46,438,099 
Bridgestone Corp. 910,500 33,513,162 
Broadleaf Co. Ltd. 514,300 5,082,346 
Casio Computer Co. Ltd. (b) 1,205,900 22,944,570 
Daito Trust Construction Co. Ltd. 291,800 41,269,933 
Dentsu, Inc. 648,000 32,924,238 
Fukuda Denshi Co. Ltd. 147,200 8,037,089 
GMO Internet, Inc. 1,223,400 14,364,585 
Hoya Corp. 1,141,100 43,697,598 
Iriso Electronics Co. Ltd. 290,700 13,843,440 
Japan Tobacco, Inc. 1,212,000 49,519,822 
KDDI Corp. 1,687,600 48,612,556 
Keyence Corp. 58,490 35,058,498 
Leopalace21 Corp. (a) 1,802,900 10,818,353 
Makita Corp. 496,500 31,320,913 
Miraca Holdings, Inc. 492,300 20,921,341 
Misumi Group, Inc. 1,842,600 25,445,896 
Nakanishi, Inc. (c) 645,100 21,142,738 
NGK Spark Plug Co. Ltd. 1,207,900 24,089,598 
Nippon Paint Holdings Co. Ltd. 1,020,700 26,800,406 
Nitori Holdings Co. Ltd. 322,200 29,970,664 
NOF Corp. (c) 1,181,000 9,296,079 
OBIC Co. Ltd. 431,900 22,701,068 
Olympus Corp. 1,270,500 49,494,392 
ORIX Corp. 2,813,100 39,791,119 
Shinsei Bank Ltd. 16,258,000 22,786,830 
Ship Healthcare Holdings, Inc. 855,300 21,107,435 
SoftBank Corp. 441,600 23,745,053 
Software Service, Inc. 108,400 4,186,863 
Sundrug Co. Ltd. 410,900 29,196,833 
The Suruga Bank Ltd. 829,300 16,124,882 
Tsuruha Holdings, Inc. 336,600 32,285,203 
VT Holdings Co. Ltd. 3,332,400 16,837,525 
TOTAL JAPAN  917,039,813 
Luxembourg - 0.4%   
Eurofins Scientific SA 52,259 19,390,882 
Netherlands - 2.7%   
Arcadis NV (b) 772,600 13,230,174 
IMCD Group BV 1,012,578 40,882,293 
ING Groep NV (Certificaten Van Aandelen) 4,140,500 50,705,845 
Koninklijke Philips Electronics NV 1,297,500 35,653,445 
TOTAL NETHERLANDS  140,471,757 
New Zealand - 0.8%   
EBOS Group Ltd. 2,276,701 25,371,715 
Trade Maine Group Ltd. 5,178,779 16,489,336 
TOTAL NEW ZEALAND  41,861,051 
Panama - 0.3%   
Copa Holdings SA Class A 241,400 15,389,250 
Portugal - 0.6%   
NOS SGPS SA 4,289,900 30,774,620 
Spain - 1.4%   
Amadeus IT Holding SA Class A 1,135,500 51,670,118 
Grifols SA ADR 1,331,600 20,932,752 
TOTAL SPAIN  72,602,870 
Sweden - 4.1%   
Addlife AB (a) 42,593 538,350 
Alfa Laval AB (b) 1,157,800 18,252,711 
HEXPOL AB (B Shares) (b) 2,850,100 29,457,664 
Nordea Bank AB 4,984,800 48,386,474 
Svenska Cellulosa AB (SCA) (B Shares) 1,605,900 50,574,016 
Svenska Handelsbanken AB (A Shares) 2,201,800 29,372,348 
Swedbank AB (A Shares) 1,842,800 39,745,339 
TOTAL SWEDEN  216,326,902 
Switzerland - 7.9%   
Credit Suisse Group AG 2,714,777 41,314,733 
Julius Baer Group Ltd. 732,530 31,393,138 
Nestle SA 1,543,139 115,179,409 
Novartis AG 1,275,417 97,062,119 
Sika AG 8,220 34,986,198 
Syngenta AG (Switzerland) 88,162 35,290,533 
UBS Group AG 3,469,516 60,037,492 
TOTAL SWITZERLAND  415,263,622 
Taiwan - 0.4%   
Taiwan Semiconductor Manufacturing Co. Ltd. 4,310,000 19,771,084 
United Kingdom - 22.0%   
Aberdeen Asset Management PLC 2,892,700 12,625,059 
Aon PLC 226,200 23,778,144 
Ashmore Group PLC (b) 5,032,900 22,583,587 
British American Tobacco PLC (United Kingdom) 814,400 49,655,669 
BT Group PLC 8,518,600 55,218,171 
Capita Group PLC 1,914,900 28,007,541 
Cineworld Group PLC 3,627,900 27,458,694 
Close Brothers Group PLC 1,386,800 24,559,033 
Compass Group PLC 1,932,000 34,405,807 
Dechra Pharmaceuticals PLC 474,295 7,664,759 
Diageo PLC 1,781,860 48,174,534 
Diploma PLC 2,053,503 21,948,481 
Elementis PLC 5,004,700 15,787,941 
Essentra PLC 2,771,843 32,886,637 
Exova Group Ltd. PLC 8,056,935 18,835,825 
Hikma Pharmaceuticals PLC 589,972 18,999,308 
Hilton Food Group PLC 1,138,579 9,366,263 
Howden Joinery Group PLC 4,019,500 29,013,077 
IMI PLC 1,164,999 15,915,928 
Intertek Group PLC 475,000 22,605,086 
ITV PLC 10,239,000 33,691,530 
James Fisher and Sons PLC 945,156 19,541,358 
Jardine Lloyd Thompson Group PLC 1,387,474 17,576,757 
John Wood Group PLC 1,765,596 16,110,855 
London Stock Exchange Group PLC 747,345 29,625,503 
Melrose Industries PLC 965,385 5,265,666 
Micro Focus International PLC 1,261,900 28,192,087 
Next PLC 241,400 17,935,894 
Prudential PLC 2,745,192 54,188,811 
Reckitt Benckiser Group PLC 548,300 53,414,780 
Rio Tinto PLC 1,347,700 45,210,344 
Rolls-Royce Group PLC 1,834,566 17,946,457 
Rotork PLC 3,702,547 10,116,656 
SABMiller PLC 536,700 32,818,737 
Schroders PLC 986,900 36,252,105 
Senior Engineering Group PLC 4,960,700 15,772,359 
Shawbrook Group PLC 4,800,286 20,101,946 
Sinclair Pharma PLC (a) 10,370,587 5,455,074 
Softcat PLC 4,743,200 22,108,380 
Spectris PLC 724,800 19,285,146 
Spirax-Sarco Engineering PLC 399,510 19,934,859 
St. James's Place Capital PLC 3,594,305 45,533,269 
The Restaurant Group PLC 2,659,400 10,689,787 
Vodafone Group PLC 7,625,732 24,568,872 
Whitbread PLC 544,300 30,794,169 
TOTAL UNITED KINGDOM  1,151,620,945 
United States of America - 5.7%   
Alphabet, Inc. Class C 51,593 35,754,465 
Cognizant Technology Solutions Corp. Class A (a) 550,500 32,132,685 
Fidelity National Information Services, Inc. 453,700 29,853,460 
McGraw Hill Financial, Inc. 485,300 51,854,305 
McKesson Corp. 153,117 25,696,095 
Moody's Corp. 215,500 20,627,660 
MSCI, Inc. Class A 553,200 42,010,008 
PPG Industries, Inc. 296,600 32,741,674 
Verisk Analytics, Inc. (a) 375,600 29,139,048 
TOTAL UNITED STATES OF AMERICA  299,809,400 
TOTAL COMMON STOCKS   
(Cost $4,712,053,578)  5,053,093,566 
Nonconvertible Preferred Stocks - 1.0%   
Germany - 1.0%   
Henkel AG & Co. KGaA 460,400 52,549,404 
United Kingdom - 0.0%   
Rolls-Royce Group PLC 130,254,186 190,321 
Rolls-Royce Group PLC (C Shares) (a) 170,064,268 248,489 
TOTAL UNITED KINGDOM  438,810 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $44,266,796)  52,988,214 
Money Market Funds - 5.8%   
Fidelity Cash Central Fund, 0.38% (d) 117,556,732 117,556,732 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 182,936,671 182,936,671 
TOTAL MONEY MARKET FUNDS   
(Cost $300,493,403)  300,493,403 
TOTAL INVESTMENT PORTFOLIO - 103.4%   
(Cost $5,056,813,777)  5,406,575,183 
NET OTHER ASSETS (LIABILITIES) - (3.4)%  (177,557,639) 
NET ASSETS - 100%  $5,229,017,544 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $212,653 
Fidelity Securities Lending Cash Central Fund 1,917,406 
Total $2,130,059 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $780,460,410 $442,204,110 $338,256,300 $-- 
Consumer Staples 630,192,396 252,766,146 377,426,250 -- 
Energy 117,442,365 35,652,213 81,790,152 -- 
Financials 1,112,027,067 701,131,073 410,895,994 -- 
Health Care 841,852,738 453,458,922 388,393,816 -- 
Industrials 552,845,752 383,878,430 168,967,322 -- 
Information Technology 582,910,248 374,800,338 208,109,910 -- 
Materials 336,206,152 254,899,323 81,306,829 -- 
Telecommunication Services 152,144,652 -- 152,144,652 -- 
Money Market Funds 300,493,403 300,493,403 -- -- 
Total Investments in Securities: $5,406,575,183 $3,199,283,958 $2,207,291,225 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $23,308,879 
Level 2 to Level 1 $328,385,769 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $170,331,062) — See accompanying schedule:
Unaffiliated issuers (cost $4,756,320,374) 		$5,106,081,780  
Fidelity Central Funds (cost $300,493,403) 300,493,403  
Total Investments (cost $5,056,813,777)  $5,406,575,183 
Cash  41,952 
Foreign currency held at value (cost $1,154)  2,229 
Receivable for investments sold   
Regular delivery  8,642,354 
Delayed delivery  403,612 
Receivable for fund shares sold  8,438,111 
Dividends receivable  29,088,821 
Distributions receivable from Fidelity Central Funds  590,022 
Prepaid expenses  2,567 
Other receivables  276,286 
Total assets  5,454,061,137 
Liabilities   
Payable for investments purchased   
Regular delivery $16,585,383  
Delayed delivery 1,080,140  
Payable for fund shares redeemed 19,794,003  
Accrued management fee 3,485,251  
Other affiliated payables 787,010  
Other payables and accrued expenses 375,135  
Collateral on securities loaned, at value 182,936,671  
Total liabilities  225,043,593 
Net Assets  $5,229,017,544 
Net Assets consist of:   
Paid in capital  $6,080,442,578 
Undistributed net investment income  57,390,251 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,259,003,036) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  350,187,751 
Net Assets  $5,229,017,544 
Overseas:   
Net Asset Value, offering price and redemption price per share ($4,494,719,160 ÷ 110,726,753 shares)  $40.59 
Class K:   
Net Asset Value, offering price and redemption price per share ($734,298,384 ÷ 18,127,284 shares)  $40.51 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $65,804,086 
Special dividends  22,808,863 
Income from Fidelity Central Funds  2,130,059 
Income before foreign taxes withheld  90,743,008 
Less foreign taxes withheld  (5,835,176) 
Total income  84,907,832 
Expenses   
Management fee   
Basic fee $16,234,438  
Performance adjustment 3,314,418  
Transfer agent fees 3,786,434  
Accounting and security lending fees 788,465  
Custodian fees and expenses 229,672  
Independent trustees' compensation 10,280  
Appreciation in deferred trustee compensation account 64  
Registration fees 117,068  
Audit 47,586  
Legal 15,236  
Miscellaneous 13,969  
Total expenses before reductions 24,557,630  
Expense reductions (42,177) 24,515,453 
Net investment income (loss)  60,392,379 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (17,439,922)  
Foreign currency transactions 1,968,001  
Total net realized gain (loss)  (15,471,921) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(86,717,449)  
Assets and liabilities in foreign currencies (217,135)  
Total change in net unrealized appreciation (depreciation)  (86,934,584) 
Net gain (loss)  (102,406,505) 
Net increase (decrease) in net assets resulting from operations  $(42,014,126) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $60,392,379 $50,015,823 
Net realized gain (loss) (15,471,921) 123,820,228 
Change in net unrealized appreciation (depreciation) (86,934,584) 99,378,276 
Net increase (decrease) in net assets resulting from operations (42,014,126) 273,214,327 
Distributions to shareholders from net investment income (49,659,846) (58,590,311) 
Distributions to shareholders from net realized gain (685,981) – 
Total distributions (50,345,827) (58,590,311) 
Share transactions - net increase (decrease) 785,462,967 955,711,893 
Redemption fees 39,729 55,180 
Total increase (decrease) in net assets 693,142,743 1,170,391,089 
Net Assets   
Beginning of period 4,535,874,801 3,365,483,712 
End of period (including undistributed net investment income of $57,390,251 and undistributed net investment income of $46,657,718, respectively) $5,229,017,544 $4,535,874,801 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Overseas Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $41.56 $39.02 $39.22 $31.35 $29.28 $31.56 
Income from Investment Operations       
Net investment income (loss)A .49B .52 .77C .54 .73 .47 
Net realized and unrealized gain (loss) (1.03) 2.69 (.28) 8.10 2.19 (2.27) 
Total from investment operations (.54) 3.21 .49 8.64 2.92 (1.80) 
Distributions from net investment income (.43) (.67) (.51) (.77) (.83) (.48) 
Distributions from net realized gain (.01) – (.18) – (.02) – 
Total distributions (.43)D (.67) (.69) (.77) (.85) (.48) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $40.59 $41.56 $39.02 $39.22 $31.35 $29.28 
Total ReturnF,G (1.31)% 8.34% 1.27% 28.17% 10.37% (5.83)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.04%J 1.04% 1.04% 1.09% .69% .73% 
Expenses net of fee waivers, if any 1.04%J 1.04% 1.04% 1.09% .69% .73% 
Expenses net of all reductions 1.03%J 1.03% 1.04% 1.06% .67% .67% 
Net investment income (loss) 2.48%B,J 1.28% 1.93%C 1.54% 2.52% 1.44% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,494,719 $3,844,290 $2,738,667 $1,874,922 $1,639,725 $2,215,717 
Portfolio turnover rateK 31%J 28% 41% 42% 90% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.54%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.34%.

 D Total distributions of $.43 per share is comprised of distributions from net investment income of $.428 and distributions from net realized gain of $.006 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Overseas Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $41.49 $38.96 $39.17 $31.32 $29.29 $31.59 
Income from Investment Operations       
Net investment income (loss)A .51B .57 .82C .60 .79 .52 
Net realized and unrealized gain (loss) (1.01) 2.68 (.28) 8.08 2.18 (2.27) 
Total from investment operations (.50) 3.25 .54 8.68 2.97 (1.75) 
Distributions from net investment income (.47) (.72) (.58) (.83) (.92) (.55) 
Distributions from net realized gain (.01) – (.18) – (.02) – 
Total distributions (.48) (.72) (.75)D (.83) (.94) (.55) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $40.51 $41.49 $38.96 $39.17 $31.32 $29.29 
Total ReturnF,G (1.24)% 8.47% 1.41% 28.37% 10.59% (5.67)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .91%J .91% .90% .93% .51% .56% 
Expenses net of fee waivers, if any .91%J .91% .90% .92% .51% .55% 
Expenses net of all reductions .91%J .90% .90% .90% .48% .50% 
Net investment income (loss) 2.61%B,J 1.40% 2.06%C 1.71% 2.70% 1.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $734,298 $691,585 $626,817 $562,490 $265,484 $291,323 
Portfolio turnover rateK 31%J 28% 41% 42% 90% 77% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.67%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.24 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.47%.

 D Total distributions of $.75 per share is comprised of distributions from net investment income of $.575 and distributions from net realized gain of $.177 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 and Class K 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.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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 $668,130,456 
Gross unrealized depreciation (318,887,140) 
Net unrealized appreciation (depreciation) on securities $349,243,316 
Tax cost $5,057,331,867 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(293,353,140) 
2017 (939,719,765) 
Total capital loss carryforward $(1,233,072,905) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,493,569,715 and $739,215,640, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 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
Class-Level Average
Net Assets(a) 
Overseas $3,622,377 .18 
Class K 164,057 .05 
 $3,786,434  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $3,175 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $4,184 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $1,917,406. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $24,807 for the period. In addition, through arrangements with the Fund's custodian credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $248.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $17,122.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Overseas $41,702,378 $46,955,922 
Class K 7,957,468 11,634,389 
Total $49,659,846 $58,590,311 
From net realized gain   
Overseas $584,612 $– 
Class K 101,369 – 
Total $685,981 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Overseas     
Shares sold 24,942,391 34,064,489 $990,623,129 $1,419,067,045 
Reinvestment of distributions 981,115 1,181,070 40,667,201 46,087,315 
Shares redeemed (7,706,033) (12,920,043) (302,885,946) (529,687,795) 
Net increase (decrease) 18,217,473 22,325,516 $728,404,384 $935,466,565 
Class K     
Shares sold 2,965,450 4,973,273 $115,891,575 $202,328,225 
Reinvestment of distributions 194,940 298,984 8,058,837 11,634,389 
Shares redeemed (1,703,694) (4,690,550) (66,891,829) (193,717,286) 
Net increase (decrease) 1,456,696 581,707 $57,058,583 $20,245,328 

11. 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.

At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 12% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 35% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Overseas 1.04%    
Actual  $1,000.00 $986.90 $5.14 
Hypothetical-C  $1,000.00 $1,019.69 $5.22 
Class K .91%    
Actual  $1,000.00 $987.60 $4.50 
Hypothetical-C  $1,000.00 $1,020.34 $4.57 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

OVE-K-SANN-0616
1.863322.107

Fidelity Advisor® Total International Equity Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Total International Equity Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 13.7% 
   United Kingdom 13.5% 
   United States of America* 12.7% 
   Switzerland 7.7% 
   France 7.0% 
   Germany 3.8% 
   India 3.3% 
   Australia 3.2% 
   Spain 2.8% 
   Other 32.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 15.7% 
   Japan 14.0% 
   United States of America* 10.2% 
   Switzerland 8.4% 
   France 6.6% 
   Germany 3.8% 
   Sweden 2.9% 
   Australia 2.7% 
   India 2.6% 
   Other 33.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.5 99.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.5 1.0 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 2.6 2.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 2.3 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.2 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.3 1.3 
Total SA (France, Oil, Gas & Consumable Fuels) 1.2 1.2 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.2 1.1 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 1.1 1.0 
CSL Ltd. (Australia, Biotechnology) 1.1 0.8 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 1.1 1.0 
Astellas Pharma, Inc. (Japan, Pharmaceuticals) 1.1 1.1 
 14.0  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.3 22.0 
Health Care 14.1 14.7 
Consumer Discretionary 13.8 16.1 
Consumer Staples 13.7 11.4 
Information Technology 12.4 11.3 
Industrials 11.3 11.1 
Materials 5.2 4.9 
Energy 3.6 2.9 
Telecommunication Services 2.9 2.7 
Utilities 2.2 1.9 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value 
Argentina - 0.2%   
Banco Macro SA sponsored ADR 5,400 $338,202 
Grupo Financiero Galicia SA sponsored ADR 11,900 338,793 
TOTAL ARGENTINA  676,995 
Australia - 3.2%   
Amcor Ltd. (a) 31,664 370,766 
Ansell Ltd. (a) 33,670 510,228 
Beacon Lighting Group Ltd. 28,000 38,747 
CSL Ltd. 42,420 3,392,481 
DuluxGroup Ltd. 22,765 110,780 
Imdex Ltd. (a) 134,227 20,922 
Macquarie Group Ltd. 9,698 468,241 
RCG Corp. Ltd. 97,518 101,583 
Sydney Airport unit 140,091 725,389 
TFS Corp. Ltd. 64,586 76,608 
Transurban Group unit 173,855 1,530,768 
Westpac Banking Corp. 108,726 2,552,187 
TOTAL AUSTRALIA  9,898,700 
Austria - 0.5%   
Andritz AG 25,972 1,454,546 
Zumtobel AG 4,500 58,586 
TOTAL AUSTRIA  1,513,132 
Bailiwick of Jersey - 0.3%   
Integrated Diagnostics Holdings PLC 14,600 67,890 
Wolseley PLC 15,116 846,678 
TOTAL BAILIWICK OF JERSEY  914,568 
Belgium - 1.9%   
Anheuser-Busch InBev SA NV 38,071 4,712,425 
Gimv NV 819 45,483 
KBC Ancora 4,281 151,127 
KBC Groep NV 21,007 1,179,371 
TOTAL BELGIUM  6,088,406 
Bermuda - 0.7%   
Axalta Coating Systems (a) 11,500 327,405 
China Gas Holdings Ltd. 278,000 401,358 
China Resource Gas Group Ltd. 142,000 401,837 
Credicorp Ltd. (United States) 4,200 610,764 
Markit Ltd. (a) 8,000 279,120 
Vostok New Ventures Ltd. SDR (a) 13,260 75,461 
TOTAL BERMUDA  2,095,945 
Brazil - 1.1%   
BB Seguridade Participacoes SA 55,700 485,862 
Cielo SA 60,036 584,780 
Kroton Educacional SA 140,300 522,160 
Qualicorp SA 90,800 393,376 
Smiles SA 30,300 351,521 
Ultrapar Participacoes SA 25,600 539,057 
Weg SA 102,500 452,410 
TOTAL BRAZIL  3,329,166 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 14,800 299,700 
Canada - 0.7%   
Cara Operations Ltd. 4,100 106,070 
Constellation Software, Inc. 100 39,080 
Imperial Oil Ltd. 24,900 825,766 
McCoy Global, Inc. 15,800 25,815 
New Look Vision Group, Inc. 3,000 74,241 
Pason Systems, Inc. 43,100 626,559 
Potash Corp. of Saskatchewan, Inc. 21,900 387,487 
ShawCor Ltd. Class A 1,900 51,335 
Tesco Corp. 5,500 52,030 
TOTAL CANADA  2,188,383 
Cayman Islands - 2.5%   
58.com, Inc. ADR (a) 9,700 530,105 
Alibaba Group Holding Ltd. sponsored ADR (a) 21,800 1,677,292 
Baidu.com, Inc. sponsored ADR (a) 5,000 971,500 
ENN Energy Holdings Ltd. 62,000 302,414 
Fu Shou Yuan International Group Ltd. 482,000 338,167 
International Housewares Retail Co. Ltd. 300,000 49,032 
New Oriental Education & Technology Group, Inc. sponsored ADR 9,900 387,684 
Shenzhou International Group Holdings Ltd. 79,000 408,393 
Sino Biopharmaceutical Ltd. 516,000 365,640 
TAL Education Group ADR (a) 6,200 358,732 
Tencent Holdings Ltd. 122,900 2,500,808 
Value Partners Group Ltd. 55,000 52,500 
TOTAL CAYMAN ISLANDS  7,942,267 
China - 0.6%   
China Pacific Insurance (Group) Co. Ltd. (H Shares) 132,200 463,552 
Inner Mongoli Yili Industries Co. Ltd. 139,000 322,699 
Jiangsu Hengrui Medicine Co. Ltd. 45,830 330,449 
Kweichow Moutai Co. Ltd. 10,340 401,203 
Shanghai International Airport Co. Ltd. 72,800 305,974 
TOTAL CHINA  1,823,877 
Denmark - 1.3%   
Jyske Bank A/S (Reg.) 15,654 640,880 
Novo Nordisk A/S Series B sponsored ADR 60,760 3,389,800 
Scandinavian Tobacco Group A/S 3,000 47,725 
Spar Nord Bank A/S 11,631 94,842 
TOTAL DENMARK  4,173,247 
Finland - 0.5%   
Sampo Oyj (A Shares) 27,653 1,207,351 
Tikkurila Oyj 26,280 460,707 
TOTAL FINLAND  1,668,058 
France - 7.0%   
Atos Origin SA 16,004 1,424,463 
AXA SA 75,806 1,914,071 
Bouygues SA (b) 12,277 409,363 
Capgemini SA 15,802 1,475,210 
Dassault Systemes SA 4,500 351,931 
Elis SA 5,500 100,985 
Essilor International SA 9,145 1,183,801 
Havas SA 80,986 677,693 
Laurent-Perrier Group SA 759 64,530 
Orange SA 59,500 988,529 
Renault SA 9,911 956,459 
Sanofi SA 29,328 2,417,406 
Societe Generale Series A 31,200 1,227,632 
SR Teleperformance SA 5,700 511,700 
Total SA 77,133 3,898,362 
Unibail-Rodamco 5,000 1,339,709 
Vetoquinol SA 1,700 70,466 
VINCI SA 24,100 1,800,344 
Virbac SA 730 133,157 
Vivendi SA (b) 57,152 1,097,908 
TOTAL FRANCE  22,043,719 
Germany - 3.6%   
adidas AG 2,800 361,011 
alstria office REIT-AG 6,200 86,967 
Axel Springer Verlag AG 9,300 519,244 
BASF AG 23,970 1,980,290 
Bayer AG 16,012 1,847,205 
CompuGroup Medical AG 7,646 300,298 
Continental AG 2,383 523,356 
CTS Eventim AG 7,980 279,516 
Fielmann AG 2,458 181,228 
Fresenius SE & Co. KGaA 18,300 1,331,024 
GEA Group AG 11,615 538,507 
Nexus AG 4,000 70,077 
SAP AG 37,730 2,960,335 
Wirecard AG (b) 8,800 380,033 
TOTAL GERMANY  11,359,091 
Greece - 0.0%   
Titan Cement Co. SA (Reg.) 1,844 42,065 
Hong Kong - 1.4%   
AIA Group Ltd. 429,800 2,572,184 
Guangdong Investment Ltd. 334,000 471,629 
Power Assets Holdings Ltd. 87,500 832,483 
Techtronic Industries Co. Ltd. 96,500 361,747 
TOTAL HONG KONG  4,238,043 
India - 3.3%   
Adani Ports & Special Economic Zone 130,670 468,579 
Amara Raja Batteries Ltd. 25,033 360,220 
Asian Paints India Ltd. 32,877 428,747 
Bharti Infratel Ltd. 65,320 368,710 
Colgate-Palmolive (India) 28,645 362,604 
GlaxoSmithKline Consumer Healthcare Ltd. (a) 4,231 375,650 
HCL Technologies Ltd. 38,811 438,384 
HDFC Bank Ltd. (a) 19,066 387,551 
Hindustan Unilever Ltd. 39,555 516,816 
Housing Development Finance Corp. Ltd. 87,831 1,439,201 
IndusInd Bank Ltd. 23,402 369,515 
Infosys Ltd. 54,376 987,776 
ITC Ltd. 117,362 574,129 
Jyothy Laboratories Ltd. 16,417 75,232 
LIC Housing Finance Ltd. (a) 52,804 367,499 
Lupin Ltd. 15,964 386,269 
Maruti Suzuki India Ltd. (a) 8,151 465,637 
Power Grid Corp. of India Ltd. 160,535 346,564 
Sun Pharmaceutical Industries Ltd. 44,169 539,466 
Tata Consultancy Services Ltd. 18,951 723,371 
Titan Co. Ltd. 55,471 297,207 
TOTAL INDIA  10,279,127 
Indonesia - 0.9%   
PT ACE Hardware Indonesia Tbk 4,792,900 336,172 
PT Bank Central Asia Tbk 537,100 531,480 
PT Bank Rakyat Indonesia Tbk 575,000 451,263 
PT Kalbe Farma Tbk 3,267,100 340,633 
PT Matahari Department Store Tbk 279,100 402,100 
PT Surya Citra Media Tbk 1,553,000 376,827 
PT Tower Bersama Infrastructure Tbk (a) 621,800 279,357 
TOTAL INDONESIA  2,717,832 
Ireland - 1.6%   
Allergan PLC (a) 2,200 476,432 
CRH PLC sponsored ADR 59,929 1,744,533 
FBD Holdings PLC 5,372 39,368 
James Hardie Industries PLC:   
CDI 23,978 337,833 
sponsored ADR 112,225 1,573,395 
Medtronic PLC 10,600 838,990 
TOTAL IRELAND  5,010,551 
Isle of Man - 0.3%   
Playtech Ltd. 76,677 901,334 
Israel - 1.1%   
Azrieli Group 11,796 468,500 
Check Point Software Technologies Ltd. (a) 4,000 331,480 
Frutarom Industries Ltd. 6,900 353,638 
Ituran Location & Control Ltd. 5,661 117,749 
Strauss Group Ltd. 6,859 108,692 
Teva Pharmaceutical Industries Ltd. sponsored ADR 35,509 1,933,465 
TOTAL ISRAEL  3,313,524 
Italy - 1.6%   
Azimut Holding SpA 22,914 576,704 
Banco di Desio e della Brianza SpA 19,000 53,563 
Beni Stabili SpA SIIQ 190,326 141,003 
Eni SpA 94,900 1,550,375 
Interpump Group SpA 49,391 710,898 
Intesa Sanpaolo SpA 297,500 826,991 
Mediaset SpA 121,000 544,506 
Telecom Italia SpA (a) 638,800 623,771 
TOTAL ITALY  5,027,811 
Japan - 13.7%   
Aoki Super Co. Ltd. 6,000 70,898 
Artnature, Inc. 12,300 101,984 
Asahi Co. Ltd. 6,600 97,893 
Astellas Pharma, Inc. 245,800 3,314,022 
Autobacs Seven Co. Ltd. 5,800 100,069 
Azbil Corp. 8,200 210,398 
Broadleaf Co. Ltd. 2,700 26,682 
Central Automotive Products Ltd. 8,000 66,678 
Century21 Real Estate Japan Ltd. (c) 2,500 27,834 
Coca-Cola Central Japan Co. Ltd. 18,700 342,601 
Daiichikosho Co. Ltd. 3,300 138,342 
Daikokutenbussan Co. Ltd. 5,000 224,719 
DENSO Corp. 48,600 1,847,343 
Dentsu, Inc. 21,800 1,107,636 
East Japan Railway Co. 20,600 1,812,307 
Funai Soken Holdings, Inc. 3,000 45,516 
GCA Savvian Group Corp. 6,800 62,834 
Glory Ltd. 3,900 127,730 
Goldcrest Co. Ltd. 7,960 113,977 
Hokuriku Electrical Construction Co. Ltd. 5,000 36,583 
Hoya Corp. 50,700 1,941,520 
Hub Co. Ltd. 2,500 40,088 
Itochu Corp. 85,300 1,084,044 
Iwatsuka Confectionary Co. Ltd. 800 36,244 
Japan Digital Laboratory Co. 6,100 82,516 
Japan Tobacco, Inc. 70,800 2,892,742 
KDDI Corp. 49,800 1,434,526 
Keyence Corp. 2,621 1,571,009 
Kobayashi Pharmaceutical Co. Ltd. 2,000 159,305 
Koshidaka Holdings Co. Ltd. 4,000 78,655 
Lasertec Corp. 6,300 81,908 
Makita Corp. 12,700 801,159 
Medikit Co. Ltd. 2,200 76,699 
Meiko Network Japan Co. Ltd. 2,700 29,778 
Mitsubishi UFJ Financial Group, Inc. 357,000 1,647,489 
Mitsui Fudosan Co. Ltd. 54,000 1,318,811 
Nagaileben Co. Ltd. 8,600 175,497 
Nakano Refrigerators Co. Ltd. 2,000 47,850 
ND Software Co. Ltd. 6,000 49,390 
Nihon Parkerizing Co. Ltd. 20,200 178,172 
Nintendo Co. Ltd. 4,400 595,765 
Nippon Prologis REIT, Inc. (c) 241 577,879 
Nippon Telegraph & Telephone Corp. 41,900 1,875,039 
NS Tool Co. Ltd. 3,800 63,002 
OBIC Co. Ltd. 17,800 935,585 
Olympus Corp. 43,600 1,698,509 
ORIX Corp. 71,100 1,005,705 
OSG Corp. 33,500 622,551 
Paramount Bed Holdings Co. Ltd. 3,400 126,476 
ProNexus, Inc. 8,000 80,904 
San-Ai Oil Co. Ltd. 11,000 77,092 
Seven & i Holdings Co. Ltd. 23,200 946,617 
Seven Bank Ltd. 398,800 1,694,584 
Shinsei Bank Ltd. 334,000 468,127 
SHO-BOND Holdings Co. Ltd. 22,100 956,249 
Shoei Co. Ltd. 5,800 87,794 
SK Kaken Co. Ltd. 1,100 90,257 
Software Service, Inc. 1,600 61,799 
Sony Corp. 31,300 758,137 
Sony Financial Holdings, Inc. 44,000 543,969 
Sumitomo Mitsui Financial Group, Inc. 42,600 1,281,907 
Techno Medica Co. Ltd. 1,800 37,734 
The Monogatari Corp. 1,500 70,800 
The Nippon Synthetic Chemical Industry Co. Ltd. 6,000 36,206 
TKC Corp. 3,300 89,656 
Tocalo Co. Ltd. 2,800 50,368 
Toyota Motor Corp. 50,000 2,534,487 
Tsutsumi Jewelry Co. Ltd. 2,200 45,954 
USS Co. Ltd. 110,600 1,749,509 
Workman Co. Ltd. 3,800 119,455 
Yamada Consulting Group Co. Ltd. 2,000 61,101 
Yamato Kogyo Co. Ltd. 1,700 39,907 
TOTAL JAPAN  42,986,572 
Kenya - 0.2%   
Safaricom Ltd. 4,376,100 740,904 
Korea (South) - 1.6%   
AMOREPACIFIC Corp. 1,718 611,068 
AMOREPACIFIC Group, Inc. 3,162 463,671 
BGFretail Co. Ltd. 4,710 764,667 
Coway Co. Ltd. 4,513 388,401 
KT&G Corp. 5,617 603,043 
Leeno Industrial, Inc. 959 35,868 
LG Chemical Ltd. 2,168 562,023 
LG Household & Health Care Ltd. 620 544,954 
NAVER Corp. 1,801 1,064,243 
TOTAL KOREA (SOUTH)  5,037,938 
Luxembourg - 0.3%   
Eurofins Scientific SA 1,000 371,053 
RTL Group SA 6,427 534,133 
TOTAL LUXEMBOURG  905,186 
Mexico - 2.2%   
Banregio Grupo Financiero S.A.B. de CV 64,200 384,723 
Consorcio ARA S.A.B. de CV 254,355 99,793 
El Puerto de Liverpool S.A.B. de CV Class C 31,300 355,796 
Fomento Economico Mexicano S.A.B. de CV:   
unit 71,500 665,269 
sponsored ADR 7,333 683,509 
Gruma S.A.B. de CV Series B 26,400 385,658 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 45,000 423,984 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 28,135 432,066 
Grupo Aeroportuario Norte S.A.B. de CV 65,200 377,300 
Grupo Financiero Banorte S.A.B. de CV Series O 106,900 606,866 
Grupo GICSA SA de CV (a) 272,500 214,140 
Infraestructura Energetica Nova S.A.B. de CV 84,400 329,807 
Kimberly-Clark de Mexico SA de CV Series A 173,200 409,930 
Megacable Holdings S.A.B. de CV unit 81,200 374,977 
Promotora y Operadora de Infraestructura S.A.B. de CV 27,700 351,292 
Tenedora Nemak SA de CV 233,700 335,242 
Wal-Mart de Mexico SA de CV Series V 167,600 414,503 
TOTAL MEXICO  6,844,855 
Netherlands - 1.6%   
Aalberts Industries NV 6,100 208,985 
Heijmans NV (Certificaten Van Aandelen) (a) 4,481 42,228 
ING Groep NV (Certificaten Van Aandelen) 113,576 1,390,887 
Koninklijke KPN NV 150,029 589,562 
Mylan N.V. 9,800 408,758 
PostNL NV (a) 74,300 324,995 
RELX NV 100,780 1,691,160 
VastNed Retail NV 5,035 221,677 
TOTAL NETHERLANDS  4,878,252 
Norway - 0.0%   
Kongsberg Gruppen ASA 4,500 75,449 
Philippines - 0.9%   
Ayala Corp. 26,950 441,766 
Ayala Land, Inc. 590,400 434,939 
D&L Industries, Inc. 1,653,900 316,469 
GT Capital Holdings, Inc. 12,985 377,389 
International Container Terminal Services, Inc. 241,940 334,349 
Jollibee Food Corp. 16,980 82,887 
SM Investments Corp. 20,420 409,833 
SM Prime Holdings, Inc. 859,600 413,946 
TOTAL PHILIPPINES  2,811,578 
Russia - 0.3%   
Magnit OJSC (a) 3,350 465,579 
NOVATEK OAO GDR (Reg. S) 5,300 508,800 
TOTAL RUSSIA  974,379 
South Africa - 2.0%   
Aspen Pharmacare Holdings Ltd. 23,800 560,891 
Bidvest Group Ltd. 20,132 510,935 
Clicks Group Ltd. 60,693 443,283 
Discovery Ltd. 48,767 435,829 
FirstRand Ltd. 169,400 544,427 
Mondi Ltd. 21,100 405,362 
Mr Price Group Ltd. 33,900 430,631 
Naspers Ltd. Class N 17,300 2,373,735 
Sanlam Ltd. 107,700 522,035 
TOTAL SOUTH AFRICA  6,227,128 
Spain - 2.8%   
Amadeus IT Holding SA Class A 42,900 1,952,134 
Hispania Activos Inmobiliarios SA (a) 38,400 562,815 
Iberdrola SA 254,372 1,810,808 
Inditex SA 91,236 2,928,810 
Mediaset Espana Comunicacion SA 49,300 640,154 
Merlin Properties Socimi SA 36,100 419,564 
Prosegur Compania de Seguridad SA (Reg.) 106,676 616,854 
TOTAL SPAIN  8,931,139 
Sweden - 2.4%   
ASSA ABLOY AB (B Shares) 136,700 2,866,624 
Fagerhult AB 49,855 1,160,942 
Intrum Justitia AB 11,563 414,978 
Nordea Bank AB 138,267 1,342,131 
Saab AB (B Shares) 3,000 102,622 
Sandvik AB (b) 48,200 494,578 
Svenska Handelsbanken AB (A Shares) (b) 87,445 1,166,530 
TOTAL SWEDEN  7,548,405 
Switzerland - 7.7%   
Credit Suisse Group AG 48,674 740,743 
Lafargeholcim Ltd. (Reg.) 13,560 686,552 
Nestle SA 107,904 8,053,917 
Novartis AG 72,031 5,481,722 
Roche Holding AG (participation certificate) 15,701 3,972,498 
Schindler Holding AG:   
(participation certificate) 7,634 1,390,243 
(Reg.) 2,251 413,688 
Sika AG 90 383,061 
Syngenta AG (Switzerland) 3,219 1,288,540 
Tecan Group AG 600 83,311 
UBS Group AG 22,589 390,112 
Zurich Insurance Group AG 5,646 1,266,874 
TOTAL SWITZERLAND  24,151,261 
Taiwan - 1.6%   
Addcn Technology Co. Ltd. 8,500 65,257 
Advantech Co. Ltd. 48,000 338,792 
ECLAT Textile Co. Ltd. 34,643 395,194 
Largan Precision Co. Ltd. 5,870 412,497 
Taiwan Semiconductor Manufacturing Co. Ltd. 835,035 3,830,521 
TOTAL TAIWAN  5,042,261 
Thailand - 0.4%   
Airports of Thailand PCL (For. Reg.) 37,800 424,330 
Bangkok Dusit Medical Services PCL (For. Reg.) 527,200 359,317 
Thai Beverage PCL 612,400 339,248 
TOTAL THAILAND  1,122,895 
Turkey - 0.5%   
Bim Birlesik Magazalar A/S JSC 19,000 418,299 
Koc Holding A/S 83,000 433,985 
Tofas Turk Otomobil Fabrikasi A/S 44,054 348,590 
Tupras Turkiye Petrol Rafinelleri A/S 15,000 395,908 
TOTAL TURKEY  1,596,782 
United Arab Emirates - 0.1%   
DP World Ltd. 20,486 387,185 
United Kingdom - 13.5%   
AA PLC 21,973 89,447 
Alliance Pharma PLC 64,414 42,353 
Associated British Foods PLC 28,900 1,293,842 
AstraZeneca PLC (United Kingdom) 31,527 1,808,786 
Aviva PLC 160,179 1,014,812 
Babcock International Group PLC 28,323 392,115 
BAE Systems PLC 249,621 1,741,520 
Barclays PLC 406,095 1,019,607 
Bellway PLC 6,328 226,253 
Berendsen PLC 67,555 1,164,754 
British American Tobacco PLC (United Kingdom) 5,700 347,541 
Britvic PLC 8,417 86,581 
Bunzl PLC 42,632 1,270,129 
Compass Group PLC 72,807 1,296,575 
Dechra Pharmaceuticals PLC 9,600 155,139 
DP Poland PLC (a) 200,000 75,980 
Elementis PLC 47,708 150,501 
Great Portland Estates PLC 13,972 154,747 
Hikma Pharmaceuticals PLC 13,118 422,449 
Hilton Food Group PLC 5,400 44,422 
Howden Joinery Group PLC 67,400 486,499 
HSBC Holdings PLC sponsored ADR 53,617 1,787,055 
Imperial Tobacco Group PLC 38,114 2,070,843 
Informa PLC 223,214 2,134,646 
InterContinental Hotel Group PLC ADR 69,496 2,789,569 
ITE Group PLC 41,200 93,460 
ITV PLC 374,619 1,232,687 
JUST EAT Ltd. (a) 12,540 70,268 
Lloyds Banking Group PLC 2,277,100 2,234,999 
Micro Focus International PLC 36,100 806,510 
National Grid PLC 115,665 1,650,378 
NMC Health PLC 22,600 345,740 
Prudential PLC 122,580 2,419,672 
Reckitt Benckiser Group PLC 36,651 3,570,500 
Rightmove PLC 7,800 439,695 
Rio Tinto PLC 69,603 2,334,923 
Royal Dutch Shell PLC Class B (United Kingdom) 39,530 1,037,855 
Shaftesbury PLC 41,837 556,284 
Spectris PLC 7,970 212,062 
Spirax-Sarco Engineering PLC 5,699 284,370 
Taylor Wimpey PLC 29,400 79,171 
Ted Baker PLC 3,375 117,613 
Topps Tiles PLC 33,400 66,371 
Ultra Electronics Holdings PLC 5,901 152,269 
Unite Group PLC 66,977 618,986 
Vodafone Group PLC sponsored ADR 63,826 2,089,663 
TOTAL UNITED KINGDOM  42,479,641 
United States of America - 11.2%   
A.O. Smith Corp. 4,200 324,324 
Alphabet, Inc.:   
Class A 2,030 1,436,996 
Class C 406 281,362 
Altria Group, Inc. 11,100 696,081 
Amazon.com, Inc. (a) 600 395,754 
Amphenol Corp. Class A 5,400 301,482 
ANSYS, Inc. (a) 500 45,385 
Autoliv, Inc. 13,654 1,672,205 
Berkshire Hathaway, Inc. Class B (a) 9,016 1,311,648 
Broadridge Financial Solutions, Inc. 1,340 80,186 
Chevron Corp. 9,000 919,620 
China Biologic Products, Inc. (a) 10,200 1,193,400 
ConocoPhillips Co. 22,200 1,060,938 
Constellation Brands, Inc. Class A (sub. vtg.) 8,300 1,295,298 
Danaher Corp. 3,200 309,600 
Domino's Pizza, Inc. 6,800 821,984 
Ecolab, Inc. 2,800 321,944 
Edgewell Personal Care Co. (a) 5,400 443,178 
Energizer Holdings, Inc. 1,000 43,490 
Facebook, Inc. Class A (a) 2,800 329,224 
Gartner, Inc. Class A (a) 3,400 296,378 
International Flavors & Fragrances, Inc. 3,100 370,357 
Kennedy-Wilson Holdings, Inc. 7,773 167,975 
Martin Marietta Materials, Inc. 4,970 841,073 
MasterCard, Inc. Class A 26,000 2,521,740 
McGraw Hill Financial, Inc. 19,800 2,115,630 
MercadoLibre, Inc. 3,100 387,159 
Mettler-Toledo International, Inc. (a) 1,000 357,950 
Mohawk Industries, Inc. (a) 8,665 1,669,139 
Molson Coors Brewing Co. Class B 14,800 1,415,324 
Moody's Corp. 9,900 947,628 
MSCI, Inc. Class A 12,200 926,468 
NIKE, Inc. Class B 5,600 330,064 
Philip Morris International, Inc. 18,500 1,815,220 
PPG Industries, Inc. 2,900 320,131 
PriceSmart, Inc. 8,885 768,908 
ResMed, Inc. 12,720 709,776 
Reynolds American, Inc. 24,900 1,235,040 
Sherwin-Williams Co. 2,300 660,813 
SS&C Technologies Holdings, Inc. 14,054 859,402 
The Walt Disney Co. 3,000 309,780 
TransDigm Group, Inc. (a) 1,500 341,805 
Visa, Inc. Class A 32,877 2,539,419 
TOTAL UNITED STATES OF AMERICA  35,191,278 
TOTAL COMMON STOCKS   
(Cost $262,015,051)  305,478,629 
Nonconvertible Preferred Stocks - 1.1%   
Brazil - 0.9%   
Ambev SA sponsored ADR 152,100 850,239 
Banco Bradesco SA (PN) 113,850 857,372 
Itau Unibanco Holding SA 94,300 901,255 
TOTAL BRAZIL  2,608,866 
Germany - 0.2%   
Sartorius AG (non-vtg.) 900 222,031 
Volkswagen AG 2,990 432,927 
TOTAL GERMANY  654,958 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $3,142,197)  3,263,824 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 0.38% (d) 3,860,982 3,860,982 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 3,158,800 3,158,800 
TOTAL MONEY MARKET FUNDS   
(Cost $7,019,782)  7,019,782 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $272,177,030)  315,762,235 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (2,185,787) 
NET ASSETS - 100%  $313,576,448 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $6,565 
Fidelity Securities Lending Cash Central Fund 41,244 
Total $47,809 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $44,289,186 $31,864,746 $12,424,440 $-- 
Consumer Staples 43,532,195 26,785,127 16,747,068 -- 
Energy 11,569,512 5,005,828 6,563,684 -- 
Financials 59,479,309 30,876,288 28,603,021 -- 
Health Care 44,295,373 22,767,675 21,527,698 -- 
Industrials 34,242,642 25,865,080 8,377,562 -- 
Information Technology 38,595,430 23,298,008 15,297,422 -- 
Materials 17,201,467 14,479,937 2,721,530 -- 
Telecommunication Services 8,990,061 3,478,634 5,511,427 -- 
Utilities 6,547,278 676,371 5,870,907 -- 
Money Market Funds 7,019,782 7,019,782 -- -- 
Total Investments in Securities: $315,762,235 $192,117,476 $123,644,759 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $4,099,814 
Level 2 to Level 1 $34,866,774 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,961,201) — See accompanying schedule:
Unaffiliated issuers (cost $265,157,248) 		$308,742,453  
Fidelity Central Funds (cost $7,019,782) 7,019,782  
Total Investments (cost $272,177,030)  $315,762,235 
Foreign currency held at value (cost $18,143)  17,488 
Receivable for investments sold  433,383 
Receivable for fund shares sold  52,780 
Dividends receivable  1,829,196 
Distributions receivable from Fidelity Central Funds  23,163 
Prepaid expenses  265 
Receivable from investment adviser for expense reductions  56 
Other receivables  24,958 
Total assets  318,143,524 
Liabilities   
Payable to custodian bank $71,380  
Payable for investments purchased   
Regular delivery 521,035  
Delayed delivery 44,749  
Payable for fund shares redeemed 436,104  
Accrued management fee 199,146  
Distribution and service plan fees payable 10,041  
Other affiliated payables 47,252  
Other payables and accrued expenses 78,569  
Collateral on securities loaned, at value 3,158,800  
Total liabilities  4,567,076 
Net Assets  $313,576,448 
Net Assets consist of:   
Paid in capital  $303,103,887 
Undistributed net investment income  1,912,194 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (35,054,648) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  43,615,015 
Net Assets  $313,576,448 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,818,273 ÷ 1,166,002 shares)  $7.56 
Maximum offering price per share (100/94.25 of $7.56)  $8.02 
Class T:   
Net Asset Value and redemption price per share ($13,627,834 ÷ 1,793,896 shares)  $7.60 
Maximum offering price per share (100/96.50 of $7.60)  $7.88 
Class B:   
Net Asset Value and offering price per share ($93,240 ÷ 12,203 shares)(a)  $7.64 
Class C:   
Net Asset Value and offering price per share ($3,077,150 ÷ 406,220 shares)(a)  $7.58 
Total International Equity:   
Net Asset Value, offering price and redemption price per share ($284,995,679 ÷ 37,639,906 shares)  $7.57 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,964,272 ÷ 393,120 shares)  $7.54 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,405,366 
Income from Fidelity Central Funds  47,809 
Income before foreign taxes withheld  4,453,175 
Less foreign taxes withheld  (400,599) 
Total income  4,052,576 
Expenses   
Management fee   
Basic fee $1,101,234  
Performance adjustment 185,483  
Transfer agent fees 204,427  
Distribution and service plan fees 59,906  
Accounting and security lending fees 81,700  
Custodian fees and expenses 112,889  
Independent trustees' compensation 693  
Registration fees 33,115  
Audit 63,656  
Legal 868  
Miscellaneous 1,090  
Total expenses before reductions 1,845,061  
Expense reductions (13,581) 1,831,480 
Net investment income (loss)  2,221,096 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,285,836)  
Foreign currency transactions 74,152  
Total net realized gain (loss)  (5,211,684) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $30,538) 		(4,718,985)  
Assets and liabilities in foreign currencies 3,044  
Total change in net unrealized appreciation (depreciation)  (4,715,941) 
Net gain (loss)  (9,927,625) 
Net increase (decrease) in net assets resulting from operations  $(7,706,529) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,221,096 $4,170,618 
Net realized gain (loss) (5,211,684) (5,852,740) 
Change in net unrealized appreciation (depreciation) (4,715,941) (558,579) 
Net increase (decrease) in net assets resulting from operations (7,706,529) (2,240,701) 
Distributions to shareholders from net investment income (3,869,339) (5,482,469) 
Distributions to shareholders from net realized gain – (1,726,810) 
Total distributions (3,869,339) (7,209,279) 
Share transactions - net increase (decrease) (11,041,483) (4,678,824) 
Redemption fees 426 1,289 
Total increase (decrease) in net assets (22,616,925) (14,127,515) 
Net Assets   
Beginning of period 336,193,373 350,320,888 
End of period (including undistributed net investment income of $1,912,194 and undistributed net investment income of $3,560,437, respectively) $313,576,448 $336,193,373 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.79 $8.00 $8.27 $7.31 $6.67 $7.36 
Income from Investment Operations       
Net investment income (loss)A .04 .07 .13 .09 .13 .11 
Net realized and unrealized gain (loss) (.21) (.14) (.12) 1.24 .59 (.69) 
Total from investment operations (.17) (.07) .01 1.33 .72 (.58) 
Distributions from net investment income (.06) (.10) (.10) (.13) (.08) (.09) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.06) (.14) (.28) (.37)B (.08) (.11) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.56 $7.79 $8.00 $8.27 $7.31 $6.67 
Total ReturnD,E,F (2.18)% (.89)% .19% 19.00% 10.88% (8.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.53%I 1.48% 1.44% 1.50% 1.57% 1.73% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.44% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.45%I 1.44% 1.44% 1.43% 1.42% 1.42% 
Net investment income (loss) 1.12%I .86% 1.63% 1.21% 1.88% 1.44% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,818 $9,163 $9,164 $9,034 $5,767 $4,307 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.37 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.81 $8.04 $8.32 $7.37 $6.73 $7.41 
Income from Investment Operations       
Net investment income (loss)A .03 .05 .11 .07 .11 .09 
Net realized and unrealized gain (loss) (.20) (.15) (.12) 1.25 .59 (.68) 
Total from investment operations (.17) (.10) (.01) 1.32 .70 (.59) 
Distributions from net investment income (.04) (.09) (.09) (.13) (.06) (.07) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.04) (.13) (.27) (.37)B (.06) (.09) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.60 $7.81 $8.04 $8.32 $7.37 $6.73 
Total ReturnD,E,F (2.15)% (1.26)% (.06)% 18.73% 10.52% (8.08)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.75%I 1.70% 1.68% 1.75% 1.84% 2.02% 
Expenses net of fee waivers, if any 1.70%I 1.70% 1.68% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.70%I 1.69% 1.68% 1.67% 1.67% 1.67% 
Net investment income (loss) .87%I .61% 1.38% .96% 1.63% 1.19% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,628 $13,962 $10,282 $7,909 $2,348 $997 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.37 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.84 $8.05 $8.31 $7.33 $6.68 $7.37 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .07 .04 .08 .05 
Net realized and unrealized gain (loss) (.21) (.14) (.12) 1.24 .59 (.68) 
Total from investment operations (.20) (.13) (.05) 1.28 .67 (.63) 
Distributions from net investment income – (.04) (.03) (.05) (.02) (.04) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions – (.08) (.21) (.30) (.02) (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $7.64 $7.84 $8.05 $8.31 $7.33 $6.68 
Total ReturnC,D,E (2.55)% (1.62)% (.56)% 18.05% 10.05% (8.66)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.30%H 2.26% 2.22% 2.26% 2.34% 2.51% 
Expenses net of fee waivers, if any 2.20%H 2.20% 2.20% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.20%H 2.19% 2.20% 2.18% 2.17% 2.17% 
Net investment income (loss) .37%H .11% .87% .46% 1.13% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $93 $120 $168 $192 $220 $254 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.77 $8.00 $8.28 $7.31 $6.67 $7.36 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .07 .04 .08 .05 
Net realized and unrealized gain (loss) (.20) (.15) (.12) 1.25 .58 (.69) 
Total from investment operations (.19) (.14) (.05) 1.29 .66 (.64) 
Distributions from net investment income – (.05) (.05) (.08) (.02) (.03) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions – (.09) (.23) (.32)B (.02) (.05) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.58 $7.77 $8.00 $8.28 $7.31 $6.67 
Total ReturnD,E,F (2.45)% (1.73)% (.57)% 18.30% 9.98% (8.72)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.31%I 2.26% 2.22% 2.26% 2.31% 2.51% 
Expenses net of fee waivers, if any 2.20%I 2.20% 2.20% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.20%I 2.19% 2.20% 2.18% 2.17% 2.17% 
Net investment income (loss) .37%I .11% .87% .46% 1.13% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,077 $3,311 $4,028 $3,584 $2,737 $1,396 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.32 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.82 $8.03 $8.29 $7.32 $6.69 $7.37 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .16 .12 .15 .12 
Net realized and unrealized gain (loss) (.20) (.14) (.12) 1.24 .58 (.68) 
Total from investment operations (.15) (.04) .04 1.36 .73 (.56) 
Distributions from net investment income (.10) (.13) (.12) (.15) (.10) (.10) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.10) (.17) (.30) (.39)B (.10) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.57 $7.82 $8.03 $8.29 $7.32 $6.69 
Total ReturnD,E (2.00)% (.51)% .55% 19.48% 11.03% (7.70)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.12%H 1.07% 1.04% 1.09% 1.16% 1.42% 
Expenses net of fee waivers, if any 1.12%H 1.07% 1.04% 1.09% 1.16% 1.20% 
Expenses net of all reductions 1.12%H 1.06% 1.04% 1.07% 1.13% 1.17% 
Net investment income (loss) 1.46%H 1.24% 2.03% 1.57% 2.16% 1.69% 
Supplemental Data       
Net assets, end of period (000 omitted) $284,996 $307,035 $324,438 $324,395 $281,979 $131,338 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.78 $7.99 $8.26 $7.30 $6.67 $7.35 
Income from Investment Operations       
Net investment income (loss)A .05 .09 .15 .11 .14 .12 
Net realized and unrealized gain (loss) (.20) (.14) (.12) 1.24 .59 (.68) 
Total from investment operations (.15) (.05) .03 1.35 .73 (.56) 
Distributions from net investment income (.09) (.12) (.12) (.15) (.10) (.10) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.09) (.16) (.30) (.39)B (.10) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.54 $7.78 $7.99 $8.26 $7.30 $6.67 
Total ReturnD,E (1.99)% (.64)% .37% 19.40% 11.06% (7.72)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.17% 1.15% 1.21% 1.27% 1.48% 
Expenses net of fee waivers, if any 1.20%H 1.17% 1.15% 1.20% 1.20% 1.20% 
Expenses net of all reductions 1.20%H 1.16% 1.15% 1.18% 1.17% 1.17% 
Net investment income (loss) 1.37%H 1.14% 1.91% 1.46% 2.13% 1.69% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,964 $2,602 $2,240 $2,372 $1,514 $197 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Total International Equity 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, Total International Equity and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, certain foreign taxes, passive foreign investment companies (PFIC), 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 $ 56,805,584 
Gross unrealized depreciation (15,433,463) 
Net unrealized appreciation (depreciation) on securities $41,372,121 
Tax cost $274,390,114 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(13,607,298) 
2019 (8,855,997) 
Total with expiration $(22,463,295) 
No expiration  
Short-term (5,613,592) 
Total capital loss carryforward $(28,076,887) 

Due to large subscriptions in a prior period, $22,463,295 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $4,535,766 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $67,742,727 and $81,527,820, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $10,969 $810 
Class T .25% .25% 32,951 57 
Class B .75% .25% 515 386 
Class C .75% .25% 15,471 2,767 
   $59,906 $4,020 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,356 
Class T 488 
Class B(a) – 
Class C(a) 295 
 $2,139 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $12,141 .28 
Class T 16,142 .24 
Class B 152 .30 
Class C 4,828 .31 
Total International Equity 168,031 .12 
Class I 3,133 .24 
 $204,427  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $330 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $282 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $41,244. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.45% $3,471 
Class T 1.70% 3,118 
Class B 2.20% 49 
Class C 2.20% 1,763 
Class I 1.20% 563 
  $8,964 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,442 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,175.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $72,361 $113,499 
Class T 77,358 118,041 
Class B – 852 
Class C – 26,493 
Total International Equity 3,691,251 5,189,901 
Class I 28,369 33,683 
Total $3,869,339 $5,482,469 
From net realized gain   
Class A $– $45,400 
Class T – 52,463 
Class B – 832 
Class C – 19,994 
Total International Equity – 1,596,893 
Class I – 11,228 
Total $– $1,726,810 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 125,145 302,437 $923,609 $2,413,258 
Reinvestment of distributions 9,322 20,115 71,782 158,306 
Shares redeemed (145,056) (290,995) (1,062,034) (2,277,557) 
Net increase (decrease) (10,589) 31,557 $(66,643) $294,007 
Class T     
Shares sold 242,570 824,018 $1,805,986 $6,637,966 
Reinvestment of distributions 9,988 21,537 77,308 170,355 
Shares redeemed (245,478) (337,655) (1,795,924) (2,691,540) 
Net increase (decrease) 7,080 507,900 $87,370 $4,116,781 
Class B     
Shares sold 1,079 2,293 $7,667 $19,363 
Reinvestment of distributions – 210 – 1,675 
Shares redeemed (4,239) (7,999) (31,696) (62,934) 
Net increase (decrease) (3,160) (5,496) $(24,029) $(41,896) 
Class C     
Shares sold 40,022 142,460 $294,781 $1,136,553 
Reinvestment of distributions – 4,767 – 37,661 
Shares redeemed (60,109) (224,769) (446,353) (1,823,746) 
Net increase (decrease) (20,087) (77,542) $(151,572) $(649,532) 
Total International Equity     
Shares sold 2,536,155 6,834,390 $18,902,576 $54,586,662 
Reinvestment of distributions 471,692 851,193 3,632,026 6,698,889 
Shares redeemed (4,642,011) (8,793,992) (33,862,381) (70,164,751) 
Net increase (decrease) (1,634,164) (1,108,409) $(11,327,779) $(8,879,200) 
Class I     
Shares sold 102,309 149,022 $761,726 $1,222,878 
Reinvestment of distributions 3,671 5,728 28,160 44,910 
Shares redeemed (47,313) (100,501) (348,716) (786,772) 
Net increase (decrease) 58,667 54,249 $441,170 $481,016 

11. 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.

At the end of the period, a shareholder of record owned approximately 71% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.45%    
Actual  $1,000.00 $978.20 $7.13 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class T 1.70%    
Actual  $1,000.00 $978.50 $8.36 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.20%    
Actual  $1,000.00 $974.50 $10.80 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Class C 2.20%    
Actual  $1,000.00 $975.50 $10.81 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Total International Equity 1.12%    
Actual  $1,000.00 $980.00 $5.51 
Hypothetical-C  $1,000.00 $1,019.29 $5.62 
Class I 1.20%    
Actual  $1,000.00 $980.10 $5.91 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ATIEI-SANN-0616
1.853360.108

Fidelity® Global Equity Income Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 49.8% 
   Japan 10.7% 
   United Kingdom 10.6% 
   Ireland 4.2% 
   Canada 3.5% 
   Israel 2.8% 
   France 2.8% 
   Taiwan 2.2% 
   Hong Kong 1.8% 
   Other 11.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 46.2% 
   United Kingdom 13.0% 
   Japan 11.1% 
   Ireland 4.1% 
   Canada 3.3% 
   Israel 3.2% 
   France 2.9% 
   Bailiwick of Jersey 1.9% 
   Hong Kong 1.9% 
   Other 12.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 88.8 95.7 
Short-Term Investments and Net Other Assets (Liabilities) 11.2 4.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Johnson & Johnson (United States of America, Pharmaceuticals) 2.6 2.4 
Accenture PLC Class A (Ireland, IT Services) 1.9 1.8 
General Electric Co. (United States of America, Industrial Conglomerates) 1.9 2.4 
Apple, Inc. (United States of America, Technology Hardware, Storage & Peripherals) 1.9 2.6 
Chevron Corp. (United States of America, Oil, Gas & Consumable Fuels) 1.8 1.8 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.8 1.7 
CVS Health Corp. (United States of America, Food & Staples Retailing) 1.7 1.8 
JPMorgan Chase & Co. (United States of America, Banks) 1.6 2.7 
Microsoft Corp. (United States of America, Software) 1.6 1.8 
Exxon Mobil Corp. (United States of America, Oil, Gas & Consumable Fuels) 1.5 1.6 
 18.3  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 17.3 20.7 
Information Technology 14.6 17.0 
Consumer Staples 13.0 14.5 
Health Care 12.6 13.4 
Consumer Discretionary 11.9 13.3 
Industrials 8.1 6.6 
Energy 6.5 5.1 
Telecommunication Services 3.2 3.2 
Materials 1.6 1.9 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 88.8%   
 Shares Value 
Australia - 0.0%   
Telstra Corp. Ltd. 2,621 $10,642 
Bailiwick of Jersey - 1.5%   
Shire PLC 6,500 405,613 
Wolseley PLC 13,715 768,206 
TOTAL BAILIWICK OF JERSEY  1,173,819 
Belgium - 0.6%   
Anheuser-Busch InBev SA NV 3,800 470,364 
Canada - 3.5%   
Constellation Software, Inc. 1,000 390,803 
Fairfax Financial Holdings Ltd. (sub. vtg.) 741 397,165 
Imperial Oil Ltd. 22,100 732,909 
PrairieSky Royalty Ltd. 5,200 109,496 
Suncor Energy, Inc. 39,000 1,144,792 
TOTAL CANADA  2,775,165 
Cayman Islands - 0.3%   
SITC International Holdings Co. Ltd. 493,000 266,452 
Chile - 0.4%   
Vina San Pedro SA 33,308,523 328,207 
France - 2.8%   
Bouygues SA (a) 6,606 220,270 
Cegedim SA (b) 6,000 164,750 
Renault SA 5,700 550,077 
Sanofi SA 11,900 980,876 
VINCI SA 3,500 261,461 
TOTAL FRANCE  2,177,434 
Germany - 1.7%   
adidas AG 3,700 477,051 
AURELIUS AG 8,199 490,255 
SAP AG 4,179 327,889 
TOTAL GERMANY  1,295,195 
Hong Kong - 1.8%   
HKT Trust/HKT Ltd. unit 400,600 575,839 
Techtronic Industries Co. Ltd. 220,500 826,582 
TOTAL HONG KONG  1,402,421 
Indonesia - 0.5%   
PT Bank Central Asia Tbk 403,800 399,575 
Ireland - 4.2%   
Accenture PLC Class A 13,340 1,506,353 
Greencore Group PLC 118,486 624,638 
Medtronic PLC 14,300 1,131,845 
TOTAL IRELAND  3,262,836 
Isle of Man - 1.3%   
Optimal Payments PLC (b) 103,000 573,700 
Playtech Ltd. 38,635 454,153 
TOTAL ISLE OF MAN  1,027,853 
Israel - 2.8%   
Bezeq The Israel Telecommunication Corp. Ltd. 251,000 535,393 
Cellcom Israel Ltd. (Israel) (b) 46,380 348,056 
Partner Communications Co. Ltd. (b) 18,620 96,876 
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. 4,496 184,583 
Teva Pharmaceutical Industries Ltd. sponsored ADR 19,550 1,064,498 
TOTAL ISRAEL  2,229,406 
Italy - 0.2%   
Astaldi SpA 37,353 183,146 
Japan - 10.7%   
A/S One Corp. 10,000 360,580 
Astellas Pharma, Inc. 80,100 1,079,956 
Broadleaf Co. Ltd. 7,800 77,080 
Casio Computer Co. Ltd. 9,600 182,658 
Daiichikosho Co. Ltd. 19,500 817,474 
Daito Trust Construction Co. Ltd. 4,100 579,872 
Hoya Corp. 30,700 1,175,634 
Inaba Denki Sangyo Co. Ltd. 2,200 69,077 
Japan Tobacco, Inc. 12,600 514,810 
KDDI Corp. 23,800 685,576 
NEC Corp. 106,000 257,980 
Nippon Telegraph & Telephone Corp. 7,300 326,677 
Olympus Corp. 18,900 736,280 
ORIX Corp. 15,600 220,661 
Shinsei Bank Ltd. 403,000 564,835 
Sony Corp. 10,600 256,749 
Tsuruha Holdings, Inc. 4,600 441,212 
USS Co. Ltd. 5,000 79,092 
TOTAL JAPAN  8,426,203 
Netherlands - 1.1%   
Altice NV Class A (b) 17,479 265,190 
LyondellBasell Industries NV Class A 6,900 570,423 
TOTAL NETHERLANDS  835,613 
Singapore - 0.5%   
United Overseas Bank Ltd. 28,791 398,195 
South Africa - 1.0%   
Capitec Bank Holdings Ltd. 10,100 419,361 
EOH Holdings Ltd. 17,400 169,352 
Lewis Group Ltd. 54,500 183,807 
TOTAL SOUTH AFRICA  772,520 
Spain - 0.5%   
Amadeus IT Holding SA Class A 8,800 400,438 
Sweden - 0.5%   
Sandvik AB (a) 38,900 399,151 
Switzerland - 1.5%   
Banque Cantonale Vaudoise 510 351,678 
Chubb Ltd. 5,400 636,444 
Sika AG 50 212,811 
TOTAL SWITZERLAND  1,200,933 
Taiwan - 2.2%   
ECLAT Textile Co. Ltd. 20,298 231,552 
King's Town Bank 120,000 83,584 
Taiwan Semiconductor Manufacturing Co. Ltd. 301,000 1,380,765 
TOTAL TAIWAN  1,695,901 
United Kingdom - 10.6%   
British American Tobacco PLC (United Kingdom) 13,100 798,734 
Hilton Food Group PLC 56,200 462,317 
Howden Joinery Group PLC 38,700 279,340 
Imperial Tobacco Group PLC 15,015 815,808 
ITV PLC 272,800 897,651 
Lloyds Banking Group PLC 873,700 857,546 
Micro Focus International PLC 50,000 1,117,049 
Reckitt Benckiser Group PLC 5,545 540,188 
SABMiller PLC 6,400 391,354 
St. James's Place Capital PLC 28,239 357,736 
The Restaurant Group PLC 21,900 88,030 
WH Smith PLC 41,552 1,016,955 
Whitbread PLC 5,856 331,307 
William Hill PLC 54,552 249,249 
Wuliangye Yibin Co. Ltd. ELS (UBS Warrant Programme) warrants 3/7/19 (b)(c) 27,300 119,758 
TOTAL UNITED KINGDOM  8,323,022 
United States of America - 38.6%   
American Tower Corp. 6,860 719,477 
Amgen, Inc. 3,820 604,706 
Apple, Inc. 15,550 1,457,657 
Bank of America Corp. 59,580 867,485 
BWX Technologies, Inc. 22,800 761,292 
C.H. Robinson Worldwide, Inc. 1,900 134,843 
Chevron Corp. 14,165 1,447,380 
CME Group, Inc. 2,500 229,775 
Comcast Corp. Class A 10,700 650,132 
ConocoPhillips Co. 11,400 544,806 
CVB Financial Corp. 28,410 488,084 
CVS Health Corp. 12,900 1,296,450 
Danaher Corp. 9,000 870,750 
Deluxe Corp. 1,800 113,004 
Diamond Hill Investment Group, Inc. 2,600 455,676 
Dr. Pepper Snapple Group, Inc. 5,541 503,732 
E.I. du Pont de Nemours & Co. 7,400 487,734 
EMC Corp. 17,900 467,369 
Exxon Mobil Corp. 13,630 1,204,892 
First NBC Bank Holding Co. (b) 2,200 47,828 
General Electric Co. 48,100 1,479,075 
H&R Block, Inc. 13,600 275,264 
IBM Corp. 5,270 769,104 
Johnson & Johnson 17,900 2,006,232 
JPMorgan Chase & Co. 19,730 1,246,936 
McDonald's Corp. 3,900 493,311 
McGraw Hill Financial, Inc. 6,040 645,374 
Microsoft Corp. 24,864 1,239,968 
Molson Coors Brewing Co. Class B 3,100 296,453 
MSCI, Inc. Class A 5,400 410,076 
Oracle Corp. 21,726 865,998 
PepsiCo, Inc. 7,600 782,496 
Procter & Gamble Co. 10,900 873,308 
Roper Technologies, Inc. 2,100 369,789 
SunTrust Banks, Inc. 13,300 555,142 
Target Corp. 13,200 1,049,400 
The Coca-Cola Co. 18,500 828,800 
U.S. Bancorp 20,780 887,098 
United Technologies Corp. 4,300 448,791 
VF Corp. 3,820 240,851 
Wells Fargo & Co. 23,457 1,172,381 
TOTAL UNITED STATES OF AMERICA  30,288,919 
TOTAL COMMON STOCKS   
(Cost $64,628,757)  69,743,410 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
Canada - 0.0%   
Constellation Software, Inc. 7.6% 3/31/40(e)   
(Cost $2,060) 2,400 2,082 
 Shares Value 
Money Market Funds - 12.0%   
Fidelity Cash Central Fund, 0.38% (f) 8,871,507 8,871,507 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 571,878 571,878 
TOTAL MONEY MARKET FUNDS   
(Cost $9,443,385)  9,443,385 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $74,074,202)  79,188,877 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (639,640) 
NET ASSETS - 100%  $78,549,237 

Currency Abbreviations

CAD – Canadian dollar

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) 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 $119,758 or 0.2% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


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 $6,448 
Fidelity Securities Lending Cash Central Fund 2,839 
Total $9,287 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $9,441,722 $7,279,167 $2,162,555 $-- 
Consumer Staples 10,153,454 7,858,510 2,294,944 -- 
Energy 5,184,275 5,184,275 -- -- 
Financials 13,601,997 11,259,325 2,342,672 -- 
Health Care 9,710,970 4,972,031 4,738,939 -- 
Industrials 6,345,307 5,241,572 1,103,735 -- 
Information Technology 11,455,658 9,411,944 2,043,714 -- 
Materials 1,270,968 1,270,968 -- -- 
Telecommunication Services 2,579,059 980,325 1,598,734 -- 
Corporate Bonds 2,082 -- 2,082 -- 
Money Market Funds 9,443,385 9,443,385 -- -- 
Total Investments in Securities: $79,188,877 $62,901,502 $16,287,375 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $1,602,987 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $525,883) — See accompanying schedule:
Unaffiliated issuers (cost $64,630,817) 		$69,745,492  
Fidelity Central Funds (cost $9,443,385) 9,443,385  
Total Investments (cost $74,074,202)  $79,188,877 
Receivable for investments sold  83 
Receivable for fund shares sold  185,376 
Dividends receivable  319,679 
Interest receivable  12 
Distributions receivable from Fidelity Central Funds  3,211 
Prepaid expenses  37 
Receivable from investment adviser for expense reductions  5,246 
Other receivables  22 
Total assets  79,702,543 
Liabilities   
Payable for fund shares redeemed $479,254  
Accrued management fee 45,183  
Other affiliated payables 20,135  
Other payables and accrued expenses 36,856  
Collateral on securities loaned, at value 571,878  
Total liabilities  1,153,306 
Net Assets  $78,549,237 
Net Assets consist of:   
Paid in capital  $74,233,530 
Undistributed net investment income  242,892 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,047,174) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  5,119,989 
Net Assets, for 6,573,097 shares outstanding  $78,549,237 
Net Asset Value, offering price and redemption price per share ($78,549,237 ÷ 6,573,097 shares)  $11.95 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $873,208 
Interest  85 
Income from Fidelity Central Funds  9,287 
Income before foreign taxes withheld  882,580 
Less foreign taxes withheld  (31,997) 
Total income  850,583 
Expenses   
Management fee $244,332  
Transfer agent fees 94,060  
Accounting and security lending fees 18,107  
Custodian fees and expenses 6,718  
Independent trustees' compensation 148  
Registration fees 20,807  
Audit 37,895  
Legal 294  
Miscellaneous 2,333  
Total expenses before reductions 424,694  
Expense reductions (5,492) 419,202 
Net investment income (loss)  431,381 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (959,742)  
Foreign currency transactions 2,784  
Total net realized gain (loss)  (956,958) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		859,153  
Assets and liabilities in foreign currencies 7,344  
Total change in net unrealized appreciation (depreciation)  866,497 
Net gain (loss)  (90,461) 
Net increase (decrease) in net assets resulting from operations  $340,920 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $431,381 $812,981 
Net realized gain (loss) (956,958) 1,091,922 
Change in net unrealized appreciation (depreciation) 866,497 (622,502) 
Net increase (decrease) in net assets resulting from operations 340,920 1,282,401 
Distributions to shareholders from net investment income (277,990) (855,399) 
Distributions to shareholders from net realized gain (910,524) (3,941,634) 
Total distributions (1,188,514) (4,797,033) 
Share transactions   
Proceeds from sales of shares 20,159,983 33,328,285 
Reinvestment of distributions 1,095,123 4,498,152 
Cost of shares redeemed (9,787,582) (18,426,196) 
Net increase (decrease) in net assets resulting from share transactions 11,467,524 19,400,241 
Redemption fees 3,735 1,475 
Total increase (decrease) in net assets 10,623,665 15,887,084 
Net Assets   
Beginning of period 67,925,572 52,038,488 
End of period (including undistributed net investment income of $242,892 and undistributed net investment income of $89,501, respectively) $78,549,237 $67,925,572 
Other Information   
Shares   
Sold 1,718,661 2,706,849 
Issued in reinvestment of distributions 90,893 370,373 
Redeemed (838,907) (1,519,683) 
Net increase (decrease) 970,647 1,557,539 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Global Equity Income Fund

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $12.12 $12.87 $12.20 $10.16 $10.00 
Income from Investment Operations      
Net investment income (loss)B .07 .16 .28C .22 .08 
Net realized and unrealized gain (loss) (.03) .21 .92 2.06 .15 
Total from investment operations .04 .37 1.20 2.28 .23 
Distributions from net investment income (.05) (.16) (.25) (.21) (.07) 
Distributions from net realized gain (.16) (.95) (.28) (.03) – 
Total distributions (.21) (1.12)D (.53) (.24) (.07) 
Redemption fees added to paid in capitalB,E – – – – – 
Net asset value, end of period $11.95 $12.12 $12.87 $12.20 $10.16 
Total ReturnF,G .32% 2.93% 10.10% 22.73% 2.25% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 1.21%J 1.15% 1.16% 1.28% 2.18%J 
Expenses net of fee waivers, if any 1.20%J 1.15% 1.16% 1.20% 1.20%J 
Expenses net of all reductions 1.20%J 1.14% 1.16% 1.19% 1.17%J 
Net investment income (loss) 1.23%J 1.27% 2.21%C 1.94% 1.62%J 
Supplemental Data      
Net assets, end of period (000 omitted) $78,549 $67,926 $52,038 $42,271 $26,838 
Portfolio turnover rateK 25%J 64% 92% 66% 33%L 

 A For the period May 2, 2012 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.56%.

 D Total distributions of $1.12 per share is comprised of distributions from net investment income of $.164 and distributions from net realized gain of $.954 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H 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.

 I 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. 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 Fund.

 J Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L Amount not annualized.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Global Equity Income Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships 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 $8,394,640 
Gross unrealized depreciation (3,359,979) 
Net unrealized appreciation (depreciation) on securities $5,034,661 
Tax cost $74,154,216 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $13,047,868 and $8,214,170, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, 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 annualized rate of .27% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $45 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $60 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $2,839. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,246 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $3.

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses in the amount of $243.

9. 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.


Shareholder Expense Example

As a shareholder of a 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 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 (November 1, 2015 to April 30, 2016).

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.

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Actual 1.20% $1,000.00 $1,003.20 $5.98 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

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Boston, MA 02210

www.fidelity.com

GED-SANN-0616
1.938166.103

Fidelity® Global Commodity Stock Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Monsanto Co. 5.5 6.9 
Syngenta AG (Switzerland) 4.5 3.7 
Chevron Corp. 4.0 3.8 
Rio Tinto PLC 3.6 4.3 
BHP Billiton PLC 3.3 4.7 
Potash Corp. of Saskatchewan, Inc. 3.0 4.9 
Agrium, Inc. 3.0 3.8 
CF Industries Holdings, Inc. 2.8 2.5 
The Mosaic Co. 2.6 3.9 
Total SA 2.3 2.2 
 34.6  

Top Sectors (% of fund's net assets)

As of April 30, 2016 
   Agriculture 34.2% 
   Energy  32.2% 
   Metals 26.0% 
   Other  5.5% 
   Short-Term Investment and Net Other Assets 2.1% 


As of October 31, 2015 
   Agriculture 37.7% 
   Energy  29.6% 
   Metals 26.5% 
   Other  6.1% 
   Short-Term Investment and Net Other Assets 0.1% 


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%   
 Shares Value 
Aerospace & Defense - 0.4%   
Aerospace & Defense - 0.4%   
Rolls-Royce Group PLC 120,320 $1,177,018 
Chemicals - 27.0%   
Commodity Chemicals - 0.6%   
LyondellBasell Industries NV Class A 19,400 1,603,798 
Diversified Chemicals - 0.8%   
E.I. du Pont de Nemours & Co. 24,000 1,581,840 
Eastman Chemical Co. 6,700 511,746 
  2,093,586 
Fertilizers & Agricultural Chemicals - 25.2%   
Agrium, Inc. 92,100 7,936,441 
CF Industries Holdings, Inc. 229,460 7,588,242 
FMC Corp. 25,100 1,085,826 
Israel Chemicals Ltd. 152,200 755,206 
Monsanto Co. 158,500 14,848,283 
OCI NV (a)(b) 67,400 1,332,450 
Potash Corp. of Saskatchewan, Inc. 455,000 8,050,530 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 185,800 3,870,214 
Syngenta AG (Switzerland) 30,463 12,194,092 
The Mosaic Co. 245,861 6,881,649 
Yara International ASA 83,000 3,323,360 
  67,866,293 
Specialty Chemicals - 0.4%   
Albemarle Corp. U.S. 8,300 549,128 
W.R. Grace & Co. 6,700 513,756 
  1,062,884 
TOTAL CHEMICALS  72,626,561 
Containers & Packaging - 1.1%   
Metal & Glass Containers - 0.4%   
Ball Corp. 14,800 1,056,424 
Paper Packaging - 0.7%   
Graphic Packaging Holding Co. 35,700 474,096 
Smurfit Kappa Group PLC 20,000 530,158 
WestRock Co. 19,659 822,729 
  1,826,983 
TOTAL CONTAINERS & PACKAGING  2,883,407 
Electrical Equipment - 0.5%   
Electrical Components & Equipment - 0.5%   
Regal Beloit Corp. 9,100 586,222 
SolarCity Corp. (a) 20,500 621,560 
  1,207,782 
Energy Equipment & Services - 0.5%   
Oil & Gas Equipment & Services - 0.5%   
Baker Hughes, Inc. 17,300 836,628 
Dril-Quip, Inc. (a) 1,800 116,676 
SBM Offshore NV 37,500 502,176 
  1,455,480 
Food Products - 3.4%   
Agricultural Products - 3.2%   
Archer Daniels Midland Co. 48,600 1,941,084 
Bunge Ltd. 11,500 718,750 
Darling International, Inc. (a) 164,100 2,377,809 
First Resources Ltd. 1,033,700 1,464,251 
Golden Agri-Resources Ltd. 2,237,800 665,591 
SLC Agricola SA 294,200 1,327,610 
  8,495,095 
Packaged Foods & Meats - 0.2%   
Adecoagro SA (a) 61,200 652,392 
TOTAL FOOD PRODUCTS  9,147,487 
Household Products - 0.3%   
Household Products - 0.3%   
Svenska Cellulosa AB (SCA) (B Shares) 21,200 667,644 
Independent Power and Renewable Electricity Producers - 1.4%   
Independent Power Producers & Energy Traders - 0.3%   
China Resources Power Holdings Co. Ltd. 396,000 666,962 
Renewable Electricity - 1.1%   
Huaneng Renewables Corp. Ltd. (H Shares) 3,010,000 888,204 
NextEra Energy Partners LP 71,600 2,068,524 
  2,956,728 
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS  3,623,690 
Machinery - 1.3%   
Agricultural & Farm Machinery - 1.2%   
AGCO Corp. 27,100 1,449,037 
Deere & Co. 12,500 1,051,375 
Jain Irrigation Systems Ltd. (a) 954,603 878,070 
  3,378,482 
Construction Machinery & Heavy Trucks - 0.1%   
Caterpillar, Inc. 3,000 233,160 
TOTAL MACHINERY  3,611,642 
Metals & Mining - 25.2%   
Aluminum - 0.4%   
Alcoa, Inc. 93,600 1,045,512 
Diversified Metals & Mining - 10.6%   
Anglo American PLC (United Kingdom) 62,851 701,066 
BHP Billiton PLC 644,273 8,803,665 
Boliden AB (b) 31,200 543,930 
First Quantum Minerals Ltd. 115,724 985,964 
Freeport-McMoRan, Inc. (b) 48,100 673,400 
Glencore Xstrata PLC 1,335,538 3,178,865 
Grupo Mexico SA de CV Series B 568,211 1,445,244 
Ivanhoe Mines Ltd. (a) 906,400 751,300 
MMC Norilsk Nickel PJSC sponsored ADR 66,400 979,400 
Rio Tinto PLC 292,187 9,801,792 
South32 Ltd. (a) 443,636 559,949 
Turquoise Hill Resources Ltd. (a) 53,000 158,404 
  28,582,979 
Gold - 8.2%   
Agnico Eagle Mines Ltd. (Canada) 35,800 1,692,275 
AngloGold Ashanti Ltd. sponsored ADR (a) 35,600 585,620 
Argonaut Gold, Inc. (a) 319,700 749,118 
B2Gold Corp. (a) 965,680 2,147,324 
Barrick Gold Corp. 150,400 2,911,625 
Compania de Minas Buenaventura SA sponsored ADR (a)(b) 60,500 614,075 
Continental Gold, Inc. (a) 479,200 1,057,929 
Franco-Nevada Corp. 21,700 1,523,687 
Goldcorp, Inc. 137,910 2,778,644 
Newcrest Mining Ltd. (a) 58,573 844,848 
Newmont Mining Corp. 87,500 3,059,875 
Premier Gold Mines Ltd. (a) 200,500 599,247 
Randgold Resources Ltd. sponsored ADR 16,600 1,668,300 
SEMAFO, Inc. (a) 139,900 623,289 
Sibanye Gold Ltd. ADR (b) 41,400 637,560 
Torex Gold Resources, Inc. (a) 351,200 624,194 
  22,117,610 
Precious Metals & Minerals - 0.5%   
Impala Platinum Holdings Ltd. (a) 60,500 250,751 
Industrias Penoles SA de CV 35,035 547,681 
Tahoe Resources, Inc. 40,600 573,390 
  1,371,822 
Silver - 0.6%   
Silver Wheaton Corp. 76,500 1,602,921 
Steel - 4.9%   
ArcelorMittal SA Class A unit (b) 193,710 1,090,587 
Fortescue Metals Group Ltd. 100,000 259,279 
Hitachi Metals Ltd. (c) 63,700 646,820 
Hyundai Steel Co. 17,664 969,791 
JFE Holdings, Inc. 34,100 478,537 
Kobe Steel Ltd. 498,000 478,189 
Nippon Steel & Sumitomo Metal Corp. 111,200 2,313,824 
Nucor Corp. 40,700 2,026,046 
POSCO 9,750 2,031,585 
Steel Dynamics, Inc. 20,600 519,326 
Thyssenkrupp AG 66,200 1,539,545 
Voestalpine AG 19,200 692,087 
  13,045,616 
TOTAL METALS & MINING  67,766,460 
Oil, Gas & Consumable Fuels - 30.3%   
Coal & Consumable Fuels - 0.4%   
Cameco Corp. 70,800 885,917 
Coal India Ltd. 55,487 240,616 
  1,126,533 
Integrated Oil & Gas - 16.5%   
BP PLC 478,800 2,637,892 
Cenovus Energy, Inc. 171,300 2,715,515 
Chevron Corp. 104,800 10,708,464 
China Petroleum & Chemical Corp. (H Shares) 1,290,000 909,043 
Eni SpA 58,000 947,542 
Exxon Mobil Corp. 50,700 4,481,880 
Imperial Oil Ltd. 58,700 1,946,686 
InterOil Corp. (a) 19,100 639,277 
Lukoil PJSC sponsored ADR 40,300 1,708,116 
Occidental Petroleum Corp. 9,400 720,510 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 150,000 3,928,980 
Class B (United Kingdom) 39,863 1,046,598 
Statoil ASA 115,800 2,038,230 
Suncor Energy, Inc. 109,032 3,200,485 
Total SA 122,600 6,196,300 
YPF SA Class D sponsored ADR 33,300 670,995 
  44,496,513 
Oil & Gas Exploration & Production - 12.9%   
Anadarko Petroleum Corp. 106,600 5,624,216 
Apache Corp. 19,300 1,049,920 
Cabot Oil & Gas Corp. 50,700 1,186,380 
Carrizo Oil & Gas, Inc. (a) 15,500 548,235 
Cimarex Energy Co. 4,600 500,848 
CNOOC Ltd. sponsored ADR (b) 16,700 2,061,281 
Cobalt International Energy, Inc. (a) 284,500 918,935 
ConocoPhillips Co. 67,900 3,244,941 
Continental Resources, Inc. (a) 13,900 517,914 
Devon Energy Corp. 30,200 1,047,336 
EOG Resources, Inc. 29,300 2,420,766 
EQT Corp. 26,601 1,864,730 
Hess Corp. 13,700 816,794 
Marathon Oil Corp. 58,900 829,901 
Newfield Exploration Co. (a) 14,100 511,125 
Noble Energy, Inc. 60,900 2,199,099 
NOVATEK OAO GDR (Reg. S) 11,200 1,075,200 
PDC Energy, Inc. (a) 12,800 803,712 
Pioneer Natural Resources Co. 3,410 566,401 
PrairieSky Royalty Ltd. 91,000 1,916,171 
QEP Resources, Inc. 20,700 371,151 
SM Energy Co. 55,300 1,723,148 
Southwestern Energy Co. (a)(b) 42,100 565,403 
Tullow Oil PLC (a) 148,500 606,895 
Whiting Petroleum Corp. (a)(b) 76,700 920,400 
Woodside Petroleum Ltd. 35,573 766,538 
  34,657,440 
Oil & Gas Storage & Transport - 0.5%   
Teekay LNG Partners LP 5,400 74,196 
Williams Partners LP 37,900 1,145,717 
  1,219,913 
TOTAL OIL, GAS & CONSUMABLE FUELS  81,500,399 
Paper & Forest Products - 4.5%   
Forest Products - 0.6%   
TFS Corp. Ltd. 632,575 750,326 
West Fraser Timber Co. Ltd. 26,900 886,304 
  1,636,630 
Paper Products - 3.9%   
Empresas CMPC SA 534,203 1,208,006 
Fibria Celulose SA 198,300 1,751,648 
Mondi PLC 172,100 3,289,148 
Oji Holdings Corp. 174,000 714,538 
Stora Enso Oyj (R Shares) (b) 176,500 1,540,012 
UPM-Kymmene Corp. (b) 103,500 1,976,791 
  10,480,143 
TOTAL PAPER & FOREST PRODUCTS  12,116,773 
Real Estate Investment Trusts - 0.7%   
Specialized REITs - 0.7%   
Potlatch Corp. 52,400 1,845,528 
Semiconductors & Semiconductor Equipment - 0.3%   
Semiconductor Equipment - 0.3%   
SolarEdge Technologies, Inc. (a) 27,400 734,046 
TOTAL COMMON STOCKS   
(Cost $331,791,961)  260,363,917 
Nonconvertible Preferred Stocks - 1.0%   
Aerospace & Defense - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Group PLC 8,542,720 12,482 
Metals & Mining - 0.7%   
Steel - 0.7%   
Vale SA (PN-A) sponsored ADR 449,300 2,039,822 
Oil, Gas & Consumable Fuels - 0.3%   
Integrated Oil & Gas - 0.3%   
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 123,600 729,240 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $5,284,416)  2,781,544 
Money Market Funds - 5.3%   
Fidelity Cash Central Fund, 0.38% (d) 6,967,597 6,967,597 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 7,338,155 7,338,155 
TOTAL MONEY MARKET FUNDS   
(Cost $14,305,752)  14,305,752 
TOTAL INVESTMENT PORTFOLIO - 103.2%   
(Cost $351,382,129)  277,451,213 
NET OTHER ASSETS (LIABILITIES) - (3.2)%  (8,591,938) 
NET ASSETS - 100%  $268,859,275 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $4,891 
Fidelity Securities Lending Cash Central Fund 106,267 
Total $111,158 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Common Stocks $260,363,917 $215,835,216 $44,528,701 $-- 
Nonconvertible Preferred Stocks 2,781,544 2,781,544 -- -- 
Money Market Funds 14,305,752 14,305,752 -- -- 
Total Investments in Securities: $277,451,213 $232,922,512 $44,528,701 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $14,804,712 

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 40.3% 
Canada 17.3% 
United Kingdom 11.9% 
Switzerland 4.5% 
France 2.3% 
Brazil 2.2% 
Norway 2.0% 
Chile 1.8% 
Bailiwick of Jersey 1.8% 
Japan 1.8% 
Russia 1.4% 
Finland 1.3% 
Netherlands 1.3% 
Australia 1.2% 
Korea (South) 1.1% 
Hong Kong 1.1% 
Others (Individually Less Than 1%) 6.7% 
 100.0% 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $7,031,911) — See accompanying schedule:
Unaffiliated issuers (cost $337,076,377) 		$263,145,461  
Fidelity Central Funds (cost $14,305,752) 14,305,752  
Total Investments (cost $351,382,129)  $277,451,213 
Foreign currency held at value (cost $26,141)  26,141 
Receivable for investments sold  1,128,703 
Receivable for fund shares sold  1,257,584 
Dividends receivable  1,107,997 
Distributions receivable from Fidelity Central Funds  21,225 
Prepaid expenses  281 
Other receivables  6,912 
Total assets  281,000,056 
Liabilities   
Payable to custodian bank $324  
Payable for investments purchased   
Regular delivery 3,410,510  
Delayed delivery 76,258  
Payable for fund shares redeemed 1,052,362  
Accrued management fee 142,776  
Distribution and service plan fees payable 18,314  
Other affiliated payables 65,802  
Other payables and accrued expenses 36,280  
Collateral on securities loaned, at value 7,338,155  
Total liabilities  12,140,781 
Net Assets  $268,859,275 
Net Assets consist of:   
Paid in capital  $443,643,861 
Undistributed net investment income  1,567,386 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (102,409,631) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (73,942,341) 
Net Assets  $268,859,275 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($32,034,388 ÷ 3,073,781 shares)  $10.42 
Maximum offering price per share (100/94.25 of $10.42)  $11.06 
Class T:   
Net Asset Value and redemption price per share ($6,177,528 ÷ 592,800 shares)  $10.42 
Maximum offering price per share (100/96.50 of $10.42)  $10.80 
Class B:   
Net Asset Value and offering price per share ($805,040 ÷ 77,326 shares)(a)  $10.41 
Class C:   
Net Asset Value and offering price per share ($11,528,539 ÷ 1,114,551 shares)(a)  $10.34 
Global Commodity Stock:   
Net Asset Value, offering price and redemption price per share ($187,023,903 ÷ 17,915,595 shares)  $10.44 
Class I:   
Net Asset Value, offering price and redemption price per share ($31,289,877 ÷ 2,999,773 shares)  $10.43 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $3,551,835 
Income from Fidelity Central Funds  111,158 
Income before foreign taxes withheld  3,662,993 
Less foreign taxes withheld  (261,962) 
Total income  3,401,031 
Expenses   
Management fee $741,086  
Transfer agent fees 311,622  
Distribution and service plan fees 101,260  
Accounting and security lending fees 55,708  
Custodian fees and expenses 29,898  
Independent trustees' compensation 460  
Registration fees 75,498  
Audit 31,910  
Legal 915  
Miscellaneous 719  
Total expenses before reductions 1,349,076  
Expense reductions (5,501) 1,343,575 
Net investment income (loss)  2,057,456 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (32,971,910)  
Foreign currency transactions (34,212)  
Total net realized gain (loss)  (33,006,122) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		47,992,729  
Assets and liabilities in foreign currencies 14,367  
Total change in net unrealized appreciation (depreciation)  48,007,096 
Net gain (loss)  15,000,974 
Net increase (decrease) in net assets resulting from operations  $17,058,430 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,057,456 $5,601,197 
Net realized gain (loss) (33,006,122) (22,741,457) 
Change in net unrealized appreciation (depreciation) 48,007,096 (54,129,193) 
Net increase (decrease) in net assets resulting from operations 17,058,430 (71,269,453) 
Distributions to shareholders from net investment income (5,140,876) (3,898,874) 
Distributions to shareholders from net realized gain (224,075) (629,272) 
Total distributions (5,364,951) (4,528,146) 
Share transactions - net increase (decrease) 26,135,446 (20,805,112) 
Redemption fees 5,198 7,987 
Total increase (decrease) in net assets 37,834,123 (96,594,724) 
Net Assets   
Beginning of period 231,025,152 327,619,876 
End of period (including undistributed net investment income of $1,567,386 and undistributed net investment income of $4,650,806, respectively) $268,859,275 $231,025,152 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Global Commodity Stock Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.05 $13.25 $14.17 $14.59 $15.14 $15.60 
Income from Investment Operations       
Net investment income (loss)A .08 .22 .15 .16 .11 .12 
Net realized and unrealized gain (loss) .51 (3.25) (.91) (.45) (.59) (.38) 
Total from investment operations .59 (3.03) (.76) (.29) (.48) (.26) 
Distributions from net investment income (.21) (.14) (.15) (.13) (.05) (.13) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.22) (.17) (.16) (.13) (.07)B (.20)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.42 $10.05 $13.25 $14.17 $14.59 $15.14 
Total ReturnE,F,G 6.14% (23.16)% (5.41)% (2.00)% (3.19)% (1.80)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.43%J 1.34% 1.35% 1.36% 1.34% 1.32% 
Expenses net of fee waivers, if any 1.43%J 1.34% 1.35% 1.35% 1.34% 1.32% 
Expenses net of all reductions 1.42%J 1.34% 1.35% 1.34% 1.33% 1.31% 
Net investment income (loss) 1.77%J 1.85% 1.05% 1.12% .80% .71% 
Supplemental Data       
Net assets, end of period (000 omitted) $32,034 $31,391 $51,586 $71,293 $99,694 $127,979 
Portfolio turnover rateK 99%J 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.07 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.014 per share.

