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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4008

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

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

Scott C. Goebel, Secretary

82 Devonshire St.

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

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

Date of fiscal year end:	October 31
Date of reporting period:	October 31, 2009

Item 1. Reports to Stockholders

Fidelity's
Broadly Diversified International Equity
Funds

Fidelity® Diversified International Fund

Fidelity International Capital Appreciation Fund

Fidelity Overseas Fund

Fidelity Worldwide Fund

Annual Report

October 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

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

Annual Report

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Diversified International

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Diversified International and Class K, and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

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, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

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

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	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Diversified International	1.01%
Actual		$ 1,000.00	$ 1,280.30	$ 5.81B
HypotheticalA		$ 1,000.00	$ 1,020.11	$ 5.14C
Class K	.79%
Actual		$ 1,000.00	$ 1,281.70	$ 4.54B
HypotheticalA		$ 1,000.00	$ 1,021.22	$ 4.02C
Class F	.71%
Actual		$ 1,000.00	$ 1,154.60	$ 2.68B
HypotheticalA		$ 1,000.00	$ 1,021.63	$ 3.62C

^A 5% return per year before expenses

^B Actual expenses are equal to each class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Diversified International and Class K and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

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

Annual Report

Diversified International

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Diversified International	24.32%	4.76%	5.72%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Diversified International, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE ® (Europe, Australasia, Far East) Index performed over the same period.

Annual Report

Diversified International

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from William Bower, Portfolio Manager of Fidelity® Diversified International Fund: For the year ending October 31, 2009, the fund's Retail Class shares returned 24.32%, trailing its benchmark, the MSCI EAFE. A combination of unfavorable stock selection in financials and an underweighting in the sector, which performed well during the period, was the biggest detractor from relative results. In addition, stock picks and an underweighting in the capital goods industry dampened returns. Adverse stock and market selection within technology also hurt, with our results heavily influenced by one holding that disappointed - Indonesian software maker Satyam Computer Services. Regionally, weak stock picking and lower-than-benchmark exposure to the strong-performing Australian market and dollar did the most damage. Security selection in Japan weighed on returns as well, but that negative was partially offset by being significantly underweighted in this lagging market. Unfavorable country allocations within Europe also detracted, as did a modest cash position. The biggest individual detractor was an overweighted position in Japanese financial firm ORIX, closely followed by our stake in Satyam. Conversely, stock choices in consumer discretionary - primarily in automobiles/components and retailing - and an underweighting in automobiles/components added the most to relative performance. Underweighted exposure to the weak-performing utilities sector also helped, as did security selection in telecommunication services and energy. On a geographic basis, the fund benefited from its modest out-of-index exposure to Canada and Brazil - markets that fared extremely well, bolstered in part by a weak U.S. dollar - and from some strong-performing U.S. holdings. In terms of specific contributors, largely avoiding German automaker and index constituent Volkswagen paid off nicely, as did an overweighting in Belgium-based Anheuser-Busch InBev. Some stocks mentioned in this report were not held at period end.

Note to shareholders: The fund reopened to new accounts on March 31, 2009.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Portfolio

Diversified International

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United Kingdom	17.4%
	Japan	14.5%
	United States of America	10.4%
	France	9.7%
	Switzerland	8.9%
	Germany	6.9%
	Canada	5.3%
	Spain	4.7%
	Italy	2.9%
	Other	19.3%

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

As of April 30, 2009
	United Kingdom	17.3%
	Japan	15.4%
	Switzerland	11.3%
	United States of America	8.6%
	Germany	7.9%
	France	7.7%
	Canada	6.4%
	Spain	4.0%
	Italy	2.9%
	Other	18.5%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.3	97.2
Short-Term Investments and Net Other Assets	3.7	2.8
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	2.3	1.3
Telefonica SA (Spain, Diversified Telecommunication Services)	2.1	1.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.9	1.9
Nestle SA (Reg.) (Switzerland, Food Products)	1.9	2.4
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.4	1.5
E.ON AG (Germany, Electric Utilities)	1.4	1.6
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.3	1.6
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.3	1.4
Sanofi-Aventis (France, Pharmaceuticals)	1.1	0.2
Anheuser-Busch InBev SA NV (Belgium, Beverages)	1.1	1.2
	15.8
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.2	16.6
Industrials	9.8	10.8
Energy	9.8	9.5
Consumer Staples	9.3	11.2
Health Care	9.1	10.7
Information Technology	9.3	9.8
Consumer Discretionary	9.1	10.5
Materials	7.2	7.4
Telecommunication Services	7.0	6.7
Utilities	3.5	4.0

Annual Report

Diversified International

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
Australia - 2.0%
AMP Ltd.	9,328,713		$ 49,137,637
BHP Billiton Ltd. sponsored ADR (c)	5,901,000		386,987,580
CSL Ltd.	1,000,000		28,068,376
National Australia Bank Ltd.	1,500,000		39,619,394
Newcrest Mining Ltd.	2,500,000		71,838,011
QBE Insurance Group Ltd.	7,578,885		152,579,248
TOTAL AUSTRALIA			728,230,246
Bailiwick of Jersey - 1.1%
Experian PLC	16,500,000		151,431,422
Informa PLC (d)	33,962,087		163,485,254
WPP PLC	8,000,000		71,719,125
TOTAL BAILIWICK OF JERSEY			386,635,801
Belgium - 1.1%
Anheuser-Busch InBev SA NV	8,258,700		388,959,645
Anheuser-Busch InBev SA NV (strip VVPR) (a)	5,339,200		39,285
TOTAL BELGIUM			388,998,930
Bermuda - 0.3%
Clear Media Ltd. (a)	22,325,000		9,896,263
Huabao International Holdings Ltd.	21,290,000		20,308,104
Seadrill Ltd. (a)(c)	4,000,000		83,547,266
TOTAL BERMUDA			113,751,633
Brazil - 1.3%
Banco Santander (Brasil) SA ADR (a)	7,000,000		83,020,000
BR Malls Participacoes SA (a)	4,500,000		48,265,387
Itau Unibanco Banco Multiplo SA ADR	6,270,000		120,007,800
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,300,000		60,086,000
Vivo Participacoes SA sponsored ADR	5,000,000		121,250,000
Votorantim Celulose e Papel SA sponsored ADR (a)	2,400,000		32,976,000
TOTAL BRAZIL			465,605,187
Canada - 5.3%
Agnico-Eagle Mines Ltd. (Canada)	896,500		47,687,491
Air Canada:
warrants 10/27/12 (a)(e)	3,421,100		521,292
Class A (a)(e)	6,842,200		6,824,192
Barrick Gold Corp.	1,286,600		46,290,748
Canadian Natural Resources Ltd.	2,700,000		175,087,962
Canadian Pacific Railway Ltd.	2,000,000		86,623,263
Cequence Energy Ltd. (a)	2,468		7,977
CGI Group, Inc. Class A (sub. vtg.) (a)	474,500		5,792,945
Crescent Point Energy Corp.	340,000		11,554,694
EnCana Corp.	3,068,000		169,995,844
Flint Energy Services Ltd. (a)	1,000,000		10,850,995
Niko Resources Ltd. (d)	2,525,000		204,266,519
Open Text Corp. (a)	1,000,000		37,308,953
OZ Optics Ltd. unit (a)(g)	102,000		481,440
Painted Pony Petroleum Ltd. (a)(e)	677,100		3,676,731
	Shares		Value
Painted Pony Petroleum Ltd. Class A (a)	734,000		$ 3,972,148
PetroBakken Energy Ltd. Class A	4,250,000		122,533,130
Petrobank Energy & Resources Ltd. (a)(c)(d)	5,475,000		239,355,866
Research In Motion Ltd. (a)	1,650,800		96,951,498
Royal Bank of Canada	700,000		35,425,036
Silver Wheaton Corp. (a)	5,000,000		62,797,248
Suncor Energy, Inc.	9,992,000		331,451,854
Toronto-Dominion Bank	600,000		34,176,479
Trican Well Service Ltd. (d)	7,000,000		81,839,590
Ultra Petroleum Corp. (a)	660,200		32,052,710
Westernzagros Resources Ltd. (a)	3,497,100		4,295,279
Yamana Gold, Inc.	2,945,900		31,231,410
TOTAL CANADA			1,883,053,294
Cayman Islands - 0.1%
Belle International Holdings Ltd.	16,510,000		16,669,343
China Dongxiang Group Co. Ltd.	8,480,000		5,181,302
Hengan International Group Co. Ltd.	4,992,000		32,135,276
TOTAL CAYMAN ISLANDS			53,985,921
China - 0.5%
Baidu.com, Inc. sponsored ADR (a)	114,600		43,309,632
China Merchants Bank Co. Ltd. (H Shares)	38,141,850		97,582,406
Global Bio-Chem Technology Group Co. Ltd.	36,981,600		9,001,587
NetEase.com, Inc. sponsored ADR (a)	548,400		21,179,208
TOTAL CHINA			171,072,833
Czech Republic - 0.0%
Komercni Banka AS	25,000		4,972,797
Denmark - 1.1%
A.P. Moller - Maersk AS Series B	160		1,100,874
Carlsberg AS Series B	1,582,733		111,715,703
Novo Nordisk AS Series B	4,042,300		251,754,616
William Demant Holding AS (a)	567,348		40,550,497
TOTAL DENMARK			405,121,690
Finland - 0.1%
Nokian Tyres PLC	1,778,000		38,042,687
France - 9.7%
Accor SA	478,682		23,016,417
Alcatel-Lucent SA sponsored ADR (a)	14,000,000		51,660,000
Alstom SA	672,859		46,858,643
Atos Origin SA (a)	1,003,169		47,150,254
AXA SA	85,138		2,117,254
AXA SA sponsored ADR	9,711,800		240,852,640
BNP Paribas SA (c)	4,273,515		323,553,152
Bouygues SA	2,227,761		105,396,114
Cap Gemini SA (c)	5,037,700		234,332,119
CNP Assurances	400,000		38,713,537
Credit Agricole SA	3,210,944		61,921,972
Danone	2,639,828		159,095,386
Common Stocks - continued
	Shares		Value
France - continued
Dassault Aviation SA	36,265		$ 27,136,489
Essilor International SA	2,100,000		117,893,228
Financiere Marc de Lacharriere SA (Fimalac) (c)	900,000		47,009,401
GDF Suez	2,124,314		89,107,607
Iliad Group SA	325,000		35,247,301
L'Oreal SA	1,100,000		112,775,177
LVMH Moet Hennessy - Louis Vuitton	800,000		83,172,006
Neopost SA	600,000		52,640,287
Pernod Ricard SA (c)	2,372,905		198,302,068
PPR SA	2,000,000		218,848,916
Renault SA (a)	15,900		715,968
Sanofi-Aventis	5,439,362		398,689,994
Schneider Electric SA	1,943,517		203,087,353
Societe Generale Series A	2,910,780		194,378,800
Technip SA	1,150,000		72,480,460
Total SA Series B	2,200,000		131,639,756
Unibail-Rodamco	274,439		60,961,265
Vallourec SA	529,190		83,869,172
TOTAL FRANCE			3,462,622,736
Germany - 6.8%
Aixtron AG	2,051,600		61,497,682
Allianz AG sponsored ADR	14,738,700		167,284,245
BASF AG	1,801,474		96,760,006
Bayer AG	18,110		1,258,669
Bayerische Motoren Werke AG (BMW)	2,315,230		113,435,290
Beiersdorf AG	29,000		1,788,080
Daimler AG (Reg.)	1,936,056		93,375,983
Deutsche Boerse AG	3,503,226		284,153,093
E.ON AG	13,259,440		509,066,226
Fresenius Medical Care AG & Co. KGaA	2,204,700		106,900,551
Fresenius SE	2,700,000		134,532,044
GEA Group AG	4,500,000		84,959,939
GFK AG	1,600,000		50,668,410
HeidelbergCement AG	275,400		16,506,438
Linde AG	1,436,129		150,871,031
Metro AG	881,300		48,970,076
Munich Re Group (Reg.)	943,740		149,486,191
RWE AG	808,900		71,063,107
SAP AG	500,000		22,635,000
Siemens AG:
(Reg.)	26,550		2,390,031
sponsored ADR	3,090,000		278,161,800
TOTAL GERMANY			2,445,763,892
Greece - 0.2%
Alpha Bank AE (a)	986,100		19,285,059
	Shares		Value
Hellenic Telecommunications Organization SA	2,104,477		$ 35,613,696
Piraeus Bank SA	1,905,100		33,220,881
TOTAL GREECE			88,119,636
Hong Kong - 1.0%
China Unicom (Hong Kong) Ltd. sponsored ADR	7,982,500		100,978,625
Hong Kong Exchange & Clearing Ltd.	4,000,000		70,412,242
Hutchison Whampoa Ltd.	10,000,000		70,190,671
Li & Fung Ltd.	5,000,000		20,795,326
Swire Pacific Ltd. (A Shares)	5,007,500		61,025,338
Wharf Holdings Ltd.	7,226,000		39,043,926
TOTAL HONG KONG			362,446,128
India - 1.2%
HDFC Bank Ltd.	800,000		27,267,683
Indiabulls Financial Services Ltd.	1,039,597		3,699,678
Indiabulls Real Estate Ltd. (a)	1,710,239		8,954,011
Infosys Technologies Ltd.	2,807,942		130,513,383
Reliance Industries Ltd.	840,000		34,013,504
State Bank of India	3,327,536		153,665,639
Tata Steel Ltd.	6,648,141		65,762,699
TOTAL INDIA			423,876,597
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR	269,200		7,133,800
PT Perusahaan Gas Negara Tbk Series B	130,000,000		48,370,887
TOTAL INDONESIA			55,504,687
Ireland - 1.1%
Covidien PLC	2,250,000		94,770,000
CRH PLC	5,936,269		145,096,932
Ryanair Holdings PLC sponsored ADR (a)	5,603,300		152,801,991
TOTAL IRELAND			392,668,923
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,000,000		100,960,000
Italy - 2.6%
ENI SpA sponsored ADR	3,700,000		183,446,000
Fiat SpA (a)	19,699,100		294,520,220
Intesa Sanpaolo SpA	43,666,955		184,742,060
Telecom Italia SpA sponsored ADR	6,000,000		95,160,000
UniCredit SpA	46,687,257		157,329,030
Unione di Banche Italiane SCPA	1,200,000		17,190,647
TOTAL ITALY			932,387,957
Japan - 14.5%
Canon, Inc. sponsored ADR	4,743,300		178,632,678
Daiichi Sankyo Kabushiki Kaisha	2,093,600		40,902,356
Denso Corp.	7,000,000		191,273,354
East Japan Railway Co.	1,650,000		105,669,902
Eisai Co. Ltd.	1,850,000		65,697,690
Common Stocks - continued
	Shares		Value
Japan - continued
Fanuc Ltd.	1,700,000		$ 141,211,875
Fast Retailing Co. Ltd.	555,000		91,354,413
Honda Motor Co. Ltd.	5,000,000		154,441,996
Hoya Corp.	1,999,500		44,005,987
Ibiden Co. Ltd.	1,000,000		35,804,504
Japan Tobacco, Inc.	29,838		83,715,311
JSR Corp.	4,543,500		88,618,588
Jupiter Telecommunications Co.	20,000		18,281,754
Keyence Corp.	880,000		174,711,345
Kubota Corp.	1,500,000		11,656,813
Kyocera Corp.	1,020,700		85,625,427
Mazda Motor Corp.	8,955,000		20,211,329
Mitsubishi Corp.	7,615,700		161,464,492
Mitsubishi UFJ Financial Group, Inc.	68,342,000		364,037,297
Mitsui & Co. Ltd.	13,450,000		176,647,987
Murata Manufacturing Co. Ltd.	1,459,400		71,210,445
NGK Insulators Ltd.	4,111,000		92,214,721
Nikon Corp.	4,300,000		80,146,324
Nintendo Co. Ltd.	360,000		90,301,892
Nippon Telegraph & Telephone Corp.	1,600,000		66,023,473
Nitto Denko Corp.	2,000,000		60,402,968
Nomura Holdings, Inc.	29,395,400		207,196,885
NSK Ltd.	5,000,000		29,050,429
Omron Corp.	4,001,300		67,380,820
ORIX Corp.	2,740,000		176,999,656
Promise Co. Ltd. (c)	1,500,000		9,535,159
Rakuten, Inc.	170,000		116,431,200
Ricoh Co. Ltd.	5,500,000		74,750,463
ROHM Co. Ltd.	1,239,100		82,177,884
Sankyo Co. Ltd. (Gunma)	1,100,000		62,835,377
Seven & i Holdings Co., Ltd.	3,778,600		82,726,662
Shin-Etsu Chemical Co., Ltd.	1,688,200		89,532,410
Softbank Corp.	1,666,400		39,268,991
Sony Financial Holdings, Inc.	32,710		93,870,622
Sumco Corp.	3,964,900		75,667,832
Sumitomo Corp.	6,500,000		63,103,629
Sumitomo Metal Industries Ltd.	15,000,000		38,323,956
Sumitomo Mitsui Financial Group, Inc.	6,764,200		229,928,752
THK Co. Ltd.	5,000,000		86,403,869
Tokai Carbon Co. Ltd.	6,000,000		28,962,542
Tokyo Electron Ltd.	2,150,000		120,958,018
Toshiba Corp.	26,056,000		148,927,315
Toyota Motor Corp. sponsored ADR	5,970,100		470,981,189
Yahoo! Japan Corp. (c)	299,774		91,889,145
TOTAL JAPAN			5,181,167,726
Korea (South) - 1.6%
Amorepacific Corp.	139,531		95,939,650
LG Household & Health Care Ltd.	200,000		41,386,090
Lotte Shopping Co. Ltd.	71,612		20,151,312
	Shares		Value
NHN Corp. (a)	1,000,000		$ 146,949,287
Samsung Electronics Co. Ltd.	470,100		281,837,739
TOTAL KOREA (SOUTH)			586,264,078
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A (c)	2,250,000		76,545,000
SES SA FDR (France) unit	5,630,000		122,242,615
TOTAL LUXEMBOURG			198,787,615
Mexico - 0.4%
America Movil SAB de CV Series L sponsored ADR	2,013,600		88,860,168
Cemex SA de CV sponsored ADR	5,750,000		59,685,000
TOTAL MEXICO			148,545,168
Netherlands - 1.6%
Akzo Nobel NV	755,800		44,799,315
Gemalto NV (a)	1,700,000		71,759,400
ING Groep NV (Certificaten Van Aandelen) unit (a)	85,500		1,112,591
Koninklijke KPN NV	10,137,900		184,242,570
Koninklijke Philips Electronics NV	90,000		2,260,722
Koninklijke Philips Electronics NV (NY Shares)	2,934,500		73,626,605
QIAGEN NV (a)	2,041,000		42,514,030
Randstad Holdings NV (a)	2,180,046		83,088,409
Royal DSM NV	1,358,700		59,661,946
Unilever NV (Certificaten Van Aandelen) unit	50,000		1,545,495
TOTAL NETHERLANDS			564,611,083
Netherlands Antilles - 0.5%
Schlumberger Ltd.	2,890,200		179,770,440
Norway - 0.7%
DnB NOR ASA (a)(c)	5,627,000		64,808,622
Pronova BioPharma ASA (a)(d)	15,500,000		48,182,882
StatoilHydro ASA	122,000		2,895,479
Telenor ASA (a)	9,410,000		121,854,578
TOTAL NORWAY			237,741,561
Papua New Guinea - 0.5%
Lihir Gold Ltd.	60,000,000		164,055,454
South Africa - 0.8%
Aspen Pharmacare Holdings Ltd.	146,200		1,238,840
Impala Platinum Holdings Ltd.	7,000,000		156,172,800
MTN Group Ltd.	8,644,800		130,017,792
TOTAL SOUTH AFRICA			287,429,432
Spain - 4.7%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (c)	3,141,935		55,926,443
Banco Santander SA	152,000		2,445,859
Banco Santander SA:
rights 11/2/09 (a)	152,000		26,841
Common Stocks - continued
	Shares		Value
Spain - continued
Banco Santander SA: - continued
sponsored ADR (c)	18,250,000		$ 293,095,000
Enagas SA	5,000,649		103,169,045
Grupo Acciona SA	290,000		35,462,883
Grupo Ferrovial SA	2,300,000		95,647,807
Iberdrola SA (c)	14,570,200		132,504,007
Inditex SA	1,755,565		103,336,067
Red Electrica Corporacion SA	1,700,000		88,082,568
Telefonica SA	27,590,200		770,445,795
TOTAL SPAIN			1,680,142,315
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	1,880,995		106,836,881
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (c)	4,700,000		48,880,000
TOTAL SWEDEN			155,716,881
Switzerland - 8.9%
Actelion Ltd. (Reg.) (a)	3,043,726		168,041,203
Alcon, Inc.	725,000		103,522,750
ARYZTA AG	2,000,000		78,744,762
Bank Sarasin & Co. Ltd. Series B (Reg.)	48,400		1,931,566
Credit Suisse Group (Reg.)	1,500,000		80,170,138
Kuehne & Nagel International AG	1,400,000		127,161,095
Lonza Group AG	125,817		9,803,205
Nestle SA (Reg.)	14,222,360		662,813,815
Nobel Biocare Holding AG (Switzerland)	2,350,000		66,874,574
Roche Holding AG (participation certificate)	3,203,717		514,230,767
Schindler Holding AG (Reg.)	1,300,000		90,078,940
SGS Societe Generale de Surveillance Holding SA (Reg.)	82,550		110,619,092
Sonova Holding AG	2,100,000		216,528,604
Sulzer AG (Reg.)	885,300		69,195,069
Swiss Reinsurance Co. (Reg.)	1,330,645		54,491,475
Tecan Group AG (d)	1,100,000		67,537,277
Transocean Ltd. (a)	1,663,800		139,609,458
UBS AG:
(For. Reg.) (a)	4,272,205		71,224,035
(NY Shares) (a)	11,800,000		195,762,000
Zurich Financial Services AG (Reg.)	1,495,271		343,762,235
TOTAL SWITZERLAND			3,172,102,060
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	34,500,000		134,625,561
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	8,039,998		76,701,581
TOTAL TAIWAN			211,327,142
	Shares		Value
United Kingdom - 17.4%
Anglo American PLC (United Kingdom) (a)	1,141,328		$ 41,505,385
AstraZeneca PLC (United Kingdom)	1,200,000		53,887,808
Barclays PLC	63,622,287		333,560,418
Barratt Developments PLC (a)	4,100,000		9,094,094
Bellway PLC	2,450,000		29,403,817
BG Group PLC	10,000,900		173,225,488
BHP Billiton PLC	4,000,000		107,931,931
Bovis Homes Group PLC (d)	7,250,000		49,028,663
BP PLC sponsored ADR	4,200,000		237,804,000
British American Tobacco PLC:
(United Kingdom)	47,200		1,504,577
sponsored ADR	2,508,000		161,088,840
British Land Co. PLC	11,588,678		89,842,148
Capita Group PLC	20,500,451		256,807,795
Carphone Warehouse Group PLC	20,856,732		63,040,594
Centrica PLC	424,000		1,728,474
easyJet PLC (a)(d)	28,500,000		168,495,470
GlaxoSmithKline PLC sponsored ADR	250,000		10,290,000
HSBC Holdings PLC:
(United Kingdom) (Reg.)	475,223		5,253,019
sponsored ADR (c)	14,844,300		822,225,778
Imperial Tobacco Group PLC	5,676,100		167,742,377
Inchcape PLC (a)	121,790,000		58,686,740
International Power PLC	14,835,892		61,868,221
ITV PLC	20,883,300		14,657,351
Johnson Matthey PLC	1,000,000		23,182,216
Man Group PLC	36,357,500		185,044,404
Misys PLC	15,000,355		51,003,724
National Grid PLC	6,319,500		62,926,528
Next PLC	2,500,000		73,675,775
Pearson PLC	7,000,000		95,675,894
Persimmon PLC	4,200,000		27,816,689
Prudential PLC	17,440,819		159,350,082
QinetiQ Group PLC	8,630,000		23,265,061
Reckitt Benckiser Group PLC	9,000,000		448,457,668
Rio Tinto PLC:
(Reg.)	1,147,952		50,767,722
sponsored ADR (c)	1,000,000		178,030,000
Royal Dutch Shell PLC:
Class A (United Kingdom)	164,500		4,880,275
Class A sponsored ADR	4,049,200		240,562,972
Class B ADR	6,008,200		349,436,912
Segro PLC	6,947,400		40,264,032
Standard Chartered PLC (United Kingdom)	11,355,070		279,734,521
Tesco PLC	34,885,147		233,307,407
Vodafone Group PLC	680,000		1,499,105
Vodafone Group PLC sponsored ADR	30,159,000		669,228,210
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Wolseley PLC (a)	2,000,000		$ 40,650,968
Xstrata PLC	4,953,166		71,765,852
TOTAL UNITED KINGDOM			6,229,199,005
United States of America - 6.7%
Allergan, Inc.	2,960,500		166,528,125
AMETEK, Inc.	900,000		31,401,000
C. R. Bard, Inc.	900,000		67,563,000
CME Group, Inc.	307,000		92,901,270
Coach, Inc.	2,072,900		68,343,513
Cummins, Inc.	1,100,000		47,366,000
CVS Caremark Corp.	1,452,300		51,266,190
Danaher Corp.	450,000		30,703,500
ENSCO International, Inc.	2,402,400		110,005,896
Express Scripts, Inc. (a)	1,500,000		119,880,000
Goldman Sachs Group, Inc.	640,000		108,908,800
Google, Inc. Class A (a)	306,800		164,481,616
Henry Schein, Inc. (a)	800,000		42,264,000
JPMorgan Chase & Co.	4,190,900		175,053,893
Medco Health Solutions, Inc. (a)	1,350,000		75,762,000
Microsoft Corp.	1,448,000		40,153,040
Morgan Stanley	5,220,500		167,682,460
Newmont Mining Corp.	1,000,000		43,460,000
Pfizer, Inc.	7,111,500		121,108,845
Philip Morris International, Inc.	4,000,000		189,440,000
PNC Financial Services Group, Inc.	2,061,100		100,870,234
Pride International, Inc. (a)	1,038,000		30,683,280
Range Resources Corp.	707,200		35,395,360
State Street Corp.	700,000		29,386,000
Synthes, Inc.	300,000		35,669,038
Visa, Inc. Class A	1,800,000		136,368,000
Wells Fargo & Co.	4,044,780		111,312,346
TOTAL UNITED STATES OF AMERICA			2,393,957,406
TOTAL COMMON STOCKS (Cost $31,642,660,004)		34,294,638,941
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.1%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	792,000		26,094,820
Italy - 0.3%
Fiat SpA (a)	4,930,600		43,969,084
Intesa Sanpaolo SpA	22,000,000		72,032,373
TOTAL ITALY			116,001,457
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $150,344,568)		142,096,277
Money Market Funds - 6.0%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (f)	1,182,345,265		$ 1,182,345,265
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(f)	969,781,454		969,781,454
TOTAL MONEY MARKET FUNDS (Cost $2,152,126,719)		2,152,126,719
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $33,945,131,291)			36,588,861,937
NET OTHER ASSETS - (2.3)%			(839,528,804)
NET ASSETS - 100%		$ 35,749,333,133

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,022,215 or 0.0% of net assets.

(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(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 $481,440 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
OZ Optics Ltd. unit	8/18/00	$ 1,505,520

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	$ 8,769,282
Fidelity Securities Lending Cash Central Fund	22,941,366
Total	$ 31,710,648

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
Bovis Homes Group PLC	$ 36,892,190	$ 2,746,800	$ -	$ -	$ 49,028,663
easyJet PLC	149,638,996	4,142,767	10,393,440	-	168,495,470
European Capital Ltd.	13,349,451	-	-	-	-
Flint Energy Services Ltd.	20,173,329	-	11,966,493	-	-
Informa PLC	91,463,882	25,683,318	16,413,166	3,631,670	163,485,254
Niko Resources Ltd.	194,858,186	-	110,125,793	301,830	204,266,519
Petrobank Energy & Resources Ltd.	89,650,025	13,088,112	-	-	239,355,866
Pronova BioPharma ASA	33,771,424	6,967,044	-	-	48,182,882
Tecan Group AG	49,374,624	-	-	730,945	67,537,277
Trican Well Service Ltd.	69,582,435	-	3,233,004	515,522	81,839,590
Total	$ 748,754,542	$ 52,628,041	$ 152,131,896	$ 5,179,967	$ 1,022,191,521

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 6,229,199,005	$ 5,782,726,356	$ 446,472,649	$ -
Japan	5,181,167,726	649,613,867	4,531,553,859	-
France	3,462,622,736	2,930,175,732	532,447,004	-
Switzerland	3,172,102,060	3,020,707,887	151,394,173	-
Germany	2,471,858,712	2,353,457,698	118,401,014	-
United States of America	2,393,957,406	2,393,957,406	-	-
Canada	1,883,053,294	1,878,895,123	3,676,731	481,440
Spain	1,680,142,315	907,250,661	772,891,654	-
Italy	1,048,389,414	1,048,389,414	-	-
Other	6,914,242,550	4,581,636,204	2,332,606,346	-
Money Market Funds	2,152,126,719	2,152,126,719	-	-
Total Investments in Securities	$ 36,588,861,937	$ 27,698,937,067	$ 8,889,443,430	$ 481,440

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

Investments in Securities:
Beginning Balance	$ 16,942,832
Total Realized Gain (Loss)	(72,993,522)
Total Unrealized Gain (Loss)	71,016,258
Cost of Purchases	-
Proceeds of Sales	(14,484,128)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 481,440
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ (750,210)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $4,558,512,169 of which $956,598,602 and $3,601,913,567 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Diversified International

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $906,642,612) - See accompanying schedule: Unaffiliated issuers (cost $30,542,223,032)	$ 33,414,543,697
Fidelity Central Funds (cost $2,152,126,719)	2,152,126,719
Other affiliated issuers (cost $1,250,781,540)	1,022,191,521
Total Investments (cost $33,945,131,291)		$ 36,588,861,937
Foreign currency held at value (cost $17,135,662)		17,145,822
Receivable for investments sold		211,251,485
Receivable for fund shares sold		42,999,627
Dividends receivable		67,616,236
Distributions receivable from Fidelity Central Funds		405,896
Prepaid expenses		211,794
Other receivables		2,926,641
Total assets		36,931,419,438
Liabilities
Payable for investments purchased	$ 149,347,827
Payable for fund shares redeemed	31,655,895
Accrued management fee	21,905,687
Other affiliated payables	7,255,292
Other payables and accrued expenses	2,140,150
Collateral on securities loaned, at value	969,781,454
Total liabilities		1,182,086,305
Net Assets		$ 35,749,333,133
Net Assets consist of:
Paid in capital		$ 37,380,881,387
Undistributed net investment income		412,089,844
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,689,123,637)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,645,485,539
Net Assets		$ 35,749,333,133
Diversified International: Net Asset Value, offering price and redemption price per share ($30,998,269,612 ÷ 1,153,864,659 shares)		$ 26.86
Class K: Net Asset Value, offering price and redemption price per share ($4,713,908,891 ÷ 175,295,722 shares)		$ 26.89
Class F: Net Asset Value, offering price and redemption price per share ($37,154,630 ÷ 1,381,663 shares)		$ 26.89

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends (including $5,179,967 earned from other affiliated issuers)		$ 804,693,798
Interest		60,192
Income from Fidelity Central Funds		31,710,648
		836,464,638
Less foreign taxes withheld		(72,641,533)
Total income		763,823,105
Expenses
Management fee Basic fee	$ 211,525,849
Performance adjustment	(8,758,758)
Transfer agent fees	80,732,229
Accounting and security lending fees	2,628,761
Custodian fees and expenses	5,083,608
Independent trustees' compensation	212,867
Depreciation in deferred trustee compensation account	(118)
Registration fees	359,372
Audit	222,940
Legal	188,969
Miscellaneous	668,301
Total expenses before reductions	292,864,020
Expense reductions	(5,138,176)	287,725,844
Net investment income (loss)		476,097,261
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,404,738,398)
Other affiliated issuers	(45,816,278)
Foreign currency transactions	57,559,792
Futures contracts	2,433,055
Total net realized gain (loss)		(3,390,561,829)
Change in net unrealized appreciation (depreciation) on: Investment securities	9,785,458,028
Assets and liabilities in foreign currencies	(46,450,045)
Total change in net unrealized appreciation (depreciation)		9,739,007,983
Net gain (loss)		6,348,446,154
Net increase (decrease) in net assets resulting from operations		$ 6,824,543,415

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 476,097,261	$ 752,597,206
Net realized gain (loss)	(3,390,561,829)	(1,222,596,476)
Change in net unrealized appreciation (depreciation)	9,739,007,983	(27,541,183,667)
Net increase (decrease) in net assets resulting from operations	6,824,543,415	(28,011,182,937)
Distributions to shareholders from net investment income	(412,836,673)	(623,834,183)
Distributions to shareholders from net realized gain	-	(3,411,186,315)
Total distributions	(412,836,673)	(4,035,020,498)
Share transactions - net increase (decrease)	129,291,951	1,321,563,137
Redemption fees	1,098,454	1,934,056
Total increase (decrease) in net assets	6,542,097,147	(30,722,706,242)
Net Assets
Beginning of period	29,207,235,986	59,929,942,228
End of period (including undistributed net investment income of $412,089,844 and undistributed net investment income of $552,385,607, respectively)	$ 35,749,333,133	$ 29,207,235,986

Financial Highlights - Diversified International

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 21.96	$ 45.41	$ 37.58	$ 30.80	$ 26.08
Income from Investment Operations
Net investment income (loss) B	.35	.55	.47	.46	.30
Net realized and unrealized gain (loss)	4.86	(20.96)	10.23	7.33	4.63
Total from investment operations	5.21	(20.41)	10.70	7.79	4.93
Distributions from net investment income	(.31)	(.47)	(.36)	(.28)	(.15)
Distributions from net realized gain	-	(2.57)	(2.51)	(.73)	(.06)
Total distributions	(.31)	(3.04)	(2.87)	(1.01)	(.21)
Redemption fees added to paid in capital B,F	-	-	-	-	-
Net asset value, end of period	$ 26.86	$ 21.96	$ 45.41	$ 37.58	$ 30.80
Total Return A	24.32%	(48.04)%	30.37%	25.89%	19.01%
Ratios to Average Net Assets C,E
Expenses before reductions	1.01%	1.04%	.93%	1.01%	1.10%
Expenses net of fee waivers, if any	1.01%	1.04%	.93%	1.01%	1.10%
Expenses net of all reductions	.99%	1.02%	.91%	.97%	1.07%
Net investment income (loss)	1.58%	1.53%	1.20%	1.32%	1.02%
Supplemental Data
Net assets, end of period (000 omitted)	$ 30,998,270	$ 28,274,961	$ 59,929,942	$ 43,965,189	$ 29,637,193
Portfolio turnover rate D	54%	49%	51%	59%	41%

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class K

Years ended October 31,	2009	2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss) D	.42	.16
Net realized and unrealized gain (loss)	4.85	(16.57)
Total from investment operations	5.27	(16.41)
Distributions from net investment income	(.36)	-
Redemption fees added to paid in capital D,I	-	-
Net asset value, end of period	$ 26.89	$ 21.98
Total Return B,C	24.64%	(42.75)%
Ratios to Average Net Assets E,H
Expenses before reductions	.77%	.88% A
Expenses net of fee waivers, if any	.77%	.88% A
Expenses net of all reductions	.76%	.87% A
Net investment income (loss)	1.81%	1.45% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,713,909	$ 932,275
Portfolio turnover rate F	54%	49%

^A Annualized

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

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

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

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

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

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

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

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

Financial Highlights - Class F

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.29
Income from Investment Operations
Net investment income (loss) D	(.02)
Net realized and unrealized gain (loss)	3.62
Total from investment operations	3.60
Redemption fees added to paid in capital D,I	-
Net asset value, end of period	$ 26.89
Total Return B,C	15.46%
Ratios to Average Net Assets E,H
Expenses before reductions	.71% A
Expenses net of fee waivers, if any	.71% A
Expenses net of all reductions	.70% A
Net investment income (loss)	(.19)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 37,155
Portfolio turnover rate F	54%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares on June 26, 2009. The Fund offers Diversified International, Class K, and Class F shares each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund was closed to most new accounts effective the close of business on October 25, 2004 and reopened after the close of business on March 30, 2009. 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 may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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	$ 5,918,146,519
Gross unrealized depreciation	(3,405,027,342)
Net unrealized appreciation (depreciation)	$ 2,513,119,177
Tax Cost	$ 34,075,742,760

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Undistributed ordinary income	$ 412,629,848
Capital loss carryforward	$ (4,558,512,169)
Net unrealized appreciation (depreciation)	$ 2,514,874,070

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 412,836,673	$ 623,834,183
Long-term Capital Gains	-	3,411,186,315
Total	$ 412,836,673	$ 4,035,020,498

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

4. Operating Policies.

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

5. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts and forward foreign currency contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risks relative to those derivatives. These risks are further explained below:

Equity Risk	Equity risk is the risk that the value of financial instruments will fluctuate 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.
Foreign Exchange Risk	Foreign exchange rate risk is the risk that the value of securities denominated in other currencies will fluctuate due to changes in exchange rates.

The following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and

Annual Report

5. Investments in Derivative Instruments - continued

Futures Contracts - continued

changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Forward Foreign Currency Contracts. The Fund generally uses forward foreign currency contracts to facilitate transactions in foreign-denominated securities and manage the risk associated with fluctuations in foreign currency exchange rates. Forward foreign currency contracts are customized transactions that require the exchange of currency at a specific exchange rate on an agreed upon future date. These contracts are generally used to protect a fund against a decline in the value of existing investments denominated in foreign currency or to shift its investment exposure from one currency to another. Risks of loss may include foreign exchange risk and the failure by the counterparty to perform under the terms of the agreement.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are reflected as unrealized gain (loss) on the Statement of Assets and Liabilities. Realized gain (loss) is recognized on settlement date. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) is recognized on the date of offset. Any unrealized gains (losses) on offsetting contracts that settle after period end are reflected as a Receivable or Payable for closed foreign currency contracts. The net realized and change in unrealized gain (loss) on forward foreign currency contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open forward foreign currency contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 2,433,055	$ -
Foreign Exchange Risk
Forward Foreign Currency Contracts	84,022,416	(49,526,241)
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)(b)	$ 86,455,471	$ (49,526,241)

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $84,022,416 for forward foreign currency contracts and $2,433,055 for futures contracts.

(b) Total derivatives change in unrealized gain (loss) included in the Statement of Operations is comprised of $(49,526,241) for forward foreign currency contracts.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $15,993,356,171 and $15,359,588,559, respectively.

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Diversified International as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .68% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC receives no

Annual Report

Notes to Financial Statements - continued

7. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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, the total transfer agent fees paid by each applicable class were as follows:

	Amount	% of Average Net Assets
Diversified International	$ 78,979,600	.29
Class K	1,752,629	.06
	$ 80,732,229

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $20,209 for the period.

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $151,920 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $22,941,366.

10. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Diversified International's operating expenses. During the period, this reimbursement reduced the Fund's expenses by $22,168.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,115,819 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $189.

Annual Report

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Diversified International	$ 394,538,470	$ 623,834,183
Class K	18,298,203	-
Total	$ 412,836,673	$ 623,834,183
From net realized gain
Diversified International	$ -	$ 3,411,186,315

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 B,C	2008 A	2009 B,C	2008 A
Diversified International
Shares sold	266,412,212	306,179,666	$ 5,884,913,394	$ 10,595,590,795
Conversion to Class K	(113,348,310)	(43,282,557)	(2,310,072,040)	(933,288,874)
Reinvestment of distributions	20,012,374	95,512,855	380,635,740	3,896,924,337
Shares redeemed	(307,025,690)	(390,314,331)	(6,660,643,668)	(13,365,445,996)
Net increase (decrease)	(133,949,414)	(31,904,367)	$ (2,705,166,574)	$ 193,780,262
Class K
Shares sold	46,252,428	1,216,070	$ 1,096,724,275	$ 245,180,524
Conversion from Diversified International	113,393,333	43,251,317	2,310,072,040	933,288,874
Reinvestment of distributions	963,570	-	18,298,203	-
Shares redeemed	(27,732,811)	(2,048,185)	(629,090,058)	(50,686,523)
Net increase (decrease)	132,876,520	42,419,202	$ 2,796,004,460	$ 1,127,782,875
Class F
Shares sold	1,396,615	-	$ 38,873,992	$ -
Shares redeemed	(14,952)	-	(419,927)	-
Net increase (decrease)	1,381,663	-	$ 38,454,065	$ -

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^B Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^C Conversion transactions for Class K and Diversified International are for the period November 1, 2008 to August 31, 2009.

13. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Fidelity International Capital Appreciation Fund

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

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	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Actual	.95%	$ 1,000.00	$ 1,361.10	$ 5.65
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,020.42	$ 4.84

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

Annual Report

Fidelity International Capital Appreciation Fund

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Fidelity International Capital Appreciation Fund A	45.95%	1.77%	1.14%

^A Prior to February 11, 2000, International Capital Appreciation operated under certain different investment policies. The fund's historical performance may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity International Capital Appreciation Fund on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI^SM (All Country World Index) ex USA Index performed over the same period.