 C Total distributions of $.20 per share is comprised of distributions from net investment income of $.133 and distributions from net realized gain of $.062 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Global Commodity Stock Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.02 $13.21 $14.13 $14.54 $15.08 $15.55 
Income from Investment Operations       
Net investment income (loss)A .07 .19 .11 .12 .08 .07 
Net realized and unrealized gain (loss) .51 (3.25) (.90) (.45) (.60) (.38) 
Total from investment operations .58 (3.06) (.79) (.33) (.52) (.31) 
Distributions from net investment income (.17) (.10) (.11) (.08) (.01) (.10) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.18) (.13) (.13)B (.08) (.02) (.16) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $10.42 $10.02 $13.21 $14.13 $14.54 $15.08 
Total ReturnD,E,F 6.03% (23.40)% (5.65)% (2.26)% (3.43)% (2.09)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.70%I 1.63% 1.62% 1.62% 1.61% 1.60% 
Expenses net of fee waivers, if any 1.70%I 1.63% 1.62% 1.61% 1.61% 1.60% 
Expenses net of all reductions 1.70%I 1.62% 1.62% 1.60% 1.60% 1.59% 
Net investment income (loss) 1.50%I 1.57% .78% .86% .53% .43% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,178 $6,335 $9,867 $12,551 $16,692 $20,831 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.13 per share is comprised of distributions from net investment income of $.113 and distributions from net realized gain of $.013 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Global Commodity Stock Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.97 $13.12 $14.01 $14.41 $15.00 $15.46 
Income from Investment Operations       
Net investment income (loss)A .05 .13 .04 .05 –B (.01) 
Net realized and unrealized gain (loss) .51 (3.24) (.89) (.45) (.59) (.39) 
Total from investment operations .56 (3.11) (.85) (.40) (.59) (.40) 
Distributions from net investment income (.11) (.02) (.03) –B – – 
Distributions from net realized gain (.01) (.03) (.01) – – (.06) 
Total distributions (.12) (.04)C (.04) –B – (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.41 $9.97 $13.12 $14.01 $14.41 $15.00 
Total ReturnD,E,F 5.72% (23.76)% (6.06)% (2.75)% (3.93)% (2.62)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.18%I 2.13% 2.11% 2.11% 2.10% 2.11% 
Expenses net of fee waivers, if any 2.18%I 2.12% 2.11% 2.11% 2.10% 2.11% 
Expenses net of all reductions 2.17%I 2.12% 2.11% 2.10% 2.10% 2.10% 
Net investment income (loss) 1.03%I 1.07% .29% .36% .03% (.09)% 
Supplemental Data       
Net assets, end of period (000 omitted) $805 $864 $1,584 $2,303 $3,097 $4,324 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total distributions of $.04 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $.026 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Global Commodity Stock Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.92 $13.06 $13.96 $14.37 $14.95 $15.45 
Income from Investment Operations       
Net investment income (loss)A .05 .13 .04 .05 .01 (.01) 
Net realized and unrealized gain (loss) .50 (3.22) (.89) (.44) (.59) (.38) 
Total from investment operations .55 (3.09) (.85) (.39) (.58) (.39) 
Distributions from net investment income (.12) (.03) (.03) (.02) – (.05) 
Distributions from net realized gain (.01) (.03) (.01) – – (.06) 
Total distributions (.13) (.05)B (.05)C (.02) – (.11) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.34 $9.92 $13.06 $13.96 $14.37 $14.95 
Total ReturnE,F,G 5.70% (23.74)% (6.13)% (2.75)% (3.88)% (2.58)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.18%J 2.12% 2.11% 2.11% 2.10% 2.09% 
Expenses net of fee waivers, if any 2.18%J 2.12% 2.11% 2.11% 2.10% 2.09% 
Expenses net of all reductions 2.17%J 2.11% 2.11% 2.10% 2.09% 2.08% 
Net investment income (loss) 1.02%J 1.08% .29% .36% .03% (.07)% 
Supplemental Data       
Net assets, end of period (000 omitted) $11,529 $11,274 $17,659 $23,830 $31,865 $37,185 
Portfolio turnover rateK 99%J 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.05 per share is comprised of distributions from net investment income of $.025 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.05 per share is comprised of distributions from net investment income of $.033 and distributions from net realized gain of $.013 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Global Commodity Stock Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.09 $13.31 $14.24 $14.66 $15.21 $15.66 
Income from Investment Operations       
Net investment income (loss)A .09 .25 .19 .19 .15 .16 
Net realized and unrealized gain (loss) .51 (3.27) (.92) (.45) (.60) (.39) 
Total from investment operations .60 (3.02) (.73) (.26) (.45) (.23) 
Distributions from net investment income (.24) (.18) (.19) (.16) (.08) (.16) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.25) (.20)B (.20) (.16) (.10)C (.22) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.44 $10.09 $13.31 $14.24 $14.66 $15.21 
Total ReturnE,F 6.26% (22.97)% (5.16)% (1.75)% (2.96)% (1.59)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.18%I 1.12% 1.11% 1.11% 1.10% 1.08% 
Expenses net of fee waivers, if any 1.18%I 1.12% 1.11% 1.11% 1.10% 1.08% 
Expenses net of all reductions 1.17%I 1.11% 1.11% 1.09% 1.09% 1.07% 
Net investment income (loss) 2.03%I 2.08% 1.29% 1.37% 1.04% .95% 
Supplemental Data       
Net assets, end of period (000 omitted) $187,024 $156,320 $223,084 $273,476 $387,242 $531,224 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.20 per share is comprised of distributions from net investment income of $.178 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.10 per share is comprised of distributions from net investment income of $.084 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Global Commodity Stock Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $10.09 $13.31 $14.24 $14.67 $15.22 $15.66 
Income from Investment Operations       
Net investment income (loss)A .09 .25 .19 .20 .16 .16 
Net realized and unrealized gain (loss) .51 (3.26) (.92) (.45) (.60) (.38) 
Total from investment operations .60 (3.01) (.73) (.25) (.44) (.22) 
Distributions from net investment income (.25) (.19) (.19) (.18) (.09) (.16) 
Distributions from net realized gain (.01) (.03) (.01) – (.01) (.06) 
Total distributions (.26) (.21)B (.20) (.18) (.11)C (.22) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.43 $10.09 $13.31 $14.24 $14.67 $15.22 
Total ReturnE,F 6.27% (22.93)% (5.16)% (1.71)% (2.90)% (1.50)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.14%I 1.09% 1.06% 1.04% 1.04% 1.03% 
Expenses net of fee waivers, if any 1.14%I 1.08% 1.06% 1.04% 1.04% 1.03% 
Expenses net of all reductions 1.13%I 1.08% 1.06% 1.03% 1.03% 1.03% 
Net investment income (loss) 2.07%I 2.11% 1.34% 1.43% 1.10% .99% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,290 $24,841 $23,840 $31,613 $50,540 $58,925 
Portfolio turnover rateJ 99%I 77% 75% 65% 91% 71% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.21 per share is comprised of distributions from net investment income of $.186 and distributions from net realized gain of $.026 per share.

 C Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Global Commodity Stock 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, Global Commodity Stock and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $14,424,349 
Gross unrealized depreciation (93,694,823) 
Net unrealized appreciation (depreciation) on securities $(79,270,474) 
Tax cost $356,721,687 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2019 $(6,952,413) 
No expiration  
Short-term (17,522,131) 
Long-term (40,298,374) 
Total no expiration (57,820,505) 
Total capital loss carryforward $(64,772,918) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $124,970,983 and $107,482,256, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $34,521 $– 
Class T .25% .25% 13,584 – 
Class B .75% .25% 3,615 2,711 
Class C .75% .25% 49,540 6,624 
   $101,260 $9,335 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $10,807 
Class T 1,023 
Class B(a) 350 
Class C(a) 334 
 $12,514 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $41,634 .30 
Class T 8,788 .32 
Class B 1,083 .30 
Class C 14,985 .30 
Global Commodity Stock 214,868 .30 
Class I 30,264 .26 
 $ 311,622  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $4,386 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $180 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $106,267. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,774 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $727.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $638,599 $520,699 
Class T 103,956 72,766 
Class B 8,861 1,871 
Class C 133,173 32,755 
Global Commodity Stock 3,642,366 2,937,401 
Class I 613,921 333,382 
Total $5,140,876 $3,898,874 
From net realized gain   
Class A $30,410 $97,397 
Class T 6,044 19,110 
Class B 836 3,040 
Class C 11,098 34,065 
Global Commodity Stock 151,130 429,058 
Class I 24,557 46,602 
Total $224,075 $629,272 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 429,562 526,290 $3,833,800 $6,210,169 
Reinvestment of distributions 70,559 46,881 655,495 594,452 
Shares redeemed (549,813) (1,342,823) (4,931,070) (16,036,860) 
Net increase (decrease) (49,692) (769,652) $(441,775) $(9,232,239) 
Class T     
Shares sold 60,531 79,898 $540,227 $963,935 
Reinvestment of distributions 11,521 7,092 107,030 89,851 
Shares redeemed (111,329) (201,781) (1,011,230) (2,371,414) 
Net increase (decrease) (39,277) (114,791) $(363,973) $(1,317,628) 
Class B     
Shares sold 2,904 580 $29,575 $7,071 
Reinvestment of distributions 982 371 9,133 4,698 
Shares redeemed (13,281) (35,007) (118,751) (422,886) 
Net increase (decrease) (9,395) (34,056) $(80,043) $(411,117) 
Class C     
Shares sold 147,205 206,447 $1,336,468 $2,471,711 
Reinvestment of distributions 14,787 4,962 136,635 62,526 
Shares redeemed (184,114) (426,784) (1,670,395) (5,161,590) 
Net increase (decrease) (22,122) (215,375) $(197,292) $(2,627,353) 
Global Commodity Stock     
Shares sold 4,803,019 4,004,137 $43,836,205 $47,467,615 
Reinvestment of distributions 376,092 238,065 3,493,876 3,023,431 
Shares redeemed (2,761,293) (5,506,523) (25,223,516) (65,599,040) 
Net increase (decrease) 2,417,818 (1,264,321) $22,106,565 $(15,107,994) 
Class I     
Shares sold 1,846,997 1,576,324 $16,610,772 $18,219,363 
Reinvestment of distributions 60,388 24,972 560,405 316,895 
Shares redeemed (1,370,427) (929,289) (12,059,213) (10,645,039) 
Net increase (decrease) 536,958 672,007 $5,111,964 $7,891,219 

11. 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.

At the end of the period, the investment adviser or its affiliates were the owner of record of 20% of the outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.43%    
Actual  $1,000.00 $1,061.40 $7.33 
Hypothetical-C  $1,000.00 $1,017.75 $7.17 
Class T 1.70%    
Actual  $1,000.00 $1,060.30 $8.71 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.18%    
Actual  $1,000.00 $1,057.20 $11.15 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Class C 2.18%    
Actual  $1,000.00 $1,057.00 $11.15 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Global Commodity Stock 1.18%    
Actual  $1,000.00 $1,062.60 $6.05 
Hypothetical-C  $1,000.00 $1,019.00 $5.92 
Class I 1.14%    
Actual  $1,000.00 $1,062.70 $5.85 
Hypothetical-C  $1,000.00 $1,019.19 $5.72 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

GCS-SANN-0616
1.879383.107

Fidelity® International Value Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 20.6% 
   Japan 19.6% 
   France 17.9% 
   Switzerland 7.9% 
   United States of America* 6.5% 
   Germany 6.0% 
   Netherlands 3.7% 
   Australia 3.7% 
   Italy 3.1% 
   Other 11.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 23.5% 
   Japan 20.6% 
   France 16.3% 
   Switzerland 8.2% 
   United States of America* 6.0% 
   Germany 5.5% 
   Netherlands 3.7% 
   Australia 2.9% 
   Spain 2.0% 
   Other 11.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.8 97.6 
Short-Term Investments and Net Other Assets (Liabilities) 1.2 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 3.5 3.1 
Westpac Banking Corp. (Australia, Banks) 2.2 1.5 
Toyota Motor Corp. (Japan, Automobiles) 2.2 2.4 
Nestle SA (Switzerland, Food Products) 2.2 2.7 
Sanofi SA (France, Pharmaceuticals) 2.1 2.6 
Rio Tinto PLC (United Kingdom, Metals & Mining) 2.0 1.6 
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) 1.9 1.8 
Imperial Tobacco Group PLC (United Kingdom, Tobacco) 1.8 1.8 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 2.6 
BASF AG (Germany, Chemicals) 1.7 1.7 
 21.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.3 26.3 
Consumer Discretionary 13.8 14.4 
Health Care 13.6 16.0 
Consumer Staples 9.3 9.3 
Industrials 8.8 8.0 
Energy 8.2 6.7 
Telecommunication Services 6.8 6.1 
Materials 5.8 4.1 
Information Technology 4.4 3.6 
Utilities 3.8 3.1 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Australia - 3.7%   
Ansell Ltd. (a) 101,524 $1,538,472 
Macquarie Group Ltd. 27,058 1,306,420 
Transurban Group unit 216,635 1,907,439 
Westpac Banking Corp. (b) 315,896 7,415,205 
TOTAL AUSTRALIA  12,167,536 
Bailiwick of Jersey - 0.7%   
Wolseley PLC 43,009 2,409,023 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 13,670 1,692,071 
Canada - 1.1%   
Imperial Oil Ltd. 70,500 2,338,013 
Potash Corp. of Saskatchewan, Inc. 62,500 1,105,842 
TOTAL CANADA  3,443,855 
Finland - 1.1%   
Sampo Oyj (A Shares) 80,434 3,511,809 
France - 17.9%   
Atos Origin SA 46,498 4,138,632 
AXA SA (b) 220,121 5,557,967 
Bouygues SA (b) 34,935 1,164,868 
Capgemini SA 45,493 4,247,041 
Havas SA 237,066 1,983,774 
Orange SA 172,900 2,872,549 
Renault SA 28,345 2,735,429 
Sanofi SA 85,210 7,023,567 
Societe Generale Series A 89,900 3,537,311 
SR Teleperformance SA 16,600 1,490,214 
Total SA 224,102 11,326,284 
Unibail-Rodamco 14,600 3,911,949 
VINCI SA (b) 70,100 5,236,685 
Vivendi SA 164,892 3,167,628 
TOTAL FRANCE  58,393,898 
Germany - 5.6%   
Axel Springer Verlag AG 26,500 1,479,565 
BASF AG 69,079 5,706,986 
Bayer AG 16,503 1,903,849 
Continental AG 6,766 1,485,953 
Fresenius SE & Co. KGaA 53,300 3,876,700 
GEA Group AG 32,955 1,527,895 
SAP AG 30,421 2,386,864 
TOTAL GERMANY  18,367,812 
Hong Kong - 0.7%   
Power Assets Holdings Ltd. 250,500 2,383,280 
Ireland - 1.2%   
Allergan PLC (a) 6,180 1,338,341 
Medtronic PLC 30,700 2,429,905 
TOTAL IRELAND  3,768,246 
Israel - 1.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 85,999 4,682,646 
Italy - 3.1%   
Eni SpA 273,600 4,469,784 
Intesa Sanpaolo SpA 843,500 2,344,762 
Mediaset SpA 344,400 1,549,816 
Telecom Italia SpA (a) 1,809,900 1,767,320 
TOTAL ITALY  10,131,682 
Japan - 19.6%   
Astellas Pharma, Inc. 237,700 3,204,813 
Dentsu, Inc. 63,000 3,200,968 
East Japan Railway Co. 24,000 2,111,426 
Hoya Corp. 85,000 3,255,013 
Itochu Corp. 242,900 3,086,920 
Japan Tobacco, Inc. 91,900 3,754,845 
KDDI Corp. 143,200 4,124,981 
Makita Corp. 36,100 2,277,311 
Mitsubishi UFJ Financial Group, Inc. 1,037,200 4,786,487 
Nippon Prologis REIT, Inc. (c) 681 1,632,928 
Nippon Telegraph & Telephone Corp. 121,600 5,441,640 
OBIC Co. Ltd. 37,600 1,976,291 
Olympus Corp. 70,900 2,762,025 
ORIX Corp. 206,700 2,923,758 
Seven & i Holdings Co. Ltd. 67,400 2,750,084 
Seven Bank Ltd. 497,900 2,115,681 
Sony Corp. 88,500 2,143,614 
Sony Financial Holdings, Inc. 127,800 1,579,983 
Sumitomo Mitsui Financial Group, Inc. 123,900 3,728,364 
Toyota Motor Corp. 144,000 7,299,324 
TOTAL JAPAN  64,156,456 
Luxembourg - 0.5%   
RTL Group SA 19,239 1,598,910 
Netherlands - 3.7%   
ING Groep NV (Certificaten Van Aandelen) 327,390 4,009,319 
Koninklijke KPN NV 425,668 1,672,729 
Mylan N.V. 28,600 1,192,906 
PostNL NV (a) 92,431 404,302 
RELX NV 292,810 4,913,559 
TOTAL NETHERLANDS  12,192,815 
Spain - 2.2%   
Iberdrola SA 738,976 5,260,579 
Mediaset Espana Comunicacion SA 146,500 1,902,283 
TOTAL SPAIN  7,162,862 
Sweden - 1.6%   
Nordea Bank AB 395,200 3,836,129 
Sandvik AB (b) 137,100 1,406,775 
TOTAL SWEDEN  5,242,904 
Switzerland - 7.9%   
Credit Suisse Group AG 139,828 2,127,967 
Lafargeholcim Ltd. (Reg.) 38,610 1,954,850 
Nestle SA 97,429 7,272,070 
Novartis AG 76,736 5,839,783 
Syngenta AG (Switzerland) 9,247 3,701,499 
UBS Group AG 64,958 1,121,825 
Zurich Insurance Group AG 16,404 3,680,801 
TOTAL SWITZERLAND  25,698,795 
United Kingdom - 20.6%   
AstraZeneca PLC (United Kingdom) 90,857 5,212,701 
Aviva PLC 465,420 2,948,663 
BAE Systems PLC 384,029 2,679,239 
Barclays PLC 1,179,880 2,962,394 
Bunzl PLC 122,364 3,645,572 
Compass Group PLC 209,239 3,726,209 
HSBC Holdings PLC sponsored ADR (b) 155,871 5,195,180 
Imperial Tobacco Group PLC 110,738 6,016,713 
Informa PLC 303,133 2,898,930 
ITV PLC 1,071,296 3,525,110 
Lloyds Banking Group PLC 5,108,500 5,014,049 
Micro Focus International PLC 70,200 1,568,337 
National Grid PLC 336,150 4,796,392 
Prudential PLC 73,355 1,447,994 
Rio Tinto PLC 198,126 6,646,394 
Royal Dutch Shell PLC Class B (United Kingdom) 113,561 2,981,529 
Vodafone Group PLC sponsored ADR 185,558 6,075,169 
TOTAL UNITED KINGDOM  67,340,575 
United States of America - 5.3%   
Altria Group, Inc. 31,400 1,969,094 
Chevron Corp. 25,900 2,646,462 
ConocoPhillips Co. 63,100 3,015,549 
Constellation Brands, Inc. Class A (sub. vtg.) 24,100 3,761,046 
Edgewell Personal Care Co. (a) 15,600 1,280,292 
McGraw Hill Financial, Inc. 24,100 2,575,085 
Molson Coors Brewing Co. Class B 19,900 1,903,037 
TOTAL UNITED STATES OF AMERICA  17,150,565 
TOTAL COMMON STOCKS   
(Cost $335,758,650)  321,495,740 
Nonconvertible Preferred Stocks - 0.4%   
Germany - 0.4%   
Volkswagen AG   
(Cost $1,940,159) 8,731 1,264,175 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.38% (d) 2,939,485 2,939,485 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 15,029,266 15,029,266 
TOTAL MONEY MARKET FUNDS   
(Cost $17,968,751)  17,968,751 
TOTAL INVESTMENT PORTFOLIO - 104.3%   
(Cost $355,667,560)  340,728,666 
NET OTHER ASSETS (LIABILITIES) - (4.3)%  (13,926,556) 
NET ASSETS - 100%  $326,802,110 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. Interest rate to be determined at settlement date.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $6,324 
Fidelity Securities Lending Cash Central Fund 137,227 
Total $143,551 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $44,875,247 $25,337,504 $19,537,743 $-- 
Consumer Staples 30,399,252 16,622,253 13,776,999 -- 
Energy 26,777,621 8,000,024 18,777,597 -- 
Financials 79,272,030 25,467,716 53,804,314 -- 
Health Care 44,260,721 16,962,819 27,297,902 -- 
Industrials 29,347,669 16,783,750 12,563,919 -- 
Information Technology 14,317,165 5,815,378 8,501,787 -- 
Materials 19,115,571 12,469,177 6,646,394 -- 
Telecommunication Services 21,954,388 6,075,169 15,879,219 -- 
Utilities 12,440,251 -- 12,440,251 -- 
Money Market Funds 17,968,751 17,968,751 -- -- 
Total Investments in Securities: $340,728,666 $151,502,541 $189,226,125 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $9,505,293 
Level 2 to Level 1 $16,220,609 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,114,361) — See accompanying schedule:
Unaffiliated issuers (cost $337,698,809) 		$322,759,915  
Fidelity Central Funds (cost $17,968,751) 17,968,751  
Total Investments (cost $355,667,560)  $340,728,666 
Foreign currency held at value (cost $60,596)  59,602 
Receivable for investments sold  406,523 
Receivable for fund shares sold  71,546 
Dividends receivable  2,263,594 
Distributions receivable from Fidelity Central Funds  50,580 
Prepaid expenses  155 
Receivable from investment adviser for expense reductions  525 
Other receivables  2,134 
Total assets  343,583,325 
Liabilities   
Payable for investments purchased   
Regular delivery $734,074  
Delayed delivery 88,039  
Payable for fund shares redeemed 628,459  
Accrued management fee 192,067  
Distribution and service plan fees payable 7,207  
Other affiliated payables 59,645  
Other payables and accrued expenses 42,458  
Collateral on securities loaned, at value 15,029,266  
Total liabilities  16,781,215 
Net Assets  $326,802,110 
Net Assets consist of:   
Paid in capital  $445,477,213 
Undistributed net investment income  3,722,812 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (107,513,209) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (14,884,706) 
Net Assets  $326,802,110 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,316,805 ÷ 1,059,524 shares)  $7.85 
Maximum offering price per share (100/94.25 of $7.85)  $8.33 
Class T:   
Net Asset Value and redemption price per share ($4,007,441 ÷ 510,734 shares)  $7.85 
Maximum offering price per share (100/96.50 of $7.85)  $8.13 
Class B:   
Net Asset Value and offering price per share ($185,710 ÷ 23,320 shares)(a)  $7.96 
Class C:   
Net Asset Value and offering price per share ($4,412,832 ÷ 562,495 shares)(a)  $7.85 
International Value:   
Net Asset Value, offering price and redemption price per share ($307,974,481 ÷ 39,244,446 shares)  $7.85 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,904,841 ÷ 242,277 shares)  $7.86 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $6,260,678 
Income from Fidelity Central Funds  143,551 
Income before foreign taxes withheld  6,404,229 
Less foreign taxes withheld  (490,131) 
Total income  5,914,098 
Expenses   
Management fee   
Basic fee $1,070,146  
Performance adjustment 83,742  
Transfer agent fees 269,737  
Distribution and service plan fees 43,317  
Accounting and security lending fees 79,749  
Custodian fees and expenses 39,497  
Independent trustees' compensation 642  
Registration fees 74,413  
Audit 33,078  
Legal 304  
Miscellaneous 750  
Total expenses before reductions 1,695,375  
Expense reductions (5,259) 1,690,116 
Net investment income (loss)  4,223,982 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,140,494)  
Foreign currency transactions 130,172  
Total net realized gain (loss)  (1,010,322) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(14,207,322)  
Assets and liabilities in foreign currencies 7,902  
Total change in net unrealized appreciation (depreciation)  (14,199,420) 
Net gain (loss)  (15,209,742) 
Net increase (decrease) in net assets resulting from operations  $(10,985,760) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,223,982 $4,113,357 
Net realized gain (loss) (1,010,322) (2,475,305) 
Change in net unrealized appreciation (depreciation) (14,199,420) (2,310,957) 
Net increase (decrease) in net assets resulting from operations (10,985,760) (672,905) 
Distributions to shareholders from net investment income (4,084,383) (7,553,931) 
Share transactions - net increase (decrease) 54,490,310 87,547,372 
Redemption fees 433 863 
Total increase (decrease) in net assets 39,420,600 79,321,399 
Net Assets   
Beginning of period 287,381,510 208,060,111 
End of period (including undistributed net investment income of $3,722,812 and undistributed net investment income of $3,583,213, respectively) $326,802,110 $287,381,510 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.27 $8.62 $8.96 $7.39 $7.02 $8.22 
Income from Investment Operations       
Net investment income (loss)A .09 .13 .31B .17 .20 .22 
Net realized and unrealized gain (loss) (.42) (.20) (.47) 1.64 .39 (1.19) 
Total from investment operations (.33) (.07) (.16) 1.81 .59 (.97) 
Distributions from net investment income (.09) (.28) (.17) (.20) (.22) (.19) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.09) (.28) (.18) (.24) (.22) (.23)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.27 $8.62 $8.96 $7.39 $7.02 
Total ReturnE,F,G (4.05)% (.81)% (1.76)% 25.24% 8.82% (12.19)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.43%J 1.37% 1.32% 1.39% 1.44% 1.36% 
Expenses net of fee waivers, if any 1.43%J 1.37% 1.32% 1.39% 1.44% 1.36% 
Expenses net of all reductions 1.43%J 1.36% 1.32% 1.36% 1.41% 1.34% 
Net investment income (loss) 2.44%J 1.58% 3.44%B 2.08% 2.85% 2.79% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,317 $8,956 $6,296 $6,191 $4,491 $4,668 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.90%.

 C Total distributions of $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.25 $8.60 $8.94 $7.38 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .08 .11 .28B .15 .18 .20 
Net realized and unrealized gain (loss) (.42) (.20) (.46) 1.64 .40 (1.19) 
Total from investment operations (.34) (.09) (.18) 1.79 .58 (.99) 
Distributions from net investment income (.06) (.26) (.15) (.19) (.20) (.17) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.06) (.26) (.16) (.23) (.20) (.21)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.25 $8.60 $8.94 $7.38 $7.00 
Total ReturnE,F,G (4.14)% (1.09)% (1.99)% 24.86% 8.60% (12.42)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.73%J 1.66% 1.59% 1.66% 1.71% 1.63% 
Expenses net of fee waivers, if any 1.70%J 1.66% 1.59% 1.65% 1.70% 1.62% 
Expenses net of all reductions 1.70%J 1.65% 1.59% 1.63% 1.67% 1.60% 
Net investment income (loss) 2.17%J 1.29% 3.17%B 1.81% 2.58% 2.52% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,007 $4,086 $3,604 $3,758 $2,693 $2,468 
Portfolio turnover rateK 26 %J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.64%.

 C Total distributions of $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.34 $8.66 $8.98 $7.39 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .07 .07 .24B .11 .14 .17 
Net realized and unrealized gain (loss) (.45) (.21) (.45) 1.65 .41 (1.20) 
Total from investment operations (.38) (.14) (.21) 1.76 .55 (1.03) 
Distributions from net investment income –C (.18) (.09) (.13) (.16) (.13) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions –C (.18) (.11)D (.17) (.16) (.17)E 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.96 $8.34 $8.66 $8.98 $7.39 $7.00 
Total ReturnF,G,H (4.51)% (1.64)% (2.39)% 24.30% 8.07% (12.88)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 2.21%K 2.15% 2.08% 2.14% 2.19% 2.11% 
Expenses net of fee waivers, if any 2.20%K 2.15% 2.08% 2.14% 2.19% 2.11% 
Expenses net of all reductions 2.20%K 2.14% 2.08% 2.11% 2.16% 2.09% 
Net investment income (loss) 1.66%K .81% 2.68%B 1.32% 2.09% 2.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $186 $302 $414 $678 $691 $901 
Portfolio turnover rateL 26%K 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Amount represents less than $.005 per share.

 D Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share.

 E Total distributions of $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.23 $8.59 $8.93 $7.38 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .06 .07 .24B .11 .14 .16 
Net realized and unrealized gain (loss) (.42) (.20) (.45) 1.63 .41 (1.19) 
Total from investment operations (.36) (.13) (.21) 1.74 .55 (1.03) 
Distributions from net investment income (.02) (.23) (.11) (.15) (.17) (.14) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.02) (.23) (.13)C (.19) (.17) (.17) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.23 $8.59 $8.93 $7.38 $7.00 
Total ReturnE,F,G (4.40)% (1.58)% (2.43)% 24.17% 8.12% (12.84)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.21%J 2.15% 2.07% 2.14% 2.19% 2.12% 
Expenses net of fee waivers, if any 2.20%J 2.14% 2.07% 2.14% 2.19% 2.11% 
Expenses net of all reductions 2.20%J 2.14% 2.07% 2.11% 2.16% 2.09% 
Net investment income (loss) 1.67%J .81% 2.69%B 1.33% 2.09% 2.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,413 $4,502 $3,647 $3,231 $2,249 $2,108 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Total distributions of $.13 per share is comprised of distributions from net investment income of $.111 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.29 $8.64 $8.97 $7.40 $7.03 $8.23 
Income from Investment Operations       
Net investment income (loss)A .11 .16 .34B .19 .22 .25 
Net realized and unrealized gain (loss) (.43) (.19) (.46) 1.65 .40 (1.20) 
Total from investment operations (.32) (.03) (.12) 1.84 .62 (.95) 
Distributions from net investment income (.12) (.32) (.20) (.22) (.25) (.22) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.12) (.32) (.21) (.27)C (.25) (.25) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.29 $8.64 $8.97 $7.40 $7.03 
Total ReturnE,F (3.96)% (.41)% (1.34)% 25.57% 9.19% (11.91)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.07%I 1.02% .96% 1.05% 1.13% 1.04% 
Expenses net of fee waivers, if any 1.07%I 1.02% .96% 1.05% 1.13% 1.03% 
Expenses net of all reductions 1.07%I 1.01% .95% 1.02% 1.10% 1.01% 
Net investment income (loss) 2.79%I 1.93% 3.80%B 2.41% 3.16% 3.11% 
Supplemental Data       
Net assets, end of period (000 omitted) $307,974 $267,567 $192,789 $181,568 $128,983 $150,967 
Portfolio turnover rateJ 26%I 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.27%.

 C Total distributions of $.27 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $.042 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.29 $8.65 $8.98 $7.41 $7.04 $8.24 
Income from Investment Operations       
Net investment income (loss)A .10 .15 .33B .19 .22 .25 
Net realized and unrealized gain (loss) (.43) (.19) (.45) 1.65 .40 (1.19) 
Total from investment operations (.33) (.04) (.12) 1.84 .62 (.94) 
Distributions from net investment income (.10) (.32) (.19) (.23) (.25) (.22) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.10) (.32) (.21)C (.27) (.25) (.26)D 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $7.86 $8.29 $8.65 $8.98 $7.41 $7.04 
Total ReturnF,G (4.07)% (.53)% (1.41)% 25.64% 9.22% (11.83)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.20%J 1.14% 1.05% 1.07% 1.10% .98% 
Expenses net of fee waivers, if any 1.20%J 1.14% 1.05% 1.07% 1.10% .98% 
Expenses net of all reductions 1.20%J 1.13% 1.04% 1.04% 1.07% .96% 
Net investment income (loss) 2.67%J 1.81% 3.71%B 2.39% 3.18% 3.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,905 $1,969 $1,310 $239 $372 $473 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.18%.

 C Total distributions of $.21 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.014 per share.

 D Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Value 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, International Value and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven four years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $20,798,749 
Gross unrealized depreciation (36,225,329) 
Net unrealized appreciation (depreciation) on securities $(15,426,580) 
Tax cost $356,155,246 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(2,663,413) 
2017 (65,376,972) 
2018 (3,571,319) 
2019 (31,368,797) 
Total with expiration $(102,980,501) 
No expiration  
Short-term $(3,001,927) 
Total capital loss carryforward $(105,982,428) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $96,477,809 and $39,058,065, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .75% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $10,630 $247 
Class T .25% .25% 9,834 – 
Class B .75% .25% 1,216 912 
Class C .75% .25% 21,637 4,385 
   $43,317 $5,544 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,140 
Class T 718 
Class B(a) 10 
Class C(a) 800 
 $2,668 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $11,787 .28 
Class T 6,443 .33 
Class B 378 .31 
Class C 6,617 .31 
International Value 241,632 .17 
Class I 2,880 .30 
 $269,737  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $136 for the period.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $266 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $137,227, including $139 from securities loaned to FCM.

8. Expense Reductions.

The investment adviser 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.

 Expense
Limitations 		Reimbursement 
Class T 1.70% $607 
Class B 2.20% 10 
Class C 2.20% 147 
Class I 1.20% 31 
  $795 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,400 for the period.

In addition, during the period the investments adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,064.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $95,726 $204,314 
Class T 30,318 109,443 
Class B 141 8,373 
Class C 10,293 99,311 
International Value 3,924,604 7,079,700 
Class I 23,301 52,790 
Total $4,084,383 $7,553,931 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 145,262 527,583 $1,133,082 $4,502,640 
Reinvestment of distributions 11,425 23,604 93,224 197,333 
Shares redeemed (179,619) (198,812) (1,367,494) (1,665,353) 
Net increase (decrease) (22,932) 352,375 $(141,188) $3,034,620 
Class T     
Shares sold 57,909 117,820 $455,086 $1,007,336 
Reinvestment of distributions 3,669 12,981 29,980 108,520 
Shares redeemed (45,795) (54,747) (348,759) (463,119) 
Net increase (decrease) 15,783 76,054 $136,307 $652,737 
Class B     
Shares sold 2 2,257 $14 $18,258 
Reinvestment of distributions 15 891 124 7,565 
Shares redeemed (12,943) (14,741) (101,798) (124,607) 
Net increase (decrease) (12,926) (11,593) $(101,660) $(98,784) 
Class C     
Shares sold 71,013 208,019 $540,561 $1,779,247 
Reinvestment of distributions 1,181 10,999 9,659 92,173 
Shares redeemed (56,610) (96,570) (438,654) (802,299) 
Net increase (decrease) 15,584 122,448 $111,566 $1,069,121 
International Value     
Shares sold 9,108,775 14,508,730 $70,505,949 $121,044,962 
Reinvestment of distributions 470,177 823,202 3,831,944 6,873,736 
Shares redeemed (2,629,480) (5,350,163) (19,886,444) (45,687,658) 
Net increase (decrease) 6,949,472 9,981,769 $54,451,449 $82,231,040 
Class I     
Shares sold 30,535 413,299 $237,842 $3,523,105 
Reinvestment of distributions 2,528 5,275 20,650 44,098 
Shares redeemed (28,411) (332,392) (224,656) (2,908,565) 
Net increase (decrease) 4,652 86,182 $33,836 $658,638 

11. 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.

At the end of the period, Strategic Advisers International II Fund, was the owner of record of approximately 69% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.43%    
Actual  $1,000.00 $959.50 $6.97 
Hypothetical-C  $1,000.00 $1,017.75 $7.17 
Class T 1.70%    
Actual  $1,000.00 $958.60 $8.28 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.20%    
Actual  $1,000.00 $954.90 $10.69 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Class C 2.20%    
Actual  $1,000.00 $956.00 $10.70 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
International Value 1.07%    
Actual  $1,000.00 $960.40 $5.22 
Hypothetical-C  $1,000.00 $1,019.54 $5.37 
Class I 1.20%    
Actual  $1,000.00 $959.30 $5.85 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

FIV-SANN-0616
1.827485.109

Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   South Africa 41.5% 
   Russia 23.7% 
   Turkey 4.1% 
   United Arab Emirates 3.8% 
   Romania 3.4% 
   United Kingdom 3.2% 
   Hungary 2.3% 
   Poland 2.2% 
   Qatar 2.0% 
   Other* 13.8% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   South Africa 39.5% 
   Russia 21.4% 
   United Arab Emirates 5.2% 
   Romania 4.4% 
   Poland 4.3% 
   Turkey 4.3% 
   United Kingdom 3.4% 
   Qatar 3.2% 
   Austria 2.6% 
   Other* 11.7% 


 * Includes Short-Term Investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.9 100.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.1 0.0 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Naspers Ltd. Class N (South Africa, Media) 6.0 8.0 
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) 5.7 3.7 
Sberbank of Russia (Russia, Banks) 5.1 4.7 
Lukoil PJSC sponsored ADR (Russia, Oil, Gas & Consumable Fuels) 4.5 3.9 
Steinhoff International Holdings NV (South Africa) (South Africa, Household Durables) 2.7 2.4 
Remgro Ltd. (South Africa, Diversified Financial Services) 2.7 2.6 
FirstRand Ltd. (South Africa, Diversified Financial Services) 2.5 2.6 
DRDGOLD Ltd. (South Africa, Metals & Mining) 2.3 0.9 
OTP Bank PLC (Hungary, Banks) 2.3 1.4 
AngloGold Ashanti Ltd. (South Africa, Metals & Mining) 2.2 1.1 
 36.0  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 32.9 39.3 
Energy 18.3 14.9 
Consumer Discretionary 14.8 18.0 
Consumer Staples 10.9 11.8 
Materials 10.1 5.2 
Industrials 7.2 3.1 
Telecommunication Services 2.5 4.2 
Health Care 2.2 3.5 

Market Sectors may include more than one industry category.
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 Africa markets. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.4%   
 Shares Value 
Austria - 0.8%   
CA Immobilien Anlagen AG 9,600 $183,355 
Wienerberger AG 27,700 547,292 
TOTAL AUSTRIA  730,647 
Bailiwick of Jersey - 0.4%   
Wizz Air Holdings PLC (a) 13,888 381,498 
Botswana - 0.4%   
First National Bank of Botswana Ltd. 990,388 332,305 
British Virgin Islands - 0.4%   
Lenta Ltd. GDR (a) 62,600 403,770 
Canada - 1.1%   
Detour Gold Corp. (a) 35,200 754,947 
Osisko Gold Royalties Ltd. 21,000 281,183 
TOTAL CANADA  1,036,130 
Croatia - 0.5%   
Ledo d.d. 290 440,111 
Czech Republic - 1.0%   
Komercni Banka A/S 4,347 894,279 
Estonia - 0.7%   
Tallinna Kaubamaja AS 77,800 611,122 
Germany - 0.3%   
UNIWHEELS AG 6,802 258,397 
Greece - 1.7%   
Aegean Airlines SA 18,300 167,899 
Jumbo SA (a) 26,536 347,572 
Motor Oil (HELLAS) Corinth Refineries SA 56,500 645,141 
Sarantis SA 37,800 377,304 
TOTAL GREECE  1,537,916 
Hungary - 2.3%   
OTP Bank PLC 77,900 2,063,000 
Israel - 0.6%   
Elbit Systems Ltd. (Israel) 5,300 530,220 
Kazakhstan - 0.4%   
KazMunaiGas Exploration & Production JSC (Reg. S) GDR 53,700 360,864 
Kenya - 1.2%   
British American Tobacco Kenya Ltd. 31,700 266,468 
Kcb Group Ltd. 1,019,000 418,698 
Safaricom Ltd. 2,627,844 444,912 
TOTAL KENYA  1,130,078 
Lithuania - 0.6%   
Apranga AB (a) 174,566 521,705 
Malta - 0.6%   
Brait SA 52,700 589,260 
Netherlands - 0.3%   
AmRest Holdings NV (a) 4,600 269,351 
Nigeria - 0.5%   
Zenith Bank PLC 6,802,168 434,130 
Pakistan - 0.8%   
Millat Tractors Ltd. 77,000 382,410 
United Bank Ltd. 246,500 385,622 
TOTAL PAKISTAN  768,032 
Poland - 2.2%   
Bank Polska Kasa Opieki SA 21,700 882,622 
Kruk SA 8,900 444,190 
NG2 SA 7,600 338,490 
Orbis SA 24,200 385,481 
TOTAL POLAND  2,050,783 
Qatar - 2.0%   
Al Meera Consumer Goods Co. (a) 6,671 379,744 
Qatar National Bank SAQ 36,695 1,451,710 
TOTAL QATAR  1,831,454 
Romania - 3.4%   
Banca Transilvania SA 2,204,397 1,512,794 
BRD-Groupe Societe Generale 504,371 1,189,864 
Fondul Propietatea SA GDR 40,900 396,730 
TOTAL ROMANIA  3,099,388 
Russia - 20.2%   
Gazprom OAO (a) 2,001,228 5,213,998 
Lukoil PJSC (a) 14,000 594,820 
Lukoil PJSC sponsored ADR 84,095 3,564,367 
Magnit OJSC (a) 8,679 1,206,196 
Megafon OJSC GDR 68,800 791,200 
Moscow Exchange MICEX-RTS OAO (a) 718,000 1,132,328 
NOVATEK OAO (a) 141,500 1,338,704 
Sberbank of Russia (a) 2,428,010 4,635,375 
TOTAL RUSSIA  18,476,988 
Slovenia - 0.4%   
Krka dd Novo mesto 5,625 390,448 
South Africa - 41.5%   
African Rainbow Minerals Ltd. 127,000 1,000,102 
AngloGold Ashanti Ltd. (a) 125,100 2,033,663 
Aveng Ltd. (a) 970,000 316,173 
Barloworld Ltd. 123,800 715,914 
Cashbuild Ltd. 15,200 370,560 
City Lodge Hotels Ltd. 33,000 355,958 
Clicks Group Ltd. 156,919 1,146,089 
DRDGOLD Ltd. (b) 3,753,637 2,067,187 
Exxaro Resources Ltd. 41,000 258,496 
FirstRand Ltd. 720,100 2,314,296 
Holdsport Ltd. 168,800 723,331 
Hulamin Ltd. 1,042,200 420,973 
Imperial Holdings Ltd. 84,100 880,450 
KAP Industrial Holdings Ltd. 1,150,500 509,169 
Life Healthcare Group Holdings Ltd. 246,100 646,401 
Mr Price Group Ltd. 66,000 838,396 
MTN Group Ltd. 97,550 1,021,203 
Murray & Roberts Holdings Ltd. 421,100 436,327 
Nampak Ltd. 868,800 1,486,730 
Naspers Ltd. Class N 40,400 5,543,287 
Northam Platinum Ltd. (a) 360,100 1,227,126 
Pioneer Foods Ltd. 110,800 1,294,317 
PSG Konsult Ltd. 644,336 338,570 
Remgro Ltd. 135,500 2,432,960 
RMB Holdings Ltd. 183,300 747,995 
Sasol Ltd. 48,100 1,573,359 
Shoprite Holdings Ltd. 141,400 1,700,843 
Spar Group Ltd. 117,000 1,748,599 
Standard Bank Group Ltd. 137,363 1,232,434 
Steinhoff International Holdings NV (South Africa) 396,000 2,474,713 
Super Group Ltd. (a) 80,000 231,201 
TOTAL SOUTH AFRICA  38,086,822 
Turkey - 4.1%   
Aselsan A/S 205,000 1,462,402 
Koc Holding A/S 210,850 1,102,479 
Turk Tuborg Bira ve Malt Sanayii A/S (a) 110,000 249,643 
Turkiye Garanti Bankasi A/S 313,000 963,482 
TOTAL TURKEY  3,778,006 
United Arab Emirates - 3.8%   
Agthia Group PJSC 106,093 225,306 
Aldar Properties PJSC (a) 888,885 658,272 
Dubai Islamic Bank Pakistan Ltd. (a) 466,870 744,877 
Emaar Malls Group PJSC (a) 757,587 598,166 
First Gulf Bank PJSC 314,358 1,108,371 
SHUAA Capital PSC (a) 983,913 184,840 
TOTAL UNITED ARAB EMIRATES  3,519,832 
United Kingdom - 3.2%   
Bupa Arabia ELS (HSBC Warrant Program) warrants 10/10/16 (a)(c) 7,300 248,728 
Georgia Healthcare Group PLC (a) 129,000 365,667 
Mediclinic International PLC 20,000 264,063 
NMC Health PLC 24,500 374,807 
Samba Financial Group ELS (HSBC Bank Warrant Program) warrants 6/29/17 (c) 28,900 176,778 
Saudi Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/4/18 (c) 14,000 511,433 
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(c) 52,800 563,303 
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c) 33,634 395,599 
TOTAL UNITED KINGDOM  2,900,378 
TOTAL COMMON STOCKS   
(Cost $75,616,322)  87,426,914 
Nonconvertible Preferred Stocks - 3.5%   
Russia - 3.5%   
Surgutneftegas OJSC (a) 2,892,500 1,875,246 
Tatneft PAO (a) 449,400 1,332,121 
TOTAL RUSSIA   
(Cost $2,981,109)  3,207,367 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund, 0.38% (d)   
(Cost $2,127,277) 2,127,277 2,127,277 
TOTAL INVESTMENT PORTFOLIO - 101.2%   
(Cost $80,724,708)  92,761,558 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (1,082,693) 
NET ASSETS - 100%  $91,678,865 

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (c) 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 $1,895,841 or 2.1% of net assets.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.


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 $2,883 
Total $2,883 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $13,538,892 $13,191,320 $347,572 $-- 
Consumer Staples 10,049,512 9,672,208 377,304 -- 
Energy 16,757,116 7,449,372 9,307,744 -- 
Financials 30,166,366 22,671,668 7,494,698 -- 
Health Care 2,041,386 2,041,386 -- -- 
Industrials 6,551,783 6,383,884 167,899 -- 
Materials 9,271,911 5,171,061 4,100,850 -- 
Telecommunication Services 2,257,315 1,236,112 1,021,203 -- 
Money Market Funds 2,127,277 2,127,277 -- -- 
Total Investments in Securities: $92,761,558 $69,944,288 $22,817,270 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $562,303 
Level 2 to Level 1 $852,918 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $78,597,431) 		$90,634,281  
Fidelity Central Funds (cost $2,127,277) 2,127,277  
Total Investments (cost $80,724,708)  $92,761,558 
Foreign currency held at value (cost $46,482)  46,429 
Receivable for investments sold  455,216 
Receivable for fund shares sold  264,048 
Dividends receivable  221,843 
Distributions receivable from Fidelity Central Funds  626 
Prepaid expenses  95 
Receivable from investment adviser for expense reductions  45,602 
Other receivables  210 
Total assets  93,795,627 
Liabilities   
Payable for investments purchased   
Regular delivery $1,524,245  
Delayed delivery 3,365  
Payable for fund shares redeemed 435,523  
Accrued management fee 56,299  
Distribution and service plan fees payable 6,476  
Other affiliated payables 22,131  
Other payables and accrued expenses 68,723  
Total liabilities  2,116,762 
Net Assets  $91,678,865 
Net Assets consist of:   
Paid in capital  $102,235,302 
Undistributed net investment income  334,366 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (22,927,761) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  12,036,958 
Net Assets  $91,678,865 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($5,977,139 ÷ 764,856 shares)  $7.81 
Maximum offering price per share (100/94.25 of $7.81)  $8.29 
Class T:   
Net Asset Value and redemption price per share ($2,392,054 ÷ 306,697 shares)  $7.80 
Maximum offering price per share (100/96.50 of $7.80)  $8.08 
Class B:   
Net Asset Value and offering price per share ($158,461 ÷ 20,034 shares)(a)  $7.91 
Class C:   
Net Asset Value and offering price per share ($6,618,271 ÷ 850,603 shares)(a)  $7.78 
Emerging Europe, Middle East, Africa (EMEA):   
Net Asset Value, offering price and redemption price per share ($73,827,085 ÷ 9,442,476 shares)  $7.82 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,705,855 ÷ 346,629 shares)  $7.81 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $1,095,508 
Income from Fidelity Central Funds  2,883 
Income before foreign taxes withheld  1,098,391 
Less foreign taxes withheld  (120,769) 
Total income  977,622 
Expenses   
Management fee $299,845  
Transfer agent fees 109,763  
Distribution and service plan fees 30,964  
Accounting fees and expenses 19,434  
Custodian fees and expenses 55,931  
Independent trustees' compensation 164  
Registration fees 71,693  
Audit 34,063  
Legal 110  
Miscellaneous 261  
Total expenses before reductions 622,228  
Expense reductions (66,024) 556,204 
Net investment income (loss)  421,418 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,108,175)  
Foreign currency transactions 1,917  
Total net realized gain (loss)  (5,106,258) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $12,949) 		9,176,617  
Assets and liabilities in foreign currencies (5)  
Total change in net unrealized appreciation (depreciation)  9,176,612 
Net gain (loss)  4,070,354 
Net increase (decrease) in net assets resulting from operations  $4,491,772 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $421,418 $1,633,113 
Net realized gain (loss) (5,106,258) (10,780,681) 
Change in net unrealized appreciation (depreciation) 9,176,612 (7,778,956) 
Net increase (decrease) in net assets resulting from operations 4,491,772 (16,926,524) 
Distributions to shareholders from net investment income (1,323,710) (2,091,570) 
Distributions to shareholders from net realized gain – (504,771) 
Total distributions (1,323,710) (2,596,341) 
Share transactions - net increase (decrease) 5,429,758 (17,106,646) 
Redemption fees 5,610 15,219 
Total increase (decrease) in net assets 8,603,430 (36,614,292) 
Net Assets   
Beginning of period 83,075,435 119,689,727 
End of period (including undistributed net investment income of $334,366 and undistributed net investment income of $1,236,658, respectively) $91,678,865 $83,075,435 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.49 $9.04 $9.49 $8.71 $8.34 $8.97 
Income from Investment Operations       
Net investment income (loss)A .03 .12 .13 .16 .18 .16B 
Net realized and unrealized gain (loss) .40 (1.50) (.46) .85 .34 (.70) 
Total from investment operations .43 (1.38) (.33) 1.01 .52 (.54) 
Distributions from net investment income (.11) (.14) (.12) (.15) (.15) (.08) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.11) (.17)C (.12) (.23)D (.15) (.10) 
Redemption fees added to paid in capitalA –E –E –E –E –E .01 
Net asset value, end of period $7.81 $7.49 $9.04 $9.49 $8.71 $8.34 
Total ReturnF,G,H 5.88% (15.42)% (3.48)% 11.75% 6.38% (6.05)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.82%K 1.61% 1.60% 1.64% 1.62% 1.60% 
Expenses net of fee waivers, if any 1.65%K 1.61% 1.60% 1.63% 1.62% 1.56% 
Expenses net of all reductions 1.65%K 1.60% 1.60% 1.62% 1.60% 1.51% 
Net investment income (loss) .95%K 1.51% 1.45% 1.82% 2.09% 1.70%B 
Supplemental Data       
Net assets, end of period (000 omitted) $5,977 $5,788 $7,889 $10,883 $8,934 $10,260 
Portfolio turnover rateL 51%K 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.

 C Total distributions of $.17 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.039 per share.

 D Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.44 $9.01 $9.46 $8.68 $8.31 $8.96 
Income from Investment Operations       
Net investment income (loss)A .02 .10 .11 .14 .15 .13B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .84 .35 (.71) 
Total from investment operations .43 (1.41) (.35) .98 .50 (.58) 
Distributions from net investment income (.07) (.13) (.10) (.12) (.13) (.07) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.07) (.16)C (.10) (.20)D (.13) (.08)E 
Redemption fees added to paid in capitalA –F –F –F –F –F .01 
Net asset value, end of period $7.80 $7.44 $9.01 $9.46 $8.68 $8.31 
Total ReturnG,H,I 5.91% (15.80)% (3.67)% 11.42% 6.14% (6.42)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 1.92% 1.92% 1.93% 1.89% 1.87% 
Expenses net of fee waivers, if any 1.90%L 1.90% 1.90% 1.90% 1.89% 1.84% 
Expenses net of all reductions 1.89%L 1.89% 1.90% 1.88% 1.86% 1.78% 
Net investment income (loss) .71%L 1.22% 1.15% 1.55% 1.82% 1.42%B 
Supplemental Data       
Net assets, end of period (000 omitted) $2,392 $2,003 $2,465 $3,465 $3,336 $3,502 
Portfolio turnover rateM 51%L 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.

 C Total distributions of $.16 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.039 per share.

 D Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.074 per share.

 E 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.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the sales charges.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.05 $9.50 $8.69 $8.29 $8.93 
Income from Investment Operations       
Net investment income (loss)A .01 .06 .06 .09 .11 .09B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .85 .35 (.71) 
Total from investment operations .42 (1.45) (.40) .94 .46 (.62) 
Distributions from net investment income (.01) (.06) (.05) (.06) (.06) (.02) 
Distributions from net realized gain – (.04) – (.07) – (.01) 
Total distributions (.01) (.10) (.05) (.13) (.06) (.03) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.91 $7.50 $9.05 $9.50 $8.69 $8.29 
Total ReturnD,E,F 5.60% (16.16)% (4.23)% 10.94% 5.56% (6.85)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.57%I 2.41% 2.40% 2.42% 2.38% 2.37% 
Expenses net of fee waivers, if any 2.40%I 2.40% 2.40% 2.40% 2.38% 2.33% 
Expenses net of all reductions 2.40%I 2.39% 2.40% 2.38% 2.35% 2.27% 
Net investment income (loss) .20%I .72% .65% 1.05% 1.33% .93%B 
Supplemental Data       
Net assets, end of period (000 omitted) $158 $181 $294 $388 $441 $539 
Portfolio turnover rateJ 51%I 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.39 $8.93 $9.39 $8.62 $8.24 $8.90 
Income from Investment Operations       
Net investment income (loss)A .01 .06 .06 .09 .11 .08B 
Net realized and unrealized gain (loss) .40 (1.48) (.46) .83 .35 (.69) 
Total from investment operations .41 (1.42) (.40) .92 .46 (.61) 
Distributions from net investment income (.02) (.08) (.06) (.08) (.08) (.05) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.02) (.12) (.06) (.15) (.08) (.06)C 
Redemption fees added to paid in capitalA –D –D –D –D –D .01 
Net asset value, end of period $7.78 $7.39 $8.93 $9.39 $8.62 $8.24 
Total ReturnE,F,G 5.54% (16.08)% (4.24)% 10.83% 5.68% (6.79)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.61%J 2.41% 2.40% 2.42% 2.37% 2.36% 
Expenses net of fee waivers, if any 2.40%J 2.40% 2.40% 2.40% 2.37% 2.33% 
Expenses net of all reductions 2.40%J 2.39% 2.40% 2.38% 2.35% 2.27% 
Net investment income (loss) .20%J .72% .65% 1.05% 1.34% .93%B 
Supplemental Data       
Net assets, end of period (000 omitted) $6,618 $4,104 $6,662 $6,782 $7,770 $6,650 
Portfolio turnover rateK 51%J 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .49%.

 C 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.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.08 $9.52 $8.75 $8.37 $9.00 
Income from Investment Operations       
Net investment income (loss)A .04 .14 .16 .18 .20 .18B 
Net realized and unrealized gain (loss) .41 (1.51) (.47) .84 .35 (.71) 
Total from investment operations .45 (1.37) (.31) 1.02 .55 (.53) 
Distributions from net investment income (.13) (.17) (.13) (.18) (.17) (.09) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.13) (.21) (.13) (.25) (.17) (.11) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.82 $7.50 $9.08 $9.52 $8.75 $8.37 
Total ReturnD,E 6.19% (15.33)% (3.21)% 11.90% 6.81% (5.91)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.57%H 1.39% 1.37% 1.40% 1.37% 1.35% 
Expenses net of fee waivers, if any 1.40%H 1.38% 1.37% 1.40% 1.37% 1.31% 
Expenses net of all reductions 1.40%H 1.38% 1.37% 1.38% 1.34% 1.25% 
Net investment income (loss) 1.20%H 1.74% 1.68% 2.05% 2.34% 1.95%B 
Supplemental Data       
Net assets, end of period (000 omitted) $73,827 $67,521 $96,784 $110,265 $111,441 $114,117 
Portfolio turnover rateI 51%H 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.51%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.50 $9.08 $9.52 $8.75 $8.37 $9.00 
Income from Investment Operations       
Net investment income (loss)A .04 .15 .16 .19 .21 .19B 
Net realized and unrealized gain (loss) .41 (1.51) (.46) .84 .35 (.72) 
Total from investment operations .45 (1.36) (.30) 1.03 .56 (.53) 
Distributions from net investment income (.14) (.18) (.14) (.19) (.18) (.09) 
Distributions from net realized gain – (.04) – (.07) – (.02) 
Total distributions (.14) (.22) (.14) (.26) (.18) (.11) 
Redemption fees added to paid in capitalA –C –C –C –C –C .01 
Net asset value, end of period $7.81 $7.50 $9.08 $9.52 $8.75 $8.37 
Total ReturnD,E 6.21% (15.23)% (3.09)% 12.05% 6.93% (5.91)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.43%H 1.25% 1.26% 1.30% 1.28% 1.26% 
Expenses net of fee waivers, if any 1.40%H 1.25% 1.26% 1.30% 1.28% 1.24% 
Expenses net of all reductions 1.40%H 1.24% 1.26% 1.28% 1.25% 1.19% 
Net investment income (loss) 1.20%H 1.88% 1.79% 2.15% 2.43% 2.02%B 
Supplemental Data       
Net assets, end of period (000 omitted) $2,706 $3,478 $5,596 $10,231 $8,586 $7,633 
Portfolio turnover rateI 51%H 50% 38% 64% 30% 53% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.58%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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 Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), 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 $16,887,440 
Gross unrealized depreciation (5,733,815) 
Net unrealized appreciation (depreciation) on securities $11,153,625 
Tax cost $81,607,933 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2018 $(1,624,705) 
No expiration  
Short-term (3,290,678) 
Long-term (11,971,717) 
Total no expiration (15,262,395) 
Total capital loss carryforward $(16,887,100) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $22,842,835 and $19,602,882, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% 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, except for the Class I. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, 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% $6,328 $– 
Class T .25% .25% 4,536 4 
Class B .75% .25% 717 538 
Class C .75% .25% 19,383 2,551 
   $30,964 $3,093 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,197 
Class T 532 
Class B(a) – 
Class C(a) 61 
 $1,790 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $7,504 .30 
Class T 3,080 .34 
Class B 224 .31 
Class C 5,632 .29 
Emerging Europe, Middle East, Africa (EMEA) 91,056 .30 
Class I 2,267 .16 
 $109,763  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $23 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $65 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

The investment adviser 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.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.65% $4,376 
Class T 1.90% 2,026 
Class B 2.40% 121 
Class C 2.40% 4,082 
Emerging Europe, Middle East, Africa (EMEA) 1.40% 54,428 
Class I 1.40% 379 
  $65,412 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $345 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $267.

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $80,414 $113,464 
Class T 18,230 35,916 
Class B 201 1,835 
Class C 9,270 58,320 
Emerging Europe, Middle East, Africa (EMEA) 1,152,813 1,776,301 
Class I 62,782 105,734 
Total $1,323,710 $2,091,570 
From net realized gain   
Class A $– $32,778 
Class T – 11,206 
Class B – 1,213 
Class C – 29,160 
Emerging Europe, Middle East, Africa (EMEA) – 407,505 
Class I – 22,909 
Total $– $504,771 

9. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 125,223 200,433 $908,033 $1,636,757 
Reinvestment of distributions 10,903 16,251 75,669 135,531 
Shares redeemed (144,519) (315,855) (980,924) (2,546,115) 
Net increase (decrease) (8,393) (99,171) $2,778 $(773,827) 
Class T     
Shares sold 73,842 86,058 $536,114 $721,254 
Reinvestment of distributions 2,627 5,631 18,230 46,793 
Shares redeemed (38,900) (96,309) (273,521) (767,911) 
Net increase (decrease) 37,569 (4,620) $280,823 $136 
Class B     
Shares sold 6,222 3,390 $48,684 $28,032 
Reinvestment of distributions 29 349 201 2,936 
Shares redeemed (10,329) (12,164) (74,883) (100,803) 
Net increase (decrease) (4,078) (8,425) $(25,998) $(69,835) 
Class C     
Shares sold 378,690 210,315 $2,804,059 $1,702,630 
Reinvestment of distributions 776 8,117 5,381 67,210 
Shares redeemed (84,612) (408,507) (573,923) (3,365,409) 
Net increase (decrease) 294,854 (190,075) $2,235,517 $(1,595,569) 
Emerging Europe, Middle East, Africa (EMEA)     
Shares sold 1,501,834 1,440,703 $10,868,652 $11,732,025 
Reinvestment of distributions 155,366 247,446 1,078,225 2,063,699 
Shares redeemed (1,214,338) (3,348,545) (8,241,773) (27,229,428) 
Net increase (decrease) 442,862 (1,660,396) $3,705,104 $(13,433,704) 
Class I     
Shares sold 44,669 131,915 $316,782 $1,069,757 
Reinvestment of distributions 7,594 12,912 52,629 107,558 
Shares redeemed (169,187) (297,795) (1,137,877) (2,411,162) 
Net increase (decrease) (116,924) (152,968) $(768,466) $(1,233,847) 

10. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.65%    
Actual  $1,000.00 $1,058.80 $8.45 
Hypothetical-C  $1,000.00 $1,016.66 $8.27 
Class T 1.90%    
Actual  $1,000.00 $1,059.10 $9.73 
Hypothetical-C  $1,000.00 $1,015.42 $9.52 
Class B 2.40%    
Actual  $1,000.00 $1,056.00 $12.27 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Class C 2.40%    
Actual  $1,000.00 $1,055.40 $12.27 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Emerging Europe, Middle East, Africa (EMEA) 1.40%    
Actual  $1,000.00 $1,061.90 $7.18 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.40%    
Actual  $1,000.00 $1,062.10 $7.18 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AEMEI-SANN-0616
1.861984.107

Fidelity Advisor® Latin America Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Latin America Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Brazil 45.5% 
   Mexico 30.6% 
   United States of America* 8.4% 
   Chile 3.8% 
   Bermuda 3.7% 
   Panama 2.6% 
   United Kingdom 1.4% 
   Spain 1.0% 
   Peru 1.0% 
   Other 2.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Brazil 39.0% 
   Mexico 33.2% 
   Chile 12.5% 
   Colombia 5.6% 
   United States of America* 3.2% 
   Peru 3.0% 
   Panama 1.6% 
   Belgium 0.9% 
   Spain 0.7% 
   Other 0.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 96.6 97.2 
Short-Term Investments and Net Other Assets (Liabilities) 3.4 2.8 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Itau Unibanco Holding SA (Brazil, Banks) 8.0 4.7 
Grupo Financiero Banorte S.A.B. de CV Series O (Mexico, Banks) 5.0 0.0 
Fomento Economico Mexicano S.A.B. de CV unit (Mexico, Beverages) 4.4 5.5 
Cielo SA (Brazil, IT Services) 3.9 1.1 
Credicorp Ltd. (United States) (Bermuda, Banks) 3.7 0.0 
Itausa-Investimentos Itau SA (PN) (Brazil, Banks) 3.5 1.5 
Kroton Educacional SA (Brazil, Diversified Consumer Services) 2.6 0.0 
BB Seguridade Participacoes SA (Brazil, Insurance) 2.5 1.0 
Kimberly-Clark de Mexico SA de CV Series A (Mexico, Household Products) 2.3 1.1 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels) 2.3 1.8 
 38.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 35.2 26.9 
Consumer Staples 16.4 28.0 
Consumer Discretionary 14.5 8.1 
Industrials 10.2 5.8 
Health Care 6.2 1.4 
Information Technology 5.9 1.1 
Materials 3.6 7.8 
Energy 2.3 5.0 
Utilities 1.5 4.6 
Telecommunication Services 0.8 8.5 

Market Sectors may include more than one industry category.
The Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Latin American market. As of April 30, 2016, the Fund did not have more than 25% of its total assets invested in any one industry.

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 81.6%   
 Shares Value 
Argentina - 1.0%   
Grupo Financiero Galicia SA sponsored ADR 180,473 $5,138,066 
Bermuda - 3.7%   
Credicorp Ltd. (United States) 135,801 19,748,181 
Brazil - 30.5%   
BB Seguridade Participacoes SA 1,513,600 13,202,879 
CCR SA 2,130,502 10,022,977 
Cielo SA 2,117,948 20,629,863 
CVC Brasil Operadora e Agencia de Viagens SA 1,341,033 7,408,484 
Equatorial Energia SA 668,406 8,267,498 
Estacio Participacoes SA 2,243,220 7,742,101 
Fibria Celulose SA 982,462 8,678,402 
FPC Par Corretora de Seguros 1,667,889 5,601,255 
Grendene SA 1,074,900 5,310,039 
Hypermarcas SA 1,101,286 9,715,205 
Industrias Romi SA 549,100 295,365 
Kroton Educacional SA 3,718,837 13,840,551 
Linx SA 338,067 4,649,435 
Mills Estruturas e Servicos de Engenharia SA 2,521,458 3,086,527 
Multiplus SA 580,948 6,410,402 
Odontoprev SA 2,036,893 6,194,926 
Qualicorp SA 2,460,713 10,660,645 
Smiles SA 814,156 9,445,322 
Tegma Gestao Logistica SA 2,562,627 4,276,944 
Valid Solucoes SA 659,175 6,708,185 
TOTAL BRAZIL  162,147,005 
Chile - 3.8%   
Banmedica SA 3,100,772 5,256,540 
CorpBanca SA 742,999,828 6,762,263 
Forus SA 1,878,297 5,668,936 
Vina San Pedro SA 238,206,744 2,347,184 
TOTAL CHILE  20,034,923 
France - 1.0%   
Edenred SA 264,421 5,213,790 
Mexico - 30.6%   
Banregio Grupo Financiero S.A.B. de CV 360,000 2,157,324 
Compartamos S.A.B. de CV 5,797,311 11,530,835 
Credito Real S.A.B. de CV 2,385,302 5,261,497 
Embotelladoras Arca S.A.B. de CV 1,099,169 7,587,327 
Fomento Economico Mexicano S.A.B. de CV unit 2,516,609 23,415,691 
Genomma Lab Internacional SA de CV (a)(b) 9,725,099 10,683,412 
Gruma S.A.B. de CV Series B 614,429 8,975,739 
Grupo Aeroportuario Norte S.A.B. de CV 911,563 5,275,040 
Grupo Comercial Chedraui S.A.B. de CV 355,158 1,006,560 
Grupo Financiero Banorte S.A.B. de CV Series O 4,658,402 26,445,532 
Grupo GICSA SA de CV(a) 5,477,756 4,304,607 
Grupo Herdez S.A.B. de CV 2,034,846 4,503,837 
Kimberly-Clark de Mexico SA de CV Series A 5,199,395 12,305,938 
Megacable Holdings S.A.B. de CV unit 2,210,548 10,208,173 
Promotora y Operadora de Infraestructura S.A.B. de CV 685,467 7,175,139 
Qualitas Controladora S.A.B. de CV 4,665,846 6,270,070 
Telesites S.A.B. de C.V. (a) 6,986,994 4,288,530 
Tenedora Nemak SA de CV 3,169,744 4,546,985 
Unifin Financiera SAPI de CV 2,278,967 6,718,486 
TOTAL MEXICO  162,660,722 
Panama - 2.6%   
Copa Holdings SA Class A 97,338 6,205,298 
Intergroup Financial Services Corp. 259,297 7,389,965 
TOTAL PANAMA  13,595,263 
Peru - 1.0%   
Alicorp SA Class C (a) 2,843,073 5,391,229 
Spain - 1.0%   
Prosegur Compania de Seguridad SA (Reg.) 946,444 5,472,815 
United Kingdom - 1.4%   
British American Tobacco PLC (United Kingdom) 125,624 7,659,558 
United States of America - 5.0%   
First Cash Financial Services, Inc. 110,047 5,032,449 
MercadoLibre, Inc. 46,959 5,864,710 
Monsanto Co. 112,070 10,498,718 
PriceSmart, Inc. 60,590 5,243,459 
TOTAL UNITED STATES OF AMERICA  26,639,336 
TOTAL COMMON STOCKS   
(Cost $370,927,690)  433,700,888 
Nonconvertible Preferred Stocks - 15.0%   
Brazil - 15.0%   
Alpargatas SA (PN) 2,325,383 6,254,210 
Itau Unibanco Holding SA 4,473,142 42,751,231 
Itausa-Investimentos Itau SA (PN) 7,391,854 18,612,621 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (a) 4,099,671 12,194,413 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $47,767,968)  79,812,475 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund, 0.38% (c) 15,233,830 15,233,830 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 1,908,000 1,908,000 
TOTAL MONEY MARKET FUNDS   
(Cost $17,141,830)  17,141,830 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $435,837,488)  530,655,193 
NET OTHER ASSETS (LIABILITIES) - 0.2%  1,322,703 
NET ASSETS - 100%  $531,977,896 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $13,871 
Fidelity Securities Lending Cash Central Fund 13,739 
Total $27,610 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $76,835,203 $76,835,203 $-- $-- 
Consumer Staples 88,151,727 80,492,169 7,659,558 -- 
Energy 12,194,413 12,194,413 -- -- 
Financials 186,927,261 186,927,261 -- -- 
Health Care 32,795,523 32,795,523 -- -- 
Industrials 53,732,080 53,732,080 -- -- 
Information Technology 31,144,008 31,144,008 -- -- 
Materials 19,177,120 19,177,120 -- -- 
Telecommunication Services 4,288,530 4,288,530 -- -- 
Utilities 8,267,498 8,267,498 -- -- 
Money Market Funds 17,141,830 17,141,830 -- -- 
Total Investments in Securities: $530,655,193 $522,995,635 $7,659,558 $-- 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $1,986,076) — See accompanying schedule:
Unaffiliated issuers (cost $418,695,658) 		$513,513,363  
Fidelity Central Funds (cost $17,141,830) 17,141,830  
Total Investments (cost $435,837,488)  $530,655,193 
Foreign currency held at value (cost $848,641)  845,098 
Receivable for investments sold  11,521,261 
Receivable for fund shares sold  886,476 
Dividends receivable  2,157,717 
Distributions receivable from Fidelity Central Funds  5,465 
Prepaid expenses  839 
Other receivables  4,697 
Total assets  546,076,746 
Liabilities   
Payable for investments purchased $9,981,660  
Payable for fund shares redeemed 1,673,044  
Accrued management fee 295,020  
Distribution and service plan fees payable 10,382  
Other affiliated payables 141,288  
Other payables and accrued expenses 89,456  
Collateral on securities loaned, at value 1,908,000  
Total liabilities  14,098,850 
Net Assets  $531,977,896 
Net Assets consist of:   
Paid in capital  $621,439,296 
Undistributed net investment income  5,280,315 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (189,596,126) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  94,854,411 
Net Assets  $531,977,896 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($15,995,909 ÷ 829,375 shares)  $19.29 
Maximum offering price per share (100/94.25 of $19.29)  $20.47 
Class T:   
Net Asset Value and redemption price per share ($5,751,716 ÷ 297,544 shares)  $19.33 
Maximum offering price per share (100/96.50 of $19.33)  $20.03 
Class B:   
Net Asset Value and offering price per share ($424,337 ÷ 21,533 shares)(a)  $19.71 
Class C:   
Net Asset Value and offering price per share ($5,785,469 ÷ 296,693 shares)(a)  $19.50 
Latin America:   
Net Asset Value, offering price and redemption price per share ($500,862,877 ÷ 26,047,611 shares)  $19.23 
Class I:   
Net Asset Value, offering price and redemption price per share ($3,157,588 ÷ 164,416 shares)  $19.20 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $11,941,726 
Income from Fidelity Central Funds  27,610 
Income before foreign taxes withheld  11,969,336 
Less foreign taxes withheld  (658,372) 
Total income  11,310,964 
Expenses   
Management fee $1,625,345  
Transfer agent fees 695,198  
Distribution and service plan fees 56,456  
Accounting and security lending fees 120,506  
Custodian fees and expenses 201,427  
Independent trustees' compensation 1,051  
Registration fees 43,549  
Audit 39,945  
Legal 713  
Interest 882  
Miscellaneous 1,577  
Total expenses before reductions 2,786,649  
Expense reductions (7,128) 2,779,521 
Net investment income (loss)  8,531,443 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (101,386,798)  
Foreign currency transactions (358,721)  
Total net realized gain (loss)  (101,745,519) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		133,562,288  
Assets and liabilities in foreign currencies 76,379  
Total change in net unrealized appreciation (depreciation)  133,638,667 
Net gain (loss)  31,893,148 
Net increase (decrease) in net assets resulting from operations  $40,424,591 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,531,443 $10,341,112 
Net realized gain (loss) (101,745,519) (87,419,393) 
Change in net unrealized appreciation (depreciation) 133,638,667 (231,042,995) 
Net increase (decrease) in net assets resulting from operations 40,424,591 (308,121,276) 
Distributions to shareholders from net investment income (10,264,003) (12,592,762) 
Distributions to shareholders from net realized gain – (66,395,306) 
Total distributions (10,264,003) (78,988,068) 
Share transactions - net increase (decrease) (8,769,783) (98,503,600) 
Redemption fees 24,821 127,133 
Total increase (decrease) in net assets 21,415,626 (485,485,811) 
Net Assets   
Beginning of period 510,562,270 996,048,081 
End of period (including undistributed net investment income of $5,280,315 and undistributed net investment income of $7,012,875, respectively) $531,977,896 $510,562,270 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Latin America Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.09 $30.31 $40.71 $48.95 $52.38 $57.48 
Income from Investment Operations       
Net investment income (loss)A .29 .28 .49 .72 .92 1.15 
Net realized and unrealized gain (loss) 1.22 (10.11) (4.08) (4.73) (3.66) (5.87) 
Total from investment operations 1.51 (9.83) (3.59) (4.01) (2.74) (4.72) 
Distributions from net investment income (.31) (.31) (.57) (.79) (.70) (.19) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.31) (2.39) (6.82) (4.24) (.70) (.39) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.29 $18.09 $30.31 $40.71 $48.95 $52.38 
Total ReturnC,D,E 8.51% (34.60)% (9.06)% (8.93)% (5.23)% (8.26)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.42%H 1.40% 1.38% 1.37% 1.35% 1.34% 
Expenses net of fee waivers, if any 1.42%H 1.40% 1.38% 1.37% 1.35% 1.34% 
Expenses net of all reductions 1.42%H 1.39% 1.38% 1.35% 1.35% 1.34% 
Net investment income (loss) 3.43%H 1.26% 1.52% 1.66% 1.80% 2.05% 
Supplemental Data       
Net assets, end of period (000 omitted) $15,996 $16,424 $34,898 $48,464 $69,654 $91,407 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Latin America Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.11 $30.33 $40.68 $48.88 $52.27 $57.47 
Income from Investment Operations       
Net investment income (loss)A .27 .22 .40 .61 .78 .99 
Net realized and unrealized gain (loss) 1.21 (10.13) (4.08) (4.74) (3.65) (5.85) 
Total from investment operations 1.48 (9.91) (3.68) (4.13) (2.87) (4.86) 
Distributions from net investment income (.26) (.23) (.43) (.63) (.53) (.15) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.26) (2.31) (6.68) (4.08) (.53) (.35) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.33 $18.11 $30.33 $40.68 $48.88 $52.27 
Total ReturnC,D,E 8.33% (34.78)% (9.30)% (9.17)% (5.49)% (8.50)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.71%H 1.67% 1.65% 1.63% 1.61% 1.61% 
Expenses net of fee waivers, if any 1.71%H 1.67% 1.65% 1.63% 1.61% 1.61% 
Expenses net of all reductions 1.71%H 1.66% 1.65% 1.61% 1.61% 1.61% 
Net investment income (loss) 3.14%H .99% 1.25% 1.40% 1.54% 1.78% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,752 $5,284 $9,761 $12,705 $19,334 $26,020 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Latin America Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.27 $30.46 $40.63 $48.72 $52.06 $57.44 
Income from Investment Operations       
Net investment income (loss)A .23 .12 .25 .40 .53 .72 
Net realized and unrealized gain (loss) 1.24 (10.23) (4.08) (4.74) (3.63) (5.84) 
Total from investment operations 1.47 (10.11) (3.83) (4.34) (3.10) (5.12) 
Distributions from net investment income (.03) – (.10) (.31) (.25) (.07) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.03) (2.08) (6.35) (3.76) (.25) (.27) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.71 $18.27 $30.46 $40.63 $48.72 $52.06 
Total ReturnC,D,E 8.10% (35.09)% (9.73)% (9.60)% (5.95)% (8.94)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.17%H 2.16% 2.14% 2.12% 2.10% 2.10% 
Expenses net of fee waivers, if any 2.17%H 2.15% 2.14% 2.12% 2.10% 2.10% 
Expenses net of all reductions 2.17%H 2.15% 2.13% 2.10% 2.10% 2.10% 
Net investment income (loss) 2.68%H .50% .76% .91% 1.05% 1.29% 
Supplemental Data       
Net assets, end of period (000 omitted) $424 $628 $2,211 $4,764 $9,492 $14,114 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Latin America Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.18 $30.37 $40.59 $48.73 $52.05 $57.44 
Income from Investment Operations       
Net investment income (loss)A .23 .11 .25 .40 .54 .73 
Net realized and unrealized gain (loss) 1.22 (10.17) (4.07) (4.74) (3.64) (5.84) 
Total from investment operations 1.45 (10.06) (3.82) (4.34) (3.10) (5.11) 
Distributions from net investment income (.13) (.05) (.16) (.36) (.23) (.09) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.13) (2.13) (6.41) (3.81) (.23) (.29) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.50 $18.18 $30.37 $40.59 $48.73 $52.05 
Total ReturnC,D,E 8.07% (35.08)% (9.74)% (9.62)% (5.94)% (8.93)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.17%H 2.15% 2.13% 2.12% 2.10% 2.08% 
Expenses net of fee waivers, if any 2.17%H 2.15% 2.13% 2.12% 2.10% 2.08% 
Expenses net of all reductions 2.16%H 2.15% 2.13% 2.10% 2.10% 2.08% 
Net investment income (loss) 2.69%H .51% .77% .91% 1.06% 1.31% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,785 $5,394 $11,349 $15,185 $27,405 $35,203 
Portfolio turnover rateI 165%H 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Latin America Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.08 $30.34 $40.80 $49.09 $52.48 $57.50 
Income from Investment Operations       
Net investment income (loss)A .31 .34 .59 .87 1.09 1.34 
Net realized and unrealized gain (loss) 1.22 (10.11) (4.10) (4.74) (3.67) (5.88) 
Total from investment operations 1.53 (9.77) (3.51) (3.87) (2.58) (4.54) 
Distributions from net investment income (.38) (.41) (.71) (.98) (.82) (.29) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.38) (2.49) (6.96) (4.43) (.82) (.49) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.23 $18.08 $30.34 $40.80 $49.09 $52.48 
Total ReturnC,D 8.67% (34.45)% (8.79)% (8.63)% (4.91)% (7.96)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.17%G 1.13% 1.08% 1.04% 1.02% 1.00% 
Expenses net of fee waivers, if any 1.17%G 1.12% 1.08% 1.04% 1.02% 1.00% 
Expenses net of all reductions 1.17%G 1.12% 1.07% 1.03% 1.02% 1.00% 
Net investment income (loss) 3.68%G 1.53% 1.83% 1.99% 2.14% 2.39% 
Supplemental Data       
Net assets, end of period (000 omitted) $500,863 $481,005 $933,298 $1,324,748 $2,274,601 $2,884,301 
Portfolio turnover rateH 165%G 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Latin America Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $18.08 $30.35 $40.79 $49.07 $52.51 $57.49 
Income from Investment Operations       
Net investment income (loss)A .31 .36 .60 .87 1.08 1.32 
Net realized and unrealized gain (loss) 1.21 (10.13) (4.07) (4.74) (3.67) (5.88) 
Total from investment operations 1.52 (9.77) (3.47) (3.87) (2.59) (4.56) 
Distributions from net investment income (.40) (.42) (.73) (.97) (.86) (.23) 
Distributions from net realized gain – (2.08) (6.25) (3.45) – (.20) 
Total distributions (.40) (2.50) (6.98) (4.42) (.86) (.43) 
Redemption fees added to paid in capitalA –B –B .01 .01 .01 .01 
Net asset value, end of period $19.20 $18.08 $30.35 $40.79 $49.07 $52.51 
Total ReturnC,D 8.66% (34.42)% (8.69)% (8.63)% (4.93)% (7.98)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.13%G 1.06% 1.04% 1.03% 1.04% 1.04% 
Expenses net of fee waivers, if any 1.13%G 1.06% 1.04% 1.03% 1.04% 1.04% 
Expenses net of all reductions 1.12%G 1.05% 1.04% 1.01% 1.04% 1.04% 
Net investment income (loss) 3.73%G 1.60% 1.86% 2.00% 2.12% 2.35% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,158 $1,828 $4,531 $5,131 $7,928 $9,603 
Portfolio turnover rateH 165%G 30% 30% 23% 23% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Latin America 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, Latin America and Institutional Class shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards, deferred trustees compensation 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 $108,291,244 
Gross unrealized depreciation (19,001,999) 
Net unrealized appreciation (depreciation) on securities $89,289,245 
Tax cost $441,365,948 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(34,655,095) 
Long-term (50,107,400) 
Total capital loss carryforward $(84,762,495) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $384,349,836 and $399,551,878, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% 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 the investment adviser, 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% $17,807 $– 
Class T .25% .25% 12,316 – 
Class B .75% .25% 2,397 1,798 
Class C .75% .25% 23,936 1,863 
   $56,456 $3,661 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $2,586 
Class T 808 
Class B(a) 36 
Class C(a) 385 
 $3,815 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $21,549 .30 
Class T 8,453 .34 
Class B 721 .30 
Class C 7,142 .30 
Latin America 654,143 .30 
Class I 3,190 .25 
 $695,198  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6,916 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $7,287,286 .62% $882 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $400 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $13,739, including $185 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,446 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,682.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $264,922 $341,444 
Class T 74,433 71,167 
Class B 1,059 – 
Class C 37,419 18,114 
Latin America 9,833,214 12,109,807 
Class I 52,956 52,230 
Total $10,264,003 $12,592,762 
From net realized gain   
Class A $– $2,330,553 
Class T – 658,521 
Class B – 144,042 
Class C – 754,025 
Latin America – 62,251,897 
Class I – 256,268 
Total $– $66,395,306 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 66,880 218,330 $1,163,572 $4,910,163 
Reinvestment of distributions 14,810 103,775 256,538 2,587,573 
Shares redeemed (160,323) (565,352) (2,718,955) (12,518,797) 
Net increase (decrease) (78,633) (243,247) $(1,298,845) $(5,021,061) 
Class T     
Shares sold 31,261 29,946 $528,543 $658,518 
Reinvestment of distributions 4,243 28,508 73,689 713,357 
Shares redeemed (29,741) (88,493) (509,091) (1,990,592) 
Net increase (decrease) 5,763 (30,039) $93,141 $(618,717) 
Class B     
Shares sold 1 116 $10 $2,989 
Reinvestment of distributions 59 5,261 1,009 133,376 
Shares redeemed (12,894) (43,584) (221,180) (982,322) 
Net increase (decrease) (12,834) (38,207) $(220,161) $(845,957) 
Class C     
Shares sold 46,774 48,350 $817,698 $1,099,271 
Reinvestment of distributions 1,720 25,875 30,044 652,617 
Shares redeemed (48,571) (151,109) (821,023) (3,411,105) 
Net increase (decrease) (77) (76,884) $26,719 $(1,659,217) 
Latin America     
Shares sold 2,247,110 2,736,036 $38,271,000 $60,647,605 
Reinvestment of distributions 545,601 2,862,287 9,420,593 71,197,829 
Shares redeemed (3,343,417) (9,758,242) (56,149,551) (221,025,945) 
Net increase (decrease) (550,706) (4,159,919) $(8,457,958) $(89,180,511) 
Class I     
Shares sold 98,480 41,136 $1,665,317 $906,993 
Reinvestment of distributions 2,787 11,139 48,070 276,862 
Shares redeemed (37,940) (100,491) (626,066) (2,361,992) 
Net increase (decrease) 63,327 (48,216) $1,087,321 $(1,178,137) 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.42%    
Actual  $1,000.00 $1,085.10 $7.36 
Hypothetical-C  $1,000.00 $1,017.80 $7.12 
Class T 1.71%    
Actual  $1,000.00 $1,083.30 $8.86 
Hypothetical-C  $1,000.00 $1,016.36 $8.57 
Class B 2.17%    
Actual  $1,000.00 $1,081.00 $11.23 
Hypothetical-C  $1,000.00 $1,014.07 $10.87 
Class C 2.17%    
Actual  $1,000.00 $1,080.70 $11.23 
Hypothetical-C  $1,000.00 $1,014.07 $10.87 
Latin America 1.17%    
Actual  $1,000.00 $1,086.70 $6.07 
Hypothetical-C  $1,000.00 $1,019.05 $5.87 
Class I 1.13%    
Actual  $1,000.00 1,086.60 $5.86 
Hypothetical-C  $1,000.00 $1,019.24 $5.67 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

FALAA-SANN-0616
1.917421.105

Fidelity® Emerging Markets Fund
Class K



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-800-835-5092 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   India 13.5% 
   United States of America* 11.6% 
   Cayman Islands 9.4% 
   Mexico 8.5% 
   Brazil 8.3% 
   South Africa 6.8% 
   Korea (South) 5.5% 
   Taiwan 5.2% 
   Philippines 3.9% 
   Other 27.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   India 10.6% 
   United States of America* 9.1% 
   Korea (South) 8.6% 
   China 8.0% 
   Cayman Islands 7.7% 
   South Africa 7.4% 
   Mexico 6.8% 
   Taiwan 6.7% 
   Brazil 6.3% 
   Other 28.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.7 99.3 
Short-Term Investments and Net Other Assets (Liabilities) 1.3 0.7 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.6 3.4 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 3.4 3.2 
Naspers Ltd. Class N (South Africa, Media) 2.0 2.2 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 1.6 0.7 
Infosys Ltd. (India, IT Services) 1.4 0.0 
Baidu.com, Inc. sponsored ADR (Cayman Islands, Internet Software & Services) 1.3 0.0 
Itau Unibanco Holding SA (Brazil, Banks) 1.2 0.0 
Banco Bradesco SA (PN) (Brazil, Banks) 1.2 0.0 
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) 1.2 1.3 
Ambev SA sponsored ADR (Brazil, Beverages) 1.2 1.0 
 18.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Information Technology 21.7 23.1 
Financials 18.4 19.8 
Consumer Discretionary 14.2 18.5 
Consumer Staples 13.8 8.5 
Industrials 9.8 11.3 
Health Care 8.3 8.4 
Materials 5.8 4.7 
Utilities 3.3 2.5 
Energy 2.0 1.1 
Telecommunication Services 1.4 1.4 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.1%   
 Shares Value 
Argentina - 0.9%   
Banco Macro SA sponsored ADR 253,800 $15,895,494 
Grupo Financiero Galicia SA sponsored ADR 565,400 16,096,938 
TOTAL ARGENTINA  31,992,432 
Australia - 1.0%   
Amcor Ltd. (a) 1,507,331 17,649,927 
Sydney Airport unit 3,215,206 16,648,284 
TOTAL AUSTRALIA  34,298,211 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 124,900 15,460,110 
Bermuda - 2.8%   
Axalta Coating Systems (a) 542,400 15,442,128 
China Gas Holdings Ltd. 13,294,000 19,192,999 
China Resource Gas Group Ltd. 6,777,000 19,177,830 
Credicorp Ltd. (United States) 190,532 27,707,163 
Markit Ltd. (a) 378,200 13,195,398 
TOTAL BERMUDA  94,715,518 
Brazil - 4.7%   
BB Seguridade Participacoes SA 2,662,820 23,227,332 
Cielo SA 2,840,354 27,666,456 
Kroton Educacional SA 6,649,560 24,747,944 
Qualicorp SA 4,297,200 18,616,931 
Smiles SA 1,428,100 16,567,912 
Ultrapar Participacoes SA 1,214,800 25,579,942 
Weg SA 4,856,990 21,437,554 
TOTAL BRAZIL  157,844,071 
British Virgin Islands - 0.4%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 699,800 14,170,950 
Cayman Islands - 9.4%   
Alibaba Group Holding Ltd. sponsored ADR (a) 715,800 55,073,652 
Baidu.com, Inc. sponsored ADR (a) 228,500 44,397,550 
ENN Energy Holdings Ltd. 2,956,000 14,418,302 
Fu Shou Yuan International Group Ltd. (b) 22,806,000 16,000,500 
New Oriental Education & Technology Group, Inc. sponsored ADR 481,400 18,851,624 
Shenzhou International Group Holdings Ltd. 3,742,000 19,344,370 
Sino Biopharmaceutical Ltd. 24,372,000 17,270,105 
TAL Education Group ADR (a) 291,200 16,848,832 
Tencent Holdings Ltd. 5,721,000 116,412,715 
TOTAL CAYMAN ISLANDS  318,617,650 
China - 2.6%   
China Pacific Insurance (Group) Co. Ltd. (H Shares) 6,272,000 21,992,431 
Inner Mongoli Yili Industries Co. Ltd. 6,626,208 15,383,246 
Jiangsu Hengrui Medicine Co. Ltd. 2,175,571 15,686,572 
Kweichow Moutai Co. Ltd. 493,792 19,159,653 
Shanghai International Airport Co. Ltd. 3,524,600 14,813,659 
TOTAL CHINA  87,035,561 
Denmark - 0.5%   
Novo Nordisk A/S Series B sponsored ADR 290,800 16,223,732 
France - 0.5%   
Dassault Systemes SA 212,862 16,647,280 
Germany - 1.0%   
adidas AG 130,300 16,799,922 
Wirecard AG (b) 413,963 17,877,224 
TOTAL GERMANY  34,677,146 
Hong Kong - 1.7%   
AIA Group Ltd. 3,067,000 18,354,787 
Guangdong Investment Ltd. 15,741,000 22,227,261 
Techtronic Industries Co. Ltd. 4,548,000 17,048,951 
TOTAL HONG KONG  57,630,999 
India - 13.5%   
Adani Ports & Special Economic Zone 6,242,535 22,385,557 
Amara Raja Batteries Ltd. 1,160,524 16,699,714 
Asian Paints India Ltd. 1,554,398 20,270,789 
Bharti Infratel Ltd. 3,098,742 17,491,375 
Colgate-Palmolive (India) 1,354,322 17,143,742 
GlaxoSmithKline Consumer Healthcare Ltd. (a) 200,035 17,760,144 
HCL Technologies Ltd. 1,831,903 20,692,006 
HDFC Bank Ltd. (a) 855,782 17,395,339 
Hindustan Unilever Ltd. 1,870,173 24,435,242 
Housing Development Finance Corp. Ltd. 2,451,311 40,167,247 
IndusInd Bank Ltd. 1,114,105 17,591,573 
Infosys Ltd. 2,637,820 47,917,757 
ITC Ltd. 5,606,750 27,427,922 
LIC Housing Finance Ltd. (a) 2,503,611 17,424,323 
Lupin Ltd. 753,518 18,232,333 
Maruti Suzuki India Ltd. (a) 385,100 21,999,378 
Power Grid Corp. of India Ltd. 7,639,726 16,492,713 
Sun Pharmaceutical Industries Ltd. 2,084,366 25,457,786 
Tata Consultancy Services Ltd. 901,167 34,398,069 
Titan Co. Ltd. 2,684,343 14,382,393 
TOTAL INDIA  455,765,402 
Indonesia - 3.8%   
PT ACE Hardware Indonesia Tbk 230,253,400 16,149,863 
PT Bank Central Asia Tbk 25,348,100 25,082,856 
PT Bank Rakyat Indonesia Tbk 27,241,900 21,379,562 
PT Kalbe Farma Tbk 158,104,300 16,484,184 
PT Matahari Department Store Tbk 13,334,600 19,211,207 
PT Surya Citra Media Tbk 74,367,300 18,044,841 
PT Tower Bersama Infrastructure Tbk (a) 30,089,100 13,518,192 
TOTAL INDONESIA  129,870,705 
Isle of Man - 0.4%   
Playtech Ltd. 1,074,286 12,628,180 
Israel - 1.4%   
Check Point Software Technologies Ltd. (a) 190,200 15,761,874 
Frutarom Industries Ltd. 325,900 16,702,980 
Teva Pharmaceutical Industries Ltd. sponsored ADR 279,700 15,229,665 
TOTAL ISRAEL  47,694,519 
Kenya - 0.5%   
Safaricom Ltd. 98,651,000 16,702,298 
Korea (South) - 5.5%   
AMOREPACIFIC Corp. 82,091 29,198,579 
AMOREPACIFIC Group, Inc. 148,868 21,829,772 
Coway Co. Ltd. 215,727 18,566,070 
KT&G Corp. 264,441 28,390,462 
LG Chemical Ltd. 102,407 26,547,563 
LG Household & Health Care Ltd. 29,661 26,070,768 
NAVER Corp. 58,652 34,658,524 
TOTAL KOREA (SOUTH)  185,261,738 
Luxembourg - 0.5%   
Eurofins Scientific SA 45,580 16,912,616 
Mexico - 8.5%   
Banregio Grupo Financiero S.A.B. de CV 2,857,515 17,123,847 
El Puerto de Liverpool S.A.B. de CV Class C 1,481,500 16,840,619 
Fomento Economico Mexicano S.A.B. de CV unit 3,374,867 31,401,319 
Gruma S.A.B. de CV Series B 1,244,700 18,182,901 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 2,124,857 20,020,129 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 1,327,960 20,393,342 
Grupo Aeroportuario Norte S.A.B. de CV 3,088,700 17,873,713 
Grupo Financiero Banorte S.A.B. de CV Series O 5,100,400 28,954,734 
Grupo GICSA SA de CV (a) 14,416,570 11,329,032 
Infraestructura Energetica Nova S.A.B. de CV 3,983,200 15,565,009 
Kimberly-Clark de Mexico SA de CV Series A 8,174,500 19,347,423 
Megacable Holdings S.A.B. de CV unit 3,931,052 18,153,353 
Promotora y Operadora de Infraestructura S.A.B. de CV 1,309,300 16,604,590 
Tenedora Nemak SA de CV 11,309,300 16,223,145 
Wal-Mart de Mexico SA de CV Series V 7,931,800 19,616,679 
TOTAL MEXICO  287,629,835 
Philippines - 3.9%   
Ayala Corp. 1,274,520 20,891,994 
Ayala Land, Inc. 28,090,400 20,693,789 
D&L Industries, Inc. 78,821,700 15,082,286 
GT Capital Holdings, Inc. 615,950 17,901,640 
International Container Terminal Services, Inc. 11,708,080 16,179,977 
SM Investments Corp. 973,692 19,542,155 
SM Prime Holdings, Inc. 41,003,500 19,745,493 
TOTAL PHILIPPINES  130,037,334 
Russia - 1.4%   
Magnit OJSC (a) 160,055 22,244,241 
NOVATEK OAO GDR (Reg. S) 254,100 24,393,600 
TOTAL RUSSIA  46,637,841 
South Africa - 6.8%   
Aspen Pharmacare Holdings Ltd. 1,138,890 26,840,050 
Bidvest Group Ltd. 951,498 24,148,308 
Discovery Ltd. 2,303,985 20,590,644 
FirstRand Ltd. 8,009,800 25,742,319 
Mondi Ltd. 998,966 19,191,600 
Mr Price Group Ltd. 1,614,588 20,510,068 
Naspers Ltd. Class N 492,512 67,577,618 
Sanlam Ltd. 5,124,900 24,841,018 
TOTAL SOUTH AFRICA  229,441,625 
Spain - 0.5%   
Amadeus IT Holding SA Class A 374,000 17,018,603 
Switzerland - 0.5%   
Sika AG 3,880 16,514,167 
Taiwan - 5.2%   
Advantech Co. Ltd. 2,284,000 16,120,856 
ECLAT Textile Co. Ltd. 1,660,288 18,939,917 
Largan Precision Co. Ltd. 283,000 19,887,007 
Taiwan Semiconductor Manufacturing Co. Ltd. 26,409,000 121,144,904 
TOTAL TAIWAN  176,092,684 
Thailand - 1.6%   
Airports of Thailand PCL (For. Reg.) 1,793,900 20,137,709 
Bangkok Dusit Medical Services PCL (For. Reg.) 25,512,600 17,388,313 
Thai Beverage PCL 29,095,600 16,117,948 
TOTAL THAILAND  53,643,970 
Turkey - 2.2%   
Bim Birlesik Magazalar A/S JSC 863,000 18,999,571 
Koc Holding A/S 3,962,000 20,716,247 
Tofas Turk Otomobil Fabrikasi A/S 2,131,847 16,868,868 
Tupras Turkiye Petrol Rafinelleri A/S 701,000 18,502,091 
TOTAL TURKEY  75,086,777 
United Arab Emirates - 0.5%   
DP World Ltd. 966,954 18,275,431 
United Kingdom - 2.1%   
British American Tobacco PLC (United Kingdom) 271,100 16,529,533 
Hikma Pharmaceuticals PLC 620,223 19,973,504 
NMC Health PLC 1,068,200 16,341,581 
Prudential PLC 860,149 16,978,940 
TOTAL UNITED KINGDOM  69,823,558 
United States of America - 10.3%   
A.O. Smith Corp. 200,500 15,482,610 
Alphabet, Inc. Class C 19,645 13,614,181 
Amazon.com, Inc. (a) 27,400 18,072,766 
Amphenol Corp. Class A 253,700 14,164,071 
China Biologic Products, Inc. (a) 152,778 17,875,026 
Danaher Corp. 152,300 14,735,025 
Ecolab, Inc. 131,800 15,154,364 
Facebook, Inc. Class A (a) 129,400 15,214,852 
Gartner, Inc. Class A (a) 161,900 14,112,823 
International Flavors & Fragrances, Inc. 136,110 16,261,062 
MasterCard, Inc. Class A 159,200 15,440,808 
McGraw Hill Financial, Inc. 162,300 17,341,755 
MercadoLibre, Inc. 145,000 18,109,050 
Mettler-Toledo International, Inc. (a) 43,980 15,742,641 
Moody's Corp. 167,700 16,052,244 
MSCI, Inc. Class A 226,300 17,185,222 
NIKE, Inc. Class B 264,900 15,613,206 
Philip Morris International, Inc. 164,300 16,121,116 
PPG Industries, Inc. 138,156 15,251,041 
The Walt Disney Co. 143,200 14,786,832 
TransDigm Group, Inc. (a) 67,400 15,358,438 
Visa, Inc. Class A 194,800 15,046,352 
TOTAL UNITED STATES OF AMERICA  346,735,485 
TOTAL COMMON STOCKS   
(Cost $2,853,955,571)  3,211,086,428 
Nonconvertible Preferred Stocks - 3.6%   
Brazil - 3.6%   
Ambev SA sponsored ADR 7,122,280 39,813,545 
Banco Bradesco SA (PN) 5,419,920 40,815,855 
Itau Unibanco Holding SA 4,422,300 42,265,320 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $122,024,142)  122,894,720 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.38% (c) 40,807,246 40,807,246 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 18,737,780 18,737,780 
TOTAL MONEY MARKET FUNDS   
(Cost $59,545,026)  59,545,026 
TOTAL INVESTMENT PORTFOLIO - 100.5%   
(Cost $3,035,524,739)  3,393,526,174 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (17,164,414) 
NET ASSETS - 100%  $3,376,361,760 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $75,602 
Fidelity Securities Lending Cash Central Fund 328,352 
Total $403,954 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $478,150,199 $425,756,378 $52,393,821 $-- 
Consumer Staples 460,633,916 444,104,383 16,529,533 -- 
Energy 68,475,633 68,475,633 -- -- 
Financials 633,964,289 559,242,792 74,721,497 -- 
Health Care 274,275,039 257,004,934 17,270,105 -- 
Industrials 331,452,442 331,452,442 -- -- 
Information Technology 738,175,744 452,700,368 285,475,376 -- 
Materials 194,067,907 194,067,907 -- -- 
Telecommunication Services 47,711,865 47,711,865 -- -- 
Utilities 107,074,114 32,057,722 75,016,392 -- 
Money Market Funds 59,545,026 59,545,026 -- -- 
Total Investments in Securities: $3,393,526,174 $2,872,119,450 $521,406,724 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $677,669,702 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $17,887,433) — See accompanying schedule:
Unaffiliated issuers (cost $2,975,979,713) 		$3,333,981,148  
Fidelity Central Funds (cost $59,545,026) 59,545,026  
Total Investments (cost $3,035,524,739)  $3,393,526,174 
Foreign currency held at value (cost $1,000)  558 
Receivable for investments sold  413,790 
Receivable for fund shares sold  5,018,549 
Dividends receivable  4,411,251 
Distributions receivable from Fidelity Central Funds  199,878 
Prepaid expenses  2,120 
Other receivables  1,830,965 
Total assets  3,405,403,285 
Liabilities   
Payable for fund shares redeemed $7,317,521  
Accrued management fee 1,954,961  
Other affiliated payables 607,598  
Other payables and accrued expenses 423,665  
Collateral on securities loaned, at value 18,737,780  
Total liabilities  29,041,525 
Net Assets  $3,376,361,760 
Net Assets consist of:   
Paid in capital  $3,461,571,887 
Undistributed net investment income  1,559,020 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (444,154,246) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  357,385,099 
Net Assets  $3,376,361,760 
Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($2,806,595,386 ÷ 124,804,753 shares)  $22.49 
Class K:   
Net Asset Value, offering price and redemption price per share ($569,766,374 ÷ 25,321,147 shares)  $22.50 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $21,326,584 
Interest  209 
Income from Fidelity Central Funds  403,954 
Income before foreign taxes withheld  21,730,747 
Less foreign taxes withheld  (2,263,836) 
Total income  19,466,911 
Expenses   
Management fee $11,276,881  
Transfer agent fees 3,228,698  
Accounting and security lending fees 699,469  
Custodian fees and expenses 691,002  
Independent trustees' compensation 7,020  
Registration fees 92,118  
Audit 70,629  
Legal 4,179  
Interest 7,392  
Miscellaneous 11,028  
Total expenses before reductions 16,088,416  
Expense reductions (46,079) 16,042,337 
Net investment income (loss)  3,424,574 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (182,579,350)  
Foreign currency transactions (11,086)  
Total net realized gain (loss)  (182,590,436) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $363,195) 		177,537,436  
Assets and liabilities in foreign currencies 46,114  
Total change in net unrealized appreciation (depreciation)  177,583,550 
Net gain (loss)  (5,006,886) 
Net increase (decrease) in net assets resulting from operations  $(1,582,312) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,424,574 $26,242,657 
Net realized gain (loss) (182,590,436) (231,739,571) 
Change in net unrealized appreciation (depreciation) 177,583,550 (191,944,680) 
Net increase (decrease) in net assets resulting from operations (1,582,312) (397,441,594) 
Distributions to shareholders from net investment income (17,361,594) (18,114,621) 
Distributions to shareholders from net realized gain – (2,942,055) 
Total distributions (17,361,594) (21,056,676) 
Share transactions - net increase (decrease) 100,654,003 716,596,433 
Redemption fees 1,677,235 519,430 
Total increase (decrease) in net assets 83,387,332 298,617,593 
Net Assets   
Beginning of period 3,292,974,428 2,994,356,835 
End of period (including undistributed net investment income of $1,559,020 and undistributed net investment income of $15,496,040, respectively) $3,376,361,760 $3,292,974,428 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $25.44 $24.43 $22.15 $22.23 $25.72 
Income from Investment Operations       
Net investment income (loss)A .02 .19 .17 .20 .33 .35 
Net realized and unrealized gain (loss) .02B (2.91) .86 2.38 (.11) (3.48) 
Total from investment operations .04 (2.72) 1.03 2.58 .22 (3.13) 
Distributions from net investment income (.11) (.14) (.02) (.30) (.30) (.24) 
Distributions from net realized gain – (.03) – – – (.13) 
Total distributions (.11) (.17) (.02) (.30) (.30) (.37) 
Redemption fees added to paid in capitalA .01 –C –C –C –C .01 
Net asset value, end of period $22.49 $22.55 $25.44 $24.43 $22.15 $22.23 
Total ReturnD,E .23% (10.76)% 4.22% 11.78% 1.03% (12.33)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.03%H 1.05% 1.07% 1.08% 1.09% 1.07% 
Expenses net of fee waivers, if any 1.03%H 1.05% 1.07% 1.08% 1.09% 1.07% 
Expenses net of all reductions 1.02%H 1.03% 1.07% 1.03% 1.03% 1.01% 
Net investment income (loss) .18%H .78% .71% .85% 1.50% 1.38% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,806,595 $2,738,934 $2,370,927 $2,241,338 $2,203,756 $2,907,884 
Portfolio turnover rateI 85%H 107% 94% 119% 176% 122% 

 A Calculated based on average shares outstanding during the period.

 B 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.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Emerging Markets Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.58 $25.48 $24.42 $22.15 $22.23 $25.75 
Income from Investment Operations       
Net investment income (loss)A .04 .24 .23 .25 .37 .40 
Net realized and unrealized gain (loss) .02B (2.92) .86 2.38 (.10) (3.48) 
Total from investment operations .06 (2.68) 1.09 2.63 .27 (3.08) 
Distributions from net investment income (.15) (.20) (.03) (.36) (.35) (.32) 
Distributions from net realized gain – (.03) – – – (.13) 
Total distributions (.15) (.22)C (.03) (.36) (.35) (.45) 
Redemption fees added to paid in capitalA .01 –D –D –D –D .01 
Net asset value, end of period $22.50 $22.58 $25.48 $24.42 $22.15 $22.23 
Total ReturnE,F .33% (10.60)% 4.47% 12.01% 1.25% (12.17)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .84%I .85% .86% .87% .87% .87% 
Expenses net of fee waivers, if any .84%I .85% .85% .87% .87% .87% 
Expenses net of all reductions .84%I .83% .85% .82% .81% .80% 
Net investment income (loss) .36%I .98% .92% 1.07% 1.72% 1.58% 
Supplemental Data       
Net assets, end of period (000 omitted) $569,766 $554,041 $623,430 $547,369 $607,919 $497,821 
Portfolio turnover rateJ 85%I 107% 94% 119% 176% 122% 

 A Calculated based on average shares outstanding during the period.

 B 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.

 C Total distributions of $.22 per share is comprised of distributions from net investment income of $.195 and distributions from net realized gain of $.025 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Emerging Markets 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 Emerging Markets and Class K 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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 $457,105,971 
Gross unrealized depreciation (137,734,879) 
Net unrealized appreciation (depreciation) on securities $319,371,092 
Tax cost $3,074,155,082 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(24,838,920) 
No expiration  
Short-term (189,293,193) 
Long-term (24,501,874) 
Total no expiration (213,795,067) 
Total capital loss carryforward $(238,633,987) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,445,739,072 and $1,365,772,666, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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 Emerging Markets. FIIOC receives an asset-based fee of Class K's average net assets. 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
Class-Level Average
Net Assets(a) 
Emerging Markets $3,103,080 .23 
Class K 125,618 .05 
 $3,228,698  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $5,446 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $45,190,667 .65% $7,392 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $2,841 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $328,352, including $978 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $32,983 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,328.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $11,768.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Emerging Markets $13,660,209 $13,346,829 
Class K 3,701,385 4,767,792 
Total $17,361,594 $18,114,621 
From net realized gain   
Emerging Markets $– $2,332,143 
Class K – 609,912 
Total $– $2,942,055 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Emerging Markets     
Shares sold 29,103,318 55,410,811 $613,674,115 $1,332,719,199 
Reinvestment of distributions 572,542 546,115 12,670,348 13,577,228 
Shares redeemed (26,341,490) (27,685,404) (540,823,971) (631,200,476) 
Net increase (decrease) 3,334,370 28,271,522 $85,520,492 $715,095,951 
Class K     
Shares sold 3,504,590 8,915,876 $73,202,280 $215,741,410 
Reinvestment of distributions 167,256 216,324 3,701,385 5,377,704 
Shares redeemed (2,884,189) (9,064,709) (61,770,154) (219,618,632) 
Net increase (decrease) 787,657 67,491 $15,133,511 $1,500,482 

11. 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.

At the end of the period, Strategic Advisers Emerging Markets Fund was the owner of record of approximately 14% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Emerging Markets 1.03%    
Actual  $1,000.00 $1,002.30 $5.13 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class K .84%    
Actual  $1,000.00 $1,003.30 $4.18 
Hypothetical-C  $1,000.00 $1,020.69 $4.22 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

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Boston, MA 02210

www.fidelity.com

EMF-K-SANN-0616
1.863019.107

Fidelity Advisor® Europe Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Europe Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 25.5% 
   Sweden 15.9% 
   Germany 14.5% 
   France 9.1% 
   Denmark 6.2% 
   Bailiwick of Jersey 5.5% 
   Isle of Man 3.8% 
   Spain 3.2% 
   Ireland 3.0% 
   Other* 13.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 30.9% 
   Sweden 16.5% 
   France 10.5% 
   Germany 9.4% 
   Denmark 6.6% 
   Bailiwick of Jersey 5.4% 
   Isle of Man 3.1% 
   Spain 2.8% 
   Finland 2.7% 
   Other* 12.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.3 99.7 
Short-Term Investments and Net Other Assets (Liabilities) 1.7 0.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
SAP AG (Germany, Software) 3.5 0.0 
Getinge AB (B Shares) (Sweden, Health Care Equipment & Supplies) 3.5 2.9 
Shire PLC (Bailiwick of Jersey, Pharmaceuticals) 3.2 3.2 
William Hill PLC (United Kingdom, Hotels, Restaurants & Leisure) 3.1 2.0 
Standard Chartered PLC (United Kingdom) (United Kingdom, Banks) 3.0 2.9 
Bayer AG (Germany, Pharmaceuticals) 2.8 2.4 
Prudential PLC (United Kingdom, Insurance) 2.1 1.8 
LEG Immobilien AG (Germany, Real Estate Management & Development) 2.0 1.5 
Optimal Payments PLC (Isle of Man, IT Services) 2.0 1.5 
Svenska Cellulosa AB (SCA) (B Shares) (Sweden, Household Products) 1.9 1.6 
 27.1  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.6 31.6 
Industrials 17.7 17.5 
Health Care 17.3 19.8 
Consumer Discretionary 16.7 16.8 
Information Technology 13.4 5.4 
Consumer Staples 3.8 3.0 
Materials 1.9 4.3 
Energy 1.6 0.0 
Utilities 1.3 1.3 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
Austria - 1.2%   
Andritz AG 277,200 $15,524,418 
Bailiwick of Jersey - 5.5%   
Shire PLC 652,600 40,723,546 
Wolseley PLC 265,134 14,850,704 
WPP PLC 620,800 14,503,493 
TOTAL BAILIWICK OF JERSEY  70,077,743 
Bermuda - 2.2%   
Vostok Emerging Finance Ltd. (depository receipt) (a)(b)(c) 53,380,307 7,179,016 
Vostok New Ventures Ltd. SDR (a) 3,662,236 20,841,196 
TOTAL BERMUDA  28,020,212 
Denmark - 6.2%   
Carlsberg A/S Series B 241,500 23,519,470 
DSV de Sammensluttede Vognmaend A/S 236,000 9,930,612 
Novozymes A/S Series B 343,955 16,484,143 
Scandinavian Tobacco Group A/S 436,427 6,942,867 
William Demant Holding A/S (a) 210,000 21,582,535 
TOTAL DENMARK  78,459,627 
Finland - 2.2%   
Amer Group PLC (A Shares) 450,500 13,319,119 
Valmet Corp. 1,119,700 14,039,132 
TOTAL FINLAND  27,358,251 
France - 9.1%   
Bollore Group 3,447,549 13,658,751 
Capgemini SA 198,200 18,503,145 
Eurazeo SA 207,255 14,595,016 
Havas SA 2,857,100 23,908,285 
Publicis Groupe SA 230,946 17,090,748 
Wendel SA 146,000 16,868,190 
Zodiac Aerospace 454,600 10,658,051 
TOTAL FRANCE  115,282,186 
Germany - 14.5%   
adidas AG 140,700 18,140,821 
Bayer AG 308,000 35,532,047 
Brenntag AG 338,000 19,819,648 
CompuGroup Medical AG 259,600 10,195,846 
Fresenius SE & Co. KGaA 206,797 15,041,085 
GEA Group AG 332,091 15,396,760 
LEG Immobilien AG 270,421 25,022,458 
SAP AG 571,242 44,820,245 
TOTAL GERMANY  183,968,910 
Ireland - 3.0%   
DCC PLC (United Kingdom) 149,700 13,255,290 
Ryanair Holdings PLC sponsored ADR 137,767 11,152,239 
United Drug PLC (United Kingdom) 1,554,241 13,898,393 
TOTAL IRELAND  38,305,922 
Isle of Man - 3.8%   
Optimal Payments PLC (a) 4,443,710 24,751,037 
Playtech Ltd. 1,974,395 23,208,918 
TOTAL ISLE OF MAN  47,959,955 
Malta - 1.0%   
Kambi Group PLC (a)(b) 752,299 12,974,791 
Netherlands - 1.8%   
CSM NV (exchangeable) 295,400 7,539,543 
RELX NV 929,903 15,604,430 
TOTAL NETHERLANDS  23,143,973 
Norway - 1.6%   
TGS Nopec Geophysical Co. ASA 1,199,700 20,069,871 
Spain - 3.2%   
Amadeus IT Holding SA Class A 520,000 23,662,229 
Red Electrica Corporacion SA 180,600 16,123,886 
TOTAL SPAIN  39,786,115 
Sweden - 15.9%   
Elekta AB (B Shares) (b) 2,889,502 21,121,328 
Getinge AB (B Shares) 2,070,400 43,777,611 
H&M Hennes & Mauritz AB (B Shares) 653,350 23,228,016 
Hemfosa Fastigheter AB (b) 1,181,300 12,319,842 
Hemfosa Fastigheter AB rights 5/10/16 (a)(b) 1,181,300 426,598 
Indutrade AB 301,100 16,883,902 
Kungsleden AB (b) 1,999,100 13,753,933 
Lundbergfoeretagen AB (b) 94,092 5,109,741 
Pandox AB 781,300 13,260,924 
Sandvik AB (b) 1,121,100 11,503,545 
Svenska Cellulosa AB (SCA) (B Shares) 776,700 24,460,327 
Svenska Handelsbanken AB (A Shares) 1,135,800 15,151,746 
TOTAL SWEDEN  200,997,513 
Switzerland - 1.6%   
Julius Baer Group Ltd. 484,660 20,770,478 
United Kingdom - 25.5%   
Aldermore Group PLC (a) 412,035 1,131,844 
Big Yellow Group PLC 1,014,100 11,942,923 
Bunzl PLC 672,658 20,040,398 
CMC Markets PLC 2,220,400 8,110,844 
Compass Group PLC 1,178,117 20,980,366 
Dechra Pharmaceuticals PLC 982,700 15,880,746 
Diploma PLC 1,298,700 13,880,911 
International Personal Finance PLC 4,993,203 19,523,611 
Micro Focus International PLC 611,300 13,657,043 
Prudential PLC 1,315,049 25,958,454 
Rolls-Royce Group PLC 1,344,192 13,149,423 
Saga PLC 2,083,300 6,380,253 
Schroders PLC 216,222 7,942,550 
Senior Engineering Group PLC 3,385,600 10,764,388 
Shawbrook Group PLC 2,658,100 11,131,208 
Softcat PLC 2,168,878 10,109,289 
St. James's Place Capital PLC 577,862 7,320,454 
Standard Chartered PLC (United Kingdom) 4,774,215 38,513,636 
Unite Group PLC 1,114,687 10,301,685 
Virgin Money Holdings Uk PLC 1,292,548 6,895,302 
William Hill PLC 8,566,773 39,141,723 
Worldpay Group PLC (a) 2,438,800 9,510,855 
TOTAL UNITED KINGDOM  322,267,906 
TOTAL COMMON STOCKS   
(Cost $1,212,366,663)  1,244,967,871 
Nonconvertible Preferred Stocks - 0.0%   
United Kingdom - 0.0%   
Rolls-Royce Group PLC   
(Cost $139,439) 95,437,632 139,449 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.38% (d) 19,143,324 19,143,324 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 51,164,371 51,164,371 
TOTAL MONEY MARKET FUNDS   
(Cost $70,307,695)  70,307,695 
TOTAL INVESTMENT PORTFOLIO - 103.8%   
(Cost $1,282,813,797)  1,315,415,015 
NET OTHER ASSETS (LIABILITIES) - (3.8)%  (48,637,843) 
NET ASSETS - 100%  $1,266,777,172 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $14,049 
Fidelity Securities Lending Cash Central Fund 470,655 
Total $484,704 

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 
Vostok Emerging Finance Ltd. (depository receipt) $1,697,310 $3,320,861 $-- $-- $7,179,016 
Total $1,697,310 $3,320,861 $-- $-- $7,179,016 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $212,152,716 $159,578,109 $52,574,607 $-- 
Consumer Staples 47,979,797 47,979,797 -- -- 
Energy 20,069,871 20,069,871 -- -- 
Financials 314,133,845 252,253,167 61,880,678 -- 
Health Care 217,753,137 177,029,591 40,723,546 -- 
Industrials 224,647,621 209,796,917 14,850,704 -- 
Information Technology 168,222,761 123,402,516 44,820,245 -- 
Materials 24,023,686 24,023,686 -- -- 
Utilities 16,123,886 16,123,886 -- -- 
Money Market Funds 70,307,695 70,307,695 -- -- 
Total Investments in Securities: $1,315,415,015 $1,100,565,235 $214,849,780 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $14,998,864 
Level 2 to Level 1 $104,687,573 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $47,749,257) — See accompanying schedule:
Unaffiliated issuers (cost $1,205,694,084) 		$1,237,928,304  
Fidelity Central Funds (cost $70,307,695) 70,307,695  
Other affiliated issuers (cost $6,812,018) 7,179,016  
Total Investments (cost $1,282,813,797)  $1,315,415,015 
Foreign currency held at value (cost $415,926)  416,697 
Receivable for investments sold  16,944,779 
Receivable for fund shares sold  359,129 
Dividends receivable  6,058,099 
Distributions receivable from Fidelity Central Funds  118,618 
Prepaid expenses  1,099 
Other receivables  385,751 
Total assets  1,339,699,187 
Liabilities   
Payable for investments purchased $15,172,992  
Payable for fund shares redeemed 5,402,754  
Accrued management fee 852,908  
Distribution and service plan fees payable 17,090  
Other affiliated payables 255,438  
Other payables and accrued expenses 56,462  
Collateral on securities loaned, at value 51,164,371  
Total liabilities  72,922,015 
Net Assets  $1,266,777,172 
Net Assets consist of:   
Paid in capital  $1,471,111,712 
Undistributed net investment income  6,329,298 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (243,252,646) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  32,588,808 
Net Assets  $1,266,777,172 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($20,856,215 ÷ 580,720 shares)  $35.91 
Maximum offering price per share (100/94.25 of $35.91)  $38.10 
Class T:   
Net Asset Value and redemption price per share ($8,671,461 ÷ 241,352 shares)  $35.93 
Maximum offering price per share (100/96.50 of $35.93)  $37.23 
Class B:   
Net Asset Value and offering price per share ($330,539 ÷ 9,203 shares)(a)  $35.92 
Class C:   
Net Asset Value and offering price per share ($10,556,892 ÷ 295,836 shares)(a)  $35.68 
Europe:   
Net Asset Value, offering price and redemption price per share ($1,220,777,096 ÷ 33,951,628 shares)  $35.96 
Class I:   
Net Asset Value, offering price and redemption price per share ($5,584,969 ÷ 155,274 shares)  $35.97 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $14,304,511 
Income from Fidelity Central Funds  484,704 
Income before foreign taxes withheld  14,789,215 
Less foreign taxes withheld  (1,301,648) 
Total income  13,487,567 
Expenses   
Management fee   
Basic fee $4,572,219  
Performance adjustment 720,162  
Transfer agent fees 1,275,395  
Distribution and service plan fees 103,701  
Accounting and security lending fees 300,640  
Custodian fees and expenses 58,646  
Independent trustees' compensation 2,980  
Registration fees 82,776  
Audit 51,983  
Legal 2,453  
Interest 1,158  
Miscellaneous 4,678  
Total expenses before reductions 7,176,791  
Expense reductions (17,200) 7,159,591 
Net investment income (loss)  6,327,976 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (9,336,540)  
Foreign currency transactions 527,156  
Total net realized gain (loss)  (8,809,384) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(29,111,544)  
Assets and liabilities in foreign currencies (229,593)  
Total change in net unrealized appreciation (depreciation)  (29,341,137) 
Net gain (loss)  (38,150,521) 
Net increase (decrease) in net assets resulting from operations  $(31,822,545) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $6,327,976 $17,742,695 
Net realized gain (loss) (8,809,384) 56,856,298 
Change in net unrealized appreciation (depreciation) (29,341,137) (21,376,933) 
Net increase (decrease) in net assets resulting from operations (31,822,545) 53,222,060 
Distributions to shareholders from net investment income (15,981,681) (31,603,696) 
Distributions to shareholders from net realized gain (5,885,187) – 
Total distributions (21,866,868) (31,603,696) 
Share transactions - net increase (decrease) (114,922,308) 125,806,049 
Redemption fees 7,934 48,244 
Total increase (decrease) in net assets (168,603,787) 147,472,657 
Net Assets   
Beginning of period 1,435,380,959 1,287,908,302 
End of period (including undistributed net investment income of $6,329,298 and undistributed net investment income of $15,983,003, respectively) $1,266,777,172 $1,435,380,959 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $37.06 $36.24 $39.45 
Income from Investment Operations    
Net investment income (loss)B .12 .37 .47 
Net realized and unrealized gain (loss) (.83) 1.29 (3.68) 
Total from investment operations (.71) 1.66 (3.21) 
Distributions from net investment income (.29) (.84) – 
Distributions from net realized gain (.15) – – 
Total distributions (.44) (.84) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.91 $37.06 $36.24 
Total ReturnD,E,F (1.94)% 4.63% (8.14)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 1.40%I 1.33% 1.35%I 
Expenses net of fee waivers, if any 1.39%I 1.33% 1.35%I 
Expenses net of all reductions 1.39%I 1.31% 1.35%I 
Net investment income (loss) .67%I .98% 1.94%I 
Supplemental Data    
Net assets, end of period (000 omitted) $20,856 $23,381 $23,633 
Portfolio turnover rateJ 43%I 87% 80%K 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.94 $36.18 $39.45 
Income from Investment Operations    
Net investment income (loss)B .06 .26 .40 
Net realized and unrealized gain (loss) (.82) 1.29 (3.67) 
Total from investment operations (.76) 1.55 (3.27) 
Distributions from net investment income (.09) (.79) – 
Distributions from net realized gain (.15) – – 
Total distributions (.25)C (.79) – 
Redemption fees added to paid in capitalB,D – – – 
Net asset value, end of period $35.93 $36.94 $36.18 
Total ReturnE,F,G (2.08)% 4.33% (8.29)% 
Ratios to Average Net AssetsH,I    
Expenses before reductions 1.70%J 1.61% 1.62%J 
Expenses net of fee waivers, if any 1.70%J 1.61% 1.61%J 
Expenses net of all reductions 1.70%J 1.59% 1.61%J 
Net investment income (loss) .36%J .70% 1.68%J 
Supplemental Data    
Net assets, end of period (000 omitted) $8,671 $9,632 $13,679 
Portfolio turnover rateK 43%J 87% 80%L 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.25 per share is comprised of distributions from net investment income of $.092 and distributions from net realized gain of $.154 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.77 $36.07 $39.45 
Income from Investment Operations    
Net investment income (loss)B (.02) .06 .28 
Net realized and unrealized gain (loss) (.83) 1.29 (3.66) 
Total from investment operations (.85) 1.35 (3.38) 
Distributions from net investment income – (.65) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.92 $36.77 $36.07 
Total ReturnD,E,F (2.31)% 3.78% (8.57)% 
Ratios to Average Net AssetsG,H    
Expenses before reductions 2.19%I 2.15% 2.11%I 
Expenses net of fee waivers, if any 2.19%I 2.15% 2.11%I 
Expenses net of all reductions 2.19%I 2.13% 2.11%I 
Net investment income (loss) (.12)%I .16% 1.19%I 
Supplemental Data    
Net assets, end of period (000 omitted) $331 $530 $1,065 
Portfolio turnover rateJ 43%I 87% 80%K 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $36.81 $36.07 $39.45 
Income from Investment Operations    
Net investment income (loss)B (.02) .07 .29 
Net realized and unrealized gain (loss) (.83) 1.29 (3.67) 
Total from investment operations (.85) 1.36 (3.38) 
Distributions from net investment income (.12) (.62) – 
Distributions from net realized gain (.15) – – 
Total distributions (.28)C (.62) – 
Redemption fees added to paid in capitalB,D – – – 
Net asset value, end of period $35.68 $36.81 $36.07 
Total ReturnE,F,G (2.33)% 3.79% (8.57)% 
Ratios to Average Net AssetsH,I    
Expenses before reductions 2.18%J 2.13% 2.10%J 
Expenses net of fee waivers, if any 2.18%J 2.13% 2.10%J 
Expenses net of all reductions 2.18%J 2.11% 2.10%J 
Net investment income (loss) (.12)%J .18% 1.19%J 
Supplemental Data    
Net assets, end of period (000 omitted) $10,557 $11,151 $6,818 
Portfolio turnover rateK 43%J 87% 80%L 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.28 per share is comprised of distributions from net investment income of $.123 and distributions from net realized gain of $.154 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 L The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $37.19 $36.32 $37.92 $30.15 $27.67 $30.83 
Income from Investment Operations       
Net investment income (loss)A .17 .48 .94B .61 .64 .48 
Net realized and unrealized gain (loss) (.82) 1.30 (2.00) 7.87 2.45 (2.97) 
Total from investment operations (.65) 1.78 (1.06) 8.48 3.09 (2.49) 
Distributions from net investment income (.43) (.91) (.52) (.70) (.60) (.67) 
Distributions from net realized gain (.15) – (.02) (.01) (.02) – 
Total distributions (.58) (.91) (.54) (.71) (.61)C (.67) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $35.96 $37.19 $36.32 $37.92 $30.15 $27.67 
Total ReturnE,F (1.78)% 4.97% (2.82)% 28.71% 11.53% (8.32)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.08%I 1.03% .97% 1.06% .83% 1.10% 
Expenses net of fee waivers, if any 1.08%I 1.03% .97% 1.05% .83% 1.10% 
Expenses net of all reductions 1.08%I 1.01% .96% 1.02% .80% 1.06% 
Net investment income (loss) .99%I 1.28% 2.43%B 1.82% 2.33% 1.56% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,220,777 $1,384,134 $1,237,047 $957,048 $602,520 $621,778 
Portfolio turnover rateJ 43%I 87% 80%K 59% 127% 117% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.19 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.93%.

 C Total distributions of $.61 per share is comprised of distributions from net investment income of $.595 and distributions from net realized gain of $.017 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 K The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Europe Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,  
 2016 2015 2014 A 
Selected Per–Share Data    
Net asset value, beginning of period $37.21 $36.32 $39.45 
Income from Investment Operations    
Net investment income (loss)B .18 .50 .56 
Net realized and unrealized gain (loss) (.82) 1.30 (3.69) 
Total from investment operations (.64) 1.80 (3.13) 
Distributions from net investment income (.45) (.91) – 
Distributions from net realized gain (.15) – – 
Total distributions (.60) (.91) – 
Redemption fees added to paid in capitalB,C – – – 
Net asset value, end of period $35.97 $37.21 $36.32 
Total ReturnD,E (1.75)% 5.02% (7.93)% 
Ratios to Average Net AssetsF,G    
Expenses before reductions 1.02%H .98% .97%H 
Expenses net of fee waivers, if any 1.02%H .98% .97%H 
Expenses net of all reductions 1.02%H .96% .96%H 
Net investment income (loss) 1.05%H 1.33% 2.33%H 
Supplemental Data    
Net assets, end of period (000 omitted) $5,585 $6,552 $5,666 
Portfolio turnover rateI 43%H 87% 80%J 

 A For the period March 18, 2014 (commencement of sale of shares) to October 31, 2014.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 J The portfolio turnover rate does not include the assets acquired in the merger.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Europe 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, Europe and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), deferred trustees compensation, expiring capital loss carryforwards, 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 $129,342,669 
Gross unrealized depreciation (101,437,512) 
Net unrealized appreciation (depreciation) on securities 27,905,157 
Tax cost $1,287,509,858 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(29,326,707) 
2017 (199,044,876) 
Total capital loss carryforward $(228,371,583) 

The Fund acquired $27,783,139 of its capital loss carryforward as part of a merger in a prior period. The losses acquired that will be available to offset future capital gains of the Fund will be limited to approximately $13,187,073 per year.

In addition, due to large redemptions in a prior period, $199,044,876 of capital losses that existed in the Fund prior to the mergers will be limited to approximately $32,029,274 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $283,545,193 and $431,225,868, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Europe as compared to its benchmark index, the MSCI Europe Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $26,590 $886 
Class T .25% .25% 21,666 – 
Class B .75% .25% 2,040 1,569 
Class C .75% .25% 53,405 15,830 
   $103,701 $18,285 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $10,882 
Class T 686 
Class B(a) 121 
Class C(a) 2,570 
 $14,259 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $27,543 .26 
Class T 13,690 .32 
Class B 615 .30 
Class C 15,934 .30 
Europe 1,213,618 .19 
Class I 3,995 .13 
 $1,275,395  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $35 for the period.

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Borrower $6,354,364 .60% $1,158 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,177 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $470,655. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $12,221 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,979.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $174,443 $549,660 
Class T 23,347 299,142 
Class B – 18,443 
Class C 38,160 108,670 
Europe 15,664,870 30,497,764 
Class I 80,861 130,017 
Total $15,981,681 $31,603,696 
From net realized gain   
Class A $94,260 $– 
Class T 39,080 – 
Class C 47,778 – 
Europe 5,676,211 – 
Class I 27,858 – 
Total $5,885,187 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 78,312 402,890 $2,720,240 $15,313,815 
Reinvestment of distributions 7,044 14,493 257,822 527,143 
Shares redeemed (135,509) (438,670) (4,688,764) (16,388,542) 
Net increase (decrease) (50,153) (21,287) $(1,710,702) $(547,584) 
Class T     
Shares sold 10,132 101,998 $350,155 $3,848,880 
Reinvestment of distributions 1,677 8,153 61,481 296,280 
Shares redeemed (31,208) (227,511) (1,080,460) (8,571,443) 
Net increase (decrease) (19,399) (117,360) $(668,824) $(4,426,283) 
Class B     
Shares sold 183 7,973 $6,068 $306,370 
Reinvestment of distributions – 481 – 17,468 
Shares redeemed (5,404) (23,568) (183,746) (877,823) 
Net increase (decrease) (5,221) (15,114) $(177,678) $(553,985) 
Class C     
Shares sold 44,908 197,774 $1,558,483 $7,494,390 
Reinvestment of distributions 2,232 2,632 81,438 95,708 
Shares redeemed (54,231) (86,511) (1,829,878) (3,194,278) 
Net increase (decrease) (7,091) 113,895 $(189,957) $4,395,820 
Europe     
Shares sold 1,463,207 10,168,406 $50,880,628 $387,319,779 
Reinvestment of distributions 559,844 803,462 20,484,708 29,241,922 
Shares redeemed (5,291,129) (7,807,853) (182,859,606) (290,372,067) 
Net increase (decrease) (3,268,078) 3,164,015 $(111,494,270) $126,189,634 
Class I     
Shares sold 36,393 130,676 $1,295,144 $4,946,083 
Reinvestment of distributions 2,803 2,526 102,586 91,940 
Shares redeemed (59,997) (113,122) (2,078,607) (4,289,576) 
Net increase (decrease) (20,801) 20,080 $(680,877) $748,447 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.39%    
Actual  $1,000.00 $980.60 $6.84 
Hypothetical-C  $1,000.00 $1,017.95 $6.97 
Class T 1.70%    
Actual  $1,000.00 $979.20 $8.37 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.19%    
Actual  $1,000.00 $976.90 $10.76 
Hypothetical-C  $1,000.00 $1,013.97 $10.97 
Class C 2.18%    
Actual  $1,000.00 976.70 10.71 
Hypothetical-C  $1,000.00 $1,014.02 $10.92 
Europe 1.08%    
Actual  $1,000.00 $982.20 $5.32 
Hypothetical-C  $1,000.00 $1,019.49 $5.42 
Class I 1.02%    
Actual  $1,000.00 $982.50 $5.03 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AEUF-SANN-0616
1.9585995.102

Fidelity® International Small Cap Opportunities Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 25.1% 
   United Kingdom 20.5% 
   United States of America* 15.5% 
   Germany 6.6% 
   Italy 3.7% 
   Sweden 3.2% 
   Netherlands 2.5% 
   France 2.2% 
   Canada 2.0% 
   Other 18.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 26.0% 
   United Kingdom 21.7% 
   United States of America* 15.0% 
   Germany 5.7% 
   Italy 4.3% 
   Sweden 3.0% 
   Netherlands 2.8% 
   Australia 2.0% 
   Canada 1.9% 
   Other 17.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 92.2 91.8 
Short-Term Investments and Net Other Assets (Liabilities) 7.8 8.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
USS Co. Ltd. (Japan, Specialty Retail) 2.0 2.0 
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) 1.8 1.6 
Berendsen PLC (United Kingdom, Commercial Services & Supplies) 1.7 1.7 
CTS Eventim AG (Germany, Media) 1.7 2.0 
Fagerhult AB (Sweden, Electrical Equipment) 1.7 1.3 
Unite Group PLC (United Kingdom, Real Estate Management & Development) 1.6 1.9 
CompuGroup Medical AG (Germany, Health Care Technology) 1.6 1.0 
OBIC Co. Ltd. (Japan, IT Services) 1.5 1.8 
Sartorius AG (non-vtg.) (Germany, Health Care Equipment & Supplies) 1.4 1.6 
Azimut Holding SpA (Italy, Capital Markets) 1.4 1.3 
 16.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 20.6 20.5 
Industrials 18.1 18.3 
Financials 15.9 18.7 
Information Technology 10.7 9.2 
Health Care 10.3 8.5 
Consumer Staples 8.5 8.5 
Materials 6.7 6.7 
Energy 1.4 1.4 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.8%   
 Shares Value 
Australia - 2.0%   
Beacon Lighting Group Ltd. 2,000,000 $2,767,674 
DuluxGroup Ltd. 1,577,979 7,678,825 
Imdex Ltd. (a) 2,434,488 379,468 
RCG Corp. Ltd. (b) 6,779,148 7,061,699 
TFS Corp. Ltd. (b) 4,354,304 5,164,840 
TOTAL AUSTRALIA  23,052,506 
Austria - 1.1%   
Andritz AG 165,900 9,291,129 
Zumtobel AG 316,081 4,115,128 
TOTAL AUSTRIA  13,406,257 
Bailiwick of Jersey - 0.4%   
Integrated Diagnostics Holdings PLC 944,579 4,392,292 
Belgium - 1.2%   
Gimv NV 56,688 3,148,164 
KBC Ancora 304,448 10,747,590 
TOTAL BELGIUM  13,895,754 
Bermuda - 0.3%   
Vostok New Ventures Ltd. SDR (a) 712,589 4,055,229 
Canada - 2.0%   
Cara Operations Ltd. 282,000 7,295,545 
McCoy Global, Inc. 636,215 1,039,484 
New Look Vision Group, Inc. 197,200 4,880,099 
Pason Systems, Inc. 448,000 6,512,728 
ShawCor Ltd. Class A 135,600 3,663,697 
Tesco Corp. 40,447 382,629 
TOTAL CANADA  23,774,182 
Cayman Islands - 0.6%   
58.com, Inc. ADR (a) 67,900 3,710,735 
Value Partners Group Ltd. 3,938,000 3,759,022 
TOTAL CAYMAN ISLANDS  7,469,757 
Denmark - 1.6%   
Jyske Bank A/S (Reg.) 213,127 8,725,494 
Scandinavian Tobacco Group A/S 200,000 3,181,685 
Spar Nord Bank A/S 796,369 6,493,770 
TOTAL DENMARK  18,400,949 
Finland - 0.6%   
Tikkurila Oyj 431,646 7,567,063 
France - 2.2%   
Elis SA 380,597 6,988,095 
Laurent-Perrier Group SA 49,163 4,179,836 
Vetoquinol SA 118,184 4,898,823 
Virbac SA (b) 51,152 9,330,455 
TOTAL FRANCE  25,397,209 
Germany - 5.2%   
alstria office REIT-AG 448,700 6,293,853 
CompuGroup Medical AG 476,478 18,713,776 
CTS Eventim AG 568,280 19,905,189 
Fielmann AG 151,773 11,190,188 
Nexus AG 278,558 4,880,131 
TOTAL GERMANY  60,983,137 
Greece - 0.3%   
Titan Cement Co. SA (Reg.) 139,480 3,181,769 
India - 0.5%   
Jyothy Laboratories Ltd. 1,189,354 5,450,307 
Ireland - 1.3%   
FBD Holdings PLC 240,328 1,761,200 
James Hardie Industries PLC:   
CDI 405,775 5,717,080 
sponsored ADR 564,575 7,915,342 
TOTAL IRELAND  15,393,622 
Isle of Man - 0.7%   
Playtech Ltd. 717,342 8,432,321 
Israel - 2.0%   
Azrieli Group 165,005 6,553,478 
Ituran Location & Control Ltd. 383,208 7,970,726 
Sarine Technologies Ltd. 665,700 816,749 
Strauss Group Ltd. 484,244 7,673,617 
TOTAL ISRAEL  23,014,570 
Italy - 3.7%   
Azimut Holding SpA 641,097 16,135,257 
Banco di Desio e della Brianza SpA 1,070,000 3,016,451 
Beni Stabili SpA SIIQ 12,945,675 9,590,769 
Interpump Group SpA 1,027,943 14,795,470 
TOTAL ITALY  43,537,947 
Japan - 25.1%   
Aoki Super Co. Ltd. 273,000 3,225,856 
Artnature, Inc. 891,000 7,387,610 
Asahi Co. Ltd. 460,400 6,828,776 
Autobacs Seven Co. Ltd. 380,300 6,561,433 
Azbil Corp. 594,000 15,241,018 
Broadleaf Co. Ltd. 76,700 757,954 
Central Automotive Products Ltd. (c) 12,000 100,017 
Century21 Real Estate Japan Ltd. (c) 4,100 45,648 
Coca-Cola Central Japan Co. Ltd. 333,300 6,106,357 
Daiichikosho Co. Ltd. 221,300 9,277,286 
Daikokutenbussan Co. Ltd. 169,100 7,599,991 
Funai Soken Holdings, Inc. 210,000 3,186,088 
GCA Savvian Group Corp. 447,600 4,135,967 
Glory Ltd. (d) 277,100 9,075,383 
Goldcrest Co. Ltd. 522,130 7,476,255 
Iwatsuka Confectionary Co. Ltd. 50,400 2,283,383 
Japan Digital Laboratory Co. 459,100 6,210,344 
Kobayashi Pharmaceutical Co. Ltd. 132,000 10,514,151 
Koshidaka Holdings Co. Ltd. 166,900 3,281,884 
Lasertec Corp. 376,136 4,890,217 
Medikit Co. Ltd. (c) 126,700 4,417,152 
Meiko Network Japan Co. Ltd. 112,600 1,241,872 
Miraial Co. Ltd. 38,200 269,148 
Nagaileben Co. Ltd. 562,600 11,480,790 
Nakano Refrigerators Co. Ltd. 135,000 3,229,851 
ND Software Co. Ltd. 73,843 607,845 
Nihon Parkerizing Co. Ltd. 1,427,500 12,591,122 
NS Tool Co. Ltd. (b) 35,600 590,226 
OBIC Co. Ltd. 336,500 17,686,755 
OSG Corp. 715,000 13,287,288 
Paramount Bed Holdings Co. Ltd. 229,400 8,533,414 
ProNexus, Inc. (d) 569,600 5,760,400 
San-Ai Oil Co. Ltd. 630,000 4,415,294 
Seven Bank Ltd. 2,834,900 12,046,080 
SHO-BOND Holdings Co. Ltd. 263,700 11,410,078 
Shoei Co. Ltd. 309,426 4,683,769 
SK Kaken Co. Ltd. 75,000 6,153,866 
Software Service, Inc. 62,900 2,429,462 
Techno Medica Co. Ltd. 79,491 1,666,416 
The Monogatari Corp. 104,300 4,922,928 
The Nippon Synthetic Chemical Industry Co. Ltd. 391,000 2,359,434 
TKC Corp. 247,400 6,721,508 
Tocalo Co. Ltd. 117,000 2,104,645 
Tsutsumi Jewelry Co. Ltd. 139,000 2,903,454 
USS Co. Ltd. 1,498,300 23,700,626 
Workman Co. Ltd. 212,500 6,680,033 
Yamada Consulting Group Co. Ltd. 134,495 4,108,888 
Yamato Kogyo Co. Ltd. 99,100 2,326,325 
TOTAL JAPAN  292,514,287 
Korea (South) - 1.4%   
BGFretail Co. Ltd. 84,156 13,662,702 
Leeno Industrial, Inc. 57,500 2,150,588 
TOTAL KOREA (SOUTH)  15,813,290 
Mexico - 0.6%   
Consorcio ARA S.A.B. de CV 17,196,078 6,746,637 
Netherlands - 2.5%   
Aalberts Industries NV 319,501 10,946,071 
Heijmans NV (Certificaten Van Aandelen) (a) 304,192 2,866,633 
VastNed Retail NV 337,390 14,854,328 
TOTAL NETHERLANDS  28,667,032 
Norway - 0.5%   
Kongsberg Gruppen ASA 320,500 5,373,610 
Philippines - 0.4%   
Jollibee Food Corp. 1,026,090 5,008,829 
South Africa - 0.6%   
Clicks Group Ltd. 899,913 6,572,695 
Spain - 2.0%   
Hispania Activos Inmobiliarios SA (a) 210,543 3,085,853 
Merlin Properties Socimi SA 613,100 7,125,606 
Prosegur Compania de Seguridad SA (Reg.) 2,317,590 13,401,470 
TOTAL SPAIN  23,612,929 
Sweden - 3.2%   
Fagerhult AB 842,305 19,614,223 
Intrum Justitia AB (b) 273,334 9,809,520 
Saab AB (B Shares) 227,500 7,782,160 
TOTAL SWEDEN  37,205,903 
Switzerland - 0.3%   
Tecan Group AG 24,053 3,339,789 
Taiwan - 0.3%   
Addcn Technology Co. Ltd. 516,900 3,968,399 
United Kingdom - 20.5%   
AA PLC 1,441,400 5,867,599 
Alliance Pharma PLC 4,253,100 2,796,488 
Bellway PLC 439,872 15,727,333 
Berendsen PLC 1,173,163 20,227,172 
Britvic PLC 543,571 5,591,441 
Dechra Pharmaceuticals PLC 609,609 9,851,476 
DP Poland PLC (a)(e) 8,208,000 3,118,211 
Elementis PLC 3,262,010 10,290,411 
Great Portland Estates PLC 961,189 10,645,665 
Hilton Food Group PLC 222,288 1,828,602 
Howden Joinery Group PLC 1,639,800 11,836,209 
Informa PLC 1,613,965 15,434,713 
InterContinental Hotel Group PLC ADR (b) 216,931 8,707,610 
ITE Group PLC 2,882,634 6,539,069 
JUST EAT Ltd. (a) 819,470 4,591,909 
Rightmove PLC 166,747 9,399,723 
Shaftesbury PLC 1,092,673 14,528,688 
Spectris PLC 557,278 14,827,798 
Spirax-Sarco Engineering PLC 408,791 20,397,965 
Taylor Wimpey PLC 1,686,800 4,542,383 
Ted Baker PLC 233,700 8,144,078 
Topps Tiles PLC 2,473,300 4,914,853 
Ultra Electronics Holdings PLC 392,558 10,129,531 
Unite Group PLC 2,079,823 19,221,254 
TOTAL UNITED KINGDOM  239,160,181 
United States of America - 7.7%   
ANSYS, Inc. (a) 36,085 3,275,435 
Autoliv, Inc. (b) 65,200 7,985,044 
Broadridge Financial Solutions, Inc. 93,905 5,619,275 
China Biologic Products, Inc. (a) 110,380 12,914,460 
Domino's Pizza, Inc. 44,000 5,318,720 
Energizer Holdings, Inc. 54,409 2,366,247 
Kennedy-Wilson Holdings, Inc. 556,629 12,028,753 
Martin Marietta Materials, Inc. 34,720 5,875,666 
Mohawk Industries, Inc. (a) 42,600 8,206,038 
PriceSmart, Inc. 147,199 12,738,601 
ResMed, Inc. 86,095 4,804,101 
SS&C Technologies Holdings, Inc. 152,058 9,298,347 
TOTAL UNITED STATES OF AMERICA  90,430,687 
TOTAL COMMON STOCKS   
(Cost $941,309,093)  1,059,819,139 
Nonconvertible Preferred Stocks - 1.4%   
Germany - 1.4%   
Sartorius AG (non-vtg.)   
(Cost $9,231,224) 65,520 16,163,851 
Money Market Funds - 8.5%   
Fidelity Cash Central Fund, 0.38% (f) 85,942,201 85,942,201 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 13,328,610 13,328,610 
TOTAL MONEY MARKET FUNDS   
(Cost $99,270,811)  99,270,811 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $1,049,811,128)  1,175,253,801 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (7,959,739) 
NET ASSETS - 100%  $1,167,294,062 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Affiliated company

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


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 $167,523 
Fidelity Securities Lending Cash Central Fund 77,863 
Total $245,386 

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 
DP Poland PLC $2,507,081 $321,456 $-- $-- $3,118,211 
Total $2,507,081 $321,456 $-- $-- $3,118,211 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $241,379,798 $171,197,720 $70,182,078 $-- 
Consumer Staples 97,181,396 60,064,048 37,117,348 -- 
Energy 16,013,832 11,598,538 4,415,294 -- 
Financials 188,656,059 161,193,087 27,462,972 -- 
Health Care 121,220,721 92,085,642 29,135,079 -- 
Industrials 209,307,773 156,554,926 52,752,847 -- 
Information Technology 125,022,200 73,245,256 51,776,944 -- 
Materials 77,201,211 50,588,695 26,612,516 -- 
Money Market Funds 99,270,811 99,270,811 -- -- 
Total Investments in Securities: $1,175,253,801 $875,798,723 $299,455,078 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $3,963,761 
Level 2 to Level 1 $28,474,370 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $13,034,826) — See accompanying schedule:
Unaffiliated issuers (cost $948,419,765) 		$1,072,864,779  
Fidelity Central Funds (cost $99,270,811) 99,270,811  
Other affiliated issuers (cost $2,120,552) 3,118,211  
Total Investments (cost $1,049,811,128)  $1,175,253,801 
Receivable for investments sold   
Regular delivery  759,807 
Delayed delivery  139,587 
Receivable for fund shares sold  1,947,400 
Dividends receivable  5,382,395 
Distributions receivable from Fidelity Central Funds  62,435 
Prepaid expenses  498 
Other receivables  2,840 
Total assets  1,183,548,763 
Liabilities   
Payable to custodian bank $27,592  
Payable for investments purchased   
Regular delivery 62,835  
Delayed delivery 30,608  
Payable for fund shares redeemed 1,639,204  
Accrued management fee 826,592  
Distribution and service plan fees payable 30,380  
Other affiliated payables 242,791  
Other payables and accrued expenses 66,089  
Collateral on securities loaned, at value 13,328,610  
Total liabilities  16,254,701 
Net Assets  $1,167,294,062 
Net Assets consist of:   
Paid in capital  $1,286,497,613 
Undistributed net investment income  3,446,654 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (248,244,637) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  125,594,432 
Net Assets  $1,167,294,062 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($50,512,499 ÷ 3,421,332 shares)  $14.76 
Maximum offering price per share (100/94.25 of $14.76)  $15.66 
Class T:   
Net Asset Value and redemption price per share ($13,820,005 ÷ 943,286 shares)  $14.65 
Maximum offering price per share (100/96.50 of $14.65)  $15.18 
Class B:   
Net Asset Value and offering price per share ($354,955 ÷ 24,616 shares)(a)  $14.42 
Class C:   
Net Asset Value and offering price per share ($16,766,047 ÷ 1,174,289 shares)(a)  $14.28 
International Small Cap Opportunities:   
Net Asset Value, offering price and redemption price per share ($943,035,473 ÷ 63,201,820 shares)  $14.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($142,805,083 ÷ 9,576,371 shares)  $14.91 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $10,624,721 
Income from Fidelity Central Funds  245,386 
Income before foreign taxes withheld  10,870,107 
Less foreign taxes withheld  (928,950) 
Total income  9,941,157 
Expenses   
Management fee   
Basic fee $4,515,535  
Performance adjustment 205,580  
Transfer agent fees 1,169,397  
Distribution and service plan fees 178,936  
Accounting and security lending fees 247,112  
Custodian fees and expenses 97,381  
Independent trustees' compensation 2,222  
Registration fees 58,793  
Audit 45,289  
Legal 1,350  
Miscellaneous 2,905  
Total expenses before reductions 6,524,500  
Expense reductions (4,405) 6,520,095 
Net investment income (loss)  3,421,062 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 13,404,515  
Foreign currency transactions 1,988  
Total net realized gain (loss)  13,406,503 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(4,093,560)  
Assets and liabilities in foreign currencies 188,590  
Total change in net unrealized appreciation (depreciation)  (3,904,970) 
Net gain (loss)  9,501,533 
Net increase (decrease) in net assets resulting from operations  $12,922,595 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,421,062 $4,880,273 
Net realized gain (loss) 13,406,503 32,155,951 
Change in net unrealized appreciation (depreciation) (3,904,970) 15,708,708 
Net increase (decrease) in net assets resulting from operations 12,922,595 52,744,932 
Distributions to shareholders from net investment income (4,852,691) (3,982,311) 
Distributions to shareholders from net realized gain (4,655,673) (949,656) 
Total distributions (9,508,364) (4,931,967) 
Share transactions - net increase (decrease) 206,876,426 250,623,581 
Redemption fees 159,056 196,651 
Total increase (decrease) in net assets 210,449,713 298,633,197 
Net Assets   
Beginning of period 956,844,349 658,211,152 
End of period (including undistributed net investment income of $3,446,654 and undistributed net investment income of $4,878,283, respectively) $1,167,294,062 $956,844,349 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.75 $13.65 $13.68 $10.78 $9.75 $9.82 
Income from Investment Operations       
Net investment income (loss)A .03 .06 .05 .07 .08 .15B 
Net realized and unrealized gain (loss) .10 1.11 .05 2.91 1.07 (.07) 
Total from investment operations .13 1.17 .10 2.98 1.15 .08 
Distributions from net investment income (.05) (.05) (.06) (.08) (.11) (.11) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.12) (.07) (.13)C (.08)D (.12) (.15) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $14.76 $14.75 $13.65 $13.68 $10.78 $9.75 
Total ReturnF,G,H .89% 8.62% .78% 27.85% 12.00% .81% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.47%K 1.52% 1.63% 1.70% 1.75% 1.34% 
Expenses net of fee waivers, if any 1.47%K 1.52% 1.63% 1.65% 1.65% 1.33% 
Expenses net of all reductions 1.47%K 1.51% 1.63% 1.64% 1.64% 1.32% 
Net investment income (loss) .40%K .38% .33% .59% .85% 1.44%B 
Supplemental Data       
Net assets, end of period (000 omitted) $50,512 $42,289 $25,041 $22,052 $18,194 $18,686 
Portfolio turnover rateL 19%K 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 C Total distributions of $.13 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.079 per share.

 D Total distributions of $.08 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.005 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.62 $13.53 $13.56 $10.69 $9.66 $9.72 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .01 .04 .06 .12B 
Net realized and unrealized gain (loss) .10 1.11 .06 2.89 1.06 (.06) 
Total from investment operations .11 1.12 .07 2.93 1.12 .06 
Distributions from net investment income (.01) (.01) (.02) (.05) (.08) (.08) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.08) (.03) (.10) (.06) (.09) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.65 $14.62 $13.53 $13.56 $10.69 $9.66 
Total ReturnD,E,F .75% 8.27% .55% 27.53% 11.72% .60% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.79%I 1.80% 1.89% 1.96% 2.02% 1.60% 
Expenses net of fee waivers, if any 1.78%I 1.80% 1.89% 1.90% 1.90% 1.60% 
Expenses net of all reductions 1.78%I 1.80% 1.89% 1.89% 1.89% 1.59% 
Net investment income (loss) .08%I .10% .07% .34% .60% 1.17%B 
Supplemental Data       
Net assets, end of period (000 omitted) $13,820 $13,296 $9,913 $9,634 $8,169 $8,701 
Portfolio turnover rateJ 19%I 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .54%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.35 $13.31 $13.31 $10.50 $9.48 $9.54 
Income from Investment Operations       
Net investment income (loss)A (.03) (.06) (.06) (.02) .01 .07B 
Net realized and unrealized gain (loss) .10 1.10 .06 2.84 1.05 (.06) 
Total from investment operations .07 1.04 – 2.82 1.06 .01 
Distributions from net investment income – – – –C (.03) (.06) 
Distributions from net realized gain – – – (.01) (.01) (.02) 
Total distributions – – – (.01) (.04) (.07)D 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.42 $14.35 $13.31 $13.31 $10.50 $9.48 
Total ReturnE,F,G .49% 7.81% -% 26.86% 11.21% .10% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.28%J 2.30% 2.38% 2.46% 2.50% 2.09% 
Expenses net of fee waivers, if any 2.28%J 2.30% 2.38% 2.40% 2.40% 2.09% 
Expenses net of all reductions 2.28%J 2.29% 2.38% 2.39% 2.39% 2.07% 
Net investment income (loss) (.41)%J (.39)% (.43)% (.16)% .10% .68%B 
Supplemental Data       
Net assets, end of period (000 omitted) $355 $604 $744 $1,410 $1,966 $2,293 
Portfolio turnover rateK 19%J 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 C Amount represents less than $.005 per share.

 D Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.26 $13.23 $13.28 $10.48 $9.47 $9.53 
Income from Investment Operations       
Net investment income (loss)A (.03) (.05) (.06) (.02) .01 .07B 
Net realized and unrealized gain (loss) .10 1.08 .06 2.84 1.04 (.06) 
Total from investment operations .07 1.03 – 2.82 1.05 .01 
Distributions from net investment income – – – (.01) (.03) (.06) 
Distributions from net realized gain (.05) – (.05) (.01) (.01) (.02) 
Total distributions (.05) – (.05) (.02) (.04) (.07)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $14.28 $14.26 $13.23 $13.28 $10.48 $9.47 
Total ReturnE,F,G .51% 7.79% .03% 26.91% 11.13% .10% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.27%J 2.27% 2.38% 2.45% 2.50% 2.09% 
Expenses net of fee waivers, if any 2.27%J 2.27% 2.38% 2.40% 2.40% 2.09% 
Expenses net of all reductions 2.27%J 2.26% 2.38% 2.39% 2.39% 2.07% 
Net investment income (loss) (.40)%J (.36)% (.42)% (.16)% .10% .68%B 
Supplemental Data       
Net assets, end of period (000 omitted) $16,766 $17,370 $8,438 $8,070 $6,608 $6,900 
Portfolio turnover rateK 19%J 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 C Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.91 $13.80 $13.82 $10.88 $9.85 $9.92 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .09 .10 .11 .17B 
Net realized and unrealized gain (loss) .11 1.12 .06 2.95 1.07 (.06) 
Total from investment operations .16 1.22 .15 3.05 1.18 .11 
Distributions from net investment income (.08) (.09) (.09) (.10) (.14) (.14) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.15) (.11) (.17) (.11) (.15) (.18) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.92 $14.91 $13.80 $13.82 $10.88 $9.85 
Total ReturnD,E 1.03% 8.92% 1.11% 28.24% 12.21% 1.10% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.19%H 1.23% 1.30% 1.39% 1.47% 1.08% 
Expenses net of fee waivers, if any 1.19%H 1.22% 1.30% 1.39% 1.40% 1.08% 
Expenses net of all reductions 1.19%H 1.22% 1.30% 1.38% 1.39% 1.06% 
Net investment income (loss) .68%H .68% .65% .85% 1.10% 1.69%B 
Supplemental Data       
Net assets, end of period (000 omitted) $943,035 $762,563 $584,253 $518,121 $334,918 $328,262 
Portfolio turnover rateI 19%H 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.91 $13.81 $13.83 $10.90 $9.86 $9.93 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .08 .11 .11 .18B 
Net realized and unrealized gain (loss) .10 1.13 .07 2.93 1.08 (.06) 
Total from investment operations .15 1.23 .15 3.04 1.19 .12 
Distributions from net investment income (.08) (.11) (.09) (.10) (.14) (.15) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.15) (.13) (.17) (.11) (.15) (.19) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.91 $14.91 $13.81 $13.83 $10.90 $9.86 
Total ReturnD,E 1.02% 8.98% 1.11% 28.11% 12.32% 1.13% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.17%H 1.19% 1.36% 1.38% 1.44% 1.03% 
Expenses net of fee waivers, if any 1.17%H 1.19% 1.36% 1.37% 1.40% 1.03% 
Expenses net of all reductions 1.17%H 1.18% 1.36% 1.37% 1.39% 1.02% 
Net investment income (loss) .69%H .71% .60% .87% 1.10% 1.74%B 
Supplemental Data       
Net assets, end of period (000 omitted) $142,805 $120,723 $29,822 $5,670 $4,591 $1,395 
Portfolio turnover rateI 19%H 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Small Cap Opportunities 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, International Small Cap Opportunities and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR)Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, passive foreign investment companies (PFIC), 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 $176,851,154 
Gross unrealized depreciation (57,863,025) 
Net unrealized appreciation (depreciation) on securities $118,988,129 
Tax cost $1,056,265,672 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  

2017 $(252,792,060) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $281,152,699 and $93,148,449, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .89% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $58,445 $2,292 
Class T .25% .25% 33,578 – 
Class B .75% .25% 2,413 1,810 
Class C .75% .25% 84,500 22,481 
   $178,936 $26,583 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $12,019 
Class T 3,054 
Class B(a) 13 
Class C(a) 2,125 
 $17,211 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $57,114 .24 
Class T 21,051 .31 
Class B 732 .30 
Class C 24,999 .30 
International Small Cap Opportunities 936,327 .22 
Class I 129,174 .20 
 $1,169,397  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $611 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $918 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $77,863, including $1,988 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $705 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $47.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund- level operating expenses in the amount of $3,653.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $159,395 $91,925 
Class T 9,385 4,261 
International Small Cap Opportunities 3,989,748 3,599,410 
Class I 694,163 286,715 
Total $4,852,691 $3,982,311 
From net realized gain   
Class A $214,570 $38,609 
Class T 65,696 14,913 
Class C 66,143 – 
International Small Cap Opportunities 3,723,825 839,863 
Class I 585,439 56,271 
Total $4,655,673 $949,656 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 950,569 1,605,762 $13,701,055 $23,674,805 
Reinvestment of distributions 24,184 9,185 359,376 124,545 
Shares redeemed (419,609) (582,997) (5,931,692) (8,244,833) 
Net increase (decrease) 555,144 1,031,950 $8,128,739 $15,554,517 
Class T     
Shares sold 160,496 309,765 $2,280,756 $4,543,322 
Reinvestment of distributions 5,021 1,404 74,158 18,926 
Shares redeemed (131,388) (134,926) (1,815,377) (1,907,198) 
Net increase (decrease) 34,129 176,243 $539,537 $2,655,050 
Class B     
Shares sold 3,601 9,791 $51,565 $136,845 
Shares redeemed (21,080) (23,615) (295,529) (329,326) 
Net increase (decrease) (17,479) (13,824) $(243,964) $(192,481) 
Class C     
Shares sold 212,639 838,785 $2,969,254 $12,019,463 
Reinvestment of distributions 4,483 – 64,648 – 
Shares redeemed (260,791) (258,762) (3,487,650) (3,578,649) 
Net increase (decrease) (43,669) 580,023 $(453,748) $8,440,814 
International Small Cap Opportunities     
Shares sold 21,099,085 18,903,102 $306,137,737 $282,906,392 
Reinvestment of distributions 402,267 239,997 6,034,011 3,280,752 
Shares redeemed (9,435,850) (10,354,861) (135,324,878) (146,998,081) 
Net increase (decrease) 12,065,502 8,788,238 $176,846,870 $139,189,063 
Class I     
Shares sold 2,990,658 7,108,830 $43,408,539 $102,023,907 
Reinvestment of distributions 75,351 23,468 1,129,506 320,812 
Shares redeemed (1,586,288) (1,195,608) (22,479,053) (17,368,101) 
Net increase (decrease) 1,479,721 5,936,690 $22,058,992 $84,976,618 

11. 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.

Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 22% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.47%    
Actual  $1,000.00 $1,008.90 $7.34 
Hypothetical-C  $1,000.00 $1,017.55 $7.37 
Class T 1.78%    
Actual  $1,000.00 $1,007.50 $8.88 
Hypothetical-C  $1,000.00 $1,016.01 $8.92 
Class B 2.28%    
Actual  $1,000.00 $1,004.90 $11.37 
Hypothetical-C  $1,000.00 $1,013.53 $11.41 
Class C 2.27%    
Actual  $1,000.00 $1,005.10 $11.32 
Hypothetical-C  $1,000.00 $1,013.58 $11.36 
International Small Cap Opportunities 1.19%    
Actual  $1,000.00 $1,010.30 $5.95 
Hypothetical-C  $1,000.00 $1,018.95 $5.97 
Class I 1.17%    
Actual  $1,000.00 $1,010.20 $5.85 
Hypothetical-C  $1,000.00 $1,019.05 $5.87 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

ILS-SANN-0616
1.815078.110

Fidelity Advisor® International Growth Fund -
Class Z



Semi-Annual Report

April 30, 2016

Class Z is a class of Fidelity® International Growth Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 20.8% 
   Japan 14.1% 
   United Kingdom 13.2% 
   Switzerland 12.7% 
   Spain 4.9% 
   Belgium 4.5% 
   Sweden 4.4% 
   Australia 4.0% 
   Denmark 3.3% 
   Other 18.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 17.7% 
   United Kingdom 14.4% 
   Japan 14.0% 
   Switzerland 13.6% 
   Sweden 6.1% 
   Spain 4.5% 
   Belgium 4.2% 
   Australia 3.4% 
   Denmark 3.3% 
   Other 18.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 97.3 97.7 
Short-Term Investments and Net Other Assets (Liabilities) 2.7 2.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 4.9 3.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.5 3.6 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 3.5 2.6 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 3.2 2.8 
CSL Ltd. (Australia, Biotechnology) 2.9 2.2 
Novartis AG (Switzerland, Pharmaceuticals) 2.9 3.7 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 2.8 2.5 
Inditex SA (Spain, Specialty Retail) 2.6 2.8 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 2.6 2.2 
InterContinental Hotel Group PLC ADR (United Kingdom, Hotels, Restaurants & Leisure) 2.3 2.0 
 31.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Staples 20.4 15.3 
Health Care 19.0 18.5 
Information Technology 14.2 11.7 
Financials 13.5 18.1 
Consumer Discretionary 13.3 15.1 
Industrials 11.5 12.5 
Materials 4.7 6.0 
Energy 0.4 0.3 
Telecommunication Services 0.3 0.2 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
Australia - 4.0%   
CSL Ltd. 609,912 $48,776,866 
Sydney Airport unit 1,123,380 5,816,843 
Transurban Group unit 1,422,746 12,527,069 
TOTAL AUSTRALIA  67,120,778 
Austria - 1.2%   
Andritz AG 351,321 19,675,520 
Belgium - 4.5%   
Anheuser-Busch InBev SA NV 469,291 58,088,795 
KBC Groep NV 302,468 16,981,098 
TOTAL BELGIUM  75,069,893 
Canada - 0.4%   
Pason Systems, Inc. 495,200 7,198,891 
Cayman Islands - 0.9%   
58.com, Inc. ADR (a) 128,870 7,042,746 
Alibaba Group Holding Ltd. sponsored ADR (a) 99,200 7,632,448 
TOTAL CAYMAN ISLANDS  14,675,194 
Denmark - 3.3%   
Jyske Bank A/S (Reg.) 202,800 8,302,703 
Novo Nordisk A/S Series B sponsored ADR (b) 826,700 46,121,593 
TOTAL DENMARK  54,424,296 
Finland - 0.3%   
Tikkurila Oyj 283,000 4,961,192 
France - 1.1%   
Essilor International SA 135,658 17,560,644 
Germany - 3.0%   
Bayer AG 155,100 17,892,923 
SAP AG 399,516 31,346,444 
TOTAL GERMANY  49,239,367 
Hong Kong - 1.9%   
AIA Group Ltd. 5,289,400 31,654,975 
India - 0.5%   
Housing Development Finance Corp. Ltd. 562,904 9,223,760 
Ireland - 3.1%   
CRH PLC sponsored ADR 909,066 26,462,911 
James Hardie Industries PLC:   
CDI 1,130,041 15,921,470 
sponsored ADR 601,500 8,433,030 
TOTAL IRELAND  50,817,411 
Isle of Man - 0.5%   
Playtech Ltd. 654,346 7,691,806 
Israel - 0.3%   
Azrieli Group 118,800 4,718,361 
Italy - 0.7%   
Azimut Holding SpA 204,600 5,149,414 
Interpump Group SpA 511,426 7,361,097 
TOTAL ITALY  12,510,511 
Japan - 14.1%   
Astellas Pharma, Inc. 2,477,400 33,401,778 
Coca-Cola Central Japan Co. Ltd. 190,700 3,493,796 
DENSO Corp. 727,400 27,649,326 
East Japan Railway Co. 184,100 16,196,396 
Hoya Corp. 336,900 12,901,342 
Japan Tobacco, Inc. 589,000 24,065,326 
Keyence Corp. 40,062 24,012,883 
Mitsui Fudosan Co. Ltd. 836,000 20,417,154 
Nintendo Co. Ltd. 61,000 8,259,462 
Olympus Corp. 281,300 10,958,499 
OSG Corp. 344,800 6,407,632 
Seven Bank Ltd. 2,658,200 11,295,245 
Shinsei Bank Ltd. 5,146,000 7,212,512 
SHO-BOND Holdings Co. Ltd. 182,600 7,900,949 
USS Co. Ltd. 1,301,100 20,581,249 
TOTAL JAPAN  234,753,549 
Kenya - 0.3%   
Safaricom Ltd. 30,975,500 5,244,367 
Korea (South) - 0.9%   
BGFretail Co. Ltd. 54,496 8,847,410 
NAVER Corp. 9,215 5,445,310 
TOTAL KOREA (SOUTH)  14,292,720 
Mexico - 0.6%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 106,355 9,913,350 
South Africa - 1.3%   
Clicks Group Ltd. 755,618 5,518,807 
Naspers Ltd. Class N 112,300 15,408,694 
TOTAL SOUTH AFRICA  20,927,501 
Spain - 4.9%   
Amadeus IT Holding SA Class A 514,500 23,411,956 
Hispania Activos Inmobiliarios SA (a) 215,259 3,154,974 
Inditex SA 1,361,301 43,699,772 
Merlin Properties Socimi SA 378,500 4,399,024 
Prosegur Compania de Seguridad SA (Reg.) 1,127,849 6,521,790 
TOTAL SPAIN  81,187,516 
Sweden - 4.4%   
ASSA ABLOY AB (B Shares) (b) 2,033,083 42,634,121 
Fagerhult AB 409,153 9,527,687 
Intrum Justitia AB (b) 112,700 4,044,623 
Svenska Handelsbanken AB (A Shares) (b) 1,313,920 17,527,894 
TOTAL SWEDEN  73,734,325 
Switzerland - 12.7%   
Nestle SA 1,091,098 81,439,212 
Novartis AG 625,183 47,577,841 
Roche Holding AG (participation certificate) 232,368 58,791,248 
Schindler Holding AG:   
(participation certificate) 107,226 19,527,137 
(Reg.) 18,350 3,372,360 
TOTAL SWITZERLAND  210,707,798 
Taiwan - 1.1%   
Taiwan Semiconductor Manufacturing Co. Ltd. 3,934,000 18,046,275 
United Kingdom - 13.2%   
Associated British Foods PLC 413,100 18,494,337 
Babcock International Group PLC 400,384 5,543,075 
BAE Systems PLC 1,722,200 12,015,201 
Berendsen PLC 707,573 12,199,669 
Howden Joinery Group PLC 626,100 4,519,241 
Informa PLC 1,396,912 13,358,986 
InterContinental Hotel Group PLC ADR (b) 968,696 38,883,457 
Lloyds Banking Group PLC 7,613,300 7,472,538 
Prudential PLC 1,155,443 22,807,906 
Reckitt Benckiser Group PLC 542,845 52,883,360 
Rightmove PLC 77,900 4,391,314 
SABMiller PLC 292,366 17,877,926 
Shaftesbury PLC 319,433 4,247,330 
Unite Group PLC 476,676 4,405,332 
TOTAL UNITED KINGDOM  219,099,672 
United States of America - 18.1%   
Alphabet, Inc. Class A 29,136 20,624,792 
Autoliv, Inc. (b) 198,769 24,343,239 
Berkshire Hathaway, Inc. Class B (a) 129,184 18,793,688 
China Biologic Products, Inc. (a) 87,966 10,292,022 
Domino's Pizza, Inc. 82,990 10,031,831 
Martin Marietta Materials, Inc. 66,400 11,236,872 
MasterCard, Inc. Class A 351,000 34,043,490 
McGraw Hill Financial, Inc. 117,100 12,512,135 
Mohawk Industries, Inc. (a) 117,400 22,614,762 
Molson Coors Brewing Co. Class B 108,600 10,385,418 
Moody's Corp. 94,100 9,007,252 
MSCI, Inc. Class A 103,200 7,837,008 
Philip Morris International, Inc. 210,708 20,674,669 
PriceSmart, Inc. 95,700 8,281,878 
ResMed, Inc. 170,700 9,525,060 
Reynolds American, Inc. 363,200 18,014,720 
Sherwin-Williams Co. 32,600 9,366,306 
SS&C Technologies Holdings, Inc. 178,400 10,909,160 
Visa, Inc. Class A 424,260 32,769,842 
TOTAL UNITED STATES OF AMERICA  301,264,144 
TOTAL COMMON STOCKS   
(Cost $1,493,495,241)  1,615,713,816 
Money Market Funds - 8.3%   
Fidelity Cash Central Fund, 0.38% (c) 31,871,334 31,871,334 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 106,690,874 106,690,874 
TOTAL MONEY MARKET FUNDS   
(Cost $138,562,208)  138,562,208 
TOTAL INVESTMENT PORTFOLIO - 105.6%   
(Cost $1,632,057,449)  1,754,276,024 
NET OTHER ASSETS (LIABILITIES) - (5.6)%  (93,656,005) 
NET ASSETS - 100%  $1,660,620,019 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $72,393 
Fidelity Securities Lending Cash Central Fund 330,325 
Total $402,718 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $221,090,557 $172,859,982 $48,230,575 $-- 
Consumer Staples 337,979,004 176,097,310 161,881,694 -- 
Energy 7,198,891 7,198,891 -- -- 
Financials 227,120,303 108,732,079 118,388,224 -- 
Health Care 313,799,816 150,169,108 163,630,708 -- 
Industrials 191,271,169 148,750,991 42,520,178 -- 
Information Technology 235,627,928 153,962,864 81,665,064 -- 
Materials 76,381,781 76,381,781 -- -- 
Telecommunication Services 5,244,367 5,244,367 -- -- 
Money Market Funds 138,562,208 138,562,208 -- -- 
Total Investments in Securities: $1,754,276,024 $1,137,959,581 $616,316,443 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $144,428,405 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $103,770,133) — See accompanying schedule:
Unaffiliated issuers (cost $1,493,495,241) 		$1,615,713,816  
Fidelity Central Funds (cost $138,562,208) 138,562,208  
Total Investments (cost $1,632,057,449)  $1,754,276,024 
Foreign currency held at value (cost $11,880)  11,898 
Receivable for investments sold  3,654,551 
Receivable for fund shares sold  4,651,062 
Dividends receivable  9,823,503 
Distributions receivable from Fidelity Central Funds  94,556 
Prepaid expenses  599 
Other receivables  7,870 
Total assets  1,772,520,063 
Liabilities   
Payable for investments purchased $1,891,035  
Payable for fund shares redeemed 1,836,507  
Accrued management fee 985,763  
Distribution and service plan fees payable 103,976  
Other affiliated payables 304,114  
Other payables and accrued expenses 87,775  
Collateral on securities loaned, at value 106,690,874  
Total liabilities  111,900,044 
Net Assets  $1,660,620,019 
Net Assets consist of:   
Paid in capital  $1,599,467,631 
Undistributed net investment income  11,086,000 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (72,316,667) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  122,383,055 
Net Assets  $1,660,620,019 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($227,299,900 ÷ 20,745,349 shares)  $10.96 
Maximum offering price per share (100/94.25 of $10.96)  $11.63 
Class T:   
Net Asset Value and redemption price per share ($28,247,384 ÷ 2,581,799 shares)  $10.94 
Maximum offering price per share (100/96.50 of $10.94)  $11.34 
Class B:   
Net Asset Value and offering price per share ($543,488 ÷ 50,206 shares)(a)  $10.83 
Class C:   
Net Asset Value and offering price per share ($54,803,250 ÷ 5,077,799 shares)(a)  $10.79 
International Growth:   
Net Asset Value, offering price and redemption price per share ($989,531,658 ÷ 89,694,739 shares)  $11.03 
Class I:   
Net Asset Value, offering price and redemption price per share ($344,685,048 ÷ 31,300,215 shares)  $11.01 
Class Z:   
Net Asset Value, offering price and redemption price per share ($15,509,291 ÷ 1,406,850 shares)  $11.02 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $21,128,805 
Income from Fidelity Central Funds  402,718 
Income before foreign taxes withheld  21,531,523 
Less foreign taxes withheld  (2,212,929) 
Total income  19,318,594 
Expenses   
Management fee   
Basic fee $5,303,523  
Performance adjustment 109,270  
Transfer agent fees 1,418,766  
Distribution and service plan fees 585,143  
Accounting and security lending fees 345,576  
Custodian fees and expenses 79,671  
Independent trustees' compensation 3,216  
Registration fees 88,683  
Audit 42,540  
Legal 2,186  
Miscellaneous 4,732  
Total expenses before reductions 7,983,306  
Expense reductions (16,973) 7,966,333 
Net investment income (loss)  11,352,261 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (34,889,540)  
Foreign currency transactions 296,655  
Total net realized gain (loss)  (34,592,885) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $4,737) 		(7,895,661)  
Assets and liabilities in foreign currencies 94,033  
Total change in net unrealized appreciation (depreciation)  (7,801,628) 
Net gain (loss)  (42,394,513) 
Net increase (decrease) in net assets resulting from operations  $(31,042,252) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,352,261 $10,205,219 
Net realized gain (loss) (34,592,885) (27,463,177) 
Change in net unrealized appreciation (depreciation) (7,801,628) 41,450,250 
Net increase (decrease) in net assets resulting from operations (31,042,252) 24,192,292 
Distributions to shareholders from net investment income (9,313,522) (7,019,924) 
Distributions to shareholders from net realized gain (1,062,119) – 
Total distributions (10,375,641) (7,019,924) 
Share transactions - net increase (decrease) 228,113,558 519,861,476 
Redemption fees 45,309 54,094 
Total increase (decrease) in net assets 186,740,974 537,087,938 
Net Assets   
Beginning of period 1,473,879,045 936,791,107 
End of period (including undistributed net investment income of $11,086,000 and undistributed net investment income of $9,047,261, respectively) $1,660,620,019 $1,473,879,045 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.30 $11.01 $10.78 $8.91 $8.09 $8.38 
Income from Investment Operations       
Net investment income (loss)A .07 .07 .09 .08 .08 .08 
Net realized and unrealized gain (loss) (.35) .28 .18 1.88 .81 (.31) 
Total from investment operations (.28) .35 .27 1.96 .89 (.23) 
Distributions from net investment income (.05) (.06) (.03) (.08) (.06) (.05) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.06) (.06) (.04) (.09) (.07) (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.96 $11.30 $11.01 $10.78 $8.91 $8.09 
Total ReturnC,D,E (2.51)% 3.20% 2.54% 22.18% 11.10% (2.76)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.26%H 1.26% 1.35% 1.44% 1.58% 1.77% 
Expenses net of fee waivers, if any 1.26%H 1.26% 1.35% 1.43% 1.45% 1.45% 
Expenses net of all reductions 1.26%H 1.25% 1.34% 1.42% 1.44% 1.43% 
Net investment income (loss) 1.29%H .66% .84% .80% .99% .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $227,300 $184,878 $119,017 $74,595 $21,874 $6,352 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.26 $10.96 $10.75 $8.89 $8.08 $8.38 
Income from Investment Operations       
Net investment income (loss)A .05 .04 .06 .05 .06 .06 
Net realized and unrealized gain (loss) (.35) .27 .18 1.88 .81 (.31) 
Total from investment operations (.30) .31 .24 1.93 .87 (.25) 
Distributions from net investment income (.01) (.01) (.02) (.07) (.05) (.04) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.02) (.01) (.03) (.07)B (.06) (.05) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $10.94 $11.26 $10.96 $10.75 $8.89 $8.08 
Total ReturnD,E,F (2.69)% 2.85% 2.21% 21.91% 10.82% (3.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.60%I 1.58% 1.65% 1.69% 1.85% 2.03% 
Expenses net of fee waivers, if any 1.60%I 1.58% 1.65% 1.69% 1.70% 1.70% 
Expenses net of all reductions 1.60%I 1.58% 1.65% 1.68% 1.69% 1.68% 
Net investment income (loss) .95%I .33% .53% .54% .74% .67% 
Supplemental Data       
Net assets, end of period (000 omitted) $28,247 $28,833 $26,369 $23,118 $10,690 $2,917 
Portfolio turnover rateJ 35%I 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $0.07 per share is comprised of distributions from net investment income of $0.69 and distributions from net realized gain of $0.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.16 $10.91 $10.73 $8.88 $8.06 $8.36 
Income from Investment Operations       
Net investment income (loss)A .02 (.02) –B –B .02 .01 
Net realized and unrealized gain (loss) (.34) .27 .19 1.89 .80 (.30) 
Total from investment operations (.32) .25 .19 1.89 .82 (.29) 
Distributions from net investment income – – – (.03) – (.01) 
Distributions from net realized gain (.01) – (.01) (.01) – –B 
Total distributions (.01) – (.01) (.04) – (.01) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.83 $11.16 $10.91 $10.73 $8.88 $8.06 
Total ReturnC,D,E (2.89)% 2.29% 1.76% 21.35% 10.17% (3.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.09%H 2.07% 2.14% 2.19% 2.35% 2.55% 
Expenses net of fee waivers, if any 2.09%H 2.07% 2.14% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.09%H 2.06% 2.14% 2.17% 2.19% 2.18% 
Net investment income (loss) .45%H (.15)% .04% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $543 $800 $1,404 $1,579 $1,116 $473 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.12 $10.87 $10.69 $8.84 $8.03 $8.34 
Income from Investment Operations       
Net investment income (loss)A .03 (.02) .01 .01 .02 .01 
Net realized and unrealized gain (loss) (.35) .27 .18 1.87 .80 (.31) 
Total from investment operations (.32) .25 .19 1.88 .82 (.30) 
Distributions from net investment income – – – (.02) (.01) (.01) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.01) – (.01) (.03) (.01)B (.01)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.79 $11.12 $10.87 $10.69 $8.84 $8.03 
Total ReturnE,F,G (2.90)% 2.30% 1.77% 21.29% 10.27% (3.57)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.05%J 2.06% 2.12% 2.19% 2.33% 2.52% 
Expenses net of fee waivers, if any 2.05%J 2.06% 2.12% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.05%J 2.05% 2.12% 2.17% 2.19% 2.18% 
Net investment income (loss) .49%J (.15)% .06% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $54,803 $52,378 $32,737 $17,196 $5,648 $2,767 
Portfolio turnover rateK 35%J 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share.