Annual Report

International Capital Appreciation

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Sammy Simnegar, Portfolio Manager of Fidelity® International Capital Appreciation Fund: During the past year, the fund returned 45.95%, handily beating the 34.26% return of the MSCI All Country World ex USA Index. Stock selection in materials accounted for roughly half of the fund's edge over the index. Also helping were my picks in energy, telecommunication services, health care and financials, among other sectors. In fact, industrials was the only detracting sector. Investment bank Morgan Stanley was our top contributor, as the company's woes during the credit crisis gave way to a soaring stock price amid easing concerns about its balance sheet. Also bolstering our results was U.K.-based metals and minerals producer Rio Tinto, Belgian brewer Anheuser-Busch InBev, Russian steel producer Evraz Group, Swiss copper and coal miner Xstrata, and Canadian gold producer Agnico-Eagle Mines. German LED lighting equipment maker Aixtron helped as well. Conversely, commercial bank Citigroup suffered serious deterioration in its balance sheet and held back performance. Other detractors were Japanese finance company ORIX and copper miner Mercator Minerals. Morgan Stanley, Evraz, Aixtron, Citigroup and Mercator Minerals were out-of-index positions. Some stocks I've mentioned were sold by period end.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

International Capital Appreciation Fund

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United Kingdom	15.1%
	Japan	12.5%
	United States of America	7.8%
	France	7.5%
	Canada	6.4%
	Spain	4.6%
	India	3.8%
	Russia	3.7%
	Australia	3.6%
	Other	35.0%

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

As of April 30, 2009
	Japan	15.0%
	United Kingdom	14.2%
	United States of America	13.4%
	France	9.8%
	Canada	6.1%
	Germany	4.7%
	Switzerland	3.7%
	Spain	3.4%
	Italy	3.1%
	Other	26.6%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.4	96.0
Short-Term Investments and Net Other Assets	0.6	4.0
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	2.1	1.6
Royal Dutch Shell PLC Class B (United Kingdom, Oil, Gas & Consumable Fuels)	1.8	0.0
Banco Santander SA (Spain, Commercial Banks)	1.5	0.0
Telefonica SA (Spain, Diversified Telecommunication Services)	1.4	1.6
Mitsubishi UFJ Financial Group, Inc. sponsored ADR (Japan, Commercial Banks)	1.3	1.5
Sanofi-Aventis sponsored ADR (France, Pharmaceuticals)	1.3	1.4
Barclays PLC Sponsored ADR (United Kingdom, Commercial Banks)	1.3	1.2
Teva Pharmaceutical Industries Ltd. sponsored ADR (Israel, Pharmaceuticals)	1.3	1.3
BNP Paribas SA (France, Commercial Banks)	1.2	1.1
UBS AG (NY Shares) (Switzerland, Capital Markets)	1.2	1.1
	14.4
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.6	23.5
Information Technology	11.0	5.9
Energy	11.1	8.9
Materials	8.9	11.7
Industrials	8.9	9.9
Consumer Discretionary	7.3	10.8
Telecommunication Services	7.3	8.0
Consumer Staples	6.7	7.4
Utilities	5.4	4.0
Health Care	5.2	5.9

Annual Report

International Capital Appreciation Fund

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares		Value
Australia - 3.6%
Karoon Gas Australia Ltd. (a)	173,571		$ 1,175,123
MacArthur Coal Ltd.	257,473		1,927,988
Origin Energy Ltd.	176,328		2,527,504
OZ Minerals Ltd. (a)	2,102,755		2,198,059
Paladin Energy Ltd. (a)	550,795		1,992,063
Westfield Group unit	270,979		2,934,829
Woolworths Ltd.	133,958		3,427,643
TOTAL AUSTRALIA			16,183,209
Bailiwick of Guernsey - 0.5%
Raven Russia Ltd.	3,237,900		2,312,453
Belgium - 1.8%
Anheuser-Busch InBev SA NV	92,539		4,358,305
Fortis (a)	877,700		3,812,742
TOTAL BELGIUM			8,171,047
Bermuda - 1.8%
Dufry South America Ltd. unit	116,074		2,016,730
Huabao International Holdings Ltd.	2,445,000		2,332,237
Northern Offshore Ltd. (a)	2,045,000		3,214,230
Scorpion Offshore Ltd. (a)	187,000		751,122
TOTAL BERMUDA			8,314,319
Brazil - 2.8%
Banco Santander (Brasil) SA ADR (a)	252,300		2,992,278
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.) (c)	145,300		2,294,287
PDG Realty S.A. Empreendimentos e Participacoes	277,500		2,316,176
Vivo Participacoes SA sponsored ADR	114,700		2,781,475
Votorantim Celulose e Papel SA sponsored ADR (a)(c)	179,378		2,464,654
TOTAL BRAZIL			12,848,870
Canada - 6.4%
Canadian Imperial Bank of Commerce	54,000		3,091,841
Consolidated Thompson Iron Mines Ltd. (a)	578,700		2,672,115
Eastern Platinum Ltd. (a)	1,752,800		1,165,458
First Quantum Minerals Ltd.	39,100		2,672,745
First Uranium Corp. (a)	2,033,700		5,070,869
Grande Cache Coal Corp. (a)	680,900		2,345,437
Niko Resources Ltd.	30,800		2,491,647
OPTI Canada, Inc. (a)(c)	1,275,600		2,238,205
Research In Motion Ltd. (a)	58,400		3,429,833
Suncor Energy, Inc.	118,300		3,924,215
TOTAL CANADA			29,102,365
Cayman Islands - 2.2%
China High Speed Transmission Equipment Group Co. Ltd.	469,000		940,599
Himax Technologies, Inc. sponsored ADR	793,800		2,095,632
	Shares		Value
JA Solar Holdings Co. Ltd. ADR (a)	726,800		$ 2,783,644
Peak Sport Products Co. Ltd.	5,331,000		2,280,292
Trina Solar Ltd. ADR (a)(c)	61,800		2,007,264
TOTAL CAYMAN ISLANDS			10,107,431
China - 1.3%
China Construction Bank Corp. (H Shares)	4,351,000		3,751,232
NetEase.com, Inc. sponsored ADR (a)(c)	59,900		2,313,338
TOTAL CHINA			6,064,570
Cyprus - 0.4%
Mirland Development Corp. PLC (a)(d)	716,300		1,943,375
Czech Republic - 0.5%
Ceske Energeticke Zavody AS	49,300		2,457,747
Denmark - 1.8%
Carlsberg AS Series B	37,000		2,611,610
Novo Nordisk AS Series B	48,613		3,027,620
Vestas Wind Systems AS (a)	39,193		2,778,024
TOTAL DENMARK			8,417,254
Egypt - 0.5%
Orascom Telecom Holding SAE unit	67,600		2,305,160
France - 7.5%
Atos Origin SA (a)	47,923		2,252,444
AXA SA sponsored ADR	151,300		3,752,240
BNP Paribas SA (c)	74,402		5,633,068
Credit Agricole SA	166,400		3,208,968
Iliad Group SA	21,270		2,306,800
Nexity	59,500		2,222,202
Renault SA (a)	54,500		2,454,104
Saft Groupe SA	44,091		2,294,556
Sanofi-Aventis sponsored ADR	158,800		5,862,896
Societe Generale Series A	65,957		4,404,539
TOTAL FRANCE			34,391,817
Germany - 2.2%
Aixtron AG	164,500		4,930,965
HeidelbergCement AG	45,288		2,714,392
Metro AG	43,100		2,394,883
TOTAL GERMANY			10,040,240
Greece - 0.5%
Hellenic Telecommunications Organization SA	135,900		2,299,812
Hong Kong - 1.1%
China Resources Power Holdings Co. Ltd.	1,092,000		2,262,290
China Unicom (Hong Kong) Ltd. sponsored ADR	202,200		2,557,830
TOTAL HONG KONG			4,820,120
India - 3.8%
Bank of Baroda	214,704		2,319,997
Common Stocks - continued
	Shares		Value
India - continued
BGR Energy Systems Ltd.	221,290		$ 2,191,760
ICSA (India) Ltd.	861,818		3,260,628
Indiabulls Real Estate Ltd. (a)	440,015		2,303,713
MIC Electronics Ltd.	2,650,244		2,063,881
Reliance Industries Ltd.	78,838		3,192,329
Sintex Industries Ltd.	433,408		1,906,505
TOTAL INDIA			17,238,813
Ireland - 0.5%
Covidien PLC	54,600		2,299,752
Israel - 1.8%
Bezeq Israeli Telecommunication Corp. Ltd.	1,044,900		2,337,926
Teva Pharmaceutical Industries Ltd. sponsored ADR	111,600		5,633,568
TOTAL ISRAEL			7,971,494
Italy - 0.9%
Intesa Sanpaolo SpA	992,381		4,198,473
Japan - 12.5%
eAccess Ltd.	3,574		2,506,813
Elpida Memory, Inc. (a)	164,400		2,148,014
Hitachi Ltd.	821,000		2,651,038
Itochu Corp.	415,000		2,623,272
Japan Tobacco, Inc.	1,097		3,077,810
JTEKT Corp.	209,400		2,212,195
Kyocera Corp.	34,700		2,910,946
Mazda Motor Corp.	1,070,000		2,414,977
Mitsubishi Corp.	152,200		3,226,873
Mitsubishi UFJ Financial Group, Inc. sponsored ADR	1,151,400		6,113,934
Mitsubishi UFJ Lease & Finance Co. Ltd.	75,460		2,247,762
Mitsui & Co. Ltd.	229,500		3,014,179
ORIX Corp.	64,720		4,180,809
Sapporo Breweries Ltd. (c)	511,000		2,668,280
Softbank Corp.	127,500		3,004,559
Sony Corp. sponsored ADR	111,900		3,288,741
Sumco Corp.	115,500		2,204,251
Sumitomo Mitsui Financial Group, Inc.	104,300		3,545,367
Toshiba Corp.	521,000		2,977,860
TOTAL JAPAN			57,017,680
Korea (South) - 2.9%
DigiTech Systems Co., Ltd. (a)	45,124		936,255
Hanjin Heavy Industries & Consolidated Co. Ltd.	192,655		3,429,752
Hyundai Mipo Dockyard Co. Ltd.	40,025		3,285,342
LG Corp.	43,136		2,434,834
Lumens Co. Ltd. (a)	578,318		3,212,198
TOTAL KOREA (SOUTH)			13,298,381
Luxembourg - 0.6%
Millicom International Cellular SA (a)	40,900		2,562,794
	Shares		Value
Netherlands - 1.3%
Gemalto NV (a)	57,461		$ 2,425,510
ING Groep NV sponsored ADR (a)	277,000		3,573,300
TOTAL NETHERLANDS			5,998,810
Norway - 1.1%
DnB NOR ASA (a)	220,400		2,538,443
Sevan Marine ASA (a)(c)	1,567,472		2,543,060
TOTAL NORWAY			5,081,503
Qatar - 0.7%
Commercial Bank of Qatar GDR (Reg. S)	773,161		3,057,525
Russia - 3.7%
LSR Group OJSC GDR (Reg. S) (a)	325,200		2,435,748
Mechel Steel Group OAO sponsored ADR	149,700		2,568,852
OAO Gazprom sponsored ADR	192,139		4,540,245
OAO NOVATEK GDR	47,800		2,413,900
OGK-2 JSC GDR (Reg. S) (a)	696,100		2,339,611
RusHydro JSC sponsored ADR (a)	761,800		2,712,008
TOTAL RUSSIA			17,010,364
South Africa - 2.9%
African Bank Investments Ltd.	591,900		2,333,507
MTN Group Ltd.	206,200		3,101,248
Murray & Roberts Holdings Ltd.	321,800		2,322,315
Naspers Ltd. Class N	76,500		2,785,236
Raubex Group Ltd.	800,600		2,510,682
TOTAL SOUTH AFRICA			13,052,988
Spain - 4.6%
Banco Santander SA	426,089		6,856,273
EDP Renovaveis SA (a)	246,001		2,454,379
Grupo Acciona SA	20,082		2,455,744
NH Hoteles SA (a)	552,200		2,896,883
Telefonica SA	227,923		6,364,663
TOTAL SPAIN			21,027,942
Sweden - 1.0%
EnergyO Solutions AB (a)	970,400		4,734,466
Switzerland - 2.6%
Actelion Ltd. (Reg.) (a)	63,161		3,487,058
Swiss Reinsurance Co. (Reg.)	71,355		2,922,071
UBS AG (NY Shares) (a)	338,200		5,610,738
TOTAL SWITZERLAND			12,019,867
Taiwan - 0.5%
Prime View International Co. Ltd.	1,440,000		2,337,577
Ukraine - 0.3%
Ukrnafta Open JSC sponsored ADR (a)(d)	8,855		1,185,782
United Kingdom - 15.1%
Anglo American PLC (United Kingdom) (a)	117,200		4,262,080
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Barclays PLC Sponsored ADR	279,100		$ 5,833,190
BG Group PLC	282,596		4,894,842
BT Group PLC	1,367,600		2,931,681
Cairn Energy PLC (a)	53,188		2,307,102
Carphone Warehouse Group PLC	724,862		2,190,934
Centrica PLC	815,279		3,323,558
Debenhams PLC	1,719,786		2,199,541
HSBC Holdings PLC sponsored ADR	176,300		9,765,257
Imperial Tobacco Group PLC	114,211		3,375,209
Lloyds TSB Group PLC	2,206,100		3,152,205
Royal Dutch Shell PLC Class B	290,488		8,365,209
SABMiller PLC	119,000		3,131,848
Taylor Wimpey PLC (a)	3,870,700		2,352,590
Tesco PLC	747,283		4,997,733
Vedanta Resources PLC	72,400		2,487,872
Xstrata PLC	219,800		3,184,657
TOTAL UNITED KINGDOM			68,755,508
United States of America - 7.2%
Bank of America Corp.	379,800		5,537,484
Ener1, Inc. (a)(c)	518,900		2,589,311
JPMorgan Chase & Co.	62,900		2,627,333
Morgan Stanley	97,100		3,118,852
Pfizer, Inc.	183,600		3,126,708
PNC Financial Services Group, Inc.	52,300		2,559,562
Rubicon Technology, Inc. (a)(c)	171,449		2,592,309
U.S. Bancorp, Delaware	102,100		2,370,762
Veeco Instruments, Inc. (a)	127,324		3,100,339
Virgin Media, Inc.	154,900		2,163,953
Wells Fargo & Co.	106,600		2,933,632
TOTAL UNITED STATES OF AMERICA			32,720,245
TOTAL COMMON STOCKS (Cost $435,994,658)		451,349,753
Nonconvertible Preferred Stocks - 0.5%
	Shares		Value
Italy - 0.5%
Fiat SpA (Risparmio Shares) (Cost $1,421,695)	244,900		$ 2,342,487
Money Market Funds - 5.6%
Fidelity Cash Central Fund, 0.20% (e)	9,985,548		9,985,548
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	15,678,868		15,678,868
TOTAL MONEY MARKET FUNDS (Cost $25,664,416)		25,664,416

TOTAL INVESTMENT PORTFOLIO - 105.0% (Cost $463,080,769) 479,356,656

NET OTHER ASSETS - (5.0)%		(23,026,372)
NET ASSETS - 100%	$ 456,330,284

Legend

(a) Non-income producing

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

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

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

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 35,962
Fidelity Securities Lending Cash Central Fund	564,741
Total	$ 600,703

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 68,755,508	$ 57,458,618	$ 11,296,890	$ -
Japan	57,017,680	9,402,675	47,615,005	-
France	34,391,817	34,391,817	-	-
United States of America	32,720,245	32,720,245	-	-
Canada	29,102,365	29,102,365	-	-
Spain	21,027,942	7,807,006	13,220,936	-
India	17,238,813	-	17,238,813	-
Russia	17,010,364	17,010,364	-	-
Australia	16,183,209	-	16,183,209	-
Other	160,244,297	128,307,223	31,937,074	-
Money Market Funds	25,664,416	25,664,416	-	-
Total Investments in Securities	$ 479,356,656	$ 341,864,729	$ 137,491,927	$ -

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $188,506,843 of which $160,032,733 and $28,474,110 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

International Capital Appreciation Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $14,449,192) - See accompanying schedule: Unaffiliated issuers (cost $437,416,353)	$ 453,692,240
Fidelity Central Funds (cost $25,664,416)	25,664,416
Total Investments (cost $463,080,769)		$ 479,356,656
Foreign currency held at value (cost $2,193,063)		2,188,913
Receivable for investments sold		45,417,461
Receivable for fund shares sold		2,686,521
Dividends receivable		555,880
Distributions receivable from Fidelity Central Funds		12,266
Prepaid expenses		2,211
Other receivables		583,470
Total assets		530,803,378
Liabilities
Payable for investments purchased Regular delivery	$ 54,694,894
Delayed delivery	2,475,005
Payable for fund shares redeemed	980,427
Accrued management fee	198,870
Other affiliated payables	132,659
Other payables and accrued expenses	312,371
Collateral on securities loaned, at value	15,678,868
Total liabilities		74,473,094
Net Assets		$ 456,330,284
Net Assets consist of:
Paid in capital		$ 627,704,326
Undistributed net investment income		3,139,027
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(190,651,196)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		16,138,127
Net Assets, for 42,337,844 shares outstanding		$ 456,330,284
Net Asset Value, offering price and redemption price per share ($456,330,284 ÷ 42,337,844 shares)		$ 10.78

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 5,435,239
Interest		226,907
Income from Fidelity Central Funds (including $564,741 from security lending)		600,703
		6,262,849
Less foreign taxes withheld		(408,964)
Total income		5,853,885
Expenses
Management fee Basic fee	$ 1,872,949
Performance adjustment	(912,292)
Transfer agent fees	843,384
Accounting and security lending fees	138,858
Custodian fees and expenses	152,902
Independent trustees' compensation	1,808
Registration fees	28,896
Audit	79,107
Legal	1,176
Miscellaneous	4,083
Total expenses before reductions	2,210,871
Expense reductions	(309,669)	1,901,202
Net investment income (loss)		3,952,683
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $368,685)	(28,159,912)
Foreign currency transactions	(170,235)
Total net realized gain (loss)		(28,330,147)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $194,013)	121,855,079
Assets and liabilities in foreign currencies	3,290
Total change in net unrealized appreciation (depreciation)		121,858,369
Net gain (loss)		93,528,222
Net increase (decrease) in net assets resulting from operations		$ 97,480,905

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

Annual Report

Fidelity International Capital Appreciation Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 3,952,683	$ 6,093,619
Net realized gain (loss)	(28,330,147)	(151,658,059)
Change in net unrealized appreciation (depreciation)	121,858,369	(155,008,762)
Net increase (decrease) in net assets resulting from operations	97,480,905	(300,573,202)
Distributions to shareholders from net investment income	(813,634)	(5,367,651)
Distributions to shareholders from net realized gain	-	(91,658,633)
Total distributions	(813,634)	(97,026,284)
Share transactions Proceeds from sales of shares	231,674,751	80,650,507
Reinvestment of distributions	789,571	93,225,308
Cost of shares redeemed	(77,561,298)	(318,648,389)
Net increase (decrease) in net assets resulting from share transactions	154,903,024	(144,772,574)
Redemption fees	16,981	20,218
Total increase (decrease) in net assets	251,587,276	(542,351,842)
Net Assets
Beginning of period	204,743,008	747,094,850
End of period (including undistributed net investment income of $3,139,027 and distributions in excess of net investment income of $22, respectively)	$ 456,330,284	$ 204,743,008
Other Information Shares
Sold	23,747,061	5,806,116
Issued in reinvestment of distributions	121,286	5,991,344
Redeemed	(9,131,697)	(22,909,358)
Net increase (decrease)	14,736,650	(11,111,898)

Financial Highlights

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 7.42	$ 19.30	$ 18.14	$ 17.19	$ 15.21
Income from Investment Operations
Net investment income (loss) B	.13	.19	.20	.24	.20
Net realized and unrealized gain (loss)	3.26	(9.54)	3.80	2.70	1.83
Total from investment operations	3.39	(9.35)	4.00	2.94	2.03
Distributions from net investment income	(.03)	(.14)	(.20)	(.23)	(.05)
Distributions from net realized gain	-	(2.39)	(2.64)	(1.77)	-
Total distributions	(.03)	(2.53)	(2.84)	(2.00)	(.05)
Redemption fees added to paid in capital B	- F	- F	- F	.01	- F
Net asset value, end of period	$ 10.78	$ 7.42	$ 19.30	$ 18.14	$ 17.19
Total Return A	45.95%	(55.30)%	24.81%	18.26%	13.37%
Ratios to Average Net Assets C,E
Expenses before reductions	.84%	.89%	.85%	.87%	.97%
Expenses net of fee waivers, if any	.84%	.89%	.85%	.87%	.97%
Expenses net of all reductions	.72%	.72%	.79%	.75%	.84%
Net investment income (loss)	1.49%	1.39%	1.11%	1.36%	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 456,330	$ 204,743	$ 747,095	$ 476,147	$ 695,714
Portfolio turnover rate D	387%	387%	138%	176%	185%

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

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

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

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

^E 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 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.

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

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

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

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end.

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

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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	$ 33,695,860
Gross unrealized depreciation	$ (24,557,834)
Net unrealized appreciation (depreciation)	$ 9,138,026
Tax Cost	$ 470,218,630

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

Undistributed ordinary income	$ 8,132,535
Capital loss carryforward	$ (188,506,843)
Net unrealized appreciation (depreciation)	$ 9,084,421

The tax character of distributions paid was as follows:

	October 31, 2009	October 31,2008
Ordinary Income	$ 813,634	$ 74,015,749
Long-term Capital Gains	-	23,010,535
Total	$ 813,634	$ 97,026,284

Annual Report

3. Significant Accounting Policies - continued

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

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell 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. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,173,164,083 and $1,012,672,636, respectively.

6. Fees and Other Transactions with Affiliates.

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

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .32% of average net assets.

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $16,222 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $1,230 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities

Annual Report

Notes to Financial Statements - continued

8. Security Lending - continued

loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $309,162 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $507.

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.

At the end of the period, PAS International Fund of Funds was the owner of record of approximately 10% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity International Capital Appreciation Fund (formerly Fidelity Aggressive International fund):

We have audited the accompanying statement of assets and liabilities of Fidelity International Capital Appreciation Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity International Capital Appreciation Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Overseas

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Overseas and Class K, and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

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, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

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

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	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Overseas	1.02%
Actual		$ 1,000.00	$ 1,255.40	$ 5.80 B
HypotheticalA		$ 1,000.00	$ 1,020.06	$ 5.19 C
Class K	.79%
Actual		$ 1,000.00	$ 1,256.70	$ 4.49 B
HypotheticalA		$ 1,000.00	$ 1,021.22	$ 4.02 C
Class F	.68%
Actual		$ 1,000.00	$ 1,132.60	$ 2.54 B
HypotheticalA		$ 1,000.00	$ 1,021.78	$ 3.47 C

^A 5% return per year before expenses

^B Actual expenses are equal to each class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Overseas and Class K, and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

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

Annual Report

Overseas

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Overseas	20.44%	4.19%	1.35%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Overseas, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI EAFE Index performed over the same period.