 C Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.38 $11.10 $10.84 $8.95 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .09 .11 .13 .11 .11 .10 
Net realized and unrealized gain (loss) (.35) .26 .19 1.88 .81 (.30) 
Total from investment operations (.26) .37 .32 1.99 .92 (.20) 
Distributions from net investment income (.08) (.09) (.05) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.09) (.06) (.10)B (.09) (.08) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.03 $11.38 $11.10 $10.84 $8.95 $8.12 
Total ReturnD,E (2.34)% 3.36% 2.96% 22.48% 11.41% (2.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .96%H .97% 1.04% 1.13% 1.28% 1.52% 
Expenses net of fee waivers, if any .96%H .97% 1.04% 1.13% 1.20% 1.20% 
Expenses net of all reductions .96%H .96% 1.04% 1.11% 1.19% 1.18% 
Net investment income (loss) 1.58%H .94% 1.14% 1.11% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $989,532 $938,348 $635,607 $430,914 $149,526 $53,437 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.36 $11.08 $10.84 $8.94 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .08 .11 .13 .11 .10 .10 
Net realized and unrealized gain (loss) (.34) .27 .18 1.90 .81 (.30) 
Total from investment operations (.26) .38 .31 2.01 .91 (.20) 
Distributions from net investment income (.08) (.10) (.06) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.10) (.07) (.11) (.09) (.08) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $11.01 $11.36 $11.08 $10.84 $8.94 $8.12 
Total ReturnC,D (2.34)% 3.41% 2.84% 22.66% 11.28% (2.47)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .97%G .98% 1.04% 1.11% 1.27% 1.50% 
Expenses net of fee waivers, if any .97%G .98% 1.04% 1.11% 1.20% 1.20% 
Expenses net of all reductions .96%G .97% 1.04% 1.09% 1.19% 1.18% 
Net investment income (loss) 1.58%G .94% 1.14% 1.13% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $344,685 $267,745 $121,554 $38,771 $3,992 $493 
Portfolio turnover rateH 35%G 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
April 30, 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $11.38 $11.10 $10.84 $10.26 
Income from Investment Operations     
Net investment income (loss)B .09 .12 .14 .02 
Net realized and unrealized gain (loss) (.35) .27 .19 .56 
Total from investment operations (.26) .39 .33 .58 
Distributions from net investment income (.09) (.11) (.06) – 
Distributions from net realized gain (.01) – (.01) – 
Total distributions (.10) (.11) (.07) – 
Redemption fees added to paid in capitalB,C – – – – 
Net asset value, end of period $11.02 $11.38 $11.10 $10.84 
Total ReturnD,E (2.29)% 3.52% 3.07% 5.65% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .83%H .84% .88% .94%H 
Expenses net of fee waivers, if any .83%H .84% .88% .94%H 
Expenses net of all reductions .83%H .83% .88% .93%H 
Net investment income (loss) 1.71%H 1.07% 1.30% .65%H 
Supplemental Data     
Net assets, end of period (000 omitted) $15,509 $897 $104 $106 
Portfolio turnover rateI 35%H 26% 27% 32% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Growth 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, International Growth, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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 $176,397,956 
Gross unrealized depreciation (59,559,141) 
Net unrealized appreciation (depreciation) on securities $116,838,815 
Tax cost $1,637,437,209 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(26,434,969) 
Long-term (7,319,866) 
Total no expiration $(33,754,835) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $479,246,265 and $260,718,084, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $249,157 $357 
Class T .25% .25% 69,243 – 
Class B .75% .25% 3,364 2,523 
Class C .75% .25% 263,379 98,751 
   $585,143 $101,631 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $44,378 
Class T 6,336 
Class B(a) 6 
Class C(a) 4,765 
 $55,485 

 (a) 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 the investment adviser, 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $220,276 .22 
Class T 43,164 .31 
Class B 1,028 .31 
Class C 69,895 .27 
International Growth 819,000 .18 
Class I 263,135 .18 
Class Z 2,268 .05 
 $1,418,766  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $799 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,311 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $10,140,516. 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 $330,325, including $34,892 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $11,575 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $35.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,363.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $857,306 $684,914 
Class T 25,900 29,128 
International Growth 6,508,406 5,239,951 
Class I 1,913,593 1,064,923 
Class Z 8,317 1,008 
Total $9,313,522 $7,019,924 
From net realized gain   
Class A $137,169 $– 
Class T 20,720 – 
Class B 561 – 
Class C 39,156 – 
International Growth 667,539 – 
Class I 196,266 – 
Class Z 708 – 
Total $1,062,119 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 6,246,540 9,298,452 $67,129,589 $105,707,223 
Reinvestment of distributions 86,341 60,570 970,468 669,298 
Shares redeemed (1,954,972) (3,798,128) (20,859,132) (42,982,992) 
Net increase (decrease) 4,377,909 5,560,894 $47,240,925 $63,393,529 
Class T     
Shares sold 366,792 1,158,910 $3,936,696 $13,286,739 
Reinvestment of distributions 4,067 2,593 45,714 28,654 
Shares redeemed (350,025) (1,005,399) (3,686,315) (11,627,373) 
Net increase (decrease) 20,834 156,104 $296,095 $1,688,020 
Class B     
Shares sold 1,881 30,282 $19,678 $347,009 
Reinvestment of distributions 50 – 556 – 
Shares redeemed (23,393) (87,349) (246,379) (994,341) 
Net increase (decrease) (21,462) (57,067) $(226,145) $(647,332) 
Class C     
Shares sold 819,268 2,689,800 $8,736,707 $30,433,427 
Reinvestment of distributions 3,485 – 38,678 – 
Shares redeemed (454,625) (991,400) (4,741,050) (10,978,888) 
Net increase (decrease) 368,128 1,698,400 $4,034,335 $19,454,539 
International Growth     
Shares sold 17,140,428 39,705,804 $183,584,698 $456,131,993 
Reinvestment of distributions 515,203 387,169 5,821,794 4,301,448 
Shares redeemed (10,385,791) (14,942,156) (110,850,155) (169,380,325) 
Net increase (decrease) 7,269,840 25,150,817 $78,556,337 $291,053,116 
Class I     
Shares sold 13,087,526 17,728,493 $140,430,050 $201,877,753 
Reinvestment of distributions 177,277 92,582 1,999,688 1,026,733 
Shares redeemed (5,525,257) (5,227,430) (58,460,124) (58,733,231) 
Net increase (decrease) 7,739,546 12,593,645 $83,969,614 $144,171,255 
Class Z     
Shares sold 1,378,158 88,007 $14,776,889 $956,120 
Reinvestment of distributions 799 91 9,025 1,008 
Shares redeemed (50,920) (18,621) (543,517) (208,779) 
Net increase (decrease) 1,328,037 69,477 $14,242,397 $748,349 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.26%    
Actual  $1,000.00 $974.90 $6.19 
Hypothetical-C  $1,000.00 $1,018.60 $6.32 
Class T 1.60%    
Actual  $1,000.00 $973.10 $7.85 
Hypothetical-C  $1,000.00 $1,016.91 $8.02 
Class B 2.09%    
Actual  $1,000.00 $971.10 $10.24 
Hypothetical-C  $1,000.00 $1,014.47 $10.47 
Class C 2.05%    
Actual  $1,000.00 $971.00 $10.05 
Hypothetical-C  $1,000.00 $1,014.67 $10.27 
International Growth .96%    
Actual  $1,000.00 $976.60 $4.72 
Hypothetical-C  $1,000.00 $1,020.09 $4.82 
Class I .97%    
Actual  $1,000.00 $976.60 $4.77 
Hypothetical-C  $1,000.00 $1,020.04 $4.87 
Class Z .83%    
Actual  $1,000.00 $977.10 $4.08 
Hypothetical-C  $1,000.00 $1,020.74 $4.17 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AIGFZ-SANN-0616
1.9585039.102

Fidelity® International Discovery Fund
Class K



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-800-835-5092 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 17.3% 
   United Kingdom 14.5% 
   France 9.6% 
   Germany 8.0% 
   United States of America* 5.8% 
   Switzerland 4.3% 
   Sweden 4.1% 
   Hong Kong 3.3% 
   Netherlands 3.3% 
   Other 29.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 19.1% 
   Japan 15.9% 
   France 9.6% 
   United States of America* 7.3% 
   Germany 5.5% 
   Switzerland 5.1% 
   Netherlands 4.0% 
   Sweden 3.1% 
   Hong Kong 3.0% 
   Other 27.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.1 97.5 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 2.2 2.0 
Unilever NV (Certificaten Van Aandelen) (Bearer) (Netherlands, Personal Products) 1.7 1.6 
Statoil ASA (Norway, Oil, Gas & Consumable Fuels) 1.6 0.0 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.4 
AIA Group Ltd. (Hong Kong, Insurance) 1.5 1.3 
ORIX Corp. (Japan, Diversified Financial Services) 1.4 0.9 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.4 1.3 
VINCI SA (France, Construction & Engineering) 1.4 0.9 
KDDI Corp. (Japan, Wireless Telecommunication Services) 1.4 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.3 1.2 
 15.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.6 24.2 
Consumer Discretionary 15.3 17.4 
Consumer Staples 13.2 11.9 
Health Care 12.5 12.8 
Industrials 10.7 10.5 
Information Technology 10.0 7.5 
Energy 5.0 4.3 
Telecommunication Services 4.8 4.9 
Materials 3.6 2.3 
Utilities 0.6 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value (000s) 
Australia - 2.5%   
1-Page Ltd. (a)(b) 2,531,460 $1,857 
Ansell Ltd. (a) 1,588,251 24,068 
Australia & New Zealand Banking Group Ltd. 2,945,060 53,983 
Burson Group Ltd. 7,454,296 28,226 
Magellan Financial Group Ltd. 1,204,177 19,685 
Mantra Group Ltd. 7,793,893 21,927 
Ramsay Health Care Ltd. 1,164,235 57,495 
Spark Infrastructure Group unit 31,636,214 49,793 
TOTAL AUSTRALIA  257,034 
Austria - 0.5%   
Andritz AG 444,500 24,894 
Erste Group Bank AG 995,900 28,646 
TOTAL AUSTRIA  53,540 
Bailiwick of Jersey - 1.2%   
Integrated Diagnostics Holdings PLC 4,932,400 22,936 
Randgold Resources Ltd. sponsored ADR 241,314 24,252 
Regus PLC 11,055,488 47,233 
Wolseley PLC 514,260 28,805 
TOTAL BAILIWICK OF JERSEY  123,226 
Belgium - 2.0%   
Anheuser-Busch InBev SA NV 1,203,427 148,960 
KBC Groep NV 857,319 48,131 
TOTAL BELGIUM  197,091 
Bermuda - 0.3%   
PAX Global Technology Ltd. 29,071,000 25,037 
Canada - 2.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 781,500 34,257 
Cenovus Energy, Inc. 2,806,100 44,483 
Constellation Software, Inc. 156,500 61,161 
Franco-Nevada Corp. 297,300 20,859 
PrairieSky Royalty Ltd. (b) 1,734,473 36,522 
Suncor Energy, Inc. 676,200 19,849 
TOTAL CANADA  217,131 
Cayman Islands - 0.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 453,700 34,908 
Ctrip.com International Ltd. ADR (a) 294,500 12,843 
Lee's Pharmaceutical Holdings Ltd. 6,734,664 5,449 
New Oriental Education & Technology Group, Inc. sponsored ADR 830,000 32,503 
TOTAL CAYMAN ISLANDS  85,703 
China - 0.6%   
Jiangsu Hengrui Medicine Co. Ltd. 4,183,623 30,165 
Kweichow Moutai Co. Ltd. 663,582 25,748 
TOTAL CHINA  55,913 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 517,230 129 
Denmark - 1.3%   
Novo Nordisk A/S Series B 2,371,645 132,419 
Finland - 0.7%   
Sampo Oyj (A Shares) 1,653,500 72,193 
France - 9.6%   
Accor SA (b) 1,684,918 74,636 
ALTEN 608,659 37,635 
Altran Technologies SA 2,384,000 35,365 
Amundi SA 516,400 23,765 
Atos Origin SA 444,123 39,530 
AXA SA (b) 4,402,300 111,156 
Capgemini SA 855,800 79,894 
Cegedim SA (a) 536,390 14,728 
Havas SA 4,815,644 40,297 
Sanofi SA 467,356 38,523 
Sodexo SA 431,200 43,543 
SR Teleperformance SA 290,100 26,043 
Total SA 4,385,111 221,630 
Unibail-Rodamco 156,500 41,933 
VINCI SA (b) 1,924,900 143,796 
TOTAL FRANCE  972,474 
Germany - 8.0%   
Axel Springer Verlag AG 625,002 34,896 
Bayer AG 345,100 39,812 
Beiersdorf AG 242,900 21,794 
Continental AG 297,600 65,359 
Deutsche Boerse AG 526,494 43,219 
Deutsche Telekom AG 3,241,500 56,899 
Fresenius SE & Co. KGaA 468,700 34,090 
GEA Group AG 878,941 40,750 
KION Group AG 1,369,149 74,593 
LEG Immobilien AG 314,266 29,080 
Nexus AG 614,500 10,766 
ProSiebenSat.1 Media AG 1,170,000 59,644 
Rational AG 104,405 53,002 
SAP AG 1,390,594 109,107 
Siemens AG 685,498 71,736 
Symrise AG 637,700 42,249 
United Internet AG 430,714 21,027 
TOTAL GERMANY  808,023 
Hong Kong - 3.3%   
AIA Group Ltd. 24,704,000 147,844 
China Resources Beer Holdings Co. Ltd. 16,944,000 37,233 
Techtronic Industries Co. Ltd. 38,444,000 144,114 
TOTAL HONG KONG  329,191 
India - 2.6%   
Bharti Infratel Ltd. 12,647,734 71,392 
Dr Lal Pathlabs Ltd. 798,016 11,835 
HDFC Bank Ltd. sponsored ADR 1,290,984 81,164 
Housing Development Finance Corp. Ltd. 6,148,295 100,746 
TOTAL INDIA  265,137 
Ireland - 2.7%   
Cairn Homes PLC (a) 17,549,270 22,506 
CRH PLC 1,051,000 30,587 
Dalata Hotel Group PLC (a) 5,686,103 28,706 
Green REIT PLC 9,492,200 15,673 
Irish Continental Group PLC unit 101,800 600 
James Hardie Industries PLC CDI 1,482,921 20,893 
Kerry Group PLC Class A 983,700 87,712 
Ryanair Holdings PLC sponsored ADR 809,300 65,513 
TOTAL IRELAND  272,190 
Isle of Man - 0.8%   
Optimal Payments PLC (a) 11,752,725 65,462 
Playtech Ltd. 1,386,935 16,303 
TOTAL ISLE OF MAN  81,765 
Israel - 1.9%   
Frutarom Industries Ltd. 1,032,000 52,892 
Partner Communications Co. Ltd. (a) 2,268,862 11,804 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,291,300 124,761 
TOTAL ISRAEL  189,457 
Italy - 1.6%   
De Longhi SpA 1,669,626 38,446 
Intesa Sanpaolo SpA 30,697,900 85,334 
Mediaset SpA 3,440,200 15,481 
Telecom Italia SpA (a) 25,339,200 24,743 
TOTAL ITALY  164,004 
Japan - 17.3%   
ACOM Co. Ltd. (a) 3,246,300 16,935 
Aozora Bank Ltd. 9,464,000 33,578 
Asahi Group Holdings 1,066,900 33,860 
Astellas Pharma, Inc. 6,953,700 93,754 
Casio Computer Co. Ltd. (b) 2,015,200 38,343 
Daito Trust Construction Co. Ltd. 209,500 29,630 
Dentsu, Inc. 1,274,300 64,746 
Don Quijote Holdings Co. Ltd. 1,338,100 47,604 
Hoya Corp. 1,793,800 68,692 
Japan Exchange Group, Inc. 1,920,700 28,605 
Japan Tobacco, Inc. 2,318,600 94,733 
KDDI Corp. 4,728,900 136,219 
Keyence Corp. 95,360 57,158 
Misumi Group, Inc. 3,181,300 43,933 
Mitsubishi UFJ Financial Group, Inc. 11,142,500 51,421 
Monex Group, Inc. 12,207,949 31,493 
NEC Corp. 8,879,000 21,609 
Nidec Corp. 324,300 23,763 
Nintendo Co. Ltd. 274,100 37,113 
Nippon Telegraph & Telephone Corp. 904,500 40,477 
Olympus Corp. 3,148,400 122,651 
ORIX Corp. 10,231,600 144,725 
Seven & i Holdings Co. Ltd. 1,034,700 42,218 
Seven Bank Ltd. 12,039,600 51,159 
Shinsei Bank Ltd. 14,227,000 19,940 
Shionogi & Co. Ltd. 856,200 43,702 
Sony Corp. 3,594,500 87,065 
Sundrug Co. Ltd. 622,500 44,232 
Tsuruha Holdings, Inc. 834,000 79,994 
United Arrows Ltd. 991,300 39,833 
VT Holdings Co. Ltd. 3,872,500 19,566 
Welcia Holdings Co. Ltd. 1,150,800 60,788 
TOTAL JAPAN  1,749,539 
Luxembourg - 0.9%   
Eurofins Scientific SA 120,139 44,578 
Grand City Properties SA 1,528,397 33,759 
Senvion SA 708,900 12,460 
TOTAL LUXEMBOURG  90,797 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP (c) 715,655 12,896 
Netherlands - 3.3%   
AerCap Holdings NV (a) 562,900 22,522 
IMCD Group BV 1,926,800 77,794 
ING Groep NV (Certificaten Van Aandelen) 4,956,300 60,696 
Unilever NV (Certificaten Van Aandelen) (Bearer) 3,814,100 167,553 
TOTAL NETHERLANDS  328,565 
New Zealand - 0.8%   
EBOS Group Ltd. 3,154,998 35,160 
Ryman Healthcare Group Ltd. 7,137,434 44,505 
TOTAL NEW ZEALAND  79,665 
Norway - 1.6%   
Statoil ASA (b) 9,044,100 159,188 
Philippines - 0.3%   
SM Investments Corp. 1,641,730 32,950 
Romania - 0.2%   
Banca Transilvania SA 31,143,575 21,373 
South Africa - 1.3%   
EOH Holdings Ltd. 2,855,067 27,788 
Naspers Ltd. Class N 720,500 98,860 
TOTAL SOUTH AFRICA  126,648 
Spain - 2.5%   
Amadeus IT Holding SA Class A 1,717,100 78,135 
Atresmedia Corporacion de Medios de Comunicacion SA 1,719,200 22,383 
Hispania Activos Inmobiliarios SA (a) 1,085,200 15,905 
Inditex SA 2,288,877 73,476 
Mediaset Espana Comunicacion SA 2,931,000 38,059 
Merlin Properties Socimi SA 2,483,100 28,859 
TOTAL SPAIN  256,817 
Sweden - 4.1%   
ASSA ABLOY AB (B Shares) 3,682,800 77,229 
Getinge AB (B Shares) 2,461,330 52,044 
HEXPOL AB (B Shares) (b) 2,967,500 30,671 
Indutrade AB (b) 201,100 11,276 
Nordea Bank AB 5,749,200 55,806 
Saab AB (B Shares) 980,200 33,530 
Sandvik AB (b) 2,242,600 23,011 
Svenska Cellulosa AB (SCA) (B Shares) 3,034,500 95,564 
Svenska Handelsbanken AB (A Shares) (b) 2,567,100 34,246 
TOTAL SWEDEN  413,377 
Switzerland - 4.3%   
GAM Holding Ltd. 1,405,187 18,310 
Julius Baer Group Ltd. 949,640 40,698 
Novartis AG 1,375,538 104,682 
Partners Group Holding AG 247,326 101,839 
Schindler Holding AG (participation certificate) 181,273 33,012 
Syngenta AG (Switzerland) 175,928 70,423 
UBS Group AG 3,690,490 63,861 
TOTAL SWITZERLAND  432,825 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 4,953,560 13,395 
United Kingdom - 14.5%   
AA PLC 3,830,868 15,595 
Associated British Foods PLC 772,200 34,571 
B&M European Value Retail S.A. 9,180,129 37,209 
BAE Systems PLC 4,147,100 28,933 
BCA Marketplace PLC 7,762,300 18,913 
BHP Billiton PLC 2,881,014 39,368 
BT Group PLC 6,133,600 39,758 
Bunzl PLC 2,075,300 61,829 
Cineworld Group PLC 2,055,200 15,555 
CMC Markets PLC 8,647,600 31,589 
Compass Group PLC 2,013,000 35,848 
Countryside Properties PLC (a) 3,408,200 11,578 
Diploma PLC 2,312,600 24,718 
GlaxoSmithKline PLC 3,812,600 81,485 
Howden Joinery Group PLC 10,913,100 78,772 
Imperial Tobacco Group PLC 1,848,336 100,425 
ITV PLC 9,444,600 31,078 
Lloyds Banking Group PLC 69,181,900 67,903 
London Stock Exchange Group PLC 473,136 18,756 
McCarthy & Stone PLC 4,009,500 13,592 
Melrose Industries PLC 1,586,476 8,653 
Micro Focus International PLC 3,609,242 80,634 
Moneysupermarket.com Group PLC 5,210,600 23,899 
Persimmon PLC 1,469,800 42,673 
Reckitt Benckiser Group PLC 900,800 87,755 
Rex Bionics PLC (a)(c) 1,297,286 692 
Rio Tinto PLC 1,185,200 39,759 
SABMiller PLC 719,300 43,985 
Shawbrook Group PLC 8,951,700 37,487 
Softcat PLC 1,526,900 7,117 
Spirax-Sarco Engineering PLC 539,500 26,920 
St. James's Place Capital PLC 5,394,300 68,336 
Standard Chartered PLC (United Kingdom) 5,296,810 42,729 
Taylor Wimpey PLC 11,716,900 31,552 
Virgin Money Holdings Uk PLC 5,874,500 31,338 
Vodafone Group PLC 30,823,796 99,309 
Workspace Group PLC 649,000 7,918 
TOTAL UNITED KINGDOM  1,468,231 
United States of America - 3.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 520,000 81,151 
Global Payments, Inc. 465,000 33,564 
McGraw Hill Financial, Inc. 462,400 49,407 
Molson Coors Brewing Co. Class B 121,600 11,629 
MSCI, Inc. Class A 586,700 44,554 
Visa, Inc. Class A 1,147,700 88,648 
TOTAL UNITED STATES OF AMERICA  308,953 
TOTAL COMMON STOCKS   
(Cost $8,697,817)  9,796,876 
Nonconvertible Preferred Stocks - 0.2%   
Cayman Islands - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $18,833) 5,958,244 23,003 
 Principal Amount (000s) Value (000s) 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.33% 5/5/16 to 7/28/16 (e)   
(Cost $11,655) 11,660 11,657 
 Shares Value (000s) 
Money Market Funds - 5.1%   
Fidelity Cash Central Fund, 0.38% (f) 199,763,053 199,763 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 311,707,412 311,707 
TOTAL MONEY MARKET FUNDS   
(Cost $511,470)  511,470 
TOTAL INVESTMENT PORTFOLIO - 102.5%   
(Cost $9,239,775)  10,343,006 
NET OTHER ASSETS (LIABILITIES) - (2.5)%  (248,078) 
NET ASSETS - 100%  $10,094,928 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
2,402 CME Nikkei 225 Contracts (Japan) June 2016 179,021 $(11,598) 

The face value of futures purchased as a percentage of Net Assets is 1.8%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) 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 $23,003,000 or 0.2% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,657,000.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $18,833 

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 
 (Amounts in thousands) 
Fidelity Cash Central Fund $545 
Fidelity Securities Lending Cash Central Fund 2,593 
Total $3,138 

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 (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Value, end of period 
Hoegh LNG Partners LP $11,465 $-- $-- $832 $12,896 
Rex Bionics PLC 976 -- 4 -- 692 
Total $12,441 $-- $4 $832 $13,588 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,534,838 $1,034,716 $477,119 $23,003 
Consumer Staples 1,334,162 853,349 480,813 -- 
Energy 494,568 113,750 380,818 -- 
Financials 2,185,536 1,236,886 948,650 -- 
Health Care 1,265,979 574,622 691,357 -- 
Industrials 1,107,038 909,868 197,170 -- 
Information Technology 982,951 693,397 289,554 -- 
Materials 371,953 262,239 109,714 -- 
Telecommunication Services 480,601 83,196 397,405 -- 
Utilities 62,253 62,253 -- -- 
Government Obligations 11,657 -- 11,657 -- 
Money Market Funds 511,470 511,470 -- -- 
Total Investments in Securities: $10,343,006 $6,335,746 $3,984,257 $23,003 
Derivative Instruments:     
Liabilities     
Futures Contracts $(11,598) $(11,598) $-- $-- 
Total Liabilities $(11,598) $(11,598) $-- $-- 
Total Derivative Instruments: $(11,598) $(11,598) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total (000s) 
Level 1 to Level 2 $123,459 
Level 2 to Level 1 $733,107 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value (000s) 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(11,598) 
Total Equity Risk 0 (11,598) 
Total Value of Derivatives $0 $(11,598) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $292,726) — See accompanying schedule:
Unaffiliated issuers (cost $8,709,825) 		$9,817,948  
Fidelity Central Funds (cost $511,470) 511,470  
Other affiliated issuers (cost $18,480) 13,588  
Total Investments (cost $9,239,775)  $10,343,006 
Foreign currency held at value (cost $3,534)  3,534 
Receivable for investments sold  83,114 
Receivable for fund shares sold  9,626 
Dividends receivable  48,955 
Distributions receivable from Fidelity Central Funds  957 
Prepaid expenses  9 
Other receivables  4,089 
Total assets  10,493,290 
Liabilities   
Payable to custodian bank $705  
Payable for investments purchased 56,857  
Payable for fund shares redeemed 16,003  
Accrued management fee 6,281  
Distribution and service plan fees payable 100  
Payable for daily variation margin for derivative instruments 4,684  
Other affiliated payables 1,444  
Other payables and accrued expenses 581  
Collateral on securities loaned, at value 311,707  
Total liabilities  398,362 
Net Assets  $10,094,928 
Net Assets consist of:   
Paid in capital  $9,352,158 
Undistributed net investment income  88,416 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (436,449) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,090,803 
Net Assets  $10,094,928 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($260,942.4 ÷ 6,913.487 shares)  $37.74 
Maximum offering price per share (100/94.25 of $37.74)  $40.04 
Class T:   
Net Asset Value and redemption price per share ($38,584.3 ÷ 1,028.093 shares)  $37.53 
Maximum offering price per share (100/96.50 of $37.53)  $38.89 
Class B:   
Net Asset Value and offering price per share ($1,398.6 ÷ 37.492 shares)(a)  $37.30 
Class C:   
Net Asset Value and offering price per share ($32,708.8 ÷ 878.178 shares)(a)  $37.25 
International Discovery:   
Net Asset Value, offering price and redemption price per share ($6,797,488.8 ÷ 178,912.550 shares)  $37.99 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,151,531.2 ÷ 56,751.079 shares)  $37.91 
Class I:   
Net Asset Value, offering price and redemption price per share ($781,184.7 ÷ 20,610.933 shares)  $37.90 
Class Z:   
Net Asset Value, offering price and redemption price per share ($31,088.8 ÷ 820.463 shares)  $37.89 

 (a) Redemption 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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $832 earned from other affiliated issuers)  $115,061 
Special dividends  37,704 
Interest  30 
Income from Fidelity Central Funds  3,138 
Income before foreign taxes withheld  155,933 
Less foreign taxes withheld  (11,075) 
Total income  144,858 
Expenses   
Management fee   
Basic fee $34,526  
Performance adjustment 6,890  
Transfer agent fees 8,001  
Distribution and service plan fees 600  
Accounting and security lending fees 905  
Custodian fees and expenses 660  
Independent trustees' compensation 23  
Registration fees 158  
Audit 78  
Legal 14  
Miscellaneous 35  
Total expenses before reductions 51,890  
Expense reductions (113) 51,777 
Net investment income (loss)  93,081 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (355,764)  
Other affiliated issuers (19)  
Foreign currency transactions 4,399  
Futures contracts (10,549)  
Total net realized gain (loss)  (361,933) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(204,729)  
Assets and liabilities in foreign currencies (1,103)  
Futures contracts (20,801)  
Total change in net unrealized appreciation (depreciation)  (226,633) 
Net gain (loss)  (588,566) 
Net increase (decrease) in net assets resulting from operations  $(495,485) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $93,081 $149,838 
Net realized gain (loss) (361,933) 245,770 
Change in net unrealized appreciation (depreciation) (226,633) 655 
Net increase (decrease) in net assets resulting from operations (495,485) 396,263 
Distributions to shareholders from net investment income (113,434) (74,589) 
Distributions to shareholders from net realized gain (1,362) – 
Total distributions (114,796) (74,589) 
Share transactions - net increase (decrease) (262,006) (353,147) 
Redemption fees 42 95 
Total increase (decrease) in net assets (872,245) (31,378) 
Net Assets   
Beginning of period 10,967,173 10,998,551 
End of period (including undistributed net investment income of $88,416 and undistributed net investment income of $108,769, respectively) $10,094,928 $10,967,173 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.78 $38.70 $39.49 $31.66 $29.43 $32.07 
Income from Investment Operations       
Net investment income (loss)A .27B .40C .53D .34 .41 .42 
Net realized and unrealized gain (loss) (2.04) .79 (.67) 7.97 2.11 (2.52) 
Total from investment operations (1.77) 1.19 (.14) 8.31 2.52 (2.10) 
Distributions from net investment income (.27) (.11) (.33) (.45) (.29) (.38) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.27)E (.11) (.65)F (.48) (.29) (.54) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.74 $39.78 $38.70 $39.49 $31.66 $29.43 
Total ReturnH,I,J (4.47)% 3.09% (.36)% 26.59% 8.70% (6.71)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.37%M 1.33% 1.28% 1.35% 1.34% 1.30% 
Expenses net of fee waivers, if any 1.37%M 1.33% 1.28% 1.35% 1.34% 1.29% 
Expenses net of all reductions 1.37%M 1.32% 1.28% 1.33% 1.31% 1.25% 
Net investment income (loss) 1.45%B,M 1.00%C 1.35%D .97% 1.41% 1.31% 
Supplemental Data       
Net assets, end of period (in millions) $261 $283 $297 $347 $299 $320 
Portfolio turnover rateN 49%M,O 60%O 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .72%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.269 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K 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.

 L 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.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.51 $38.43 $39.23 $31.42 $29.18 $31.81 
Income from Investment Operations       
Net investment income (loss)A .23B .30C .44D .26 .34 .34 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 7.92 2.09 (2.51) 
Total from investment operations (1.80) 1.10 (.24) 8.18 2.43 (2.17) 
Distributions from net investment income (.17) (.02) (.25) (.34) (.19) (.30) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.18) (.02) (.56) (.37) (.19) (.46) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $37.53 $39.51 $38.43 $39.23 $31.42 $29.18 
Total ReturnF,G,H (4.59)% 2.86% (.60)% 26.31% 8.41% (6.96)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.61%K 1.57% 1.51% 1.59% 1.59% 1.56% 
Expenses net of fee waivers, if any 1.61%K 1.57% 1.51% 1.59% 1.59% 1.55% 
Expenses net of all reductions 1.61%K 1.56% 1.51% 1.57% 1.56% 1.51% 
Net investment income (loss) 1.21%B,K .76%C 1.11%D .73% 1.16% 1.05% 
Supplemental Data       
Net assets, end of period (in millions) $39 $43 $49 $53 $46 $61 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .56%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.20 $38.32 $39.08 $31.28 $29.02 $31.60 
Income from Investment Operations       
Net investment income (loss)A .13B .08C .22D .08 .19 .17 
Net realized and unrealized gain (loss) (2.03) .80 (.66) 7.90 2.09 (2.48) 
Total from investment operations (1.90) .88 (.44) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.01) (.15) (.02) (.12) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.32) (.18) (.02) (.27)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.30 $39.20 $38.32 $39.08 $31.28 $29.02 
Total ReturnG,H,I (4.85)% 2.30% (1.12)% 25.64% 7.85% (7.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of fee waivers, if any 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of all reductions 2.14%L 2.11% 2.05% 2.08% 2.06% 2.02% 
Net investment income (loss) .68%B,L .21%C .57%D .22% .66% .54% 
Supplemental Data       
Net assets, end of period (in millions) $1 $2 $5 $7 $8 $10 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.10) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .02%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.14 $38.25 $39.07 $31.32 $29.08 $31.68 
Income from Investment Operations       
Net investment income (loss)A .13B .10C .23D .08 .19 .18 
Net realized and unrealized gain (loss) (2.02) .79 (.66) 7.90 2.09 (2.49) 
Total from investment operations (1.89) .89 (.43) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.08) (.20) (.04) (.14) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.39) (.23) (.04) (.29)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.25 $39.14 $38.25 $39.07 $31.32 $29.08 
Total ReturnG,H,I (4.83)% 2.33% (1.10)% 25.65% 7.86% (7.37)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 2.09% 2.03% 2.10% 2.09% 2.05% 
Expenses net of fee waivers, if any 2.12%L 2.09% 2.03% 2.09% 2.09% 2.04% 
Expenses net of all reductions 2.12%L 2.08% 2.02% 2.07% 2.06% 2.00% 
Net investment income (loss) .70%B,L .24%C .60%D .23% .66% .56% 
Supplemental Data       
Net assets, end of period (in millions) $33 $32 $35 $36 $30 $33 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.06) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 E Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.12 $39.03 $39.82 $31.91 $29.69 $32.34 
Income from Investment Operations       
Net investment income (loss)A .34B .54C .67D .47 .51 .53 
Net realized and unrealized gain (loss) (2.06) .81 (.68) 8.02 2.12 (2.54) 
Total from investment operations (1.72) 1.35 (.01) 8.49 2.63 (2.01) 
Distributions from net investment income (.41) (.26) (.47) (.55) (.41) (.48) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.41)E (.26) (.78) (.58) (.41) (.64) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.99 $40.12 $39.03 $39.82 $31.91 $29.69 
Total ReturnG,H (4.33)% 3.47% (.01)% 27.03% 9.03% (6.39)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.02%K .99% .93% 1.00% 1.01% .97% 
Expenses net of fee waivers, if any 1.02%K .99% .93% 1.00% 1.01% .96% 
Expenses net of all reductions 1.02%K .98% .93% .98% .98% .92% 
Net investment income (loss) 1.80%B,K 1.34%C 1.69%D 1.32% 1.73% 1.64% 
Supplemental Data       
Net assets, end of period (in millions) $6,797 $7,209 $7,464 $7,800 $5,965 $6,806 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 E Total distributions of $.41 per share is comprised of distributions from net investment income of $.409 and distributions from net realized gain of $.005 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.06 $38.97 $39.76 $31.87 $29.66 $32.32 
Income from Investment Operations       
Net investment income (loss)A .36B .59C .72D .52 .57 .58 
Net realized and unrealized gain (loss) (2.04) .81 (.67) 8.01 2.11 (2.54) 
Total from investment operations (1.68) 1.40 .05 8.53 2.68 (1.96) 
Distributions from net investment income (.46) (.31) (.53) (.61) (.47) (.55) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.47) (.31) (.84) (.64) (.47) (.70)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.91 $40.06 $38.97 $39.76 $31.87 $29.66 
Total ReturnG,H (4.25)% 3.61% .13% 27.23% 9.24% (6.24)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .89%K .86% .80% .85% .83% .80% 
Expenses net of fee waivers, if any .89%K .86% .80% .85% .83% .79% 
Expenses net of all reductions .89%K .85% .79% .83% .80% .75% 
Net investment income (loss) 1.94%B,K 1.47%C 1.83%D 1.47% 1.91% 1.81% 
Supplemental Data       
Net assets, end of period (in millions) $2,152 $2,308 $2,464 $2,576 $1,776 $1,245 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 E Total distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.03 $38.96 $39.76 $31.87 $29.65 $32.31 
Income from Investment Operations       
Net investment income (loss)A .34B .53C .67D .47 .52 .54 
Net realized and unrealized gain (loss) (2.05) .80 (.68) 8.01 2.11 (2.55) 
Total from investment operations (1.71) 1.33 (.01) 8.48 2.63 (2.01) 
Distributions from net investment income (.42) (.26) (.48) (.56) (.41) (.50) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.42)E (.26) (.79) (.59) (.41) (.65)F 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.90 $40.03 $38.96 $39.76 $31.87 $29.65 
Total ReturnH,I (4.31)% 3.44% (.01)% 27.03% 9.07% (6.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.03%L 1.00% .93% 1.00% 1.00% .95% 
Expenses net of fee waivers, if any 1.03%L .99% .93% 1.00% 1.00% .94% 
Expenses net of all reductions 1.03%L .98% .93% .97% .97% .90% 
Net investment income (loss) 1.80%B,L 1.33%C 1.69%D 1.33% 1.75% 1.66% 
Supplemental Data       
Net assets, end of period (in millions) $781 $1,061 $650 $476 $294 $278 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.14%.

 E Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $40.03 $38.96 $39.77 $37.22 
Income from Investment Operations     
Net investment income (loss)B .36C .59D .72E .07 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 2.48 
Total from investment operations (1.67) 1.39 .04 2.55 
Distributions from net investment income (.46) (.32) (.54) – 
Distributions from net realized gain (.01) – (.31) – 
Total distributions (.47) (.32) (.85) – 
Redemption fees added to paid in capitalB,F – – – – 
Net asset value, end of period $37.89 $40.03 $38.96 $39.77 
Total ReturnG,H (4.24)% 3.58% .12% 6.85% 
Ratios to Average Net AssetsI,J     
Expenses before reductions .89%K .86% .80% .85%K 
Expenses net of fee waivers, if any .89%K .86% .80% .85%K 
Expenses net of all reductions .89%K .85% .79% .83%K 
Net investment income (loss) 1.94%C,K 1.47%D 1.83%E .76%K 
Supplemental Data     
Net assets, end of period (000 omitted) $31,089 $30,093 $35,125 $107 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 E Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity International Discovery 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, International Discovery, Class K, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, certain foreign taxes, redemptions in-kind, 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 $1,550,136 
Gross unrealized depreciation (447,894) 
Net unrealized appreciation (depreciation) on securities $1,102,242 
Tax cost $9,240,764 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(49,248) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(10,549) and a change in net unrealized appreciation (depreciation) of $(20,801) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,445,746 and $2,483,783, respectively.

Redemptions In-Kind. During the period, 1,487 shares of the Fund held by an unaffiliated entity were redeemed in-kind for cash and investments with a value of $55,670. The net realized gain of $10,064 on investments delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $331 $– 
Class T .25% .25% 99 – 
Class B .75% .25% 9 7 
Class C .75% .25% 161 15 
   $600 $22 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $32 
Class T 3 
Class B(a) –(b) 
Class C(a) 1 
 $36 

 (a) 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.

 (b) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $369 .28 
Class T 53 .27 
Class B 3 .30 
Class C 45 .28 
International Discovery 6,165 .18 
Class K 508 .05 
Class I 851 .19 
Class Z 7 .05 
 $8,001  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $75. 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 $2,593, including $5 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $74 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $39.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $1,912 $864 
Class T 184 23 
International Discovery 73,519 49,040 
Class K 26,239 19,835 
Class I 11,205 4,544 
Class Z 375 283 
Total $113,434 $74,589 
From net realized gain   
Class A $36 $– 
Class T 5 – 
International Discovery 899 – 
Class K 284 – 
Class I 134 – 
Class Z 4 – 
Total $1,362 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 543 1,331 $20,433 $53,289 
Reinvestment of distributions 48 22 1,922 843 
Shares redeemed (784) (1,915) (29,432) (76,178) 
Net increase (decrease) (193) (562) $(7,077) $(22,046) 
Class T     
Shares sold 76 178 $2,881 $7,105 
Reinvestment of distributions 5 1 183 23 
Shares redeemed (140) (355) (5,252) (13,954) 
Net increase (decrease) (59) (176) $(2,188) $(6,826) 
Class B     
Shares sold – 1 $15 $53 
Shares redeemed (20) (64) (758) (2,536) 
Net increase (decrease) (20) (63) $(743) $(2,483) 
Class C     
Shares sold 159 201 $5,952 $7,918 
Shares redeemed (92) (314) (3,380) (12,486) 
Net increase (decrease) 67 (113) $2,572 $(4,568) 
International Discovery     
Shares sold 9,886 20,827 $372,799 $832,233 
Reinvestment of distributions 1,781 1,199 70,961 46,913 
Shares redeemed (12,452) (33,573) (467,188) (1,345,593) 
Net increase (decrease) (785) (11,547) $(23,428) $(466,447) 
Class K     
Shares sold 7,943 15,372 $296,942 $613,737 
Reinvestment of distributions 667 508 26,523 19,835 
Shares redeemed (9,474)(a) (21,494)(b) (358,588)(a) (860,632)(b) 
Net increase (decrease) (864) (5,614) $(35,123) $(227,060) 
Class I     
Shares sold 6,739 15,392 $253,947 $602,134 
Reinvestment of distributions 52 33 2,069 1,286 
Shares redeemed (12,681) (5,606) (454,709) (221,504) 
Net increase (decrease) (5,890) 9,819 $(198,693) $381,916 
Class Z     
Shares sold 202 402 $7,794 $16,312 
Reinvestment of distributions 10 7 379 283 
Shares redeemed (144) (559) (5,499) (22,228) 
Net increase (decrease) 68 (150) $2,674 $(5,633) 

 (a) Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).

 (b) Amount includes in-kind redemptions.


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.

At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 20% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.37%    
Actual  $1,000.00 $955.30 $6.66 
Hypothetical-C  $1,000.00 $1,018.05 $6.87 
Class T 1.61%    
Actual  $1,000.00 $954.10 $7.82 
Hypothetical-C  $1,000.00 $1,016.86 $8.07 
Class B 2.14%    
Actual  $1,000.00 $951.50 $10.38 
Hypothetical-C  $1,000.00 $1,014.22 $10.72 
Class C 2.12%    
Actual  $1,000.00 $951.70 $10.29 
Hypothetical-C  $1,000.00 $1,014.32 $10.62 
International Discovery 1.02%    
Actual  $1,000.00 $956.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 
Class K .89%    
Actual  $1,000.00 $957.50 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 
Class I 1.03%    
Actual  $1,000.00 $956.90 $5.01 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class Z .89%    
Actual  $1,000.00 $957.60 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

IGI-K-SANN-0616
1.863311.107

Fidelity Advisor® International Growth Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® International Growth Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 20.8% 
   Japan 14.1% 
   United Kingdom 13.2% 
   Switzerland 12.7% 
   Spain 4.9% 
   Belgium 4.5% 
   Sweden 4.4% 
   Australia 4.0% 
   Denmark 3.3% 
   Other 18.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 17.7% 
   United Kingdom 14.4% 
   Japan 14.0% 
   Switzerland 13.6% 
   Sweden 6.1% 
   Spain 4.5% 
   Belgium 4.2% 
   Australia 3.4% 
   Denmark 3.3% 
   Other 18.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 97.3 97.7 
Short-Term Investments and Net Other Assets (Liabilities) 2.7 2.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 4.9 3.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.5 3.6 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 3.5 2.6 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 3.2 2.8 
CSL Ltd. (Australia, Biotechnology) 2.9 2.2 
Novartis AG (Switzerland, Pharmaceuticals) 2.9 3.7 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 2.8 2.5 
Inditex SA (Spain, Specialty Retail) 2.6 2.8 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 2.6 2.2 
InterContinental Hotel Group PLC ADR (United Kingdom, Hotels, Restaurants & Leisure) 2.3 2.0 
 31.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Staples 20.4 15.3 
Health Care 19.0 18.5 
Information Technology 14.2 11.7 
Financials 13.5 18.1 
Consumer Discretionary 13.3 15.1 
Industrials 11.5 12.5 
Materials 4.7 6.0 
Energy 0.4 0.3 
Telecommunication Services 0.3 0.2 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
Australia - 4.0%   
CSL Ltd. 609,912 $48,776,866 
Sydney Airport unit 1,123,380 5,816,843 
Transurban Group unit 1,422,746 12,527,069 
TOTAL AUSTRALIA  67,120,778 
Austria - 1.2%   
Andritz AG 351,321 19,675,520 
Belgium - 4.5%   
Anheuser-Busch InBev SA NV 469,291 58,088,795 
KBC Groep NV 302,468 16,981,098 
TOTAL BELGIUM  75,069,893 
Canada - 0.4%   
Pason Systems, Inc. 495,200 7,198,891 
Cayman Islands - 0.9%   
58.com, Inc. ADR (a) 128,870 7,042,746 
Alibaba Group Holding Ltd. sponsored ADR (a) 99,200 7,632,448 
TOTAL CAYMAN ISLANDS  14,675,194 
Denmark - 3.3%   
Jyske Bank A/S (Reg.) 202,800 8,302,703 
Novo Nordisk A/S Series B sponsored ADR (b) 826,700 46,121,593 
TOTAL DENMARK  54,424,296 
Finland - 0.3%   
Tikkurila Oyj 283,000 4,961,192 
France - 1.1%   
Essilor International SA 135,658 17,560,644 
Germany - 3.0%   
Bayer AG 155,100 17,892,923 
SAP AG 399,516 31,346,444 
TOTAL GERMANY  49,239,367 
Hong Kong - 1.9%   
AIA Group Ltd. 5,289,400 31,654,975 
India - 0.5%   
Housing Development Finance Corp. Ltd. 562,904 9,223,760 
Ireland - 3.1%   
CRH PLC sponsored ADR 909,066 26,462,911 
James Hardie Industries PLC:   
CDI 1,130,041 15,921,470 
sponsored ADR 601,500 8,433,030 
TOTAL IRELAND  50,817,411 
Isle of Man - 0.5%   
Playtech Ltd. 654,346 7,691,806 
Israel - 0.3%   
Azrieli Group 118,800 4,718,361 
Italy - 0.7%   
Azimut Holding SpA 204,600 5,149,414 
Interpump Group SpA 511,426 7,361,097 
TOTAL ITALY  12,510,511 
Japan - 14.1%   
Astellas Pharma, Inc. 2,477,400 33,401,778 
Coca-Cola Central Japan Co. Ltd. 190,700 3,493,796 
DENSO Corp. 727,400 27,649,326 
East Japan Railway Co. 184,100 16,196,396 
Hoya Corp. 336,900 12,901,342 
Japan Tobacco, Inc. 589,000 24,065,326 
Keyence Corp. 40,062 24,012,883 
Mitsui Fudosan Co. Ltd. 836,000 20,417,154 
Nintendo Co. Ltd. 61,000 8,259,462 
Olympus Corp. 281,300 10,958,499 
OSG Corp. 344,800 6,407,632 
Seven Bank Ltd. 2,658,200 11,295,245 
Shinsei Bank Ltd. 5,146,000 7,212,512 
SHO-BOND Holdings Co. Ltd. 182,600 7,900,949 
USS Co. Ltd. 1,301,100 20,581,249 
TOTAL JAPAN  234,753,549 
Kenya - 0.3%   
Safaricom Ltd. 30,975,500 5,244,367 
Korea (South) - 0.9%   
BGFretail Co. Ltd. 54,496 8,847,410 
NAVER Corp. 9,215 5,445,310 
TOTAL KOREA (SOUTH)  14,292,720 
Mexico - 0.6%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 106,355 9,913,350 
South Africa - 1.3%   
Clicks Group Ltd. 755,618 5,518,807 
Naspers Ltd. Class N 112,300 15,408,694 
TOTAL SOUTH AFRICA  20,927,501 
Spain - 4.9%   
Amadeus IT Holding SA Class A 514,500 23,411,956 
Hispania Activos Inmobiliarios SA (a) 215,259 3,154,974 
Inditex SA 1,361,301 43,699,772 
Merlin Properties Socimi SA 378,500 4,399,024 
Prosegur Compania de Seguridad SA (Reg.) 1,127,849 6,521,790 
TOTAL SPAIN  81,187,516 
Sweden - 4.4%   
ASSA ABLOY AB (B Shares) (b) 2,033,083 42,634,121 
Fagerhult AB 409,153 9,527,687 
Intrum Justitia AB (b) 112,700 4,044,623 
Svenska Handelsbanken AB (A Shares) (b) 1,313,920 17,527,894 
TOTAL SWEDEN  73,734,325 
Switzerland - 12.7%   
Nestle SA 1,091,098 81,439,212 
Novartis AG 625,183 47,577,841 
Roche Holding AG (participation certificate) 232,368 58,791,248 
Schindler Holding AG:   
(participation certificate) 107,226 19,527,137 
(Reg.) 18,350 3,372,360 
TOTAL SWITZERLAND  210,707,798 
Taiwan - 1.1%   
Taiwan Semiconductor Manufacturing Co. Ltd. 3,934,000 18,046,275 
United Kingdom - 13.2%   
Associated British Foods PLC 413,100 18,494,337 
Babcock International Group PLC 400,384 5,543,075 
BAE Systems PLC 1,722,200 12,015,201 
Berendsen PLC 707,573 12,199,669 
Howden Joinery Group PLC 626,100 4,519,241 
Informa PLC 1,396,912 13,358,986 
InterContinental Hotel Group PLC ADR (b) 968,696 38,883,457 
Lloyds Banking Group PLC 7,613,300 7,472,538 
Prudential PLC 1,155,443 22,807,906 
Reckitt Benckiser Group PLC 542,845 52,883,360 
Rightmove PLC 77,900 4,391,314 
SABMiller PLC 292,366 17,877,926 
Shaftesbury PLC 319,433 4,247,330 
Unite Group PLC 476,676 4,405,332 
TOTAL UNITED KINGDOM  219,099,672 
United States of America - 18.1%   
Alphabet, Inc. Class A 29,136 20,624,792 
Autoliv, Inc. (b) 198,769 24,343,239 
Berkshire Hathaway, Inc. Class B (a) 129,184 18,793,688 
China Biologic Products, Inc. (a) 87,966 10,292,022 
Domino's Pizza, Inc. 82,990 10,031,831 
Martin Marietta Materials, Inc. 66,400 11,236,872 
MasterCard, Inc. Class A 351,000 34,043,490 
McGraw Hill Financial, Inc. 117,100 12,512,135 
Mohawk Industries, Inc. (a) 117,400 22,614,762 
Molson Coors Brewing Co. Class B 108,600 10,385,418 
Moody's Corp. 94,100 9,007,252 
MSCI, Inc. Class A 103,200 7,837,008 
Philip Morris International, Inc. 210,708 20,674,669 
PriceSmart, Inc. 95,700 8,281,878 
ResMed, Inc. 170,700 9,525,060 
Reynolds American, Inc. 363,200 18,014,720 
Sherwin-Williams Co. 32,600 9,366,306 
SS&C Technologies Holdings, Inc. 178,400 10,909,160 
Visa, Inc. Class A 424,260 32,769,842 
TOTAL UNITED STATES OF AMERICA  301,264,144 
TOTAL COMMON STOCKS   
(Cost $1,493,495,241)  1,615,713,816 
Money Market Funds - 8.3%   
Fidelity Cash Central Fund, 0.38% (c) 31,871,334 31,871,334 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 106,690,874 106,690,874 
TOTAL MONEY MARKET FUNDS   
(Cost $138,562,208)  138,562,208 
TOTAL INVESTMENT PORTFOLIO - 105.6%   
(Cost $1,632,057,449)  1,754,276,024 
NET OTHER ASSETS (LIABILITIES) - (5.6)%  (93,656,005) 
NET ASSETS - 100%  $1,660,620,019 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $72,393 
Fidelity Securities Lending Cash Central Fund 330,325 
Total $402,718 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $221,090,557 $172,859,982 $48,230,575 $-- 
Consumer Staples 337,979,004 176,097,310 161,881,694 -- 
Energy 7,198,891 7,198,891 -- -- 
Financials 227,120,303 108,732,079 118,388,224 -- 
Health Care 313,799,816 150,169,108 163,630,708 -- 
Industrials 191,271,169 148,750,991 42,520,178 -- 
Information Technology 235,627,928 153,962,864 81,665,064 -- 
Materials 76,381,781 76,381,781 -- -- 
Telecommunication Services 5,244,367 5,244,367 -- -- 
Money Market Funds 138,562,208 138,562,208 -- -- 
Total Investments in Securities: $1,754,276,024 $1,137,959,581 $616,316,443 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $144,428,405 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $103,770,133) — See accompanying schedule:
Unaffiliated issuers (cost $1,493,495,241) 		$1,615,713,816  
Fidelity Central Funds (cost $138,562,208) 138,562,208  
Total Investments (cost $1,632,057,449)  $1,754,276,024 
Foreign currency held at value (cost $11,880)  11,898 
Receivable for investments sold  3,654,551 
Receivable for fund shares sold  4,651,062 
Dividends receivable  9,823,503 
Distributions receivable from Fidelity Central Funds  94,556 
Prepaid expenses  599 
Other receivables  7,870 
Total assets  1,772,520,063 
Liabilities   
Payable for investments purchased $1,891,035  
Payable for fund shares redeemed 1,836,507  
Accrued management fee 985,763  
Distribution and service plan fees payable 103,976  
Other affiliated payables 304,114  
Other payables and accrued expenses 87,775  
Collateral on securities loaned, at value 106,690,874  
Total liabilities  111,900,044 
Net Assets  $1,660,620,019 
Net Assets consist of:   
Paid in capital  $1,599,467,631 
Undistributed net investment income  11,086,000 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (72,316,667) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  122,383,055 
Net Assets  $1,660,620,019 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($227,299,900 ÷ 20,745,349 shares)  $10.96 
Maximum offering price per share (100/94.25 of $10.96)  $11.63 
Class T:   
Net Asset Value and redemption price per share ($28,247,384 ÷ 2,581,799 shares)  $10.94 
Maximum offering price per share (100/96.50 of $10.94)  $11.34 
Class B:   
Net Asset Value and offering price per share ($543,488 ÷ 50,206 shares)(a)  $10.83 
Class C:   
Net Asset Value and offering price per share ($54,803,250 ÷ 5,077,799 shares)(a)  $10.79 
International Growth:   
Net Asset Value, offering price and redemption price per share ($989,531,658 ÷ 89,694,739 shares)  $11.03 
Class I:   
Net Asset Value, offering price and redemption price per share ($344,685,048 ÷ 31,300,215 shares)  $11.01 
Class Z:   
Net Asset Value, offering price and redemption price per share ($15,509,291 ÷ 1,406,850 shares)  $11.02 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $21,128,805 
Income from Fidelity Central Funds  402,718 
Income before foreign taxes withheld  21,531,523 
Less foreign taxes withheld  (2,212,929) 
Total income  19,318,594 
Expenses   
Management fee   
Basic fee $5,303,523  
Performance adjustment 109,270  
Transfer agent fees 1,418,766  
Distribution and service plan fees 585,143  
Accounting and security lending fees 345,576  
Custodian fees and expenses 79,671  
Independent trustees' compensation 3,216  
Registration fees 88,683  
Audit 42,540  
Legal 2,186  
Miscellaneous 4,732  
Total expenses before reductions 7,983,306  
Expense reductions (16,973) 7,966,333 
Net investment income (loss)  11,352,261 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (34,889,540)  
Foreign currency transactions 296,655  
Total net realized gain (loss)  (34,592,885) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $4,737) 		(7,895,661)  
Assets and liabilities in foreign currencies 94,033  
Total change in net unrealized appreciation (depreciation)  (7,801,628) 
Net gain (loss)  (42,394,513) 
Net increase (decrease) in net assets resulting from operations  $(31,042,252) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,352,261 $10,205,219 
Net realized gain (loss) (34,592,885) (27,463,177) 
Change in net unrealized appreciation (depreciation) (7,801,628) 41,450,250 
Net increase (decrease) in net assets resulting from operations (31,042,252) 24,192,292 
Distributions to shareholders from net investment income (9,313,522) (7,019,924) 
Distributions to shareholders from net realized gain (1,062,119) – 
Total distributions (10,375,641) (7,019,924) 
Share transactions - net increase (decrease) 228,113,558 519,861,476 
Redemption fees 45,309 54,094 
Total increase (decrease) in net assets 186,740,974 537,087,938 
Net Assets   
Beginning of period 1,473,879,045 936,791,107 
End of period (including undistributed net investment income of $11,086,000 and undistributed net investment income of $9,047,261, respectively) $1,660,620,019 $1,473,879,045 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.30 $11.01 $10.78 $8.91 $8.09 $8.38 
Income from Investment Operations       
Net investment income (loss)A .07 .07 .09 .08 .08 .08 
Net realized and unrealized gain (loss) (.35) .28 .18 1.88 .81 (.31) 
Total from investment operations (.28) .35 .27 1.96 .89 (.23) 
Distributions from net investment income (.05) (.06) (.03) (.08) (.06) (.05) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.06) (.06) (.04) (.09) (.07) (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.96 $11.30 $11.01 $10.78 $8.91 $8.09 
Total ReturnC,D,E (2.51)% 3.20% 2.54% 22.18% 11.10% (2.76)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.26%H 1.26% 1.35% 1.44% 1.58% 1.77% 
Expenses net of fee waivers, if any 1.26%H 1.26% 1.35% 1.43% 1.45% 1.45% 
Expenses net of all reductions 1.26%H 1.25% 1.34% 1.42% 1.44% 1.43% 
Net investment income (loss) 1.29%H .66% .84% .80% .99% .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $227,300 $184,878 $119,017 $74,595 $21,874 $6,352 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.26 $10.96 $10.75 $8.89 $8.08 $8.38 
Income from Investment Operations       
Net investment income (loss)A .05 .04 .06 .05 .06 .06 
Net realized and unrealized gain (loss) (.35) .27 .18 1.88 .81 (.31) 
Total from investment operations (.30) .31 .24 1.93 .87 (.25) 
Distributions from net investment income (.01) (.01) (.02) (.07) (.05) (.04) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.02) (.01) (.03) (.07)B (.06) (.05) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $10.94 $11.26 $10.96 $10.75 $8.89 $8.08 
Total ReturnD,E,F (2.69)% 2.85% 2.21% 21.91% 10.82% (3.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.60%I 1.58% 1.65% 1.69% 1.85% 2.03% 
Expenses net of fee waivers, if any 1.60%I 1.58% 1.65% 1.69% 1.70% 1.70% 
Expenses net of all reductions 1.60%I 1.58% 1.65% 1.68% 1.69% 1.68% 
Net investment income (loss) .95%I .33% .53% .54% .74% .67% 
Supplemental Data       
Net assets, end of period (000 omitted) $28,247 $28,833 $26,369 $23,118 $10,690 $2,917 
Portfolio turnover rateJ 35%I 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $0.07 per share is comprised of distributions from net investment income of $0.69 and distributions from net realized gain of $0.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.16 $10.91 $10.73 $8.88 $8.06 $8.36 
Income from Investment Operations       
Net investment income (loss)A .02 (.02) –B –B .02 .01 
Net realized and unrealized gain (loss) (.34) .27 .19 1.89 .80 (.30) 
Total from investment operations (.32) .25 .19 1.89 .82 (.29) 
Distributions from net investment income – – – (.03) – (.01) 
Distributions from net realized gain (.01) – (.01) (.01) – –B 
Total distributions (.01) – (.01) (.04) – (.01) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.83 $11.16 $10.91 $10.73 $8.88 $8.06 
Total ReturnC,D,E (2.89)% 2.29% 1.76% 21.35% 10.17% (3.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.09%H 2.07% 2.14% 2.19% 2.35% 2.55% 
Expenses net of fee waivers, if any 2.09%H 2.07% 2.14% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.09%H 2.06% 2.14% 2.17% 2.19% 2.18% 
Net investment income (loss) .45%H (.15)% .04% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $543 $800 $1,404 $1,579 $1,116 $473 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.12 $10.87 $10.69 $8.84 $8.03 $8.34 
Income from Investment Operations       
Net investment income (loss)A .03 (.02) .01 .01 .02 .01 
Net realized and unrealized gain (loss) (.35) .27 .18 1.87 .80 (.31) 
Total from investment operations (.32) .25 .19 1.88 .82 (.30) 
Distributions from net investment income – – – (.02) (.01) (.01) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.01) – (.01) (.03) (.01)B (.01)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.79 $11.12 $10.87 $10.69 $8.84 $8.03 
Total ReturnE,F,G (2.90)% 2.30% 1.77% 21.29% 10.27% (3.57)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.05%J 2.06% 2.12% 2.19% 2.33% 2.52% 
Expenses net of fee waivers, if any 2.05%J 2.06% 2.12% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.05%J 2.05% 2.12% 2.17% 2.19% 2.18% 
Net investment income (loss) .49%J (.15)% .06% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $54,803 $52,378 $32,737 $17,196 $5,648 $2,767 
Portfolio turnover rateK 35%J 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share.

 C Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.38 $11.10 $10.84 $8.95 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .09 .11 .13 .11 .11 .10 
Net realized and unrealized gain (loss) (.35) .26 .19 1.88 .81 (.30) 
Total from investment operations (.26) .37 .32 1.99 .92 (.20) 
Distributions from net investment income (.08) (.09) (.05) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.09) (.06) (.10)B (.09) (.08) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.03 $11.38 $11.10 $10.84 $8.95 $8.12 
Total ReturnD,E (2.34)% 3.36% 2.96% 22.48% 11.41% (2.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .96%H .97% 1.04% 1.13% 1.28% 1.52% 
Expenses net of fee waivers, if any .96%H .97% 1.04% 1.13% 1.20% 1.20% 
Expenses net of all reductions .96%H .96% 1.04% 1.11% 1.19% 1.18% 
Net investment income (loss) 1.58%H .94% 1.14% 1.11% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $989,532 $938,348 $635,607 $430,914 $149,526 $53,437 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.36 $11.08 $10.84 $8.94 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .08 .11 .13 .11 .10 .10 
Net realized and unrealized gain (loss) (.34) .27 .18 1.90 .81 (.30) 
Total from investment operations (.26) .38 .31 2.01 .91 (.20) 
Distributions from net investment income (.08) (.10) (.06) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.10) (.07) (.11) (.09) (.08) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $11.01 $11.36 $11.08 $10.84 $8.94 $8.12 
Total ReturnC,D (2.34)% 3.41% 2.84% 22.66% 11.28% (2.47)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .97%G .98% 1.04% 1.11% 1.27% 1.50% 
Expenses net of fee waivers, if any .97%G .98% 1.04% 1.11% 1.20% 1.20% 
Expenses net of all reductions .96%G .97% 1.04% 1.09% 1.19% 1.18% 
Net investment income (loss) 1.58%G .94% 1.14% 1.13% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $344,685 $267,745 $121,554 $38,771 $3,992 $493 
Portfolio turnover rateH 35%G 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
April 30, 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $11.38 $11.10 $10.84 $10.26 
Income from Investment Operations     
Net investment income (loss)B .09 .12 .14 .02 
Net realized and unrealized gain (loss) (.35) .27 .19 .56 
Total from investment operations (.26) .39 .33 .58 
Distributions from net investment income (.09) (.11) (.06) – 
Distributions from net realized gain (.01) – (.01) – 
Total distributions (.10) (.11) (.07) – 
Redemption fees added to paid in capitalB,C – – – – 
Net asset value, end of period $11.02 $11.38 $11.10 $10.84 
Total ReturnD,E (2.29)% 3.52% 3.07% 5.65% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .83%H .84% .88% .94%H 
Expenses net of fee waivers, if any .83%H .84% .88% .94%H 
Expenses net of all reductions .83%H .83% .88% .93%H 
Net investment income (loss) 1.71%H 1.07% 1.30% .65%H 
Supplemental Data     
Net assets, end of period (000 omitted) $15,509 $897 $104 $106 
Portfolio turnover rateI 35%H 26% 27% 32% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Growth 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, International Growth, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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 $176,397,956 
Gross unrealized depreciation (59,559,141) 
Net unrealized appreciation (depreciation) on securities $116,838,815 
Tax cost $1,637,437,209 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(26,434,969) 
Long-term (7,319,866) 
Total no expiration $(33,754,835) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $479,246,265 and $260,718,084, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $249,157 $357 
Class T .25% .25% 69,243 – 
Class B .75% .25% 3,364 2,523 
Class C .75% .25% 263,379 98,751 
   $585,143 $101,631 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $44,378 
Class T 6,336 
Class B(a) 6 
Class C(a) 4,765 
 $55,485 

 (a) 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 the investment adviser, 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $220,276 .22 
Class T 43,164 .31 
Class B 1,028 .31 
Class C 69,895 .27 
International Growth 819,000 .18 
Class I 263,135 .18 
Class Z 2,268 .05 
 $1,418,766  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $799 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,311 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $10,140,516. 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 $330,325, including $34,892 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $11,575 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $35.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,363.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $857,306 $684,914 
Class T 25,900 29,128 
International Growth 6,508,406 5,239,951 
Class I 1,913,593 1,064,923 
Class Z 8,317 1,008 
Total $9,313,522 $7,019,924 
From net realized gain   
Class A $137,169 $– 
Class T 20,720 – 
Class B 561 – 
Class C 39,156 – 
International Growth 667,539 – 
Class I 196,266 – 
Class Z 708 – 
Total $1,062,119 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 6,246,540 9,298,452 $67,129,589 $105,707,223 
Reinvestment of distributions 86,341 60,570 970,468 669,298 
Shares redeemed (1,954,972) (3,798,128) (20,859,132) (42,982,992) 
Net increase (decrease) 4,377,909 5,560,894 $47,240,925 $63,393,529 
Class T     
Shares sold 366,792 1,158,910 $3,936,696 $13,286,739 
Reinvestment of distributions 4,067 2,593 45,714 28,654 
Shares redeemed (350,025) (1,005,399) (3,686,315) (11,627,373) 
Net increase (decrease) 20,834 156,104 $296,095 $1,688,020 
Class B     
Shares sold 1,881 30,282 $19,678 $347,009 
Reinvestment of distributions 50 – 556 – 
Shares redeemed (23,393) (87,349) (246,379) (994,341) 
Net increase (decrease) (21,462) (57,067) $(226,145) $(647,332) 
Class C     
Shares sold 819,268 2,689,800 $8,736,707 $30,433,427 
Reinvestment of distributions 3,485 – 38,678 – 
Shares redeemed (454,625) (991,400) (4,741,050) (10,978,888) 
Net increase (decrease) 368,128 1,698,400 $4,034,335 $19,454,539 
International Growth     
Shares sold 17,140,428 39,705,804 $183,584,698 $456,131,993 
Reinvestment of distributions 515,203 387,169 5,821,794 4,301,448 
Shares redeemed (10,385,791) (14,942,156) (110,850,155) (169,380,325) 
Net increase (decrease) 7,269,840 25,150,817 $78,556,337 $291,053,116 
Class I     
Shares sold 13,087,526 17,728,493 $140,430,050 $201,877,753 
Reinvestment of distributions 177,277 92,582 1,999,688 1,026,733 
Shares redeemed (5,525,257) (5,227,430) (58,460,124) (58,733,231) 
Net increase (decrease) 7,739,546 12,593,645 $83,969,614 $144,171,255 
Class Z     
Shares sold 1,378,158 88,007 $14,776,889 $956,120 
Reinvestment of distributions 799 91 9,025 1,008 
Shares redeemed (50,920) (18,621) (543,517) (208,779) 
Net increase (decrease) 1,328,037 69,477 $14,242,397 $748,349 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.26%    
Actual  $1,000.00 $974.90 $6.19 
Hypothetical-C  $1,000.00 $1,018.60 $6.32 
Class T 1.60%    
Actual  $1,000.00 $973.10 $7.85 
Hypothetical-C  $1,000.00 $1,016.91 $8.02 
Class B 2.09%    
Actual  $1,000.00 $971.10 $10.24 
Hypothetical-C  $1,000.00 $1,014.47 $10.47 
Class C 2.05%    
Actual  $1,000.00 $971.00 $10.05 
Hypothetical-C  $1,000.00 $1,014.67 $10.27 
International Growth .96%    
Actual  $1,000.00 $976.60 $4.72 
Hypothetical-C  $1,000.00 $1,020.09 $4.82 
Class I .97%    
Actual  $1,000.00 $976.60 $4.77 
Hypothetical-C  $1,000.00 $1,020.04 $4.87 
Class Z .83%    
Actual  $1,000.00 $977.10 $4.08 
Hypothetical-C  $1,000.00 $1,020.74 $4.17 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AIGF-SANN-0616
1.853352.108

Fidelity Advisor® International Value Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® International Value Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 20.6% 
   Japan 19.6% 
   France 17.9% 
   Switzerland 7.9% 
   United States of America* 6.5% 
   Germany 6.0% 
   Netherlands 3.7% 
   Australia 3.7% 
   Italy 3.1% 
   Other 11.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 23.5% 
   Japan 20.6% 
   France 16.3% 
   Switzerland 8.2% 
   United States of America* 6.0% 
   Germany 5.5% 
   Netherlands 3.7% 
   Australia 2.9% 
   Spain 2.0% 
   Other 11.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.8 97.6 
Short-Term Investments and Net Other Assets (Liabilities) 1.2 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 3.5 3.1 
Westpac Banking Corp. (Australia, Banks) 2.2 1.5 
Toyota Motor Corp. (Japan, Automobiles) 2.2 2.4 
Nestle SA (Switzerland, Food Products) 2.2 2.7 
Sanofi SA (France, Pharmaceuticals) 2.1 2.6 
Rio Tinto PLC (United Kingdom, Metals & Mining) 2.0 1.6 
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) 1.9 1.8 
Imperial Tobacco Group PLC (United Kingdom, Tobacco) 1.8 1.8 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 2.6 
BASF AG (Germany, Chemicals) 1.7 1.7 
 21.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.3 26.3 
Consumer Discretionary 13.8 14.4 
Health Care 13.6 16.0 
Consumer Staples 9.3 9.3 
Industrials 8.8 8.0 
Energy 8.2 6.7 
Telecommunication Services 6.8 6.1 
Materials 5.8 4.1 
Information Technology 4.4 3.6 
Utilities 3.8 3.1 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Australia - 3.7%   
Ansell Ltd. (a) 101,524 $1,538,472 
Macquarie Group Ltd. 27,058 1,306,420 
Transurban Group unit 216,635 1,907,439 
Westpac Banking Corp. (b) 315,896 7,415,205 
TOTAL AUSTRALIA  12,167,536 
Bailiwick of Jersey - 0.7%   
Wolseley PLC 43,009 2,409,023 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 13,670 1,692,071 
Canada - 1.1%   
Imperial Oil Ltd. 70,500 2,338,013 
Potash Corp. of Saskatchewan, Inc. 62,500 1,105,842 
TOTAL CANADA  3,443,855 
Finland - 1.1%   
Sampo Oyj (A Shares) 80,434 3,511,809 
France - 17.9%   
Atos Origin SA 46,498 4,138,632 
AXA SA (b) 220,121 5,557,967 
Bouygues SA (b) 34,935 1,164,868 
Capgemini SA 45,493 4,247,041 
Havas SA 237,066 1,983,774 
Orange SA 172,900 2,872,549 
Renault SA 28,345 2,735,429 
Sanofi SA 85,210 7,023,567 
Societe Generale Series A 89,900 3,537,311 
SR Teleperformance SA 16,600 1,490,214 
Total SA 224,102 11,326,284 
Unibail-Rodamco 14,600 3,911,949 
VINCI SA (b) 70,100 5,236,685 
Vivendi SA 164,892 3,167,628 
TOTAL FRANCE  58,393,898 
Germany - 5.6%   
Axel Springer Verlag AG 26,500 1,479,565 
BASF AG 69,079 5,706,986 
Bayer AG 16,503 1,903,849 
Continental AG 6,766 1,485,953 
Fresenius SE & Co. KGaA 53,300 3,876,700 
GEA Group AG 32,955 1,527,895 
SAP AG 30,421 2,386,864 
TOTAL GERMANY  18,367,812 
Hong Kong - 0.7%   
Power Assets Holdings Ltd. 250,500 2,383,280 
Ireland - 1.2%   
Allergan PLC (a) 6,180 1,338,341 
Medtronic PLC 30,700 2,429,905 
TOTAL IRELAND  3,768,246 
Israel - 1.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 85,999 4,682,646 
Italy - 3.1%   
Eni SpA 273,600 4,469,784 
Intesa Sanpaolo SpA 843,500 2,344,762 
Mediaset SpA 344,400 1,549,816 
Telecom Italia SpA (a) 1,809,900 1,767,320 
TOTAL ITALY  10,131,682 
Japan - 19.6%   
Astellas Pharma, Inc. 237,700 3,204,813 
Dentsu, Inc. 63,000 3,200,968 
East Japan Railway Co. 24,000 2,111,426 
Hoya Corp. 85,000 3,255,013 
Itochu Corp. 242,900 3,086,920 
Japan Tobacco, Inc. 91,900 3,754,845 
KDDI Corp. 143,200 4,124,981 
Makita Corp. 36,100 2,277,311 
Mitsubishi UFJ Financial Group, Inc. 1,037,200 4,786,487 
Nippon Prologis REIT, Inc. (c) 681 1,632,928 
Nippon Telegraph & Telephone Corp. 121,600 5,441,640 
OBIC Co. Ltd. 37,600 1,976,291 
Olympus Corp. 70,900 2,762,025 
ORIX Corp. 206,700 2,923,758 
Seven & i Holdings Co. Ltd. 67,400 2,750,084 
Seven Bank Ltd. 497,900 2,115,681 
Sony Corp. 88,500 2,143,614 
Sony Financial Holdings, Inc. 127,800 1,579,983 
Sumitomo Mitsui Financial Group, Inc. 123,900 3,728,364 
Toyota Motor Corp. 144,000 7,299,324 
TOTAL JAPAN  64,156,456 
Luxembourg - 0.5%   
RTL Group SA 19,239 1,598,910 
Netherlands - 3.7%   
ING Groep NV (Certificaten Van Aandelen) 327,390 4,009,319 
Koninklijke KPN NV 425,668 1,672,729 
Mylan N.V. 28,600 1,192,906 
PostNL NV (a) 92,431 404,302 
RELX NV 292,810 4,913,559 
TOTAL NETHERLANDS  12,192,815 
Spain - 2.2%   
Iberdrola SA 738,976 5,260,579 
Mediaset Espana Comunicacion SA 146,500 1,902,283 
TOTAL SPAIN  7,162,862 
Sweden - 1.6%   
Nordea Bank AB 395,200 3,836,129 
Sandvik AB (b) 137,100 1,406,775 
TOTAL SWEDEN  5,242,904 
Switzerland - 7.9%   
Credit Suisse Group AG 139,828 2,127,967 
Lafargeholcim Ltd. (Reg.) 38,610 1,954,850 
Nestle SA 97,429 7,272,070 
Novartis AG 76,736 5,839,783 
Syngenta AG (Switzerland) 9,247 3,701,499 
UBS Group AG 64,958 1,121,825 
Zurich Insurance Group AG 16,404 3,680,801 
TOTAL SWITZERLAND  25,698,795 
United Kingdom - 20.6%   
AstraZeneca PLC (United Kingdom) 90,857 5,212,701 
Aviva PLC 465,420 2,948,663 
BAE Systems PLC 384,029 2,679,239 
Barclays PLC 1,179,880 2,962,394 
Bunzl PLC 122,364 3,645,572 
Compass Group PLC 209,239 3,726,209 
HSBC Holdings PLC sponsored ADR (b) 155,871 5,195,180 
Imperial Tobacco Group PLC 110,738 6,016,713 
Informa PLC 303,133 2,898,930 
ITV PLC 1,071,296 3,525,110 
Lloyds Banking Group PLC 5,108,500 5,014,049 
Micro Focus International PLC 70,200 1,568,337 
National Grid PLC 336,150 4,796,392 
Prudential PLC 73,355 1,447,994 
Rio Tinto PLC 198,126 6,646,394 
Royal Dutch Shell PLC Class B (United Kingdom) 113,561 2,981,529 
Vodafone Group PLC sponsored ADR 185,558 6,075,169 
TOTAL UNITED KINGDOM  67,340,575 
United States of America - 5.3%   
Altria Group, Inc. 31,400 1,969,094 
Chevron Corp. 25,900 2,646,462 
ConocoPhillips Co. 63,100 3,015,549 
Constellation Brands, Inc. Class A (sub. vtg.) 24,100 3,761,046 
Edgewell Personal Care Co. (a) 15,600 1,280,292 
McGraw Hill Financial, Inc. 24,100 2,575,085 
Molson Coors Brewing Co. Class B 19,900 1,903,037 
TOTAL UNITED STATES OF AMERICA  17,150,565 
TOTAL COMMON STOCKS   
(Cost $335,758,650)  321,495,740 
Nonconvertible Preferred Stocks - 0.4%   
Germany - 0.4%   
Volkswagen AG   
(Cost $1,940,159) 8,731 1,264,175 
Money Market Funds - 5.5%   
Fidelity Cash Central Fund, 0.38% (d) 2,939,485 2,939,485 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 15,029,266 15,029,266 
TOTAL MONEY MARKET FUNDS   
(Cost $17,968,751)  17,968,751 
TOTAL INVESTMENT PORTFOLIO - 104.3%   
(Cost $355,667,560)  340,728,666 
NET OTHER ASSETS (LIABILITIES) - (4.3)%  (13,926,556) 
NET ASSETS - 100%  $326,802,110 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis. Interest rate to be determined at settlement date.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $6,324 
Fidelity Securities Lending Cash Central Fund 137,227 
Total $143,551 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $44,875,247 $25,337,504 $19,537,743 $-- 
Consumer Staples 30,399,252 16,622,253 13,776,999 -- 
Energy 26,777,621 8,000,024 18,777,597 -- 
Financials 79,272,030 25,467,716 53,804,314 -- 
Health Care 44,260,721 16,962,819 27,297,902 -- 
Industrials 29,347,669 16,783,750 12,563,919 -- 
Information Technology 14,317,165 5,815,378 8,501,787 -- 
Materials 19,115,571 12,469,177 6,646,394 -- 
Telecommunication Services 21,954,388 6,075,169 15,879,219 -- 
Utilities 12,440,251 -- 12,440,251 -- 
Money Market Funds 17,968,751 17,968,751 -- -- 
Total Investments in Securities: $340,728,666 $151,502,541 $189,226,125 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $9,505,293 
Level 2 to Level 1 $16,220,609 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $14,114,361) — See accompanying schedule:
Unaffiliated issuers (cost $337,698,809) 		$322,759,915  
Fidelity Central Funds (cost $17,968,751) 17,968,751  
Total Investments (cost $355,667,560)  $340,728,666 
Foreign currency held at value (cost $60,596)  59,602 
Receivable for investments sold  406,523 
Receivable for fund shares sold  71,546 
Dividends receivable  2,263,594 
Distributions receivable from Fidelity Central Funds  50,580 
Prepaid expenses  155 
Receivable from investment adviser for expense reductions  525 
Other receivables  2,134 
Total assets  343,583,325 
Liabilities   
Payable for investments purchased   
Regular delivery $734,074  
Delayed delivery 88,039  
Payable for fund shares redeemed 628,459  
Accrued management fee 192,067  
Distribution and service plan fees payable 7,207  
Other affiliated payables 59,645  
Other payables and accrued expenses 42,458  
Collateral on securities loaned, at value 15,029,266  
Total liabilities  16,781,215 
Net Assets  $326,802,110 
Net Assets consist of:   
Paid in capital  $445,477,213 
Undistributed net investment income  3,722,812 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (107,513,209) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  (14,884,706) 
Net Assets  $326,802,110 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,316,805 ÷ 1,059,524 shares)  $7.85 
Maximum offering price per share (100/94.25 of $7.85)  $8.33 
Class T:   
Net Asset Value and redemption price per share ($4,007,441 ÷ 510,734 shares)  $7.85 
Maximum offering price per share (100/96.50 of $7.85)  $8.13 
Class B:   
Net Asset Value and offering price per share ($185,710 ÷ 23,320 shares)(a)  $7.96 
Class C:   
Net Asset Value and offering price per share ($4,412,832 ÷ 562,495 shares)(a)  $7.85 
International Value:   
Net Asset Value, offering price and redemption price per share ($307,974,481 ÷ 39,244,446 shares)  $7.85 
Class I:   
Net Asset Value, offering price and redemption price per share ($1,904,841 ÷ 242,277 shares)  $7.86 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $6,260,678 
Income from Fidelity Central Funds  143,551 
Income before foreign taxes withheld  6,404,229 
Less foreign taxes withheld  (490,131) 
Total income  5,914,098 
Expenses   
Management fee   
Basic fee $1,070,146  
Performance adjustment 83,742  
Transfer agent fees 269,737  
Distribution and service plan fees 43,317  
Accounting and security lending fees 79,749  
Custodian fees and expenses 39,497  
Independent trustees' compensation 642  
Registration fees 74,413  
Audit 33,078  
Legal 304  
Miscellaneous 750  
Total expenses before reductions 1,695,375  
Expense reductions (5,259) 1,690,116 
Net investment income (loss)  4,223,982 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,140,494)  
Foreign currency transactions 130,172  
Total net realized gain (loss)  (1,010,322) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(14,207,322)  
Assets and liabilities in foreign currencies 7,902  
Total change in net unrealized appreciation (depreciation)  (14,199,420) 
Net gain (loss)  (15,209,742) 
Net increase (decrease) in net assets resulting from operations  $(10,985,760) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $4,223,982 $4,113,357 
Net realized gain (loss) (1,010,322) (2,475,305) 
Change in net unrealized appreciation (depreciation) (14,199,420) (2,310,957) 
Net increase (decrease) in net assets resulting from operations (10,985,760) (672,905) 
Distributions to shareholders from net investment income (4,084,383) (7,553,931) 
Share transactions - net increase (decrease) 54,490,310 87,547,372 
Redemption fees 433 863 
Total increase (decrease) in net assets 39,420,600 79,321,399 
Net Assets   
Beginning of period 287,381,510 208,060,111 
End of period (including undistributed net investment income of $3,722,812 and undistributed net investment income of $3,583,213, respectively) $326,802,110 $287,381,510 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.27 $8.62 $8.96 $7.39 $7.02 $8.22 
Income from Investment Operations       
Net investment income (loss)A .09 .13 .31B .17 .20 .22 
Net realized and unrealized gain (loss) (.42) (.20) (.47) 1.64 .39 (1.19) 
Total from investment operations (.33) (.07) (.16) 1.81 .59 (.97) 
Distributions from net investment income (.09) (.28) (.17) (.20) (.22) (.19) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.09) (.28) (.18) (.24) (.22) (.23)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.27 $8.62 $8.96 $7.39 $7.02 
Total ReturnE,F,G (4.05)% (.81)% (1.76)% 25.24% 8.82% (12.19)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.43%J 1.37% 1.32% 1.39% 1.44% 1.36% 
Expenses net of fee waivers, if any 1.43%J 1.37% 1.32% 1.39% 1.44% 1.36% 
Expenses net of all reductions 1.43%J 1.36% 1.32% 1.36% 1.41% 1.34% 
Net investment income (loss) 2.44%J 1.58% 3.44%B 2.08% 2.85% 2.79% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,317 $8,956 $6,296 $6,191 $4,491 $4,668 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.90%.

 C Total distributions of $.23 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.034 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.25 $8.60 $8.94 $7.38 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .08 .11 .28B .15 .18 .20 
Net realized and unrealized gain (loss) (.42) (.20) (.46) 1.64 .40 (1.19) 
Total from investment operations (.34) (.09) (.18) 1.79 .58 (.99) 
Distributions from net investment income (.06) (.26) (.15) (.19) (.20) (.17) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.06) (.26) (.16) (.23) (.20) (.21)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.25 $8.60 $8.94 $7.38 $7.00 
Total ReturnE,F,G (4.14)% (1.09)% (1.99)% 24.86% 8.60% (12.42)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.73%J 1.66% 1.59% 1.66% 1.71% 1.63% 
Expenses net of fee waivers, if any 1.70%J 1.66% 1.59% 1.65% 1.70% 1.62% 
Expenses net of all reductions 1.70%J 1.65% 1.59% 1.63% 1.67% 1.60% 
Net investment income (loss) 2.17%J 1.29% 3.17%B 1.81% 2.58% 2.52% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,007 $4,086 $3,604 $3,758 $2,693 $2,468 
Portfolio turnover rateK 26 %J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividends, the ratio of net investment income (loss) to average net assets would have been 1.64%.

 C Total distributions of $.21 per share is comprised of distributions from net investment income of $.173 and distributions from net realized gain of $.034 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.34 $8.66 $8.98 $7.39 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .07 .07 .24B .11 .14 .17 
Net realized and unrealized gain (loss) (.45) (.21) (.45) 1.65 .41 (1.20) 
Total from investment operations (.38) (.14) (.21) 1.76 .55 (1.03) 
Distributions from net investment income –C (.18) (.09) (.13) (.16) (.13) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions –C (.18) (.11)D (.17) (.16) (.17)E 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.96 $8.34 $8.66 $8.98 $7.39 $7.00 
Total ReturnF,G,H (4.51)% (1.64)% (2.39)% 24.30% 8.07% (12.88)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 2.21%K 2.15% 2.08% 2.14% 2.19% 2.11% 
Expenses net of fee waivers, if any 2.20%K 2.15% 2.08% 2.14% 2.19% 2.11% 
Expenses net of all reductions 2.20%K 2.14% 2.08% 2.11% 2.16% 2.09% 
Net investment income (loss) 1.66%K .81% 2.68%B 1.32% 2.09% 2.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $186 $302 $414 $678 $691 $901 
Portfolio turnover rateL 26%K 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Amount represents less than $.005 per share.

 D Total distributions of $.11 per share is comprised of distributions from net investment income of $.093 and distributions from net realized gain of $.014 per share.

 E Total distributions of $.17 per share is comprised of distributions from net investment income of $.131 and distributions from net realized gain of $.034 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the contingent deferred sales charge.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.23 $8.59 $8.93 $7.38 $7.00 $8.20 
Income from Investment Operations       
Net investment income (loss)A .06 .07 .24B .11 .14 .16 
Net realized and unrealized gain (loss) (.42) (.20) (.45) 1.63 .41 (1.19) 
Total from investment operations (.36) (.13) (.21) 1.74 .55 (1.03) 
Distributions from net investment income (.02) (.23) (.11) (.15) (.17) (.14) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.02) (.23) (.13)C (.19) (.17) (.17) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.23 $8.59 $8.93 $7.38 $7.00 
Total ReturnE,F,G (4.40)% (1.58)% (2.43)% 24.17% 8.12% (12.84)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.21%J 2.15% 2.07% 2.14% 2.19% 2.12% 
Expenses net of fee waivers, if any 2.20%J 2.14% 2.07% 2.14% 2.19% 2.11% 
Expenses net of all reductions 2.20%J 2.14% 2.07% 2.11% 2.16% 2.09% 
Net investment income (loss) 1.67%J .81% 2.69%B 1.33% 2.09% 2.04% 
Supplemental Data       
Net assets, end of period (000 omitted) $4,413 $4,502 $3,647 $3,231 $2,249 $2,108 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 C Total distributions of $.13 per share is comprised of distributions from net investment income of $.111 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.29 $8.64 $8.97 $7.40 $7.03 $8.23 
Income from Investment Operations       
Net investment income (loss)A .11 .16 .34B .19 .22 .25 
Net realized and unrealized gain (loss) (.43) (.19) (.46) 1.65 .40 (1.20) 
Total from investment operations (.32) (.03) (.12) 1.84 .62 (.95) 
Distributions from net investment income (.12) (.32) (.20) (.22) (.25) (.22) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.12) (.32) (.21) (.27)C (.25) (.25) 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $7.85 $8.29 $8.64 $8.97 $7.40 $7.03 
Total ReturnE,F (3.96)% (.41)% (1.34)% 25.57% 9.19% (11.91)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.07%I 1.02% .96% 1.05% 1.13% 1.04% 
Expenses net of fee waivers, if any 1.07%I 1.02% .96% 1.05% 1.13% 1.03% 
Expenses net of all reductions 1.07%I 1.01% .95% 1.02% 1.10% 1.01% 
Net investment income (loss) 2.79%I 1.93% 3.80%B 2.41% 3.16% 3.11% 
Supplemental Data       
Net assets, end of period (000 omitted) $307,974 $267,567 $192,789 $181,568 $128,983 $150,967 
Portfolio turnover rateJ 26%I 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.27%.

 C Total distributions of $.27 per share is comprised of distributions from net investment income of $.223 and distributions from net realized gain of $.042 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Value Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $8.29 $8.65 $8.98 $7.41 $7.04 $8.24 
Income from Investment Operations       
Net investment income (loss)A .10 .15 .33B .19 .22 .25 
Net realized and unrealized gain (loss) (.43) (.19) (.45) 1.65 .40 (1.19) 
Total from investment operations (.33) (.04) (.12) 1.84 .62 (.94) 
Distributions from net investment income (.10) (.32) (.19) (.23) (.25) (.22) 
Distributions from net realized gain – – (.01) (.04) – (.03) 
Total distributions (.10) (.32) (.21)C (.27) (.25) (.26)D 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $7.86 $8.29 $8.65 $8.98 $7.41 $7.04 
Total ReturnF,G (4.07)% (.53)% (1.41)% 25.64% 9.22% (11.83)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.20%J 1.14% 1.05% 1.07% 1.10% .98% 
Expenses net of fee waivers, if any 1.20%J 1.14% 1.05% 1.07% 1.10% .98% 
Expenses net of all reductions 1.20%J 1.13% 1.04% 1.04% 1.07% .96% 
Net investment income (loss) 2.67%J 1.81% 3.71%B 2.39% 3.18% 3.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,905 $1,969 $1,310 $239 $372 $473 
Portfolio turnover rateK 26%J 44% 69% 79% 74% 83% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.18%.

 C Total distributions of $.21 per share is comprised of distributions from net investment income of $.191 and distributions from net realized gain of $.014 per share.

 D Total distributions of $.26 per share is comprised of distributions from net investment income of $.221 and distributions from net realized gain of $.034 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Value 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, International Value and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven four years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, 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 $20,798,749 
Gross unrealized depreciation (36,225,329) 
Net unrealized appreciation (depreciation) on securities $(15,426,580) 
Tax cost $356,155,246 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2016 $(2,663,413) 
2017 (65,376,972) 
2018 (3,571,319) 
2019 (31,368,797) 
Total with expiration $(102,980,501) 
No expiration  
Short-term $(3,001,927) 
Total capital loss carryforward $(105,982,428) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $96,477,809 and $39,058,065, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Value as compared to its benchmark index, the MSCI EAFE Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .75% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $10,630 $247 
Class T .25% .25% 9,834 – 
Class B .75% .25% 1,216 912 
Class C .75% .25% 21,637 4,385 
   $43,317 $5,544 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,140 
Class T 718 
Class B(a) 10 
Class C(a) 800 
 $2,668 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $11,787 .28 
Class T 6,443 .33 
Class B 378 .31 
Class C 6,617 .31 
International Value 241,632 .17 
Class I 2,880 .30 
 $269,737  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $136 for the period.

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $266 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $137,227, including $139 from securities loaned to FCM.

8. Expense Reductions.

The investment adviser 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.

 Expense
Limitations 		Reimbursement 
Class T 1.70% $607 
Class B 2.20% 10 
Class C 2.20% 147 
Class I 1.20% 31 
  $795 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,400 for the period.

In addition, during the period the investments adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,064.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $95,726 $204,314 
Class T 30,318 109,443 
Class B 141 8,373 
Class C 10,293 99,311 
International Value 3,924,604 7,079,700 
Class I 23,301 52,790 
Total $4,084,383 $7,553,931 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 145,262 527,583 $1,133,082 $4,502,640 
Reinvestment of distributions 11,425 23,604 93,224 197,333 
Shares redeemed (179,619) (198,812) (1,367,494) (1,665,353) 
Net increase (decrease) (22,932) 352,375 $(141,188) $3,034,620 
Class T     
Shares sold 57,909 117,820 $455,086 $1,007,336 
Reinvestment of distributions 3,669 12,981 29,980 108,520 
Shares redeemed (45,795) (54,747) (348,759) (463,119) 
Net increase (decrease) 15,783 76,054 $136,307 $652,737 
Class B     
Shares sold 2 2,257 $14 $18,258 
Reinvestment of distributions 15 891 124 7,565 
Shares redeemed (12,943) (14,741) (101,798) (124,607) 
Net increase (decrease) (12,926) (11,593) $(101,660) $(98,784) 
Class C     
Shares sold 71,013 208,019 $540,561 $1,779,247 
Reinvestment of distributions 1,181 10,999 9,659 92,173 
Shares redeemed (56,610) (96,570) (438,654) (802,299) 
Net increase (decrease) 15,584 122,448 $111,566 $1,069,121 
International Value     
Shares sold 9,108,775 14,508,730 $70,505,949 $121,044,962 
Reinvestment of distributions 470,177 823,202 3,831,944 6,873,736 
Shares redeemed (2,629,480) (5,350,163) (19,886,444) (45,687,658) 
Net increase (decrease) 6,949,472 9,981,769 $54,451,449 $82,231,040 
Class I     
Shares sold 30,535 413,299 $237,842 $3,523,105 
Reinvestment of distributions 2,528 5,275 20,650 44,098 
Shares redeemed (28,411) (332,392) (224,656) (2,908,565) 
Net increase (decrease) 4,652 86,182 $33,836 $658,638 

11. 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.

At the end of the period, Strategic Advisers International II Fund, was the owner of record of approximately 69% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.43%    
Actual  $1,000.00 $959.50 $6.97 
Hypothetical-C  $1,000.00 $1,017.75 $7.17 
Class T 1.70%    
Actual  $1,000.00 $958.60 $8.28 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.20%    
Actual  $1,000.00 $954.90 $10.69 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Class C 2.20%    
Actual  $1,000.00 $956.00 $10.70 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
International Value 1.07%    
Actual  $1,000.00 $960.40 $5.22 
Hypothetical-C  $1,000.00 $1,019.54 $5.37 
Class I 1.20%    
Actual  $1,000.00 $959.30 $5.85 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AFIVI-SANN-0616
1.827492.109

Fidelity® International Small Cap Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 22.2% 
   United Kingdom 14.8% 
   United States of America* 5.9% 
   Canada 4.1% 
   France 4.0% 
   Cayman Islands 3.9% 
   Australia 3.6% 
   Switzerland 3.3% 
   Ireland 2.5% 
   Other 35.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 21.6% 
   United Kingdom 14.5% 
   United States of America* 6.6% 
   Canada 4.0% 
   Switzerland 3.9% 
   Cayman Islands 3.7% 
   Germany 3.4% 
   France 3.3% 
   Australia 2.9% 
   Other 36.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 95.0 94.6 
Short-Term Investments and Net Other Assets (Liabilities) 5.0 5.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Micro Focus International PLC (United Kingdom, Software) 1.3 1.1 
EBOS Group Ltd. (New Zealand, Health Care Providers & Services) 1.2 1.1 
United Drug PLC (United Kingdom) (Ireland, Health Care Providers & Services) 1.1 1.0 
Tsuruha Holdings, Inc. (Japan, Food & Staples Retailing) 1.1 0.9 
Nuplex Industries Ltd. (New Zealand, Chemicals) 1.0 0.9 
Nitori Holdings Co. Ltd. (Japan, Specialty Retail) 1.0 0.9 
Frutarom Industries Ltd. (Israel, Chemicals) 1.0 1.1 
Allied World Assurance Co. Holdings AG (Switzerland, Insurance) 1.0 0.9 
JSR Corp. (Japan, Chemicals) 0.9 1.0 
GUD Holdings Ltd. (Australia, Household Durables) 0.9 0.5 
 10.5  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 20.9 22.6 
Industrials 19.4 18.9 
Consumer Discretionary 15.2 16.3 
Information Technology 9.4 10.0 
Consumer Staples 8.9 7.5 
Health Care 8.9 8.5 
Materials 7.8 6.9 
Energy 4.1 3.5 
Utilities 0.4 0.4 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%   
 Shares Value 
Australia - 3.6%   
Aub Group Ltd. 470,441 $3,111,988 
Austal Ltd. 919,229 1,090,340 
Challenger Ltd. 769,974 5,245,630 
GUD Holdings Ltd. (a) 1,286,901 8,356,349 
Imdex Ltd. (b)(c) 13,086,370 2,039,795 
Life Healthcare Group Ltd. 2,075,053 2,145,763 
Nanosonics Ltd. (b) 1,719,782 2,902,952 
Programmed Maintenance Services Ltd. 1,870,070 2,083,095 
SAI Global Ltd. 1,348,285 3,741,865 
SomnoMed Ltd. (a)(b) 672,977 1,453,222 
TOTAL AUSTRALIA  32,170,999 
Austria - 1.8%   
Andritz AG 118,732 6,649,514 
IMMOFINANZ Immobilien Anlagen AG (a)(b) 1,934,143 4,560,048 
RHI AG 218,140 4,690,891 
TOTAL AUSTRIA  15,900,453 
Bailiwick of Jersey - 0.6%   
Regus PLC 1,332,800 5,694,258 
Belgium - 1.0%   
Barco NV 67,583 4,719,767 
Econocom Group SA 362,620 3,907,202 
TOTAL BELGIUM  8,626,969 
Bermuda - 1.6%   
BW Offshore Ltd. 5,305,227 1,159,634 
Hiscox Ltd. 389,355 5,122,999 
Petra Diamonds Ltd. 3,093,474 5,333,635 
Travelport Worldwide Ltd. 228,600 3,188,970 
TOTAL BERMUDA  14,805,238 
Brazil - 0.3%   
MAHLE Metal Leve SA 362,500 2,385,222 
British Virgin Islands - 0.3%   
Gem Diamonds Ltd. 1,174,862 2,326,060 
Canada - 4.1%   
AutoCanada, Inc. (a) 254,084 4,157,444 
Dorel Industries, Inc. Class B (sub. vtg.) 122,003 2,714,851 
Genesis Land Development Corp. 1,051,822 2,221,510 
Jean Coutu Group, Inc. Class A (sub. vtg.) 244,913 3,724,348 
Lassonde Industries, Inc. Class A (sub. vtg.) 37,869 5,281,499 
McCoy Global, Inc. 1,341,870 2,192,423 
Open Text Corp. 136,048 7,617,257 
ShawCor Ltd. Class A 117,885 3,185,065 
Whitecap Resources, Inc. (a) 696,153 5,221,009 
TOTAL CANADA  36,315,406 
Cayman Islands - 3.9%   
AMVIG Holdings Ltd. 16,168,000 6,657,294 
Best Pacific International Holdings Ltd. 1,678,000 995,768 
China High Precision Automation Group Ltd. (b) 712,000 1 
China Metal Recycling (Holdings) Ltd. (b) 436,800 1 
Greatview Aseptic Pack Co. Ltd. 5,597,000 2,834,467 
Haitian International Holdings Ltd. 2,600,000 4,436,023 
Lifestyle International Holdings Ltd. 3,347,000 5,544,385 
Pico Far East Holdings Ltd. 18,482,000 5,010,814 
SITC International Holdings Co. Ltd. 12,181,000 6,583,480 
Value Partners Group Ltd. 3,286,000 3,136,655 
TOTAL CAYMAN ISLANDS  35,198,888 
Chile - 0.9%   
Quinenco SA 2,409,395 4,740,929 
Vina San Pedro SA 352,175,653 3,470,184 
TOTAL CHILE  8,211,113 
Denmark - 0.7%   
Jyske Bank A/S (Reg.) 153,703 6,292,655 
Finland - 2.4%   
Amer Group PLC (A Shares) 201,445 5,955,760 
Asiakastieto Group Oyj 192,023 3,518,015 
Cramo Oyj (B Shares) 186,710 3,734,951 
Olvi PLC (A Shares) 126,157 3,504,504 
Tikkurila Oyj 269,946 4,732,347 
TOTAL FINLAND  21,445,577 
France - 4.0%   
ALTEN 105,219 6,505,975 
Coface SA 358,202 2,891,212 
Rexel SA 300,300 4,549,248 
Saft Groupe SA 116,100 3,608,000 
The Lisi Group 143,009 4,092,174 
The Vicat Group 88,556 6,165,184 
Thermador Groupe SA 27,557 2,519,914 
Wendel SA 47,235 5,457,321 
TOTAL FRANCE  35,789,028 
Germany - 2.0%   
AURELIUS AG 86,435 5,168,339 
CompuGroup Medical AG 178,949 7,028,260 
mutares AG 144,900 2,405,807 
SHW Group 102,339 2,953,018 
TOTAL GERMANY  17,555,424 
Greece - 0.4%   
Metka SA 435,516 3,332,417 
Hong Kong - 1.9%   
Dah Sing Banking Group Ltd. 3,157,200 5,616,923 
Far East Horizon Ltd. 4,274,000 3,392,604 
Magnificent Hotel Investment L 113,522,000 2,805,015 
Shun Ho Technology Holdings Ltd. 1,650,033 552,810 
Techtronic Industries Co. Ltd. 1,142,000 4,280,981 
TOTAL HONG KONG  16,648,333 
India - 0.6%   
Edelweiss Financial Services Ltd. 3,634,440 3,176,178 
Torrent Pharmaceuticals Ltd. 100,431 2,162,444 
TOTAL INDIA  5,338,622 
Indonesia - 0.7%   
PT ACE Hardware Indonesia Tbk 43,202,200 3,030,182 
PT Media Nusantara Citra Tbk 17,060,400 3,040,032 
TOTAL INDONESIA  6,070,214 
Ireland - 2.5%   
C&C Group PLC 885,778 3,978,942 
Mincon Group PLC 5,015,823 4,284,553 
Origin Enterprises PLC 588,700 4,147,007 
United Drug PLC (United Kingdom) 1,079,749 9,655,373 
TOTAL IRELAND  22,065,875 
Isle of Man - 0.6%   
Optimal Payments PLC (b) 1,050,400 5,850,627 
Israel - 1.0%   
Frutarom Industries Ltd. 167,089 8,563,621 
Italy - 1.1%   
Banco di Desio e della Brianza SpA 669,139 1,886,379 
Danieli & C. Officine Meccaniche SpA 98,967 2,170,119 
Recordati SpA 232,561 5,909,063 
TOTAL ITALY  9,965,561 
Japan - 22.2%   
A/S One Corp. 142,500 5,138,270 
Aeon Delight Co. Ltd. 192,900 5,326,040 
Ain Holdings, Inc. 61,100 2,968,116 
Arc Land Sakamoto Co. Ltd. 432,300 4,488,634 
Broadleaf Co. Ltd. 383,300 3,787,796 
Central Automotive Products Ltd. (d) 316,000 2,633,793 
Daiwa Industries Ltd. 495,600 4,248,249 
Dexerials Corp. 303,900 2,459,684 
Fuji Corp. 149,100 2,347,486 
Fukuda Denshi Co. Ltd. 129,800 7,087,053 
Funai Soken Holdings, Inc. 190,320 2,887,506 
GMO Internet, Inc. 404,200 4,745,925 
Iida Group Holdings Co. Ltd. 223,551 4,175,060 
Japan Meat Co. Ltd. 195,300 1,940,491 
JSR Corp. 621,100 8,514,147 
KAWAI Musical Instruments Manufacturing Co. Ltd. 165,700 3,016,977 
Kinugawa Rubber Industrial Co. Ltd. 733,000 5,103,808 
Konica Minolta, Inc. 286,800 2,475,534 
Kotobuki Spirits Co. Ltd. 165,900 3,228,062 
Leopalace21 Corp. (b) 966,500 5,799,511 
Meitec Corp. 145,700 5,054,040 
Minebea Mitsumi, Inc. 382,000 3,128,958 
Miraca Holdings, Inc. 131,500 5,588,374 
Mitani Shoji Co. Ltd. 247,700 7,137,523 
Monex Group, Inc. 699,100 1,803,481 
Nihon House Holdings Co. Ltd. (a) 795,600 2,681,573 
Nihon Parkerizing Co. Ltd. (d) 366,900 3,236,205 
Nitori Holdings Co. Ltd. 95,300 8,864,694 
Paramount Bed Holdings Co. Ltd. 205,600 7,648,082 
Ricoh Leasing Co. Ltd. 243,600 7,037,993 
S Foods, Inc. (a) 337,600 8,036,637 
San-Ai Oil Co. Ltd. 589,000 4,127,949 
Shinsei Bank Ltd. 3,781,000 5,299,360 
Ship Healthcare Holdings, Inc. 161,700 3,990,497 
TKC Corp. 239,700 6,512,310 
Toshiba Plant Systems & Services Corp. 582,700 7,205,920 
Toyo Suisan Kaisha Ltd. 103,400 3,651,856 
Tsuruha Holdings, Inc. 100,000 9,591,564 
VT Holdings Co. Ltd. 1,114,800 5,632,719 
Welcia Holdings Co. Ltd. 77,700 4,104,307 
Yamada Consulting Group Co. Ltd. 174,600 5,334,116 
TOTAL JAPAN  198,040,300 
Korea (South) - 1.3%   
BGFretail Co. Ltd. 17,709 2,875,051 
Fila Korea Ltd. 43,834 3,979,083 
Hy-Lok Corp. 125,792 3,123,733 
NS Shopping Co. Ltd. (b) 12,780 1,673,249 
TOTAL KOREA (SOUTH)  11,651,116 
Luxembourg - 0.5%   
Grand City Properties SA 189,517 4,186,054 
Mexico - 0.0%   
Genomma Lab Internacional SA de CV (b) 66,889 73,480 
Netherlands - 2.1%   
Amsterdam Commodities NV 196,055 5,296,907 
Arcadis NV 199,900 3,423,132 
BinckBank NV 737,859 4,343,556 
IMCD Group BV 142,000 5,733,174 
TOTAL NETHERLANDS  18,796,769 
New Zealand - 2.2%   
EBOS Group Ltd. 929,004 10,352,886 
Nuplex Industries Ltd. 2,454,889 9,033,445 
TOTAL NEW ZEALAND  19,386,331 
Norway - 2.0%   
ABG Sundal Collier ASA (a) 6,615,910 4,617,748 
Ekornes A/S 331,597 3,871,175 
Kongsberg Gruppen ASA 337,433 5,657,514 
Spectrum ASA 1,183,572 3,895,336 
TOTAL NORWAY  18,041,773 
Philippines - 0.2%   
Century Pacific Food, Inc. 4,939,000 1,984,631 
Portugal - 0.5%   
NOS SGPS SA 670,400 4,809,274 
Romania - 0.4%   
Banca Transilvania SA 5,501,626 3,775,557 
Singapore - 2.2%   
Boustead Projects Pte Ltd. (b) 618,906 296,832 
Boustead Singapore Ltd. 2,267,369 1,315,052 
Hour Glass Ltd. 8,087,500 4,510,261 
Mapletree Industrial (REIT) 3,150,494 3,759,931 
OSIM International Ltd. 3,765,300 3,891,711 
Wing Tai Holdings Ltd. 4,110,600 5,731,029 
TOTAL SINGAPORE  19,504,816 
South Africa - 0.8%   
Clicks Group Ltd. 992,132 7,246,235 
Spain - 0.5%   
Hispania Activos Inmobiliarios SA (b) 315,800 4,628,567 
Sweden - 1.1%   
Addlife AB (b) 59,554 752,726 
AddTech AB (B Shares) 211,219 2,656,528 
Coor Service Management Holding AB 474,600 2,245,802 
Ratos AB (B Shares) (a) 711,500 4,162,440 
TOTAL SWEDEN  9,817,496 
Switzerland - 3.3%   
Allied World Assurance Co. Holdings AG 239,504 8,521,552 
Daetwyler Holdings AG 18,222 2,708,701 
Pargesa Holding SA 27,516 1,911,750 
Vontobel Holdings AG 189,326 8,190,377 
VZ Holding AG 24,982 7,773,509 
TOTAL SWITZERLAND  29,105,889 
Taiwan - 2.2%   
King's Town Bank 4,364,000 3,039,656 
Sunspring Metal Corp. 3,075,000 3,864,811 
Tripod Technology Corp. 2,830,000 5,177,631 
Vanguard International Semiconductor Corp. 3,124,000 4,782,274 
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 1,182,000 2,630,895 
TOTAL TAIWAN  19,495,267 
Thailand - 1.0%   
Delta Electronics PCL (For. Reg.) 2,525,300 5,206,804 
TISCO Financial Group PCL 2,773,700 3,455,210 
TOTAL THAILAND  8,662,014 
Turkey - 0.4%   
Aygaz A/S 864,000 3,560,372 
United Kingdom - 14.8%   
Aberdeen Asset Management PLC 799,849 3,490,905 
AEW UK REIT PLC 2,828,268 4,132,524 
Alliance Pharma PLC 3,728,897 2,451,815 
Amec Foster Wheeler PLC 556,552 4,016,424 
Ashmore Group PLC (a) 1,036,507 4,651,006 
BBA Aviation PLC 2,510,798 7,344,642 
Bond International Software PLC 899,666 1,156,801 
Brammer PLC (a) 1,014,728 2,587,259 
Brewin Dolphin Holding PLC 808,175 3,235,570 
Cineworld Group PLC 431,676 3,267,251 
Close Brothers Group PLC 269,680 4,775,800 
Countrywide PLC 1,161,507 6,031,621 
Diploma PLC 363,251 3,882,540 
Elementis PLC 1,178,900 3,718,985 
Empiric Student Property PLC 1,836,872 3,012,729 
Exova Group Ltd. PLC 1,002,769 2,344,313 
Informa PLC 560,320 5,358,467 
ITE Group PLC 1,873,654 4,250,263 
James Fisher and Sons PLC 204,800 4,234,296 
Jardine Lloyd Thompson Group PLC 270,900 3,431,807 
John Wood Group PLC 542,500 4,950,248 
Luxfer Holdings PLC sponsored ADR 491,254 6,312,614 
McColl's Retail Group PLC 1,844,974 4,313,254 
Mears Group PLC 1,047,710 6,100,483 
Melrose Industries PLC 142,773 778,751 
Micro Focus International PLC 507,044 11,327,864 
PayPoint PLC 243,111 2,994,518 
Sinclair Pharma PLC (b) 6,297,432 3,312,537 
Spectris PLC 200,847 5,344,045 
The Restaurant Group PLC 676,100 2,717,668 
Ultra Electronics Holdings PLC 259,525 6,696,759 
TOTAL UNITED KINGDOM  132,223,759 
United States of America - 0.9%   
Dillard's, Inc. Class A 93,994 6,621,877 
Hornbeck Offshore Services, Inc. (a)(b) 152,170 1,786,476 
YOU On Demand Holdings, Inc. warrants 8/30/17 (b)(e) 27,500 615 
TOTAL UNITED STATES OF AMERICA  8,408,968 
TOTAL COMMON STOCKS   
(Cost $827,590,703)  843,951,228 
Nonconvertible Preferred Stocks - 0.4%   
Brazil - 0.4%   
Banco ABC Brasil SA   
(Cost $3,961,678) 1,117,476 3,850,284 
Money Market Funds - 6.0%   
Fidelity Cash Central Fund, 0.38% (f) 39,282,539 39,282,539 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 13,711,375 13,711,375 
TOTAL MONEY MARKET FUNDS   
(Cost $52,993,914)  52,993,914 
TOTAL INVESTMENT PORTFOLIO - 101.0%   
(Cost $884,546,295)  900,795,426 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (8,908,552) 
NET ASSETS - 100%  $891,886,874 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Security or a portion of the security is on loan at period end.

 (b) Non-income producing

 (c) Affiliated company

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) 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 $615 or 0.0% of net assets.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
YOU On Demand Holdings, Inc. warrants 8/30/17 9/14/12 $0 

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 $61,241 
Fidelity Securities Lending Cash Central Fund 178,311 
Total $239,552 

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 
Imdex Ltd. $1,246,756 $769,515 $-- $-- $2,039,795 
Total $1,246,756 $769,515 $-- $-- $2,039,795 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $135,678,269 $77,543,137 $58,135,132 $-- 
Consumer Staples 79,343,595 45,822,562 33,521,033 -- 
Energy 36,083,912 31,955,963 4,127,949 -- 
Financials 184,335,775 152,249,248 32,086,527 -- 
Health Care 77,652,797 48,200,521 29,452,276 -- 
Industrials 175,903,353 121,229,081 54,674,272 -- 
Information Technology 84,766,467 64,785,217 19,981,249 1 
Materials 70,476,972 49,234,858 21,242,113 1 
Utilities 3,560,372 3,560,372 -- -- 
Money Market Funds 52,993,914 52,993,914 -- -- 
Total Investments in Securities: $900,795,426 $647,574,873 $253,220,551 $2 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $3,784,452 
Level 2 to Level 1 $53,766,744 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $13,024,078) — See accompanying schedule:
Unaffiliated issuers (cost $826,178,703) 		$845,761,717  
Fidelity Central Funds (cost $52,993,914) 52,993,914  
Other affiliated issuers (cost $5,373,678) 2,039,795  
Total Investments (cost $884,546,295)  $900,795,426 
Foreign currency held at value (cost $3,435,438)  3,443,129 
Receivable for investments sold  1,018,282 
Receivable for fund shares sold  680,172 
Dividends receivable  5,489,031 
Distributions receivable from Fidelity Central Funds  53,923 
Prepaid expenses  773 
Other receivables  13,513 
Total assets  911,494,249 
Liabilities   
Payable for investments purchased   
Regular delivery $2,507,860  
Delayed delivery 73,580  
Payable for fund shares redeemed 2,257,365  
Accrued management fee 696,108  
Distribution and service plan fees payable 20,488  
Other affiliated payables 220,069  
Other payables and accrued expenses 120,530  
Collateral on securities loaned, at value 13,711,375  
Total liabilities  19,607,375 
Net Assets  $891,886,874 
Net Assets consist of:   
Paid in capital  $875,247,184 
Undistributed net investment income  8,805,214 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (8,523,197) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  16,357,673 
Net Assets  $891,886,874 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($31,897,656 ÷ 1,419,288 shares)  $22.47 
Maximum offering price per share (100/94.25 of $22.47)  $23.84 
Class T:   
Net Asset Value and redemption price per share ($13,016,808 ÷ 582,355 shares)  $22.35 
Maximum offering price per share (100/96.50 of $22.35)  $23.16 
Class B:   
Net Asset Value and offering price per share ($276,630 ÷ 12,519 shares)(a)  $22.10 
Class C:   
Net Asset Value and offering price per share ($9,910,610 ÷ 455,303 shares)(a)  $21.77 
International Small Cap:   
Net Asset Value, offering price and redemption price per share ($828,798,591 ÷ 36,296,748 shares)  $22.83 
Class I:   
Net Asset Value, offering price and redemption price per share ($7,986,579 ÷ 347,003 shares)  $23.02 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $15,653,620 
Income from Fidelity Central Funds  239,552 
Income before foreign taxes withheld  15,893,172 
Less foreign taxes withheld  (1,109,413) 
Total income  14,783,759 
Expenses   
Management fee   
Basic fee $3,548,462  
Performance adjustment 764,573  
Transfer agent fees 1,114,365  
Distribution and service plan fees 119,772  
Accounting and security lending fees 200,536  
Custodian fees and expenses 146,102  
Independent trustees' compensation 1,816  
Registration fees 47,264  
Audit 52,823  
Legal 1,099  
Miscellaneous 2,661  
Total expenses before reductions 5,999,473  
Expense reductions (7,275) 5,992,198 
Net investment income (loss)  8,791,561 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (883,158)  
Foreign currency transactions (42,970)  
Total net realized gain (loss)  (926,128) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		17,069,850  
Assets and liabilities in foreign currencies 179,334  
Total change in net unrealized appreciation (depreciation)  17,249,184 
Net gain (loss)  16,323,056 
Net increase (decrease) in net assets resulting from operations  $25,114,617 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,791,561 $11,998,423 
Net realized gain (loss) (926,128) 25,838,406 
Change in net unrealized appreciation (depreciation) 17,249,184 6,824,724 
Net increase (decrease) in net assets resulting from operations 25,114,617 44,661,553 
Distributions to shareholders from net investment income (10,933,091) (7,662,528) 
Distributions to shareholders from net realized gain (23,540,154) (116,906,834) 
Total distributions (34,473,245) (124,569,362) 
Share transactions - net increase (decrease) 27,183,054 53,722,708 
Redemption fees 70,645 103,111 
Total increase (decrease) in net assets 17,895,071 (26,081,990) 
Net Assets   
Beginning of period 873,991,803 900,073,793 
End of period (including undistributed net investment income of $8,805,214 and undistributed net investment income of $10,946,744, respectively) $891,886,874 $873,991,803 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.69 $24.98 $26.34 $19.74 $18.97 $20.42 
Income from Investment Operations       
Net investment income (loss)A .20 .27 .17 .06 .06 .10 
Net realized and unrealized gain (loss) .45 1.05 (.89) 6.94 1.09 (.88) 
Total from investment operations .65 1.32 (.72) 7.00 1.15 (.78) 
Distributions from net investment income (.25) (.16) (.05) (.07) (.11) (.02) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.87) (3.61) (.65) (.40) (.38) (.68) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.47 $22.69 $24.98 $26.34 $19.74 $18.97 
Total ReturnC,D,E 2.97% 6.21% (2.79)% 36.18% 6.28% (4.00)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.66%H 1.59% 1.50% 1.61% 1.63% 1.56% 
Expenses net of fee waivers, if any 1.66%H 1.58% 1.50% 1.61% 1.63% 1.55% 
Expenses net of all reductions 1.66%H 1.58% 1.50% 1.60% 1.60% 1.54% 
Net investment income (loss) 1.88%H 1.18% .65% .25% .32% .49% 
Supplemental Data       
Net assets, end of period (000 omitted) $31,898 $28,238 $24,572 $24,020 $14,125 $17,185 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.55 $24.81 $26.17 $19.59 $18.80 $20.23 
Income from Investment Operations       
Net investment income (loss)A .17 .21 .10 –B .01 .05 
Net realized and unrealized gain (loss) .44 1.04 (.87) 6.90 1.08 (.86) 
Total from investment operations .61 1.25 (.77) 6.90 1.09 (.81) 
Distributions from net investment income (.19) (.06) – – (.03) – 
Distributions from net realized gain (.62) (3.45) (.60) (.32) (.27) (.63) 
Total distributions (.81) (3.51) (.60) (.32) (.30) (.63) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.35 $22.55 $24.81 $26.17 $19.59 $18.80 
Total ReturnC,D,E 2.81% 5.90% (3.00)% 35.80% 5.97% (4.18)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.95%H 1.87% 1.77% 1.87% 1.88% 1.82% 
Expenses net of fee waivers, if any 1.95%H 1.86% 1.77% 1.87% 1.88% 1.81% 
Expenses net of all reductions 1.95%H 1.86% 1.76% 1.85% 1.85% 1.79% 
Net investment income (loss) 1.58%H .90% .38% (.01)% .07% .24% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,017 $12,400 $12,296 $13,530 $9,262 $13,744 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $22.22 $24.51 $25.87 $19.22 $18.38 $19.79 
Income from Investment Operations       
Net investment income (loss)A .12 .09 (.03) (.11) (.08) (.05) 
Net realized and unrealized gain (loss) .44 1.04 (.87) 6.84 1.07 (.85) 
Total from investment operations .56 1.13 (.90) 6.73 .99 (.90) 
Distributions from net investment income (.06) – – – – – 
Distributions from net realized gain (.62) (3.42) (.47) (.08) (.15) (.52) 
Total distributions (.68) (3.42) (.47) (.08) (.15) (.52) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $22.10 $22.22 $24.51 $25.87 $19.22 $18.38 
Total ReturnC,D,E 2.59% 5.40% (3.52)% 35.14% 5.45% (4.68)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.44%H 2.36% 2.28% 2.37% 2.38% 2.32% 
Expenses net of fee waivers, if any 2.44%H 2.36% 2.28% 2.36% 2.38% 2.30% 
Expenses net of all reductions 2.44%H 2.36% 2.27% 2.35% 2.35% 2.29% 
Net investment income (loss) 1.09%H .41% (.13)% (.51)% (.43)% (.26)% 
Supplemental Data       
Net assets, end of period (000 omitted) $277 $390 $507 $795 $790 $2,067 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $21.96 $24.27 $25.68 $19.18 $18.38 $19.85 
Income from Investment Operations       
Net investment income (loss)A .11 .09 (.02) (.11) (.08) (.04) 
Net realized and unrealized gain (loss) .45 1.02 (.85) 6.79 1.07 (.85) 
Total from investment operations .56 1.11 (.87) 6.68 .99 (.89) 
Distributions from net investment income (.13) – – – – – 
Distributions from net realized gain (.62) (3.42) (.55) (.18) (.19) (.59) 
Total distributions (.75) (3.42) (.55) (.18) (.19) (.59) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $21.77 $21.96 $24.27 $25.68 $19.18 $18.38 
Total ReturnC,D,E 2.61% 5.37% (3.43)% 35.15% 5.46% (4.64)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.44%H 2.36% 2.23% 2.33% 2.38% 2.27% 
Expenses net of fee waivers, if any 2.44%H 2.35% 2.22% 2.33% 2.38% 2.26% 
Expenses net of all reductions 2.44%H 2.35% 2.22% 2.32% 2.35% 2.24% 
Net investment income (loss) 1.09%H .41% (.07)% (.47)% (.43)% (.21)% 
Supplemental Data       
Net assets, end of period (000 omitted) $9,911 $11,359 $12,576 $13,426 $6,799 $9,545 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.06 $25.34 $26.67 $19.99 $19.23 $20.66 
Income from Investment Operations       
Net investment income (loss)A .23 .34 .25 .12 .11 .17 
Net realized and unrealized gain (loss) .45 1.07 (.90) 7.02 1.10 (.89) 
Total from investment operations .68 1.41 (.65) 7.14 1.21 (.72) 
Distributions from net investment income (.29) (.24) (.09) (.14) (.18) (.06) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.91) (3.69) (.69) (.46)B (.45) (.72) 
Redemption fees added to paid in capitalA –C –C .01 –C –C .01 
Net asset value, end of period $22.83 $23.06 $25.34 $26.67 $19.99 $19.23 
Total ReturnD,E 3.07% 6.53% (2.48)% 36.56% 6.55% (3.65)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.40%H 1.31% 1.21% 1.33% 1.35% 1.26% 
Expenses net of fee waivers, if any 1.40%H 1.31% 1.20% 1.32% 1.35% 1.25% 
Expenses net of all reductions 1.40%H 1.31% 1.20% 1.31% 1.33% 1.23% 
Net investment income (loss) 2.13%H 1.45% .95% .53% .59% .80% 
Supplemental Data       
Net assets, end of period (000 omitted) $828,799 $811,534 $842,031 $1,029,629 $692,769 $856,692 
Portfolio turnover rateI 25%H 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.46 per share is comprised of distributions from net investment income of $.136 and distributions from net realized gain of $.327 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $23.24 $25.34 $26.67 $20.00 $19.24 $20.66 
Income from Investment Operations       
Net investment income (loss)A .24 .36 .29 .16 .13 .18 
Net realized and unrealized gain (loss) .47 1.07 (.90) 7.00 1.10 (.89) 
Total from investment operations .71 1.43 (.61) 7.16 1.23 (.71) 
Distributions from net investment income (.31) (.08) (.13) (.16) (.20) (.06) 
Distributions from net realized gain (.62) (3.45) (.60) (.33) (.27) (.66) 
Total distributions (.93) (3.53) (.73) (.49) (.47) (.72) 
Redemption fees added to paid in capitalA –B –B .01 –B –B .01 
Net asset value, end of period $23.02 $23.24 $25.34 $26.67 $20.00 $19.24 
Total ReturnC,D 3.16% 6.60% (2.35)% 36.68% 6.65% (3.62)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.34%G 1.24% 1.08% 1.20% 1.25% 1.22% 
Expenses net of fee waivers, if any 1.34%G 1.23% 1.08% 1.20% 1.25% 1.21% 
Expenses net of all reductions 1.34%G 1.23% 1.08% 1.18% 1.22% 1.19% 
Net investment income (loss) 2.20%G 1.53% 1.07% .66% .70% .84% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,987 $10,070 $8,092 $67,038 $9,503 $15,752 
Portfolio turnover rateH 25%G 36% 102% 54% 68% 47% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Small Cap 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, International Small Cap and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) 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 $118,739,691 
Gross unrealized depreciation (109,342,665) 
Net unrealized appreciation (depreciation) on securities $9,397,026 
Tax cost $891,398,400 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $105,149,143 and $100,546,287, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Small Cap as compared to its benchmark index, the MSCI ACWI (All Country World Index) ex USA Small Cap Index effective April 1, 2014 (the MSCI EAFE Small Cap Index prior to April 1, 2014), over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was 1.03% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $36,761 $– 
Class T .25% .25% 30,678 – 
Class B .75% .25% 1,596 1,197 
Class C .75% .25% 50,737 8,321 
   $119,772 $9,518 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $8,966 
Class T 1,548 
Class B(a) 8 
Class C(a) 1,861 
 $12,383 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $39,714 .27 
Class T 19,256 .31 
Class B 483 .30 
Class C 15,549 .31 
International Small Cap 1,030,543 .27 
Class I 8,820 .20 
 $1,114,365  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $731 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $178,311, including $844 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $4,199 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $15.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $3,061.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $319,347 $155,785 
Class T 106,306 27,108 
Class B 996 – 
Class C 64,383 – 
International Small Cap 10,307,620 7,454,709 
Class I 134,439 24,926 
Total $10,933,091 $7,662,528 
From net realized gain   
Class A $788,825 $3,382,206 
Class T 339,739 1,671,017 
Class B 10,287 66,002 
Class C 319,340 1,697,539 
International Small Cap 21,811,338 109,040,767 
Class I 270,625 1,049,303 
Total $23,540,154 $116,906,834 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 325,140 432,152 $6,861,060 $9,990,970 
Reinvestment of distributions 49,226 159,613 1,077,561 3,404,539 
Shares redeemed (199,361) (331,016) (4,291,584) (7,450,558) 
Net increase (decrease) 175,005 260,749 $3,647,037 $5,944,951 
Class T     
Shares sold 98,594 124,085 $2,040,918 $2,869,552 
Reinvestment of distributions 20,220 77,005 440,798 1,636,354 
Shares redeemed (86,353) (146,828) (1,830,831) (3,289,706) 
Net increase (decrease) 32,461 54,262 $650,885 $1,216,200 
Class B     
Shares sold 2,210 4,667 $44,407 $108,058 
Reinvestment of distributions 493 2,954 10,648 62,128 
Shares redeemed (7,751) (10,732) (163,958) (240,945) 
Net increase (decrease) (5,048) (3,111) $(108,903) $(70,759) 
Class C     
Shares sold 60,963 196,292 $1,285,274 $4,379,607 
Reinvestment of distributions 16,869 71,584 358,801 1,488,229 
Shares redeemed (139,670) (268,981) (2,822,873) (5,818,752) 
Net increase (decrease) (61,838) (1,105) $(1,178,798) $49,084 
International Small Cap     
Shares sold 4,597,133 7,876,402 $99,766,157 $184,799,928 
Reinvestment of distributions 1,408,054 5,231,399 31,286,953 113,102,853 
Shares redeemed (4,905,938) (11,138,439) (105,124,693) (253,855,534) 
Net increase (decrease) 1,099,249 1,969,362 $25,928,417 $44,047,247 
Class I     
Shares sold 181,821 256,693 $3,999,752 $5,987,647 
Reinvestment of distributions 16,670 46,102 373,252 1,003,648 
Shares redeemed (284,792) (188,812) (6,128,588) (4,455,310) 
Net increase (decrease) (86,301) 113,983 $(1,755,584) $2,535,985 

11. 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.

At the end of the period, the investment adviser or its affiliates were the owner of record of 14% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.66%    
Actual  $1,000.00 $1,029.70 $8.38 
Hypothetical-C  $1,000.00 $1,016.61 $8.32 
Class T 1.95%    
Actual  $1,000.00 $1,028.10 $9.83 
Hypothetical-C  $1,000.00 $1,015.17 $9.77 
Class B 2.44%    
Actual  $1,000.00 $1,025.90 $12.29 
Hypothetical-C  $1,000.00 $1,012.73 $12.21 
Class C 2.44%    
Actual  $1,000.00 $1,026.10 $12.29 
Hypothetical-C  $1,000.00 $1,012.73 $12.21 
International Small Cap 1.40%    
Actual  $1,000.00 $1,030.70 $7.07 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.34%    
Actual  $1,000.00 $1,031.60 $6.77 
Hypothetical-C  $1,000.00 $1,018.20 $6.72 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

ISC-SANN-0616
1.800662.112

Fidelity Advisor® International Growth Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® International Growth Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 20.8% 
   Japan 14.1% 
   United Kingdom 13.2% 
   Switzerland 12.7% 
   Spain 4.9% 
   Belgium 4.5% 
   Sweden 4.4% 
   Australia 4.0% 
   Denmark 3.3% 
   Other 18.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 17.7% 
   United Kingdom 14.4% 
   Japan 14.0% 
   Switzerland 13.6% 
   Sweden 6.1% 
   Spain 4.5% 
   Belgium 4.2% 
   Australia 3.4% 
   Denmark 3.3% 
   Other 18.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 97.3 97.7 
Short-Term Investments and Net Other Assets (Liabilities) 2.7 2.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 4.9 3.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.5 3.6 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 3.5 2.6 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 3.2 2.8 
CSL Ltd. (Australia, Biotechnology) 2.9 2.2 
Novartis AG (Switzerland, Pharmaceuticals) 2.9 3.7 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 2.8 2.5 
Inditex SA (Spain, Specialty Retail) 2.6 2.8 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 2.6 2.2 
InterContinental Hotel Group PLC ADR (United Kingdom, Hotels, Restaurants & Leisure) 2.3 2.0 
 31.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Staples 20.4 15.3 
Health Care 19.0 18.5 
Information Technology 14.2 11.7 
Financials 13.5 18.1 
Consumer Discretionary 13.3 15.1 
Industrials 11.5 12.5 
Materials 4.7 6.0 
Energy 0.4 0.3 
Telecommunication Services 0.3 0.2 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
Australia - 4.0%   
CSL Ltd. 609,912 $48,776,866 
Sydney Airport unit 1,123,380 5,816,843 
Transurban Group unit 1,422,746 12,527,069 
TOTAL AUSTRALIA  67,120,778 
Austria - 1.2%   
Andritz AG 351,321 19,675,520 
Belgium - 4.5%   
Anheuser-Busch InBev SA NV 469,291 58,088,795 
KBC Groep NV 302,468 16,981,098 
TOTAL BELGIUM  75,069,893 
Canada - 0.4%   
Pason Systems, Inc. 495,200 7,198,891 
Cayman Islands - 0.9%   
58.com, Inc. ADR (a) 128,870 7,042,746 
Alibaba Group Holding Ltd. sponsored ADR (a) 99,200 7,632,448 
TOTAL CAYMAN ISLANDS  14,675,194 
Denmark - 3.3%   
Jyske Bank A/S (Reg.) 202,800 8,302,703 
Novo Nordisk A/S Series B sponsored ADR (b) 826,700 46,121,593 
TOTAL DENMARK  54,424,296 
Finland - 0.3%   
Tikkurila Oyj 283,000 4,961,192 
France - 1.1%   
Essilor International SA 135,658 17,560,644 
Germany - 3.0%   
Bayer AG 155,100 17,892,923 
SAP AG 399,516 31,346,444 
TOTAL GERMANY  49,239,367 
Hong Kong - 1.9%   
AIA Group Ltd. 5,289,400 31,654,975 
India - 0.5%   
Housing Development Finance Corp. Ltd. 562,904 9,223,760 
Ireland - 3.1%   
CRH PLC sponsored ADR 909,066 26,462,911 
James Hardie Industries PLC:   
CDI 1,130,041 15,921,470 
sponsored ADR 601,500 8,433,030 
TOTAL IRELAND  50,817,411 
Isle of Man - 0.5%   
Playtech Ltd. 654,346 7,691,806 
Israel - 0.3%   
Azrieli Group 118,800 4,718,361 
Italy - 0.7%   
Azimut Holding SpA 204,600 5,149,414 
Interpump Group SpA 511,426 7,361,097 
TOTAL ITALY  12,510,511 
Japan - 14.1%   
Astellas Pharma, Inc. 2,477,400 33,401,778 
Coca-Cola Central Japan Co. Ltd. 190,700 3,493,796 
DENSO Corp. 727,400 27,649,326 
East Japan Railway Co. 184,100 16,196,396 
Hoya Corp. 336,900 12,901,342 
Japan Tobacco, Inc. 589,000 24,065,326 
Keyence Corp. 40,062 24,012,883 
Mitsui Fudosan Co. Ltd. 836,000 20,417,154 
Nintendo Co. Ltd. 61,000 8,259,462 
Olympus Corp. 281,300 10,958,499 
OSG Corp. 344,800 6,407,632 
Seven Bank Ltd. 2,658,200 11,295,245 
Shinsei Bank Ltd. 5,146,000 7,212,512 
SHO-BOND Holdings Co. Ltd. 182,600 7,900,949 
USS Co. Ltd. 1,301,100 20,581,249 
TOTAL JAPAN  234,753,549 
Kenya - 0.3%   
Safaricom Ltd. 30,975,500 5,244,367 
Korea (South) - 0.9%   
BGFretail Co. Ltd. 54,496 8,847,410 
NAVER Corp. 9,215 5,445,310 
TOTAL KOREA (SOUTH)  14,292,720 
Mexico - 0.6%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 106,355 9,913,350 
South Africa - 1.3%   
Clicks Group Ltd. 755,618 5,518,807 
Naspers Ltd. Class N 112,300 15,408,694 
TOTAL SOUTH AFRICA  20,927,501 
Spain - 4.9%   
Amadeus IT Holding SA Class A 514,500 23,411,956 
Hispania Activos Inmobiliarios SA (a) 215,259 3,154,974 
Inditex SA 1,361,301 43,699,772 
Merlin Properties Socimi SA 378,500 4,399,024 
Prosegur Compania de Seguridad SA (Reg.) 1,127,849 6,521,790 
TOTAL SPAIN  81,187,516 
Sweden - 4.4%   
ASSA ABLOY AB (B Shares) (b) 2,033,083 42,634,121 
Fagerhult AB 409,153 9,527,687 
Intrum Justitia AB (b) 112,700 4,044,623 
Svenska Handelsbanken AB (A Shares) (b) 1,313,920 17,527,894 
TOTAL SWEDEN  73,734,325 
Switzerland - 12.7%   
Nestle SA 1,091,098 81,439,212 
Novartis AG 625,183 47,577,841 
Roche Holding AG (participation certificate) 232,368 58,791,248 
Schindler Holding AG:   
(participation certificate) 107,226 19,527,137 
(Reg.) 18,350 3,372,360 
TOTAL SWITZERLAND  210,707,798 
Taiwan - 1.1%   
Taiwan Semiconductor Manufacturing Co. Ltd. 3,934,000 18,046,275 
United Kingdom - 13.2%   
Associated British Foods PLC 413,100 18,494,337 
Babcock International Group PLC 400,384 5,543,075 
BAE Systems PLC 1,722,200 12,015,201 
Berendsen PLC 707,573 12,199,669 
Howden Joinery Group PLC 626,100 4,519,241 
Informa PLC 1,396,912 13,358,986 
InterContinental Hotel Group PLC ADR (b) 968,696 38,883,457 
Lloyds Banking Group PLC 7,613,300 7,472,538 
Prudential PLC 1,155,443 22,807,906 
Reckitt Benckiser Group PLC 542,845 52,883,360 
Rightmove PLC 77,900 4,391,314 
SABMiller PLC 292,366 17,877,926 
Shaftesbury PLC 319,433 4,247,330 
Unite Group PLC 476,676 4,405,332 
TOTAL UNITED KINGDOM  219,099,672 
United States of America - 18.1%   
Alphabet, Inc. Class A 29,136 20,624,792 
Autoliv, Inc. (b) 198,769 24,343,239 
Berkshire Hathaway, Inc. Class B (a) 129,184 18,793,688 
China Biologic Products, Inc. (a) 87,966 10,292,022 
Domino's Pizza, Inc. 82,990 10,031,831 
Martin Marietta Materials, Inc. 66,400 11,236,872 
MasterCard, Inc. Class A 351,000 34,043,490 
McGraw Hill Financial, Inc. 117,100 12,512,135 
Mohawk Industries, Inc. (a) 117,400 22,614,762 
Molson Coors Brewing Co. Class B 108,600 10,385,418 
Moody's Corp. 94,100 9,007,252 
MSCI, Inc. Class A 103,200 7,837,008 
Philip Morris International, Inc. 210,708 20,674,669 
PriceSmart, Inc. 95,700 8,281,878 
ResMed, Inc. 170,700 9,525,060 
Reynolds American, Inc. 363,200 18,014,720 
Sherwin-Williams Co. 32,600 9,366,306 
SS&C Technologies Holdings, Inc. 178,400 10,909,160 
Visa, Inc. Class A 424,260 32,769,842 
TOTAL UNITED STATES OF AMERICA  301,264,144 
TOTAL COMMON STOCKS   
(Cost $1,493,495,241)  1,615,713,816 
Money Market Funds - 8.3%   
Fidelity Cash Central Fund, 0.38% (c) 31,871,334 31,871,334 
Fidelity Securities Lending Cash Central Fund, 0.42% (c)(d) 106,690,874 106,690,874 
TOTAL MONEY MARKET FUNDS   
(Cost $138,562,208)  138,562,208 
TOTAL INVESTMENT PORTFOLIO - 105.6%   
(Cost $1,632,057,449)  1,754,276,024 
NET OTHER ASSETS (LIABILITIES) - (5.6)%  (93,656,005) 
NET ASSETS - 100%  $1,660,620,019 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.


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 $72,393 
Fidelity Securities Lending Cash Central Fund 330,325 
Total $402,718 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $221,090,557 $172,859,982 $48,230,575 $-- 
Consumer Staples 337,979,004 176,097,310 161,881,694 -- 
Energy 7,198,891 7,198,891 -- -- 
Financials 227,120,303 108,732,079 118,388,224 -- 
Health Care 313,799,816 150,169,108 163,630,708 -- 
Industrials 191,271,169 148,750,991 42,520,178 -- 
Information Technology 235,627,928 153,962,864 81,665,064 -- 
Materials 76,381,781 76,381,781 -- -- 
Telecommunication Services 5,244,367 5,244,367 -- -- 
Money Market Funds 138,562,208 138,562,208 -- -- 
Total Investments in Securities: $1,754,276,024 $1,137,959,581 $616,316,443 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $144,428,405 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $103,770,133) — See accompanying schedule:
Unaffiliated issuers (cost $1,493,495,241) 		$1,615,713,816  
Fidelity Central Funds (cost $138,562,208) 138,562,208  
Total Investments (cost $1,632,057,449)  $1,754,276,024 
Foreign currency held at value (cost $11,880)  11,898 
Receivable for investments sold  3,654,551 
Receivable for fund shares sold  4,651,062 
Dividends receivable  9,823,503 
Distributions receivable from Fidelity Central Funds  94,556 
Prepaid expenses  599 
Other receivables  7,870 
Total assets  1,772,520,063 
Liabilities   
Payable for investments purchased $1,891,035  
Payable for fund shares redeemed 1,836,507  
Accrued management fee 985,763  
Distribution and service plan fees payable 103,976  
Other affiliated payables 304,114  
Other payables and accrued expenses 87,775  
Collateral on securities loaned, at value 106,690,874  
Total liabilities  111,900,044 
Net Assets  $1,660,620,019 
Net Assets consist of:   
Paid in capital  $1,599,467,631 
Undistributed net investment income  11,086,000 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (72,316,667) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  122,383,055 
Net Assets  $1,660,620,019 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($227,299,900 ÷ 20,745,349 shares)  $10.96 
Maximum offering price per share (100/94.25 of $10.96)  $11.63 
Class T:   
Net Asset Value and redemption price per share ($28,247,384 ÷ 2,581,799 shares)  $10.94 
Maximum offering price per share (100/96.50 of $10.94)  $11.34 
Class B:   
Net Asset Value and offering price per share ($543,488 ÷ 50,206 shares)(a)  $10.83 
Class C:   
Net Asset Value and offering price per share ($54,803,250 ÷ 5,077,799 shares)(a)  $10.79 
International Growth:   
Net Asset Value, offering price and redemption price per share ($989,531,658 ÷ 89,694,739 shares)  $11.03 
Class I:   
Net Asset Value, offering price and redemption price per share ($344,685,048 ÷ 31,300,215 shares)  $11.01 
Class Z:   
Net Asset Value, offering price and redemption price per share ($15,509,291 ÷ 1,406,850 shares)  $11.02 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $21,128,805 
Income from Fidelity Central Funds  402,718 
Income before foreign taxes withheld  21,531,523 
Less foreign taxes withheld  (2,212,929) 
Total income  19,318,594 
Expenses   
Management fee   
Basic fee $5,303,523  
Performance adjustment 109,270  
Transfer agent fees 1,418,766  
Distribution and service plan fees 585,143  
Accounting and security lending fees 345,576  
Custodian fees and expenses 79,671  
Independent trustees' compensation 3,216  
Registration fees 88,683  
Audit 42,540  
Legal 2,186  
Miscellaneous 4,732  
Total expenses before reductions 7,983,306  
Expense reductions (16,973) 7,966,333 
Net investment income (loss)  11,352,261 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (34,889,540)  
Foreign currency transactions 296,655  
Total net realized gain (loss)  (34,592,885) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $4,737) 		(7,895,661)  
Assets and liabilities in foreign currencies 94,033  
Total change in net unrealized appreciation (depreciation)  (7,801,628) 
Net gain (loss)  (42,394,513) 
Net increase (decrease) in net assets resulting from operations  $(31,042,252) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,352,261 $10,205,219 
Net realized gain (loss) (34,592,885) (27,463,177) 
Change in net unrealized appreciation (depreciation) (7,801,628) 41,450,250 
Net increase (decrease) in net assets resulting from operations (31,042,252) 24,192,292 
Distributions to shareholders from net investment income (9,313,522) (7,019,924) 
Distributions to shareholders from net realized gain (1,062,119) – 
Total distributions (10,375,641) (7,019,924) 
Share transactions - net increase (decrease) 228,113,558 519,861,476 
Redemption fees 45,309 54,094 
Total increase (decrease) in net assets 186,740,974 537,087,938 
Net Assets   
Beginning of period 1,473,879,045 936,791,107 
End of period (including undistributed net investment income of $11,086,000 and undistributed net investment income of $9,047,261, respectively) $1,660,620,019 $1,473,879,045 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.30 $11.01 $10.78 $8.91 $8.09 $8.38 
Income from Investment Operations       
Net investment income (loss)A .07 .07 .09 .08 .08 .08 
Net realized and unrealized gain (loss) (.35) .28 .18 1.88 .81 (.31) 
Total from investment operations (.28) .35 .27 1.96 .89 (.23) 
Distributions from net investment income (.05) (.06) (.03) (.08) (.06) (.05) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.06) (.06) (.04) (.09) (.07) (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.96 $11.30 $11.01 $10.78 $8.91 $8.09 
Total ReturnC,D,E (2.51)% 3.20% 2.54% 22.18% 11.10% (2.76)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.26%H 1.26% 1.35% 1.44% 1.58% 1.77% 
Expenses net of fee waivers, if any 1.26%H 1.26% 1.35% 1.43% 1.45% 1.45% 
Expenses net of all reductions 1.26%H 1.25% 1.34% 1.42% 1.44% 1.43% 
Net investment income (loss) 1.29%H .66% .84% .80% .99% .92% 
Supplemental Data       
Net assets, end of period (000 omitted) $227,300 $184,878 $119,017 $74,595 $21,874 $6,352 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the sales charges.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.26 $10.96 $10.75 $8.89 $8.08 $8.38 
Income from Investment Operations       
Net investment income (loss)A .05 .04 .06 .05 .06 .06 
Net realized and unrealized gain (loss) (.35) .27 .18 1.88 .81 (.31) 
Total from investment operations (.30) .31 .24 1.93 .87 (.25) 
Distributions from net investment income (.01) (.01) (.02) (.07) (.05) (.04) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.02) (.01) (.03) (.07)B (.06) (.05) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $10.94 $11.26 $10.96 $10.75 $8.89 $8.08 
Total ReturnD,E,F (2.69)% 2.85% 2.21% 21.91% 10.82% (3.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.60%I 1.58% 1.65% 1.69% 1.85% 2.03% 
Expenses net of fee waivers, if any 1.60%I 1.58% 1.65% 1.69% 1.70% 1.70% 
Expenses net of all reductions 1.60%I 1.58% 1.65% 1.68% 1.69% 1.68% 
Net investment income (loss) .95%I .33% .53% .54% .74% .67% 
Supplemental Data       
Net assets, end of period (000 omitted) $28,247 $28,833 $26,369 $23,118 $10,690 $2,917 
Portfolio turnover rateJ 35%I 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $0.07 per share is comprised of distributions from net investment income of $0.69 and distributions from net realized gain of $0.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.16 $10.91 $10.73 $8.88 $8.06 $8.36 
Income from Investment Operations       
Net investment income (loss)A .02 (.02) –B –B .02 .01 
Net realized and unrealized gain (loss) (.34) .27 .19 1.89 .80 (.30) 
Total from investment operations (.32) .25 .19 1.89 .82 (.29) 
Distributions from net investment income – – – (.03) – (.01) 
Distributions from net realized gain (.01) – (.01) (.01) – –B 
Total distributions (.01) – (.01) (.04) – (.01) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $10.83 $11.16 $10.91 $10.73 $8.88 $8.06 
Total ReturnC,D,E (2.89)% 2.29% 1.76% 21.35% 10.17% (3.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.09%H 2.07% 2.14% 2.19% 2.35% 2.55% 
Expenses net of fee waivers, if any 2.09%H 2.07% 2.14% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.09%H 2.06% 2.14% 2.17% 2.19% 2.18% 
Net investment income (loss) .45%H (.15)% .04% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $543 $800 $1,404 $1,579 $1,116 $473 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.12 $10.87 $10.69 $8.84 $8.03 $8.34 
Income from Investment Operations       
Net investment income (loss)A .03 (.02) .01 .01 .02 .01 
Net realized and unrealized gain (loss) (.35) .27 .18 1.87 .80 (.31) 
Total from investment operations (.32) .25 .19 1.88 .82 (.30) 
Distributions from net investment income – – – (.02) (.01) (.01) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.01) – (.01) (.03) (.01)B (.01)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $10.79 $11.12 $10.87 $10.69 $8.84 $8.03 
Total ReturnE,F,G (2.90)% 2.30% 1.77% 21.29% 10.27% (3.57)% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.05%J 2.06% 2.12% 2.19% 2.33% 2.52% 
Expenses net of fee waivers, if any 2.05%J 2.06% 2.12% 2.18% 2.20% 2.20% 
Expenses net of all reductions 2.05%J 2.05% 2.12% 2.17% 2.19% 2.18% 
Net investment income (loss) .49%J (.15)% .06% .05% .24% .17% 
Supplemental Data       
Net assets, end of period (000 omitted) $54,803 $52,378 $32,737 $17,196 $5,648 $2,767 
Portfolio turnover rateK 35%J 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.01 per share is comprised of distributions from net investment income of $.007 and distributions from net realized gain of $.006 per share.

 C Total distributions of $.01 per share is comprised of distributions from net investment income of $.008 and distributions from net realized gain of $.005 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.38 $11.10 $10.84 $8.95 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .09 .11 .13 .11 .11 .10 
Net realized and unrealized gain (loss) (.35) .26 .19 1.88 .81 (.30) 
Total from investment operations (.26) .37 .32 1.99 .92 (.20) 
Distributions from net investment income (.08) (.09) (.05) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.09) (.06) (.10)B (.09) (.08) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $11.03 $11.38 $11.10 $10.84 $8.95 $8.12 
Total ReturnD,E (2.34)% 3.36% 2.96% 22.48% 11.41% (2.47)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .96%H .97% 1.04% 1.13% 1.28% 1.52% 
Expenses net of fee waivers, if any .96%H .97% 1.04% 1.13% 1.20% 1.20% 
Expenses net of all reductions .96%H .96% 1.04% 1.11% 1.19% 1.18% 
Net investment income (loss) 1.58%H .94% 1.14% 1.11% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $989,532 $938,348 $635,607 $430,914 $149,526 $53,437 
Portfolio turnover rateI 35%H 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.10 per share is comprised of distributions from net investment income of $.097 and distributions from net realized gain of $.005 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $11.36 $11.08 $10.84 $8.94 $8.12 $8.40 
Income from Investment Operations       
Net investment income (loss)A .08 .11 .13 .11 .10 .10 
Net realized and unrealized gain (loss) (.34) .27 .18 1.90 .81 (.30) 
Total from investment operations (.26) .38 .31 2.01 .91 (.20) 
Distributions from net investment income (.08) (.10) (.06) (.10) (.08) (.07) 
Distributions from net realized gain (.01) – (.01) (.01) (.01) (.01) 
Total distributions (.09) (.10) (.07) (.11) (.09) (.08) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $11.01 $11.36 $11.08 $10.84 $8.94 $8.12 
Total ReturnC,D (2.34)% 3.41% 2.84% 22.66% 11.28% (2.47)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .97%G .98% 1.04% 1.11% 1.27% 1.50% 
Expenses net of fee waivers, if any .97%G .98% 1.04% 1.11% 1.20% 1.20% 
Expenses net of all reductions .96%G .97% 1.04% 1.09% 1.19% 1.18% 
Net investment income (loss) 1.58%G .94% 1.14% 1.13% 1.24% 1.17% 
Supplemental Data       
Net assets, end of period (000 omitted) $344,685 $267,745 $121,554 $38,771 $3,992 $493 
Portfolio turnover rateH 35%G 26% 27% 32% 32% 68% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Growth Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
April 30, 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $11.38 $11.10 $10.84 $10.26 
Income from Investment Operations     
Net investment income (loss)B .09 .12 .14 .02 
Net realized and unrealized gain (loss) (.35) .27 .19 .56 
Total from investment operations (.26) .39 .33 .58 
Distributions from net investment income (.09) (.11) (.06) – 
Distributions from net realized gain (.01) – (.01) – 
Total distributions (.10) (.11) (.07) – 
Redemption fees added to paid in capitalB,C – – – – 
Net asset value, end of period $11.02 $11.38 $11.10 $10.84 
Total ReturnD,E (2.29)% 3.52% 3.07% 5.65% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .83%H .84% .88% .94%H 
Expenses net of fee waivers, if any .83%H .84% .88% .94%H 
Expenses net of all reductions .83%H .83% .88% .93%H 
Net investment income (loss) 1.71%H 1.07% 1.30% .65%H 
Supplemental Data     
Net assets, end of period (000 omitted) $15,509 $897 $104 $106 
Portfolio turnover rateI 35%H 26% 27% 32% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Growth 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, International Growth, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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 $176,397,956 
Gross unrealized depreciation (59,559,141) 
Net unrealized appreciation (depreciation) on securities $116,838,815 
Tax cost $1,637,437,209 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(26,434,969) 
Long-term (7,319,866) 
Total no expiration $(33,754,835) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $479,246,265 and $260,718,084, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Growth as compared to its benchmark index, the MSCI EAFE Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .71% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $249,157 $357 
Class T .25% .25% 69,243 – 
Class B .75% .25% 3,364 2,523 
Class C .75% .25% 263,379 98,751 
   $585,143 $101,631 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $44,378 
Class T 6,336 
Class B(a) 6 
Class C(a) 4,765 
 $55,485 

 (a) 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 the investment adviser, 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, except for Class Z. FIIOC receives an asset-based fee of Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $220,276 .22 
Class T 43,164 .31 
Class B 1,028 .31 
Class C 69,895 .27 
International Growth 819,000 .18 
Class I 263,135 .18 
Class Z 2,268 .05 
 $1,418,766  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $799 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $1,311 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $10,140,516. 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 $330,325, including $34,892 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $11,575 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $35.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5,363.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $857,306 $684,914 
Class T 25,900 29,128 
International Growth 6,508,406 5,239,951 
Class I 1,913,593 1,064,923 
Class Z 8,317 1,008 
Total $9,313,522 $7,019,924 
From net realized gain   
Class A $137,169 $– 
Class T 20,720 – 
Class B 561 – 
Class C 39,156 – 
International Growth 667,539 – 
Class I 196,266 – 
Class Z 708 – 
Total $1,062,119 $– 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 6,246,540 9,298,452 $67,129,589 $105,707,223 
Reinvestment of distributions 86,341 60,570 970,468 669,298 
Shares redeemed (1,954,972) (3,798,128) (20,859,132) (42,982,992) 
Net increase (decrease) 4,377,909 5,560,894 $47,240,925 $63,393,529 
Class T     
Shares sold 366,792 1,158,910 $3,936,696 $13,286,739 
Reinvestment of distributions 4,067 2,593 45,714 28,654 
Shares redeemed (350,025) (1,005,399) (3,686,315) (11,627,373) 
Net increase (decrease) 20,834 156,104 $296,095 $1,688,020 
Class B     
Shares sold 1,881 30,282 $19,678 $347,009 
Reinvestment of distributions 50 – 556 – 
Shares redeemed (23,393) (87,349) (246,379) (994,341) 
Net increase (decrease) (21,462) (57,067) $(226,145) $(647,332) 
Class C     
Shares sold 819,268 2,689,800 $8,736,707 $30,433,427 
Reinvestment of distributions 3,485 – 38,678 – 
Shares redeemed (454,625) (991,400) (4,741,050) (10,978,888) 
Net increase (decrease) 368,128 1,698,400 $4,034,335 $19,454,539 
International Growth     
Shares sold 17,140,428 39,705,804 $183,584,698 $456,131,993 
Reinvestment of distributions 515,203 387,169 5,821,794 4,301,448 
Shares redeemed (10,385,791) (14,942,156) (110,850,155) (169,380,325) 
Net increase (decrease) 7,269,840 25,150,817 $78,556,337 $291,053,116 
Class I     
Shares sold 13,087,526 17,728,493 $140,430,050 $201,877,753 
Reinvestment of distributions 177,277 92,582 1,999,688 1,026,733 
Shares redeemed (5,525,257) (5,227,430) (58,460,124) (58,733,231) 
Net increase (decrease) 7,739,546 12,593,645 $83,969,614 $144,171,255 
Class Z     
Shares sold 1,378,158 88,007 $14,776,889 $956,120 
Reinvestment of distributions 799 91 9,025 1,008 
Shares redeemed (50,920) (18,621) (543,517) (208,779) 
Net increase (decrease) 1,328,037 69,477 $14,242,397 $748,349 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.26%    
Actual  $1,000.00 $974.90 $6.19 
Hypothetical-C  $1,000.00 $1,018.60 $6.32 
Class T 1.60%    
Actual  $1,000.00 $973.10 $7.85 
Hypothetical-C  $1,000.00 $1,016.91 $8.02 
Class B 2.09%    
Actual  $1,000.00 $971.10 $10.24 
Hypothetical-C  $1,000.00 $1,014.47 $10.47 
Class C 2.05%    
Actual  $1,000.00 $971.00 $10.05 
Hypothetical-C  $1,000.00 $1,014.67 $10.27 
International Growth .96%    
Actual  $1,000.00 $976.60 $4.72 
Hypothetical-C  $1,000.00 $1,020.09 $4.82 
Class I .97%    
Actual  $1,000.00 $976.60 $4.77 
Hypothetical-C  $1,000.00 $1,020.04 $4.87 
Class Z .83%    
Actual  $1,000.00 $977.10 $4.08 
Hypothetical-C  $1,000.00 $1,020.74 $4.17 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AIGFI-SANN-0616
1.853345.108

Fidelity Advisor® International Small Cap Opportunities Fund -
Class I



Semi-Annual Report

April 30, 2016

Class I is a class of Fidelity® International Small Cap Opportunities Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 25.1% 
   United Kingdom 20.5% 
   United States of America* 15.5% 
   Germany 6.6% 
   Italy 3.7% 
   Sweden 3.2% 
   Netherlands 2.5% 
   France 2.2% 
   Canada 2.0% 
   Other 18.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 26.0% 
   United Kingdom 21.7% 
   United States of America* 15.0% 
   Germany 5.7% 
   Italy 4.3% 
   Sweden 3.0% 
   Netherlands 2.8% 
   Australia 2.0% 
   Canada 1.9% 
   Other 17.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 92.2 91.8 
Short-Term Investments and Net Other Assets (Liabilities) 7.8 8.2 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
USS Co. Ltd. (Japan, Specialty Retail) 2.0 2.0 
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) 1.8 1.6 
Berendsen PLC (United Kingdom, Commercial Services & Supplies) 1.7 1.7 
CTS Eventim AG (Germany, Media) 1.7 2.0 
Fagerhult AB (Sweden, Electrical Equipment) 1.7 1.3 
Unite Group PLC (United Kingdom, Real Estate Management & Development) 1.6 1.9 
CompuGroup Medical AG (Germany, Health Care Technology) 1.6 1.0 
OBIC Co. Ltd. (Japan, IT Services) 1.5 1.8 
Sartorius AG (non-vtg.) (Germany, Health Care Equipment & Supplies) 1.4 1.6 
Azimut Holding SpA (Italy, Capital Markets) 1.4 1.3 
 16.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 20.6 20.5 
Industrials 18.1 18.3 
Financials 15.9 18.7 
Information Technology 10.7 9.2 
Health Care 10.3 8.5 
Consumer Staples 8.5 8.5 
Materials 6.7 6.7 
Energy 1.4 1.4 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 90.8%   
 Shares Value 
Australia - 2.0%   
Beacon Lighting Group Ltd. 2,000,000 $2,767,674 
DuluxGroup Ltd. 1,577,979 7,678,825 
Imdex Ltd. (a) 2,434,488 379,468 
RCG Corp. Ltd. (b) 6,779,148 7,061,699 
TFS Corp. Ltd. (b) 4,354,304 5,164,840 
TOTAL AUSTRALIA  23,052,506 
Austria - 1.1%   
Andritz AG 165,900 9,291,129 
Zumtobel AG 316,081 4,115,128 
TOTAL AUSTRIA  13,406,257 
Bailiwick of Jersey - 0.4%   
Integrated Diagnostics Holdings PLC 944,579 4,392,292 
Belgium - 1.2%   
Gimv NV 56,688 3,148,164 
KBC Ancora 304,448 10,747,590 
TOTAL BELGIUM  13,895,754 
Bermuda - 0.3%   
Vostok New Ventures Ltd. SDR (a) 712,589 4,055,229 
Canada - 2.0%   
Cara Operations Ltd. 282,000 7,295,545 
McCoy Global, Inc. 636,215 1,039,484 
New Look Vision Group, Inc. 197,200 4,880,099 
Pason Systems, Inc. 448,000 6,512,728 
ShawCor Ltd. Class A 135,600 3,663,697 
Tesco Corp. 40,447 382,629 
TOTAL CANADA  23,774,182 
Cayman Islands - 0.6%   
58.com, Inc. ADR (a) 67,900 3,710,735 
Value Partners Group Ltd. 3,938,000 3,759,022 
TOTAL CAYMAN ISLANDS  7,469,757 
Denmark - 1.6%   
Jyske Bank A/S (Reg.) 213,127 8,725,494 
Scandinavian Tobacco Group A/S 200,000 3,181,685 
Spar Nord Bank A/S 796,369 6,493,770 
TOTAL DENMARK  18,400,949 
Finland - 0.6%   
Tikkurila Oyj 431,646 7,567,063 
France - 2.2%   
Elis SA 380,597 6,988,095 
Laurent-Perrier Group SA 49,163 4,179,836 
Vetoquinol SA 118,184 4,898,823 
Virbac SA (b) 51,152 9,330,455 
TOTAL FRANCE  25,397,209 
Germany - 5.2%   
alstria office REIT-AG 448,700 6,293,853 
CompuGroup Medical AG 476,478 18,713,776 
CTS Eventim AG 568,280 19,905,189 
Fielmann AG 151,773 11,190,188 
Nexus AG 278,558 4,880,131 
TOTAL GERMANY  60,983,137 
Greece - 0.3%   
Titan Cement Co. SA (Reg.) 139,480 3,181,769 
India - 0.5%   
Jyothy Laboratories Ltd. 1,189,354 5,450,307 
Ireland - 1.3%   
FBD Holdings PLC 240,328 1,761,200 
James Hardie Industries PLC:   
CDI 405,775 5,717,080 
sponsored ADR 564,575 7,915,342 
TOTAL IRELAND  15,393,622 
Isle of Man - 0.7%   
Playtech Ltd. 717,342 8,432,321 
Israel - 2.0%   
Azrieli Group 165,005 6,553,478 
Ituran Location & Control Ltd. 383,208 7,970,726 
Sarine Technologies Ltd. 665,700 816,749 
Strauss Group Ltd. 484,244 7,673,617 
TOTAL ISRAEL  23,014,570 
Italy - 3.7%   
Azimut Holding SpA 641,097 16,135,257 
Banco di Desio e della Brianza SpA 1,070,000 3,016,451 
Beni Stabili SpA SIIQ 12,945,675 9,590,769 
Interpump Group SpA 1,027,943 14,795,470 
TOTAL ITALY  43,537,947 
Japan - 25.1%   
Aoki Super Co. Ltd. 273,000 3,225,856 
Artnature, Inc. 891,000 7,387,610 
Asahi Co. Ltd. 460,400 6,828,776 
Autobacs Seven Co. Ltd. 380,300 6,561,433 
Azbil Corp. 594,000 15,241,018 
Broadleaf Co. Ltd. 76,700 757,954 
Central Automotive Products Ltd. (c) 12,000 100,017 
Century21 Real Estate Japan Ltd. (c) 4,100 45,648 
Coca-Cola Central Japan Co. Ltd. 333,300 6,106,357 
Daiichikosho Co. Ltd. 221,300 9,277,286 
Daikokutenbussan Co. Ltd. 169,100 7,599,991 
Funai Soken Holdings, Inc. 210,000 3,186,088 
GCA Savvian Group Corp. 447,600 4,135,967 
Glory Ltd. (d) 277,100 9,075,383 
Goldcrest Co. Ltd. 522,130 7,476,255 
Iwatsuka Confectionary Co. Ltd. 50,400 2,283,383 
Japan Digital Laboratory Co. 459,100 6,210,344 
Kobayashi Pharmaceutical Co. Ltd. 132,000 10,514,151 
Koshidaka Holdings Co. Ltd. 166,900 3,281,884 
Lasertec Corp. 376,136 4,890,217 
Medikit Co. Ltd. (c) 126,700 4,417,152 
Meiko Network Japan Co. Ltd. 112,600 1,241,872 
Miraial Co. Ltd. 38,200 269,148 
Nagaileben Co. Ltd. 562,600 11,480,790 
Nakano Refrigerators Co. Ltd. 135,000 3,229,851 
ND Software Co. Ltd. 73,843 607,845 
Nihon Parkerizing Co. Ltd. 1,427,500 12,591,122 
NS Tool Co. Ltd. (b) 35,600 590,226 
OBIC Co. Ltd. 336,500 17,686,755 
OSG Corp. 715,000 13,287,288 
Paramount Bed Holdings Co. Ltd. 229,400 8,533,414 
ProNexus, Inc. (d) 569,600 5,760,400 
San-Ai Oil Co. Ltd. 630,000 4,415,294 
Seven Bank Ltd. 2,834,900 12,046,080 
SHO-BOND Holdings Co. Ltd. 263,700 11,410,078 
Shoei Co. Ltd. 309,426 4,683,769 
SK Kaken Co. Ltd. 75,000 6,153,866 
Software Service, Inc. 62,900 2,429,462 
Techno Medica Co. Ltd. 79,491 1,666,416 
The Monogatari Corp. 104,300 4,922,928 
The Nippon Synthetic Chemical Industry Co. Ltd. 391,000 2,359,434 
TKC Corp. 247,400 6,721,508 
Tocalo Co. Ltd. 117,000 2,104,645 
Tsutsumi Jewelry Co. Ltd. 139,000 2,903,454 
USS Co. Ltd. 1,498,300 23,700,626 
Workman Co. Ltd. 212,500 6,680,033 
Yamada Consulting Group Co. Ltd. 134,495 4,108,888 
Yamato Kogyo Co. Ltd. 99,100 2,326,325 
TOTAL JAPAN  292,514,287 
Korea (South) - 1.4%   
BGFretail Co. Ltd. 84,156 13,662,702 
Leeno Industrial, Inc. 57,500 2,150,588 
TOTAL KOREA (SOUTH)  15,813,290 
Mexico - 0.6%   
Consorcio ARA S.A.B. de CV 17,196,078 6,746,637 
Netherlands - 2.5%   
Aalberts Industries NV 319,501 10,946,071 
Heijmans NV (Certificaten Van Aandelen) (a) 304,192 2,866,633 
VastNed Retail NV 337,390 14,854,328 
TOTAL NETHERLANDS  28,667,032 
Norway - 0.5%   
Kongsberg Gruppen ASA 320,500 5,373,610 
Philippines - 0.4%   
Jollibee Food Corp. 1,026,090 5,008,829 
South Africa - 0.6%   
Clicks Group Ltd. 899,913 6,572,695 
Spain - 2.0%   
Hispania Activos Inmobiliarios SA (a) 210,543 3,085,853 
Merlin Properties Socimi SA 613,100 7,125,606 
Prosegur Compania de Seguridad SA (Reg.) 2,317,590 13,401,470 
TOTAL SPAIN  23,612,929 
Sweden - 3.2%   
Fagerhult AB 842,305 19,614,223 
Intrum Justitia AB (b) 273,334 9,809,520 
Saab AB (B Shares) 227,500 7,782,160 
TOTAL SWEDEN  37,205,903 
Switzerland - 0.3%   
Tecan Group AG 24,053 3,339,789 
Taiwan - 0.3%   
Addcn Technology Co. Ltd. 516,900 3,968,399 
United Kingdom - 20.5%   
AA PLC 1,441,400 5,867,599 
Alliance Pharma PLC 4,253,100 2,796,488 
Bellway PLC 439,872 15,727,333 
Berendsen PLC 1,173,163 20,227,172 
Britvic PLC 543,571 5,591,441 
Dechra Pharmaceuticals PLC 609,609 9,851,476 
DP Poland PLC (a)(e) 8,208,000 3,118,211 
Elementis PLC 3,262,010 10,290,411 
Great Portland Estates PLC 961,189 10,645,665 
Hilton Food Group PLC 222,288 1,828,602 
Howden Joinery Group PLC 1,639,800 11,836,209 
Informa PLC 1,613,965 15,434,713 
InterContinental Hotel Group PLC ADR (b) 216,931 8,707,610 
ITE Group PLC 2,882,634 6,539,069 
JUST EAT Ltd. (a) 819,470 4,591,909 
Rightmove PLC 166,747 9,399,723 
Shaftesbury PLC 1,092,673 14,528,688 
Spectris PLC 557,278 14,827,798 
Spirax-Sarco Engineering PLC 408,791 20,397,965 
Taylor Wimpey PLC 1,686,800 4,542,383 
Ted Baker PLC 233,700 8,144,078 
Topps Tiles PLC 2,473,300 4,914,853 
Ultra Electronics Holdings PLC 392,558 10,129,531 
Unite Group PLC 2,079,823 19,221,254 
TOTAL UNITED KINGDOM  239,160,181 
United States of America - 7.7%   
ANSYS, Inc. (a) 36,085 3,275,435 
Autoliv, Inc. (b) 65,200 7,985,044 
Broadridge Financial Solutions, Inc. 93,905 5,619,275 
China Biologic Products, Inc. (a) 110,380 12,914,460 
Domino's Pizza, Inc. 44,000 5,318,720 
Energizer Holdings, Inc. 54,409 2,366,247 
Kennedy-Wilson Holdings, Inc. 556,629 12,028,753 
Martin Marietta Materials, Inc. 34,720 5,875,666 
Mohawk Industries, Inc. (a) 42,600 8,206,038 
PriceSmart, Inc. 147,199 12,738,601 
ResMed, Inc. 86,095 4,804,101 
SS&C Technologies Holdings, Inc. 152,058 9,298,347 
TOTAL UNITED STATES OF AMERICA  90,430,687 
TOTAL COMMON STOCKS   
(Cost $941,309,093)  1,059,819,139 
Nonconvertible Preferred Stocks - 1.4%   
Germany - 1.4%   
Sartorius AG (non-vtg.)   
(Cost $9,231,224) 65,520 16,163,851 
Money Market Funds - 8.5%   
Fidelity Cash Central Fund, 0.38% (f) 85,942,201 85,942,201 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 13,328,610 13,328,610 
TOTAL MONEY MARKET FUNDS   
(Cost $99,270,811)  99,270,811 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $1,049,811,128)  1,175,253,801 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (7,959,739) 
NET ASSETS - 100%  $1,167,294,062 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Affiliated company

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


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 $167,523 
Fidelity Securities Lending Cash Central Fund 77,863 
Total $245,386 

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 
DP Poland PLC $2,507,081 $321,456 $-- $-- $3,118,211 
Total $2,507,081 $321,456 $-- $-- $3,118,211 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $241,379,798 $171,197,720 $70,182,078 $-- 
Consumer Staples 97,181,396 60,064,048 37,117,348 -- 
Energy 16,013,832 11,598,538 4,415,294 -- 
Financials 188,656,059 161,193,087 27,462,972 -- 
Health Care 121,220,721 92,085,642 29,135,079 -- 
Industrials 209,307,773 156,554,926 52,752,847 -- 
Information Technology 125,022,200 73,245,256 51,776,944 -- 
Materials 77,201,211 50,588,695 26,612,516 -- 
Money Market Funds 99,270,811 99,270,811 -- -- 
Total Investments in Securities: $1,175,253,801 $875,798,723 $299,455,078 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $3,963,761 
Level 2 to Level 1 $28,474,370 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $13,034,826) — See accompanying schedule:
Unaffiliated issuers (cost $948,419,765) 		$1,072,864,779  
Fidelity Central Funds (cost $99,270,811) 99,270,811  
Other affiliated issuers (cost $2,120,552) 3,118,211  
Total Investments (cost $1,049,811,128)  $1,175,253,801 
Receivable for investments sold   
Regular delivery  759,807 
Delayed delivery  139,587 
Receivable for fund shares sold  1,947,400 
Dividends receivable  5,382,395 
Distributions receivable from Fidelity Central Funds  62,435 
Prepaid expenses  498 
Other receivables  2,840 
Total assets  1,183,548,763 
Liabilities   
Payable to custodian bank $27,592  
Payable for investments purchased   
Regular delivery 62,835  
Delayed delivery 30,608  
Payable for fund shares redeemed 1,639,204  
Accrued management fee 826,592  
Distribution and service plan fees payable 30,380  
Other affiliated payables 242,791  
Other payables and accrued expenses 66,089  
Collateral on securities loaned, at value 13,328,610  
Total liabilities  16,254,701 
Net Assets  $1,167,294,062 
Net Assets consist of:   
Paid in capital  $1,286,497,613 
Undistributed net investment income  3,446,654 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (248,244,637) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  125,594,432 
Net Assets  $1,167,294,062 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($50,512,499 ÷ 3,421,332 shares)  $14.76 
Maximum offering price per share (100/94.25 of $14.76)  $15.66 
Class T:   
Net Asset Value and redemption price per share ($13,820,005 ÷ 943,286 shares)  $14.65 
Maximum offering price per share (100/96.50 of $14.65)  $15.18 
Class B:   
Net Asset Value and offering price per share ($354,955 ÷ 24,616 shares)(a)  $14.42 
Class C:   
Net Asset Value and offering price per share ($16,766,047 ÷ 1,174,289 shares)(a)  $14.28 
International Small Cap Opportunities:   
Net Asset Value, offering price and redemption price per share ($943,035,473 ÷ 63,201,820 shares)  $14.92 
Class I:   
Net Asset Value, offering price and redemption price per share ($142,805,083 ÷ 9,576,371 shares)  $14.91 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $10,624,721 
Income from Fidelity Central Funds  245,386 
Income before foreign taxes withheld  10,870,107 
Less foreign taxes withheld  (928,950) 
Total income  9,941,157 
Expenses   
Management fee   
Basic fee $4,515,535  
Performance adjustment 205,580  
Transfer agent fees 1,169,397  
Distribution and service plan fees 178,936  
Accounting and security lending fees 247,112  
Custodian fees and expenses 97,381  
Independent trustees' compensation 2,222  
Registration fees 58,793  
Audit 45,289  
Legal 1,350  
Miscellaneous 2,905  
Total expenses before reductions 6,524,500  
Expense reductions (4,405) 6,520,095 
Net investment income (loss)  3,421,062 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 13,404,515  
Foreign currency transactions 1,988  
Total net realized gain (loss)  13,406,503 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(4,093,560)  
Assets and liabilities in foreign currencies 188,590  
Total change in net unrealized appreciation (depreciation)  (3,904,970) 
Net gain (loss)  9,501,533 
Net increase (decrease) in net assets resulting from operations  $12,922,595 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,421,062 $4,880,273 
Net realized gain (loss) 13,406,503 32,155,951 
Change in net unrealized appreciation (depreciation) (3,904,970) 15,708,708 
Net increase (decrease) in net assets resulting from operations 12,922,595 52,744,932 
Distributions to shareholders from net investment income (4,852,691) (3,982,311) 
Distributions to shareholders from net realized gain (4,655,673) (949,656) 
Total distributions (9,508,364) (4,931,967) 
Share transactions - net increase (decrease) 206,876,426 250,623,581 
Redemption fees 159,056 196,651 
Total increase (decrease) in net assets 210,449,713 298,633,197 
Net Assets   
Beginning of period 956,844,349 658,211,152 
End of period (including undistributed net investment income of $3,446,654 and undistributed net investment income of $4,878,283, respectively) $1,167,294,062 $956,844,349 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.75 $13.65 $13.68 $10.78 $9.75 $9.82 
Income from Investment Operations       
Net investment income (loss)A .03 .06 .05 .07 .08 .15B 
Net realized and unrealized gain (loss) .10 1.11 .05 2.91 1.07 (.07) 
Total from investment operations .13 1.17 .10 2.98 1.15 .08 
Distributions from net investment income (.05) (.05) (.06) (.08) (.11) (.11) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.12) (.07) (.13)C (.08)D (.12) (.15) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $14.76 $14.75 $13.65 $13.68 $10.78 $9.75 
Total ReturnF,G,H .89% 8.62% .78% 27.85% 12.00% .81% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.47%K 1.52% 1.63% 1.70% 1.75% 1.34% 
Expenses net of fee waivers, if any 1.47%K 1.52% 1.63% 1.65% 1.65% 1.33% 
Expenses net of all reductions 1.47%K 1.51% 1.63% 1.64% 1.64% 1.32% 
Net investment income (loss) .40%K .38% .33% .59% .85% 1.44%B 
Supplemental Data       
Net assets, end of period (000 omitted) $50,512 $42,289 $25,041 $22,052 $18,194 $18,686 
Portfolio turnover rateL 19%K 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 C Total distributions of $.13 per share is comprised of distributions from net investment income of $.055 and distributions from net realized gain of $.079 per share.

 D Total distributions of $.08 per share is comprised of distributions from net investment income of $.077 and distributions from net realized gain of $.005 per share.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.62 $13.53 $13.56 $10.69 $9.66 $9.72 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .01 .04 .06 .12B 
Net realized and unrealized gain (loss) .10 1.11 .06 2.89 1.06 (.06) 
Total from investment operations .11 1.12 .07 2.93 1.12 .06 
Distributions from net investment income (.01) (.01) (.02) (.05) (.08) (.08) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.08) (.03) (.10) (.06) (.09) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.65 $14.62 $13.53 $13.56 $10.69 $9.66 
Total ReturnD,E,F .75% 8.27% .55% 27.53% 11.72% .60% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.79%I 1.80% 1.89% 1.96% 2.02% 1.60% 
Expenses net of fee waivers, if any 1.78%I 1.80% 1.89% 1.90% 1.90% 1.60% 
Expenses net of all reductions 1.78%I 1.80% 1.89% 1.89% 1.89% 1.59% 
Net investment income (loss) .08%I .10% .07% .34% .60% 1.17%B 
Supplemental Data       
Net assets, end of period (000 omitted) $13,820 $13,296 $9,913 $9,634 $8,169 $8,701 
Portfolio turnover rateJ 19%I 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .54%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.35 $13.31 $13.31 $10.50 $9.48 $9.54 
Income from Investment Operations       
Net investment income (loss)A (.03) (.06) (.06) (.02) .01 .07B 
Net realized and unrealized gain (loss) .10 1.10 .06 2.84 1.05 (.06) 
Total from investment operations .07 1.04 – 2.82 1.06 .01 
Distributions from net investment income – – – –C (.03) (.06) 
Distributions from net realized gain – – – (.01) (.01) (.02) 
Total distributions – – – (.01) (.04) (.07)D 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.42 $14.35 $13.31 $13.31 $10.50 $9.48 
Total ReturnE,F,G .49% 7.81% -% 26.86% 11.21% .10% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.28%J 2.30% 2.38% 2.46% 2.50% 2.09% 
Expenses net of fee waivers, if any 2.28%J 2.30% 2.38% 2.40% 2.40% 2.09% 
Expenses net of all reductions 2.28%J 2.29% 2.38% 2.39% 2.39% 2.07% 
Net investment income (loss) (.41)%J (.39)% (.43)% (.16)% .10% .68%B 
Supplemental Data       
Net assets, end of period (000 omitted) $355 $604 $744 $1,410 $1,966 $2,293 
Portfolio turnover rateK 19%J 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 C Amount represents less than $.005 per share.

 D Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.26 $13.23 $13.28 $10.48 $9.47 $9.53 
Income from Investment Operations       
Net investment income (loss)A (.03) (.05) (.06) (.02) .01 .07B 
Net realized and unrealized gain (loss) .10 1.08 .06 2.84 1.04 (.06) 
Total from investment operations .07 1.03 – 2.82 1.05 .01 
Distributions from net investment income – – – (.01) (.03) (.06) 
Distributions from net realized gain (.05) – (.05) (.01) (.01) (.02) 
Total distributions (.05) – (.05) (.02) (.04) (.07)C 
Redemption fees added to paid in capitalA,D – – – – – – 
Net asset value, end of period $14.28 $14.26 $13.23 $13.28 $10.48 $9.47 
Total ReturnE,F,G .51% 7.79% .03% 26.91% 11.13% .10% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 2.27%J 2.27% 2.38% 2.45% 2.50% 2.09% 
Expenses net of fee waivers, if any 2.27%J 2.27% 2.38% 2.40% 2.40% 2.09% 
Expenses net of all reductions 2.27%J 2.26% 2.38% 2.39% 2.39% 2.07% 
Net investment income (loss) (.40)%J (.36)% (.42)% (.16)% .10% .68%B 
Supplemental Data       
Net assets, end of period (000 omitted) $16,766 $17,370 $8,438 $8,070 $6,608 $6,900 
Portfolio turnover rateK 19%J 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 C Total distributions of $.07 per share is comprised of distributions from net investment income of $.058 and distributions from net realized gain of $.015 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 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. 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.91 $13.80 $13.82 $10.88 $9.85 $9.92 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .09 .10 .11 .17B 
Net realized and unrealized gain (loss) .11 1.12 .06 2.95 1.07 (.06) 
Total from investment operations .16 1.22 .15 3.05 1.18 .11 
Distributions from net investment income (.08) (.09) (.09) (.10) (.14) (.14) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.15) (.11) (.17) (.11) (.15) (.18) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.92 $14.91 $13.80 $13.82 $10.88 $9.85 
Total ReturnD,E 1.03% 8.92% 1.11% 28.24% 12.21% 1.10% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.19%H 1.23% 1.30% 1.39% 1.47% 1.08% 
Expenses net of fee waivers, if any 1.19%H 1.22% 1.30% 1.39% 1.40% 1.08% 
Expenses net of all reductions 1.19%H 1.22% 1.30% 1.38% 1.39% 1.06% 
Net investment income (loss) .68%H .68% .65% .85% 1.10% 1.69%B 
Supplemental Data       
Net assets, end of period (000 omitted) $943,035 $762,563 $584,253 $518,121 $334,918 $328,262 
Portfolio turnover rateI 19%H 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Small Cap Opportunities Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.91 $13.81 $13.83 $10.90 $9.86 $9.93 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .08 .11 .11 .18B 
Net realized and unrealized gain (loss) .10 1.13 .07 2.93 1.08 (.06) 
Total from investment operations .15 1.23 .15 3.04 1.19 .12 
Distributions from net investment income (.08) (.11) (.09) (.10) (.14) (.15) 
Distributions from net realized gain (.07) (.02) (.08) (.01) (.01) (.04) 
Total distributions (.15) (.13) (.17) (.11) (.15) (.19) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $14.91 $14.91 $13.81 $13.83 $10.90 $9.86 
Total ReturnD,E 1.02% 8.98% 1.11% 28.11% 12.32% 1.13% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.17%H 1.19% 1.36% 1.38% 1.44% 1.03% 
Expenses net of fee waivers, if any 1.17%H 1.19% 1.36% 1.37% 1.40% 1.03% 
Expenses net of all reductions 1.17%H 1.18% 1.36% 1.37% 1.39% 1.02% 
Net investment income (loss) .69%H .71% .60% .87% 1.10% 1.74%B 
Supplemental Data       
Net assets, end of period (000 omitted) $142,805 $120,723 $29,822 $5,670 $4,591 $1,395 
Portfolio turnover rateI 19%H 21% 18% 31% 28% 24% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.07 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.11%.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity International Small Cap Opportunities 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, International Small Cap Opportunities and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR)Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, passive foreign investment companies (PFIC), 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 $176,851,154 
Gross unrealized depreciation (57,863,025) 
Net unrealized appreciation (depreciation) on securities $118,988,129 
Tax cost $1,056,265,672 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  

2017 $(252,792,060) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $281,152,699 and $93,148,449, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .60% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Small Cap Opportunities as compared to its benchmark index, the MSCI EAFE Small Cap Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .89% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $58,445 $2,292 
Class T .25% .25% 33,578 – 
Class B .75% .25% 2,413 1,810 
Class C .75% .25% 84,500 22,481 
   $178,936 $26,583 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $12,019 
Class T 3,054 
Class B(a) 13 
Class C(a) 2,125 
 $17,211 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $57,114 .24 
Class T 21,051 .31 
Class B 732 .30 
Class C 24,999 .30 
International Small Cap Opportunities 936,327 .22 
Class I 129,174 .20 
 $1,169,397  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $611 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $918 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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. At period end, there were no security loans outstanding with FCM. 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 $77,863, including $1,988 from securities loaned to FCM.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $705 for the period. Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $47.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund- level operating expenses in the amount of $3,653.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $159,395 $91,925 
Class T 9,385 4,261 
International Small Cap Opportunities 3,989,748 3,599,410 
Class I 694,163 286,715 
Total $4,852,691 $3,982,311 
From net realized gain   
Class A $214,570 $38,609 
Class T 65,696 14,913 
Class C 66,143 – 
International Small Cap Opportunities 3,723,825 839,863 
Class I 585,439 56,271 
Total $4,655,673 $949,656 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 950,569 1,605,762 $13,701,055 $23,674,805 
Reinvestment of distributions 24,184 9,185 359,376 124,545 
Shares redeemed (419,609) (582,997) (5,931,692) (8,244,833) 
Net increase (decrease) 555,144 1,031,950 $8,128,739 $15,554,517 
Class T     
Shares sold 160,496 309,765 $2,280,756 $4,543,322 
Reinvestment of distributions 5,021 1,404 74,158 18,926 
Shares redeemed (131,388) (134,926) (1,815,377) (1,907,198) 
Net increase (decrease) 34,129 176,243 $539,537 $2,655,050 
Class B     
Shares sold 3,601 9,791 $51,565 $136,845 
Shares redeemed (21,080) (23,615) (295,529) (329,326) 
Net increase (decrease) (17,479) (13,824) $(243,964) $(192,481) 
Class C     
Shares sold 212,639 838,785 $2,969,254 $12,019,463 
Reinvestment of distributions 4,483 – 64,648 – 
Shares redeemed (260,791) (258,762) (3,487,650) (3,578,649) 
Net increase (decrease) (43,669) 580,023 $(453,748) $8,440,814 
International Small Cap Opportunities     
Shares sold 21,099,085 18,903,102 $306,137,737 $282,906,392 
Reinvestment of distributions 402,267 239,997 6,034,011 3,280,752 
Shares redeemed (9,435,850) (10,354,861) (135,324,878) (146,998,081) 
Net increase (decrease) 12,065,502 8,788,238 $176,846,870 $139,189,063 
Class I     
Shares sold 2,990,658 7,108,830 $43,408,539 $102,023,907 
Reinvestment of distributions 75,351 23,468 1,129,506 320,812 
Shares redeemed (1,586,288) (1,195,608) (22,479,053) (17,368,101) 
Net increase (decrease) 1,479,721 5,936,690 $22,058,992 $84,976,618 

11. 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.

Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 22% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.47%    
Actual  $1,000.00 $1,008.90 $7.34 
Hypothetical-C  $1,000.00 $1,017.55 $7.37 
Class T 1.78%    
Actual  $1,000.00 $1,007.50 $8.88 
Hypothetical-C  $1,000.00 $1,016.01 $8.92 
Class B 2.28%    
Actual  $1,000.00 $1,004.90 $11.37 
Hypothetical-C  $1,000.00 $1,013.53 $11.41 
Class C 2.27%    
Actual  $1,000.00 $1,005.10 $11.32 
Hypothetical-C  $1,000.00 $1,013.58 $11.36 
International Small Cap Opportunities 1.19%    
Actual  $1,000.00 $1,010.30 $5.95 
Hypothetical-C  $1,000.00 $1,018.95 $5.97 
Class I 1.17%    
Actual  $1,000.00 $1,010.20 $5.85 
Hypothetical-C  $1,000.00 $1,019.05 $5.87 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AILSI-SANN-0616
1.815085.110

Fidelity Advisor® International Discovery Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® International Discovery Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 17.3% 
   United Kingdom 14.5% 
   France 9.6% 
   Germany 8.0% 
   United States of America* 5.8% 
   Switzerland 4.3% 
   Sweden 4.1% 
   Hong Kong 3.3% 
   Netherlands 3.3% 
   Other 29.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 19.1% 
   Japan 15.9% 
   France 9.6% 
   United States of America* 7.3% 
   Germany 5.5% 
   Switzerland 5.1% 
   Netherlands 4.0% 
   Sweden 3.1% 
   Hong Kong 3.0% 
   Other 27.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.1 97.5 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 2.2 2.0 
Unilever NV (Certificaten Van Aandelen) (Bearer) (Netherlands, Personal Products) 1.7 1.6 
Statoil ASA (Norway, Oil, Gas & Consumable Fuels) 1.6 0.0 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.4 
AIA Group Ltd. (Hong Kong, Insurance) 1.5 1.3 
ORIX Corp. (Japan, Diversified Financial Services) 1.4 0.9 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.4 1.3 
VINCI SA (France, Construction & Engineering) 1.4 0.9 
KDDI Corp. (Japan, Wireless Telecommunication Services) 1.4 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.3 1.2 
 15.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.6 24.2 
Consumer Discretionary 15.3 17.4 
Consumer Staples 13.2 11.9 
Health Care 12.5 12.8 
Industrials 10.7 10.5 
Information Technology 10.0 7.5 
Energy 5.0 4.3 
Telecommunication Services 4.8 4.9 
Materials 3.6 2.3 
Utilities 0.6 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value (000s) 
Australia - 2.5%   
1-Page Ltd. (a)(b) 2,531,460 $1,857 
Ansell Ltd. (a) 1,588,251 24,068 
Australia & New Zealand Banking Group Ltd. 2,945,060 53,983 
Burson Group Ltd. 7,454,296 28,226 
Magellan Financial Group Ltd. 1,204,177 19,685 
Mantra Group Ltd. 7,793,893 21,927 
Ramsay Health Care Ltd. 1,164,235 57,495 
Spark Infrastructure Group unit 31,636,214 49,793 
TOTAL AUSTRALIA  257,034 
Austria - 0.5%   
Andritz AG 444,500 24,894 
Erste Group Bank AG 995,900 28,646 
TOTAL AUSTRIA  53,540 
Bailiwick of Jersey - 1.2%   
Integrated Diagnostics Holdings PLC 4,932,400 22,936 
Randgold Resources Ltd. sponsored ADR 241,314 24,252 
Regus PLC 11,055,488 47,233 
Wolseley PLC 514,260 28,805 
TOTAL BAILIWICK OF JERSEY  123,226 
Belgium - 2.0%   
Anheuser-Busch InBev SA NV 1,203,427 148,960 
KBC Groep NV 857,319 48,131 
TOTAL BELGIUM  197,091 
Bermuda - 0.3%   
PAX Global Technology Ltd. 29,071,000 25,037 
Canada - 2.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 781,500 34,257 
Cenovus Energy, Inc. 2,806,100 44,483 
Constellation Software, Inc. 156,500 61,161 
Franco-Nevada Corp. 297,300 20,859 
PrairieSky Royalty Ltd. (b) 1,734,473 36,522 
Suncor Energy, Inc. 676,200 19,849 
TOTAL CANADA  217,131 
Cayman Islands - 0.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 453,700 34,908 
Ctrip.com International Ltd. ADR (a) 294,500 12,843 
Lee's Pharmaceutical Holdings Ltd. 6,734,664 5,449 
New Oriental Education & Technology Group, Inc. sponsored ADR 830,000 32,503 
TOTAL CAYMAN ISLANDS  85,703 
China - 0.6%   
Jiangsu Hengrui Medicine Co. Ltd. 4,183,623 30,165 
Kweichow Moutai Co. Ltd. 663,582 25,748 
TOTAL CHINA  55,913 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 517,230 129 
Denmark - 1.3%   
Novo Nordisk A/S Series B 2,371,645 132,419 
Finland - 0.7%   
Sampo Oyj (A Shares) 1,653,500 72,193 
France - 9.6%   
Accor SA (b) 1,684,918 74,636 
ALTEN 608,659 37,635 
Altran Technologies SA 2,384,000 35,365 
Amundi SA 516,400 23,765 
Atos Origin SA 444,123 39,530 
AXA SA (b) 4,402,300 111,156 
Capgemini SA 855,800 79,894 
Cegedim SA (a) 536,390 14,728 
Havas SA 4,815,644 40,297 
Sanofi SA 467,356 38,523 
Sodexo SA 431,200 43,543 
SR Teleperformance SA 290,100 26,043 
Total SA 4,385,111 221,630 
Unibail-Rodamco 156,500 41,933 
VINCI SA (b) 1,924,900 143,796 
TOTAL FRANCE  972,474 
Germany - 8.0%   
Axel Springer Verlag AG 625,002 34,896 
Bayer AG 345,100 39,812 
Beiersdorf AG 242,900 21,794 
Continental AG 297,600 65,359 
Deutsche Boerse AG 526,494 43,219 
Deutsche Telekom AG 3,241,500 56,899 
Fresenius SE & Co. KGaA 468,700 34,090 
GEA Group AG 878,941 40,750 
KION Group AG 1,369,149 74,593 
LEG Immobilien AG 314,266 29,080 
Nexus AG 614,500 10,766 
ProSiebenSat.1 Media AG 1,170,000 59,644 
Rational AG 104,405 53,002 
SAP AG 1,390,594 109,107 
Siemens AG 685,498 71,736 
Symrise AG 637,700 42,249 
United Internet AG 430,714 21,027 
TOTAL GERMANY  808,023 
Hong Kong - 3.3%   
AIA Group Ltd. 24,704,000 147,844 
China Resources Beer Holdings Co. Ltd. 16,944,000 37,233 
Techtronic Industries Co. Ltd. 38,444,000 144,114 
TOTAL HONG KONG  329,191 
India - 2.6%   
Bharti Infratel Ltd. 12,647,734 71,392 
Dr Lal Pathlabs Ltd. 798,016 11,835 
HDFC Bank Ltd. sponsored ADR 1,290,984 81,164 
Housing Development Finance Corp. Ltd. 6,148,295 100,746 
TOTAL INDIA  265,137 
Ireland - 2.7%   
Cairn Homes PLC (a) 17,549,270 22,506 
CRH PLC 1,051,000 30,587 
Dalata Hotel Group PLC (a) 5,686,103 28,706 
Green REIT PLC 9,492,200 15,673 
Irish Continental Group PLC unit 101,800 600 
James Hardie Industries PLC CDI 1,482,921 20,893 
Kerry Group PLC Class A 983,700 87,712 
Ryanair Holdings PLC sponsored ADR 809,300 65,513 
TOTAL IRELAND  272,190 
Isle of Man - 0.8%   
Optimal Payments PLC (a) 11,752,725 65,462 
Playtech Ltd. 1,386,935 16,303 
TOTAL ISLE OF MAN  81,765 
Israel - 1.9%   
Frutarom Industries Ltd. 1,032,000 52,892 
Partner Communications Co. Ltd. (a) 2,268,862 11,804 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,291,300 124,761 
TOTAL ISRAEL  189,457 
Italy - 1.6%   
De Longhi SpA 1,669,626 38,446 
Intesa Sanpaolo SpA 30,697,900 85,334 
Mediaset SpA 3,440,200 15,481 
Telecom Italia SpA (a) 25,339,200 24,743 
TOTAL ITALY  164,004 
Japan - 17.3%   
ACOM Co. Ltd. (a) 3,246,300 16,935 
Aozora Bank Ltd. 9,464,000 33,578 
Asahi Group Holdings 1,066,900 33,860 
Astellas Pharma, Inc. 6,953,700 93,754 
Casio Computer Co. Ltd. (b) 2,015,200 38,343 
Daito Trust Construction Co. Ltd. 209,500 29,630 
Dentsu, Inc. 1,274,300 64,746 
Don Quijote Holdings Co. Ltd. 1,338,100 47,604 
Hoya Corp. 1,793,800 68,692 
Japan Exchange Group, Inc. 1,920,700 28,605 
Japan Tobacco, Inc. 2,318,600 94,733 
KDDI Corp. 4,728,900 136,219 
Keyence Corp. 95,360 57,158 
Misumi Group, Inc. 3,181,300 43,933 
Mitsubishi UFJ Financial Group, Inc. 11,142,500 51,421 
Monex Group, Inc. 12,207,949 31,493 
NEC Corp. 8,879,000 21,609 
Nidec Corp. 324,300 23,763 
Nintendo Co. Ltd. 274,100 37,113 
Nippon Telegraph & Telephone Corp. 904,500 40,477 
Olympus Corp. 3,148,400 122,651 
ORIX Corp. 10,231,600 144,725 
Seven & i Holdings Co. Ltd. 1,034,700 42,218 
Seven Bank Ltd. 12,039,600 51,159 
Shinsei Bank Ltd. 14,227,000 19,940 
Shionogi & Co. Ltd. 856,200 43,702 
Sony Corp. 3,594,500 87,065 
Sundrug Co. Ltd. 622,500 44,232 
Tsuruha Holdings, Inc. 834,000 79,994 
United Arrows Ltd. 991,300 39,833 
VT Holdings Co. Ltd. 3,872,500 19,566 
Welcia Holdings Co. Ltd. 1,150,800 60,788 
TOTAL JAPAN  1,749,539 
Luxembourg - 0.9%   
Eurofins Scientific SA 120,139 44,578 
Grand City Properties SA 1,528,397 33,759 
Senvion SA 708,900 12,460 
TOTAL LUXEMBOURG  90,797 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP (c) 715,655 12,896 
Netherlands - 3.3%   
AerCap Holdings NV (a) 562,900 22,522 
IMCD Group BV 1,926,800 77,794 
ING Groep NV (Certificaten Van Aandelen) 4,956,300 60,696 
Unilever NV (Certificaten Van Aandelen) (Bearer) 3,814,100 167,553 
TOTAL NETHERLANDS  328,565 
New Zealand - 0.8%   
EBOS Group Ltd. 3,154,998 35,160 
Ryman Healthcare Group Ltd. 7,137,434 44,505 
TOTAL NEW ZEALAND  79,665 
Norway - 1.6%   
Statoil ASA (b) 9,044,100 159,188 
Philippines - 0.3%   
SM Investments Corp. 1,641,730 32,950 
Romania - 0.2%   
Banca Transilvania SA 31,143,575 21,373 
South Africa - 1.3%   
EOH Holdings Ltd. 2,855,067 27,788 
Naspers Ltd. Class N 720,500 98,860 
TOTAL SOUTH AFRICA  126,648 
Spain - 2.5%   
Amadeus IT Holding SA Class A 1,717,100 78,135 
Atresmedia Corporacion de Medios de Comunicacion SA 1,719,200 22,383 
Hispania Activos Inmobiliarios SA (a) 1,085,200 15,905 
Inditex SA 2,288,877 73,476 
Mediaset Espana Comunicacion SA 2,931,000 38,059 
Merlin Properties Socimi SA 2,483,100 28,859 
TOTAL SPAIN  256,817 
Sweden - 4.1%   
ASSA ABLOY AB (B Shares) 3,682,800 77,229 
Getinge AB (B Shares) 2,461,330 52,044 
HEXPOL AB (B Shares) (b) 2,967,500 30,671 
Indutrade AB (b) 201,100 11,276 
Nordea Bank AB 5,749,200 55,806 
Saab AB (B Shares) 980,200 33,530 
Sandvik AB (b) 2,242,600 23,011 
Svenska Cellulosa AB (SCA) (B Shares) 3,034,500 95,564 
Svenska Handelsbanken AB (A Shares) (b) 2,567,100 34,246 
TOTAL SWEDEN  413,377 
Switzerland - 4.3%   
GAM Holding Ltd. 1,405,187 18,310 
Julius Baer Group Ltd. 949,640 40,698 
Novartis AG 1,375,538 104,682 
Partners Group Holding AG 247,326 101,839 
Schindler Holding AG (participation certificate) 181,273 33,012 
Syngenta AG (Switzerland) 175,928 70,423 
UBS Group AG 3,690,490 63,861 
TOTAL SWITZERLAND  432,825 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 4,953,560 13,395 
United Kingdom - 14.5%   
AA PLC 3,830,868 15,595 
Associated British Foods PLC 772,200 34,571 
B&M European Value Retail S.A. 9,180,129 37,209 
BAE Systems PLC 4,147,100 28,933 
BCA Marketplace PLC 7,762,300 18,913 
BHP Billiton PLC 2,881,014 39,368 
BT Group PLC 6,133,600 39,758 
Bunzl PLC 2,075,300 61,829 
Cineworld Group PLC 2,055,200 15,555 
CMC Markets PLC 8,647,600 31,589 
Compass Group PLC 2,013,000 35,848 
Countryside Properties PLC (a) 3,408,200 11,578 
Diploma PLC 2,312,600 24,718 
GlaxoSmithKline PLC 3,812,600 81,485 
Howden Joinery Group PLC 10,913,100 78,772 
Imperial Tobacco Group PLC 1,848,336 100,425 
ITV PLC 9,444,600 31,078 
Lloyds Banking Group PLC 69,181,900 67,903 
London Stock Exchange Group PLC 473,136 18,756 
McCarthy & Stone PLC 4,009,500 13,592 
Melrose Industries PLC 1,586,476 8,653 
Micro Focus International PLC 3,609,242 80,634 
Moneysupermarket.com Group PLC 5,210,600 23,899 
Persimmon PLC 1,469,800 42,673 
Reckitt Benckiser Group PLC 900,800 87,755 
Rex Bionics PLC (a)(c) 1,297,286 692 
Rio Tinto PLC 1,185,200 39,759 
SABMiller PLC 719,300 43,985 
Shawbrook Group PLC 8,951,700 37,487 
Softcat PLC 1,526,900 7,117 
Spirax-Sarco Engineering PLC 539,500 26,920 
St. James's Place Capital PLC 5,394,300 68,336 
Standard Chartered PLC (United Kingdom) 5,296,810 42,729 
Taylor Wimpey PLC 11,716,900 31,552 
Virgin Money Holdings Uk PLC 5,874,500 31,338 
Vodafone Group PLC 30,823,796 99,309 
Workspace Group PLC 649,000 7,918 
TOTAL UNITED KINGDOM  1,468,231 
United States of America - 3.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 520,000 81,151 
Global Payments, Inc. 465,000 33,564 
McGraw Hill Financial, Inc. 462,400 49,407 
Molson Coors Brewing Co. Class B 121,600 11,629 
MSCI, Inc. Class A 586,700 44,554 
Visa, Inc. Class A 1,147,700 88,648 
TOTAL UNITED STATES OF AMERICA  308,953 
TOTAL COMMON STOCKS   
(Cost $8,697,817)  9,796,876 
Nonconvertible Preferred Stocks - 0.2%   
Cayman Islands - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $18,833) 5,958,244 23,003 
 Principal Amount (000s) Value (000s) 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.33% 5/5/16 to 7/28/16 (e)   
(Cost $11,655) 11,660 11,657 
 Shares Value (000s) 
Money Market Funds - 5.1%   
Fidelity Cash Central Fund, 0.38% (f) 199,763,053 199,763 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 311,707,412 311,707 
TOTAL MONEY MARKET FUNDS   
(Cost $511,470)  511,470 
TOTAL INVESTMENT PORTFOLIO - 102.5%   
(Cost $9,239,775)  10,343,006 
NET OTHER ASSETS (LIABILITIES) - (2.5)%  (248,078) 
NET ASSETS - 100%  $10,094,928 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
2,402 CME Nikkei 225 Contracts (Japan) June 2016 179,021 $(11,598) 

The face value of futures purchased as a percentage of Net Assets is 1.8%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) 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 $23,003,000 or 0.2% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,657,000.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $18,833 

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 
 (Amounts in thousands) 
Fidelity Cash Central Fund $545 
Fidelity Securities Lending Cash Central Fund 2,593 
Total $3,138 

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 (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Value, end of period 
Hoegh LNG Partners LP $11,465 $-- $-- $832 $12,896 
Rex Bionics PLC 976 -- 4 -- 692 
Total $12,441 $-- $4 $832 $13,588 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,534,838 $1,034,716 $477,119 $23,003 
Consumer Staples 1,334,162 853,349 480,813 -- 
Energy 494,568 113,750 380,818 -- 
Financials 2,185,536 1,236,886 948,650 -- 
Health Care 1,265,979 574,622 691,357 -- 
Industrials 1,107,038 909,868 197,170 -- 
Information Technology 982,951 693,397 289,554 -- 
Materials 371,953 262,239 109,714 -- 
Telecommunication Services 480,601 83,196 397,405 -- 
Utilities 62,253 62,253 -- -- 
Government Obligations 11,657 -- 11,657 -- 
Money Market Funds 511,470 511,470 -- -- 
Total Investments in Securities: $10,343,006 $6,335,746 $3,984,257 $23,003 
Derivative Instruments:     
Liabilities     
Futures Contracts $(11,598) $(11,598) $-- $-- 
Total Liabilities $(11,598) $(11,598) $-- $-- 
Total Derivative Instruments: $(11,598) $(11,598) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total (000s) 
Level 1 to Level 2 $123,459 
Level 2 to Level 1 $733,107 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value (000s) 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(11,598) 
Total Equity Risk 0 (11,598) 
Total Value of Derivatives $0 $(11,598) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $292,726) — See accompanying schedule:
Unaffiliated issuers (cost $8,709,825) 		$9,817,948  
Fidelity Central Funds (cost $511,470) 511,470  
Other affiliated issuers (cost $18,480) 13,588  
Total Investments (cost $9,239,775)  $10,343,006 
Foreign currency held at value (cost $3,534)  3,534 
Receivable for investments sold  83,114 
Receivable for fund shares sold  9,626 
Dividends receivable  48,955 
Distributions receivable from Fidelity Central Funds  957 
Prepaid expenses  9 
Other receivables  4,089 
Total assets  10,493,290 
Liabilities   
Payable to custodian bank $705  
Payable for investments purchased 56,857  
Payable for fund shares redeemed 16,003  
Accrued management fee 6,281  
Distribution and service plan fees payable 100  
Payable for daily variation margin for derivative instruments 4,684  
Other affiliated payables 1,444  
Other payables and accrued expenses 581  
Collateral on securities loaned, at value 311,707  
Total liabilities  398,362 
Net Assets  $10,094,928 
Net Assets consist of:   
Paid in capital  $9,352,158 
Undistributed net investment income  88,416 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (436,449) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,090,803 
Net Assets  $10,094,928 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($260,942.4 ÷ 6,913.487 shares)  $37.74 
Maximum offering price per share (100/94.25 of $37.74)  $40.04 
Class T:   
Net Asset Value and redemption price per share ($38,584.3 ÷ 1,028.093 shares)  $37.53 
Maximum offering price per share (100/96.50 of $37.53)  $38.89 
Class B:   
Net Asset Value and offering price per share ($1,398.6 ÷ 37.492 shares)(a)  $37.30 
Class C:   
Net Asset Value and offering price per share ($32,708.8 ÷ 878.178 shares)(a)  $37.25 
International Discovery:   
Net Asset Value, offering price and redemption price per share ($6,797,488.8 ÷ 178,912.550 shares)  $37.99 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,151,531.2 ÷ 56,751.079 shares)  $37.91 
Class I:   
Net Asset Value, offering price and redemption price per share ($781,184.7 ÷ 20,610.933 shares)  $37.90 
Class Z:   
Net Asset Value, offering price and redemption price per share ($31,088.8 ÷ 820.463 shares)  $37.89 

 (a) Redemption 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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $832 earned from other affiliated issuers)  $115,061 
Special dividends  37,704 
Interest  30 
Income from Fidelity Central Funds  3,138 
Income before foreign taxes withheld  155,933 
Less foreign taxes withheld  (11,075) 
Total income  144,858 
Expenses   
Management fee   
Basic fee $34,526  
Performance adjustment 6,890  
Transfer agent fees 8,001  
Distribution and service plan fees 600  
Accounting and security lending fees 905  
Custodian fees and expenses 660  
Independent trustees' compensation 23  
Registration fees 158  
Audit 78  
Legal 14  
Miscellaneous 35  
Total expenses before reductions 51,890  
Expense reductions (113) 51,777 
Net investment income (loss)  93,081 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (355,764)  
Other affiliated issuers (19)  
Foreign currency transactions 4,399  
Futures contracts (10,549)  
Total net realized gain (loss)  (361,933) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(204,729)  
Assets and liabilities in foreign currencies (1,103)  
Futures contracts (20,801)  
Total change in net unrealized appreciation (depreciation)  (226,633) 
Net gain (loss)  (588,566) 
Net increase (decrease) in net assets resulting from operations  $(495,485) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $93,081 $149,838 
Net realized gain (loss) (361,933) 245,770 
Change in net unrealized appreciation (depreciation) (226,633) 655 
Net increase (decrease) in net assets resulting from operations (495,485) 396,263 
Distributions to shareholders from net investment income (113,434) (74,589) 
Distributions to shareholders from net realized gain (1,362) – 
Total distributions (114,796) (74,589) 
Share transactions - net increase (decrease) (262,006) (353,147) 
Redemption fees 42 95 
Total increase (decrease) in net assets (872,245) (31,378) 
Net Assets   
Beginning of period 10,967,173 10,998,551 
End of period (including undistributed net investment income of $88,416 and undistributed net investment income of $108,769, respectively) $10,094,928 $10,967,173 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.78 $38.70 $39.49 $31.66 $29.43 $32.07 
Income from Investment Operations       
Net investment income (loss)A .27B .40C .53D .34 .41 .42 
Net realized and unrealized gain (loss) (2.04) .79 (.67) 7.97 2.11 (2.52) 
Total from investment operations (1.77) 1.19 (.14) 8.31 2.52 (2.10) 
Distributions from net investment income (.27) (.11) (.33) (.45) (.29) (.38) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.27)E (.11) (.65)F (.48) (.29) (.54) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.74 $39.78 $38.70 $39.49 $31.66 $29.43 
Total ReturnH,I,J (4.47)% 3.09% (.36)% 26.59% 8.70% (6.71)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.37%M 1.33% 1.28% 1.35% 1.34% 1.30% 
Expenses net of fee waivers, if any 1.37%M 1.33% 1.28% 1.35% 1.34% 1.29% 
Expenses net of all reductions 1.37%M 1.32% 1.28% 1.33% 1.31% 1.25% 
Net investment income (loss) 1.45%B,M 1.00%C 1.35%D .97% 1.41% 1.31% 
Supplemental Data       
Net assets, end of period (in millions) $261 $283 $297 $347 $299 $320 
Portfolio turnover rateN 49%M,O 60%O 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .72%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.269 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K 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.

 L 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.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.51 $38.43 $39.23 $31.42 $29.18 $31.81 
Income from Investment Operations       
Net investment income (loss)A .23B .30C .44D .26 .34 .34 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 7.92 2.09 (2.51) 
Total from investment operations (1.80) 1.10 (.24) 8.18 2.43 (2.17) 
Distributions from net investment income (.17) (.02) (.25) (.34) (.19) (.30) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.18) (.02) (.56) (.37) (.19) (.46) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $37.53 $39.51 $38.43 $39.23 $31.42 $29.18 
Total ReturnF,G,H (4.59)% 2.86% (.60)% 26.31% 8.41% (6.96)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.61%K 1.57% 1.51% 1.59% 1.59% 1.56% 
Expenses net of fee waivers, if any 1.61%K 1.57% 1.51% 1.59% 1.59% 1.55% 
Expenses net of all reductions 1.61%K 1.56% 1.51% 1.57% 1.56% 1.51% 
Net investment income (loss) 1.21%B,K .76%C 1.11%D .73% 1.16% 1.05% 
Supplemental Data       
Net assets, end of period (in millions) $39 $43 $49 $53 $46 $61 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .56%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.20 $38.32 $39.08 $31.28 $29.02 $31.60 
Income from Investment Operations       
Net investment income (loss)A .13B .08C .22D .08 .19 .17 
Net realized and unrealized gain (loss) (2.03) .80 (.66) 7.90 2.09 (2.48) 
Total from investment operations (1.90) .88 (.44) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.01) (.15) (.02) (.12) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.32) (.18) (.02) (.27)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.30 $39.20 $38.32 $39.08 $31.28 $29.02 
Total ReturnG,H,I (4.85)% 2.30% (1.12)% 25.64% 7.85% (7.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of fee waivers, if any 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of all reductions 2.14%L 2.11% 2.05% 2.08% 2.06% 2.02% 
Net investment income (loss) .68%B,L .21%C .57%D .22% .66% .54% 
Supplemental Data       
Net assets, end of period (in millions) $1 $2 $5 $7 $8 $10 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.10) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .02%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.14 $38.25 $39.07 $31.32 $29.08 $31.68 
Income from Investment Operations       
Net investment income (loss)A .13B .10C .23D .08 .19 .18 
Net realized and unrealized gain (loss) (2.02) .79 (.66) 7.90 2.09 (2.49) 
Total from investment operations (1.89) .89 (.43) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.08) (.20) (.04) (.14) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.39) (.23) (.04) (.29)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.25 $39.14 $38.25 $39.07 $31.32 $29.08 
Total ReturnG,H,I (4.83)% 2.33% (1.10)% 25.65% 7.86% (7.37)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 2.09% 2.03% 2.10% 2.09% 2.05% 
Expenses net of fee waivers, if any 2.12%L 2.09% 2.03% 2.09% 2.09% 2.04% 
Expenses net of all reductions 2.12%L 2.08% 2.02% 2.07% 2.06% 2.00% 
Net investment income (loss) .70%B,L .24%C .60%D .23% .66% .56% 
Supplemental Data       
Net assets, end of period (in millions) $33 $32 $35 $36 $30 $33 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.06) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 E Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.12 $39.03 $39.82 $31.91 $29.69 $32.34 
Income from Investment Operations       
Net investment income (loss)A .34B .54C .67D .47 .51 .53 
Net realized and unrealized gain (loss) (2.06) .81 (.68) 8.02 2.12 (2.54) 
Total from investment operations (1.72) 1.35 (.01) 8.49 2.63 (2.01) 
Distributions from net investment income (.41) (.26) (.47) (.55) (.41) (.48) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.41)E (.26) (.78) (.58) (.41) (.64) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.99 $40.12 $39.03 $39.82 $31.91 $29.69 
Total ReturnG,H (4.33)% 3.47% (.01)% 27.03% 9.03% (6.39)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.02%K .99% .93% 1.00% 1.01% .97% 
Expenses net of fee waivers, if any 1.02%K .99% .93% 1.00% 1.01% .96% 
Expenses net of all reductions 1.02%K .98% .93% .98% .98% .92% 
Net investment income (loss) 1.80%B,K 1.34%C 1.69%D 1.32% 1.73% 1.64% 
Supplemental Data       
Net assets, end of period (in millions) $6,797 $7,209 $7,464 $7,800 $5,965 $6,806 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 E Total distributions of $.41 per share is comprised of distributions from net investment income of $.409 and distributions from net realized gain of $.005 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.06 $38.97 $39.76 $31.87 $29.66 $32.32 
Income from Investment Operations       
Net investment income (loss)A .36B .59C .72D .52 .57 .58 
Net realized and unrealized gain (loss) (2.04) .81 (.67) 8.01 2.11 (2.54) 
Total from investment operations (1.68) 1.40 .05 8.53 2.68 (1.96) 
Distributions from net investment income (.46) (.31) (.53) (.61) (.47) (.55) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.47) (.31) (.84) (.64) (.47) (.70)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.91 $40.06 $38.97 $39.76 $31.87 $29.66 
Total ReturnG,H (4.25)% 3.61% .13% 27.23% 9.24% (6.24)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .89%K .86% .80% .85% .83% .80% 
Expenses net of fee waivers, if any .89%K .86% .80% .85% .83% .79% 
Expenses net of all reductions .89%K .85% .79% .83% .80% .75% 
Net investment income (loss) 1.94%B,K 1.47%C 1.83%D 1.47% 1.91% 1.81% 
Supplemental Data       
Net assets, end of period (in millions) $2,152 $2,308 $2,464 $2,576 $1,776 $1,245 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 E Total distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.03 $38.96 $39.76 $31.87 $29.65 $32.31 
Income from Investment Operations       
Net investment income (loss)A .34B .53C .67D .47 .52 .54 
Net realized and unrealized gain (loss) (2.05) .80 (.68) 8.01 2.11 (2.55) 
Total from investment operations (1.71) 1.33 (.01) 8.48 2.63 (2.01) 
Distributions from net investment income (.42) (.26) (.48) (.56) (.41) (.50) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.42)E (.26) (.79) (.59) (.41) (.65)F 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.90 $40.03 $38.96 $39.76 $31.87 $29.65 
Total ReturnH,I (4.31)% 3.44% (.01)% 27.03% 9.07% (6.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.03%L 1.00% .93% 1.00% 1.00% .95% 
Expenses net of fee waivers, if any 1.03%L .99% .93% 1.00% 1.00% .94% 
Expenses net of all reductions 1.03%L .98% .93% .97% .97% .90% 
Net investment income (loss) 1.80%B,L 1.33%C 1.69%D 1.33% 1.75% 1.66% 
Supplemental Data       
Net assets, end of period (in millions) $781 $1,061 $650 $476 $294 $278 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.14%.

 E Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $40.03 $38.96 $39.77 $37.22 
Income from Investment Operations     
Net investment income (loss)B .36C .59D .72E .07 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 2.48 
Total from investment operations (1.67) 1.39 .04 2.55 
Distributions from net investment income (.46) (.32) (.54) – 
Distributions from net realized gain (.01) – (.31) – 
Total distributions (.47) (.32) (.85) – 
Redemption fees added to paid in capitalB,F – – – – 
Net asset value, end of period $37.89 $40.03 $38.96 $39.77 
Total ReturnG,H (4.24)% 3.58% .12% 6.85% 
Ratios to Average Net AssetsI,J     
Expenses before reductions .89%K .86% .80% .85%K 
Expenses net of fee waivers, if any .89%K .86% .80% .85%K 
Expenses net of all reductions .89%K .85% .79% .83%K 
Net investment income (loss) 1.94%C,K 1.47%D 1.83%E .76%K 
Supplemental Data     
Net assets, end of period (000 omitted) $31,089 $30,093 $35,125 $107 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 E Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity International Discovery 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, International Discovery, Class K, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, certain foreign taxes, redemptions in-kind, 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 $1,550,136 
Gross unrealized depreciation (447,894) 
Net unrealized appreciation (depreciation) on securities $1,102,242 
Tax cost $9,240,764 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(49,248) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(10,549) and a change in net unrealized appreciation (depreciation) of $(20,801) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,445,746 and $2,483,783, respectively.

Redemptions In-Kind. During the period, 1,487 shares of the Fund held by an unaffiliated entity were redeemed in-kind for cash and investments with a value of $55,670. The net realized gain of $10,064 on investments delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $331 $– 
Class T .25% .25% 99 – 
Class B .75% .25% 9 7 
Class C .75% .25% 161 15 
   $600 $22 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $32 
Class T 3 
Class B(a) –(b) 
Class C(a) 1 
 $36 

 (a) 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.

 (b) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $369 .28 
Class T 53 .27 
Class B 3 .30 
Class C 45 .28 
International Discovery 6,165 .18 
Class K 508 .05 
Class I 851 .19 
Class Z 7 .05 
 $8,001  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $75. 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 $2,593, including $5 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $74 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $39.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $1,912 $864 
Class T 184 23 
International Discovery 73,519 49,040 
Class K 26,239 19,835 
Class I 11,205 4,544 
Class Z 375 283 
Total $113,434 $74,589 
From net realized gain   
Class A $36 $– 
Class T 5 – 
International Discovery 899 – 
Class K 284 – 
Class I 134 – 
Class Z 4 – 
Total $1,362 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 543 1,331 $20,433 $53,289 
Reinvestment of distributions 48 22 1,922 843 
Shares redeemed (784) (1,915) (29,432) (76,178) 
Net increase (decrease) (193) (562) $(7,077) $(22,046) 
Class T     
Shares sold 76 178 $2,881 $7,105 
Reinvestment of distributions 5 1 183 23 
Shares redeemed (140) (355) (5,252) (13,954) 
Net increase (decrease) (59) (176) $(2,188) $(6,826) 
Class B     
Shares sold – 1 $15 $53 
Shares redeemed (20) (64) (758) (2,536) 
Net increase (decrease) (20) (63) $(743) $(2,483) 
Class C     
Shares sold 159 201 $5,952 $7,918 
Shares redeemed (92) (314) (3,380) (12,486) 
Net increase (decrease) 67 (113) $2,572 $(4,568) 
International Discovery     
Shares sold 9,886 20,827 $372,799 $832,233 
Reinvestment of distributions 1,781 1,199 70,961 46,913 
Shares redeemed (12,452) (33,573) (467,188) (1,345,593) 
Net increase (decrease) (785) (11,547) $(23,428) $(466,447) 
Class K     
Shares sold 7,943 15,372 $296,942 $613,737 
Reinvestment of distributions 667 508 26,523 19,835 
Shares redeemed (9,474)(a) (21,494)(b) (358,588)(a) (860,632)(b) 
Net increase (decrease) (864) (5,614) $(35,123) $(227,060) 
Class I     
Shares sold 6,739 15,392 $253,947 $602,134 
Reinvestment of distributions 52 33 2,069 1,286 
Shares redeemed (12,681) (5,606) (454,709) (221,504) 
Net increase (decrease) (5,890) 9,819 $(198,693) $381,916 
Class Z     
Shares sold 202 402 $7,794 $16,312 
Reinvestment of distributions 10 7 379 283 
Shares redeemed (144) (559) (5,499) (22,228) 
Net increase (decrease) 68 (150) $2,674 $(5,633) 

 (a) Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).

 (b) Amount includes in-kind redemptions.


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.

At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 20% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.37%    
Actual  $1,000.00 $955.30 $6.66 
Hypothetical-C  $1,000.00 $1,018.05 $6.87 
Class T 1.61%    
Actual  $1,000.00 $954.10 $7.82 
Hypothetical-C  $1,000.00 $1,016.86 $8.07 
Class B 2.14%    
Actual  $1,000.00 $951.50 $10.38 
Hypothetical-C  $1,000.00 $1,014.22 $10.72 
Class C 2.12%    
Actual  $1,000.00 $951.70 $10.29 
Hypothetical-C  $1,000.00 $1,014.32 $10.62 
International Discovery 1.02%    
Actual  $1,000.00 $956.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 
Class K .89%    
Actual  $1,000.00 $957.50 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 
Class I 1.03%    
Actual  $1,000.00 $956.90 $5.01 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class Z .89%    
Actual  $1,000.00 $957.60 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

AID-SANN-0616
1.806665.111

Fidelity® International Discovery Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 17.3% 
   United Kingdom 14.5% 
   France 9.6% 
   Germany 8.0% 
   United States of America* 5.8% 
   Switzerland 4.3% 
   Sweden 4.1% 
   Hong Kong 3.3% 
   Netherlands 3.3% 
   Other 29.8% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 19.1% 
   Japan 15.9% 
   France 9.6% 
   United States of America* 7.3% 
   Germany 5.5% 
   Switzerland 5.1% 
   Netherlands 4.0% 
   Sweden 3.1% 
   Hong Kong 3.0% 
   Other 27.4% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 99.1 97.5 
Other Investments 0.0 0.1 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 2.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 2.2 2.0 
Unilever NV (Certificaten Van Aandelen) (Bearer) (Netherlands, Personal Products) 1.7 1.6 
Statoil ASA (Norway, Oil, Gas & Consumable Fuels) 1.6 0.0 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.4 
AIA Group Ltd. (Hong Kong, Insurance) 1.5 1.3 
ORIX Corp. (Japan, Diversified Financial Services) 1.4 0.9 
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables) 1.4 1.3 
VINCI SA (France, Construction & Engineering) 1.4 0.9 
KDDI Corp. (Japan, Wireless Telecommunication Services) 1.4 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.3 1.2 
 15.4  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 21.6 24.2 
Consumer Discretionary 15.3 17.4 
Consumer Staples 13.2 11.9 
Health Care 12.5 12.8 
Industrials 10.7 10.5 
Information Technology 10.0 7.5 
Energy 5.0 4.3 
Telecommunication Services 4.8 4.9 
Materials 3.6 2.3 
Utilities 0.6 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value (000s) 
Australia - 2.5%   
1-Page Ltd. (a)(b) 2,531,460 $1,857 
Ansell Ltd. (a) 1,588,251 24,068 
Australia & New Zealand Banking Group Ltd. 2,945,060 53,983 
Burson Group Ltd. 7,454,296 28,226 
Magellan Financial Group Ltd. 1,204,177 19,685 
Mantra Group Ltd. 7,793,893 21,927 
Ramsay Health Care Ltd. 1,164,235 57,495 
Spark Infrastructure Group unit 31,636,214 49,793 
TOTAL AUSTRALIA  257,034 
Austria - 0.5%   
Andritz AG 444,500 24,894 
Erste Group Bank AG 995,900 28,646 
TOTAL AUSTRIA  53,540 
Bailiwick of Jersey - 1.2%   
Integrated Diagnostics Holdings PLC 4,932,400 22,936 
Randgold Resources Ltd. sponsored ADR 241,314 24,252 
Regus PLC 11,055,488 47,233 
Wolseley PLC 514,260 28,805 
TOTAL BAILIWICK OF JERSEY  123,226 
Belgium - 2.0%   
Anheuser-Busch InBev SA NV 1,203,427 148,960 
KBC Groep NV 857,319 48,131 
TOTAL BELGIUM  197,091 
Bermuda - 0.3%   
PAX Global Technology Ltd. 29,071,000 25,037 
Canada - 2.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 781,500 34,257 
Cenovus Energy, Inc. 2,806,100 44,483 
Constellation Software, Inc. 156,500 61,161 
Franco-Nevada Corp. 297,300 20,859 
PrairieSky Royalty Ltd. (b) 1,734,473 36,522 
Suncor Energy, Inc. 676,200 19,849 
TOTAL CANADA  217,131 
Cayman Islands - 0.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 453,700 34,908 
Ctrip.com International Ltd. ADR (a) 294,500 12,843 
Lee's Pharmaceutical Holdings Ltd. 6,734,664 5,449 
New Oriental Education & Technology Group, Inc. sponsored ADR 830,000 32,503 
TOTAL CAYMAN ISLANDS  85,703 
China - 0.6%   
Jiangsu Hengrui Medicine Co. Ltd. 4,183,623 30,165 
Kweichow Moutai Co. Ltd. 663,582 25,748 
TOTAL CHINA  55,913 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 517,230 129 
Denmark - 1.3%   
Novo Nordisk A/S Series B 2,371,645 132,419 
Finland - 0.7%   
Sampo Oyj (A Shares) 1,653,500 72,193 
France - 9.6%   
Accor SA (b) 1,684,918 74,636 
ALTEN 608,659 37,635 
Altran Technologies SA 2,384,000 35,365 
Amundi SA 516,400 23,765 
Atos Origin SA 444,123 39,530 
AXA SA (b) 4,402,300 111,156 
Capgemini SA 855,800 79,894 
Cegedim SA (a) 536,390 14,728 
Havas SA 4,815,644 40,297 
Sanofi SA 467,356 38,523 
Sodexo SA 431,200 43,543 
SR Teleperformance SA 290,100 26,043 
Total SA 4,385,111 221,630 
Unibail-Rodamco 156,500 41,933 
VINCI SA (b) 1,924,900 143,796 
TOTAL FRANCE  972,474 
Germany - 8.0%   
Axel Springer Verlag AG 625,002 34,896 
Bayer AG 345,100 39,812 
Beiersdorf AG 242,900 21,794 
Continental AG 297,600 65,359 
Deutsche Boerse AG 526,494 43,219 
Deutsche Telekom AG 3,241,500 56,899 
Fresenius SE & Co. KGaA 468,700 34,090 
GEA Group AG 878,941 40,750 
KION Group AG 1,369,149 74,593 
LEG Immobilien AG 314,266 29,080 
Nexus AG 614,500 10,766 
ProSiebenSat.1 Media AG 1,170,000 59,644 
Rational AG 104,405 53,002 
SAP AG 1,390,594 109,107 
Siemens AG 685,498 71,736 
Symrise AG 637,700 42,249 
United Internet AG 430,714 21,027 
TOTAL GERMANY  808,023 
Hong Kong - 3.3%   
AIA Group Ltd. 24,704,000 147,844 
China Resources Beer Holdings Co. Ltd. 16,944,000 37,233 
Techtronic Industries Co. Ltd. 38,444,000 144,114 
TOTAL HONG KONG  329,191 
India - 2.6%   
Bharti Infratel Ltd. 12,647,734 71,392 
Dr Lal Pathlabs Ltd. 798,016 11,835 
HDFC Bank Ltd. sponsored ADR 1,290,984 81,164 
Housing Development Finance Corp. Ltd. 6,148,295 100,746 
TOTAL INDIA  265,137 
Ireland - 2.7%   
Cairn Homes PLC (a) 17,549,270 22,506 
CRH PLC 1,051,000 30,587 
Dalata Hotel Group PLC (a) 5,686,103 28,706 
Green REIT PLC 9,492,200 15,673 
Irish Continental Group PLC unit 101,800 600 
James Hardie Industries PLC CDI 1,482,921 20,893 
Kerry Group PLC Class A 983,700 87,712 
Ryanair Holdings PLC sponsored ADR 809,300 65,513 
TOTAL IRELAND  272,190 
Isle of Man - 0.8%   
Optimal Payments PLC (a) 11,752,725 65,462 
Playtech Ltd. 1,386,935 16,303 
TOTAL ISLE OF MAN  81,765 
Israel - 1.9%   
Frutarom Industries Ltd. 1,032,000 52,892 
Partner Communications Co. Ltd. (a) 2,268,862 11,804 
Teva Pharmaceutical Industries Ltd. sponsored ADR 2,291,300 124,761 
TOTAL ISRAEL  189,457 
Italy - 1.6%   
De Longhi SpA 1,669,626 38,446 
Intesa Sanpaolo SpA 30,697,900 85,334 
Mediaset SpA 3,440,200 15,481 
Telecom Italia SpA (a) 25,339,200 24,743 
TOTAL ITALY  164,004 
Japan - 17.3%   
ACOM Co. Ltd. (a) 3,246,300 16,935 
Aozora Bank Ltd. 9,464,000 33,578 
Asahi Group Holdings 1,066,900 33,860 
Astellas Pharma, Inc. 6,953,700 93,754 
Casio Computer Co. Ltd. (b) 2,015,200 38,343 
Daito Trust Construction Co. Ltd. 209,500 29,630 
Dentsu, Inc. 1,274,300 64,746 
Don Quijote Holdings Co. Ltd. 1,338,100 47,604 
Hoya Corp. 1,793,800 68,692 
Japan Exchange Group, Inc. 1,920,700 28,605 
Japan Tobacco, Inc. 2,318,600 94,733 
KDDI Corp. 4,728,900 136,219 
Keyence Corp. 95,360 57,158 
Misumi Group, Inc. 3,181,300 43,933 
Mitsubishi UFJ Financial Group, Inc. 11,142,500 51,421 
Monex Group, Inc. 12,207,949 31,493 
NEC Corp. 8,879,000 21,609 
Nidec Corp. 324,300 23,763 
Nintendo Co. Ltd. 274,100 37,113 
Nippon Telegraph & Telephone Corp. 904,500 40,477 
Olympus Corp. 3,148,400 122,651 
ORIX Corp. 10,231,600 144,725 
Seven & i Holdings Co. Ltd. 1,034,700 42,218 
Seven Bank Ltd. 12,039,600 51,159 
Shinsei Bank Ltd. 14,227,000 19,940 
Shionogi & Co. Ltd. 856,200 43,702 
Sony Corp. 3,594,500 87,065 
Sundrug Co. Ltd. 622,500 44,232 
Tsuruha Holdings, Inc. 834,000 79,994 
United Arrows Ltd. 991,300 39,833 
VT Holdings Co. Ltd. 3,872,500 19,566 
Welcia Holdings Co. Ltd. 1,150,800 60,788 
TOTAL JAPAN  1,749,539 
Luxembourg - 0.9%   
Eurofins Scientific SA 120,139 44,578 
Grand City Properties SA 1,528,397 33,759 
Senvion SA 708,900 12,460 
TOTAL LUXEMBOURG  90,797 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP (c) 715,655 12,896 
Netherlands - 3.3%   
AerCap Holdings NV (a) 562,900 22,522 
IMCD Group BV 1,926,800 77,794 
ING Groep NV (Certificaten Van Aandelen) 4,956,300 60,696 
Unilever NV (Certificaten Van Aandelen) (Bearer) 3,814,100 167,553 
TOTAL NETHERLANDS  328,565 
New Zealand - 0.8%   
EBOS Group Ltd. 3,154,998 35,160 
Ryman Healthcare Group Ltd. 7,137,434 44,505 
TOTAL NEW ZEALAND  79,665 
Norway - 1.6%   
Statoil ASA (b) 9,044,100 159,188 
Philippines - 0.3%   
SM Investments Corp. 1,641,730 32,950 
Romania - 0.2%   
Banca Transilvania SA 31,143,575 21,373 
South Africa - 1.3%   
EOH Holdings Ltd. 2,855,067 27,788 
Naspers Ltd. Class N 720,500 98,860 
TOTAL SOUTH AFRICA  126,648 
Spain - 2.5%   
Amadeus IT Holding SA Class A 1,717,100 78,135 
Atresmedia Corporacion de Medios de Comunicacion SA 1,719,200 22,383 
Hispania Activos Inmobiliarios SA (a) 1,085,200 15,905 
Inditex SA 2,288,877 73,476 
Mediaset Espana Comunicacion SA 2,931,000 38,059 
Merlin Properties Socimi SA 2,483,100 28,859 
TOTAL SPAIN  256,817 
Sweden - 4.1%   
ASSA ABLOY AB (B Shares) 3,682,800 77,229 
Getinge AB (B Shares) 2,461,330 52,044 
HEXPOL AB (B Shares) (b) 2,967,500 30,671 
Indutrade AB (b) 201,100 11,276 
Nordea Bank AB 5,749,200 55,806 
Saab AB (B Shares) 980,200 33,530 
Sandvik AB (b) 2,242,600 23,011 
Svenska Cellulosa AB (SCA) (B Shares) 3,034,500 95,564 
Svenska Handelsbanken AB (A Shares) (b) 2,567,100 34,246 
TOTAL SWEDEN  413,377 
Switzerland - 4.3%   
GAM Holding Ltd. 1,405,187 18,310 
Julius Baer Group Ltd. 949,640 40,698 
Novartis AG 1,375,538 104,682 
Partners Group Holding AG 247,326 101,839 
Schindler Holding AG (participation certificate) 181,273 33,012 
Syngenta AG (Switzerland) 175,928 70,423 
UBS Group AG 3,690,490 63,861 
TOTAL SWITZERLAND  432,825 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 4,953,560 13,395 
United Kingdom - 14.5%   
AA PLC 3,830,868 15,595 
Associated British Foods PLC 772,200 34,571 
B&M European Value Retail S.A. 9,180,129 37,209 
BAE Systems PLC 4,147,100 28,933 
BCA Marketplace PLC 7,762,300 18,913 
BHP Billiton PLC 2,881,014 39,368 
BT Group PLC 6,133,600 39,758 
Bunzl PLC 2,075,300 61,829 
Cineworld Group PLC 2,055,200 15,555 
CMC Markets PLC 8,647,600 31,589 
Compass Group PLC 2,013,000 35,848 
Countryside Properties PLC (a) 3,408,200 11,578 
Diploma PLC 2,312,600 24,718 
GlaxoSmithKline PLC 3,812,600 81,485 
Howden Joinery Group PLC 10,913,100 78,772 
Imperial Tobacco Group PLC 1,848,336 100,425 
ITV PLC 9,444,600 31,078 
Lloyds Banking Group PLC 69,181,900 67,903 
London Stock Exchange Group PLC 473,136 18,756 
McCarthy & Stone PLC 4,009,500 13,592 
Melrose Industries PLC 1,586,476 8,653 
Micro Focus International PLC 3,609,242 80,634 
Moneysupermarket.com Group PLC 5,210,600 23,899 
Persimmon PLC 1,469,800 42,673 
Reckitt Benckiser Group PLC 900,800 87,755 
Rex Bionics PLC (a)(c) 1,297,286 692 
Rio Tinto PLC 1,185,200 39,759 
SABMiller PLC 719,300 43,985 
Shawbrook Group PLC 8,951,700 37,487 
Softcat PLC 1,526,900 7,117 
Spirax-Sarco Engineering PLC 539,500 26,920 
St. James's Place Capital PLC 5,394,300 68,336 
Standard Chartered PLC (United Kingdom) 5,296,810 42,729 
Taylor Wimpey PLC 11,716,900 31,552 
Virgin Money Holdings Uk PLC 5,874,500 31,338 
Vodafone Group PLC 30,823,796 99,309 
Workspace Group PLC 649,000 7,918 
TOTAL UNITED KINGDOM  1,468,231 
United States of America - 3.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 520,000 81,151 
Global Payments, Inc. 465,000 33,564 
McGraw Hill Financial, Inc. 462,400 49,407 
Molson Coors Brewing Co. Class B 121,600 11,629 
MSCI, Inc. Class A 586,700 44,554 
Visa, Inc. Class A 1,147,700 88,648 
TOTAL UNITED STATES OF AMERICA  308,953 
TOTAL COMMON STOCKS   
(Cost $8,697,817)  9,796,876 
Nonconvertible Preferred Stocks - 0.2%   
Cayman Islands - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $18,833) 5,958,244 23,003 
 Principal Amount (000s) Value (000s) 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.33% 5/5/16 to 7/28/16 (e)   
(Cost $11,655) 11,660 11,657 
 Shares Value (000s) 
Money Market Funds - 5.1%   
Fidelity Cash Central Fund, 0.38% (f) 199,763,053 199,763 
Fidelity Securities Lending Cash Central Fund, 0.42% (f)(g) 311,707,412 311,707 
TOTAL MONEY MARKET FUNDS   
(Cost $511,470)  511,470 
TOTAL INVESTMENT PORTFOLIO - 102.5%   
(Cost $9,239,775)  10,343,006 
NET OTHER ASSETS (LIABILITIES) - (2.5)%  (248,078) 
NET ASSETS - 100%  $10,094,928 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
2,402 CME Nikkei 225 Contracts (Japan) June 2016 179,021 $(11,598) 

The face value of futures purchased as a percentage of Net Assets is 1.8%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) 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 $23,003,000 or 0.2% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $11,657,000.

 (f) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $18,833 

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 
 (Amounts in thousands) 
Fidelity Cash Central Fund $545 
Fidelity Securities Lending Cash Central Fund 2,593 
Total $3,138 

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 (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds* Dividend Income Value, end of period 
Hoegh LNG Partners LP $11,465 $-- $-- $832 $12,896 
Rex Bionics PLC 976 -- 4 -- 692 
Total $12,441 $-- $4 $832 $13,588 

 * Includes the value of securities delivered through in-kind transactions, if applicable.


Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,534,838 $1,034,716 $477,119 $23,003 
Consumer Staples 1,334,162 853,349 480,813 -- 
Energy 494,568 113,750 380,818 -- 
Financials 2,185,536 1,236,886 948,650 -- 
Health Care 1,265,979 574,622 691,357 -- 
Industrials 1,107,038 909,868 197,170 -- 
Information Technology 982,951 693,397 289,554 -- 
Materials 371,953 262,239 109,714 -- 
Telecommunication Services 480,601 83,196 397,405 -- 
Utilities 62,253 62,253 -- -- 
Government Obligations 11,657 -- 11,657 -- 
Money Market Funds 511,470 511,470 -- -- 
Total Investments in Securities: $10,343,006 $6,335,746 $3,984,257 $23,003 
Derivative Instruments:     
Liabilities     
Futures Contracts $(11,598) $(11,598) $-- $-- 
Total Liabilities $(11,598) $(11,598) $-- $-- 
Total Derivative Instruments: $(11,598) $(11,598) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total (000s) 
Level 1 to Level 2 $123,459 
Level 2 to Level 1 $733,107 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value (000s) 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(11,598) 
Total Equity Risk 0 (11,598) 
Total Value of Derivatives $0 $(11,598) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $292,726) — See accompanying schedule:
Unaffiliated issuers (cost $8,709,825) 		$9,817,948  
Fidelity Central Funds (cost $511,470) 511,470  
Other affiliated issuers (cost $18,480) 13,588  
Total Investments (cost $9,239,775)  $10,343,006 
Foreign currency held at value (cost $3,534)  3,534 
Receivable for investments sold  83,114 
Receivable for fund shares sold  9,626 
Dividends receivable  48,955 
Distributions receivable from Fidelity Central Funds  957 
Prepaid expenses  9 
Other receivables  4,089 
Total assets  10,493,290 
Liabilities   
Payable to custodian bank $705  
Payable for investments purchased 56,857  
Payable for fund shares redeemed 16,003  
Accrued management fee 6,281  
Distribution and service plan fees payable 100  
Payable for daily variation margin for derivative instruments 4,684  
Other affiliated payables 1,444  
Other payables and accrued expenses 581  
Collateral on securities loaned, at value 311,707  
Total liabilities  398,362 
Net Assets  $10,094,928 
Net Assets consist of:   
Paid in capital  $9,352,158 
Undistributed net investment income  88,416 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (436,449) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,090,803 
Net Assets  $10,094,928 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($260,942.4 ÷ 6,913.487 shares)  $37.74 
Maximum offering price per share (100/94.25 of $37.74)  $40.04 
Class T:   
Net Asset Value and redemption price per share ($38,584.3 ÷ 1,028.093 shares)  $37.53 
Maximum offering price per share (100/96.50 of $37.53)  $38.89 
Class B:   
Net Asset Value and offering price per share ($1,398.6 ÷ 37.492 shares)(a)  $37.30 
Class C:   
Net Asset Value and offering price per share ($32,708.8 ÷ 878.178 shares)(a)  $37.25 
International Discovery:   
Net Asset Value, offering price and redemption price per share ($6,797,488.8 ÷ 178,912.550 shares)  $37.99 
Class K:   
Net Asset Value, offering price and redemption price per share ($2,151,531.2 ÷ 56,751.079 shares)  $37.91 
Class I:   
Net Asset Value, offering price and redemption price per share ($781,184.7 ÷ 20,610.933 shares)  $37.90 
Class Z:   
Net Asset Value, offering price and redemption price per share ($31,088.8 ÷ 820.463 shares)  $37.89 

 (a) Redemption 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.


Statement of Operations

Amounts in thousands  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $832 earned from other affiliated issuers)  $115,061 
Special dividends  37,704 
Interest  30 
Income from Fidelity Central Funds  3,138 
Income before foreign taxes withheld  155,933 
Less foreign taxes withheld  (11,075) 
Total income  144,858 
Expenses   
Management fee   
Basic fee $34,526  
Performance adjustment 6,890  
Transfer agent fees 8,001  
Distribution and service plan fees 600  
Accounting and security lending fees 905  
Custodian fees and expenses 660  
Independent trustees' compensation 23  
Registration fees 158  
Audit 78  
Legal 14  
Miscellaneous 35  
Total expenses before reductions 51,890  
Expense reductions (113) 51,777 
Net investment income (loss)  93,081 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (355,764)  
Other affiliated issuers (19)  
Foreign currency transactions 4,399  
Futures contracts (10,549)  
Total net realized gain (loss)  (361,933) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(204,729)  
Assets and liabilities in foreign currencies (1,103)  
Futures contracts (20,801)  
Total change in net unrealized appreciation (depreciation)  (226,633) 
Net gain (loss)  (588,566) 
Net increase (decrease) in net assets resulting from operations  $(495,485) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

Amounts in thousands Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $93,081 $149,838 
Net realized gain (loss) (361,933) 245,770 
Change in net unrealized appreciation (depreciation) (226,633) 655 
Net increase (decrease) in net assets resulting from operations (495,485) 396,263 
Distributions to shareholders from net investment income (113,434) (74,589) 
Distributions to shareholders from net realized gain (1,362) – 
Total distributions (114,796) (74,589) 
Share transactions - net increase (decrease) (262,006) (353,147) 
Redemption fees 42 95 
Total increase (decrease) in net assets (872,245) (31,378) 
Net Assets   
Beginning of period 10,967,173 10,998,551 
End of period (including undistributed net investment income of $88,416 and undistributed net investment income of $108,769, respectively) $10,094,928 $10,967,173 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.78 $38.70 $39.49 $31.66 $29.43 $32.07 
Income from Investment Operations       
Net investment income (loss)A .27B .40C .53D .34 .41 .42 
Net realized and unrealized gain (loss) (2.04) .79 (.67) 7.97 2.11 (2.52) 
Total from investment operations (1.77) 1.19 (.14) 8.31 2.52 (2.10) 
Distributions from net investment income (.27) (.11) (.33) (.45) (.29) (.38) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.27)E (.11) (.65)F (.48) (.29) (.54) 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.74 $39.78 $38.70 $39.49 $31.66 $29.43 
Total ReturnH,I,J (4.47)% 3.09% (.36)% 26.59% 8.70% (6.71)% 
Ratios to Average Net AssetsK,L       
Expenses before reductions 1.37%M 1.33% 1.28% 1.35% 1.34% 1.30% 
Expenses net of fee waivers, if any 1.37%M 1.33% 1.28% 1.35% 1.34% 1.29% 
Expenses net of all reductions 1.37%M 1.32% 1.28% 1.33% 1.31% 1.25% 
Net investment income (loss) 1.45%B,M 1.00%C 1.35%D .97% 1.41% 1.31% 
Supplemental Data       
Net assets, end of period (in millions) $261 $283 $297 $347 $299 $320 
Portfolio turnover rateN 49%M,O 60%O 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .72%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .69%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .80%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.269 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.334 and distributions from net realized gain of $.311 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J Total returns do not include the effect of the sales charges.

 K 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.

 L 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.

 M Annualized

 N Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 O Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.51 $38.43 $39.23 $31.42 $29.18 $31.81 
Income from Investment Operations       
Net investment income (loss)A .23B .30C .44D .26 .34 .34 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 7.92 2.09 (2.51) 
Total from investment operations (1.80) 1.10 (.24) 8.18 2.43 (2.17) 
Distributions from net investment income (.17) (.02) (.25) (.34) (.19) (.30) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.18) (.02) (.56) (.37) (.19) (.46) 
Redemption fees added to paid in capitalA,E – – – – – – 
Net asset value, end of period $37.53 $39.51 $38.43 $39.23 $31.42 $29.18 
Total ReturnF,G,H (4.59)% 2.86% (.60)% 26.31% 8.41% (6.96)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.61%K 1.57% 1.51% 1.59% 1.59% 1.56% 
Expenses net of fee waivers, if any 1.61%K 1.57% 1.51% 1.59% 1.59% 1.55% 
Expenses net of all reductions 1.61%K 1.56% 1.51% 1.57% 1.56% 1.51% 
Net investment income (loss) 1.21%B,K .76%C 1.11%D .73% 1.16% 1.05% 
Supplemental Data       
Net assets, end of period (in millions) $39 $43 $49 $53 $46 $61 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .48%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .45%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .56%.

 E Amount represents less than $.005 per share.

 F Total returns for periods of less than one year are not annualized.

 G Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 H Total returns do not include the effect of the sales charges.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.20 $38.32 $39.08 $31.28 $29.02 $31.60 
Income from Investment Operations       
Net investment income (loss)A .13B .08C .22D .08 .19 .17 
Net realized and unrealized gain (loss) (2.03) .80 (.66) 7.90 2.09 (2.48) 
Total from investment operations (1.90) .88 (.44) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.01) (.15) (.02) (.12) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.32) (.18) (.02) (.27)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.30 $39.20 $38.32 $39.08 $31.28 $29.02 
Total ReturnG,H,I (4.85)% 2.30% (1.12)% 25.64% 7.85% (7.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of fee waivers, if any 2.14%L 2.12% 2.06% 2.10% 2.09% 2.06% 
Expenses net of all reductions 2.14%L 2.11% 2.05% 2.08% 2.06% 2.02% 
Net investment income (loss) .68%B,L .21%C .57%D .22% .66% .54% 
Supplemental Data       
Net assets, end of period (in millions) $1 $2 $5 $7 $8 $10 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.10) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .02%.

 E Total distributions of $.27 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $39.14 $38.25 $39.07 $31.32 $29.08 $31.68 
Income from Investment Operations       
Net investment income (loss)A .13B .10C .23D .08 .19 .18 
Net realized and unrealized gain (loss) (2.02) .79 (.66) 7.90 2.09 (2.49) 
Total from investment operations (1.89) .89 (.43) 7.98 2.28 (2.31) 
Distributions from net investment income – – (.08) (.20) (.04) (.14) 
Distributions from net realized gain – – (.31) (.03) – (.16) 
Total distributions – – (.39) (.23) (.04) (.29)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.25 $39.14 $38.25 $39.07 $31.32 $29.08 
Total ReturnG,H,I (4.83)% 2.33% (1.10)% 25.65% 7.86% (7.37)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 2.12%L 2.09% 2.03% 2.10% 2.09% 2.05% 
Expenses net of fee waivers, if any 2.12%L 2.09% 2.03% 2.09% 2.09% 2.04% 
Expenses net of all reductions 2.12%L 2.08% 2.02% 2.07% 2.06% 2.00% 
Net investment income (loss) .70%B,L .24%C .60%D .23% .66% .56% 
Supplemental Data       
Net assets, end of period (in millions) $33 $32 $35 $36 $30 $33 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.03) %.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.06) %.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .05%.

 E Total distributions of $.29 per share is comprised of distributions from net investment income of $.137 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I Total returns do not include the effect of the contingent deferred sales charge.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.12 $39.03 $39.82 $31.91 $29.69 $32.34 
Income from Investment Operations       
Net investment income (loss)A .34B .54C .67D .47 .51 .53 
Net realized and unrealized gain (loss) (2.06) .81 (.68) 8.02 2.12 (2.54) 
Total from investment operations (1.72) 1.35 (.01) 8.49 2.63 (2.01) 
Distributions from net investment income (.41) (.26) (.47) (.55) (.41) (.48) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.41)E (.26) (.78) (.58) (.41) (.64) 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.99 $40.12 $39.03 $39.82 $31.91 $29.69 
Total ReturnG,H (4.33)% 3.47% (.01)% 27.03% 9.03% (6.39)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions 1.02%K .99% .93% 1.00% 1.01% .97% 
Expenses net of fee waivers, if any 1.02%K .99% .93% 1.00% 1.01% .96% 
Expenses net of all reductions 1.02%K .98% .93% .98% .98% .92% 
Net investment income (loss) 1.80%B,K 1.34%C 1.69%D 1.32% 1.73% 1.64% 
Supplemental Data       
Net assets, end of period (in millions) $6,797 $7,209 $7,464 $7,800 $5,965 $6,806 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.07%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.15%.

 E Total distributions of $.41 per share is comprised of distributions from net investment income of $.409 and distributions from net realized gain of $.005 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class K

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.06 $38.97 $39.76 $31.87 $29.66 $32.32 
Income from Investment Operations       
Net investment income (loss)A .36B .59C .72D .52 .57 .58 
Net realized and unrealized gain (loss) (2.04) .81 (.67) 8.01 2.11 (2.54) 
Total from investment operations (1.68) 1.40 .05 8.53 2.68 (1.96) 
Distributions from net investment income (.46) (.31) (.53) (.61) (.47) (.55) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.47) (.31) (.84) (.64) (.47) (.70)E 
Redemption fees added to paid in capitalA,F – – – – – – 
Net asset value, end of period $37.91 $40.06 $38.97 $39.76 $31.87 $29.66 
Total ReturnG,H (4.25)% 3.61% .13% 27.23% 9.24% (6.24)% 
Ratios to Average Net AssetsI,J       
Expenses before reductions .89%K .86% .80% .85% .83% .80% 
Expenses net of fee waivers, if any .89%K .86% .80% .85% .83% .79% 
Expenses net of all reductions .89%K .85% .79% .83% .80% .75% 
Net investment income (loss) 1.94%B,K 1.47%C 1.83%D 1.47% 1.91% 1.81% 
Supplemental Data       
Net assets, end of period (in millions) $2,152 $2,308 $2,464 $2,576 $1,776 $1,245 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 E Total distributions of $.70 per share is comprised of distributions from net investment income of $.548 and distributions from net realized gain of $.155 per share.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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. 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $40.03 $38.96 $39.76 $31.87 $29.65 $32.31 
Income from Investment Operations       
Net investment income (loss)A .34B .53C .67D .47 .52 .54 
Net realized and unrealized gain (loss) (2.05) .80 (.68) 8.01 2.11 (2.55) 
Total from investment operations (1.71) 1.33 (.01) 8.48 2.63 (2.01) 
Distributions from net investment income (.42) (.26) (.48) (.56) (.41) (.50) 
Distributions from net realized gain (.01) – (.31) (.03) – (.16) 
Total distributions (.42)E (.26) (.79) (.59) (.41) (.65)F 
Redemption fees added to paid in capitalA,G – – – – – – 
Net asset value, end of period $37.90 $40.03 $38.96 $39.76 $31.87 $29.65 
Total ReturnH,I (4.31)% 3.44% (.01)% 27.03% 9.07% (6.39)% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions 1.03%L 1.00% .93% 1.00% 1.00% .95% 
Expenses net of fee waivers, if any 1.03%L .99% .93% 1.00% 1.00% .94% 
Expenses net of all reductions 1.03%L .98% .93% .97% .97% .90% 
Net investment income (loss) 1.80%B,L 1.33%C 1.69%D 1.33% 1.75% 1.66% 
Supplemental Data       
Net assets, end of period (in millions) $781 $1,061 $650 $476 $294 $278 
Portfolio turnover rateM 49%L,N 60%N 57% 65% 68% 75% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.03%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.22 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.14%.

 E Total distributions of $.42 per share is comprised of distributions from net investment income of $.418 and distributions from net realized gain of $.005 per share.

 F Total distributions of $.65 per share is comprised of distributions from net investment income of $.497 and distributions from net realized gain of $.155 per share.

 G Amount represents less than $.005 per share.

 H Total returns for periods of less than one year are not annualized.

 I Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 J 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.

 K 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.

 L Annualized

 M Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 N Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity International Discovery Fund Class Z

 Six months ended (Unaudited) April 30, Years ended October 31,   
 2016 2015 2014 2013 A 
Selected Per–Share Data     
Net asset value, beginning of period $40.03 $38.96 $39.77 $37.22 
Income from Investment Operations     
Net investment income (loss)B .36C .59D .72E .07 
Net realized and unrealized gain (loss) (2.03) .80 (.68) 2.48 
Total from investment operations (1.67) 1.39 .04 2.55 
Distributions from net investment income (.46) (.32) (.54) – 
Distributions from net realized gain (.01) – (.31) – 
Total distributions (.47) (.32) (.85) – 
Redemption fees added to paid in capitalB,F – – – – 
Net asset value, end of period $37.89 $40.03 $38.96 $39.77 
Total ReturnG,H (4.24)% 3.58% .12% 6.85% 
Ratios to Average Net AssetsI,J     
Expenses before reductions .89%K .86% .80% .85%K 
Expenses net of fee waivers, if any .89%K .86% .80% .85%K 
Expenses net of all reductions .89%K .85% .79% .83%K 
Net investment income (loss) 1.94%C,K 1.47%D 1.83%E .76%K 
Supplemental Data     
Net assets, end of period (000 omitted) $31,089 $30,093 $35,125 $107 
Portfolio turnover rateL 49%K,M 60%M 57% 65% 

 A For the period August 13, 2013 (commencement of sale of shares) to October 31, 2013.

 B Calculated based on average shares outstanding during the period.

 C Net Investment income per share reflects a large, non-recurring dividend which amounted to $.14 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.20%.

 D Net Investment income per share reflects a large, non-recurring dividend which amounted to $.12 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.16%.

 E Net Investment income per share reflects a large, non-recurring dividend which amounted to $.21 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.28%.

 F Amount represents less than $.005 per share.

 G Total returns for periods of less than one year are not annualized.

 H Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 I 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.

 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 Annualized

 L Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

 M Portfolio turnover rate excludes securities received or delivered in-kind.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016
(Amounts in thousands except percentages)

1. Organization.

Fidelity International Discovery 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, International Discovery, Class K, Class I and Class Z shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. 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 is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), market discount, certain foreign taxes, redemptions in-kind, 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 $1,550,136 
Gross unrealized depreciation (447,894) 
Net unrealized appreciation (depreciation) on securities $1,102,242 
Tax cost $9,240,764 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(49,248) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(10,549) and a change in net unrealized appreciation (depreciation) of $(20,801) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,445,746 and $2,483,783, respectively.

Redemptions In-Kind. During the period, 1,487 shares of the Fund held by an unaffiliated entity were redeemed in-kind for cash and investments with a value of $55,670. The net realized gain of $10,064 on investments delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 11: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .424% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 International Discovery as compared to its benchmark index, the MSCI EAFE Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .81% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $331 $– 
Class T .25% .25% 99 – 
Class B .75% .25% 9 7 
Class C .75% .25% 161 15 
   $600 $22 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $32 
Class T 3 
Class B(a) –(b) 
Class C(a) 1 
 $36 

 (a) 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.

 (b) In the amount of less than five hundred dollars.


Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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, except for Class K and Class Z. FIIOC receives an asset-based fee of Class K's and Class Z's average net assets. 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
Class-Level Average
Net Assets(a) 
Class A $369 .28 
Class T 53 .27 
Class B 3 .30 
Class C 45 .28 
International Discovery 6,165 .18 
Class K 508 .05 
Class I 851 .19 
Class Z 7 .05 
 $8,001  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $6 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $9 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $75. 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 $2,593, including $5 from securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $74 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $39.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $1,912 $864 
Class T 184 23 
International Discovery 73,519 49,040 
Class K 26,239 19,835 
Class I 11,205 4,544 
Class Z 375 283 
Total $113,434 $74,589 
From net realized gain   
Class A $36 $– 
Class T 5 – 
International Discovery 899 – 
Class K 284 – 
Class I 134 – 
Class Z 4 – 
Total $1,362 $– 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 543 1,331 $20,433 $53,289 
Reinvestment of distributions 48 22 1,922 843 
Shares redeemed (784) (1,915) (29,432) (76,178) 
Net increase (decrease) (193) (562) $(7,077) $(22,046) 
Class T     
Shares sold 76 178 $2,881 $7,105 
Reinvestment of distributions 5 1 183 23 
Shares redeemed (140) (355) (5,252) (13,954) 
Net increase (decrease) (59) (176) $(2,188) $(6,826) 
Class B     
Shares sold – 1 $15 $53 
Shares redeemed (20) (64) (758) (2,536) 
Net increase (decrease) (20) (63) $(743) $(2,483) 
Class C     
Shares sold 159 201 $5,952 $7,918 
Shares redeemed (92) (314) (3,380) (12,486) 
Net increase (decrease) 67 (113) $2,572 $(4,568) 
International Discovery     
Shares sold 9,886 20,827 $372,799 $832,233 
Reinvestment of distributions 1,781 1,199 70,961 46,913 
Shares redeemed (12,452) (33,573) (467,188) (1,345,593) 
Net increase (decrease) (785) (11,547) $(23,428) $(466,447) 
Class K     
Shares sold 7,943 15,372 $296,942 $613,737 
Reinvestment of distributions 667 508 26,523 19,835 
Shares redeemed (9,474)(a) (21,494)(b) (358,588)(a) (860,632)(b) 
Net increase (decrease) (864) (5,614) $(35,123) $(227,060) 
Class I     
Shares sold 6,739 15,392 $253,947 $602,134 
Reinvestment of distributions 52 33 2,069 1,286 
Shares redeemed (12,681) (5,606) (454,709) (221,504) 
Net increase (decrease) (5,890) 9,819 $(198,693) $381,916 
Class Z     
Shares sold 202 402 $7,794 $16,312 
Reinvestment of distributions 10 7 379 283 
Shares redeemed (144) (559) (5,499) (22,228) 
Net increase (decrease) 68 (150) $2,674 $(5,633) 

 (a) Amount includes in-kind redemptions (see Note 5: Redemptions In-Kind).

 (b) Amount includes in-kind redemptions.


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.

At the end of the period, Strategic Advisers International Fund was the owner of record of approximately 13% of the total outstanding shares of the Fund. Mutual funds managed by the investment adviser or its affiliates were the owners of record, in the aggregate, of approximately 20% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.37%    
Actual  $1,000.00 $955.30 $6.66 
Hypothetical-C  $1,000.00 $1,018.05 $6.87 
Class T 1.61%    
Actual  $1,000.00 $954.10 $7.82 
Hypothetical-C  $1,000.00 $1,016.86 $8.07 
Class B 2.14%    
Actual  $1,000.00 $951.50 $10.38 
Hypothetical-C  $1,000.00 $1,014.22 $10.72 
Class C 2.12%    
Actual  $1,000.00 $951.70 $10.29 
Hypothetical-C  $1,000.00 $1,014.32 $10.62 
International Discovery 1.02%    
Actual  $1,000.00 $956.70 $4.96 
Hypothetical-C  $1,000.00 $1,019.79 $5.12 
Class K .89%    
Actual  $1,000.00 $957.50 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 
Class I 1.03%    
Actual  $1,000.00 $956.90 $5.01 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class Z .89%    
Actual  $1,000.00 $957.60 $4.33 
Hypothetical-C  $1,000.00 $1,020.44 $4.47 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

IGI-SANN-0616
1.807261.111

Fidelity® Series Emerging Markets Fund

Fidelity® Series International Growth Fund

Fidelity® Series International Small Cap Fund

Fidelity® Series International Value Fund



Semi-Annual Report

April 30, 2016



Fidelity Investments


Contents

Fidelity® Series Emerging Markets Fund

Investment Summary

Investments

Financial Statements

Fidelity® Series International Growth Fund

Investment Summary

Investments

Financial Statements

Fidelity® Series International Small Cap Fund

Investment Summary

Investments

Financial Statements

Fidelity® Series International Value Fund

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

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Fidelity® Series Emerging Markets Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Korea (South) 13.1% 
   Cayman Islands 10.2% 
   India 8.5% 
   Brazil 8.1% 
   China 8.1% 
   Taiwan 6.6% 
   South Africa 6.0% 
   Hong Kong 5.6% 
   Mexico 5.5% 
   Other* 28.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Korea (South) 16.0% 
   China 10.1% 
   India 9.3% 
   Cayman Islands 9.2% 
   Taiwan 7.8% 
   United States of America* 6.9% 
   Mexico 5.8% 
   Hong Kong 5.8% 
   South Africa 5.2% 
   Other 23.9% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks and Equity Futures 97.2 96.6 
Short-Term Investments and Net Other Assets (Liabilities) 2.8 3.4 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.2 3.4 
Naspers Ltd. Class N (South Africa, Media) 2.8 2.0 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 2.2 2.9 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 2.0 1.0 
China Mobile Ltd. (Hong Kong, Wireless Telecommunication Services) 1.8 1.9 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 1.8 2.2 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 1.5 2.4 
Grupo Financiero Banorte S.A.B. de CV Series O (Mexico, Banks) 1.4 1.4 
Itau Unibanco Holding SA sponsored ADR (Brazil, Banks) 1.3 0.7 
Lukoil PJSC sponsored ADR (Russia, Oil, Gas & Consumable Fuels) 1.2 0.9 
 19.2  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 25.6 26.6 
Information Technology 19.2 18.1 
Consumer Discretionary 10.9 9.2 
Consumer Staples 8.0 8.0 
Energy 7.7 7.0 
Materials 7.0 5.9 
Industrials 6.7 7.3 
Telecommunication Services 5.5 5.9 
Utilities 2.7 3.1 
Health Care 2.6 2.5 

Fidelity® Series Emerging Markets Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.8%   
 Shares Value 
Argentina - 0.4%   
Telecom Argentina SA Class B sponsored ADR 1,225,573 $22,942,727 
YPF SA Class D sponsored ADR 1,789,700 36,062,455 
TOTAL ARGENTINA  59,005,182 
Austria - 0.5%   
Erste Group Bank AG 2,251,140 64,751,016 
Bermuda - 1.4%   
AGTech Holdings Ltd. (a) 32,412,000 7,510,464 
Credicorp Ltd. (United States) 356,140 51,789,879 
GP Investments Ltd. Class A (depositary receipt) (a)(b) 7,978,637 17,839,854 
PAX Global Technology Ltd. 35,103,000 30,231,430 
Shangri-La Asia Ltd. 74,510,000 91,024,757 
TOTAL BERMUDA  198,396,384 
Brazil - 3.6%   
B2W Companhia Global do Varejo (a) 9,293,794 37,021,146 
BB Seguridade Participacoes SA 10,427,200 90,954,714 
BR Properties SA 1,876,800 5,604,343 
CCR SA 9,393,000 44,189,501 
Cielo SA 7,361,025 71,700,033 
Companhia de Saneamento de Minas Gerais 4,484,270 28,032,799 
Cosan SA Industria e Comercio 3,579,900 33,142,114 
Direcional Engenharia SA (b) 14,063,000 25,147,183 
Fibria Celulose SA 2,655,900 23,460,418 
FPC Par Corretora de Seguros (b) 9,576,300 32,159,996 
Minerva SA (a)(b) 13,065,000 40,153,246 
Smiles SA (b) 6,617,500 76,772,043 
TOTAL BRAZIL  508,337,536 
British Virgin Islands - 0.2%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 1,498,401 30,342,620 
Canada - 0.8%   
Goldcorp, Inc. 929,400 18,725,777 
Pan American Silver Corp. 4,616,300 72,337,421 
Torex Gold Resources, Inc. (a) 11,451,300 20,352,593 
TOTAL CANADA  111,415,791 
Cayman Islands - 10.0%   
51job, Inc. sponsored ADR (a)(c) 897,400 26,742,520 
58.com, Inc. ADR (a)(c) 2,764,820 151,097,413 
AAC Technology Holdings, Inc. 3,321,500 23,054,437 
Alibaba Group Holding Ltd. sponsored ADR (a) 3,723,000 286,447,620 
Autohome, Inc. ADR Class A (a)(c) 585,900 17,319,204 
Bitauto Holdings Ltd. ADR (a) 1,951,118 48,699,905 
BizLink Holding, Inc. 1,471,000 8,378,912 
China State Construction International Holdings Ltd. 30,250,000 47,120,574 
CK Hutchison Holdings Ltd. 2,585,270 30,929,195 
Ctrip.com International Ltd. ADR (a) 412,200 17,976,042 
Haitian International Holdings Ltd. 9,987,000 17,039,447 
Himax Technologies, Inc. sponsored ADR (c) 1,203,200 12,501,248 
JD.com, Inc. sponsored ADR (a) 4,221,100 107,891,316 
Momo, Inc. ADR (a)(c) 42 690 
New Oriental Education & Technology Group, Inc. sponsored ADR 907,500 35,537,700 
Sino Biopharmaceutical Ltd. 72,398,000 51,301,538 
SouFun Holdings Ltd. ADR (c) 5,558,200 31,626,158 
Sunny Optical Technology Group Co. Ltd. 7,486,000 23,088,736 
Tencent Holdings Ltd. 15,343,499 312,214,363 
Uni-President China Holdings Ltd. 112,252,000 104,536,758 
Vipshop Holdings Ltd. ADR (a) 3,672,100 50,087,444 
TOTAL CAYMAN ISLANDS  1,403,591,220 
Chile - 1.7%   
Compania Cervecerias Unidas SA sponsored ADR 2,762,340 61,931,663 
CorpBanca SA 3,366,286,545 30,637,577 
Empresas CMPC SA 9,984,850 22,578,977 
Enersis Chile SA 92,479,749 11,282,200 
Enersis SA 102,885,677 17,740,548 
Inversiones La Construccion SA 2,644,237 31,178,123 
Vina Concha y Toro SA 34,096,719 57,146,550 
TOTAL CHILE  232,495,638 
China - 8.1%   
Anhui Conch Cement Co. Ltd. (H Shares) 20,331,000 53,573,583 
BBMG Corp. (H Shares) 82,813,500 60,522,410 
China Life Insurance Co. Ltd. (H Shares) 37,711,900 86,871,519 
China Longyuan Power Grid Corp. Ltd. (H Shares) 46,382,910 32,089,954 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 41,040,694 143,906,985 
China Petroleum & Chemical Corp. (H Shares) 60,810,000 42,851,878 
China Suntien Green Energy Corp. Ltd. (H Shares) 98,482,060 11,204,188 
China Telecom Corp. Ltd. (H Shares) 100,806,882 49,906,094 
Industrial & Commercial Bank of China Ltd. (H Shares) 463,735,400 248,284,356 
Inner Mongoli Yili Industries Co. Ltd. 18,714,979 43,448,249 
Kweichow Moutai Co. Ltd. 2,243,929 87,066,823 
Maanshan Iron & Steel Ltd. (H Shares) (a) 76,588,000 17,599,992 
PetroChina Co. Ltd. (H Shares) 45,254,000 33,109,192 
PICC Property & Casualty Co. Ltd. (H Shares) 35,104,500 63,857,813 
Qingdao Haier Co. Ltd. 49,166,637 63,261,496 
Shanghai International Airport Co. Ltd. 5,913,400 24,853,625 
Zhengzhou Yutong Bus Co. Ltd. 11,129,454 35,258,471 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 5,932,500 33,754,392 
TOTAL CHINA  1,131,421,020 
Colombia - 0.3%   
Bancolombia SA sponsored ADR 1,199,211 46,397,474 
Egypt - 0.1%   
Citadel Capital Corp. (a) 54,615,500 9,102,635 
Global Telecom Holding GDR (a) 4,474,041 7,382,168 
TOTAL EGYPT  16,484,803 
Greece - 0.4%   
Titan Cement Co. SA (Reg.) 2,498,700 56,999,479 
Hong Kong - 5.6%   
AIA Group Ltd. 10,189,120 60,977,869 
China Mobile Ltd. 5,072,295 58,233,863 
China Mobile Ltd. sponsored ADR 3,494,370 200,996,162 
China Resources Beer Holdings Co. Ltd. 32,606,000 71,648,767 
China Resources Power Holdings Co. Ltd. 19,119,617 32,202,190 
CNOOC Ltd. 131,609,000 162,579,422 
CNOOC Ltd. sponsored ADR 16,626 2,052,147 
Far East Horizon Ltd. 130,942,750 103,939,387 
Sinotruk Hong Kong Ltd. 42,356,000 21,327,564 
Techtronic Industries Co. Ltd. 19,680,000 73,773,824 
TOTAL HONG KONG  787,731,195 
India - 8.5%   
Adani Ports & Special Economic Zone 13,886,403 49,796,256 
Axis Bank Ltd. (a) 6,364,422 45,262,030 
Bharti Infratel Ltd. 10,521,562 59,390,741 
Coal India Ltd. 18,137,268 78,651,121 
Edelweiss Financial Services Ltd. 18,456,472 16,129,321 
Eicher Motors Ltd. (a) 123,870 37,361,186 
Grasim Industries Ltd. 1,294,909 83,547,557 
Housing Development Finance Corp. Ltd. 749,032 12,273,658 
ITC Ltd. 16,045,827 78,495,329 
JK Cement Ltd. 3,237,991 28,918,686 
Just Dial Ltd. 1,453,341 18,519,702 
Larsen & Toubro Ltd. (a) 2,343,925 44,270,473 
LIC Housing Finance Ltd. (a) 5,398,323 37,570,582 
Lupin Ltd. 4,115,683 99,584,218 
Oil & Natural Gas Corp. Ltd. 13,762,074 45,009,982 
Petronet LNG Ltd. 7,718,773 30,625,025 
Phoenix Mills Ltd. 6,758,146 32,668,790 
Power Grid Corp. of India Ltd. 40,422,734 87,264,982 
SREI Infrastructure Finance Ltd. (a)(b) 42,943,661 38,434,045 
State Bank of India (a) 15,393,291 43,798,421 
Sun Pharmaceutical Industries Ltd. 9,047,458 110,502,784 
Tata Consultancy Services Ltd. 2,981,507 113,805,858 
TOTAL INDIA  1,191,880,747 
Indonesia - 0.8%   
Link Net Tbk PT 23,264,241 7,435,455 
PT Bank Mandiri (Persero) Tbk 51,996,600 37,797,611 
PT Bank Rakyat Indonesia Tbk 59,758,800 46,898,967 
PT Kalbe Farma Tbk 162,036,400 16,894,150 
TOTAL INDONESIA  109,026,183 
Israel - 0.5%   
Bezeq The Israel Telecommunication Corp. Ltd. 34,364,824 73,301,569 
Japan - 0.2%   
Rakuten, Inc. 3,252,488 35,358,985 
Korea (South) - 11.7%   
AMOREPACIFIC Group, Inc. 555,183 81,411,172 
Daou Technology, Inc. 1,492,078 30,475,157 
Duk San Neolux Co. Ltd. (a) 267,902 6,360,385 
E-Mart Co. Ltd. 331,274 53,059,357 
EO Technics Co. Ltd. 121,335 12,009,854 
Fila Korea Ltd. (b) 670,598 60,874,325 
Hanon Systems 3,478,090 31,269,188 
Hyundai Glovis Co. Ltd. 564,298 93,583,800 
Hyundai Industrial Development & Construction Co. 857,741 37,808,210 
Hyundai Mobis 703,525 159,965,315 
InterPark INT Corp. 1,189,034 20,289,886 
Kakao Corp. 219,868 19,287,088 
KB Financial Group, Inc. 2,766,445 84,181,636 
KEPCO Plant Service & Engineering Co. Ltd. 422,667 27,853,762 
Korea Electric Power Corp. 1,133,459 61,230,873 
Korean Reinsurance Co. (b) 6,399,415 74,290,021 
KT Corp. 664,566 17,704,288 
KT Corp. sponsored ADR 871,300 11,858,393 
LG Chemical Ltd. 313,189 81,189,808 
NAVER Corp. 50,816 30,028,090 
NCSOFT Corp. 215,349 43,044,424 
Samsung Electronics Co. Ltd. 197,530 214,654,985 
Samsung Fire & Marine Insurance Co. Ltd. 170,430 43,809,662 
Samsung SDI Co. Ltd. 388,324 38,640,047 
Shinhan Financial Group Co. Ltd. 4,168,123 151,991,108 
SK Hynix, Inc. 4,872,418 119,718,565 
SK Telecom Co. Ltd. sponsored ADR 1,222,600 24,452,000 
Viatron Technologies, Inc. 528,551 13,240,591 
TOTAL KOREA (SOUTH)  1,644,281,990 
Malaysia - 0.4%   
Tenaga Nasional Bhd 15,486,664 56,927,811 
Mauritius - 0.1%   
MakeMyTrip Ltd. (a)(c) 897,300 16,474,428 
Mexico - 5.5%   
America Movil S.A.B. de CV Series L sponsored ADR (c) 5,386,520 76,273,123 
Banregio Grupo Financiero S.A.B. de CV 3,672,471 22,007,525 
CEMEX S.A.B. de CV sponsored ADR 3,993,912 29,754,644 
El Puerto de Liverpool S.A.B. de CV Class C 5,200,400 59,114,381 
Fibra Uno Administracion SA de CV 33,984,500 80,908,657 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 4,929,900 46,448,884 
Grupo Comercial Chedraui S.A.B. de CV 12,170,788 34,493,444 
Grupo Financiero Banorte S.A.B. de CV Series O 33,846,500 192,145,011 
Infraestructura Energetica Nova S.A.B. de CV 4,022,500 15,718,580 
Macquarie Mexican (REIT) (b) 71,857,048 98,902,035 
Promotora y Operadora de Infraestructura S.A.B. de CV 1,862,300 23,617,757 
Tenedora Nemak SA de CV 18,978,000 27,223,863 
Wal-Mart de Mexico SA de CV Series V 26,268,900 64,967,418 
TOTAL MEXICO  771,575,322 
Netherlands - 1.0%   
Cnova NV (a)(c) 1,583,573 5,542,506 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(d) 5,797,400 27,285,359 
Yandex NV (a) 5,245,480 107,374,976 
TOTAL NETHERLANDS  140,202,841 
Nigeria - 0.4%   
Guaranty Trust Bank PLC GDR (Reg. S) 3,406,217 11,921,760 
Transnational Corp. of Nigeria PLC 1,118,478,305 5,564,569 
Zenith Bank PLC 527,345,468 33,656,402 
TOTAL NIGERIA  51,142,731 
Pakistan - 0.4%   
Habib Bank Ltd. 28,820,300 51,958,770 
Panama - 0.3%   
Copa Holdings SA Class A 645,900 41,176,125 
Philippines - 1.4%   
Alliance Global Group, Inc. 162,411,350 50,068,344 
Metro Pacific Investments Corp. 136,833,756 16,873,303 
Metropolitan Bank & Trust Co. 36,796,507 63,563,648 
Robinsons Land Corp. 110,459,170 63,642,894 
TOTAL PHILIPPINES  194,148,189 
Romania - 0.2%   
Banca Transilvania SA 32,485,494 22,293,559 
Russia - 5.0%   
E.ON Russia JSC (a) 451,634,400 18,400,759 
Lukoil PJSC sponsored ADR 4,091,900 173,435,182 
Magnit OJSC GDR (Reg. S) 1,533,200 53,048,720 
MMC Norilsk Nickel PJSC sponsored ADR 5,182,200 76,437,450 
Mobile TeleSystems OJSC (a) 10,103,640 39,504,895 
Mobile TeleSystems OJSC sponsored ADR 561,400 5,198,564 
NOVATEK OAO GDR (Reg. S) 883,300 84,796,800 
Rosneft Oil Co. OJSC (a) 16,583,500 89,865,429 
Sberbank of Russia (a) 19,392,840 37,023,355 
Sberbank of Russia sponsored ADR 11,894,231 95,344,156 
Sistema JSFC (a) 73,876,500 22,183,765 
Sistema JSFC sponsored GDR 832,100 6,115,935 
TOTAL RUSSIA  701,355,010 
Singapore - 1.0%   
Ascendas Real Estate Investment Trust 39,966,700 73,107,099 
CapitaMall Trust 16,210,900 24,951,900 
First Resources Ltd. 28,640,700 40,569,977 
TOTAL SINGAPORE  138,628,976 
South Africa - 6.0%   
Alexander Forbes Group Holdings Ltd. (e) 27,452,774 13,846,678 
Aspen Pharmacare Holdings Ltd. (e) 2,083,782 49,108,178 
Barclays Africa Group Ltd. (f) 7,617,767 77,219,844 
Bidvest Group Ltd. 2,390,145 60,660,093 
Imperial Holdings Ltd. (e) 4,965,600 51,985,274 
JSE Ltd. 2,056,792 23,841,608 
Life Healthcare Group Holdings Ltd. (e) 15,628,900 41,050,531 
Naspers Ltd. Class N (e) 2,904,300 398,499,278 
Nedbank Group Ltd. 2,363,200 30,230,500 
Sasol Ltd. 1,193,700 39,046,114 
Shoprite Holdings Ltd. (e) 1,792,709 21,563,763 
Telkom SA Ltd. 7,199,400 28,665,601 
TOTAL SOUTH AFRICA  835,717,462 
Spain - 0.4%   
Banco Bilbao Vizcaya Argentaria SA 7,359,800 50,575,112 
Taiwan - 6.6%   
Advanced Semiconductor Engineering, Inc. 29,060,000 27,919,271 
Advantech Co. Ltd. 7,339,000 51,799,895 
Boardtek Electronics Corp. 10,592,000 15,214,339 
Catcher Technology Co. Ltd. 3,847,000 27,033,681 
E.SUN Financial Holdings Co. Ltd. 74,706,928 41,397,208 
Hermes Microvision, Inc. 438,000 13,491,317 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 8,806,644 21,019,480 
HTC Corp. 6,577,000 16,776,919 
Inotera Memories, Inc. (a) 8,383,000 7,603,687 
King's Town Bank 27,933,000 19,456,165 
Kingpak Technology, Inc. (a) 1,591,000 15,514,503 
Largan Precision Co. Ltd. 517,000 36,330,681 
MediaTek, Inc. 1,398,000 9,953,874 
Siliconware Precision Industries Co. Ltd. 8,664,000 12,808,290 
Taiwan Cement Corp. 70,379,000 71,679,692 
Taiwan Fertilizer Co. Ltd. 16,134,000 21,901,244 
Taiwan Semiconductor Manufacturing Co. Ltd. 95,233,284 436,859,678 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 469,801 11,082,606 
Universal Cement Corp. 26,555,559 16,975,894 
Vanguard International Semiconductor Corp. 11,379,000 17,419,173 
Wistron NeWeb Corp. 5,660,000 14,718,138 
Yuanta Financial Holding Co. Ltd. 70,926,206 23,383,713 
TOTAL TAIWAN  930,339,448 
Thailand - 2.7%   
Advanced Info Service PCL (For. Reg.) 3,697,700 16,518,935 
Airports of Thailand PCL (For. Reg.) 4,310,900 48,392,692 
Intouch Holdings PCL NVDR 8,901,070 13,445,918 
Jasmine Broadband Internet Infrastructure Fund 77,457,700 20,850,584 
Kasikornbank PCL (For. Reg.) 22,019,704 105,306,145 
PTT Global Chemical PCL (For. Reg.) 14,802,000 26,492,698 
PTT PCL (For. Reg.) 7,662,400 66,705,888 
Star Petroleum Refining PCL 75,532,500 23,793,170 
Thai Union Frozen Products PCL (For. Reg.) 88,918,100 52,709,183 
TOTAL THAILAND  374,215,213 
Turkey - 1.4%   
Aselsan A/S 4,268,000 30,446,490 
Enka Insaat ve Sanayi A/S 13,589,000 23,603,481 
Tupras Turkiye Petrol Rafinelleri A/S 2,499,796 65,979,248 
Turkiye Garanti Bankasi A/S 16,056,500 49,425,398 
Turkiye Halk Bankasi A/S 7,730,000 29,698,892 
TOTAL TURKEY  199,153,509 
United Arab Emirates - 1.0%   
DP World Ltd. 2,154,355 40,717,310 
Emaar Properties PJSC 28,452,195 52,676,339 
First Gulf Bank PJSC 15,195,728 53,577,467 
TOTAL UNITED ARAB EMIRATES  146,971,116 
United Kingdom - 0.5%   
Fresnillo PLC 2,757,200 44,839,239 
HSBC Holdings PLC (Hong Kong) 3,251,120 21,641,191 
TOTAL UNITED KINGDOM  66,480,430 
United States of America - 0.7%   
Cognizant Technology Solutions Corp. Class A (a) 700,672 40,898,225 
First Cash Financial Services, Inc. 732,500 33,497,225 
Micron Technology, Inc. (a) 2,554,000 27,455,500 
TOTAL UNITED STATES OF AMERICA  101,850,950 
TOTAL COMMON STOCKS   
(Cost $12,072,394,293)  12,592,405,834 
Nonconvertible Preferred Stocks - 6.1%   
Brazil - 4.5%   
Ambev SA sponsored ADR 27,895,500 155,935,845 
Banco do Estado Rio Grande do Sul SA 9,154,536 22,651,770 
Companhia Paranaense de Energia-Copel:   
(PN-B) 165,000 1,358,189 
(PN-B) sponsored ADR (c) 3,758,539 31,083,118 
Itau Unibanco Holding SA sponsored ADR 19,418,486 185,058,172 
Metalurgica Gerdau SA (PN) (b) 40,120,622 33,946,648 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 12,664,800 74,722,320 
Telefonica Brasil SA 2,799,100 34,475,504 
Vale SA (PN-A) sponsored ADR 19,368,000 87,930,720 
TOTAL BRAZIL  627,162,286 
Cayman Islands - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (g) 7,577,282 29,253,613 
Korea (South) - 1.4%   
Hyundai Motor Co. Series 2 916,314 79,900,293 
Samsung Electronics Co. Ltd. 87,548 79,701,978 
Samsung Fire & Marine Insurance Co. Ltd. 209,341 34,260,534 
TOTAL KOREA (SOUTH)  193,862,805 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $898,151,611)  850,278,704 
 Principal Amount Value 
Government Obligations - 0.2%   
United States of America - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.33% 5/5/16 to 6/30/16
(Cost $25,736,603)(h) 		25,740,000 25,738,494 
 Shares Value 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 0.38% (i) 584,729,400 584,729,400 
Fidelity Securities Lending Cash Central Fund, 0.42% (i)(j) 58,758,275 58,758,275 
TOTAL MONEY MARKET FUNDS   
(Cost $643,487,675)  643,487,675 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $13,639,770,182)  14,111,910,707 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (97,079,738) 
NET ASSETS - 100%  $14,014,830,969 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
4,391 ICE E-mini MSCI Emerging Markets Index Contracts (United States) June 2016 184,070,720 $8,763,166 

The face value of futures purchased as a percentage of Net Assets is 1.3%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $534,134,742.