Annual Report

Overseas

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Ian Hart, Portfolio Manager of Fidelity® Overseas Fund: The fund's Retail Class shares returned 20.44% for the year, trailing the return of the MSCI EAFE index. The underperformance fell primarily within the financials sector, where security selection in the banks and diversified financials groups hurt the most. Fifteen of the fund's 20 biggest individual detractors were within financials, due to both stock selection and untimely ownership. For example, I trimmed Barclays of the United Kingdom at or near bottom and owned other stocks that missed the massive rally in financials stocks after March. I was overweighted in lagging Japanese firms such as Nomura Holdings and Promise, and underweighted in Australian banks, which rallied after March. Other detractors included a large out-of-index position in China Unicom, which reflected the country's lagging telecommunications sector. Conversely, stock selection in consumer staples helped. Individual contributors included a large overweighted position in Anheuser-Busch InBev, which underwent a merger between the Belgian-based brewer and the U.S. maker of Budweiser beer. Elsewhere, investments in emerging-markets mobile phone companies, such as PT Indosat in Indonesia and Vivo Partipacoes in Brazil - two out-of-index picks - - also aided results. Some of the stocks I've mentioned were sold by period end.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Portfolio

Overseas

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Japan	20.2%
	United Kingdom	20.2%
	France	15.0%
	Germany	10.7%
	United States of America	5.4%
	Spain	4.5%
	Italy	4.3%
	Switzerland	4.0%
	Hong Kong	2.4%
	Other	13.3%

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

As of April 30, 2009
	United Kingdom	23.2%
	Japan	15.0%
	France	14.3%
	Germany	9.7%
	United States of America	6.4%
	Switzerland	6.3%
	Belgium	5.5%
	Hong Kong	4.2%
	Spain	3.9%
	Other	11.5%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.9	95.6
Short-Term Investments and Net Other Assets	2.1	4.4
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Pernod Ricard SA (France, Beverages)	4.0	2.9
Royal Dutch Shell PLC Class B ADR (United Kingdom, Oil, Gas & Consumable Fuels)	3.1	1.9
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.9	2.0
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.8	1.4
Danone (France, Food Products)	1.7	0.0
Bulgari SpA (Italy, Textiles, Apparel & Luxury Goods)	1.6	0.0
China Unicom (Hong Kong) Ltd. sponsored ADR (Hong Kong, Diversified Telecommunication Services)	1.6	3.3
HeidelbergCement AG (Germany, Construction Materials)	1.5	0.0
Total SA Series B (France, Oil, Gas & Consumable Fuels)	1.5	1.0
Ricoh Co. Ltd. (Japan, Office Electronics)	1.5	0.9
	20.2
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.6	19.2
Consumer Discretionary	11.2	10.1
Energy	10.5	7.6
Materials	10.2	8.7
Consumer Staples	9.9	16.1
Telecommunication Services	8.8	10.5
Industrials	7.9	6.6
Health Care	6.5	8.5
Information Technology	6.0	4.9
Utilities	4.3	3.4

Annual Report

Overseas

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 2.0%
Macquarie Group Ltd.	475,663		$ 20,825,143
National Australia Bank Ltd.	1,888,338		49,876,538
Qantas Airways Ltd.	10,974,903		27,280,023
Westfield Group unit	4,096,322		44,365,083
TOTAL AUSTRALIA			142,346,787
Austria - 0.5%
Wienerberger AG (a)	1,763,720		31,975,355
Bailiwick of Jersey - 1.1%
Shire PLC	2,112,658		37,376,235
WPP PLC	4,066,700		36,457,521
TOTAL BAILIWICK OF JERSEY			73,833,756
Belgium - 2.1%
Anheuser-Busch InBev SA NV	1,976,501		93,087,184
Anheuser-Busch InBev SA NV (strip VVPR) (a)	6,312,640		46,447
Fortis (a)	4,440,600		19,290,036
KBC Groupe SA (a)	893,025		38,530,319
TOTAL BELGIUM			150,953,986
Canada - 0.5%
Harry Winston Diamond Corp. (d)	4,282,574		35,080,049
Cayman Islands - 0.2%
Shanda Games Ltd. sponsored ADR	1,171,600		11,669,136
Egypt - 0.5%
Orascom Telecom Holding SAE unit	1,060,000		36,146,000
France - 15.0%
Accor SA	776,876		37,354,448
Alstom SA	632,700		44,061,926
AXA SA	1,880,137		46,756,168
BNP Paribas SA	714,790		54,117,643
Carrefour SA	770,707		33,196,099
Compagnie de St. Gobain	1,211,743		59,387,491
Danone	1,973,309		118,926,065
Lafarge SA (Bearer)	375,956		30,677,050
Pernod Ricard SA (c)	3,351,176		280,055,517
Sanofi-Aventis	1,142,068		83,710,385
Schneider Electric SA	449,277		46,947,095
Societe Generale Series A	655,808		43,794,162
Total SA Series B	1,805,001		108,004,496
Unibail-Rodamco	106,695		23,700,211
Veolia Environnement	693,600		22,735,359
Wendel (c)	398,000		22,197,155
TOTAL FRANCE			1,055,621,270
Germany - 10.7%
Allianz AG (Reg.)	375,049		42,568,060
BASF AG	367,215		19,723,696
Bayer AG	690,900		48,018,453
Commerzbank AG (a)(c)	2,482,964		25,942,020
Daimler AG	895,000		43,165,850
	Shares		Value
Deutsche Boerse AG	946,462		$ 76,769,271
Deutsche Postbank AG (a)	1,003,500		31,143,612
Deutsche Telekom AG (Reg.)	4,817,770		65,232,603
E.ON AG	1,196,370		45,931,922
Fresenius Medical Care AG & Co. KGaA	526,000		25,504,463
HeidelbergCement AG (c)	1,808,529		108,396,413
Lanxess AG	628,370		19,723,379
Linde AG	341,697		35,896,621
Munich Re Group (Reg.)	126,859		20,094,166
SAP AG	483,711		21,897,597
Siemens AG (Reg.)	605,607		54,516,742
Sky Deutschland AG (a)	7,053,800		29,479,255
Software AG (Bearer)	275,300		24,533,929
TUI AG (a)(c)	2,358,100		16,361,343
TUI AG rights 11/11/09 (a)(c)	2,358,100		35
TOTAL GERMANY			754,899,430
Greece - 1.3%
Alpha Bank AE (a)	1,030,900		20,161,208
Hellenic Telecommunications Organization SA	4,201,421		71,099,912
TOTAL GREECE			91,261,120
Hong Kong - 2.4%
China Unicom (Hong Kong) Ltd. sponsored ADR (c)	8,587,500		108,631,875
Hutchison Whampoa Ltd.	8,144,000		57,163,282
TOTAL HONG KONG			165,795,157
India - 0.5%
Reliance Industries Ltd.	910,936		36,885,863
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR (c)	448,805		11,893,333
Ireland - 0.1%
CRH PLC	217,442		5,314,814
Italy - 4.3%
Bulgari SpA (c)	13,865,381		113,852,096
ENI SpA	1,741,574		43,130,271
Intesa Sanpaolo SpA	22,787,249		96,406,157
UniCredit SpA	14,048,824		47,342,423
TOTAL ITALY			300,730,947
Japan - 20.2%
Bridgestone Corp.	2,019,000		33,296,596
Canon, Inc. sponsored ADR	1,362,700		51,319,282
Citizen Holdings Co. Ltd.	3,576,000		20,122,573
East Japan Railway Co.	1,456,700		93,290,513
Inpex Corp.	4,117		33,622,601
Japan Tobacco, Inc.	12,268		34,419,848
JFE Holdings, Inc.	834,700		27,191,689
Kenedix, Inc. (a)(d)	75,000		28,504,228
Kose Corp.	1,032,600		22,591,641
Marui Group Co. Ltd.	3,072,000		17,647,887
Mazda Motor Corp.	40,152,000		90,622,588
Common Stocks - continued
	Shares		Value
Japan - continued
Mitsubishi Corp.	1,976,500		$ 41,904,824
Mitsubishi UFJ Financial Group, Inc.	12,389,800		65,996,741
Mitsui & Co. Ltd.	2,416,600		31,738,849
Mitsui Chemicals, Inc.	10,938,000		37,566,728
Nomura Holdings, Inc.	8,349,000		58,848,895
Nomura Real Estate Office Fund, Inc.	4,215		26,044,810
NTT DoCoMo, Inc.	44,148		64,029,803
Omron Corp.	4,089,400		68,864,401
Osaka Securities Exchange Co. Ltd.	5,701		27,359,707
Promise Co. Ltd. (c)	3,517,300		22,358,677
Ricoh Co. Ltd.	7,584,000		103,074,093
Seven & i Holdings Co., Ltd.	824,100		18,042,408
SKY Perfect JSAT Holdings, Inc.	45,557		20,832,487
Sompo Japan Insurance, Inc.	7,315,000		42,779,557
Sony Financial Holdings, Inc.	7,256		20,823,150
Sumitomo Mitsui Financial Group, Inc.	1,552,000		52,755,599
Takashimaya Co. Ltd.	1,154,000		7,781,301
Tokyo Broadcasting System Holding	1,351,600		20,161,171
Tokyo Gas Co., Ltd.	12,760,000		50,550,718
Toshiba Corp.	10,478,000		59,888,717
Toyota Motor Corp. sponsored ADR (c)	1,621,398		127,912,088
TOTAL JAPAN			1,421,944,170
Luxembourg - 1.1%
ArcelorMittal SA (NY Shares) Class A (c)	1,571,300		53,455,626
Millicom International Cellular SA (a)	360,700		22,601,462
TOTAL LUXEMBOURG			76,057,088
Marshall Islands - 0.5%
Teekay Corp.	1,675,800		34,772,850
Netherlands - 1.6%
Akzo Nobel NV	764,069		45,289,452
ING Groep NV (Certificaten Van Aandelen) unit (a)	3,307,400		43,038,396
Royal DSM NV	611,697		26,860,259
TOTAL NETHERLANDS			115,188,107
Netherlands Antilles - 0.3%
Schlumberger Ltd.	338,600		21,060,920
Norway - 0.8%
Aker Solutions ASA	3,212,400		38,765,799
Sevan Marine ASA (a)	9,921,000		16,095,788
TOTAL NORWAY			54,861,587
Spain - 4.5%
Banco Santander SA	2,384,300		38,366,188
Gas Natural SDG SA Series E	3,333,500		67,179,616
Iberdrola SA (c)	3,986,600		36,254,854
Indra Sistemas SA	901,300		21,234,191
Repsol YPF SA sponsored ADR (c)	2,466,700		65,614,220
	Shares		Value
Telefonica SA	254,900		$ 7,117,985
Telefonica SA sponsored ADR	996,400		83,627,852
TOTAL SPAIN			319,394,906
Switzerland - 4.0%
Actelion Ltd. (Reg.) (a)	625,980		34,559,757
Nobel Biocare Holding AG (Switzerland)	751,710		21,391,611
Roche Holding AG (participation certificate)	628,776		100,925,258
UBS AG (For. Reg.) (a)	4,757,053		79,307,176
Zurich Financial Services AG (Reg.)	193,026		44,376,604
TOTAL SWITZERLAND			280,560,406
United Kingdom - 20.2%
Anglo American PLC (United Kingdom) (a)	2,813,800		102,326,284
BAE Systems PLC	6,320,300		32,634,622
Barclays PLC	9,640,800		50,545,012
BG Group PLC	4,085,385		70,762,912
British Land Co. PLC	5,440,682		42,179,320
British Sky Broadcasting Group PLC	3,495,900		30,591,901
Centrica PLC	19,087,743		77,812,890
GKN PLC	21,790,043		38,350,685
GlaxoSmithKline PLC	1,898,498		38,956,319
HSBC Holdings PLC sponsored ADR	2,403,371		133,122,720
Imperial Tobacco Group PLC	1,091,758		32,264,069
ITV PLC	70,751,030		49,657,990
Kesa Electricals PLC	8,817,900		19,240,236
Man Group PLC	17,708,037		90,126,470
Misys PLC	9,722,700		33,058,811
Rexam PLC	13,160,600		59,851,592
Rio Tinto PLC (Reg.)	1,738,510		76,884,915
Royal Dutch Shell PLC Class B ADR	3,699,300		215,151,288
Segro PLC	6,506,400		37,708,192
Smith & Nephew PLC	3,088,400		27,310,109
Vodafone Group PLC sponsored ADR	2,415,000		53,588,850
William Hill PLC	25,970,532		71,632,544
Xstrata PLC	2,268,500		32,868,035
TOTAL UNITED KINGDOM			1,416,625,766
United States of America - 3.3%
NII Holdings, Inc. (a)	3,302,000		88,922,860
Pfizer, Inc.	1,636,200		27,864,486
Procter & Gamble Co.	1,018,300		59,061,400
Smith International, Inc.	1,940,900		53,821,157
TOTAL UNITED STATES OF AMERICA			229,669,903
TOTAL COMMON STOCKS (Cost $6,678,739,421)		6,874,542,706
Money Market Funds - 8.2%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (e)	243,416,860		$ 243,416,860
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	328,661,620		328,661,620
TOTAL MONEY MARKET FUNDS (Cost $572,078,480)		572,078,480
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.05%, dated 10/30/09 due 11/2/09 (Collateralized by U.S. Government Obligations) # (Cost $14,899,000)	14,899,068		14,899,000
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $7,265,716,901)			7,461,520,186
NET OTHER ASSETS - (6.3)%			(440,040,092)
NET ASSETS - 100%		$ 7,021,480,094

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$14,899,000 due 11/02/09 at 0.05%
BNP Paribas Securities Corp.	$ 2,746,860
Banc of America Securities LLC	2,811,884
Barclays Capital, Inc.	8,240,581
Deutsche Bank Securities, Inc.	1,099,675
	$ 14,899,000

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	$ 1,300,818
Fidelity Securities Lending Cash Central Fund	7,117,068
Total	$ 8,417,886

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
Harry Winston Diamond Corp.	$ 29,808,633	$ 17,161,980	$ 9,630,285	$ 58,523	$ 35,080,049
Kenedix, Inc.	-	27,978,187	-	-	28,504,228
Total	$ 29,808,633	$ 45,140,167	$ 9,630,285	$ 58,523	$ 63,584,277

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 1,421,944,170	$ 179,231,370	$ 1,242,712,800	$ -
United Kingdom	1,416,625,766	1,222,929,411	193,696,355	-
France	1,055,621,270	817,150,221	238,471,049	-
Germany	754,899,430	570,684,393	184,215,002	35
Spain	319,394,906	273,910,733	45,484,173	-
Italy	300,730,947	257,600,676	43,130,271	-
Switzerland	280,560,406	201,253,230	79,307,176	-
United States of America	229,669,903	229,669,903	-	-
Hong Kong	165,795,157	108,631,875	57,163,282	-
Other	929,300,751	633,195,949	296,104,802	-
Money Market Funds	572,078,480	572,078,480	-	-
Cash Equivalents	14,899,000	-	14,899,000	-
Total Investments in Securities	$ 7,461,520,186	$ 5,066,336,241	$ 2,395,183,910	$ 35

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	35
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 35
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 35

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $1,798,921,333 of which $859,201,568 and $939,719,765 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Overseas

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $304,665,938 and repurchase agreements of $14,899,000) - See accompanying schedule: Unaffiliated issuers (cost $6,604,312,010)	$ 6,825,857,429
Fidelity Central Funds (cost $572,078,480)	572,078,480
Other affiliated issuers (cost $89,326,411)	63,584,277
Total Investments (cost $7,265,716,901)		$ 7,461,520,186
Cash		436,708
Foreign currency held at value (cost $40,358)		40,362
Receivable for investments sold		104,711,177
Receivable for fund shares sold		5,340,766
Dividends receivable		20,755,138
Distributions receivable from Fidelity Central Funds		282,712
Prepaid expenses		42,810
Other receivables		1,367,421
Total assets		7,594,497,280
Liabilities
Payable for investments purchased	$ 231,288,168
Payable for fund shares redeemed	6,807,246
Accrued management fee	4,106,875
Other affiliated payables	1,695,570
Other payables and accrued expenses	457,707
Collateral on securities loaned, at value	328,661,620
Total liabilities		573,017,186
Net Assets		$ 7,021,480,094
Net Assets consist of:
Paid in capital		$ 8,636,122,711
Undistributed net investment income		98,105,298
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,908,732,953)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		195,985,038
Net Assets		$ 7,021,480,094
Overseas: Net Asset Value, offering price and redemption price per share ($6,602,017,401 ÷ 219,140,992 shares)		$ 30.13
Class K: Net Asset Value, offering price and redemption price per share ($383,047,531 ÷ 12,700,958 shares)		$ 30.16
Class F: Net Asset Value, offering price and redemption price per share ($36,415,162 ÷ 1,207,679 shares)		$ 30.15

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends (including $58,523 earned from other affiliated issuers)		$ 184,748,736
Interest		14,529
Income from Fidelity Central Funds		8,417,886
		193,181,151
Less foreign taxes withheld		(16,553,656)
Total income		176,627,495
Expenses
Management fee Basic fee	$ 42,063,130
Performance adjustment	(2,349,513)
Transfer agent fees	17,149,813
Accounting and security lending fees	1,660,690
Custodian fees and expenses	744,440
Independent trustees' compensation	42,134
Depreciation in deferred trustee compensation account	(846)
Registration fees	86,705
Audit	106,028
Legal	85,182
Interest	140
Miscellaneous	174,469
Total expenses before reductions	59,762,372
Expense reductions	(2,464,857)	57,297,515
Net investment income (loss)		119,329,980
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(951,830,215)
Other affiliated issuers	(51,750,853)
Foreign currency transactions	(65,021)
Total net realized gain (loss)		(1,003,646,089)
Change in net unrealized appreciation (depreciation) on: Investment securities	2,100,493,531
Assets and liabilities in foreign currencies	315,824
Total change in net unrealized appreciation (depreciation)		2,100,809,355
Net gain (loss)		1,097,163,266
Net increase (decrease) in net assets resulting from operations		$ 1,216,493,246

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 119,329,980	$ 108,130,289
Net realized gain (loss)	(1,003,646,089)	(902,937,259)
Change in net unrealized appreciation (depreciation)	2,100,809,355	(4,444,954,236)
Net increase (decrease) in net assets resulting from operations	1,216,493,246	(5,239,761,206)
Distributions to shareholders from net investment income	(81,537,156)	(93,919,303)
Distributions to shareholders from net realized gain	-	(947,430,820)
Total distributions	(81,537,156)	(1,041,350,123)
Share transactions - net increase (decrease)	377,264,123	2,246,479,755
Redemption fees	81,713	456,294
Total increase (decrease) in net assets	1,512,301,926	(4,034,175,280)
Net Assets
Beginning of period	5,509,178,168	9,543,353,448
End of period (including undistributed net investment income of $98,105,298 and undistributed net investment income of $101,205,874, respectively)	$ 7,021,480,094	$ 5,509,178,168

Financial Highlights - Overseas

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 25.43	$ 58.39	$ 47.08	$ 37.65	$ 32.21
Income from Investment Operations
Net investment income (loss) B	.52	.55	.70	.63	.39
Net realized and unrealized gain (loss)	4.55	(27.19)	15.80	9.37	5.35
Total from investment operations	5.07	(26.64)	16.50	10.00	5.74
Distributions from net investment income	(.37)	(.57)	(.55)	(.41)	(.19)
Distributions from net realized gain	-	(5.75)	(4.64)	(.16)	(.11)
Total distributions	(.37)	(6.32)	(5.19)	(.57)	(.30)
Redemption fees added to paid in capital B, F	-	-	-	-	-
Net asset value, end of period	$ 30.13	$ 25.43	$ 58.39	$ 47.08	$ 37.65
Total Return A	20.44%	(50.88)%	38.79%	26.83%	17.90%
Ratios to Average Net Assets C, E
Expenses before reductions	1.02%	1.13%	.95%	1.00%	.93%
Expenses net of fee waivers, if any	1.02%	1.13%	.95%	1.00%	.93%
Expenses net of all reductions	.98%	1.10%	.91%	.90%	.86%
Net investment income (loss)	2.01%	1.33%	1.43%	1.43%	1.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,602,017	$ 5,464,901	$ 9,543,353	$ 7,217,287	$ 4,733,797
Portfolio turnover rate D	115%	113%	87%	132%	87%

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class K

Years ended October 31,	2009	2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 25.45	$ 45.00
Income from Investment Operations
Net investment income (loss) D	.59	.13
Net realized and unrealized gain (loss)	4.54	(19.68)
Total from investment operations	5.13	(19.55)
Distributions from net investment income	(.42)	-
Redemption fees added to paid in capital D, I	-	-
Net asset value, end of period	$ 30.16	$ 25.45
Total Return B, C	20.73%	(43.44)%
Ratios to Average Net Assets E, H
Expenses before reductions	.78%	.96% A
Expenses net of fee waivers, if any	.78%	.96% A
Expenses net of all reductions	.74%	.93% A
Net investment income (loss)	2.25%	1.08% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 383,048	$ 44,277
Portfolio turnover rate F	115%	113%

^A Annualized

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

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

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

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

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

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

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

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

Financial Highlights - Class F

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 26.62
Income from Investment Operations
Net investment income (loss) D	.07
Net realized and unrealized gain (loss)	3.46
Total from investment operations	3.53
Redemption fees added to paid in capital D, I	-
Net asset value, end of period	$ 30.15
Total Return B, C	13.26%
Ratios to Average Net Assets E, H
Expenses before reductions	.68% A
Expenses net of fee waivers, if any	.68% A
Expenses net of all reductions	.64% A
Net investment income (loss)	.70% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 36,415
Portfolio turnover rate F	115%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares on June 26, 2009. The Fund offers Overseas, Class K, and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

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	$ 791,142,643
Gross unrealized depreciation	(706,964,993)
Net unrealized appreciation (depreciation)	$ 84,177,650
Tax Cost	$ 7,377,342,536

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

Undistributed ordinary income	$ 100,055,249
Capital loss carryforward	$ (1,798,921,333)
Net unrealized appreciation (depreciation)	$ 84,359,399

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 81,537,156	$ 204,315,590
Long-term Capital Gains	-	837,034,533
Total	$ 81,537,156	$ 1,041,350,123

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

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $6,980,004,135 and $6,647,710,529, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Overseas, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.

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

	Amount	% of Average Net Assets
Overseas	$ 16,978,777	.30
Class K	171,036	.06
	$ 17,149,813

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $17,872 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, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 11,708,000	.43%	$ 140

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $29,868 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $7,117,068.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Overseas' operating expenses. During the period, this reimbursement reduced the class's operating expenses by $13,445.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,447,663 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $3,749.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Overseas	$ 78,759,447	$ 93,919,303
Class K	2,777,709	-
Total	$ 81,537,156	$ 93,919,303
From net realized gain
Overseas	$ -	$ 947,430,820

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 B,C	2008 A	2009 B,C	2008 A
Overseas
Shares sold	47,857,124	76,040,831	$ 1,179,178,777	$ 2,985,572,846
Conversion to Class K	(11,269,934)	(1,789,301)	(265,380,751)	(50,752,081)
Reinvestment of distributions	3,481,434	20,825,405	78,089,426	1,030,024,482
Shares redeemed	(35,803,556)	(43,642,881)	(910,091,016)	(1,767,850,377)
Net increase (decrease)	4,265,068	51,434,054	$ 81,796,436	$ 2,196,994,870
Class K
Shares sold	2,178,017	23,823	$ 56,176,528	$ 671,729
Conversion from Overseas	11,270,235	1,787,998	265,380,751	50,752,081
Reinvestment of distributions	123,950	-	2,777,709	-
Shares redeemed	(2,610,676)	(72,389)	(67,054,987)	(1,938,925)
Net increase (decrease)	10,961,526	1,739,432	$ 257,280,001	$ 49,484,885
Class F
Shares sold	1,220,610	-	$ 38,599,366	$ -
Shares redeemed	(12,931)	-	(411,680)	-
Net increase (decrease)	1,207,679	-	$ 38,187,686	$ -

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^B Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^C Conversion transactions for Class K and Overseas are for the period November 1, 2008 to August 31, 2009.

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, Fidelity Freedom 2020 Fund and Fidelity Freedom 2030 Fund were the owners of record of approximately 12% and 10%, respectively, of the total outstanding shares of the Fund. The Fidelity Freedom Funds were owners of record, in the aggregate, of approximately 52% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Overseas Fund (a fund of Fidelity Investment Trust) at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Overseas Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Worldwide

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.55%
Actual		$ 1,000.00	$ 1,221.20	$ 8.68
HypotheticalA		$ 1,000.00	$ 1,017.39	$ 7.88
Class T	1.77%
Actual		$ 1,000.00	$ 1,219.60	$ 9.90
HypotheticalA		$ 1,000.00	$ 1,016.28	$ 9.00
Class B	2.24%
Actual		$ 1,000.00	$ 1,216.50	$ 12.51
HypotheticalA		$ 1,000.00	$ 1,013.91	$ 11.37
Class C	2.22%
Actual		$ 1,000.00	$ 1,216.50	$ 12.40
HypotheticalA		$ 1,000.00	$ 1,014.01	$ 11.27
Worldwide	1.26%
Actual		$ 1,000.00	$ 1,221.90	$ 7.06
HypotheticalA		$ 1,000.00	$ 1,018.85	$ 6.41
Institutional Class	1.19%
Actual		$ 1,000.00	$ 1,223.50	$ 6.67
HypotheticalA		$ 1,000.00	$ 1,019.21	$ 6.06

^A 5% return per year before expenses

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

Annual Report

Worldwide

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Worldwide	13.39%	4.31%	3.43%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Worldwide, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI World Index performed over the same period.

Annual Report

Worldwide

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from William Kennedy, Lead Portfolio Manager of Fidelity® Worldwide Fund and manager of its non-U.S. equity investments, and from Stephen DuFour, Co-Portfolio Manager responsible for the fund's U.S. equity subportfolio: For the 12 months ending October 31, 2009, the fund's Retail Class shares returned 13.39%, lagging the 18.94% return of the MSCI World Index. The fund's focus on higher-quality stocks hindered performance as lower-quality, higher-risk stocks led the market rally that began last March. Stock selection in financials did the most damage versus the index, followed by underweightings and disappointing stock picks in industrials and energy. On a geographic basis, the fund had weak security selection in Europe, Japan, Australia and the United States. The biggest individual detractors included Union Pacific, a West Coast railroad pressured by declining railroad volumes, and Well Fargo, a West Coast bank hurt by higher-than-anticipated mortgage losses. Overseas disappointments included investment bank Nomura Holdings, a high-quality Japanese financial that lagged lower-quality European financials in the spring rally. The fund benefited from strong stock picking in China and Brazil, which are not in the index, as well as in the telecommunication services and materials sectors. Top contributors included Temple-Inland, a U.S. boxboard and building products company that climbed nicely. Wells Fargo and Temple-Inland were no longer in the portfolio at period end. On the international side, not owning German car maker and index component Volkswagen proved helpful, as the stock plunged.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Worldwide

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United States of America	43.9%
	United Kingdom	11.7%
	Japan	8.3%
	France	4.8%
	Germany	4.4%
	Switzerland	4.0%
	Netherlands	2.5%
	Australia	2.0%
	China	1.8%
	Other	16.6%

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

As of April 30, 2009
	United States of America	47.8%
	Japan	11.2%
	United Kingdom	10.3%
	Germany	5.3%
	France	5.2%
	Switzerland	5.1%
	Australia	1.7%
	Netherlands	1.4%
	China	1.3%
	Other	10.7%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.8	97.8
Bonds	0.4	0.7
Short-Term Investments and Net Other Assets	3.8	1.5
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Union Pacific Corp. (United States of America, Road & Rail)	2.2	2.2
Google, Inc. Class A (United States of America, Internet Software & Services)	2.1	2.3
Apple, Inc. (United States of America, Computers & Peripherals)	2.0	2.0
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.6	0.9
Occidental Petroleum Corp. (United States of America, Oil, Gas & Consumable Fuels)	1.6	0.1
JPMorgan Chase & Co. (United States of America, Diversified Financial Services)	1.6	2.1
CSX Corp. (United States of America, Road & Rail)	1.4	0.0
Express Scripts, Inc. (United States of America, Health Care Providers & Services)	1.3	1.2
American Express Co. (United States of America, Consumer Finance)	1.3	0.1
Cisco Systems, Inc. (United States of America, Communications Equipment)	1.2	1.2
	16.3
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.8	19.7
Information Technology	17.3	19.7
Industrials	13.3	9.4
Consumer Discretionary	11.6	12.0
Energy	9.3	8.2
Health Care	8.5	8.7
Materials	7.7	7.8
Consumer Staples	5.1	5.8
Telecommunication Services	2.8	4.7
Utilities	0.8	0.9

Annual Report

Worldwide

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
Australia - 2.0%
Billabong International Ltd.	125,750		$ 1,163,139
BlueScope Steel Ltd.	633,651		1,678,718
Commonwealth Bank of Australia	91,076		4,207,365
Goodman Group unit	1,060,044		568,217
Macquarie Group Ltd.	52,724		2,308,325
National Australia Bank Ltd.	114,703		3,029,642
Newcrest Mining Ltd.	97,396		2,798,694
QBE Insurance Group Ltd.	67,910		1,367,174
Wesfarmers Ltd.	61,452		1,532,922
Westfield Group unit	128,519		1,391,921
TOTAL AUSTRALIA			20,046,117
Bailiwick of Jersey - 0.5%
Experian PLC	158,300		1,452,824
Informa PLC	723,000		3,480,347
TOTAL BAILIWICK OF JERSEY			4,933,171
Belgium - 0.6%
Anheuser-Busch InBev SA NV	133,004		6,264,084
Bermuda - 0.5%
Aquarius Platinum Ltd. (United Kingdom)	81,666		349,545
Huabao International Holdings Ltd.	1,060,000		1,011,113
Marvell Technology Group Ltd. (a)	56,000		768,320
Ports Design Ltd.	200,500		540,339
Seadrill Ltd. (a)	100,300		2,094,948
Xyratex Ltd. (a)	46,000		480,700
TOTAL BERMUDA			5,244,965
Brazil - 1.0%
BM&F BOVESPA SA	170,798		1,100,703
Itau Unibanco Banco Multiplo SA ADR	74,140		1,419,040
Petroleo Brasileiro SA - Petrobras sponsored ADR	53,000		2,449,660
Vivo Participacoes SA sponsored ADR	170,425		4,132,806
Votorantim Celulose e Papel SA sponsored ADR (a)	84,539		1,161,566
TOTAL BRAZIL			10,263,775
British Virgin Islands - 0.1%
Playtech Ltd.	200,359		1,183,395
Canada - 1.1%
Keyera Facilities Income Fund	45,000		824,491
Niko Resources Ltd.	26,700		2,159,967
Open Text Corp. (a)	91,100		3,398,846
PetroBakken Energy Ltd. Class A	89,502		2,580,461
Petrobank Energy & Resources Ltd. (a)	46,800		2,046,001
TOTAL CANADA			11,009,766
Cayman Islands - 0.3%
BaWang International (Group) Holding Ltd.	1,408,000		572,148
Belle International Holdings Ltd.	533,000		538,144
China Dongxiang Group Co. Ltd.	1,336,000		816,300
	Shares		Value
China High Speed Transmission Equipment Group Co. Ltd.	32,000		$ 64,177
Hengdeli Holdings Ltd.	2,160,000		703,329
TOTAL CAYMAN ISLANDS			2,694,098
Chile - 0.0%
Embotelladora Andina SA sponsored ADR	23,000		419,750
China - 1.8%
Baidu.com, Inc. sponsored ADR (a)	20,100		7,596,192
BYD Co. Ltd. (H Shares) (a)	257,500		2,357,546
NetEase.com, Inc. sponsored ADR (a)	19,500		753,090
Tencent Holdings Ltd.	209,400		3,646,289
ZTE Corp. (H Shares)	592,784		3,284,826
TOTAL CHINA			17,637,943
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)	1,232,268		70,810
Denmark - 1.0%
Novo Nordisk AS Series B	61,146		3,808,175
Vestas Wind Systems AS (a)	28,002		1,984,799
William Demant Holding AS (a)	51,100		3,652,309
TOTAL DENMARK			9,445,283
Finland - 0.2%
Nokian Tyres PLC	68,200		1,459,230
France - 4.8%
Accor SA	26,560		1,277,082
Air France KLM (Reg.) (a)	145,500		2,239,596
Alstom SA	28,675		1,996,959
Atos Origin SA (a)	26,644		1,252,303
AXA SA	158,437		3,940,089
BNP Paribas SA	69,124		5,233,464
Cap Gemini SA	37,200		1,730,384
Credit Agricole SA	55,600		1,072,227
Danone	34,996		2,109,115
Iliad Group SA	27,158		2,945,373
LVMH Moet Hennessy - Louis Vuitton	14,519		1,509,468
Orpea	32,200		1,454,686
Pernod Ricard SA	20,700		1,729,885
PPR SA	18,950		2,073,593
Sanofi-Aventis	46,582		3,414,330
Schneider Electric SA	41,317		4,317,410
Societe Generale Series A	19,378		1,581,592
Total SA Series B	102,562		6,136,926
Unibail-Rodamco	6,389		1,419,192
TOTAL FRANCE			47,433,674
Germany - 4.4%
Aixtron AG	135,700		4,067,672
BASF AG	39,844		2,140,084
Bayerische Motoren Werke AG (BMW)	57,542		2,819,285
Beiersdorf AG	32,240		1,987,852
Daimler AG (Reg.)	53,918		2,600,465
Common Stocks - continued
	Shares		Value
Germany - continued
Deutsche Bank AG	22,004		$ 1,576,146
Deutsche Boerse AG	36,623		2,970,559
Deutsche Post AG	58,109		982,941
E.ON AG	180,785		6,940,831
GEA Group AG	113,972		2,151,790
HeidelbergCement AG	52,766		3,162,595
MAN SE	39,453		3,250,034
Metro AG	13,600		755,694
Munich Re Group (Reg.)	9,825		1,556,257
SGL Carbon AG (a)	28,200		1,083,090
Siemens AG (Reg.)	60,573		5,452,781
TOTAL GERMANY			43,498,076
Greece - 0.5%
EFG Eurobank Ergasias SA	127,400		2,043,483
Hellenic Telecommunications Organization SA	74,802		1,265,861
National Bank of Greece SA (a)	56,200		2,091,511
TOTAL GREECE			5,400,855
Hong Kong - 0.9%
BYD Electronic International Co. Ltd. (a)	1,139,500		1,062,359
Cheung Kong Holdings Ltd.	167,000		2,119,501
Sinotruk Hong Kong Ltd.	1,059,000		1,259,242
Sun Hung Kai Properties Ltd.	147,000		2,227,182
Techtronic Industries Co. Ltd.	2,307,500		1,853,653
TOTAL HONG KONG			8,521,937
India - 0.4%
Indiabulls Real Estate Ltd. (a)	299,879		1,570,026
Reliance Industries Ltd.	30,578		1,238,173
Tata Steel Ltd.	159,920		1,581,912
TOTAL INDIA			4,390,111
Ireland - 1.6%
Covidien PLC	56,000		2,358,720
CRH PLC	83,323		2,036,618
Ingersoll-Rand Co. Ltd.	290,800		9,186,372
Paddy Power PLC (Ireland)	79,400		2,544,799
TOTAL IRELAND			16,126,509
Israel - 0.6%
Teva Pharmaceutical Industries Ltd. sponsored ADR	119,800		6,047,504
Italy - 0.6%
Fiat SpA (a)	293,400		4,386,608
Intesa Sanpaolo SpA	304,069		1,286,427
TOTAL ITALY			5,673,035
Japan - 8.3%
Asics Corp.	110,000		980,582
Canon, Inc.	104,950		3,957,134
Denso Corp.	89,300		2,440,102
	Shares		Value
Don Quijote Co. Ltd.	29,700		$ 793,767
Fanuc Ltd.	11,700		971,870
Goldcrest Co. Ltd.	23,480		712,773
Honda Motor Co. Ltd.	89,600		2,767,601
Japan Tobacco, Inc.	481		1,349,523
JSR Corp.	126,300		2,463,415
JTEKT Corp.	317,500		3,354,212
Keyence Corp.	9,500		1,886,088
Kirin Holdings Co. Ltd.	158,000		2,579,191
Mazda Motor Corp.	542,000		1,223,288
Misumi Group, Inc.	28,800		491,534
Mitsubishi Corp.	89,300		1,893,297
Mitsubishi UFJ Financial Group, Inc.	806,500		4,295,983
Mitsui & Co. Ltd.	197,500		2,593,902
Mitsui Sumitomo Insurance Group Holdings, Inc.	31,400		730,971
NHK Spring Co. Ltd.	68,000		530,972
Nichi-iko Pharmaceutical Co. Ltd.	33,000		981,712
Nitori Co. Ltd.	5,400		439,181
Nomura Holdings, Inc.	81,800		576,577
NSK Ltd.	271,000		1,574,533
Omron Corp.	207,900		3,500,980
ORIX Corp.	59,420		3,838,438
Rakuten, Inc.	3,995		2,736,133
Ricoh Co. Ltd.	193,000		2,623,062
Sawai Pharmaceutical Co. Ltd.	9,100		517,526
Shin-Etsu Chemical Co., Ltd.	61,800		3,277,516
SMC Corp.	10,700		1,222,057
Softbank Corp.	155,300		3,659,670
Sumco Corp.	112,200		2,141,272
Sumitomo Mitsui Financial Group, Inc.	63,100		2,144,896
Takashimaya Co. Ltd.	73,000		492,231
THK Co. Ltd.	95,800		1,655,498
Tokio Marine Holdings, Inc.	99,900		2,554,623
Tokyo Electron Ltd.	75,700		4,258,847
Toshiba Corp.	527,000		3,012,154
Toyota Motor Corp.	130,200		5,140,185
TOTAL JAPAN			82,363,296
Korea (South) - 1.0%
KB Financial Group, Inc. (a)	28,620		1,371,573
Kia Motors Corp. (a)	99,330		1,469,993
Lotte Shopping Co. Ltd.	468		131,693
MegaStudy Co. Ltd.	1,007		208,650
NHN Corp. (a)	11,388		1,673,458
Samsung Electronics Co. Ltd.	5,005		3,000,634
Shinhan Financial Group Co. Ltd. (a)	58,350		2,205,739
TOTAL KOREA (SOUTH)			10,061,740
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A (c)	93,400		3,177,468
Common Stocks - continued
	Shares		Value
Luxembourg - continued
Millicom International Cellular SA (a)	15,000		$ 939,900
Tenaris SA	106,600		1,905,937
TOTAL LUXEMBOURG			6,023,305
Netherlands - 2.5%
Akzo Nobel NV	24,374		1,444,745
ASML Holding NV:
(Netherlands)	116,900		3,152,280
(NY Shares)	38,000		1,023,720
Gemalto NV (a)	46,834		1,976,929
ING Groep NV (Certificaten Van Aandelen) unit (a)	149,900		1,950,612
James Hardie Industries NV unit (a)	321,192		2,035,022
Koninklijke Philips Electronics NV	139,200		3,496,583
QIAGEN NV (a)	114,000		2,374,620
Randstad Holdings NV (a)	111,976		4,267,758
Royal DSM NV	54,494		2,392,889
TNT NV	13,000		345,873
TOTAL NETHERLANDS			24,461,031
Netherlands Antilles - 0.3%
Schlumberger Ltd.	52,800		3,284,160
Nigeria - 0.0%
Guaranty Trust Bank PLC GDR (Reg. S)	7,300		45,260
Norway - 0.3%
DnB NOR ASA (a)	144,000		1,658,511
Pronova BioPharma ASA (a)	296,200		920,759
Sevan Marine ASA (a)	370,000		600,286
TOTAL NORWAY			3,179,556
Russia - 0.1%
Lukoil Oil Co. sponsored ADR	21,500		1,230,015
Singapore - 0.3%
Avago Technologies Ltd.	20,000		300,000
CapitaLand Ltd.	417,000		1,208,950
Keppel Corp. Ltd.	234,000		1,344,484
TOTAL SINGAPORE			2,853,434
South Africa - 0.7%
AngloGold Ashanti Ltd. sponsored ADR	26,800		1,006,072
MTN Group Ltd.	283,500		4,263,840
Naspers Ltd. Class N	38,100		1,387,157
TOTAL SOUTH AFRICA			6,657,069
Spain - 1.7%
Banco Bilbao Vizcaya Argentaria SA	151,412		2,706,309
Banco Santander SA	246,663		3,969,097
NH Hoteles SA (a)	79,900		419,161
Telefonica SA	353,227		9,863,729
TOTAL SPAIN			16,958,296
Sweden - 0.5%
Elekta AB (B Shares)	137,600		2,593,442
	Shares		Value
H&M Hennes & Mauritz AB (B Shares)	25,441		$ 1,445,000
Intrum Justitia AB	57,100		703,564
TOTAL SWEDEN			4,742,006
Switzerland - 4.0%
Actelion Ltd. (Reg.) (a)	61,362		3,387,737
Adecco SA (Reg.)	27,733		1,243,269
BB BIOTECH AG	19,114		1,310,467
Nestle SA (Reg.)	176,475		8,224,378
Nobel Biocare Holding AG (Switzerland)	56,850		1,617,796
Noble Corp.	37,000		1,507,380
Partners Group Holding	9,538		1,172,149
Roche Holding AG (participation certificate)	37,228		5,975,491
Sonova Holding AG	38,448		3,964,329
Swiss Reinsurance Co. (Reg.)	48,328		1,979,088
Syngenta AG (Switzerland)	2,100		497,144
UBS AG (For. Reg.) (a)	301,885		5,032,874
Zurich Financial Services AG (Reg.)	15,542		3,573,100
TOTAL SWITZERLAND			39,485,202
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	310,350		1,211,045
MediaTek, Inc.	165,000		2,300,708
Taiwan Semiconductor Manufacturing Co. Ltd.	764,624		1,381,843
Wintek Corp. (a)	1,719,000		1,140,450
TOTAL TAIWAN			6,034,046
Thailand - 0.1%
Bangkok Bank Ltd. PCL (For. Reg.)	396,900		1,332,198
United Kingdom - 11.7%
Aberdeen Asset Management PLC	922,509		2,002,269
Aegis Group PLC	435,400		786,324
Anglo American PLC (United Kingdom) (a)	74,318		2,702,639
Babcock International Group PLC	145,600		1,449,814
Barclays PLC	1,130,288		5,925,900
Barclays PLC Sponsored ADR	157,000		3,281,300
BG Group PLC	267,888		4,640,085
BG Group PLC sponsored ADR	11,900		1,028,874
BHP Billiton PLC	278,765		7,521,911
Bovis Homes Group PLC	62,800		424,690
BP PLC	1,103,700		10,345,408
British American Tobacco PLC sponsored ADR	13,000		834,990
British Land Co. PLC	123,960		961,010
Carphone Warehouse Group PLC	913,058		2,759,767
Cookson Group PLC	126,670		759,287
Debenhams PLC	809,910		1,035,844
Hays PLC	468,790		753,497
HSBC Holdings PLC:
(Hong Kong) (Reg.)	74,645		824,308
(United Kingdom) (Reg.)	1,213,942		13,418,670
Common Stocks - continued
	Shares		Value
United Kingdom - continued
HSBC Holdings PLC: - continued
sponsored ADR	57,000		$ 3,157,230
IG Group Holdings PLC	288,329		1,428,656
Inchcape PLC (a)	1,615,900		778,651
InterContinental Hotel Group PLC	115,278		1,485,718
International Personal Finance PLC	517,515		1,744,344
Johnson Matthey PLC	56,210		1,303,072
Kesa Electricals PLC	352,300		768,702
Lloyds TSB Group PLC	153,100		218,758
Man Group PLC	703,767		3,581,878
Misys PLC	423,200		1,438,951
Mothercare PLC	23,700		224,125
National Grid PLC	98,300		978,824
Prudential PLC	218,655		1,997,767
Reckitt Benckiser Group PLC	88,541		4,411,877
Rio Tinto PLC (Reg.)	156,940		6,940,609
Royal Dutch Shell PLC Class B	294,707		8,486,704
Segro PLC	225,300		1,305,738
Serco Group PLC	291,556		2,419,710
SSL International PLC	264,504		2,755,397
Standard Chartered PLC (United Kingdom)	145,336		3,580,383
Taylor Wimpey PLC (a)	2,421,144		1,471,558
The Game Group PLC	180,900		440,156
Vodafone Group PLC sponsored ADR	51,112		1,134,175
Wolseley PLC (a)	78,760		1,600,835
Xstrata PLC	101,976		1,477,519
TOTAL UNITED KINGDOM			116,587,924
United States of America - 39.9%
3M Co.	27,000		1,986,390
Agilent Technologies, Inc.	82,000		2,028,680
Albemarle Corp.	32,000		1,010,560
Allscripts-Misys Healthcare Solutions, Inc.	13,000		253,500
Amazon.com, Inc. (a)	47,800		5,679,118
American Express Co.	373,000		12,995,320
Anadarko Petroleum Corp.	169,000		10,297,170
Apple, Inc. (a)	106,600		20,094,100
Applied Materials, Inc.	85,700		1,045,540
Applied Micro Circuits Corp. (a)	60,000		469,200
Ardea Biosciences, Inc. (a)	9,000		121,500
Arena Resources, Inc. (a)	13,000		484,380
Armstrong World Industries, Inc. (a)	80,000		2,980,000
AsiaInfo Holdings, Inc. (a)	27,400		604,444
Avon Products, Inc.	24,000		769,200
Ball Corp.	32,000		1,578,560
BioCryst Pharmaceuticals, Inc. (a)(c)	35,000		312,550
Blue Coat Systems, Inc. (a)	37,000		824,360
BMC Software, Inc. (a)	47,000		1,746,520
Bruker BioSciences Corp. (a)	92,000		997,280
C.H. Robinson Worldwide, Inc.	40,000		2,204,400
Cameron International Corp. (a)	4,000		147,880
	Shares		Value
CareFusion Corp. (a)	75,000		$ 1,677,750
Caterpillar, Inc.	33,000		1,816,980
Celanese Corp. Class A	403,560		11,077,722
Cerner Corp. (a)	21,000		1,596,840
Cisco Systems, Inc. (a)	527,000		12,041,950
Citrix Systems, Inc. (a)	204,000		7,499,040
CME Group, Inc.	11,300		3,419,493
Coach, Inc.	32,000		1,055,040
Comerica, Inc.	214,000		5,938,500
CONSOL Energy, Inc.	4,300		184,083
CSX Corp.	326,000		13,750,680
Cummins, Inc.	123,800		5,330,828
Dendreon Corp. (a)	65,000		1,642,550
Dow Chemical Co.	100,000		2,348,000
DSW, Inc. Class A (a)	146,000		2,803,200
eBay, Inc. (a)	151,000		3,362,770
ebix.com, Inc. (a)	10,000		616,000
Express Scripts, Inc. (a)	163,000		13,026,960
FedEx Corp.	24,000		1,744,560
Franklin Resources, Inc.	6,000		627,780
Freeport-McMoRan Copper & Gold, Inc.	24,600		1,804,656
G-III Apparel Group Ltd. (a)	51,000		816,510
Genworth Financial, Inc. Class A	65,000		690,300
Goldman Sachs Group, Inc.	41,000		6,976,970
Google, Inc. Class A (a)	38,200		20,479,784
Harley-Davidson, Inc.	99,000		2,467,080
Henry Schein, Inc. (a)	6,000		316,980
Hewlett-Packard Co.	214,000		10,156,440
ImmunoGen, Inc. (a)	45,523		304,549
Informatica Corp. (a)	56,000		1,188,880
Intel Corp.	81,000		1,547,910
iRobot Corp. (a)	73,000		976,010
J. Crew Group, Inc. (a)	19,000		774,820
Johnson Controls, Inc.	48,419		1,158,182
JPMorgan Chase & Co.	378,400		15,805,768
Kennametal, Inc.	33,000		777,480
King Pharmaceuticals, Inc. (a)	30,000		303,900
Lam Research Corp. (a)	98,000		3,304,560
Life Technologies Corp. (a)	186,000		8,773,620
Lubrizol Corp.	63,000		4,193,280
M&T Bank Corp. (c)	15,000		942,750
Mako Surgical Corp. (a)	79,700		721,285
Massey Energy Co.	10,000		290,900
McKesson Corp.	53,000		3,112,690
Medco Health Solutions, Inc. (a)	41,000		2,300,920
Micromet, Inc. (a)	100,000		511,000
Morgan Stanley	359,700		11,553,564
National Oilwell Varco, Inc. (a)	71,000		2,910,290
NetApp, Inc. (a)	23,000		622,150
Norfolk Southern Corp.	62,000		2,890,440
Occidental Petroleum Corp.	215,000		16,314,200
Oil States International, Inc. (a)	37,000		1,274,280
Owens-Illinois, Inc. (a)	30,000		956,400
Common Stocks - continued
	Shares		Value
United States of America - continued
Peabody Energy Corp.	14,000		$ 554,260
Philip Morris International, Inc.	97,000		4,593,920
PMC-Sierra, Inc. (a)	58,000		494,160
Polaris Industries, Inc.	51,000		2,145,570
Polo Ralph Lauren Corp. Class A	5,000		372,100
Precision Castparts Corp.	58,000		5,540,740
Pride International, Inc. (a)	62,000		1,832,720
Range Resources Corp.	29,000		1,451,450
Red Hat, Inc. (a)	41,000		1,058,210
Regal-Beloit Corp.	37,200		1,743,936
Republic Services, Inc.	7,000		181,370
Rockwell Automation, Inc.	6,000		245,700
Ross Stores, Inc.	93,306		4,106,397
Schweitzer-Mauduit International, Inc.	20,000		1,033,000
Smith International, Inc.	118,000		3,272,140
Solera Holdings, Inc.	61,000		1,965,420
Southwestern Energy Co. (a)	40,000		1,743,200
Starbucks Corp. (a)	48,000		911,040
Starwood Hotels & Resorts Worldwide, Inc.	44,000		1,278,640
SVB Financial Group (a)	5,000		206,250
Taleo Corp. Class A (a)	13,000		282,620
Targacept, Inc. (a)	13,000		243,750
Teradyne, Inc. (a)	493,000		4,126,410
TETRA Technologies, Inc. (a)	61,000		577,060
The Coca-Cola Co.	70,600		3,763,686
The Walt Disney Co.	147,000		4,023,390
TIBCO Software, Inc. (a)	7,000		61,250
TJX Companies, Inc.	210,000		7,843,500
U.S. Bancorp, Delaware	36,300		842,886
Union Pacific Corp.	394,500		21,752,732
United Therapeutics Corp. (a)	26,000		1,106,040
Unum Group	8,000		159,600
Verisk Analytics, Inc.	11,300		309,959
VF Corp.	11,000		781,440
Viacom, Inc. Class B (non-vtg.) (a)	204,700		5,647,673
Visa, Inc. Class A	50,700		3,841,032
Walgreen Co.	216,000		8,171,280
WD-40 Co.	7,000		220,430
WebMD Health Corp. Class A (a)	58,660		1,997,960
Wilmington Trust Corp., Delaware	174,000		2,096,700
WMS Industries, Inc. (a)	138,000		5,517,240
Wyndham Worldwide Corp.	95,370		1,626,059
TOTAL UNITED STATES OF AMERICA			397,132,846
TOTAL COMMON STOCKS (Cost $866,460,997)		950,195,472
Nonconvertible Preferred Stocks - 0.3%
	Shares		Value
Italy - 0.3%
Intesa Sanpaolo SpA (Cost $2,966,215)	809,900		$ 2,651,774