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Affiliated company

 (c) Security or a portion of the security is on loan at period end.

 (d) 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 $27,285,359 or 0.2% of net assets.

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (f) A portion of the security sold on a delayed delivery basis.

 (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 $29,253,613 or 0.2% of net assets.

 (h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $10,827,688.

 (i) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (j) Investment made with cash collateral received from securities on loan.


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $23,950,652 

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 $1,456,017 
Fidelity Securities Lending Cash Central Fund 360,621 
Total $1,816,638 

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 
Aquarius Platinum Ltd. (Australia) $15,805,131 $-- $-- $-- $-- 
China Suntien Green Energy Corp. Ltd. (H Shares) 18,471,705 1,521,804 1,744,817 -- -- 
Direcional Engenharia SA 12,974,783 -- 57,853 -- 25,147,183 
Fila Korea Ltd. 57,918,933 4,383,793 3,491,849 112,515 60,874,325 
FPC Par Corretora de Seguros 21,739,477 5,222,561 -- 911,382 32,159,996 
GP Investments Ltd. Class A (depositary receipt) 17,741,993 -- 3,249,032 -- 17,839,854 
Korean Reinsurance Co. 75,545,757 4,142,790 3,302,063 1,474,719  74,290,021 
Macquarie Mexican (REIT) 99,884,761 29,605 139,726 3,682,854 98,902,035 
Metalurgica Gerdau SA (PN) -- 18,809,798 -- -- 33,946,648 
Minerva SA 40,386,125 2,654,775 -- -- 40,153,246 
Smiles SA 23,204,758 40,739,545 3,095,324 122,868 76,772,043 
SREI Infrastructure Finance Ltd. 30,184,892 -- 1,109,273 -- 38,434,045 
Total $413,858,315 $77,504,671 $16,189,937  $6,304,338  $498,519,396  

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $1,554,244,286 $1,324,833,107 $200,157,566 $29,253,613 
Consumer Staples 1,102,186,264 926,000,739 176,185,525 -- 
Energy 1,093,631,675 804,840,881 288,790,794 -- 
Financials 3,557,539,370 2,389,780,671 1,167,758,699 -- 
Health Care 368,441,399 317,139,861 51,301,538 -- 
Industrials 945,399,064 795,227,892 150,171,172 -- 
Information Technology 2,701,517,093 1,827,830,424 873,686,669 -- 
Materials 956,125,315 683,882,294 272,243,021 -- 
Telecommunication Services 775,985,700 610,636,560 165,349,140 -- 
Utilities 387,614,372 262,091,355 125,523,017 -- 
Government Obligations 25,738,494 -- 25,738,494 -- 
Money Market Funds 643,487,675 643,487,675 -- -- 
Total Investments in Securities: $14,111,910,707 $10,585,751,459 $3,496,905,635 $29,253,613 
Derivative Instruments:     
Assets     
Futures Contracts $8,763,166 $8,763,166 $-- $-- 
Total Assets $8,763,166 $8,763,166 $-- $-- 
Total Derivative Instruments: $8,763,166 $8,763,166 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $47,857,785 
Level 2 to Level 1 $1,800,154,125 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $8,763,166 $0 
Total Value of Derivatives $8,763,166 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


See accompanying notes which are an integral part of the financial statements.


Fidelity® Series Emerging Markets Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $56,971,110) — See accompanying schedule:
Unaffiliated issuers (cost $12,490,655,885) 		$12,969,903,636  
Fidelity Central Funds (cost $643,487,675) 643,487,675  
Other affiliated issuers (cost $505,626,622) 498,519,396  
Total Investments (cost $13,639,770,182)  $14,111,910,707 
Cash  604,339 
Foreign currency held at value (cost $12,772,008)  12,776,438 
Receivable for investments sold   
Regular delivery  52,534,011 
Delayed delivery  345,048 
Receivable for fund shares sold  8,371,424 
Dividends receivable  14,038,078 
Distributions receivable from Fidelity Central Funds  276,830 
Prepaid expenses  6,189 
Other receivables  124,583 
Total assets  14,200,987,647 
Liabilities   
Payable for investments purchased   
Regular delivery $92,038,675  
Delayed delivery 13,204,805  
Payable for fund shares redeemed 9,004,678  
Accrued management fee 9,227,360  
Payable for daily variation margin for derivative instruments 1,063,568  
Other affiliated payables 1,002,368  
Other payables and accrued expenses 1,856,949  
Collateral on securities loaned, at value 58,758,275  
Total liabilities  186,156,678 
Net Assets  $14,014,830,969 
Net Assets consist of:   
Paid in capital  $14,864,305,371 
Undistributed net investment income  24,560,825 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (1,355,050,896) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  481,015,669 
Net Assets  $14,014,830,969 
Series Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($6,475,887,207 ÷ 427,690,289 shares)  $15.14 
Class F:   
Net Asset Value, offering price and redemption price per share ($7,538,943,762 ÷ 496,514,606 shares)  $15.18 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $6,304,338 earned from other affiliated issuers)  $122,344,004 
Interest  36,358 
Income from Fidelity Central Funds  1,816,638 
Income before foreign taxes withheld  124,197,000 
Less foreign taxes withheld  (12,424,894) 
Total income  111,772,106 
Expenses   
Management fee $49,296,461  
Transfer agent fees 4,745,994  
Accounting and security lending fees 943,583  
Custodian fees and expenses 3,329,030  
Independent trustees' compensation 26,033  
Registration fees 93,584  
Audit 87,360  
Legal 14,554  
Miscellaneous 38,125  
Total expenses before reductions 58,574,724  
Expense reductions (229,141) 58,345,583 
Net investment income (loss)  53,426,523 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $138,525) (338,062,284)  
Other affiliated issuers (40,824,285)  
Foreign currency transactions 995,629  
Futures contracts 20,896,544  
Total net realized gain (loss)  (356,994,396) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $720,334) 		481,544,250  
Assets and liabilities in foreign currencies 231,428  
Futures contracts 3,454,797  
Total change in net unrealized appreciation (depreciation)  $485,230,475 
Net gain (loss)  128,236,079 
Net increase (decrease) in net assets resulting from operations  $181,662,602 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $53,426,523 $152,994,942 
Net realized gain (loss) (356,994,396) (735,166,832) 
Change in net unrealized appreciation (depreciation) 485,230,475 (961,074,063) 
Net increase (decrease) in net assets resulting from operations 181,662,602 (1,543,245,953) 
Distributions to shareholders from net investment income (158,339,864) (89,825,646) 
Share transactions - net increase (decrease) 2,079,267,572 3,499,387,207 
Total increase (decrease) in net assets 2,102,590,310 1,866,315,608 
Net Assets   
Beginning of period 11,912,240,659 10,045,925,051 
End of period (including undistributed net investment income of $24,560,825 and undistributed net investment income of $129,474,166, respectively) $14,014,830,969 $11,912,240,659 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series Emerging Markets

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $15.31 $17.77 $17.56 $16.25 $16.06 $18.85 
Income from Investment Operations       
Net investment income (loss)A .06 .21B .21 .20 .21 .18 
Net realized and unrealized gain (loss) (.05)C (2.53) .17 1.34 .59 (2.19) 
Total from investment operations .01 (2.32) .38 1.54 .80 (2.01) 
Distributions from net investment income (.18) (.14) (.17) (.22) (.09) (.10) 
Distributions from net realized gain – – (.01) (.01) (.52) (.68) 
Total distributions (.18) (.14) (.17)D (.23) (.61) (.78) 
Net asset value, end of period $15.14 $15.31 $17.77 $17.56 $16.25 $16.06 
Total ReturnE,F .11% (13.14)% 2.20% 9.59% 5.40% (11.26)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.04%I 1.04% 1.06% 1.09% 1.10% 1.12% 
Expenses net of fee waivers, if any 1.03%I 1.04% 1.06% 1.09% 1.10% 1.12% 
Expenses net of all reductions 1.03%I 1.03% 1.06% 1.06% 1.07% 1.07% 
Net investment income (loss) .78%I 1.29%B 1.18% 1.22% 1.37% 1.00% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,475,887 $5,571,493 $4,837,497 $3,623,928 $3,182,644 $3,384,616 
Portfolio turnover rateJ 46%I 64% 93% 79% 80% 104% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.00%.

 C 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.

 D Total distributions of $.17 per share is comprised of distributions from net investment income of $.166 and distributions from net realized gain of $.006 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series Emerging Markets Fund Class F

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $15.36 $17.83 $17.62 $16.30 $16.11 $18.90 
Income from Investment Operations       
Net investment income (loss)A .07 .24B .24 .23 .25 .21 
Net realized and unrealized gain (loss) (.04)C (2.54) .17 1.35 .58 (2.19) 
Total from investment operations .03 (2.30) .41 1.58 .83 (1.98) 
Distributions from net investment income (.21) (.17) (.19) (.26) (.12) (.13) 
Distributions from net realized gain – – (.01) (.01) (.52) (.68) 
Total distributions (.21) (.17) (.20) (.26)D (.64) (.81) 
Net asset value, end of period $15.18 $15.36 $17.83 $17.62 $16.30 $16.11 
Total ReturnE,F .21% (13.02)% 2.35% 9.84% 5.60% (11.07)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .87%I .88% .89% .90% .90% .91% 
Expenses net of fee waivers, if any .87%I .88% .89% .90% .90% .91% 
Expenses net of all reductions .87%I .87% .89% .88% .87% .86% 
Net investment income (loss) .94%I 1.45%B 1.35% 1.40% 1.57% 1.21% 
Supplemental Data       
Net assets, end of period (000 omitted) $7,538,944 $6,340,748 $5,208,429 $3,490,320 $2,570,780 $1,471,427 
Portfolio turnover rateJ 46%I 64% 93% 79% 80% 104% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%.

 C 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.

 D Total distributions of $.26 per share is comprised of distributions from net investment income of $.255 and distributions from net realized gain of $.009 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Growth Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United States of America* 22.1% 
   Japan 14.2% 
   United Kingdom 13.3% 
   Switzerland 12.8% 
   Spain 4.7% 
   Belgium 4.3% 
   Australia 4.0% 
   Sweden 3.8% 
   Denmark 3.1% 
   Other 17.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United States of America* 17.2% 
   United Kingdom 14.7% 
   Japan 14.5% 
   Switzerland 13.8% 
   Sweden 5.5% 
   Belgium 4.3% 
   Spain 4.3% 
   Australia 3.4% 
   Denmark 3.1% 
   Other 19.2% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 95.7 98.0 
Short-Term Investments and Net Other Assets (Liabilities) 4.3 2.0 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 4.9 3.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.5 3.6 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 3.3 2.7 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 3.1 2.8 
Novartis AG (Switzerland, Pharmaceuticals) 3.1 3.8 
CSL Ltd. (Australia, Biotechnology) 2.9 2.2 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 2.6 2.4 
Inditex SA (Spain, Specialty Retail) 2.6 2.6 
ASSA ABLOY AB (B Shares) (Sweden, Building Products) 2.5 2.0 
InterContinental Hotel Group PLC ADR (United Kingdom, Hotels, Restaurants & Leisure) 2.2 2.1 
 30.7  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Staples 20.3 15.9 
Health Care 18.6 18.8 
Financials 14.0 18.2 
Information Technology 13.9 11.3 
Consumer Discretionary 13.2 15.1 
Industrials 10.7 12.1 
Materials 4.3 6.0 
Energy 0.4 0.4 
Telecommunication Services 0.3 0.2 

Fidelity® Series International Growth Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.7%   
 Shares Value 
Australia - 4.0%   
CSL Ltd. 4,353,835 $348,191,915 
Sydney Airport unit 7,532,050 39,000,831 
Transurban Group unit 10,438,207 91,906,878 
TOTAL AUSTRALIA  479,099,624 
Austria - 1.2%   
Andritz AG 2,497,198 139,854,064 
Belgium - 4.3%   
Anheuser-Busch InBev SA NV 3,220,981 398,692,722 
KBC Groep NV 2,156,204 121,053,177 
TOTAL BELGIUM  519,745,899 
Canada - 0.4%   
Pason Systems, Inc. 3,587,269 52,149,348 
Cayman Islands - 0.9%   
58.com, Inc. ADR (a) 936,000 51,152,400 
Alibaba Group Holding Ltd. sponsored ADR (a) 728,100 56,020,014 
TOTAL CAYMAN ISLANDS  107,172,414 
Denmark - 3.1%   
Jyske Bank A/S (Reg.) 1,482,200 60,681,788 
Novo Nordisk A/S Series B sponsored ADR 5,714,281 318,799,737 
TOTAL DENMARK  379,481,525 
Finland - 0.3%   
Tikkurila Oyj 1,960,479 34,368,600 
France - 1.0%   
Essilor International SA 953,262 123,397,766 
Germany - 2.9%   
Bayer AG 1,099,100 126,796,339 
SAP AG 2,897,446 227,336,649 
TOTAL GERMANY  354,132,988 
Hong Kong - 1.9%   
AIA Group Ltd. 38,352,000 229,521,609 
India - 0.5%   
Housing Development Finance Corp. Ltd. 3,893,267 63,795,176 
Ireland - 2.9%   
CRH PLC sponsored ADR 6,210,505 180,787,801 
James Hardie Industries PLC CDI 12,129,270 170,892,748 
TOTAL IRELAND  351,680,549 
Isle of Man - 0.5%   
Playtech Ltd. 4,669,475 54,889,453 
Israel - 0.3%   
Azrieli Group 1,019,186 40,478,851 
Italy - 0.8%   
Azimut Holding SpA 1,613,606 40,611,557 
Interpump Group SpA 3,440,349 49,517,901 
TOTAL ITALY  90,129,458 
Japan - 14.2%   
Astellas Pharma, Inc. 17,563,100 236,796,147 
Coca-Cola Central Japan Co. Ltd. 1,622,500 29,725,667 
DENSO Corp. 5,162,300 196,225,071 
East Japan Railway Co. 1,325,700 116,629,890 
Hoya Corp. 2,307,800 88,375,530 
Japan Tobacco, Inc. 4,205,800 171,840,320 
Keyence Corp. 277,200 166,151,747 
Mitsui Fudosan Co. Ltd. 5,849,000 142,846,813 
Nintendo Co. Ltd. 462,000 62,555,273 
Olympus Corp. 2,034,800 79,268,940 
OSG Corp. 2,332,400 43,344,435 
Seven Bank Ltd. 23,173,500 98,469,020 
Shinsei Bank Ltd. 35,359,000 49,558,341 
SHO-BOND Holdings Co. Ltd. (b) 1,557,600 67,396,048 
USS Co. Ltd. 10,690,800 169,110,764 
TOTAL JAPAN  1,718,294,006 
Kenya - 0.3%   
Safaricom Ltd. 210,780,000 35,686,515 
Korea (South) - 0.9%   
BGFretail Co. Ltd. 380,318 61,744,516 
NAVER Corp. 69,161 40,868,481 
TOTAL KOREA (SOUTH)  102,612,997 
Mexico - 0.6%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 732,412 68,268,123 
South Africa - 1.3%   
Clicks Group Ltd. 6,902,484 50,413,675 
Naspers Ltd. Class N 807,910 110,853,408 
TOTAL SOUTH AFRICA  161,267,083 
Spain - 4.7%   
Amadeus IT Holding SA Class A 3,528,800 160,575,528 
Hispania Activos Inmobiliarios SA (a) 1,884,200 27,616,041 
Inditex SA 9,658,471 310,051,182 
Merlin Properties Socimi SA 2,698,300 31,360,337 
Prosegur Compania de Seguridad SA (Reg.) 7,301,289 42,219,722 
TOTAL SPAIN  571,822,810 
Sweden - 3.8%   
ASSA ABLOY AB (B Shares) (c) 14,608,417 306,341,167 
Intrum Justitia AB 823,600 29,557,686 
Svenska Handelsbanken AB (A Shares) (c) 9,595,113 128,000,273 
TOTAL SWEDEN  463,899,126 
Switzerland - 12.8%   
Nestle SA 7,896,276 589,375,563 
Novartis AG 4,860,410 369,888,196 
Roche Holding AG (participation certificate) 1,656,612 419,138,121 
Schindler Holding AG:   
(participation certificate) 748,219 136,259,626 
(Reg.) 154,309 28,358,883 
TOTAL SWITZERLAND  1,543,020,389 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. 26,706,000 122,507,324 
United Kingdom - 13.3%   
Associated British Foods PLC 2,937,900 131,528,714 
Babcock International Group PLC 2,678,361 37,080,291 
BAE Systems PLC 11,625,600 81,107,840 
Berendsen PLC 4,932,100 85,037,147 
Howden Joinery Group PLC 4,469,100 32,258,326 
Informa PLC 9,845,180 94,151,689 
InterContinental Hotel Group PLC ADR (c) 6,622,027 265,808,164 
Lloyds Banking Group PLC 53,016,300 52,036,083 
Prudential PLC 8,573,546 169,237,803 
Reckitt Benckiser Group PLC 3,858,587 375,899,280 
Rightmove PLC 520,970 29,367,687 
SABMiller PLC 2,713,836 165,948,704 
Shaftesbury PLC 3,385,400 45,013,853 
Unite Group PLC 4,544,258 41,997,004 
TOTAL UNITED KINGDOM  1,606,472,585 
United States of America - 17.8%   
Alphabet, Inc. Class A 214,294 151,694,437 
Autoliv, Inc. (c) 1,359,227 166,464,531 
Berkshire Hathaway, Inc. Class B (a) 937,150 136,336,582 
China Biologic Products, Inc. (a) 585,950 68,556,150 
Domino's Pizza, Inc. 620,440 74,998,787 
Martin Marietta Materials, Inc. 460,400 77,913,492 
MasterCard, Inc. Class A 2,451,410 237,762,256 
McGraw Hill Financial, Inc. 805,171 86,032,521 
Mohawk Industries, Inc. (a) 860,415 165,741,741 
Molson Coors Brewing Co. Class B 756,000 72,296,280 
Moody's Corp. 692,900 66,324,388 
MSCI, Inc. Class A 747,200 56,742,368 
Philip Morris International, Inc. 1,525,292 149,661,651 
PriceSmart, Inc. 663,475 57,417,127 
ResMed, Inc. 1,227,900 68,516,820 
Reynolds American, Inc. 2,650,500 131,464,800 
Sherwin-Williams Co. 233,100 66,971,961 
SS&C Technologies Holdings, Inc. 1,307,078 79,927,820 
Visa, Inc. Class A 3,018,296 233,133,183 
TOTAL UNITED STATES OF AMERICA  2,147,956,895 
TOTAL COMMON STOCKS   
(Cost $9,075,439,847)  11,561,705,177 
Money Market Funds - 6.1%   
Fidelity Cash Central Fund, 0.38% (d) 530,876,323 530,876,323 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 210,135,124 210,135,124 
TOTAL MONEY MARKET FUNDS   
(Cost $741,011,447)  741,011,447 
TOTAL INVESTMENT PORTFOLIO - 101.8%   
(Cost $9,816,451,294)  12,302,716,624 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (213,890,979) 
NET ASSETS - 100%  $12,088,825,645 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Affiliated company

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $723,242 
Fidelity Securities Lending Cash Central Fund 1,389,622 
Total $2,112,864 

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 
SHO-BOND Holdings Co. Ltd. $61,860,089 $-- $-- $314,471 $67,396,048 
Total $61,860,089 $-- $-- $314,471 $67,396,048 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $1,585,663,663 $1,220,327,828 $365,335,835 $-- 
Consumer Staples 2,454,277,142 1,287,436,312 1,166,840,830 -- 
Energy 52,149,348 52,149,348 -- -- 
Financials 1,687,713,585 818,043,643 869,669,942 -- 
Health Care 2,247,725,661 1,054,258,727 1,193,466,934 -- 
Industrials 1,293,612,409 985,134,196 308,478,213 -- 
Information Technology 1,673,942,252 1,095,391,259 578,550,993 -- 
Materials 530,934,602 530,934,602 -- -- 
Telecommunication Services 35,686,515 35,686,515 -- -- 
Money Market Funds 741,011,447 741,011,447 -- -- 
Total Investments in Securities: $12,302,716,624 $7,820,373,877 $4,482,342,747 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $1,231,709,296 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Growth Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $210,601,382) — See accompanying schedule:
Unaffiliated issuers (cost $9,028,395,411) 		$11,494,309,129  
Fidelity Central Funds (cost $741,011,447) 741,011,447  
Other affiliated issuers (cost $47,044,436) 67,396,048  
Total Investments (cost $9,816,451,294)  $12,302,716,624 
Foreign currency held at value (cost $57)  57 
Receivable for investments sold  26,440,400 
Receivable for fund shares sold  2,558,015 
Dividends receivable  81,560,728 
Distributions receivable from Fidelity Central Funds  385,012 
Prepaid expenses  9,634 
Other receivables  41,816 
Total assets  12,413,712,286 
Liabilities   
Payable for investments purchased $30,141,592  
Payable for fund shares redeemed 75,984,851  
Accrued management fee 7,448,770  
Other affiliated payables 916,296  
Other payables and accrued expenses 260,008  
Collateral on securities loaned, at value 210,135,124  
Total liabilities  324,886,641 
Net Assets  $12,088,825,645 
Net Assets consist of:   
Paid in capital  $9,443,480,197 
Undistributed net investment income  86,634,250 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  71,486,056 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  2,487,225,142 
Net Assets  $12,088,825,645 
Series International Growth:   
Net Asset Value, offering price and redemption price per share ($5,557,529,096 ÷ 412,125,632 shares)  $13.49 
Class F:   
Net Asset Value, offering price and redemption price per share ($6,531,296,549 ÷ 483,196,610 shares)  $13.52 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $314,471 earned from other affiliated issuers)  $155,673,094 
Income from Fidelity Central Funds  2,112,864 
Income before foreign taxes withheld  157,785,958 
Less foreign taxes withheld  (15,977,335) 
Total income  141,808,623 
Expenses   
Management fee   
Basic fee $40,779,630  
Performance adjustment 1,604,226  
Transfer agent fees 4,501,874  
Accounting and security lending fees 939,448  
Custodian fees and expenses 535,236  
Independent trustees' compensation 25,359  
Registration fees 55,364  
Audit 49,726  
Legal 15,828  
Miscellaneous 38,606  
Total expenses before reductions 48,545,297  
Expense reductions (96,102) 48,449,195 
Net investment income (loss)  93,359,428 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 101,120,708  
Foreign currency transactions 974,874  
Total net realized gain (loss)  102,095,582 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(419,489,278)  
Assets and liabilities in foreign currencies 784,237  
Total change in net unrealized appreciation (depreciation)  (418,705,041) 
Net gain (loss)  (316,609,459) 
Net increase (decrease) in net assets resulting from operations  $(223,250,031) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $93,359,428 $144,455,176 
Net realized gain (loss) 102,095,582 260,002,474 
Change in net unrealized appreciation (depreciation) (418,705,041) 72,057,794 
Net increase (decrease) in net assets resulting from operations (223,250,031) 476,515,444 
Distributions to shareholders from net investment income (141,417,551) (177,438,330) 
Distributions to shareholders from net realized gain (272,101,876) (186,668,096) 
Total distributions (413,519,427) (364,106,426) 
Share transactions - net increase (decrease) 717,608,157 (731,969,049) 
Total increase (decrease) in net assets 80,838,699 (619,560,031) 
Net Assets   
Beginning of period 12,007,986,946 12,627,546,977 
End of period (including undistributed net investment income of $86,634,250 and undistributed net investment income of $134,692,373, respectively) $12,088,825,645 $12,007,986,946 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series International Growth

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.28 $14.17 $13.95 $11.55 $10.53 $10.89 
Income from Investment Operations       
Net investment income (loss)A .10 .15 .17 .16 .15 .16 
Net realized and unrealized gain (loss) (.41) .36 .20 2.43 .99 (.46) 
Total from investment operations (.31) .51 .37 2.59 1.14 (.30) 
Distributions from net investment income (.16) (.19) (.10) (.19) (.12) (.05) 
Distributions from net realized gain (.33) (.21) (.05) – (.01) (.01) 
Total distributions (.48)B (.40) (.15) (.19) (.12)C (.06) 
Net asset value, end of period $13.49 $14.28 $14.17 $13.95 $11.55 $10.53 
Total ReturnD,E (2.23)% 3.65% 2.66% 22.72% 11.00% (2.77)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .92%H .92% .97% 1.04% 1.05% 1.00% 
Expenses net of fee waivers, if any .92%H .91% .97% 1.04% 1.05% 1.00% 
Expenses net of all reductions .92%H .91% .97% 1.02% 1.04% .98% 
Net investment income (loss) 1.51%H 1.06% 1.23% 1.26% 1.38% 1.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,557,529 $5,563,674 $6,049,347 $5,642,298 $5,045,151 $4,996,927 
Portfolio turnover rateI 35%H 24% 33% 41% 27% 23% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.48 per share is comprised of distributions from net investment income of $.156 and distributions from net realized gain of $.326 per share.

 C Total distributions of $.12 per share is comprised of distributions from net investment income of $.115 and distributions from net realized gain of $.007 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series International Growth Fund Class F

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $14.32 $14.21 $13.99 $11.59 $10.57 $10.91 
Income from Investment Operations       
Net investment income (loss)A .11 .18 .20 .18 .17 .18 
Net realized and unrealized gain (loss) (.40) .35 .19 2.43 1.00 (.45) 
Total from investment operations (.29) .53 .39 2.61 1.17 (.27) 
Distributions from net investment income (.18) (.21) (.12) (.21) (.14) (.06) 
Distributions from net realized gain (.33) (.21) (.05) – (.01) (.01) 
Total distributions (.51) (.42) (.17) (.21) (.15) (.07) 
Net asset value, end of period $13.52 $14.32 $14.21 $13.99 $11.59 $10.57 
Total ReturnB,C (2.12)% 3.83% 2.80% 22.88% 11.23% (2.50)% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .75%F .75% .80% .85% .85% .79% 
Expenses net of fee waivers, if any .75%F .75% .80% .85% .85% .79% 
Expenses net of all reductions .75%F .75% .80% .84% .84% .77% 
Net investment income (loss) 1.68%F 1.23% 1.40% 1.44% 1.58% 1.62% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,531,297 $6,444,313 $6,578,200 $5,536,085 $4,064,357 $2,165,942 
Portfolio turnover rateG 35%F 24% 33% 41% 27% 23% 

 A Calculated based on average shares outstanding during the period.

 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 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.

 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 Annualized

 G Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Small Cap Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 25.9% 
   United Kingdom 21.7% 
   United States of America* 10.4% 
   Germany 6.8% 
   Italy 3.7% 
   Sweden 3.4% 
   Netherlands 2.9% 
   France 2.4% 
   Australia 2.2% 
   Other 20.6% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   Japan 25.0% 
   United Kingdom 23.0% 
   United States of America* 12.2% 
   Germany 6.5% 
   Italy 4.2% 
   Netherlands 3.3% 
   Sweden 3.1% 
   Australia 2.1% 
   Spain 1.9% 
   Other 18.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 97.6 95.5 
Short-Term Investments and Net Other Assets (Liabilities) 2.4 4.5 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
USS Co. Ltd. (Japan, Specialty Retail) 2.0 2.2 
Berendsen PLC (United Kingdom, Commercial Services & Supplies) 1.8 1.7 
Unite Group PLC (United Kingdom, Real Estate Management & Development) 1.8 2.1 
Fagerhult AB (Sweden, Electrical Equipment) 1.8 1.4 
Spirax-Sarco Engineering PLC (United Kingdom, Machinery) 1.8 1.7 
CTS Eventim AG (Germany, Media) 1.8 2.1 
CompuGroup Medical AG (Germany, Health Care Technology) 1.6 1.4 
OBIC Co. Ltd. (Japan, IT Services) 1.6 1.8 
Azimut Holding SpA (Italy, Capital Markets) 1.4 1.3 
Bellway PLC (United Kingdom, Household Durables) 1.4 1.6 
 17.0  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Consumer Discretionary 21.4 20.8 
Industrials 18.4 18.8 
Financials 18.0 19.9 
Information Technology 11.5 9.9 
Health Care 10.4 9.2 
Consumer Staples 8.9 8.3 
Materials 7.3 7.3 
Energy 1.7 1.3 
Telecommunication Services 0.0 0.0 

Percentages shown as 0.0% may reflect amounts less than 0.05%. 

Fidelity® Series International Small Cap Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Australia - 2.2%   
Austal Ltd. 800,423 $949,419 
Beacon Lighting Group Ltd. 4,626,227 6,401,944 
Credit Corp. Group Ltd. 146,474 1,127,080 
DuluxGroup Ltd. 3,814,749 18,563,484 
Imdex Ltd. (a) 8,978,319 1,399,466 
John Fairfax Holdings Ltd. 2,411,382 1,457,628 
Nanosonics Ltd. (a) 258,591 436,496 
RCG Corp. Ltd. (b) 16,803,658 17,504,026 
SAI Global Ltd. 443,211 1,230,034 
SomnoMed Ltd. (a) 8,967 19,363 
TFS Corp. Ltd. (b) 11,522,378 13,667,223 
TOTAL AUSTRALIA  62,756,163 
Austria - 1.3%   
Andritz AG 411,024 23,019,151 
IMMOFINANZ Immobilien Anlagen AG (a) 1,200,900 2,831,311 
Wienerberger AG 48,600 960,231 
Zumtobel AG 732,919 9,542,033 
TOTAL AUSTRIA  36,352,726 
Bailiwick of Jersey - 0.4%   
Integrated Diagnostics Holdings PLC 2,383,432 11,082,959 
Regus PLC 256,500 1,095,871 
TOTAL BAILIWICK OF JERSEY  12,178,830 
Belgium - 1.2%   
Gimv NV 140,309 7,792,050 
KBC Ancora 730,073 25,772,958 
Van de Velde 10,143 711,256 
TOTAL BELGIUM  34,276,264 
Bermuda - 0.4%   
APT Satellite Holdings Ltd. 428,000 339,653 
Vostok New Ventures Ltd. SDR (a) 1,820,942 10,362,688 
TOTAL BERMUDA  10,702,341 
Canada - 2.2%   
Cara Operations Ltd. 670,000 17,333,386 
McCoy Global, Inc. 1,108,950 1,811,865 
New Look Vision Group, Inc. 504,100 12,474,938 
Pason Systems, Inc. 1,118,900 16,265,829 
ShawCor Ltd. Class A 366,300 9,896,844 
Tesco Corp. 199,093 1,883,420 
Total Energy Services, Inc. 71,400 750,591 
Whitecap Resources, Inc. (b) 148,100 1,110,720 
ZCL Composites, Inc. 145,700 956,857 
TOTAL CANADA  62,484,450 
Cayman Islands - 0.7%   
58.com, Inc. ADR (a) 178,700 9,765,955 
SITC International Holdings Co. Ltd. 2,105,000 1,137,692 
Value Partners Group Ltd. 10,501,000 10,023,740 
TOTAL CAYMAN ISLANDS  20,927,387 
Denmark - 1.7%   
Jyske Bank A/S (Reg.) 531,719 21,768,763 
NNIT A/S 7,795 212,274 
Scandinavian Tobacco Group A/S 540,181 8,593,430 
Spar Nord Bank A/S 1,992,747 16,249,302 
TOTAL DENMARK  46,823,769 
Finland - 0.6%   
Olvi PLC (A Shares) 11,003 305,651 
Tikkurila Oyj 945,530 16,575,817 
TOTAL FINLAND  16,881,468 
France - 2.4%   
Elis SA 918,500 16,864,465 
Ipsen SA 11,800 714,088 
Laurent-Perrier Group SA 126,224 10,731,560 
Parrot SA (a) 86,900 1,747,305 
Saft Groupe SA 38,400 1,193,344 
Vetoquinol SA 286,927 11,893,357 
Virbac SA (b) 126,200 23,019,696 
TOTAL FRANCE  66,163,815 
Germany - 5.5%   
alstria office REIT-AG 1,096,129 15,375,251 
CompuGroup Medical AG 1,171,715 46,019,358 
CTS Eventim AG 1,405,124 49,217,390 
Fielmann AG 393,190 28,989,808 
MLP AG 570,092 2,222,076 
Nexus AG 519,508 9,101,398 
SMA Solar Technology AG 36,700 1,943,579 
TOTAL GERMANY  152,868,860 
Greece - 0.4%   
Motor Oil (HELLAS) Corinth Refineries SA 86,800 991,119 
Mytilineos Holdings SA 171,800 689,835 
Titan Cement Co. SA (Reg.) 429,199 9,790,739 
TOTAL GREECE  11,471,693 
India - 0.6%   
Jyothy Laboratories Ltd. 3,501,337 16,045,148 
Torrent Pharmaceuticals Ltd. 15,232 327,970 
TOTAL INDIA  16,373,118 
Ireland - 1.7%   
FBD Holdings PLC 1,298,400 9,515,091 
James Hardie Industries PLC CDI 2,676,486 37,709,775 
United Drug PLC (United Kingdom) 50,000 447,112 
TOTAL IRELAND  47,671,978 
Isle of Man - 0.7%   
Playtech Ltd. 1,702,703 20,015,192 
Israel - 2.1%   
Azrieli Group 409,179 16,251,298 
Ituran Location & Control Ltd. 870,631 18,109,125 
Ituran Location & Control Ltd. 30,676 648,503 
Sarine Technologies Ltd. 5,183,800 6,360,018 
Strauss Group Ltd. 1,129,555 17,899,598 
TOTAL ISRAEL  59,268,542 
Italy - 3.7%   
Astm SpA 33,200 436,800 
Azimut Holding SpA 1,586,764 39,935,992 
Banco di Desio e della Brianza SpA 237,967 670,856 
Beni Stabili SpA SIIQ 34,816,820 25,793,949 
Cerved Information Solutions SpA 173,900 1,398,847 
Interpump Group SpA 2,518,666 36,251,861 
TOTAL ITALY  104,488,305 
Japan - 25.9%   
Ain Holdings, Inc. 22,300 1,083,289 
Aoki Super Co. Ltd. 70,000 827,143 
Arcland Service Co. Ltd. 24,800 694,728 
Artnature, Inc. (c) 2,073,600 17,192,983 
Asahi Co. Ltd. 1,064,900 15,794,882 
Autobacs Seven Co. Ltd. 928,700 16,023,148 
Azbil Corp. 1,373,700 35,246,778 
Broadleaf Co. Ltd. 266,200 2,630,606 
Central Automotive Products Ltd. (d) 28,000 233,374 
Chugoku Marine Paints Ltd. 152,000 1,076,803 
Coca-Cola Central Japan Co. Ltd. 817,800 14,982,835 
Daiichikosho Co. Ltd. 548,200 22,981,511 
Daikokutenbussan Co. Ltd. 567,600 25,510,083 
GCA Savvian Group Corp. 1,339,000 12,372,789 
Glory Ltd. 682,600 22,356,033 
GMO Internet, Inc. 134,600 1,580,410 
Goldcrest Co. Ltd. 1,371,210 19,634,029 
Gulliver International Co. Ltd. (b) 56,300 553,412 
Iwatsuka Confectionary Co. Ltd. 158,600 7,185,407 
Japan Digital Laboratory Co. 1,276,200 17,263,430 
Kamigumi Co. Ltd. 70,000 627,608 
Kobayashi Pharmaceutical Co. Ltd. 308,800 24,596,741 
Konoike Transport Co. Ltd. 88,500 1,031,428 
Koshidaka Holdings Co. Ltd. 384,200 7,554,823 
Lasertec Corp. (b) 942,200 12,249,724 
Leopalace21 Corp. (a) 432,100 2,592,829 
Mandom Corp. 25,600 1,158,661 
Medikit Co. Ltd. 294,400 10,263,691 
Meiko Network Japan Co. Ltd. 514,400 5,673,349 
Miraial Co. Ltd. 281,300 1,981,973 
Mirait Holdings Corp. 127,900 1,121,082 
Mitsuboshi Belting Ltd. 88,000 696,015 
Nagaileben Co. Ltd. 1,384,300 28,248,946 
ND Software Co. Ltd. 222,536 1,831,824 
Nihon Parkerizing Co. Ltd. 3,384,800 29,855,293 
Nippon Kanzai Co. Ltd. 64,600 988,397 
Nitto Kohki Co. Ltd. 33,900 667,214 
NOF Corp. 150,000 1,180,704 
NS Tool Co. Ltd. 2,000 33,159 
OBIC Co. Ltd. 843,400 44,329,893 
OSG Corp. (b) 1,901,500 35,336,753 
Paramount Bed Holdings Co. Ltd. 566,000 21,054,544 
ProNexus, Inc. 1,161,800 11,749,355 
Sacs Bar Holdings, Inc. 82,500 1,047,140 
Sakai Moving Service Co. Ltd. 11,100 269,054 
San-A Co. Ltd. 35,000 1,610,983 
San-Ai Oil Co. Ltd. 1,783,000 12,495,982 
Sekisui Jushi Corp. 64,100 889,768 
Seven Bank Ltd. 6,669,100 28,338,393 
Shinko Plantech Co. Ltd. 113,200 861,238 
Shinsei Bank Ltd. 1,654,000 2,318,207 
SHO-BOND Holdings Co. Ltd. 778,800 33,698,024 
Shoei Co. Ltd. (c) 732,000 11,080,255 
SK Kaken Co. Ltd. 179,000 14,687,226 
Skylark Co. Ltd. 63,200 803,408 
Software Service, Inc. 175,900 6,793,997 
St. Marc Holdings Co. Ltd. 46,800 1,266,017 
Techno Medica Co. Ltd. 283,000 5,932,695 
The Monogatari Corp. 39,000 1,840,788 
The Nippon Synthetic Chemical Industry Co. Ltd. 1,095,000 6,607,622 
TKC Corp. 684,400 18,594,179 
Tocalo Co. Ltd. 458,400 8,245,890 
Toshiba Plant Systems & Services Corp. 72,000 890,383 
Tsutsumi Jewelry Co. Ltd. 324,800 6,784,474 
USS Co. Ltd. 3,533,100 55,887,789 
Welcia Holdings Co. Ltd. 19,800 1,045,885 
Workman Co. Ltd. 510,700 16,054,083 
Yamato Kogyo Co. Ltd. 260,100 6,105,722 
Yuasa Trading Co. Ltd. 32,700 734,860 
Yusen Logistics Co. Ltd. 87,100 1,024,757 
TOTAL JAPAN  725,956,498 
Korea (South) - 1.4%   
BGFretail Co. Ltd. 200,923 32,619,790 
iMarketKorea, Inc. 50,788 751,397 
Leeno Industrial, Inc. 139,988 5,235,766 
TOTAL KOREA (SOUTH)  38,606,953 
Marshall Islands - 0.0%   
StealthGas, Inc. (a) 62,954 246,150 
Mexico - 0.6%   
Consorcio ARA S.A.B. de CV 40,884,127 16,040,306 
Netherlands - 2.9%   
Aalberts Industries NV 984,900 33,742,572 
Arcadis NV 52,300 895,597 
BinckBank NV 327,900 1,930,250 
Heijmans NV (Certificaten Van Aandelen) (a)(b) 779,571 7,346,491 
Lucas Bols BV 24,238 485,551 
VastNed Retail NV 816,249 35,937,135 
TOTAL NETHERLANDS  80,337,596 
New Zealand - 0.1%   
Trade Maine Group Ltd. 565,810 1,801,550 
Norway - 0.6%   
ABG Sundal Collier ASA 1,789,200 1,248,819 
Borregaard ASA 186,800 1,397,778 
Kongsberg Gruppen ASA 811,148 13,599,978 
Spectrum ASA 274,300 902,768 
TOTAL NORWAY  17,149,343 
Philippines - 0.5%   
Jollibee Food Corp. 2,720,820 13,281,605 
Singapore - 0.0%   
Boustead Singapore Ltd. 1,649,600 956,752 
Hour Glass Ltd. 400,200 223,185 
TOTAL SINGAPORE  1,179,937 
South Africa - 0.6%   
Clicks Group Ltd. 2,170,481 15,852,543 
Spain - 2.2%   
Baron de Ley SA (a) 10,312 1,209,114 
Hispania Activos Inmobiliarios SA (a) 821,600 12,041,895 
Merlin Properties Socimi SA 1,512,900 17,583,313 
Prosegur Compania de Seguridad SA (Reg.) (b) 5,399,986 31,225,433 
TOTAL SPAIN  62,059,755 
Sweden - 3.4%   
Addlife AB (a) 400 5,056 
Fagerhult AB (c) 2,158,495 50,263,505 
Intrum Justitia AB (b) 636,603 22,846,663 
Mekonomen AB 66,100 1,679,159 
Ratos AB (B Shares) (b) 352,700 2,063,377 
Saab AB (B Shares) 521,300 17,832,265 
Swedish Orphan Biovitrum AB (a) 41,300 602,236 
TOTAL SWEDEN  95,292,261 
Switzerland - 0.1%   
Vontobel Holdings AG 48,343 2,091,353 
Taiwan - 0.4%   
Addcn Technology Co. Ltd. 1,266,400 9,722,540 
United Kingdom - 21.7%   
AA PLC 3,790,612 15,430,687 
Alliance Pharma PLC 10,836,996 7,125,515 
BBA Aviation PLC 315,000 921,445 
BCA Marketplace PLC 266,800 650,050 
Bellway PLC 1,084,900 38,789,884 
Berendsen PLC 2,990,609 51,562,794 
Britvic PLC 1,429,612 14,705,698 
Cineworld Group PLC 184,800 1,398,706 
Countrywide PLC 429,100 2,228,285 
Dechra Pharmaceuticals PLC 1,645,263 26,587,975 
Elementis PLC 7,625,382 24,055,204 
Great Portland Estates PLC 2,334,200 25,852,472 
H&T Group PLC 1,463,162 5,240,525 
Hill & Smith Holdings PLC 53,779 733,537 
Hilton Food Group PLC 911,038 7,494,449 
Howden Joinery Group PLC 4,207,600 30,370,798 
Informa PLC 4,050,785 38,738,576 
InterContinental Hotel Group PLC ADR 539,546 21,657,376 
ITE Group PLC 6,639,972 15,062,347 
John David Group PLC 79,600 1,452,681 
JUST EAT Ltd. (a) 2,018,325 11,309,705 
Luxfer Holdings PLC sponsored ADR 116,900 1,502,165 
Mears Group PLC 256,600 1,494,100 
Mitie Group PLC 319,700 1,267,323 
PayPoint PLC 85,500 1,053,146 
Rightmove PLC 391,500 22,069,312 
Shaftesbury PLC 2,585,255 34,374,753 
Sinclair Pharma PLC (a) 400,000 210,406 
Spectris PLC 1,324,616 35,244,775 
Spirax-Sarco Engineering PLC 1,006,228 50,209,039 
Taylor Wimpey PLC 5,180,800 13,951,373 
Ted Baker PLC 559,367 19,493,060 
Topps Tiles PLC 5,554,300 11,037,305 
Ultra Electronics Holdings PLC 969,010 25,004,246 
Unite Group PLC 5,504,163 50,868,229 
TOTAL UNITED KINGDOM  609,147,941 
United States of America - 8.0%   
ANSYS, Inc. (a) 87,715 7,961,891 
Autoliv, Inc. 161,500 19,778,905 
Broadridge Financial Solutions, Inc. 241,895 14,474,997 
China Biologic Products, Inc. (a) 261,508 30,596,436 
Compass Minerals International, Inc. 17,000 1,274,320 
Domino's Pizza, Inc. 118,000 14,263,840 
Energizer Holdings, Inc. 126,832 5,515,924 
Kennedy-Wilson Holdings, Inc. 1,300,188 28,097,063 
Martin Marietta Materials, Inc. 85,080 14,398,088 
Mohawk Industries, Inc. (a) 113,362 21,836,922 
PriceSmart, Inc. 356,261 30,830,827 
ResMed, Inc. 229,700 12,817,260 
Resources Connection, Inc. 73,500 1,085,595 
SS&C Technologies Holdings, Inc. 350,788 21,450,686 
Utah Medical Products, Inc. 7,500 501,750 
TOTAL UNITED STATES OF AMERICA  224,884,504 
TOTAL COMMON STOCKS   
(Cost $2,092,289,626)  2,695,355,736 
Nonconvertible Preferred Stocks - 1.4%   
Brazil - 0.1%   
Banco ABC Brasil SA 600,000 2,067,311 
Germany - 1.3%   
Sartorius AG (non-vtg.) 153,293 37,817,540 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $18,883,357)  39,884,851 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund, 0.38% (e) 108,863,880 108,863,880 
Fidelity Securities Lending Cash Central Fund, 0.42% (e)(f) 11,555,294 11,555,294 
TOTAL MONEY MARKET FUNDS   
(Cost $120,419,174)  120,419,174 
TOTAL INVESTMENT PORTFOLIO - 101.9%   
(Cost $2,231,592,157)  2,855,659,761 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (54,151,388) 
NET ASSETS - 100%  $2,801,508,373 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated company

 (d) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (e) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (f) Investment made with cash collateral received from securities on loan.


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 $230,909 
Fidelity Securities Lending Cash Central Fund 195,878 
Total $426,787 

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 
Artnature, Inc. $17,350,955 $2,368,860 $-- $210,401 $17,192,983 
Cara Operations Ltd. 15,755,782 1,659,870 -- 82,118 -- 
Fagerhult AB 37,911,673 -- 1,273,126 787,067 50,263,505 
Shoei Co. Ltd. 12,037,779 581,379 -- 40,749 11,080,255 
Total $83,056,189 $4,610,109 $1,273,126 $1,120,335 $78,536,743 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $595,301,872 $431,028,691 $164,273,181 $-- 
Consumer Staples 248,889,863 153,695,853 95,194,010 -- 
Energy 49,130,135 34,781,796 14,348,339 -- 
Financials 501,438,629 426,158,642 75,279,987 -- 
Health Care 293,663,942 219,538,245 74,125,697 -- 
Industrials 533,131,533 411,634,061 121,497,472 -- 
Information Technology 313,576,324 179,699,331 133,876,993 -- 
Materials 199,768,636 129,774,692 69,993,944 -- 
Telecommunication Services 339,653 -- 339,653 -- 
Money Market Funds 120,419,174 120,419,174 -- -- 
Total Investments in Securities: $2,855,659,761 $2,106,730,485 $748,929,276 $-- 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Small Cap Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $10,978,081) — See accompanying schedule:
Unaffiliated issuers (cost $2,060,893,405) 		$2,656,703,844  
Fidelity Central Funds (cost $120,419,174) 120,419,174  
Other affiliated issuers (cost $50,279,578) 78,536,743  
Total Investments (cost $2,231,592,157)  $2,855,659,761 
Cash  18,741 
Foreign currency held at value (cost $391,130)  389,910 
Receivable for investments sold  2,829,883 
Receivable for fund shares sold  34,027 
Dividends receivable  14,532,671 
Distributions receivable from Fidelity Central Funds  113,705 
Prepaid expenses  2,175 
Receivable from affiliate  11,989 
Other receivables  2,360 
Total assets  2,873,595,222 
Liabilities   
Payable for investments purchased   
Regular delivery $6,820,399  
Delayed delivery 42,084  
Payable for fund shares redeemed 51,381,491  
Accrued management fee 1,913,089  
Other affiliated payables 280,637  
Other payables and accrued expenses 93,855  
Collateral on securities loaned, at value 11,555,294  
Total liabilities  72,086,849 
Net Assets  $2,801,508,373 
Net Assets consist of:   
Paid in capital  $2,157,094,925 
Undistributed net investment income  11,508,438 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  8,450,273 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  624,454,737 
Net Assets  $2,801,508,373 
Series International Small Cap:   
Net Asset Value, offering price and redemption price per share ($1,287,529,561 ÷ 85,462,889 shares)  $15.07 
Class F:   
Net Asset Value, offering price and redemption price per share ($1,513,978,812 ÷ 100,277,738 shares)  $15.10 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends (including $1,120,335 earned from other affiliated issuers)  $27,371,167 
Income from Fidelity Central Funds  426,787 
Income before foreign taxes withheld  27,797,954 
Less foreign taxes withheld  (2,395,837) 
Total income  25,402,117 
Expenses   
Management fee   
Basic fee $11,492,109  
Performance adjustment 100,542  
Transfer agent fees 1,038,915  
Accounting and security lending fees 589,333  
Custodian fees and expenses 147,897  
Independent trustees' compensation 5,837  
Registration fees 13,660  
Audit 37,439  
Legal 3,771  
Miscellaneous 8,897  
Total expenses before reductions 13,438,400  
Expense reductions (13,260) 13,425,140 
Net investment income (loss)  11,976,977 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 39,882,855  
Other affiliated issuers 580,238  
Foreign currency transactions 18,023  
Total net realized gain (loss)  40,481,116 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(33,582,429)  
Assets and liabilities in foreign currencies 426,690  
Total change in net unrealized appreciation (depreciation)  (33,155,739) 
Net gain (loss)  7,325,377 
Net increase (decrease) in net assets resulting from operations  $19,302,354 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $11,976,977 $27,947,392 
Net realized gain (loss) 40,481,116 147,303,806 
Change in net unrealized appreciation (depreciation) (33,155,739) 59,667,213 
Net increase (decrease) in net assets resulting from operations 19,302,354 234,918,411 
Distributions to shareholders from net investment income (27,359,738) (28,569,877) 
Distributions to shareholders from net realized gain (162,604,163) (36,994,296) 
Total distributions (189,963,901) (65,564,173) 
Share transactions - net increase (decrease) 219,014,454 (195,735,081) 
Total increase (decrease) in net assets 48,352,907 (26,380,843) 
Net Assets   
Beginning of period 2,753,155,466 2,779,536,309 
End of period (including undistributed net investment income of $11,508,438 and undistributed net investment income of $26,891,199, respectively) $2,801,508,373 $2,753,155,466 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series International Small Cap

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $16.11 $15.21 $15.75 $12.44 $11.22 $11.40 
Income from Investment Operations       
Net investment income (loss)A .06 .14 .14 .15 .15 .17B 
Net realized and unrealized gain (loss) .01 1.10 (.11) 3.29 1.19 (.19) 
Total from investment operations .07 1.24 .03 3.44 1.34 (.02) 
Distributions from net investment income (.15) (.14) (.13) (.12) (.11) (.09) 
Distributions from net realized gain (.96) (.20) (.44) (.01) (.01) (.07) 
Total distributions (1.11) (.34) (.57) (.13) (.12) (.16) 
Net asset value, end of period $15.07 $16.11 $15.21 $15.75 $12.44 $11.22 
Total ReturnC,D .35% 8.36% .21% 27.95% 12.07% (.23)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.08%G 1.10% 1.18% 1.23% 1.22% 1.14% 
Expenses net of fee waivers, if any 1.08%G 1.10% 1.18% 1.23% 1.22% 1.14% 
Expenses net of all reductions 1.08%G 1.10% 1.18% 1.22% 1.22% 1.13% 
Net investment income (loss) .79%G .89% .86% 1.05% 1.27% 1.47%B 
Supplemental Data       
Net assets, end of period (000 omitted) $1,287,530 $1,276,570 $1,330,809 $1,163,381 $1,040,585 $1,107,242 
Portfolio turnover rateH 20%G 16% 18% 29% 25% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.00%.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series International Small Cap Fund Class F

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $16.16 $15.27 $15.79 $12.48 $11.26 $11.43 
Income from Investment Operations       
Net investment income (loss)A .07 .17 .16 .17 .17 .20B 
Net realized and unrealized gain (loss) .01 1.10 (.09) 3.30 1.19 (.20) 
Total from investment operations .08 1.27 .07 3.47 1.36 – 
Distributions from net investment income (.18) (.17) (.15) (.15) (.13) (.10) 
Distributions from net realized gain (.96) (.20) (.44) (.01) (.01) (.07) 
Total distributions (1.14) (.38)C (.59) (.16) (.14) (.17) 
Net asset value, end of period $15.10 $16.16 $15.27 $15.79 $12.48 $11.26 
Total ReturnD,E .40% 8.49% .47% 28.14% 12.25% (.03)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .92%H .94% 1.01% 1.04% 1.02% .93% 
Expenses net of fee waivers, if any .91%H .93% 1.01% 1.04% 1.02% .93% 
Expenses net of all reductions .91%H .93% 1.01% 1.03% 1.01% .92% 
Net investment income (loss) .96%H 1.06% 1.04% 1.24% 1.47% 1.68%B 
Supplemental Data       
Net assets, end of period (000 omitted) $1,513,979 $1,476,586 $1,448,727 $1,141,808 $836,468 $480,498 
Portfolio turnover rateI 20%H 16% 18% 29% 25% 22% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.06 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.21%.

 C Total distributions of $.38 per share is comprised of distributions from net investment income of $.172 and distributions from net realized gain of $.203 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Value Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   United Kingdom 20.8% 
   Japan 19.6% 
   France 17.9% 
   Switzerland 7.9% 
   United States of America* 6.2% 
   Germany 6.0% 
   Netherlands 3.8% 
   Australia 3.7% 
   Italy 3.1% 
   Other 11.0% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 23.9% 
   Japan 20.7% 
   France 16.4% 
   Switzerland 8.3% 
   Germany 5.6% 
   United States of America* 4.9% 
   Netherlands 3.8% 
   Australia 3.1% 
   Spain 2.0% 
   Other 11.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 99.1 98.7 
Short-Term Investments and Net Other Assets (Liabilities) 0.9 1.3 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Total SA (France, Oil, Gas & Consumable Fuels) 3.5 3.1 
Westpac Banking Corp. (Australia, Banks) 2.3 1.5 
Toyota Motor Corp. (Japan, Automobiles) 2.2 2.4 
Nestle SA (Switzerland, Food Products) 2.2 2.7 
Sanofi SA (France, Pharmaceuticals) 2.1 2.6 
Rio Tinto PLC (United Kingdom, Metals & Mining) 2.1 1.7 
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services) 1.9 1.8 
Imperial Tobacco Group PLC (United Kingdom, Tobacco) 1.8 1.8 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 2.5 
BASF AG (Germany, Chemicals) 1.7 1.7 
 21.6  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 24.3 26.7 
Consumer Discretionary 13.8 14.5 
Health Care 13.5 16.0 
Consumer Staples 9.3 9.3 
Industrials 9.0 8.2 
Energy 8.2 6.7 
Telecommunication Services 6.8 6.1 
Materials 5.9 4.3 
Information Technology 4.5 3.8 
Utilities 3.8 3.1 

Fidelity® Series International Value Fund

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
Australia - 3.7%   
Ansell Ltd. (a) 3,654,151 $55,374,184 
Macquarie Group Ltd. 1,011,105 48,818,399 
Transurban Group unit 7,810,538 68,770,639 
Westpac Banking Corp. 11,749,427 275,800,911 
TOTAL AUSTRALIA  448,764,133 
Bailiwick of Jersey - 0.7%   
Wolseley PLC 1,599,040 89,565,539 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 506,730 62,722,991 
Canada - 1.1%   
Imperial Oil Ltd. 2,611,200 86,596,025 
Potash Corp. of Saskatchewan, Inc. 2,321,700 41,078,935 
TOTAL CANADA  127,674,960 
Finland - 1.1%   
Sampo Oyj (A Shares) 2,961,313 129,293,166 
France - 17.9%   
Atos Origin SA 1,720,903 153,171,845 
AXA SA (b) 8,143,573 205,621,937 
Bouygues SA (b) 1,298,831 43,308,034 
Capgemini SA 1,691,105 157,874,674 
Havas SA 8,786,342 73,524,333 
Orange SA 6,434,800 106,907,321 
Renault SA 1,048,492 101,184,525 
Sanofi SA (b) 3,137,308 258,597,511 
Societe Generale Series A 3,338,500 131,360,527 
SR Teleperformance SA 616,000 55,299,503 
Total SA 8,326,349 420,820,213 
Unibail-Rodamco 534,300 143,161,250 
VINCI SA (b) 2,587,300 193,279,232 
Vivendi SA (b) 6,019,581 115,638,061 
TOTAL FRANCE  2,159,748,966 
Germany - 5.6%   
Axel Springer Verlag AG (b) 986,300 55,067,731 
BASF AG 2,566,118 212,000,756 
Bayer AG 611,314 70,523,498 
Continental AG 251,233 55,175,940 
Fresenius SE & Co. KGaA 1,945,100 141,474,079 
GEA Group AG 1,231,347 57,089,033 
SAP AG 1,131,022 88,741,171 
TOTAL GERMANY  680,072,208 
Hong Kong - 0.7%   
Power Assets Holdings Ltd. 9,256,050 88,062,893 
Ireland - 1.2%   
Allergan PLC (a) 230,400 49,895,424 
Medtronic PLC 1,138,400 90,104,360 
TOTAL IRELAND  139,999,784 
Israel - 1.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 3,167,492 172,469,939 
Italy - 3.1%   
Eni SpA 10,159,700 165,978,297 
Intesa Sanpaolo SpA 31,229,500 86,811,777 
Mediaset SpA 12,572,300 56,575,935 
Telecom Italia SpA (a) 66,912,700 65,338,492 
TOTAL ITALY  374,704,501 
Japan - 19.6%   
Astellas Pharma, Inc. 8,800,600 118,654,917 
Dentsu, Inc. 2,298,800 116,799,749 
East Japan Railway Co. 888,000 78,122,760 
Hoya Corp. 3,146,500 120,492,939 
Itochu Corp. 9,030,000 114,758,698 
Japan Tobacco, Inc. 3,413,600 139,472,661 
KDDI Corp. 5,320,300 153,255,144 
Makita Corp. 1,333,500 84,121,726 
Mitsubishi UFJ Financial Group, Inc. 38,187,600 176,228,729 
Nippon Prologis REIT, Inc. (c) 24,546 58,857,329 
Nippon Telegraph & Telephone Corp. 4,478,400 200,409,884 
OBIC Co. Ltd. 1,398,600 73,511,724 
Olympus Corp. 2,623,700 102,210,496 
ORIX Corp. 7,545,600 106,732,027 
Seven & i Holdings Co. Ltd. 2,506,400 102,267,230 
Seven Bank Ltd. 18,455,700 78,422,107 
Sony Corp. 3,278,000 79,398,478 
Sony Financial Holdings, Inc. 4,736,000 58,550,863 
Sumitomo Mitsui Financial Group, Inc. 4,605,300 138,581,391 
Toyota Motor Corp. 5,351,100 271,245,903 
TOTAL JAPAN  2,372,094,755 
Luxembourg - 0.5%   
RTL Group SA 701,139 58,270,070 
Netherlands - 3.8%   
ING Groep NV (Certificaten Van Aandelen) 12,157,434 148,883,702 
Koninklijke KPN NV 15,905,021 62,501,250 
Mylan N.V. 1,067,100 44,508,741 
PostNL NV (a) 5,580,449 24,409,392 
RELX NV 10,780,819 180,909,773 
TOTAL NETHERLANDS  461,212,858 
Spain - 2.2%   
Iberdrola SA 27,322,140 194,499,235 
Mediaset Espana Comunicacion SA 5,347,200 69,432,681 
TOTAL SPAIN  263,931,916 
Sweden - 1.6%   
Nordea Bank AB 14,553,933 141,272,167 
Sandvik AB (b) 5,099,900 52,329,790 
TOTAL SWEDEN  193,601,957 
Switzerland - 7.9%   
Credit Suisse Group AG 5,196,274 79,079,303 
Lafargeholcim Ltd. (Reg.) 1,434,140 72,611,466 
Nestle SA 3,620,669 270,245,601 
Novartis AG 2,853,378 217,148,520 
Syngenta AG (Switzerland) 343,627 137,551,098 
UBS Group AG 2,404,671 41,528,668 
Zurich Insurance Group AG 607,261 136,259,852 
TOTAL SWITZERLAND  954,424,508 
United Kingdom - 20.8%   
AstraZeneca PLC (United Kingdom) 3,375,132 193,640,054 
Aviva PLC 17,390,272 110,175,863 
BAE Systems PLC 14,261,350 99,496,568 
Barclays PLC 44,086,029 110,689,381 
Bunzl PLC 4,503,905 134,184,159 
Compass Group PLC 7,774,317 138,448,060 
HSBC Holdings PLC sponsored ADR (b) 5,721,911 190,711,294 
Imperial Tobacco Group PLC 4,077,198 221,525,840 
Informa PLC 11,160,888 106,734,103 
ITV PLC 39,444,485 129,792,465 
Lloyds Banking Group PLC 189,929,700 186,418,093 
Micro Focus International PLC 3,419,700 76,399,461 
National Grid PLC 12,376,215 176,591,339 
Prudential PLC 2,692,269 53,144,135 
Rio Tinto PLC 7,361,637 246,955,656 
Royal Dutch Shell PLC Class B (United Kingdom) 4,220,161 110,799,762 
Vodafone Group PLC sponsored ADR 6,858,766 224,555,999 
TOTAL UNITED KINGDOM  2,510,262,232 
United States of America - 5.3%   
Altria Group, Inc. 1,170,800 73,420,868 
Chevron Corp. 961,000 98,194,980 
ConocoPhillips Co. 2,340,700 111,862,053 
Constellation Brands, Inc. Class A (sub. vtg.) 897,100 140,001,426 
Edgewell Personal Care Co. (a) 579,800 47,584,186 
McGraw Hill Financial, Inc. 891,800 95,288,830 
Molson Coors Brewing Co. Class B 741,400 70,900,082 
TOTAL UNITED STATES OF AMERICA  637,252,425 
TOTAL COMMON STOCKS   
(Cost $11,567,475,960)  11,924,129,801 
Nonconvertible Preferred Stocks - 0.4%   
Germany - 0.4%   
Volkswagen AG   
(Cost $65,583,102) 324,190 46,939,980 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund, 0.38% (d) 113,846,623 113,846,623 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 461,878,371 461,878,371 
TOTAL MONEY MARKET FUNDS   
(Cost $575,724,994)  575,724,994 
TOTAL INVESTMENT PORTFOLIO - 103.9%   
(Cost $12,208,784,056)  12,546,794,775 
NET OTHER ASSETS (LIABILITIES) - (3.9)%  (470,893,232) 
NET ASSETS - 100%  $12,075,901,543 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $194,241 
Fidelity Securities Lending Cash Central Fund 4,948,001 
Total $5,142,242 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $1,655,137,787 $933,607,536 $721,530,251 $-- 
Consumer Staples 1,128,140,885 616,155,393 511,985,492 -- 
Energy 994,251,330 296,653,058 697,598,272 -- 
Financials 2,931,691,701 938,957,476 1,992,734,225 -- 
Health Care 1,635,094,662 624,350,225 1,010,744,437 -- 
Industrials 1,094,735,073 628,669,782 466,065,291 -- 
Information Technology 549,698,875 234,274,135 315,424,740 -- 
Materials 710,197,911 463,242,255 246,955,656 -- 
Telecommunication Services 812,968,090 224,555,999 588,412,091 -- 
Utilities 459,153,467 -- 459,153,467 -- 
Money Market Funds 575,724,994 575,724,994 -- -- 
Total Investments in Securities: $12,546,794,775 $5,536,190,853 $7,010,603,922 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $397,019,332 
Level 2 to Level 1 $699,911,923 

See accompanying notes which are an integral part of the financial statements.


Fidelity® Series International Value Fund

Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $432,959,827) — See accompanying schedule:
Unaffiliated issuers (cost $11,633,059,062) 		$11,971,069,781  
Fidelity Central Funds (cost $575,724,994) 575,724,994  
Total Investments (cost $12,208,784,056)  $12,546,794,775 
Foreign currency held at value (cost $2,645,199)  2,650,734 
Receivable for investments sold  18,214,211 
Receivable for fund shares sold  392,925 
Dividends receivable  94,419,891 
Distributions receivable from Fidelity Central Funds  1,800,938 
Prepaid expenses  9,672 
Other receivables  98,802 
Total assets  12,664,381,948 
Liabilities   
Payable for investments purchased   
Regular delivery $29,254,302  
Delayed delivery 3,269,666  
Payable for fund shares redeemed 85,706,104  
Accrued management fee 7,224,262  
Other affiliated payables 904,330  
Other payables and accrued expenses 243,370  
Collateral on securities loaned, at value 461,878,371  
Total liabilities  588,480,405 
Net Assets  $12,075,901,543 
Net Assets consist of:   
Paid in capital  $12,155,596,342 
Undistributed net investment income  147,308,003 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (566,897,173) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  339,894,371 
Net Assets  $12,075,901,543 
Series International Value:   
Net Asset Value, offering price and redemption price per share ($5,553,587,245 ÷ 594,861,092 shares)  $9.34 
Class F:   
Net Asset Value, offering price and redemption price per share ($6,522,314,298 ÷ 697,018,350 shares)  $9.36 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $234,221,023 
Income from Fidelity Central Funds  5,142,242 
Income before foreign taxes withheld  239,363,265 
Less foreign taxes withheld  (18,338,722) 
Total income  221,024,543 
Expenses   
Management fee   
Basic fee $40,580,804  
Performance adjustment 4,968,827  
Transfer agent fees 4,478,892  
Accounting and security lending fees 927,895  
Custodian fees and expenses 425,572  
Independent trustees' compensation 25,275  
Registration fees 73,273  
Audit 36,246  
Legal 15,543  
Interest 629  
Miscellaneous 38,479  
Total expenses before reductions 51,571,435  
Expense reductions (207,019) 51,364,416 
Net investment income (loss)  169,660,127 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (203,283,539)  
Foreign currency transactions 4,657,234  
Total net realized gain (loss)  (198,626,305) 
Change in net unrealized appreciation (depreciation) on:
Investment securities 		(388,688,118)  
Assets and liabilities in foreign currencies (261,122)  
Total change in net unrealized appreciation (depreciation)  (388,949,240) 
Net gain (loss)  (587,575,545) 
Net increase (decrease) in net assets resulting from operations  $(417,915,418) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $169,660,127 $274,484,451 
Net realized gain (loss) (198,626,305) (309,998,752) 
Change in net unrealized appreciation (depreciation) (388,949,240) (7,266,459) 
Net increase (decrease) in net assets resulting from operations (417,915,418) (42,780,760) 
Distributions to shareholders from net investment income (256,925,581) (519,162,017) 
Distributions to shareholders from net realized gain – (371,264,934) 
Total distributions (256,925,581) (890,426,951) 
Share transactions - net increase (decrease) 757,690,188 487,487,592 
Total increase (decrease) in net assets 82,849,189 (445,720,119) 
Net Assets   
Beginning of period 11,993,052,354 12,438,772,473 
End of period (including undistributed net investment income of $147,308,003 and undistributed net investment income of $234,573,457, respectively) $12,075,901,543 $11,993,052,354 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series International Value

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.91 $10.73 $11.14 $9.16 $8.59 $9.91 
Income from Investment Operations       
Net investment income (loss)A .13 .22 .45B .26 .29 .30 
Net realized and unrealized gain (loss) (.50) (.28) (.59) 2.03 .50 (1.45) 
Total from investment operations (.37) (.06) (.14) 2.29 .79 (1.15) 
Distributions from net investment income (.20) (.44) (.24) (.26) (.22) (.13) 
Distributions from net realized gain – (.32) (.04) (.06) – (.04) 
Total distributions (.20) (.76) (.27)C (.31)D (.22) (.17) 
Net asset value, end of period $9.34 $9.91 $10.73 $11.14 $9.16 $8.59 
Total ReturnE,F (3.77)% (.65)% (1.25)% 25.78% 9.56% (11.84)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .98%I .89% .82% .88% .90% .95% 
Expenses net of fee waivers, if any .98%I .89% .82% .88% .90% .95% 
Expenses net of all reductions .97%I .88% .81% .85% .87% .93% 
Net investment income (loss) 2.83%I 2.12% 4.05%B 2.58% 3.35% 3.05% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,553,587 $5,556,957 $5,971,189 $5,710,397 $5,107,633 $4,503,487 
Portfolio turnover rateJ 25%I 44% 70% 80% 63% 78% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.46%.

 C Total distributions of $.27 per share is comprised of distributions from net investment income of $.237 and distributions from net realized gain of $.036 per share.

 D Total distributions of $.31 per share is comprised of distributions from net investment income of $.256 and distributions from net realized gain of $.057 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Series International Value Fund Class F

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $9.94 $10.76 $11.18 $9.19 $8.62 $9.93 
Income from Investment Operations       
Net investment income (loss)A .14 .23 .47B .28 .30 .31 
Net realized and unrealized gain (loss) (.50) (.27) (.60) 2.04 .51 (1.44) 
Total from investment operations (.36) (.04) (.13) 2.32 .81 (1.13) 
Distributions from net investment income (.22) (.46) (.25) (.27) (.24) (.14) 
Distributions from net realized gain – (.32) (.04) (.06) – (.04) 
Total distributions (.22) (.78) (.29) (.33) (.24) (.18) 
Net asset value, end of period $9.36 $9.94 $10.76 $11.18 $9.19 $8.62 
Total ReturnC,D (3.68)% (.46)% (1.18)% 26.05% 9.77% (11.61)% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .81%G .73% .65% .69% .70% .74% 
Expenses net of fee waivers, if any .81%G .73% .65% .69% .70% .74% 
Expenses net of all reductions .81%G .72% .64% .67% .67% .72% 
Net investment income (loss) 3.00%G 2.28% 4.22%B 2.76% 3.55% 3.26% 
Supplemental Data       
Net assets, end of period (000 omitted) $6,522,314 $6,436,096 $6,467,583 $5,601,176 $4,114,635 $1,955,967 
Portfolio turnover rateH 25%G 44% 70% 80% 63% 78% 

 A Calculated based on average shares outstanding during the period.

 B Net Investment income per share reflects a large, non-recurring dividend which amounted to $.18 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 2.64%.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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 Annualized

 H Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

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. The 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 generally available only to other investment companies and accounts managed by the investment adviser 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 do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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 Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of each Fund's investments to the FMR Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, each Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees each Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing each Fund's investments and ratifies the fair value determinations of the Committee.

Each 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)

Valuation techniques used to value each 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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of each applicable Fund's Schedule of Investments.

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.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates 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 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 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 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Funds determine the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of each Fund, and certain fund-level expense reductions, if any, are allocated daily 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. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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 Emerging Markets Fund and Fidelity Series International Small Cap Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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 for each Fund:

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) on securities 
Fidelity Series Emerging Markets Fund $13,719,882,067 $1,586,207,581 $(1,194,178,941) $392,028,640 
Fidelity Series International Growth Fund 9,834,297,742 2,749,295,896 (280,877,014) 2,468,418,882 
Fidelity Series International Small Cap Fund 2,255,577,900 737,064,840 (136,982,979) 600,081,861 
Fidelity Series International Value Fund 12,256,072,103 1,353,605,625 (1,062,882,953) 290,722,672 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

 No expiration    
 Short-term Long-term Total no expiration Total capital loss carryforward 
Fidelity Series Emerging Markets Fund $(786,915,902) $(121,276,901) $(908,192,803) $(908,192,803) 
Fidelity Series International Value Fund (269,639,939) (48,434,788) (318,074,727) (318,074,727) 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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 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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Funds' investment objective allows the Funds to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Funds used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Funds may not achieve their objectives.

The Funds' use of derivatives increased or decreased their exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Funds will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Funds. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Funds used futures contracts to manage their exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period, Fidelity Series Emerging Markets Fund recognized net realized gain (loss) of $20,896,544 and a change in net unrealized appreciation (depreciation) of $3,454,797 related to its investment in futures contracts. These amounts are included in the Statement of Operations.

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 4,895,901,728 2,676,191,211 
Fidelity Series International Growth Fund 2,114,081,165 2,003,664,599 
Fidelity Series International Small Cap Fund 360,321,364 261,581,371 
Fidelity Series International Value Fund 2,189,272,122 1,467,439,948 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized 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 the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 of +/- .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 funds's relative investment performance of the asset-weighted return of all classes as compared to its benchmark index over the same 36 month performance period. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets, including the performance adjustment, if applicable was as follows. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net asset for the reporting and performance periods.

 Individual Rate Group Rate Total 
Fidelity Series Emerging Markets Fund .55% .25% .80% 
Fidelity Series International Growth Fund .45% .25% .73% 
Fidelity Series International Small Cap Fund .60% .25% .86% 
Fidelity Series International Value Fund .45% .25% .78% 

 Performance Benchmark 
  
Fidelity Series International Growth Fund MSCI EAFE Growth Index 
Fidelity Series International Small Cap Fund MSCI EAFE Small Cap Index 
Fidelity Series International Value Fund MSCI EAFE Value Index 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc., (FIIOC), an affiliate of the investment adviser, 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 applicable class were as follows:

 Amount % of
Class-Level Average
Net Assets(a) 
Fidelity Series Emerging Markets Fund   
Series Emerging Markets $4,745,994 .16 
Fidelity Series International Growth Fund   
Series International Growth 4,501,874 .17 
Fidelity Series International Small Cap Fund   
Series International Small Cap 1,038,915 .17 
Fidelity Series International Value Fund   
Series International Value 4,478,892 .17 

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Series Emerging Markets Fund $35,256 
Fidelity Series International Growth Fund 4,162 
Fidelity Series International Small Cap Fund 1,039 
Fidelity Series International Value Fund 2,942 

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 or other affiliated entities of 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 Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Series International Value Fund Borrower $18,296,500 .62% $629 

Interfund Trades. The Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed Fidelity Series International Small Cap Fund for certain losses in the amount of $11,989.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 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 $10,481 
Fidelity Series International Growth Fund 10,253 
Fidelity Series International Small Cap Fund 2,363 
Fidelity Series International Value Fund 10,226 

During the period, the Funds did not borrow 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 the Funds and any additional required collateral is delivered to the Funds on the next business day. The Funds or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds may apply collateral received from the borrower against the obligation. The Funds may experience delays and costs in recovering the securities loaned. 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. FCM security lending activity was as follows:

 Total Security Lending Income Security Lending Income From Securities Loaned to FCM Value of Securities Loaned to FCM at Period End 
Fidelity Series Emerging Markets Fund $360,621 $3,620 $4,578,743 
Fidelity Series International Growth Fund 1,389,622 104,950 55,944,296 
Fidelity Series International Small Cap Fund 195,878 178 – 
Fidelity Series International Value Fund 4,948,001 926 – 

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of Certain Funds include an amount in addition to trade execution, which may be rebated back to the Funds to offset certain expenses. In addition, through arrangements with each applicable Fund's custodian credits realized as a result of certain 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 $185,144 $694 
Fidelity Series International Growth Fund 53,948 – 
Fidelity Series International Small Cap Fund 3,447 20 
Fidelity Series International Value Fund 164,999 2 

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses as follows:

 Fund-Level Amount 
Fidelity Series Emerging Markets Fund $43,303 
Fidelity Series International Growth Fund 42,154 
Fidelity Series International Small Cap Fund 9,793 
Fidelity Series International Value Fund 42,018 

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Fidelity Series Emerging Markets Fund   
From net investment income   
Series Emerging Markets $69,080,205 $39,027,374 
Class F 89,259,659 50,798,272 
Total $158,339,864 $89,825,646 
Fidelity Series International Growth Fund   
From net investment income   
Series International Growth $60,262,280 $78,746,368 
Class F 81,155,271 98,691,962 
Total $141,417,551 $177,438,330 
From net realized gain   
Series International Growth $125,932,714 $88,907,190 
Class F 146,169,162 97,760,906 
Total $272,101,876 $186,668,096 
Fidelity Series International Small Cap Fund   
From net investment income   
Series International Small Cap $11,493,851 $12,140,821 
Class F 15,865,887 16,429,056 
Total $27,359,738 $28,569,877 
From net realized gain   
Series International Small Cap $75,296,455 $17,604,190 
Class F 87,307,708 19,390,106 
Total $162,604,163 $36,994,296 
Fidelity Series International Value Fund   
From net investment income   
Series International Value $113,519,073 $241,458,154 
Class F 143,406,508 277,703,863 
Total $256,925,581 $519,162,017 
From net realized gain   
Series International Value $– $176,811,463 
Class F – 194,453,471 
Total $– $371,264,934 

11. Share Transactions.

Transactions for each class of shares were as follows:

 Shares Shares Dollars Dollars 
 Six months ended April 30, 2016 Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Fidelity Series Emerging Markets Fund     
Series Emerging Markets     
Shares sold 76,236,195 123,959,808 $1,068,329,235 $2,044,867,266 
Reinvestment of distributions 4,686,581 2,286,314 69,080,205 39,027,374 
Shares redeemed (17,245,589) (34,411,277) (245,146,879) (566,233,556) 
Net increase (decrease) 63,677,187 91,834,845 $892,262,561 $1,517,661,084 
Class F     
Shares sold 96,828,930 153,928,469 $1,365,080,361 $2,538,996,172 
Reinvestment of distributions 6,043,308 2,968,923 89,259,659 50,798,272 
Shares redeemed (19,169,777) (36,125,669) (267,335,009) (608,068,321) 
Net increase (decrease) 83,702,461 120,771,723 $1,187,005,011 $1,981,726,123 
Fidelity Series International Growth Fund     
Series International Growth     
Shares sold 38,643,587 25,324,796 $499,897,418 $359,926,491 
Reinvestment of distributions 13,492,391 12,078,787 186,194,994 167,653,558 
Shares redeemed (29,722,304) (74,712,848) (400,731,625) (1,062,121,684) 
Net increase (decrease) 22,413,674 (37,309,265) $285,360,787 $(534,541,635) 
Class F     
Shares sold 56,070,970 48,332,641 $731,007,294 $686,631,779 
Reinvestment of distributions 16,448,946 14,123,139 227,324,433 196,452,868 
Shares redeemed (39,268,279) (75,307,908) (526,084,357) (1,080,512,061) 
Net increase (decrease) 33,251,637 (12,852,128) $432,247,370 $(197,427,414) 
Fidelity Series International Small Cap Fund     
Series International Small Cap     
Shares sold 6,981,233 6,213,162 $100,448,556 $98,321,887 
Reinvestment of distributions 5,687,438 2,000,337 $86,790,306 $29,745,011 
Shares redeemed (6,452,710) (16,436,223) (97,719,250) (261,823,586) 
Net increase (decrease) 6,215,961 (8,222,724) $89,519,612 $(133,756,688) 
Class F     
Shares sold 10,606,003 11,766,506 $153,880,675 $186,255,220 
Reinvestment of distributions 6,752,199 2,405,585 103,173,595 35,819,162 
Shares redeemed (8,475,983) (17,677,411) (127,559,428) (284,052,775) 
Net increase (decrease) 8,882,219 (3,505,320) $129,494,842 $(61,978,393) 
Fidelity Series International Value Fund     
Series International Value     
Shares sold 59,889,162 51,219,354 $541,704,322 $514,770,315 
Reinvestment of distributions 11,715,075 41,826,962 113,519,073 418,269,617 
Shares redeemed (37,333,911) (89,083,944) (350,219,219) (900,543,214) 
Net increase (decrease) 34,270,326 3,962,372 $305,004,176 $32,496,718 
Class F     
Shares sold 85,707,853 89,487,681 $780,449,370 $902,577,936 
Reinvestment of distributions 14,784,176 47,121,490 143,406,508 472,157,334 
Shares redeemed (50,649,179) (90,319,635) (471,169,866) (919,744,396) 
Net increase (decrease) 49,842,850 46,289,536 $452,686,012 $454,990,874 

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 the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Funds.