Convertible Bonds - 0.4%
	Principal Amount
Bermuda - 0.2%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	$ 890,000		1,653,264
United States of America - 0.2%
Hertz Global Holdings, Inc. 5.25% 6/1/14	1,340,000		1,830,758
Micron Technology, Inc. 4.25% 10/15/13	320,000		486,000
TOTAL UNITED STATES OF AMERICA			2,316,758
TOTAL CONVERTIBLE BONDS (Cost $2,713,213)		3,970,022

Money Market Funds - 1.9%
	Shares
Fidelity Cash Central Fund, 0.20% (d)	14,197,415		14,197,415
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	4,452,550		4,452,550
TOTAL MONEY MARKET FUNDS (Cost $18,649,965)		18,649,965
TOTAL INVESTMENT PORTFOLIO - 98.1% (Cost $890,790,390)			975,467,233
NET OTHER ASSETS - 1.9%			18,829,722
NET ASSETS - 100%		$ 994,296,955

Legend

(a) Non-income producing

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

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

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 284,883
Fidelity Securities Lending Cash Central Fund	182,875
Total	$ 467,758

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 397,132,846	$ 397,132,846	$ -	$ -
United Kingdom	116,587,924	70,646,325	45,941,599	-
Japan	82,363,296	-	82,363,296	-
France	47,433,674	33,942,329	13,491,345	-
Germany	43,498,076	33,868,684	9,629,392	-
Switzerland	39,485,202	33,955,184	5,530,018	-
Netherlands	24,461,031	13,826,534	10,634,497	-
Australia	20,046,117	-	20,046,117	-
China	17,637,943	8,349,282	9,288,661	-
Other	164,201,137	105,780,980	58,420,157	-
Corporate Bonds	3,970,022	-	3,970,022	-
Money Market Funds	18,649,965	18,649,965	-	-
Total Investments in Securities	$ 975,467,233	$ 716,152,129	$ 259,315,104	$ -

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

Investments in Securities:
Beginning Balance	$ 336,547
Total Realized Gain (Loss)	(1,382,609)
Total Unrealized Gain (Loss)	1,180,463
Cost of Purchases	-
Proceeds of Sales	(134,401)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $258,557,473 of which $115,120,141 and $143,437,332 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Worldwide

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $4,135,025) - See accompanying schedule: Unaffiliated issuers (cost $872,140,425)	$ 956,817,268
Fidelity Central Funds (cost $18,649,965)	18,649,965
Total Investments (cost $890,790,390)		$ 975,467,233
Foreign currency held at value (cost $4)		4
Receivable for investments sold		50,934,030
Receivable for fund shares sold		839,931
Dividends receivable		1,362,376
Interest receivable		32,134
Distributions receivable from Fidelity Central Funds		4,964
Prepaid expenses		6,047
Other receivables		171,636
Total assets		1,028,818,355
Liabilities
Payable to custodian bank	$ 1,044,328
Payable for investments purchased	27,106,313
Payable for fund shares redeemed	712,533
Accrued management fee	741,957
Distribution fees payable	828
Other affiliated payables	301,708
Other payables and accrued expenses	161,183
Collateral on securities loaned, at value	4,452,550
Total liabilities		34,521,400
Net Assets		$ 994,296,955
Net Assets consist of:
Paid in capital		$ 1,180,525,164
Undistributed net investment income		5,696,383
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(276,596,321)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		84,671,729
Net Assets		$ 994,296,955

Statement of Assets and Liabilities - continued

	October 31, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($992,570 ÷ 66,349 shares)		$ 14.96
Maximum offering price per share (100/94.25 of $14.96)		$ 15.87
Class T: Net Asset Value and redemption price per share ($457,977 ÷ 30,659 shares)		$ 14.94
Maximum offering price per share (100/96.50 of $14.94)		$ 15.48
Class B: Net Asset Value and offering price per share ($224,477 ÷ 15,079 shares)A		$ 14.89
Class C: Net Asset Value and offering price per share ($335,417 ÷ 22,530 shares)A		$ 14.89
Worldwide: Net Asset Value, offering price and redemption price per share ($991,996,036 ÷ 66,211,078 shares)		$ 14.98
Institutional Class: Net Asset Value, offering price and redemption price per share ($290,478 ÷ 19,369 shares)		$ 15.00

^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.

Annual Report

Worldwide
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 19,268,128
Interest		108,728
Income from Fidelity Central Funds		467,758
		19,844,614
Less foreign taxes withheld		(891,234)
Total income		18,953,380
Expenses
Management fee Basic fee	$ 6,270,401
Performance adjustment	1,382,658
Transfer agent fees	2,723,416
Distribution fees	3,837
Accounting and security lending fees	417,317
Custodian fees and expenses	191,487
Independent trustees' compensation	6,324
Registration fees	98,295
Audit	79,340
Legal	4,579
Miscellaneous	20,031
Total expenses before reductions	11,197,685
Expense reductions	(319,354)	10,878,331
Net investment income (loss)		8,075,049
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $64,613)	(130,979,988)
Foreign currency transactions	(506,161)
Futures contracts	1,233,316
Total net realized gain (loss)		(130,252,833)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $51,652)	233,637,400
Assets and liabilities in foreign currencies	54,443
Total change in net unrealized appreciation (depreciation)		233,691,843
Net gain (loss)		103,439,010
Net increase (decrease) in net assets resulting from operations		$ 111,514,059

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 8,075,049	$ 12,367,196
Net realized gain (loss)	(130,252,833)	(143,763,130)
Change in net unrealized appreciation (depreciation)	233,691,843	(564,532,626)
Net increase (decrease) in net assets resulting from operations	111,514,059	(695,928,560)
Distributions to shareholders from net investment income	(11,746,083)	(8,541,065)
Distributions to shareholders from net realized gain	-	(169,398,247)
Total distributions	(11,746,083)	(177,939,312)
Share transactions - net increase (decrease)	(40,383,349)	35,066,852
Redemption fees	26,981	83,803
Total increase (decrease) in net assets	59,411,608	(838,717,217)
Net Assets
Beginning of period	934,885,347	1,773,602,564
End of period (including undistributed net investment income of $5,696,383 and undistributed net investment income of $10,091,805, respectively)	$ 994,296,955	$ 934,885,347

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

Annual Report

Financial Highlights - Class A

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) E	(.01)
Net realized and unrealized gain (loss)	4.09
Total from investment operations	4.08
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.96
Total Return B, C, D	37.50%
Ratios to Average Net Assets F, I
Expenses before reductions	1.52% A
Expenses net of fee waivers, if any	1.52% A
Expenses net of all reductions	1.49% A
Net investment income (loss)	(.06)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 993
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Financial Highlights - Class T

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.01)
Net realized and unrealized gain (loss)	4.07
Total from investment operations	4.06
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.94
Total ReturnB, C, D	37.32%
Ratios to Average Net AssetsF, I
Expenses before reductions	1.73% A
Expenses net of fee waivers, if any	1.73% A
Expenses net of all reductions	1.70% A
Net investment income (loss)	(.08)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 458
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class B

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.03)
Net realized and unrealized gain (loss)	4.04
Total from investment operations	4.01
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.89
Total Return B, C, D	36.86%
Ratios to Average Net Assets F, I
Expenses before reductions	2.20% A
Expenses net of fee waivers, if any	2.20%A
Expenses net of all reductions	2.17%A
Net investment income (loss)	(.30)%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 224
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Financial Highlights - Class C

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.04)
Net realized and unrealized gain (loss)	4.05
Total from investment operations	4.01
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.89
Total Return B, C, D	36.86%
Ratios to Average Net Assets F, I
Expenses before reductions	2.18% A
Expenses net of fee waivers, if any	2.18% A
Expenses net of all reductions	2.15% A
Net investment income (loss)	(.39)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 335
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Worldwide

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72
Income from Investment Operations
Net investment income (loss) B	.12	.16	.14	.17	.15 E
Net realized and unrealized gain (loss)	1.63	(9.44)	6.05	3.74	2.30
Total from investment operations	1.75	(9.28)	6.19	3.91	2.45
Distributions from net investment income	(.17)	(.12)	(.17)	(.10)	(.10)
Distributions from net realized gain	-	(2.38)	(2.66)	(1.04)	(.02)
Total distributions	(.17)	(2.50)	(2.83)	(1.14)	(.12)
Redemption fees added to paid in capital B, G	-	-	-	-	-
Net asset value, end of period	$ 14.98	$ 13.40	$ 25.18	$ 21.82	$ 19.05
Total Return A	13.39%	(40.66)%	31.87%	21.31%	14.71%
Ratios to Average Net Assets C, F
Expenses before reductions	1.27%	1.21%	1.04%	1.08%	1.07%
Expenses net of fee waivers, if any	1.27%	1.21%	1.04%	1.08%	1.07%
Expenses net of all reductions	1.24%	1.19%	1.02%	1.02%	1.01%
Net investment income (loss)	.92%	.84%	.66%	.85%	.82% E
Supplemental Data
Net assets, end of period (000 omitted)	$ 991,996	$ 934,885	$ 1,773,603	$ 1,328,219	$ 1,181,044
Portfolio turnover rate D	224%	264%	128%	205%	93%

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

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

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

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

^E Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .60%.

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

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

Financial Highlights - Institutional Class

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)D	.06
Net realized and unrealized gain (loss)	4.06
Total from investment operations	4.12
Redemption fees added to paid in capital D, I	-
Net asset value, end of period	$ 15.00
Total Return B, C	37.87%
Ratios to Average Net AssetsE, H
Expenses before reductions	1.17% A
Expenses net of fee waivers, if any	1.17% A
Expenses net of all reductions	1.15% A
Net investment income (loss)	.62% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 290
Portfolio turnover rate F	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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 B, Class C, Worldwide and Institutional Class 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 commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Worldwide on February 19, 2009. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

Notes to Financial Statements - continued

2. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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	$ 125,205,472
Gross unrealized depreciation	(59,513,558)
Net unrealized appreciation (depreciation)	$ 65,691,914
Tax Cost	$ 909,775,319

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

Undistributed ordinary income	$ 6,642,765
Capital loss carryforward	$ (258,557,473)
Net unrealized appreciation (depreciation)	$ 65,738,452

Annual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 11,746,083	$ 54,093,535
Long-term Capital Gains	-	123,845,777
Total	$ 11,746,083	$ 177,939,312

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

4. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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. While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 1,233,316	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 1,233,316	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $1,233,316 for futures contracts.

Annual Report

Notes to Financial Statements - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $1,908,142,781 and $1,936,522,727, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Worldwide as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .87% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 662	$ 232
Class T	.25%	.25%	758	420
Class B	.75%	.25%	1,106	1,042
Class C	.75%	.25%	1,311	1,056
			$ 3,837	$ 2,750

Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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	$ 1,937
Class T	132
	$ 2,069

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

	Amount	% of Average Net Assets
Class A	$ 845	.31*
Class T	435	.28*
Class B	286	.25*
Class C	324	.24*
Worldwide	2,721,292	.31
Institutional Class	234	.21*
	$ 2,723,416

* Annualized

Annual Report

6. Fees and Other Transactions with Affiliates - continued

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $60,950 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $4,580 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $182,875.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Worldwide's operating expenses. During the period, this reimbursement reduced the class' expenses by $63,875.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $255,064 for the period In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $415.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Worldwide	$ 11,746,083	$ 8,541,065
From net realized gain
Worldwide	$ -	$ 169,398,247

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009A	2008	2009A	2008
Class A
Shares sold	68,262	-	$ 954,848	$ -
Shares redeemed	(1,913)	-	(30,621)	-
Net increase (decrease)	66,349	-	$ 924,227	$ -

Annual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2009A	2008	2009A	2008
Class T
Shares sold	31,350	-	$ 413,190	$ -
Shares redeemed	(691)	-	(10,728)	-
Net increase (decrease)	30,659	-	$ 402,462	$ -
Class B
Shares sold	16,229	-	$ 199,531	$ -
Shares redeemed	(1,150)	-	(18,389)	-
Net increase (decrease)	15,079	-	$ 181,142	$ -
Class C
Shares sold	23,542	-	$ 304,403	$ -
Shares redeemed	(1,012)	-	(14,575)	-
Net increase (decrease)	22,530	-	$ 289,828	$ -
Worldwide
Shares sold	9,823,250	15,425,394	$ 126,506,866	$ 303,265,276
Reinvestment of distributions	959,833	7,926,720	11,413,258	172,247,752
Shares redeemed	(14,319,175)	(24,051,522)	(180,350,310)	(440,446,176)
Net increase (decrease)	(3,536,092)	(699,408)	$ (42,430,186)	$ 35,066,852
Institutional Class
Shares sold	19,375	-	$ 249,261	$ -
Shares redeemed	(6)	-	(83)	-
Net increase (decrease)	19,369	-	$ 249,178	$ -

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

12. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Worldwide Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Worldwide Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

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

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

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

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

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

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Diversified International Fund	12/07/09	12/04/09	$0.348	-
Fidelity International Capital Appreciation Fund	12/07/09	12/04/09	$0.07	$0.12
Fidelity Overseas Fund	12/07/09	12/04/09	$0.455	$0.01
Fidelity Worldwide Fund	12/07/09	12/04/09	$.092	$.015

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

Fidelity Worldwide Fund 58%

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

Fidelity Diversified International Fund	100%
Fidelity International Capital Appreciation Fund	39%
Fidelity Overseas Fund	95%
Fidelity Worldwide Fund	100%

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

	Pay Date	Income	Taxes
Fidelity Diversified International Fund	12/08/08	$0.3560	$0.0444
Fidelity International Capital Appreciation Fund	12/08/08	$0.0490	$0.0194
Fidelity Overseas Fund	12/08/08	$0.4090	$0.0391
Fidelity Worldwide Fund	12/08/08	$0.1610	$0.0163

The funds will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Broadly Diversified International Equity Funds

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

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; (iv) the extent to which economies of scale would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

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

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

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of a fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Investment Performance. The Board considered whether each fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance (for the retail class, in the case of Diversified International Fund and Overseas Fund), as well as each fund's relative investment performance (for the retail class, in the case of Diversified International Fund and Overseas Fund) measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds (or a custom peer group of mutual funds, in the case of International Capital Appreciation Fund) deemed appropriate by the Board over multiple periods.

For each of Diversified International Fund, Overseas Fund, and Worldwide Fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (Class K of Diversified International Fund and Overseas Fund had less than one year of performance as of December 31, 2008, Diversified International Fund and Overseas Fund did not offer Class F as of December 31, 2008, and Worldwide Fund did not offer Advisor classes as of December 31, 2008.)

For International Capital Appreciation Fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a custom peer group of mutual funds defined by FMR based on categories assigned by Morningstar, Inc. The fund's custom peer group, defined by FMR, is a peer group that FMR believes provides a more meaningful performance comparison than the peer group assigned by Morningstar, Inc., which assigns mutual funds to categories based on their investment styles as measured by their underlying portfolio holdings.

The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund (or the retail class, in the case of Diversified International Fund and Overseas Fund).

Fidelity Diversified International Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity Diversified International (retail class) of the fund was in the third quartile for the one- and three-year periods and the second quartile for the five-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity International Capital Appreciation Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the fourth quartile for all the periods shown. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board noted that this fund had underperformed in the previous year and discussed with FMR its disappointment with the continued underperformance of the fund. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Fidelity Overseas Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity Overseas (retail class) of the fund was in the fourth quartile for the one-year period and the third quartile for the three- and five-year periods. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Fidelity Worldwide Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the second quartile for all the periods shown. The Board also stated that the investment performance of the fund compared favorably to its benchmark for all the periods shown.

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

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. For each of Diversified International Fund and International Capital Appreciation Fund, the Board reviewed the year-to-date performance of the fund (or the retail class, in the case of Diversified International Fund) through May 31, 2009 and stated that it exceeded the fund's benchmark. For each of Overseas Fund and Worldwide Fund, the Board reviewed the year-to-date performance of the fund through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Diversified International Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Fidelity International Capital Appreciation Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Furthermore, the Board considered that shareholders of International Capital Appreciation Fund approved a prospective change in the index used to calculate the fund's performance adjustment, beginning March 1, 2001. The Board also considered that, because the performance adjustment is based on a rolling 36-month measurement period, during a transition period the fund's performance is compared to a blended index return that reflects the performance of the former index for the portion of the measurement period prior to March 1, 2001 and the performance of the current index for the remainder of the measurement period. The Board noted that the fund's performance adjustment for 2004 shown in the chart above reflects the effect of using the blended index return to calculate the fund's performance adjustment.

Annual Report

Fidelity Overseas Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Fidelity Worldwide Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

In connection with the renewal of Worldwide Fund's management contract, the Board also approved non-material amendments to the fund's management contract to clarify certain provisions regarding the calculation of the fund's performance adjustment.

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

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

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

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

The Board noted that each of International Capital Appreciation Fund's and Worldwide Fund's total expenses and the total expenses of each class of Diversified International Fund and Overseas Fund ranked below its competitive median for 2008.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of International Capital Appreciation Fund and Worldwide Fund and the total expenses of each class of Diversified International Fund and Overseas Fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and determined that the amount of profit is a fair entrepreneurial profit for the management of each fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Annual Report

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

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

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.

By Phone

Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

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

Press

For mutual fund and brokerage trading.

For quotes.*

For account balances and holdings.

To review orders and mutual fund activity.

To change your PIN.

To speak to a Fidelity representative.

By PC

Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.fidelity.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

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Making Changes
To Your Account

(such as changing name, address, bank, etc.)

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional

Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodians

JPMorgan Chase Bank
New York, NY

Diversified International Fund, Overseas Fund, and Worldwide Fund

The Northern Trust Company
Chicago, IL

International Capital Appreciation Fund

Corporate Headquarters

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

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

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

Automated line for quickest service

IBD-UANNPRO-1209
1.784774.106

Fidelity®
Diversified International
Fund -
Class F

Annual Report

October 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-835-5092 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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Class F A	24.46%	4.78%	5.73%

^A The initial offering of Class F shares took place on June 26, 2009. Returns prior to June 26, 2009 are those of Diversified International, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Diversified International Fund - Class F on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® Index (Europe, Australasia, Far East) performed over the same period. The initial offering of Class F took place on June 26, 2009. See above for additional information regarding the performance of Class F.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from William Bower, Portfolio Manager of Fidelity® Diversified International Fund: For the year ending October 31, 2009, the fund's Class F shares trailed the MSCI EAFE. (For specific class-level results, please see the performance section of this report.) A combination of unfavorable stock selection in financials and an underweighting in the sector, which performed well during the period, was the biggest detractor from relative results. In addition, stock picks and an underweighting in the capital goods industry dampened returns. Adverse stock and market selection within technology also hurt, with our results heavily influenced by one holding that disappointed - Indonesian software maker Satyam Computer Services. Regionally, weak stock picking and lower-than-benchmark exposure to the strong-performing Australian market and dollar did the most damage. Security selection in Japan weighed on returns as well, but that negative was partially offset by being significantly underweighted in this lagging market. Unfavorable country allocations within Europe also detracted, as did a modest cash position. The biggest individual detractor was an overweighted position in Japanese financial firm ORIX, closely followed by our stake in Satyam. Conversely, stock choices in consumer discretionary - primarily in automobiles/components and retailing - and an underweighting in automobiles/components added the most to relative performance. Underweighted exposure to the weak-performing utilities sector also helped, as did security selection in telecommunication services and energy. On a geographic basis, the fund benefited from its modest out-of-index exposure to Canada and Brazil - markets that fared extremely well, bolstered in part by a weak U.S. dollar - and from some strong-performing U.S. holdings. In terms of specific contributors, largely avoiding German automaker and index constituent Volkswagen paid off nicely, as did an overweighting in Belgium-based Anheuser-Busch InBev. Some stocks mentioned in this report were not held at period end.

Note to shareholders: The fund reopened to new accounts on March 31, 2009.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Diversified International

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Diversified International and Class K, and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

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, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

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

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	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Diversified International	1.01%
Actual		$ 1,000.00	$ 1,280.30	$ 5.81B
HypotheticalA		$ 1,000.00	$ 1,020.11	$ 5.14C
Class K	.79%
Actual		$ 1,000.00	$ 1,281.70	$ 4.54B
HypotheticalA		$ 1,000.00	$ 1,021.22	$ 4.02C
Class F	.71%
Actual		$ 1,000.00	$ 1,154.60	$ 2.68B
HypotheticalA		$ 1,000.00	$ 1,021.63	$ 3.62C

^A 5% return per year before expenses

^B Actual expenses are equal to each class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Diversified International and Class K and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

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

Annual Report

Diversified International

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United Kingdom	17.4%
	Japan	14.5%
	United States of America	10.4%
	France	9.7%
	Switzerland	8.9%
	Germany	6.9%
	Canada	5.3%
	Spain	4.7%
	Italy	2.9%
	Other	19.3%

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

As of April 30, 2009
	United Kingdom	17.3%
	Japan	15.4%
	Switzerland	11.3%
	United States of America	8.6%
	Germany	7.9%
	France	7.7%
	Canada	6.4%
	Spain	4.0%
	Italy	2.9%
	Other	18.5%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.3	97.2
Short-Term Investments and Net Other Assets	3.7	2.8
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	2.3	1.3
Telefonica SA (Spain, Diversified Telecommunication Services)	2.1	1.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.9	1.9
Nestle SA (Reg.) (Switzerland, Food Products)	1.9	2.4
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.4	1.5
E.ON AG (Germany, Electric Utilities)	1.4	1.6
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.3	1.6
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.3	1.4
Sanofi-Aventis (France, Pharmaceuticals)	1.1	0.2
Anheuser-Busch InBev SA NV (Belgium, Beverages)	1.1	1.2
	15.8
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.2	16.6
Industrials	9.8	10.8
Energy	9.8	9.5
Consumer Staples	9.3	11.2
Health Care	9.1	10.7
Information Technology	9.3	9.8
Consumer Discretionary	9.1	10.5
Materials	7.2	7.4
Telecommunication Services	7.0	6.7
Utilities	3.5	4.0

Annual Report

Diversified International

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
Australia - 2.0%
AMP Ltd.	9,328,713		$ 49,137,637
BHP Billiton Ltd. sponsored ADR (c)	5,901,000		386,987,580
CSL Ltd.	1,000,000		28,068,376
National Australia Bank Ltd.	1,500,000		39,619,394
Newcrest Mining Ltd.	2,500,000		71,838,011
QBE Insurance Group Ltd.	7,578,885		152,579,248
TOTAL AUSTRALIA			728,230,246
Bailiwick of Jersey - 1.1%
Experian PLC	16,500,000		151,431,422
Informa PLC (d)	33,962,087		163,485,254
WPP PLC	8,000,000		71,719,125
TOTAL BAILIWICK OF JERSEY			386,635,801
Belgium - 1.1%
Anheuser-Busch InBev SA NV	8,258,700		388,959,645
Anheuser-Busch InBev SA NV (strip VVPR) (a)	5,339,200		39,285
TOTAL BELGIUM			388,998,930
Bermuda - 0.3%
Clear Media Ltd. (a)	22,325,000		9,896,263
Huabao International Holdings Ltd.	21,290,000		20,308,104
Seadrill Ltd. (a)(c)	4,000,000		83,547,266
TOTAL BERMUDA			113,751,633
Brazil - 1.3%
Banco Santander (Brasil) SA ADR (a)	7,000,000		83,020,000
BR Malls Participacoes SA (a)	4,500,000		48,265,387
Itau Unibanco Banco Multiplo SA ADR	6,270,000		120,007,800
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,300,000		60,086,000
Vivo Participacoes SA sponsored ADR	5,000,000		121,250,000
Votorantim Celulose e Papel SA sponsored ADR (a)	2,400,000		32,976,000
TOTAL BRAZIL			465,605,187
Canada - 5.3%
Agnico-Eagle Mines Ltd. (Canada)	896,500		47,687,491
Air Canada:
warrants 10/27/12 (a)(e)	3,421,100		521,292
Class A (a)(e)	6,842,200		6,824,192
Barrick Gold Corp.	1,286,600		46,290,748
Canadian Natural Resources Ltd.	2,700,000		175,087,962
Canadian Pacific Railway Ltd.	2,000,000		86,623,263
Cequence Energy Ltd. (a)	2,468		7,977
CGI Group, Inc. Class A (sub. vtg.) (a)	474,500		5,792,945
Crescent Point Energy Corp.	340,000		11,554,694
EnCana Corp.	3,068,000		169,995,844
Flint Energy Services Ltd. (a)	1,000,000		10,850,995
Niko Resources Ltd. (d)	2,525,000		204,266,519
Open Text Corp. (a)	1,000,000		37,308,953
OZ Optics Ltd. unit (a)(g)	102,000		481,440
Painted Pony Petroleum Ltd. (a)(e)	677,100		3,676,731
	Shares		Value
Painted Pony Petroleum Ltd. Class A (a)	734,000		$ 3,972,148
PetroBakken Energy Ltd. Class A	4,250,000		122,533,130
Petrobank Energy & Resources Ltd. (a)(c)(d)	5,475,000		239,355,866
Research In Motion Ltd. (a)	1,650,800		96,951,498
Royal Bank of Canada	700,000		35,425,036
Silver Wheaton Corp. (a)	5,000,000		62,797,248
Suncor Energy, Inc.	9,992,000		331,451,854
Toronto-Dominion Bank	600,000		34,176,479
Trican Well Service Ltd. (d)	7,000,000		81,839,590
Ultra Petroleum Corp. (a)	660,200		32,052,710
Westernzagros Resources Ltd. (a)	3,497,100		4,295,279
Yamana Gold, Inc.	2,945,900		31,231,410
TOTAL CANADA			1,883,053,294
Cayman Islands - 0.1%
Belle International Holdings Ltd.	16,510,000		16,669,343
China Dongxiang Group Co. Ltd.	8,480,000		5,181,302
Hengan International Group Co. Ltd.	4,992,000		32,135,276
TOTAL CAYMAN ISLANDS			53,985,921
China - 0.5%
Baidu.com, Inc. sponsored ADR (a)	114,600		43,309,632
China Merchants Bank Co. Ltd. (H Shares)	38,141,850		97,582,406
Global Bio-Chem Technology Group Co. Ltd.	36,981,600		9,001,587
NetEase.com, Inc. sponsored ADR (a)	548,400		21,179,208
TOTAL CHINA			171,072,833
Czech Republic - 0.0%
Komercni Banka AS	25,000		4,972,797
Denmark - 1.1%
A.P. Moller - Maersk AS Series B	160		1,100,874
Carlsberg AS Series B	1,582,733		111,715,703
Novo Nordisk AS Series B	4,042,300		251,754,616
William Demant Holding AS (a)	567,348		40,550,497
TOTAL DENMARK			405,121,690
Finland - 0.1%
Nokian Tyres PLC	1,778,000		38,042,687
France - 9.7%
Accor SA	478,682		23,016,417
Alcatel-Lucent SA sponsored ADR (a)	14,000,000		51,660,000
Alstom SA	672,859		46,858,643
Atos Origin SA (a)	1,003,169		47,150,254
AXA SA	85,138		2,117,254
AXA SA sponsored ADR	9,711,800		240,852,640
BNP Paribas SA (c)	4,273,515		323,553,152
Bouygues SA	2,227,761		105,396,114
Cap Gemini SA (c)	5,037,700		234,332,119
CNP Assurances	400,000		38,713,537
Credit Agricole SA	3,210,944		61,921,972
Danone	2,639,828		159,095,386
Common Stocks - continued
	Shares		Value
France - continued
Dassault Aviation SA	36,265		$ 27,136,489
Essilor International SA	2,100,000		117,893,228
Financiere Marc de Lacharriere SA (Fimalac) (c)	900,000		47,009,401
GDF Suez	2,124,314		89,107,607
Iliad Group SA	325,000		35,247,301
L'Oreal SA	1,100,000		112,775,177
LVMH Moet Hennessy - Louis Vuitton	800,000		83,172,006
Neopost SA	600,000		52,640,287
Pernod Ricard SA (c)	2,372,905		198,302,068
PPR SA	2,000,000		218,848,916
Renault SA (a)	15,900		715,968
Sanofi-Aventis	5,439,362		398,689,994
Schneider Electric SA	1,943,517		203,087,353
Societe Generale Series A	2,910,780		194,378,800
Technip SA	1,150,000		72,480,460
Total SA Series B	2,200,000		131,639,756
Unibail-Rodamco	274,439		60,961,265
Vallourec SA	529,190		83,869,172
TOTAL FRANCE			3,462,622,736
Germany - 6.8%
Aixtron AG	2,051,600		61,497,682
Allianz AG sponsored ADR	14,738,700		167,284,245
BASF AG	1,801,474		96,760,006
Bayer AG	18,110		1,258,669
Bayerische Motoren Werke AG (BMW)	2,315,230		113,435,290
Beiersdorf AG	29,000		1,788,080
Daimler AG (Reg.)	1,936,056		93,375,983
Deutsche Boerse AG	3,503,226		284,153,093
E.ON AG	13,259,440		509,066,226
Fresenius Medical Care AG & Co. KGaA	2,204,700		106,900,551
Fresenius SE	2,700,000		134,532,044
GEA Group AG	4,500,000		84,959,939
GFK AG	1,600,000		50,668,410
HeidelbergCement AG	275,400		16,506,438
Linde AG	1,436,129		150,871,031
Metro AG	881,300		48,970,076
Munich Re Group (Reg.)	943,740		149,486,191
RWE AG	808,900		71,063,107
SAP AG	500,000		22,635,000
Siemens AG:
(Reg.)	26,550		2,390,031
sponsored ADR	3,090,000		278,161,800
TOTAL GERMANY			2,445,763,892
Greece - 0.2%
Alpha Bank AE (a)	986,100		19,285,059
	Shares		Value
Hellenic Telecommunications Organization SA	2,104,477		$ 35,613,696
Piraeus Bank SA	1,905,100		33,220,881
TOTAL GREECE			88,119,636
Hong Kong - 1.0%
China Unicom (Hong Kong) Ltd. sponsored ADR	7,982,500		100,978,625
Hong Kong Exchange & Clearing Ltd.	4,000,000		70,412,242
Hutchison Whampoa Ltd.	10,000,000		70,190,671
Li & Fung Ltd.	5,000,000		20,795,326
Swire Pacific Ltd. (A Shares)	5,007,500		61,025,338
Wharf Holdings Ltd.	7,226,000		39,043,926
TOTAL HONG KONG			362,446,128
India - 1.2%
HDFC Bank Ltd.	800,000		27,267,683
Indiabulls Financial Services Ltd.	1,039,597		3,699,678
Indiabulls Real Estate Ltd. (a)	1,710,239		8,954,011
Infosys Technologies Ltd.	2,807,942		130,513,383
Reliance Industries Ltd.	840,000		34,013,504
State Bank of India	3,327,536		153,665,639
Tata Steel Ltd.	6,648,141		65,762,699
TOTAL INDIA			423,876,597
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR	269,200		7,133,800
PT Perusahaan Gas Negara Tbk Series B	130,000,000		48,370,887
TOTAL INDONESIA			55,504,687
Ireland - 1.1%
Covidien PLC	2,250,000		94,770,000
CRH PLC	5,936,269		145,096,932
Ryanair Holdings PLC sponsored ADR (a)	5,603,300		152,801,991
TOTAL IRELAND			392,668,923
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,000,000		100,960,000
Italy - 2.6%
ENI SpA sponsored ADR	3,700,000		183,446,000
Fiat SpA (a)	19,699,100		294,520,220
Intesa Sanpaolo SpA	43,666,955		184,742,060
Telecom Italia SpA sponsored ADR	6,000,000		95,160,000
UniCredit SpA	46,687,257		157,329,030
Unione di Banche Italiane SCPA	1,200,000		17,190,647
TOTAL ITALY			932,387,957
Japan - 14.5%
Canon, Inc. sponsored ADR	4,743,300		178,632,678
Daiichi Sankyo Kabushiki Kaisha	2,093,600		40,902,356
Denso Corp.	7,000,000		191,273,354
East Japan Railway Co.	1,650,000		105,669,902
Eisai Co. Ltd.	1,850,000		65,697,690
Common Stocks - continued
	Shares		Value
Japan - continued
Fanuc Ltd.	1,700,000		$ 141,211,875
Fast Retailing Co. Ltd.	555,000		91,354,413
Honda Motor Co. Ltd.	5,000,000		154,441,996
Hoya Corp.	1,999,500		44,005,987
Ibiden Co. Ltd.	1,000,000		35,804,504
Japan Tobacco, Inc.	29,838		83,715,311
JSR Corp.	4,543,500		88,618,588
Jupiter Telecommunications Co.	20,000		18,281,754
Keyence Corp.	880,000		174,711,345
Kubota Corp.	1,500,000		11,656,813
Kyocera Corp.	1,020,700		85,625,427
Mazda Motor Corp.	8,955,000		20,211,329
Mitsubishi Corp.	7,615,700		161,464,492
Mitsubishi UFJ Financial Group, Inc.	68,342,000		364,037,297
Mitsui & Co. Ltd.	13,450,000		176,647,987
Murata Manufacturing Co. Ltd.	1,459,400		71,210,445
NGK Insulators Ltd.	4,111,000		92,214,721
Nikon Corp.	4,300,000		80,146,324
Nintendo Co. Ltd.	360,000		90,301,892
Nippon Telegraph & Telephone Corp.	1,600,000		66,023,473
Nitto Denko Corp.	2,000,000		60,402,968
Nomura Holdings, Inc.	29,395,400		207,196,885
NSK Ltd.	5,000,000		29,050,429
Omron Corp.	4,001,300		67,380,820
ORIX Corp.	2,740,000		176,999,656
Promise Co. Ltd. (c)	1,500,000		9,535,159
Rakuten, Inc.	170,000		116,431,200
Ricoh Co. Ltd.	5,500,000		74,750,463
ROHM Co. Ltd.	1,239,100		82,177,884
Sankyo Co. Ltd. (Gunma)	1,100,000		62,835,377
Seven & i Holdings Co., Ltd.	3,778,600		82,726,662
Shin-Etsu Chemical Co., Ltd.	1,688,200		89,532,410
Softbank Corp.	1,666,400		39,268,991
Sony Financial Holdings, Inc.	32,710		93,870,622
Sumco Corp.	3,964,900		75,667,832
Sumitomo Corp.	6,500,000		63,103,629
Sumitomo Metal Industries Ltd.	15,000,000		38,323,956
Sumitomo Mitsui Financial Group, Inc.	6,764,200		229,928,752
THK Co. Ltd.	5,000,000		86,403,869
Tokai Carbon Co. Ltd.	6,000,000		28,962,542
Tokyo Electron Ltd.	2,150,000		120,958,018
Toshiba Corp.	26,056,000		148,927,315
Toyota Motor Corp. sponsored ADR	5,970,100		470,981,189
Yahoo! Japan Corp. (c)	299,774		91,889,145
TOTAL JAPAN			5,181,167,726
Korea (South) - 1.6%
Amorepacific Corp.	139,531		95,939,650
LG Household & Health Care Ltd.	200,000		41,386,090
Lotte Shopping Co. Ltd.	71,612		20,151,312
	Shares		Value
NHN Corp. (a)	1,000,000		$ 146,949,287
Samsung Electronics Co. Ltd.	470,100		281,837,739
TOTAL KOREA (SOUTH)			586,264,078
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A (c)	2,250,000		76,545,000
SES SA FDR (France) unit	5,630,000		122,242,615
TOTAL LUXEMBOURG			198,787,615
Mexico - 0.4%
America Movil SAB de CV Series L sponsored ADR	2,013,600		88,860,168
Cemex SA de CV sponsored ADR	5,750,000		59,685,000
TOTAL MEXICO			148,545,168
Netherlands - 1.6%
Akzo Nobel NV	755,800		44,799,315
Gemalto NV (a)	1,700,000		71,759,400
ING Groep NV (Certificaten Van Aandelen) unit (a)	85,500		1,112,591
Koninklijke KPN NV	10,137,900		184,242,570
Koninklijke Philips Electronics NV	90,000		2,260,722
Koninklijke Philips Electronics NV (NY Shares)	2,934,500		73,626,605
QIAGEN NV (a)	2,041,000		42,514,030
Randstad Holdings NV (a)	2,180,046		83,088,409
Royal DSM NV	1,358,700		59,661,946
Unilever NV (Certificaten Van Aandelen) unit	50,000		1,545,495
TOTAL NETHERLANDS			564,611,083
Netherlands Antilles - 0.5%
Schlumberger Ltd.	2,890,200		179,770,440
Norway - 0.7%
DnB NOR ASA (a)(c)	5,627,000		64,808,622
Pronova BioPharma ASA (a)(d)	15,500,000		48,182,882
StatoilHydro ASA	122,000		2,895,479
Telenor ASA (a)	9,410,000		121,854,578
TOTAL NORWAY			237,741,561
Papua New Guinea - 0.5%
Lihir Gold Ltd.	60,000,000		164,055,454
South Africa - 0.8%
Aspen Pharmacare Holdings Ltd.	146,200		1,238,840
Impala Platinum Holdings Ltd.	7,000,000		156,172,800
MTN Group Ltd.	8,644,800		130,017,792
TOTAL SOUTH AFRICA			287,429,432
Spain - 4.7%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (c)	3,141,935		55,926,443
Banco Santander SA	152,000		2,445,859
Banco Santander SA:
rights 11/2/09 (a)	152,000		26,841
Common Stocks - continued
	Shares		Value
Spain - continued
Banco Santander SA: - continued
sponsored ADR (c)	18,250,000		$ 293,095,000
Enagas SA	5,000,649		103,169,045
Grupo Acciona SA	290,000		35,462,883
Grupo Ferrovial SA	2,300,000		95,647,807
Iberdrola SA (c)	14,570,200		132,504,007
Inditex SA	1,755,565		103,336,067
Red Electrica Corporacion SA	1,700,000		88,082,568
Telefonica SA	27,590,200		770,445,795
TOTAL SPAIN			1,680,142,315
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	1,880,995		106,836,881
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (c)	4,700,000		48,880,000
TOTAL SWEDEN			155,716,881
Switzerland - 8.9%
Actelion Ltd. (Reg.) (a)	3,043,726		168,041,203
Alcon, Inc.	725,000		103,522,750
ARYZTA AG	2,000,000		78,744,762
Bank Sarasin & Co. Ltd. Series B (Reg.)	48,400		1,931,566
Credit Suisse Group (Reg.)	1,500,000		80,170,138
Kuehne & Nagel International AG	1,400,000		127,161,095
Lonza Group AG	125,817		9,803,205
Nestle SA (Reg.)	14,222,360		662,813,815
Nobel Biocare Holding AG (Switzerland)	2,350,000		66,874,574
Roche Holding AG (participation certificate)	3,203,717		514,230,767
Schindler Holding AG (Reg.)	1,300,000		90,078,940
SGS Societe Generale de Surveillance Holding SA (Reg.)	82,550		110,619,092
Sonova Holding AG	2,100,000		216,528,604
Sulzer AG (Reg.)	885,300		69,195,069
Swiss Reinsurance Co. (Reg.)	1,330,645		54,491,475
Tecan Group AG (d)	1,100,000		67,537,277
Transocean Ltd. (a)	1,663,800		139,609,458
UBS AG:
(For. Reg.) (a)	4,272,205		71,224,035
(NY Shares) (a)	11,800,000		195,762,000
Zurich Financial Services AG (Reg.)	1,495,271		343,762,235
TOTAL SWITZERLAND			3,172,102,060
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	34,500,000		134,625,561
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	8,039,998		76,701,581
TOTAL TAIWAN			211,327,142
	Shares		Value
United Kingdom - 17.4%
Anglo American PLC (United Kingdom) (a)	1,141,328		$ 41,505,385
AstraZeneca PLC (United Kingdom)	1,200,000		53,887,808
Barclays PLC	63,622,287		333,560,418
Barratt Developments PLC (a)	4,100,000		9,094,094
Bellway PLC	2,450,000		29,403,817
BG Group PLC	10,000,900		173,225,488
BHP Billiton PLC	4,000,000		107,931,931
Bovis Homes Group PLC (d)	7,250,000		49,028,663
BP PLC sponsored ADR	4,200,000		237,804,000
British American Tobacco PLC:
(United Kingdom)	47,200		1,504,577
sponsored ADR	2,508,000		161,088,840
British Land Co. PLC	11,588,678		89,842,148
Capita Group PLC	20,500,451		256,807,795
Carphone Warehouse Group PLC	20,856,732		63,040,594
Centrica PLC	424,000		1,728,474
easyJet PLC (a)(d)	28,500,000		168,495,470
GlaxoSmithKline PLC sponsored ADR	250,000		10,290,000
HSBC Holdings PLC:
(United Kingdom) (Reg.)	475,223		5,253,019
sponsored ADR (c)	14,844,300		822,225,778
Imperial Tobacco Group PLC	5,676,100		167,742,377
Inchcape PLC (a)	121,790,000		58,686,740
International Power PLC	14,835,892		61,868,221
ITV PLC	20,883,300		14,657,351
Johnson Matthey PLC	1,000,000		23,182,216
Man Group PLC	36,357,500		185,044,404
Misys PLC	15,000,355		51,003,724
National Grid PLC	6,319,500		62,926,528
Next PLC	2,500,000		73,675,775
Pearson PLC	7,000,000		95,675,894
Persimmon PLC	4,200,000		27,816,689
Prudential PLC	17,440,819		159,350,082
QinetiQ Group PLC	8,630,000		23,265,061
Reckitt Benckiser Group PLC	9,000,000		448,457,668
Rio Tinto PLC:
(Reg.)	1,147,952		50,767,722
sponsored ADR (c)	1,000,000		178,030,000
Royal Dutch Shell PLC:
Class A (United Kingdom)	164,500		4,880,275
Class A sponsored ADR	4,049,200		240,562,972
Class B ADR	6,008,200		349,436,912
Segro PLC	6,947,400		40,264,032
Standard Chartered PLC (United Kingdom)	11,355,070		279,734,521
Tesco PLC	34,885,147		233,307,407
Vodafone Group PLC	680,000		1,499,105
Vodafone Group PLC sponsored ADR	30,159,000		669,228,210
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Wolseley PLC (a)	2,000,000		$ 40,650,968
Xstrata PLC	4,953,166		71,765,852
TOTAL UNITED KINGDOM			6,229,199,005
United States of America - 6.7%
Allergan, Inc.	2,960,500		166,528,125
AMETEK, Inc.	900,000		31,401,000
C. R. Bard, Inc.	900,000		67,563,000
CME Group, Inc.	307,000		92,901,270
Coach, Inc.	2,072,900		68,343,513
Cummins, Inc.	1,100,000		47,366,000
CVS Caremark Corp.	1,452,300		51,266,190
Danaher Corp.	450,000		30,703,500
ENSCO International, Inc.	2,402,400		110,005,896
Express Scripts, Inc. (a)	1,500,000		119,880,000
Goldman Sachs Group, Inc.	640,000		108,908,800
Google, Inc. Class A (a)	306,800		164,481,616
Henry Schein, Inc. (a)	800,000		42,264,000
JPMorgan Chase & Co.	4,190,900		175,053,893
Medco Health Solutions, Inc. (a)	1,350,000		75,762,000
Microsoft Corp.	1,448,000		40,153,040
Morgan Stanley	5,220,500		167,682,460
Newmont Mining Corp.	1,000,000		43,460,000
Pfizer, Inc.	7,111,500		121,108,845
Philip Morris International, Inc.	4,000,000		189,440,000
PNC Financial Services Group, Inc.	2,061,100		100,870,234
Pride International, Inc. (a)	1,038,000		30,683,280
Range Resources Corp.	707,200		35,395,360
State Street Corp.	700,000		29,386,000
Synthes, Inc.	300,000		35,669,038
Visa, Inc. Class A	1,800,000		136,368,000
Wells Fargo & Co.	4,044,780		111,312,346
TOTAL UNITED STATES OF AMERICA			2,393,957,406
TOTAL COMMON STOCKS (Cost $31,642,660,004)		34,294,638,941
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.1%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	792,000		26,094,820
Italy - 0.3%
Fiat SpA (a)	4,930,600		43,969,084
Intesa Sanpaolo SpA	22,000,000		72,032,373
TOTAL ITALY			116,001,457
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $150,344,568)		142,096,277
Money Market Funds - 6.0%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (f)	1,182,345,265		$ 1,182,345,265
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(f)	969,781,454		969,781,454
TOTAL MONEY MARKET FUNDS (Cost $2,152,126,719)		2,152,126,719
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $33,945,131,291)			36,588,861,937
NET OTHER ASSETS - (2.3)%			(839,528,804)
NET ASSETS - 100%		$ 35,749,333,133