Shareholder Expense Example

As a shareholder of the 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 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 (November 1, 2015 to April 30, 2016).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Fidelity Series Emerging Markets Fund     
Series Emerging Markets 1.03%    
Actual  $1,000.00 $1,001.10 $5.12 
Hypothetical-C  $1,000.00 $1,019.74 $5.17 
Class F .87%    
Actual  $1,000.00 $1,002.10 $4.33 
Hypothetical-C  $1,000.00 $1,020.54 $4.37 
Fidelity Series International Growth Fund     
Series International Growth .92%    
Actual  $1,000.00 $977.70 $4.52 
Hypothetical-C  $1,000.00 $1,020.29 $4.62 
Class F .75%    
Actual  $1,000.00 $978.80 $3.69 
Hypothetical-C  $1,000.00 $1,021.13 $3.77 
Fidelity Series International Small Cap Fund     
Series International Small Cap 1.08%    
Actual  $1,000.00 $1,003.50 $5.38 
Hypothetical-C  $1,000.00 $1,019.49 $5.42 
Class F .91%    
Actual  $1,000.00 $1,004.00 $4.53 
Hypothetical-C  $1,000.00 $1,020.34 $4.57 
Fidelity Series International Value Fund     
Series International Value .98%    
Actual  $1,000.00 $962.30 $4.78 
Hypothetical-C  $1,000.00 $1,019.99 $4.92 
Class F .81%    
Actual  $1,000.00 $963.20 $3.95 
Hypothetical-C  $1,000.00 $1,020.84 $4.07 
     
     
     

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/ 366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

GSV-S-SANN-0616
1.907946.106

Fidelity Advisor® Total Emerging Markets Fund -
Class A, Class T and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T and Class C are classes of Fidelity® Total Emerging Markets Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 2.1 2.0 
Naspers Ltd. Class N (South Africa, Media) 2.0 1.2 
Tencent Holdings Ltd. (Cayman Islands, Internet Software & Services) 1.5 1.7 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet Software & Services) 1.4 0.6 
China Mobile Ltd. (Hong Kong, Wireless Telecommuncation Services) 1.2 1.1 
 8.2  

Top Five Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 18.8 17.5 
Energy 16.8 14.9 
Information Technology 13.0 10.9 
Consumer Discretionary 7.4 5.7 
Consumer Staples 5.8 5.7 

Top Five Countries as of April 30, 2016

(excluding cash equivalents) % of fund's net assets % of fund's net assets 6 months ago 
Korea (South) 8.7 9.3 
Cayman Islands 6.9 7.0 
Brazil 6.1 5.2 
Mexico 6.0 6.2 
India 5.5 5.3 

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation (% of fund's net assets)

As of April 30, 2016 
   Stocks and Equity Futures 67.5% 
   Bonds 28.8% 
   Other Investments 0.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.4% 


As of October 31, 2015 
   Stocks and Equity Futures 55.3% 
   Bonds 40.8% 
   Other Investments 0.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.3% 


Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 60.3%   
 Shares Value 
Argentina - 0.3%   
Telecom Argentina SA Class B sponsored ADR 4,334 $81,132 
YPF SA Class D sponsored ADR 6,200 124,930 
TOTAL ARGENTINA  206,062 
Austria - 0.3%   
Erste Group Bank AG 7,805 224,500 
Bermuda - 1.0%   
AGTech Holdings Ltd. (a) 112,000 25,952 
Credicorp Ltd. (United States) 1,290 187,592 
GP Investments Ltd. Class A (depositary receipt) (a) 22,922 51,253 
PAX Global Technology Ltd. 115,460 99,437 
Shangri-La Asia Ltd. 262,000 320,071 
TOTAL BERMUDA  684,305 
Brazil - 2.6%   
B2W Companhia Global do Varejo (a) 32,040 127,629 
BB Seguridade Participacoes SA 36,310 316,726 
BR Properties SA 6,700 20,007 
CCR SA 32,700 153,838 
Cielo SA 25,436 247,759 
Companhia de Saneamento de Minas Gerais 15,706 98,184 
Cosan SA Industria e Comercio 12,521 115,917 
Direcional Engenharia SA 42,000 75,104 
Fibria Celulose SA 6,700 59,183 
FPC Par Corretora de Seguros 33,600 112,839 
Minerva SA (a) 47,700 146,599 
Smiles SA 29,700 344,561 
TOTAL BRAZIL  1,818,346 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 5,080 102,870 
Canada - 0.6%   
Goldcorp, Inc. 3,600 72,534 
Pan American Silver Corp. 17,700 277,359 
Torex Gold Resources, Inc. (a) 44,300 78,735 
TOTAL CANADA  428,628 
Cayman Islands - 6.7%   
51job, Inc. sponsored ADR (a) 3,100 92,380 
58.com, Inc. ADR (a) 10,050 549,233 
AAC Technology Holdings, Inc. 11,000 76,351 
Alibaba Group Holding Ltd. sponsored ADR (a) 12,700 977,138 
Autohome, Inc. ADR Class A (a) 2,000 59,120 
Bitauto Holdings Ltd. ADR (a) 6,700 167,232 
BizLink Holding, Inc. 5,000 28,480 
China State Construction International Holdings Ltd. 84,000 130,847 
CK Hutchison Holdings Ltd. 8,770 104,921 
Ctrip.com International Ltd. ADR (a) 1,400 61,054 
Haitian International Holdings Ltd. 34,000 58,010 
Himax Technologies, Inc. sponsored ADR 4,100 42,599 
JD.com, Inc. sponsored ADR (a) 13,600 347,616 
New Oriental Education & Technology Group, Inc. sponsored ADR 3,100 121,396 
Sino Biopharmaceutical Ltd. 248,000 175,734 
SouFun Holdings Ltd. ADR 19,000 108,110 
Sunny Optical Technology Group Co. Ltd. 25,000 77,106 
Tencent Holdings Ltd. 51,750 1,053,025 
Uni-President China Holdings Ltd. 404,600 376,791 
Vipshop Holdings Ltd. ADR (a) 12,600 171,864 
TOTAL CAYMAN ISLANDS  4,779,007 
Chile - 1.0%   
Compania Cervecerias Unidas SA sponsored ADR 7,700 172,634 
CorpBanca SA 11,730,819 106,766 
Empresas CMPC SA 25,201 56,988 
Enersis Chile SA 316,233 38,579 
Enersis SA 352,800 60,833 
Inversiones La Construccion SA 9,283 109,456 
Vina Concha y Toro SA 93,580 156,841 
TOTAL CHILE  702,097 
China - 5.4%   
Anhui Conch Cement Co. Ltd. (H Shares) 78,000 205,535 
BBMG Corp. (H Shares) 224,500 164,071 
China Life Insurance Co. Ltd. (H Shares) 127,034 292,630 
China Longyuan Power Grid Corp. Ltd. (H Shares) 155,860 107,832 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 138,106 484,261 
China Petroleum & Chemical Corp. (H Shares) 204,000 143,756 
China Suntien Green Energy Corp. Ltd. (H Shares) 328,690 37,395 
China Telecom Corp. Ltd. (H Shares) 334,449 165,574 
Industrial & Commercial Bank of China Ltd. (H Shares) 1,540,660 824,871 
Inner Mongoli Yili Industries Co. Ltd. 67,371 156,407 
Kweichow Moutai Co. Ltd. 8,040 311,961 
Maanshan Iron & Steel Ltd. (H Shares) (a) 296,000 68,021 
PetroChina Co. Ltd. (H Shares) 152,000 111,208 
PICC Property & Casualty Co. Ltd. (H Shares) 117,800 214,287 
Qingdao Haier Co. Ltd. 185,774 239,031 
Shanghai International Airport Co. Ltd. 19,900 83,638 
Zhengzhou Yutong Bus Co. Ltd. 37,500 118,801 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 20,000 113,795 
TOTAL CHINA  3,843,074 
Colombia - 0.2%   
Bancolombia SA sponsored ADR 4,155 160,757 
Egypt - 0.1%   
Citadel Capital Corp. (a) 141,500 23,583 
Global Telecom Holding GDR (a) 17,460 28,809 
TOTAL EGYPT  52,392 
Greece - 0.3%   
Titan Cement Co. SA (Reg.) 9,700 221,273 
Hong Kong - 3.7%   
AIA Group Ltd. 34,320 205,392 
China Mobile Ltd. 16,610 190,696 
China Mobile Ltd. sponsored ADR 12,112 696,682 
China Resources Beer Holdings Co. Ltd. 104,000 228,531 
China Resources Power Holdings Co. Ltd. 64,189 108,110 
CNOOC Ltd. 441,000 544,777 
CNOOC Ltd. sponsored ADR 44 5,431 
Far East Horizon Ltd. 438,980 348,452 
Sinotruk Hong Kong Ltd. 154,000 77,544 
Techtronic Industries Co. Ltd. 55,000 206,177 
TOTAL HONG KONG  2,611,792 
India - 5.5%   
Adani Ports & Special Economic Zone 46,861 168,042 
Axis Bank Ltd. (a) 21,528 153,101 
Bharti Infratel Ltd. 36,476 205,895 
Coal India Ltd. 60,713 263,278 
Edelweiss Financial Services Ltd. 75,572 66,043 
Eicher Motors Ltd. (a) 468 141,156 
Grasim Industries Ltd. 3,510 226,465 
Housing Development Finance Corp. Ltd. 2,631 43,112 
ITC Ltd. 40,866 199,914 
JK Cement Ltd. 12,525 111,862 
Just Dial Ltd. 4,157 52,972 
Larsen & Toubro Ltd. (a) 7,910 149,399 
LIC Housing Finance Ltd. (a) 18,430 128,267 
Lupin Ltd. 14,104 341,264 
Oil & Natural Gas Corp. Ltd. 46,067 150,666 
Petronet LNG Ltd. 25,887 102,709 
Phoenix Mills Ltd. 23,725 114,686 
Power Grid Corp. of India Ltd. 140,906 304,189 
SREI Infrastructure Finance Ltd. (a) 116,223 104,018 
State Bank of India (a) 54,040 153,760 
Sun Pharmaceutical Industries Ltd. 31,005 378,685 
Tata Consultancy Services Ltd. 10,234 390,638 
TOTAL INDIA  3,950,121 
Indonesia - 0.5%   
Link Net Tbk PT 86,000 27,486 
PT Bank Mandiri (Persero) Tbk 176,150 128,048 
PT Bank Rakyat Indonesia Tbk 207,300 162,690 
PT Kalbe Farma Tbk 555,300 57,896 
TOTAL INDONESIA  376,120 
Israel - 0.4%   
Bezeq The Israel Telecommunication Corp. Ltd. 119,655 255,229 
Japan - 0.2%   
Rakuten, Inc. 10,832 117,759 
Korea (South) - 7.8%   
AMOREPACIFIC Group, Inc. 2,000 293,277 
Daou Technology, Inc. 5,064 103,430 
Duk San Neolux Co. Ltd. (a) 1,826 43,352 
E-Mart Co. Ltd. 1,187 190,119 
EO Technics Co. Ltd. 442 43,750 
Fila Korea Ltd. 2,435 221,040 
Hanon Systems 11,898 106,967 
Hyundai Glovis Co. Ltd. 2,043 338,813 
Hyundai Industrial Development & Construction Co. 3,241 142,859 
Hyundai Mobis 1,845 419,510 
InterPark INT Corp. 4,011 68,444 
Kakao Corp. 742 65,089 
KB Financial Group, Inc. 9,312 283,360 
KEPCO Plant Service & Engineering Co. Ltd. 1,426 93,973 
Korea Electric Power Corp. 3,805 205,551 
Korean Reinsurance Co. 21,509 249,695 
KT Corp. 2,253 60,021 
KT Corp. sponsored ADR 3,052 41,538 
LG Chemical Ltd. 1,202 311,601 
NAVER Corp. 171 101,047 
NCSOFT Corp. 726 145,114 
Samsung Electronics Co. Ltd. 648 704,179 
Samsung Fire & Marine Insurance Co. Ltd. 568 146,007 
Samsung SDI Co. Ltd. 1,310 130,351 
Shinhan Financial Group Co. Ltd. 14,142 515,690 
SK Hynix, Inc. 16,437 403,868 
SK Telecom Co. Ltd. sponsored ADR 4,250 85,000 
Viatron Technologies, Inc. 2,018 50,552 
TOTAL KOREA (SOUTH)  5,564,197 
Malaysia - 0.3%   
Tenaga Nasional Bhd 53,179 195,482 
Mauritius - 0.1%   
MakeMyTrip Ltd. (a) 3,100 56,916 
Mexico - 3.8%   
America Movil S.A.B. de CV Series L sponsored ADR 17,863 252,940 
Banregio Grupo Financiero S.A.B. de CV 9,480 56,810 
CEMEX S.A.B. de CV sponsored ADR 15,288 113,896 
El Puerto de Liverpool S.A.B. de CV Class C 19,700 223,935 
Fibra Uno Administracion SA de CV 119,360 284,167 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 17,100 161,114 
Grupo Comercial Chedraui S.A.B. de CV 44,076 124,917 
Grupo Financiero Banorte S.A.B. de CV Series O 117,969 669,705 
Infraestructura Energetica Nova S.A.B. de CV 14,000 54,707 
Macquarie Mexican (REIT) 252,670 347,768 
Promotora y Operadora de Infraestructura S.A.B. de CV 6,200 78,629 
Tenedora Nemak SA de CV 64,900 93,099 
Wal-Mart de Mexico SA de CV Series V 94,100 232,725 
TOTAL MEXICO  2,694,412 
Netherlands - 0.7%   
Cnova NV (a) 5,550 19,425 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(b) 15,500 72,950 
Yandex NV (a) 19,517 399,513 
TOTAL NETHERLANDS  491,888 
Nigeria - 0.2%   
Guaranty Trust Bank PLC GDR (Reg. S) 11,980 41,930 
Transnational Corp. of Nigeria PLC 3,901,713 19,412 
Zenith Bank PLC 1,851,312 118,155 
TOTAL NIGERIA  179,497 
Pakistan - 0.2%   
Habib Bank Ltd. 96,700 174,336 
Panama - 0.2%   
Copa Holdings SA Class A 2,200 140,250 
Philippines - 0.9%   
Alliance Global Group, Inc. 547,150 168,676 
Metro Pacific Investments Corp. 459,100 56,613 
Metropolitan Bank & Trust Co. 124,721 215,448 
Robinsons Land Corp. 363,980 209,713 
TOTAL PHILIPPINES  650,450 
Romania - 0.1%   
Banca Transilvania SA 89,698 61,556 
Russia - 3.4%   
E.ON Russia JSC (a) 1,584,700 64,565 
Lukoil PJSC sponsored ADR 13,700 580,675 
Magnit OJSC GDR (Reg. S) 5,500 190,300 
MMC Norilsk Nickel PJSC sponsored ADR 19,900 293,525 
Mobile TeleSystems OJSC (a) 33,812 132,204 
Mobile TeleSystems OJSC sponsored ADR 1,940 17,964 
NOVATEK OAO GDR (Reg. S) 3,000 288,000 
Rosneft Oil Co. OJSC (a) 55,500 300,753 
Sberbank of Russia (a) 67,580 129,019 
Sberbank of Russia sponsored ADR 39,884 319,710 
Sistema JSFC (a) 240,200 72,128 
Sistema JSFC sponsored GDR 2,860 21,021 
TOTAL RUSSIA  2,409,864 
Singapore - 0.7%   
Ascendas Real Estate Investment Trust 135,310 247,509 
CapitaMall Trust 54,800 84,348 
First Resources Ltd. 103,200 146,184 
TOTAL SINGAPORE  478,041 
South Africa - 4.2%   
Alexander Forbes Group Holdings Ltd. (c) 126,689 63,900 
Aspen Pharmacare Holdings Ltd. 7,141 168,291 
Barclays Africa Group Ltd. (d) 25,640 259,908 
Bidvest Group Ltd. 8,056 204,455 
Imperial Holdings Ltd. 18,800 196,819 
JSE Ltd. 6,910 80,098 
Life Healthcare Group Holdings Ltd. 53,600 140,785 
Naspers Ltd. Class N 10,554 1,448,115 
Nedbank Group Ltd. 8,080 103,361 
Sasol Ltd. 4,000 130,841 
Shoprite Holdings Ltd. (c) 9,551 114,885 
Telkom SA Ltd. 23,762 94,612 
TOTAL SOUTH AFRICA  3,006,070 
Spain - 0.2%   
Banco Bilbao Vizcaya Argentaria SA 25,681 176,475 
Taiwan - 4.4%   
Advanced Semiconductor Engineering, Inc. 98,000 94,153 
Advantech Co. Ltd. 25,000 176,454 
Boardtek Electronics Corp. 36,000 51,710 
Catcher Technology Co. Ltd. 13,000 91,354 
E.SUN Financial Holdings Co. Ltd. 252,546 139,943 
Hermes Microvision, Inc. 1,000 30,802 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 29,555 70,541 
HTC Corp. 22,000 56,119 
Inotera Memories, Inc. (a) 29,000 26,304 
King's Town Bank 96,600 67,285 
Kingpak Technology, Inc. (a) 5,000 48,757 
Largan Precision Co. Ltd. 1,833 128,809 
MediaTek, Inc. 5,000 35,600 
Siliconware Precision Industries Co. Ltd. 25,000 36,958 
Taiwan Cement Corp. 270,000 274,990 
Taiwan Fertilizer Co. Ltd. 44,000 59,728 
Taiwan Semiconductor Manufacturing Co. Ltd. 324,000 1,486,264 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,642 38,735 
Universal Cement Corp. 66,654 42,609 
Vanguard International Semiconductor Corp. 38,000 58,171 
Wistron NeWeb Corp. 19,000 49,407 
Yuanta Financial Holding Co. Ltd. 247,231 81,510 
TOTAL TAIWAN  3,146,203 
Thailand - 1.8%   
Advanced Info Service PCL (For. Reg.) 12,640 56,467 
Airports of Thailand PCL (For. Reg.) 14,500 162,772 
Intouch Holdings PCL NVDR 30,250 45,696 
Jasmine Broadband Internet Infrastructure Fund 223,390 60,134 
Kasikornbank PCL (For. Reg.) 74,080 354,277 
PTT Global Chemical PCL (For. Reg.) 50,600 90,564 
PTT PCL (For. Reg.) 25,700 223,734 
Star Petroleum Refining PCL 253,300 79,791 
Thai Union Frozen Products PCL (For. Reg.) 321,800 190,758 
TOTAL THAILAND  1,264,193 
Turkey - 0.9%   
Aselsan A/S 14,000 99,871 
Enka Insaat ve Sanayi A/S 46,000 79,900 
Tupras Turkiye Petrol Rafinelleri A/S 7,900 208,511 
Turkiye Garanti Bankasi A/S 53,674 165,220 
Turkiye Halk Bankasi A/S 25,980 99,816 
TOTAL TURKEY  653,318 
United Arab Emirates - 0.7%   
DP World Ltd. 7,270 137,403 
Emaar Properties PJSC 95,651 177,088 
First Gulf Bank PJSC 53,346 188,089 
TOTAL UNITED ARAB EMIRATES  502,580 
United Kingdom - 0.3%   
Fresnillo PLC 10,600 172,384 
HSBC Holdings PLC (Hong Kong) 10,995 73,189 
TOTAL UNITED KINGDOM  245,573 
United States of America - 0.5%   
Cognizant Technology Solutions Corp. Class A (a) 2,420 141,255 
First Cash Financial Services, Inc. 2,549 116,566 
Micron Technology, Inc. (a) 8,700 93,525 
TOTAL UNITED STATES OF AMERICA  351,346 
TOTAL COMMON STOCKS   
(Cost $40,006,021)  42,976,979 
Nonconvertible Preferred Stocks - 4.0%   
Brazil - 3.1%   
Ambev SA sponsored ADR 100,500 561,795 
Banco do Estado Rio Grande do Sul SA 25,820 63,888 
Companhia Paranaense de Energia-Copel:   
(PN-B) 615 5,062 
(PN-B) sponsored ADR 13,122 108,519 
Itau Unibanco Holding SA sponsored ADR 67,638 644,590 
Metalurgica Gerdau SA (PN) 100,570 85,094 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 44,106 260,225 
Telefonica Brasil SA 9,537 117,464 
Vale SA (PN-A) sponsored ADR 74,300 337,322 
TOTAL BRAZIL  2,183,959 
Korea (South) - 0.9%   
Hyundai Motor Co. Series 2 3,119 271,969 
Samsung Electronics Co. Ltd. 295 268,562 
Samsung Fire & Marine Insurance Co. Ltd. 717 117,343 
TOTAL KOREA (SOUTH)  657,874 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $2,875,342)  2,841,833 
 Principal Amount Value 
Nonconvertible Bonds - 14.6%   
Azerbaijan - 1.3%   
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) 200,000 188,600 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 200,000 205,550 
State Oil Co. of Azerbaijan Republic:   
4.75% 3/13/23 (Reg. S) 325,000 292,050 
6.95% 3/18/30 (Reg. S) 275,000 261,938 
TOTAL AZERBAIJAN  948,138 
Canada - 0.0%   
Pacific Rubiales Energy Corp. 5.125% 3/28/23 (b)(e) 100,000 14,750 
Colombia - 0.1%   
Ecopetrol SA 7.375% 9/18/43 100,000 92,813 
Georgia - 0.7%   
Georgian Oil & Gas Corp.:   
6.75% 4/26/21 (b) 250,000 251,300 
6.875% 5/16/17 (b) 250,000 251,855 
TOTAL GEORGIA  503,155 
Indonesia - 2.2%   
PT Pertamina Persero:   
4.875% 5/3/22 (b) 275,000 283,452 
5.25% 5/23/21 (b) 200,000 210,232 
5.625% 5/20/43 (b) 200,000 184,581 
6% 5/3/42 (b) 400,000 383,910 
6.5% 5/27/41 (b) 475,000 484,377 
TOTAL INDONESIA  1,546,552 
Ireland - 0.2%   
Vnesheconombank Via VEB Finance PLC 6.8% 11/22/25 (b) 100,000 104,625 
Kazakhstan - 0.9%   
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) 400,000 334,024 
KazMunaiGaz Finance Sub BV 9.125% 7/2/18 (b) 300,000 328,500 
TOTAL KAZAKHSTAN  662,524 
Luxembourg - 2.0%   
Petrobras International Finance Co. Ltd.:   
3.5% 2/6/17 200,000 198,030 
5.375% 1/27/21 530,000 471,038 
8.375% 12/10/18 300,000 309,000 
RSHB Capital SA 5.1% 7/25/18 (b) 400,000 411,280 
TOTAL LUXEMBOURG  1,389,348 
Mexico - 2.2%   
Pemex Project Funding Master Trust 6.625% 6/15/35 350,000 355,250 
Petroleos Mexicanos:   
6.5% 6/2/41 425,000 424,150 
6.625% (b)(f) 850,000 809,625 
TOTAL MEXICO  1,589,025 
Netherlands - 0.7%   
Petrobras Global Finance BV:   
6.85% 6/5/2115 215,000 159,100 
7.25% 3/17/44 400,000 324,000 
TOTAL NETHERLANDS  483,100 
South Africa - 0.4%   
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (b) 300,000 282,375 
Trinidad & Tobago - 0.8%   
Petroleum Co. of Trinidad & Tobago Ltd.:   
6% 5/8/22 (b) 262,708 246,158 
9.75% 8/14/19 (b) 300,000 312,900 
TOTAL TRINIDAD & TOBAGO  559,058 
Turkey - 0.3%   
Turk Sise ve Cam Fabrikalari A/S 4.25% 5/9/20 (Reg. S) 200,000 199,498 
United Arab Emirates - 0.1%   
DP World Ltd. 6.85% 7/2/37 (Reg. S) 100,000 103,686 
United Kingdom - 0.8%   
Biz Finance PLC 9.625% 4/27/22 (b) 600,000 555,120 
Venezuela - 1.9%   
Petroleos de Venezuela SA:   
5.25% 4/12/17 300,000 164,250 
5.5% 4/12/37 500,000 176,200 
6% 11/15/26 (Reg. S) 1,200,000 410,280 
8.5% 11/2/17 (b) 166,667 97,500 
9% 11/17/21 (Reg. S) 550,000 216,425 
12.75% 2/17/22 (b) 600,000 279,000 
TOTAL VENEZUELA  1,343,655 
TOTAL NONCONVERTIBLE BONDS   
(Cost $11,036,167)  10,377,422 
Government Obligations - 14.6%   
Angola - 0.3%   
Angola Republic 9.5% 11/12/25 (b) 200,000 195,260 
Argentina - 1.4%   
Argentine Republic:   
6.25% 4/22/19 (b) 150,000 155,550 
6.875% 4/22/21 (b) 170,000 175,100 
7.5% 4/22/26 (b) 185,000 187,775 
7.625% 4/22/46 (b) 150,000 147,525 
8.28% 12/31/33 315,459 330,443 
TOTAL ARGENTINA  996,393 
Armenia - 0.5%   
Republic of Armenia 6% 9/30/20 (b) 325,000 324,220 
Barbados - 0.3%   
Barbados Government 7% 8/4/22 (b) 250,000 245,750 
Brazil - 0.4%   
Brazilian Federative Republic:   
5% 1/27/45 200,000 161,500 
12.25% 3/6/30 100,000 155,500 
TOTAL BRAZIL  317,000 
Cameroon - 0.3%   
Cameroon Republic 9.5% 11/19/25 (b) 200,000 195,760 
Colombia - 0.6%   
Colombian Republic:   
6.125% 1/18/41 100,000 107,250 
7.375% 9/18/37 250,000 301,875 
TOTAL COLOMBIA  409,125 
Congo - 0.3%   
Congo Republic 4% 6/30/29 (g) 292,600 209,958 
Costa Rica - 0.5%   
Costa Rican Republic:   
4.375% 4/30/25 (b) 225,000 200,250 
7.158% 3/12/45 (b) 200,000 186,500 
TOTAL COSTA RICA  386,750 
Croatia - 0.7%   
Croatia Republic 6% 1/26/24 (b) 450,000 492,188 
Dominican Republic - 0.6%   
Dominican Republic 6.6% 1/28/24 (b) 375,000 401,250 
Ecuador - 0.2%   
Ecuador Republic 7.95% 6/20/24 (b) 200,000 173,500 
El Salvador - 0.2%   
El Salvador Republic 7.625% 2/1/41 (b) 150,000 131,625 
Ethiopia - 0.3%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 200,000 181,500 
Gabon - 0.2%   
Gabonese Republic 6.375% 12/12/24 (b) 200,000 174,724 
Ghana - 0.5%   
Ghana Republic:   
7.875% 8/7/23 (Reg.S) 200,000 159,540 
10.75% 10/14/30 (b) 200,000 196,760 
TOTAL GHANA  356,300 
Iraq - 0.2%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 250,000 177,525 
Ivory Coast - 0.3%   
Ivory Coast 5.375% 7/23/24 (b) 200,000 184,500 
Jamaica - 0.2%   
Jamaican Government 8% 6/24/19 150,000 163,313 
Jordan - 0.3%   
Jordanian Kingdom 6.125% 1/29/26 (b) 200,000 211,250 
Kenya - 0.3%   
Republic of Kenya 6.875% 6/24/24 (b) 200,000 188,020 
Lebanon - 0.2%   
Lebanese Republic 6.1% 10/4/22 150,000 148,782 
Mongolia - 0.2%   
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) 200,000 157,796 
Mozambique - 0.2%   
Mozambique Republic 10.5% 1/18/23 (b) 200,000 163,000 
Pakistan - 0.3%   
Islamic Republic of Pakistan 7.25% 4/15/19 (b) 200,000 209,715 
Russia - 1.7%   
Russian Federation:   
5% 4/29/20 (b) 225,000 237,915 
5.625% 4/4/42 (b) 200,000 210,354 
12.75% 6/24/28 (Reg. S) 425,000 730,159 
TOTAL RUSSIA  1,178,428 
Senegal - 0.3%   
Republic of Senegal 8.75% 5/13/21 (b) 200,000 217,040 
Tanzania - 0.2%   
United Republic of Tanzania 6.8921% 3/9/20 (h) 177,778 180,445 
Turkey - 1.0%   
Turkish Republic:   
6.875% 3/17/36 100,000 119,125 
7% 6/5/20 250,000 284,243 
11.875% 1/15/30 165,000 284,460 
TOTAL TURKEY  687,828 
Ukraine - 0.2%   
Ukraine Government 0% 5/31/40 (b)(h) 430,000 134,285 
United States of America - 0.4%   
U.S. Treasury Bills, yield at date of purchase 0.29% to 0.32% 5/19/16 to 6/23/16 (i) 280,000 279,951 
Venezuela - 1.1%   
Venezuelan Republic:   
7% 3/31/38 650,000 232,375 
9% 5/7/23 (Reg. S) 300,000 114,375 
9.25% 9/15/27 650,000 277,063 
12.75% 8/23/22 325,000 150,719 
TOTAL VENEZUELA  774,532 
Zambia - 0.2%   
Republic of Zambia 8.97% 7/30/27 (b) 200,000 165,000 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $10,810,800)  10,412,713 
Preferred Securities - 0.3%   
Cayman Islands - 0.2%   
Banco Do Brasil SA 9% (b)(f)(h) 200,000 150,139 
Colombia - 0.1%   
Colombia Telecomunicacines SA 8.5% (b)(f)(h) 100,000 89,739 
TOTAL PREFERRED SECURITIES   
(Cost $228,131)  239,878 
 Shares Value 
Money Market Funds - 6.0%   
Fidelity Cash Central Fund, 0.38% (j)   
(Cost $4,255,911) 4,255,911 4,255,911 
TOTAL INVESTMENT PORTFOLIO - 99.8%   
(Cost $69,212,372)  71,104,736 
NET OTHER ASSETS (LIABILITIES) - 0.2%  139,079 
NET ASSETS - 100%  $71,243,815 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
54 ICE E-mini MSCI Emerging Markets Index Contracts (United States) June 2016 2,263,680 $(20,655) 

The face value of futures purchased as a percentage of Net Assets is 3.2%

For the period, the average monthly underlying face amount at value for futures contracts in the aggregate was $1,146,512.

Security Type Abbreviations

ELS – Equity-Linked Security

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) 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 $12,030,258 or 16.9% of net assets.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) A portion of the security sold on a delayed delivery basis.

 (e) Non-income producing - Security is in default.

 (f) Security is perpetual in nature with no stated maturity date.

 (g) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

 (h) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $129,976.

 (j) Affiliated fund that is generally 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 are available on the SEC's website or upon request.


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 $3,649 
Total $3,649 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $5,258,501 $4,614,494 $644,007 $-- 
Consumer Staples 3,794,638 3,189,316 605,322 -- 
Energy 3,672,597 2,704,620 967,977 -- 
Financials 12,054,266 8,140,422 3,913,844 -- 
Health Care 1,262,655 1,086,921 175,734 -- 
Industrials 3,229,566 2,744,449 485,117 -- 
Information Technology 9,198,494 6,249,248 2,949,246 -- 
Materials 3,367,091 2,481,726 885,365 -- 
Telecommunication Services 2,648,558 2,100,063 548,495 -- 
Utilities 1,332,446 910,953 421,493 -- 
Corporate Bonds 10,377,422 -- 10,377,422 -- 
Government Obligations 10,412,713 -- 10,412,713 -- 
Preferred Securities 239,878 -- 239,878 -- 
Money Market Funds 4,255,911 4,255,911 -- -- 
Total Investments in Securities: $71,104,736 $38,478,123 $32,626,613 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(20,655) $(20,655) $-- $-- 
Total Liabilities $(20,655) $(20,655) $-- $-- 
Total Derivative Instruments: $(20,655) $(20,655) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $162,341 
Level 2 to Level 1 $5,630,433 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2016. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(20,655) 
Total Equity Risk 0 (20,655) 
Total Value of Derivatives $0 $(20,655) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin for derivative instruments, and the net cumulative appreciation (depreciation) is included in net unrealized appreciation (depreciation).


Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

BBB 6.6% 
BB 8.2% 
B 8.4% 
CCC,CC,C 3.8% 
Not Rated 2.1% 
Equities 64.3% 
Short-Term Investments and Net Other Assets 6.6% 
 100.0% 

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $64,956,461) 		$66,848,825  
Fidelity Central Funds (cost $4,255,911) 4,255,911  
Total Investments (cost $69,212,372)  $71,104,736 
Cash  96,849 
Foreign currency held at value (cost $84,060)  84,095 
Receivable for investments sold   
Regular delivery  196,038 
Delayed delivery  5,021 
Receivable for fund shares sold  584,193 
Dividends receivable  41,415 
Interest receivable  448,185 
Distributions receivable from Fidelity Central Funds  735 
Prepaid expenses  57 
Receivable from investment adviser for expense reductions  24,578 
Other receivables  85,356 
Total assets  72,671,258 
Liabilities   
Payable for investments purchased   
Regular delivery $1,039,039  
Delayed delivery 31,664  
Payable for fund shares redeemed 182,047  
Accrued management fee 44,979  
Distribution and service plan fees payable 9,024  
Payable for daily variation margin for derivative instruments 12,354  
Other affiliated payables 17,432  
Other payables and accrued expenses 90,904  
Total liabilities  1,427,443 
Net Assets  $71,243,815 
Net Assets consist of:   
Paid in capital  $72,223,458 
Undistributed net investment income  796,595 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (3,645,165) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  1,868,927 
Net Assets  $71,243,815 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($9,739,977 ÷ 946,836 shares)  $10.29 
Maximum offering price per share (100/94.25 of $10.29)  $10.92 
Class T:   
Net Asset Value and redemption price per share ($2,602,344 ÷ 252,697 shares)  $10.30 
Maximum offering price per share (100/96.50 of $10.30)  $10.67 
Class C:   
Net Asset Value and offering price per share ($7,363,066 ÷ 717,907 shares)(a)  $10.26 
Total Emerging Markets:   
Net Asset Value, offering price and redemption price per share ($47,144,250 ÷ 4,583,390 shares)  $10.29 
Class I:   
Net Asset Value, offering price and redemption price per share ($4,394,178 ÷ 427,606 shares)  $10.28 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $389,416 
Interest  1,118,515 
Income from Fidelity Central Funds  3,649 
Income before foreign taxes withheld  1,511,580 
Less foreign taxes withheld  (41,195) 
Total income  1,470,385 
Expenses   
Management fee $257,316  
Transfer agent fees 89,622  
Distribution and service plan fees 53,784  
Accounting fees and expenses 16,678  
Custodian fees and expenses 115,562  
Independent trustees' compensation 139  
Registration fees 30,565  
Audit 58,674  
Legal 74  
Miscellaneous 1,246  
Total expenses before reductions 623,660  
Expense reductions (119,256) 504,404 
Net investment income (loss)  965,981 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (1,705,939)  
Foreign currency transactions 27,019  
Futures contracts (199,083)  
Total net realized gain (loss)  (1,878,003) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $2,203) 		2,049,760  
Assets and liabilities in foreign currencies 175  
Futures contracts (42,773)  
Total change in net unrealized appreciation (depreciation)  2,007,162 
Net gain (loss)  129,159 
Net increase (decrease) in net assets resulting from operations  $1,095,140 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $965,981 $1,845,806 
Net realized gain (loss) (1,878,003) (1,339,969) 
Change in net unrealized appreciation (depreciation) 2,007,162 (7,213,595) 
Net increase (decrease) in net assets resulting from operations 1,095,140 (6,707,758) 
Distributions to shareholders from net investment income (1,715,467) (1,198,750) 
Distributions to shareholders from net realized gain – (136,019) 
Total distributions (1,715,467) (1,334,769) 
Share transactions - net increase (decrease) 6,358,083 (6,024,786) 
Redemption fees 13,218 16,471 
Total increase (decrease) in net assets 5,750,974 (14,050,842) 
Net Assets   
Beginning of period 65,492,841 79,543,683 
End of period (including undistributed net investment income of $796,595 and undistributed net investment income of $1,546,081, respectively) $71,243,815 $65,492,841 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total Emerging Markets Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.35 $11.56 $11.37 $10.86 $10.00 
Income from Investment Operations      
Net investment income (loss)B .14 .28 .18 .18 .20 
Net realized and unrealized gain (loss) .04 (1.30) .19 .48 .68 
Total from investment operations .18 (1.02) .37 .66 .88 
Distributions from net investment income (.24) (.17) (.18) (.15) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.24) (.19) (.18) (.16) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.29 $10.35 $11.56 $11.37 $10.86 
Total ReturnD,E,F 1.84% (8.92)% 3.30% 6.23% 8.80% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 2.00%I 1.93% 1.98% 1.89% 1.87% 
Expenses net of fee waivers, if any 1.65%I 1.65% 1.65% 1.65% 1.65% 
Expenses net of all reductions 1.65%I 1.64% 1.65% 1.62% 1.62% 
Net investment income (loss) 2.91%I 2.58% 1.61% 1.61% 1.92% 
Supplemental Data      
Net assets, end of period (000 omitted) $9,740 $10,164 $13,627 $18,837 $7,675 
Portfolio turnover rateJ 93%I 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total Emerging Markets Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.33 $11.54 $11.34 $10.84 $10.00 
Income from Investment Operations      
Net investment income (loss)B .13 .25 .15 .15 .17 
Net realized and unrealized gain (loss) .04 (1.30) .19 .48 .68 
Total from investment operations .17 (1.05) .34 .63 .85 
Distributions from net investment income (.20) (.14) (.14) (.12) (.01) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.20) (.16) (.14) (.14)C (.01) 
Redemption fees added to paid in capitalB –D –D –D .01 –D 
Net asset value, end of period $10.30 $10.33 $11.54 $11.34 $10.84 
Total ReturnE,F,G 1.74% (9.18)% 3.04% 5.93% 8.56% 
Ratios to Average Net AssetsH,I      
Expenses before reductions 2.33%J 2.27% 2.32% 2.13% 2.10% 
Expenses net of fee waivers, if any 1.90%J 1.90% 1.90% 1.90% 1.90% 
Expenses net of all reductions 1.90%J 1.89% 1.90% 1.88% 1.87% 
Net investment income (loss) 2.66%J 2.33% 1.36% 1.36% 1.67% 
Supplemental Data      
Net assets, end of period (000 omitted) $2,602 $3,331 $5,277 $5,967 $5,823 
Portfolio turnover rateK 93%J 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.14 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.014 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

 F Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 G Total returns do not include the effect of the sales charges.

 H 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.

 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 Annualized

 K Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total Emerging Markets Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.25 $11.47 $11.29 $10.80 $10.00 
Income from Investment Operations      
Net investment income (loss)B .11 .20 .10 .09 .12 
Net realized and unrealized gain (loss) .05 (1.30) .19 .47 .69 
Total from investment operations .16 (1.10) .29 .56 .81 
Distributions from net investment income (.15) (.10) (.11) (.07) (.01) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.15) (.12) (.11) (.08) (.01) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.26 $10.25 $11.47 $11.29 $10.80 
Total ReturnD,E,F 1.56% (9.68)% 2.56% 5.31% 8.07% 
Ratios to Average Net AssetsG,H      
Expenses before reductions 2.74%I 2.68% 2.72% 2.65% 2.63% 
Expenses net of fee waivers, if any 2.40%I 2.40% 2.40% 2.40% 2.40% 
Expenses net of all reductions 2.40%I 2.39% 2.40% 2.37% 2.37% 
Net investment income (loss) 2.16%I 1.83% .86% .86% 1.17% 
Supplemental Data      
Net assets, end of period (000 omitted) $7,363 $7,736 $10,104 $7,436 $5,824 
Portfolio turnover rateJ 93%I 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total Emerging Markets Fund

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.38 $11.60 $11.40 $10.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .15 .31 .21 .21 .22 
Net realized and unrealized gain (loss) .05 (1.31) .19 .47 .69 
Total from investment operations .20 (1.00) .40 .68 .91 
Distributions from net investment income (.29) (.20) (.20) (.17) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.29) (.22) (.20) (.18) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.29 $10.38 $11.60 $11.40 $10.89 
Total ReturnD,E 2.03% (8.74)% 3.56% 6.44% 9.15% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.78%H 1.72% 1.73% 1.56% 1.60% 
Expenses net of fee waivers, if any 1.40%H 1.40% 1.40% 1.40% 1.40% 
Expenses net of all reductions 1.40%H 1.39% 1.40% 1.38% 1.38% 
Net investment income (loss) 3.16%H 2.83% 1.86% 1.85% 2.16% 
Supplemental Data      
Net assets, end of period (000 omitted) $47,144 $37,918 $45,763 $49,959 $81,416 
Portfolio turnover rateI 93%H 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total Emerging Markets Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,    
 2016 2015 2014 2013 2012 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.37 $11.59 $11.40 $10.89 $10.00 
Income from Investment Operations      
Net investment income (loss)B .15 .31 .21 .20 .22 
Net realized and unrealized gain (loss) .05 (1.31) .18 .48 .69 
Total from investment operations .20 (1.00) .39 .68 .91 
Distributions from net investment income (.29) (.20) (.20) (.17) (.02) 
Distributions from net realized gain – (.02) – (.01) – 
Total distributions (.29) (.22) (.20) (.18) (.02) 
Redemption fees added to paid in capitalB –C –C –C .01 –C 
Net asset value, end of period $10.28 $10.37 $11.59 $11.40 $10.89 
Total ReturnD,E 2.06% (8.74)% 3.51% 6.44% 9.15% 
Ratios to Average Net AssetsF,G      
Expenses before reductions 1.66%H 1.58% 1.71% 1.63% 1.62% 
Expenses net of fee waivers, if any 1.40%H 1.40% 1.40% 1.40% 1.40% 
Expenses net of all reductions 1.40%H 1.39% 1.40% 1.37% 1.37% 
Net investment income (loss) 3.16%H 2.83% 1.86% 1.86% 2.17% 
Supplemental Data      
Net assets, end of period (000 omitted) $4,394 $6,343 $4,773 $5,354 $2,287 
Portfolio turnover rateI 93%H 80% 102% 120% 70% 

 A For the period November 1, 2011 (commencement of operations) to October 31, 2012.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Total Emerging Markets 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, Total Emerging Markets and Class I 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. 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 generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment 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 Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, futures contracts, certain foreign taxes, market discount, passive foreign investment companies (PFIC), capital loss carryforward 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 $6,261,932 
Gross unrealized depreciation (4,885,266) 
Net unrealized appreciation (depreciation) on securities $1,376,666 
Tax cost $69,728,070 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,367,584) 

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is included in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

During the period the Fund recognized net realized gain (loss) of $(199,083) and a change in net unrealized appreciation (depreciation) of $(42,773) related to its investment in futures contracts. These amounts are included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $32,470,293 and $28,900,560, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .80% 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 the investment adviser, 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% $10,947 $913 
Class T .25% .25% 7,126 878 
Class C .75% .25% 35,711 9,487 
   $53,784 $11,278 

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, and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 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 $3,031 
Class T 1,228 
Class C(a) 182 
 $4,441 

 (a) When 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $11,430 .26 
Class T 4,831 .34 
Class C 9,178 .26 
Total Emerging Markets 59,330 .29 
Class I 4,853 .18 
 $89,622  

 (a) Annualized


Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The fee is based on the level of average net assets for each month.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $230 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $57 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.65% $15,535 
Class T 1.90% 6,044 
Class C 2.40% 12,340 
Total Emerging Markets 1.40% 77,877 
Class I 1.40% 7,037 
  $118,833 

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $190.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $233.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $214,855 $211,944 
Class T 63,597 63,689 
Class C 107,081 88,937 
Total Emerging Markets 1,155,874 751,293 
Class I 174,060 82,887 
Total $1,715,467 $1,198,750 
From net realized gain   
Class A $– $24,934 
Class T – 9,098 
Class C – 18,150 
Total Emerging Markets – 75,507 
Class I – 8,330 
Total $– $136,019 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 231,549 251,231 $2,286,170 $2,772,246 
Reinvestment of distributions 21,375 21,174 212,465 232,918 
Shares redeemed (288,585) (469,131) (2,888,428) (4,963,727) 
Net increase (decrease) (35,661) (196,726) $(389,793) $(1,958,563) 
Class T     
Shares sold 39,364 45,171 $384,188 $491,646 
Reinvestment of distributions 6,356 6,566 63,302 72,226 
Shares redeemed (115,507) (186,633) (1,138,165) (1,964,687) 
Net increase (decrease) (69,787) (134,896) $(690,675) $(1,400,815) 
Class C     
Shares sold 117,585 198,104 $1,158,004 $2,115,228 
Reinvestment of distributions 10,753 9,691 106,882 106,316 
Shares redeemed (164,784) (334,580) (1,599,463) (3,520,139) 
Net increase (decrease) (36,446) (126,785) $(334,577) $(1,298,595) 
Total Emerging Markets     
Shares sold 1,869,299 1,772,167 $18,595,164 $18,534,579 
Reinvestment of distributions 112,410 70,595 1,116,229 777,256 
Shares redeemed (1,051,095) (2,136,425) (10,173,118) (22,904,245) 
Net increase (decrease) 930,614 (293,663) $9,538,275 $(3,592,410) 
Class I     
Shares sold 163,149 421,240 $1,629,549 $4,563,340 
Reinvestment of distributions 14,612 8,237 144,954 90,609 
Shares redeemed (361,612) (229,844) (3,539,650) (2,428,352) 
Net increase (decrease) (183,851) 199,633 $(1,765,147) $2,225,597 

11. 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.

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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.65%    
Actual  $1,000.00 $1,018.40 $8.28 
Hypothetical-C  $1,000.00 $1,016.66 $8.27 
Class T 1.90%    
Actual  $1,000.00 $1,017.40 $9.53 
Hypothetical-C  $1,000.00 $1,015.42 $9.52 
Class C 2.40%    
Actual  $1,000.00 $1,015.60 $12.03 
Hypothetical-C  $1,000.00 $1,012.93 $12.01 
Total Emerging Markets 1.40%    
Actual  $1,000.00 $1,020.30 $7.03 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 
Class I 1.40%    
Actual  $1,000.00 $1,020.60 $7.03 
Hypothetical-C  $1,000.00 $1,017.90 $7.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ATEK-SANN-0616
1.931271.104

Fidelity Advisor® Total International Equity Fund -
Class A, Class T, Class B and Class C



Semi-Annual Report

April 30, 2016

Class A, Class T, Class B and Class C are classes of Fidelity® Total International Equity Fund



Fidelity Investments


Contents

Investment Summary

Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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 1-877-208-0098 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. © 2016 FMR LLC. All rights reserved.



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.

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 Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of April 30, 2016 
   Japan 13.7% 
   United Kingdom 13.5% 
   United States of America* 12.7% 
   Switzerland 7.7% 
   France 7.0% 
   Germany 3.8% 
   India 3.3% 
   Australia 3.2% 
   Spain 2.8% 
   Other 32.3% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

As of October 31, 2015 
   United Kingdom 15.7% 
   Japan 14.0% 
   United States of America* 10.2% 
   Switzerland 8.4% 
   France 6.6% 
   Germany 3.8% 
   Sweden 2.9% 
   Australia 2.7% 
   India 2.6% 
   Other 33.1% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Stocks 98.5 99.0 
Short-Term Investments and Net Other Assets (Liabilities) 1.5 1.0 

Top Ten Stocks as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Nestle SA (Switzerland, Food Products) 2.6 2.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 2.3 
Anheuser-Busch InBev SA NV (Belgium, Beverages) 1.5 1.2 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.3 1.3 
Total SA (France, Oil, Gas & Consumable Fuels) 1.2 1.2 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.2 1.1 
Reckitt Benckiser Group PLC (United Kingdom, Household Products) 1.1 1.0 
CSL Ltd. (Australia, Biotechnology) 1.1 0.8 
Novo Nordisk A/S Series B sponsored ADR (Denmark, Pharmaceuticals) 1.1 1.0 
Astellas Pharma, Inc. (Japan, Pharmaceuticals) 1.1 1.1 
 14.0  

Market Sectors as of April 30, 2016

 % of fund's net assets % of fund's net assets 6 months ago 
Financials 19.3 22.0 
Health Care 14.1 14.7 
Consumer Discretionary 13.8 16.1 
Consumer Staples 13.7 11.4 
Information Technology 12.4 11.3 
Industrials 11.3 11.1 
Materials 5.2 4.9 
Energy 3.6 2.9 
Telecommunication Services 2.9 2.7 
Utilities 2.2 1.9 

Investments April 30, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.4%   
 Shares Value 
Argentina - 0.2%   
Banco Macro SA sponsored ADR 5,400 $338,202 
Grupo Financiero Galicia SA sponsored ADR 11,900 338,793 
TOTAL ARGENTINA  676,995 
Australia - 3.2%   
Amcor Ltd. (a) 31,664 370,766 
Ansell Ltd. (a) 33,670 510,228 
Beacon Lighting Group Ltd. 28,000 38,747 
CSL Ltd. 42,420 3,392,481 
DuluxGroup Ltd. 22,765 110,780 
Imdex Ltd. (a) 134,227 20,922 
Macquarie Group Ltd. 9,698 468,241 
RCG Corp. Ltd. 97,518 101,583 
Sydney Airport unit 140,091 725,389 
TFS Corp. Ltd. 64,586 76,608 
Transurban Group unit 173,855 1,530,768 
Westpac Banking Corp. 108,726 2,552,187 
TOTAL AUSTRALIA  9,898,700 
Austria - 0.5%   
Andritz AG 25,972 1,454,546 
Zumtobel AG 4,500 58,586 
TOTAL AUSTRIA  1,513,132 
Bailiwick of Jersey - 0.3%   
Integrated Diagnostics Holdings PLC 14,600 67,890 
Wolseley PLC 15,116 846,678 
TOTAL BAILIWICK OF JERSEY  914,568 
Belgium - 1.9%   
Anheuser-Busch InBev SA NV 38,071 4,712,425 
Gimv NV 819 45,483 
KBC Ancora 4,281 151,127 
KBC Groep NV 21,007 1,179,371 
TOTAL BELGIUM  6,088,406 
Bermuda - 0.7%   
Axalta Coating Systems (a) 11,500 327,405 
China Gas Holdings Ltd. 278,000 401,358 
China Resource Gas Group Ltd. 142,000 401,837 
Credicorp Ltd. (United States) 4,200 610,764 
Markit Ltd. (a) 8,000 279,120 
Vostok New Ventures Ltd. SDR (a) 13,260 75,461 
TOTAL BERMUDA  2,095,945 
Brazil - 1.1%   
BB Seguridade Participacoes SA 55,700 485,862 
Cielo SA 60,036 584,780 
Kroton Educacional SA 140,300 522,160 
Qualicorp SA 90,800 393,376 
Smiles SA 30,300 351,521 
Ultrapar Participacoes SA 25,600 539,057 
Weg SA 102,500 452,410 
TOTAL BRAZIL  3,329,166 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 14,800 299,700 
Canada - 0.7%   
Cara Operations Ltd. 4,100 106,070 
Constellation Software, Inc. 100 39,080 
Imperial Oil Ltd. 24,900 825,766 
McCoy Global, Inc. 15,800 25,815 
New Look Vision Group, Inc. 3,000 74,241 
Pason Systems, Inc. 43,100 626,559 
Potash Corp. of Saskatchewan, Inc. 21,900 387,487 
ShawCor Ltd. Class A 1,900 51,335 
Tesco Corp. 5,500 52,030 
TOTAL CANADA  2,188,383 
Cayman Islands - 2.5%   
58.com, Inc. ADR (a) 9,700 530,105 
Alibaba Group Holding Ltd. sponsored ADR (a) 21,800 1,677,292 
Baidu.com, Inc. sponsored ADR (a) 5,000 971,500 
ENN Energy Holdings Ltd. 62,000 302,414 
Fu Shou Yuan International Group Ltd. 482,000 338,167 
International Housewares Retail Co. Ltd. 300,000 49,032 
New Oriental Education & Technology Group, Inc. sponsored ADR 9,900 387,684 
Shenzhou International Group Holdings Ltd. 79,000 408,393 
Sino Biopharmaceutical Ltd. 516,000 365,640 
TAL Education Group ADR (a) 6,200 358,732 
Tencent Holdings Ltd. 122,900 2,500,808 
Value Partners Group Ltd. 55,000 52,500 
TOTAL CAYMAN ISLANDS  7,942,267 
China - 0.6%   
China Pacific Insurance (Group) Co. Ltd. (H Shares) 132,200 463,552 
Inner Mongoli Yili Industries Co. Ltd. 139,000 322,699 
Jiangsu Hengrui Medicine Co. Ltd. 45,830 330,449 
Kweichow Moutai Co. Ltd. 10,340 401,203 
Shanghai International Airport Co. Ltd. 72,800 305,974 
TOTAL CHINA  1,823,877 
Denmark - 1.3%   
Jyske Bank A/S (Reg.) 15,654 640,880 
Novo Nordisk A/S Series B sponsored ADR 60,760 3,389,800 
Scandinavian Tobacco Group A/S 3,000 47,725 
Spar Nord Bank A/S 11,631 94,842 
TOTAL DENMARK  4,173,247 
Finland - 0.5%   
Sampo Oyj (A Shares) 27,653 1,207,351 
Tikkurila Oyj 26,280 460,707 
TOTAL FINLAND  1,668,058 
France - 7.0%   
Atos Origin SA 16,004 1,424,463 
AXA SA 75,806 1,914,071 
Bouygues SA (b) 12,277 409,363 
Capgemini SA 15,802 1,475,210 
Dassault Systemes SA 4,500 351,931 
Elis SA 5,500 100,985 
Essilor International SA 9,145 1,183,801 
Havas SA 80,986 677,693 
Laurent-Perrier Group SA 759 64,530 
Orange SA 59,500 988,529 
Renault SA 9,911 956,459 
Sanofi SA 29,328 2,417,406 
Societe Generale Series A 31,200 1,227,632 
SR Teleperformance SA 5,700 511,700 
Total SA 77,133 3,898,362 
Unibail-Rodamco 5,000 1,339,709 
Vetoquinol SA 1,700 70,466 
VINCI SA 24,100 1,800,344 
Virbac SA 730 133,157 
Vivendi SA (b) 57,152 1,097,908 
TOTAL FRANCE  22,043,719 
Germany - 3.6%   
adidas AG 2,800 361,011 
alstria office REIT-AG 6,200 86,967 
Axel Springer Verlag AG 9,300 519,244 
BASF AG 23,970 1,980,290 
Bayer AG 16,012 1,847,205 
CompuGroup Medical AG 7,646 300,298 
Continental AG 2,383 523,356 
CTS Eventim AG 7,980 279,516 
Fielmann AG 2,458 181,228 
Fresenius SE & Co. KGaA 18,300 1,331,024 
GEA Group AG 11,615 538,507 
Nexus AG 4,000 70,077 
SAP AG 37,730 2,960,335 
Wirecard AG (b) 8,800 380,033 
TOTAL GERMANY  11,359,091 
Greece - 0.0%   
Titan Cement Co. SA (Reg.) 1,844 42,065 
Hong Kong - 1.4%   
AIA Group Ltd. 429,800 2,572,184 
Guangdong Investment Ltd. 334,000 471,629 
Power Assets Holdings Ltd. 87,500 832,483 
Techtronic Industries Co. Ltd. 96,500 361,747 
TOTAL HONG KONG  4,238,043 
India - 3.3%   
Adani Ports & Special Economic Zone 130,670 468,579 
Amara Raja Batteries Ltd. 25,033 360,220 
Asian Paints India Ltd. 32,877 428,747 
Bharti Infratel Ltd. 65,320 368,710 
Colgate-Palmolive (India) 28,645 362,604 
GlaxoSmithKline Consumer Healthcare Ltd. (a) 4,231 375,650 
HCL Technologies Ltd. 38,811 438,384 
HDFC Bank Ltd. (a) 19,066 387,551 
Hindustan Unilever Ltd. 39,555 516,816 
Housing Development Finance Corp. Ltd. 87,831 1,439,201 
IndusInd Bank Ltd. 23,402 369,515 
Infosys Ltd. 54,376 987,776 
ITC Ltd. 117,362 574,129 
Jyothy Laboratories Ltd. 16,417 75,232 
LIC Housing Finance Ltd. (a) 52,804 367,499 
Lupin Ltd. 15,964 386,269 
Maruti Suzuki India Ltd. (a) 8,151 465,637 
Power Grid Corp. of India Ltd. 160,535 346,564 
Sun Pharmaceutical Industries Ltd. 44,169 539,466 
Tata Consultancy Services Ltd. 18,951 723,371 
Titan Co. Ltd. 55,471 297,207 
TOTAL INDIA  10,279,127 
Indonesia - 0.9%   
PT ACE Hardware Indonesia Tbk 4,792,900 336,172 
PT Bank Central Asia Tbk 537,100 531,480 
PT Bank Rakyat Indonesia Tbk 575,000 451,263 
PT Kalbe Farma Tbk 3,267,100 340,633 
PT Matahari Department Store Tbk 279,100 402,100 
PT Surya Citra Media Tbk 1,553,000 376,827 
PT Tower Bersama Infrastructure Tbk (a) 621,800 279,357 
TOTAL INDONESIA  2,717,832 
Ireland - 1.6%   
Allergan PLC (a) 2,200 476,432 
CRH PLC sponsored ADR 59,929 1,744,533 
FBD Holdings PLC 5,372 39,368 
James Hardie Industries PLC:   
CDI 23,978 337,833 
sponsored ADR 112,225 1,573,395 
Medtronic PLC 10,600 838,990 
TOTAL IRELAND  5,010,551 
Isle of Man - 0.3%   
Playtech Ltd. 76,677 901,334 
Israel - 1.1%   
Azrieli Group 11,796 468,500 
Check Point Software Technologies Ltd. (a) 4,000 331,480 
Frutarom Industries Ltd. 6,900 353,638 
Ituran Location & Control Ltd. 5,661 117,749 
Strauss Group Ltd. 6,859 108,692 
Teva Pharmaceutical Industries Ltd. sponsored ADR 35,509 1,933,465 
TOTAL ISRAEL  3,313,524 
Italy - 1.6%   
Azimut Holding SpA 22,914 576,704 
Banco di Desio e della Brianza SpA 19,000 53,563 
Beni Stabili SpA SIIQ 190,326 141,003 
Eni SpA 94,900 1,550,375 
Interpump Group SpA 49,391 710,898 
Intesa Sanpaolo SpA 297,500 826,991 
Mediaset SpA 121,000 544,506 
Telecom Italia SpA (a) 638,800 623,771 
TOTAL ITALY  5,027,811 
Japan - 13.7%   
Aoki Super Co. Ltd. 6,000 70,898 
Artnature, Inc. 12,300 101,984 
Asahi Co. Ltd. 6,600 97,893 
Astellas Pharma, Inc. 245,800 3,314,022 
Autobacs Seven Co. Ltd. 5,800 100,069 
Azbil Corp. 8,200 210,398 
Broadleaf Co. Ltd. 2,700 26,682 
Central Automotive Products Ltd. 8,000 66,678 
Century21 Real Estate Japan Ltd. (c) 2,500 27,834 
Coca-Cola Central Japan Co. Ltd. 18,700 342,601 
Daiichikosho Co. Ltd. 3,300 138,342 
Daikokutenbussan Co. Ltd. 5,000 224,719 
DENSO Corp. 48,600 1,847,343 
Dentsu, Inc. 21,800 1,107,636 
East Japan Railway Co. 20,600 1,812,307 
Funai Soken Holdings, Inc. 3,000 45,516 
GCA Savvian Group Corp. 6,800 62,834 
Glory Ltd. 3,900 127,730 
Goldcrest Co. Ltd. 7,960 113,977 
Hokuriku Electrical Construction Co. Ltd. 5,000 36,583 
Hoya Corp. 50,700 1,941,520 
Hub Co. Ltd. 2,500 40,088 
Itochu Corp. 85,300 1,084,044 
Iwatsuka Confectionary Co. Ltd. 800 36,244 
Japan Digital Laboratory Co. 6,100 82,516 
Japan Tobacco, Inc. 70,800 2,892,742 
KDDI Corp. 49,800 1,434,526 
Keyence Corp. 2,621 1,571,009 
Kobayashi Pharmaceutical Co. Ltd. 2,000 159,305 
Koshidaka Holdings Co. Ltd. 4,000 78,655 
Lasertec Corp. 6,300 81,908 
Makita Corp. 12,700 801,159 
Medikit Co. Ltd. 2,200 76,699 
Meiko Network Japan Co. Ltd. 2,700 29,778 
Mitsubishi UFJ Financial Group, Inc. 357,000 1,647,489 
Mitsui Fudosan Co. Ltd. 54,000 1,318,811 
Nagaileben Co. Ltd. 8,600 175,497 
Nakano Refrigerators Co. Ltd. 2,000 47,850 
ND Software Co. Ltd. 6,000 49,390 
Nihon Parkerizing Co. Ltd. 20,200 178,172 
Nintendo Co. Ltd. 4,400 595,765 
Nippon Prologis REIT, Inc. (c) 241 577,879 
Nippon Telegraph & Telephone Corp. 41,900 1,875,039 
NS Tool Co. Ltd. 3,800 63,002 
OBIC Co. Ltd. 17,800 935,585 
Olympus Corp. 43,600 1,698,509 
ORIX Corp. 71,100 1,005,705 
OSG Corp. 33,500 622,551 
Paramount Bed Holdings Co. Ltd. 3,400 126,476 
ProNexus, Inc. 8,000 80,904 
San-Ai Oil Co. Ltd. 11,000 77,092 
Seven & i Holdings Co. Ltd. 23,200 946,617 
Seven Bank Ltd. 398,800 1,694,584 
Shinsei Bank Ltd. 334,000 468,127 
SHO-BOND Holdings Co. Ltd. 22,100 956,249 
Shoei Co. Ltd. 5,800 87,794 
SK Kaken Co. Ltd. 1,100 90,257 
Software Service, Inc. 1,600 61,799 
Sony Corp. 31,300 758,137 
Sony Financial Holdings, Inc. 44,000 543,969 
Sumitomo Mitsui Financial Group, Inc. 42,600 1,281,907 
Techno Medica Co. Ltd. 1,800 37,734 
The Monogatari Corp. 1,500 70,800 
The Nippon Synthetic Chemical Industry Co. Ltd. 6,000 36,206 
TKC Corp. 3,300 89,656 
Tocalo Co. Ltd. 2,800 50,368 
Toyota Motor Corp. 50,000 2,534,487 
Tsutsumi Jewelry Co. Ltd. 2,200 45,954 
USS Co. Ltd. 110,600 1,749,509 
Workman Co. Ltd. 3,800 119,455 
Yamada Consulting Group Co. Ltd. 2,000 61,101 
Yamato Kogyo Co. Ltd. 1,700 39,907 
TOTAL JAPAN  42,986,572 
Kenya - 0.2%   
Safaricom Ltd. 4,376,100 740,904 
Korea (South) - 1.6%   
AMOREPACIFIC Corp. 1,718 611,068 
AMOREPACIFIC Group, Inc. 3,162 463,671 
BGFretail Co. Ltd. 4,710 764,667 
Coway Co. Ltd. 4,513 388,401 
KT&G Corp. 5,617 603,043 
Leeno Industrial, Inc. 959 35,868 
LG Chemical Ltd. 2,168 562,023 
LG Household & Health Care Ltd. 620 544,954 
NAVER Corp. 1,801 1,064,243 
TOTAL KOREA (SOUTH)  5,037,938 
Luxembourg - 0.3%   
Eurofins Scientific SA 1,000 371,053 
RTL Group SA 6,427 534,133 
TOTAL LUXEMBOURG  905,186 
Mexico - 2.2%   
Banregio Grupo Financiero S.A.B. de CV 64,200 384,723 
Consorcio ARA S.A.B. de CV 254,355 99,793 
El Puerto de Liverpool S.A.B. de CV Class C 31,300 355,796 
Fomento Economico Mexicano S.A.B. de CV:   
unit 71,500 665,269 
sponsored ADR 7,333 683,509 
Gruma S.A.B. de CV Series B 26,400 385,658 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 45,000 423,984 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 28,135 432,066 
Grupo Aeroportuario Norte S.A.B. de CV 65,200 377,300 
Grupo Financiero Banorte S.A.B. de CV Series O 106,900 606,866 
Grupo GICSA SA de CV (a) 272,500 214,140 
Infraestructura Energetica Nova S.A.B. de CV 84,400 329,807 
Kimberly-Clark de Mexico SA de CV Series A 173,200 409,930 
Megacable Holdings S.A.B. de CV unit 81,200 374,977 
Promotora y Operadora de Infraestructura S.A.B. de CV 27,700 351,292 
Tenedora Nemak SA de CV 233,700 335,242 
Wal-Mart de Mexico SA de CV Series V 167,600 414,503 
TOTAL MEXICO  6,844,855 
Netherlands - 1.6%   
Aalberts Industries NV 6,100 208,985 
Heijmans NV (Certificaten Van Aandelen) (a) 4,481 42,228 
ING Groep NV (Certificaten Van Aandelen) 113,576 1,390,887 
Koninklijke KPN NV 150,029 589,562 
Mylan N.V. 9,800 408,758 
PostNL NV (a) 74,300 324,995 
RELX NV 100,780 1,691,160 
VastNed Retail NV 5,035 221,677 
TOTAL NETHERLANDS  4,878,252 
Norway - 0.0%   
Kongsberg Gruppen ASA 4,500 75,449 
Philippines - 0.9%   
Ayala Corp. 26,950 441,766 
Ayala Land, Inc. 590,400 434,939 
D&L Industries, Inc. 1,653,900 316,469 
GT Capital Holdings, Inc. 12,985 377,389 
International Container Terminal Services, Inc. 241,940 334,349 
Jollibee Food Corp. 16,980 82,887 
SM Investments Corp. 20,420 409,833 
SM Prime Holdings, Inc. 859,600 413,946 
TOTAL PHILIPPINES  2,811,578 
Russia - 0.3%   
Magnit OJSC (a) 3,350 465,579 
NOVATEK OAO GDR (Reg. S) 5,300 508,800 
TOTAL RUSSIA  974,379 
South Africa - 2.0%   
Aspen Pharmacare Holdings Ltd. 23,800 560,891 
Bidvest Group Ltd. 20,132 510,935 
Clicks Group Ltd. 60,693 443,283 
Discovery Ltd. 48,767 435,829 
FirstRand Ltd. 169,400 544,427 
Mondi Ltd. 21,100 405,362 
Mr Price Group Ltd. 33,900 430,631 
Naspers Ltd. Class N 17,300 2,373,735 
Sanlam Ltd. 107,700 522,035 
TOTAL SOUTH AFRICA  6,227,128 
Spain - 2.8%   
Amadeus IT Holding SA Class A 42,900 1,952,134 
Hispania Activos Inmobiliarios SA (a) 38,400 562,815 
Iberdrola SA 254,372 1,810,808 
Inditex SA 91,236 2,928,810 
Mediaset Espana Comunicacion SA 49,300 640,154 
Merlin Properties Socimi SA 36,100 419,564 
Prosegur Compania de Seguridad SA (Reg.) 106,676 616,854 
TOTAL SPAIN  8,931,139 
Sweden - 2.4%   
ASSA ABLOY AB (B Shares) 136,700 2,866,624 
Fagerhult AB 49,855 1,160,942 
Intrum Justitia AB 11,563 414,978 
Nordea Bank AB 138,267 1,342,131 
Saab AB (B Shares) 3,000 102,622 
Sandvik AB (b) 48,200 494,578 
Svenska Handelsbanken AB (A Shares) (b) 87,445 1,166,530 
TOTAL SWEDEN  7,548,405 
Switzerland - 7.7%   
Credit Suisse Group AG 48,674 740,743 
Lafargeholcim Ltd. (Reg.) 13,560 686,552 
Nestle SA 107,904 8,053,917 
Novartis AG 72,031 5,481,722 
Roche Holding AG (participation certificate) 15,701 3,972,498 
Schindler Holding AG:   
(participation certificate) 7,634 1,390,243 
(Reg.) 2,251 413,688 
Sika AG 90 383,061 
Syngenta AG (Switzerland) 3,219 1,288,540 
Tecan Group AG 600 83,311 
UBS Group AG 22,589 390,112 
Zurich Insurance Group AG 5,646 1,266,874 
TOTAL SWITZERLAND  24,151,261 
Taiwan - 1.6%   
Addcn Technology Co. Ltd. 8,500 65,257 
Advantech Co. Ltd. 48,000 338,792 
ECLAT Textile Co. Ltd. 34,643 395,194 
Largan Precision Co. Ltd. 5,870 412,497 
Taiwan Semiconductor Manufacturing Co. Ltd. 835,035 3,830,521 
TOTAL TAIWAN  5,042,261 
Thailand - 0.4%   
Airports of Thailand PCL (For. Reg.) 37,800 424,330 
Bangkok Dusit Medical Services PCL (For. Reg.) 527,200 359,317 
Thai Beverage PCL 612,400 339,248 
TOTAL THAILAND  1,122,895 
Turkey - 0.5%   
Bim Birlesik Magazalar A/S JSC 19,000 418,299 
Koc Holding A/S 83,000 433,985 
Tofas Turk Otomobil Fabrikasi A/S 44,054 348,590 
Tupras Turkiye Petrol Rafinelleri A/S 15,000 395,908 
TOTAL TURKEY  1,596,782 
United Arab Emirates - 0.1%   
DP World Ltd. 20,486 387,185 
United Kingdom - 13.5%   
AA PLC 21,973 89,447 
Alliance Pharma PLC 64,414 42,353 
Associated British Foods PLC 28,900 1,293,842 
AstraZeneca PLC (United Kingdom) 31,527 1,808,786 
Aviva PLC 160,179 1,014,812 
Babcock International Group PLC 28,323 392,115 
BAE Systems PLC 249,621 1,741,520 
Barclays PLC 406,095 1,019,607 
Bellway PLC 6,328 226,253 
Berendsen PLC 67,555 1,164,754 
British American Tobacco PLC (United Kingdom) 5,700 347,541 
Britvic PLC 8,417 86,581 
Bunzl PLC 42,632 1,270,129 
Compass Group PLC 72,807 1,296,575 
Dechra Pharmaceuticals PLC 9,600 155,139 
DP Poland PLC (a) 200,000 75,980 
Elementis PLC 47,708 150,501 
Great Portland Estates PLC 13,972 154,747 
Hikma Pharmaceuticals PLC 13,118 422,449 
Hilton Food Group PLC 5,400 44,422 
Howden Joinery Group PLC 67,400 486,499 
HSBC Holdings PLC sponsored ADR 53,617 1,787,055 
Imperial Tobacco Group PLC 38,114 2,070,843 
Informa PLC 223,214 2,134,646 
InterContinental Hotel Group PLC ADR 69,496 2,789,569 
ITE Group PLC 41,200 93,460 
ITV PLC 374,619 1,232,687 
JUST EAT Ltd. (a) 12,540 70,268 
Lloyds Banking Group PLC 2,277,100 2,234,999 
Micro Focus International PLC 36,100 806,510 
National Grid PLC 115,665 1,650,378 
NMC Health PLC 22,600 345,740 
Prudential PLC 122,580 2,419,672 
Reckitt Benckiser Group PLC 36,651 3,570,500 
Rightmove PLC 7,800 439,695 
Rio Tinto PLC 69,603 2,334,923 
Royal Dutch Shell PLC Class B (United Kingdom) 39,530 1,037,855 
Shaftesbury PLC 41,837 556,284 
Spectris PLC 7,970 212,062 
Spirax-Sarco Engineering PLC 5,699 284,370 
Taylor Wimpey PLC 29,400 79,171 
Ted Baker PLC 3,375 117,613 
Topps Tiles PLC 33,400 66,371 
Ultra Electronics Holdings PLC 5,901 152,269 
Unite Group PLC 66,977 618,986 
Vodafone Group PLC sponsored ADR 63,826 2,089,663 
TOTAL UNITED KINGDOM  42,479,641 
United States of America - 11.2%   
A.O. Smith Corp. 4,200 324,324 
Alphabet, Inc.:   
Class A 2,030 1,436,996 
Class C 406 281,362 
Altria Group, Inc. 11,100 696,081 
Amazon.com, Inc. (a) 600 395,754 
Amphenol Corp. Class A 5,400 301,482 
ANSYS, Inc. (a) 500 45,385 
Autoliv, Inc. 13,654 1,672,205 
Berkshire Hathaway, Inc. Class B (a) 9,016 1,311,648 
Broadridge Financial Solutions, Inc. 1,340 80,186 
Chevron Corp. 9,000 919,620 
China Biologic Products, Inc. (a) 10,200 1,193,400 
ConocoPhillips Co. 22,200 1,060,938 
Constellation Brands, Inc. Class A (sub. vtg.) 8,300 1,295,298 
Danaher Corp. 3,200 309,600 
Domino's Pizza, Inc. 6,800 821,984 
Ecolab, Inc. 2,800 321,944 
Edgewell Personal Care Co. (a) 5,400 443,178 
Energizer Holdings, Inc. 1,000 43,490 
Facebook, Inc. Class A (a) 2,800 329,224 
Gartner, Inc. Class A (a) 3,400 296,378 
International Flavors & Fragrances, Inc. 3,100 370,357 
Kennedy-Wilson Holdings, Inc. 7,773 167,975 
Martin Marietta Materials, Inc. 4,970 841,073 
MasterCard, Inc. Class A 26,000 2,521,740 
McGraw Hill Financial, Inc. 19,800 2,115,630 
MercadoLibre, Inc. 3,100 387,159 
Mettler-Toledo International, Inc. (a) 1,000 357,950 
Mohawk Industries, Inc. (a) 8,665 1,669,139 
Molson Coors Brewing Co. Class B 14,800 1,415,324 
Moody's Corp. 9,900 947,628 
MSCI, Inc. Class A 12,200 926,468 
NIKE, Inc. Class B 5,600 330,064 
Philip Morris International, Inc. 18,500 1,815,220 
PPG Industries, Inc. 2,900 320,131 
PriceSmart, Inc. 8,885 768,908 
ResMed, Inc. 12,720 709,776 
Reynolds American, Inc. 24,900 1,235,040 
Sherwin-Williams Co. 2,300 660,813 
SS&C Technologies Holdings, Inc. 14,054 859,402 
The Walt Disney Co. 3,000 309,780 
TransDigm Group, Inc. (a) 1,500 341,805 
Visa, Inc. Class A 32,877 2,539,419 
TOTAL UNITED STATES OF AMERICA  35,191,278 
TOTAL COMMON STOCKS   
(Cost $262,015,051)  305,478,629 
Nonconvertible Preferred Stocks - 1.1%   
Brazil - 0.9%   
Ambev SA sponsored ADR 152,100 850,239 
Banco Bradesco SA (PN) 113,850 857,372 
Itau Unibanco Holding SA 94,300 901,255 
TOTAL BRAZIL  2,608,866 
Germany - 0.2%   
Sartorius AG (non-vtg.) 900 222,031 
Volkswagen AG 2,990 432,927 
TOTAL GERMANY  654,958 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $3,142,197)  3,263,824 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 0.38% (d) 3,860,982 3,860,982 
Fidelity Securities Lending Cash Central Fund, 0.42% (d)(e) 3,158,800 3,158,800 
TOTAL MONEY MARKET FUNDS   
(Cost $7,019,782)  7,019,782 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $272,177,030)  315,762,235 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (2,185,787) 
NET ASSETS - 100%  $313,576,448 

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (d) Affiliated fund that is generally 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 are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.


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 $6,565 
Fidelity Securities Lending Cash Central Fund 41,244 
Total $47,809 

Investment Valuation

The following is a summary of the inputs used, as of April 30, 2016, 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 below, please refer to the Investment 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:     
Consumer Discretionary $44,289,186 $31,864,746 $12,424,440 $-- 
Consumer Staples 43,532,195 26,785,127 16,747,068 -- 
Energy 11,569,512 5,005,828 6,563,684 -- 
Financials 59,479,309 30,876,288 28,603,021 -- 
Health Care 44,295,373 22,767,675 21,527,698 -- 
Industrials 34,242,642 25,865,080 8,377,562 -- 
Information Technology 38,595,430 23,298,008 15,297,422 -- 
Materials 17,201,467 14,479,937 2,721,530 -- 
Telecommunication Services 8,990,061 3,478,634 5,511,427 -- 
Utilities 6,547,278 676,371 5,870,907 -- 
Money Market Funds 7,019,782 7,019,782 -- -- 
Total Investments in Securities: $315,762,235 $192,117,476 $123,644,759 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended April 30, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers Total 
Level 1 to Level 2 $4,099,814 
Level 2 to Level 1 $34,866,774 

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  April 30, 2016 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $2,961,201) — See accompanying schedule:
Unaffiliated issuers (cost $265,157,248) 		$308,742,453  
Fidelity Central Funds (cost $7,019,782) 7,019,782  
Total Investments (cost $272,177,030)  $315,762,235 
Foreign currency held at value (cost $18,143)  17,488 
Receivable for investments sold  433,383 
Receivable for fund shares sold  52,780 
Dividends receivable  1,829,196 
Distributions receivable from Fidelity Central Funds  23,163 
Prepaid expenses  265 
Receivable from investment adviser for expense reductions  56 
Other receivables  24,958 
Total assets  318,143,524 
Liabilities   
Payable to custodian bank $71,380  
Payable for investments purchased   
Regular delivery 521,035  
Delayed delivery 44,749  
Payable for fund shares redeemed 436,104  
Accrued management fee 199,146  
Distribution and service plan fees payable 10,041  
Other affiliated payables 47,252  
Other payables and accrued expenses 78,569  
Collateral on securities loaned, at value 3,158,800  
Total liabilities  4,567,076 
Net Assets  $313,576,448 
Net Assets consist of:   
Paid in capital  $303,103,887 
Undistributed net investment income  1,912,194 
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions  (35,054,648) 
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies  43,615,015 
Net Assets  $313,576,448 
Calculation of Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($8,818,273 ÷ 1,166,002 shares)  $7.56 
Maximum offering price per share (100/94.25 of $7.56)  $8.02 
Class T:   
Net Asset Value and redemption price per share ($13,627,834 ÷ 1,793,896 shares)  $7.60 
Maximum offering price per share (100/96.50 of $7.60)  $7.88 
Class B:   
Net Asset Value and offering price per share ($93,240 ÷ 12,203 shares)(a)  $7.64 
Class C:   
Net Asset Value and offering price per share ($3,077,150 ÷ 406,220 shares)(a)  $7.58 
Total International Equity:   
Net Asset Value, offering price and redemption price per share ($284,995,679 ÷ 37,639,906 shares)  $7.57 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,964,272 ÷ 393,120 shares)  $7.54 

 (a) Redemption 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.


Statement of Operations

  Six months ended April 30, 2016 (Unaudited) 
Investment Income   
Dividends  $4,405,366 
Income from Fidelity Central Funds  47,809 
Income before foreign taxes withheld  4,453,175 
Less foreign taxes withheld  (400,599) 
Total income  4,052,576 
Expenses   
Management fee   
Basic fee $1,101,234  
Performance adjustment 185,483  
Transfer agent fees 204,427  
Distribution and service plan fees 59,906  
Accounting and security lending fees 81,700  
Custodian fees and expenses 112,889  
Independent trustees' compensation 693  
Registration fees 33,115  
Audit 63,656  
Legal 868  
Miscellaneous 1,090  
Total expenses before reductions 1,845,061  
Expense reductions (13,581) 1,831,480 
Net investment income (loss)  2,221,096 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,285,836)  
Foreign currency transactions 74,152  
Total net realized gain (loss)  (5,211,684) 
Change in net unrealized appreciation (depreciation) on:
Investment securities (net of decrease in deferred foreign taxes of $30,538) 		(4,718,985)  
Assets and liabilities in foreign currencies 3,044  
Total change in net unrealized appreciation (depreciation)  (4,715,941) 
Net gain (loss)  (9,927,625) 
Net increase (decrease) in net assets resulting from operations  $(7,706,529) 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended April 30, 2016 (Unaudited) Year ended October 31, 2015 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,221,096 $4,170,618 
Net realized gain (loss) (5,211,684) (5,852,740) 
Change in net unrealized appreciation (depreciation) (4,715,941) (558,579) 
Net increase (decrease) in net assets resulting from operations (7,706,529) (2,240,701) 
Distributions to shareholders from net investment income (3,869,339) (5,482,469) 
Distributions to shareholders from net realized gain – (1,726,810) 
Total distributions (3,869,339) (7,209,279) 
Share transactions - net increase (decrease) (11,041,483) (4,678,824) 
Redemption fees 426 1,289 
Total increase (decrease) in net assets (22,616,925) (14,127,515) 
Net Assets   
Beginning of period 336,193,373 350,320,888 
End of period (including undistributed net investment income of $1,912,194 and undistributed net investment income of $3,560,437, respectively) $313,576,448 $336,193,373 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class A

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.79 $8.00 $8.27 $7.31 $6.67 $7.36 
Income from Investment Operations       
Net investment income (loss)A .04 .07 .13 .09 .13 .11 
Net realized and unrealized gain (loss) (.21) (.14) (.12) 1.24 .59 (.69) 
Total from investment operations (.17) (.07) .01 1.33 .72 (.58) 
Distributions from net investment income (.06) (.10) (.10) (.13) (.08) (.09) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.06) (.14) (.28) (.37)B (.08) (.11) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.56 $7.79 $8.00 $8.27 $7.31 $6.67 
Total ReturnD,E,F (2.18)% (.89)% .19% 19.00% 10.88% (8.03)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.53%I 1.48% 1.44% 1.50% 1.57% 1.73% 
Expenses net of fee waivers, if any 1.45%I 1.45% 1.44% 1.45% 1.45% 1.45% 
Expenses net of all reductions 1.45%I 1.44% 1.44% 1.43% 1.42% 1.42% 
Net investment income (loss) 1.12%I .86% 1.63% 1.21% 1.88% 1.44% 
Supplemental Data       
Net assets, end of period (000 omitted) $8,818 $9,163 $9,164 $9,034 $5,767 $4,307 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.37 per share is comprised of distributions from net investment income of $.126 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class T

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.81 $8.04 $8.32 $7.37 $6.73 $7.41 
Income from Investment Operations       
Net investment income (loss)A .03 .05 .11 .07 .11 .09 
Net realized and unrealized gain (loss) (.20) (.15) (.12) 1.25 .59 (.68) 
Total from investment operations (.17) (.10) (.01) 1.32 .70 (.59) 
Distributions from net investment income (.04) (.09) (.09) (.13) (.06) (.07) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.04) (.13) (.27) (.37)B (.06) (.09) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.60 $7.81 $8.04 $8.32 $7.37 $6.73 
Total ReturnD,E,F (2.15)% (1.26)% (.06)% 18.73% 10.52% (8.08)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 1.75%I 1.70% 1.68% 1.75% 1.84% 2.02% 
Expenses net of fee waivers, if any 1.70%I 1.70% 1.68% 1.70% 1.70% 1.70% 
Expenses net of all reductions 1.70%I 1.69% 1.68% 1.67% 1.67% 1.67% 
Net investment income (loss) .87%I .61% 1.38% .96% 1.63% 1.19% 
Supplemental Data       
Net assets, end of period (000 omitted) $13,628 $13,962 $10,282 $7,909 $2,348 $997 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.37 per share is comprised of distributions from net investment income of $.128 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the sales charges.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class B

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.84 $8.05 $8.31 $7.33 $6.68 $7.37 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .07 .04 .08 .05 
Net realized and unrealized gain (loss) (.21) (.14) (.12) 1.24 .59 (.68) 
Total from investment operations (.20) (.13) (.05) 1.28 .67 (.63) 
Distributions from net investment income – (.04) (.03) (.05) (.02) (.04) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions – (.08) (.21) (.30) (.02) (.06) 
Redemption fees added to paid in capitalA,B – – – – – – 
Net asset value, end of period $7.64 $7.84 $8.05 $8.31 $7.33 $6.68 
Total ReturnC,D,E (2.55)% (1.62)% (.56)% 18.05% 10.05% (8.66)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.30%H 2.26% 2.22% 2.26% 2.34% 2.51% 
Expenses net of fee waivers, if any 2.20%H 2.20% 2.20% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.20%H 2.19% 2.20% 2.18% 2.17% 2.17% 
Net investment income (loss) .37%H .11% .87% .46% 1.13% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $93 $120 $168 $192 $220 $254 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Total returns do not include the effect of the contingent deferred sales charge.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class C

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.77 $8.00 $8.28 $7.31 $6.67 $7.36 
Income from Investment Operations       
Net investment income (loss)A .01 .01 .07 .04 .08 .05 
Net realized and unrealized gain (loss) (.20) (.15) (.12) 1.25 .58 (.69) 
Total from investment operations (.19) (.14) (.05) 1.29 .66 (.64) 
Distributions from net investment income – (.05) (.05) (.08) (.02) (.03) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions – (.09) (.23) (.32)B (.02) (.05) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.58 $7.77 $8.00 $8.28 $7.31 $6.67 
Total ReturnD,E,F (2.45)% (1.73)% (.57)% 18.30% 9.98% (8.72)% 
Ratios to Average Net AssetsG,H       
Expenses before reductions 2.31%I 2.26% 2.22% 2.26% 2.31% 2.51% 
Expenses net of fee waivers, if any 2.20%I 2.20% 2.20% 2.20% 2.20% 2.20% 
Expenses net of all reductions 2.20%I 2.19% 2.20% 2.18% 2.17% 2.17% 
Net investment income (loss) .37%I .11% .87% .46% 1.13% .69% 
Supplemental Data       
Net assets, end of period (000 omitted) $3,077 $3,311 $4,028 $3,584 $2,737 $1,396 
Portfolio turnover rateJ 43%I 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.32 per share is comprised of distributions from net investment income of $.075 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Total returns do not include the effect of the contingent deferred sales charge.

 G 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.

 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. 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 Annualized

 J Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.82 $8.03 $8.29 $7.32 $6.69 $7.37 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .16 .12 .15 .12 
Net realized and unrealized gain (loss) (.20) (.14) (.12) 1.24 .58 (.68) 
Total from investment operations (.15) (.04) .04 1.36 .73 (.56) 
Distributions from net investment income (.10) (.13) (.12) (.15) (.10) (.10) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.10) (.17) (.30) (.39)B (.10) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.57 $7.82 $8.03 $8.29 $7.32 $6.69 
Total ReturnD,E (2.00)% (.51)% .55% 19.48% 11.03% (7.70)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.12%H 1.07% 1.04% 1.09% 1.16% 1.42% 
Expenses net of fee waivers, if any 1.12%H 1.07% 1.04% 1.09% 1.16% 1.20% 
Expenses net of all reductions 1.12%H 1.06% 1.04% 1.07% 1.13% 1.17% 
Net investment income (loss) 1.46%H 1.24% 2.03% 1.57% 2.16% 1.69% 
Supplemental Data       
Net assets, end of period (000 omitted) $284,996 $307,035 $324,438 $324,395 $281,979 $131,338 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Financial Highlights — Fidelity Total International Equity Fund Class I

 Six months ended (Unaudited) April 30, Years ended October 31,     
 2016 2015 2014 2013 2012 2011 
Selected Per–Share Data       
Net asset value, beginning of period $7.78 $7.99 $8.26 $7.30 $6.67 $7.35 
Income from Investment Operations       
Net investment income (loss)A .05 .09 .15 .11 .14 .12 
Net realized and unrealized gain (loss) (.20) (.14) (.12) 1.24 .59 (.68) 
Total from investment operations (.15) (.05) .03 1.35 .73 (.56) 
Distributions from net investment income (.09) (.12) (.12) (.15) (.10) (.10) 
Distributions from net realized gain – (.04) (.18) (.25) – (.02) 
Total distributions (.09) (.16) (.30) (.39)B (.10) (.12) 
Redemption fees added to paid in capitalA,C – – – – – – 
Net asset value, end of period $7.54 $7.78 $7.99 $8.26 $7.30 $6.67 
Total ReturnD,E (1.99)% (.64)% .37% 19.40% 11.06% (7.72)% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.24%H 1.17% 1.15% 1.21% 1.27% 1.48% 
Expenses net of fee waivers, if any 1.20%H 1.17% 1.15% 1.20% 1.20% 1.20% 
Expenses net of all reductions 1.20%H 1.16% 1.15% 1.18% 1.17% 1.17% 
Net investment income (loss) 1.37%H 1.14% 1.91% 1.46% 2.13% 1.69% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,964 $2,602 $2,240 $2,372 $1,514 $197 
Portfolio turnover rateI 43%H 53% 85% 89% 110% 75% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.39 per share is comprised of distributions from net investment income of $.148 and distributions from net realized gain of $.245 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 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 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.

 H Annualized

 I Amount does not include the portfolio activity of any underlying Fidelity Central Funds.


See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended April 30, 2016

1. Organization.

Fidelity Total International Equity 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, Total International Equity and Class I shares, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. 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 maximum holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

During the period, the Board of Trustees approved the conversion of all existing Class B shares into Class A shares, effective on or about July 1, 2016, regardless of the length of times shares have been held.

2. Investments in Fidelity Central Funds.

The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser 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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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)

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 a third party pricing vendor 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 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 may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be 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 (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 April 30, 2016, including information on transfers between Levels 1 and 2 is included at the end of the Fund's Schedule of Investments.

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 rates 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. 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. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. 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. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily 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. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. 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. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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.

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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, partnerships, certain foreign taxes, passive foreign investment companies (PFIC), 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 $ 56,805,584 
Gross unrealized depreciation (15,433,463) 
Net unrealized appreciation (depreciation) on securities $41,372,121 
Tax cost $274,390,114 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

Fiscal year of expiration  
2017 $(13,607,298) 
2019 (8,855,997) 
Total with expiration $(22,463,295) 
No expiration  
Short-term (5,613,592) 
Total capital loss carryforward $(28,076,887) 

Due to large subscriptions in a prior period, $22,463,295 of capital losses that will be available to offset future capital gains of the Fund will be limited to approximately $4,535,766 per year.

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 30 days may have been subject to a redemption fee equal to 1.00% of the NAV 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.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $67,742,727 and $81,527,820, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) 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 an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. 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 Total International Equity as compared to its benchmark index, the MSCI All Country World ex USA Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .82% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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 the investment adviser, 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% $10,969 $810 
Class T .25% .25% 32,951 57 
Class B .75% .25% 515 386 
Class C .75% .25% 15,471 2,767 
   $59,906 $4,020 

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 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 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 $1,356 
Class T 488 
Class B(a) – 
Class C(a) 295 
 $2,139 

 (a) 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 the investment adviser, 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
Class-Level Average
Net Assets(a) 
Class A $12,141 .28 
Class T 16,142 .24 
Class B 152 .30 
Class C 4,828 .31 
Total International Equity 168,031 .12 
Class I 3,133 .24 
 $204,427  

 (a) Annualized


Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each 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. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $330 for the period.

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 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 $282 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. 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 $41,244. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2016. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

 Expense
Limitations 		Reimbursement 
Class A 1.45% $3,471 
Class T 1.70% 3,118 
Class B 2.20% 49 
Class C 2.20% 1,763 
Class I 1.20% 563 
  $8,964 

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $3,442 for the period.

In addition, during the period the investment adviser reimbursed and/or waived a portion of fund-level operating expenses in the amount of $1,175.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
April 30, 2016 		Year ended October 31, 2015 
From net investment income   
Class A $72,361 $113,499 
Class T 77,358 118,041 
Class B – 852 
Class C – 26,493 
Total International Equity 3,691,251 5,189,901 
Class I 28,369 33,683 
Total $3,869,339 $5,482,469 
From net realized gain   
Class A $– $45,400 
Class T – 52,463 
Class B – 832 
Class C – 19,994 
Total International Equity – 1,596,893 
Class I – 11,228 
Total $– $1,726,810 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended
April 30, 2016 		Year ended October 31, 2015 Six months ended
April 30, 2016 		Year ended October 31, 2015 
Class A     
Shares sold 125,145 302,437 $923,609 $2,413,258 
Reinvestment of distributions 9,322 20,115 71,782 158,306 
Shares redeemed (145,056) (290,995) (1,062,034) (2,277,557) 
Net increase (decrease) (10,589) 31,557 $(66,643) $294,007 
Class T     
Shares sold 242,570 824,018 $1,805,986 $6,637,966 
Reinvestment of distributions 9,988 21,537 77,308 170,355 
Shares redeemed (245,478) (337,655) (1,795,924) (2,691,540) 
Net increase (decrease) 7,080 507,900 $87,370 $4,116,781 
Class B     
Shares sold 1,079 2,293 $7,667 $19,363 
Reinvestment of distributions – 210 – 1,675 
Shares redeemed (4,239) (7,999) (31,696) (62,934) 
Net increase (decrease) (3,160) (5,496) $(24,029) $(41,896) 
Class C     
Shares sold 40,022 142,460 $294,781 $1,136,553 
Reinvestment of distributions – 4,767 – 37,661 
Shares redeemed (60,109) (224,769) (446,353) (1,823,746) 
Net increase (decrease) (20,087) (77,542) $(151,572) $(649,532) 
Total International Equity     
Shares sold 2,536,155 6,834,390 $18,902,576 $54,586,662 
Reinvestment of distributions 471,692 851,193 3,632,026 6,698,889 
Shares redeemed (4,642,011) (8,793,992) (33,862,381) (70,164,751) 
Net increase (decrease) (1,634,164) (1,108,409) $(11,327,779) $(8,879,200) 
Class I     
Shares sold 102,309 149,022 $761,726 $1,222,878 
Reinvestment of distributions 3,671 5,728 28,160 44,910 
Shares redeemed (47,313) (100,501) (348,716) (786,772) 
Net increase (decrease) 58,667 54,249 $441,170 $481,016 

11. 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.

At the end of the period, a shareholder of record owned approximately 71% of the total outstanding shares of the 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 (November 1, 2015 to April 30, 2016).

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-A Beginning
Account Value
November 1, 2015 		Ending
Account Value
April 30, 2016 		Expenses Paid
During Period-B
November 1, 2015
to April 30, 2016 
Class A 1.45%    
Actual  $1,000.00 $978.20 $7.13 
Hypothetical-C  $1,000.00 $1,017.65 $7.27 
Class T 1.70%    
Actual  $1,000.00 $978.50 $8.36 
Hypothetical-C  $1,000.00 $1,016.41 $8.52 
Class B 2.20%    
Actual  $1,000.00 $974.50 $10.80 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Class C 2.20%    
Actual  $1,000.00 $975.50 $10.81 
Hypothetical-C  $1,000.00 $1,013.92 $11.02 
Total International Equity 1.12%    
Actual  $1,000.00 $980.00 $5.51 
Hypothetical-C  $1,000.00 $1,019.29 $5.62 
Class I 1.20%    
Actual  $1,000.00 $980.10 $5.91 
Hypothetical-C  $1,000.00 $1,018.90 $6.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

 C 5% return per year before expenses






Fidelity Investments

ATIE-SANN-0616
1.853367.108

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Investment Trust’s Board of Trustees.


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trust’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.



Item 12.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Investment Trust



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

June 24, 2016


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

June 24, 2016



By:

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer


Date:

June 24, 2016