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,022,215 or 0.0% of net assets.

(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(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 $481,440 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
OZ Optics Ltd. unit	8/18/00	$ 1,505,520

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	$ 8,769,282
Fidelity Securities Lending Cash Central Fund	22,941,366
Total	$ 31,710,648

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
Bovis Homes Group PLC	$ 36,892,190	$ 2,746,800	$ -	$ -	$ 49,028,663
easyJet PLC	149,638,996	4,142,767	10,393,440	-	168,495,470
European Capital Ltd.	13,349,451	-	-	-	-
Flint Energy Services Ltd.	20,173,329	-	11,966,493	-	-
Informa PLC	91,463,882	25,683,318	16,413,166	3,631,670	163,485,254
Niko Resources Ltd.	194,858,186	-	110,125,793	301,830	204,266,519
Petrobank Energy & Resources Ltd.	89,650,025	13,088,112	-	-	239,355,866
Pronova BioPharma ASA	33,771,424	6,967,044	-	-	48,182,882
Tecan Group AG	49,374,624	-	-	730,945	67,537,277
Trican Well Service Ltd.	69,582,435	-	3,233,004	515,522	81,839,590
Total	$ 748,754,542	$ 52,628,041	$ 152,131,896	$ 5,179,967	$ 1,022,191,521

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 6,229,199,005	$ 5,782,726,356	$ 446,472,649	$ -
Japan	5,181,167,726	649,613,867	4,531,553,859	-
France	3,462,622,736	2,930,175,732	532,447,004	-
Switzerland	3,172,102,060	3,020,707,887	151,394,173	-
Germany	2,471,858,712	2,353,457,698	118,401,014	-
United States of America	2,393,957,406	2,393,957,406	-	-
Canada	1,883,053,294	1,878,895,123	3,676,731	481,440
Spain	1,680,142,315	907,250,661	772,891,654	-
Italy	1,048,389,414	1,048,389,414	-	-
Other	6,914,242,550	4,581,636,204	2,332,606,346	-
Money Market Funds	2,152,126,719	2,152,126,719	-	-
Total Investments in Securities	$ 36,588,861,937	$ 27,698,937,067	$ 8,889,443,430	$ 481,440

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

Investments in Securities:
Beginning Balance	$ 16,942,832
Total Realized Gain (Loss)	(72,993,522)
Total Unrealized Gain (Loss)	71,016,258
Cost of Purchases	-
Proceeds of Sales	(14,484,128)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 481,440
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ (750,210)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $4,558,512,169 of which $956,598,602 and $3,601,913,567 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Diversified International

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $906,642,612) - See accompanying schedule: Unaffiliated issuers (cost $30,542,223,032)	$ 33,414,543,697
Fidelity Central Funds (cost $2,152,126,719)	2,152,126,719
Other affiliated issuers (cost $1,250,781,540)	1,022,191,521
Total Investments (cost $33,945,131,291)		$ 36,588,861,937
Foreign currency held at value (cost $17,135,662)		17,145,822
Receivable for investments sold		211,251,485
Receivable for fund shares sold		42,999,627
Dividends receivable		67,616,236
Distributions receivable from Fidelity Central Funds		405,896
Prepaid expenses		211,794
Other receivables		2,926,641
Total assets		36,931,419,438
Liabilities
Payable for investments purchased	$ 149,347,827
Payable for fund shares redeemed	31,655,895
Accrued management fee	21,905,687
Other affiliated payables	7,255,292
Other payables and accrued expenses	2,140,150
Collateral on securities loaned, at value	969,781,454
Total liabilities		1,182,086,305
Net Assets		$ 35,749,333,133
Net Assets consist of:
Paid in capital		$ 37,380,881,387
Undistributed net investment income		412,089,844
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,689,123,637)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,645,485,539
Net Assets		$ 35,749,333,133
Diversified International: Net Asset Value, offering price and redemption price per share ($30,998,269,612 ÷ 1,153,864,659 shares)		$ 26.86
Class K: Net Asset Value, offering price and redemption price per share ($4,713,908,891 ÷ 175,295,722 shares)		$ 26.89
Class F: Net Asset Value, offering price and redemption price per share ($37,154,630 ÷ 1,381,663 shares)		$ 26.89

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends (including $5,179,967 earned from other affiliated issuers)		$ 804,693,798
Interest		60,192
Income from Fidelity Central Funds		31,710,648
		836,464,638
Less foreign taxes withheld		(72,641,533)
Total income		763,823,105
Expenses
Management fee Basic fee	$ 211,525,849
Performance adjustment	(8,758,758)
Transfer agent fees	80,732,229
Accounting and security lending fees	2,628,761
Custodian fees and expenses	5,083,608
Independent trustees' compensation	212,867
Depreciation in deferred trustee compensation account	(118)
Registration fees	359,372
Audit	222,940
Legal	188,969
Miscellaneous	668,301
Total expenses before reductions	292,864,020
Expense reductions	(5,138,176)	287,725,844
Net investment income (loss)		476,097,261
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,404,738,398)
Other affiliated issuers	(45,816,278)
Foreign currency transactions	57,559,792
Futures contracts	2,433,055
Total net realized gain (loss)		(3,390,561,829)
Change in net unrealized appreciation (depreciation) on: Investment securities	9,785,458,028
Assets and liabilities in foreign currencies	(46,450,045)
Total change in net unrealized appreciation (depreciation)		9,739,007,983
Net gain (loss)		6,348,446,154
Net increase (decrease) in net assets resulting from operations		$ 6,824,543,415

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 476,097,261	$ 752,597,206
Net realized gain (loss)	(3,390,561,829)	(1,222,596,476)
Change in net unrealized appreciation (depreciation)	9,739,007,983	(27,541,183,667)
Net increase (decrease) in net assets resulting from operations	6,824,543,415	(28,011,182,937)
Distributions to shareholders from net investment income	(412,836,673)	(623,834,183)
Distributions to shareholders from net realized gain	-	(3,411,186,315)
Total distributions	(412,836,673)	(4,035,020,498)
Share transactions - net increase (decrease)	129,291,951	1,321,563,137
Redemption fees	1,098,454	1,934,056
Total increase (decrease) in net assets	6,542,097,147	(30,722,706,242)
Net Assets
Beginning of period	29,207,235,986	59,929,942,228
End of period (including undistributed net investment income of $412,089,844 and undistributed net investment income of $552,385,607, respectively)	$ 35,749,333,133	$ 29,207,235,986

Financial Highlights - Diversified International

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 21.96	$ 45.41	$ 37.58	$ 30.80	$ 26.08
Income from Investment Operations
Net investment income (loss) B	.35	.55	.47	.46	.30
Net realized and unrealized gain (loss)	4.86	(20.96)	10.23	7.33	4.63
Total from investment operations	5.21	(20.41)	10.70	7.79	4.93
Distributions from net investment income	(.31)	(.47)	(.36)	(.28)	(.15)
Distributions from net realized gain	-	(2.57)	(2.51)	(.73)	(.06)
Total distributions	(.31)	(3.04)	(2.87)	(1.01)	(.21)
Redemption fees added to paid in capital B,F	-	-	-	-	-
Net asset value, end of period	$ 26.86	$ 21.96	$ 45.41	$ 37.58	$ 30.80
Total Return A	24.32%	(48.04)%	30.37%	25.89%	19.01%
Ratios to Average Net Assets C,E
Expenses before reductions	1.01%	1.04%	.93%	1.01%	1.10%
Expenses net of fee waivers, if any	1.01%	1.04%	.93%	1.01%	1.10%
Expenses net of all reductions	.99%	1.02%	.91%	.97%	1.07%
Net investment income (loss)	1.58%	1.53%	1.20%	1.32%	1.02%
Supplemental Data
Net assets, end of period (000 omitted)	$ 30,998,270	$ 28,274,961	$ 59,929,942	$ 43,965,189	$ 29,637,193
Portfolio turnover rate D	54%	49%	51%	59%	41%

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class K

Years ended October 31,	2009	2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss) D	.42	.16
Net realized and unrealized gain (loss)	4.85	(16.57)
Total from investment operations	5.27	(16.41)
Distributions from net investment income	(.36)	-
Redemption fees added to paid in capital D,I	-	-
Net asset value, end of period	$ 26.89	$ 21.98
Total Return B,C	24.64%	(42.75)%
Ratios to Average Net Assets E,H
Expenses before reductions	.77%	.88% A
Expenses net of fee waivers, if any	.77%	.88% A
Expenses net of all reductions	.76%	.87% A
Net investment income (loss)	1.81%	1.45% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,713,909	$ 932,275
Portfolio turnover rate F	54%	49%

^A Annualized

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

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

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

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

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

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

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

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

Financial Highlights - Class F

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.29
Income from Investment Operations
Net investment income (loss) D	(.02)
Net realized and unrealized gain (loss)	3.62
Total from investment operations	3.60
Redemption fees added to paid in capital D,I	-
Net asset value, end of period	$ 26.89
Total Return B,C	15.46%
Ratios to Average Net Assets E,H
Expenses before reductions	.71% A
Expenses net of fee waivers, if any	.71% A
Expenses net of all reductions	.70% A
Net investment income (loss)	(.19)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 37,155
Portfolio turnover rate F	54%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares on June 26, 2009. The Fund offers Diversified International, Class K, and Class F shares each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund was closed to most new accounts effective the close of business on October 25, 2004 and reopened after the close of business on March 30, 2009. 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 may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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	$ 5,918,146,519
Gross unrealized depreciation	(3,405,027,342)
Net unrealized appreciation (depreciation)	$ 2,513,119,177
Tax Cost	$ 34,075,742,760

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Undistributed ordinary income	$ 412,629,848
Capital loss carryforward	$ (4,558,512,169)
Net unrealized appreciation (depreciation)	$ 2,514,874,070

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 412,836,673	$ 623,834,183
Long-term Capital Gains	-	3,411,186,315
Total	$ 412,836,673	$ 4,035,020,498

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

4. Operating Policies.

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

5. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts and forward foreign currency contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risks relative to those derivatives. These risks are further explained below:

Equity Risk	Equity risk is the risk that the value of financial instruments will fluctuate 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.
Foreign Exchange Risk	Foreign exchange rate risk is the risk that the value of securities denominated in other currencies will fluctuate due to changes in exchange rates.

The following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and

Annual Report

5. Investments in Derivative Instruments - continued

Futures Contracts - continued

changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Forward Foreign Currency Contracts. The Fund generally uses forward foreign currency contracts to facilitate transactions in foreign-denominated securities and manage the risk associated with fluctuations in foreign currency exchange rates. Forward foreign currency contracts are customized transactions that require the exchange of currency at a specific exchange rate on an agreed upon future date. These contracts are generally used to protect a fund against a decline in the value of existing investments denominated in foreign currency or to shift its investment exposure from one currency to another. Risks of loss may include foreign exchange risk and the failure by the counterparty to perform under the terms of the agreement.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are reflected as unrealized gain (loss) on the Statement of Assets and Liabilities. Realized gain (loss) is recognized on settlement date. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) is recognized on the date of offset. Any unrealized gains (losses) on offsetting contracts that settle after period end are reflected as a Receivable or Payable for closed foreign currency contracts. The net realized and change in unrealized gain (loss) on forward foreign currency contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open forward foreign currency contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 2,433,055	$ -
Foreign Exchange Risk
Forward Foreign Currency Contracts	84,022,416	(49,526,241)
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)(b)	$ 86,455,471	$ (49,526,241)

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $84,022,416 for forward foreign currency contracts and $2,433,055 for futures contracts.

(b) Total derivatives change in unrealized gain (loss) included in the Statement of Operations is comprised of $(49,526,241) for forward foreign currency contracts.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $15,993,356,171 and $15,359,588,559, respectively.

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Diversified International as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .68% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC receives no

Annual Report

Notes to Financial Statements - continued

7. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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, the total transfer agent fees paid by each applicable class were as follows:

	Amount	% of Average Net Assets
Diversified International	$ 78,979,600	.29
Class K	1,752,629	.06
	$ 80,732,229

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $20,209 for the period.

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $151,920 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $22,941,366.

10. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Diversified International's operating expenses. During the period, this reimbursement reduced the Fund's expenses by $22,168.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,115,819 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $189.

Annual Report

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Diversified International	$ 394,538,470	$ 623,834,183
Class K	18,298,203	-
Total	$ 412,836,673	$ 623,834,183
From net realized gain
Diversified International	$ -	$ 3,411,186,315

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 B,C	2008 A	2009 B,C	2008 A
Diversified International
Shares sold	266,412,212	306,179,666	$ 5,884,913,394	$ 10,595,590,795
Conversion to Class K	(113,348,310)	(43,282,557)	(2,310,072,040)	(933,288,874)
Reinvestment of distributions	20,012,374	95,512,855	380,635,740	3,896,924,337
Shares redeemed	(307,025,690)	(390,314,331)	(6,660,643,668)	(13,365,445,996)
Net increase (decrease)	(133,949,414)	(31,904,367)	$ (2,705,166,574)	$ 193,780,262
Class K
Shares sold	46,252,428	1,216,070	$ 1,096,724,275	$ 245,180,524
Conversion from Diversified International	113,393,333	43,251,317	2,310,072,040	933,288,874
Reinvestment of distributions	963,570	-	18,298,203	-
Shares redeemed	(27,732,811)	(2,048,185)	(629,090,058)	(50,686,523)
Net increase (decrease)	132,876,520	42,419,202	$ 2,796,004,460	$ 1,127,782,875
Class F
Shares sold	1,396,615	-	$ 38,873,992	$ -
Shares redeemed	(14,952)	-	(419,927)	-
Net increase (decrease)	1,381,663	-	$ 38,454,065	$ -

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^B Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^C Conversion transactions for Class K and Diversified International are for the period November 1, 2008 to August 31, 2009.

13. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

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

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

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

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009) and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Diversified International Fund

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

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

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

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

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Fidelity Diversified International (retail class), as well as the fund's relative investment performance for Fidelity Diversified International (retail class) measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the cumulative total returns of Fidelity Diversified International (retail class) of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (Class K of the fund had less than one year of performance as of December 31, 2008, and the fund did not offer Class F as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Fidelity Diversified International (retail class) of the fund.

Fidelity Diversified International Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity Diversified International (retail class) of the fund was in the third quartile for the one- and three-year periods and the second quartile for the five-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

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

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Fidelity Diversified International (retail class) through May 31, 2009 and stated that it exceeded the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

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

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

Fidelity Diversified International Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

The Board noted that the total expenses of each class ranked below its competitive median for the period.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Annual Report

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

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

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.

By Phone

Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

(phone_graphic)

Fidelity Workplace Investing
1-800-835-5092

By PC

Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.401k.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

(letter_graphic)

For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
FIL Investments (Japan) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

DIF-F-ANN-1209
1.891706.100

Fidelity®
Diversified International
Fund -
Class K

Annual Report

October 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

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

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Class K A	24.64%	4.83%	5.76%

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Diversified International Fund - Class K on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® Index (Europe, Australasia, Far East) performed over the same period. The initial offering of Class K took place on May 9, 2008. See above for additional information regarding the performance of Class K.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from William Bower, Portfolio Manager of Fidelity® Diversified International Fund: For the year ending October 31, 2009, the fund's Class K shares returned 24.64%, trailing its benchmark, the MSCI EAFE. A combination of unfavorable stock selection in financials and an underweighting in the sector, which performed well during the period, was the biggest detractor from relative results. In addition, stock picks and an underweighting in the capital goods industry dampened returns. Adverse stock and market selection within technology also hurt, with our results heavily influenced by one holding that disappointed - Indonesian software maker Satyam Computer Services. Regionally, weak stock picking and lower-than-benchmark exposure to the strong-performing Australian market and dollar did the most damage. Security selection in Japan weighed on returns as well, but that negative was partially offset by being significantly underweighted in this lagging market. Unfavorable country allocations within Europe also detracted, as did a modest cash position. The biggest individual detractor was an overweighted position in Japanese financial firm ORIX, closely followed by our stake in Satyam. Conversely, stock choices in consumer discretionary - primarily in automobiles/components and retailing - and an underweighting in automobiles/components added the most to relative performance. Underweighted exposure to the weak-performing utilities sector also helped, as did security selection in telecommunication services and energy. On a geographic basis, the fund benefited from its modest out-of-index exposure to Canada and Brazil - markets that fared extremely well, bolstered in part by a weak U.S. dollar - and from some strong-performing U.S. holdings. In terms of specific contributors, largely avoiding German automaker and index constituent Volkswagen paid off nicely, as did an overweighting in Belgium-based Anheuser-Busch InBev. Some stocks mentioned in this report were not held at period end.

Note to shareholders: The fund reopened to new accounts on March 31, 2009.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Diversified International

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Diversified International and Class K, and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

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, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

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

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	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Diversified International	1.01%
Actual		$ 1,000.00	$ 1,280.30	$ 5.81B
HypotheticalA		$ 1,000.00	$ 1,020.11	$ 5.14C
Class K	.79%
Actual		$ 1,000.00	$ 1,281.70	$ 4.54B
HypotheticalA		$ 1,000.00	$ 1,021.22	$ 4.02C
Class F	.71%
Actual		$ 1,000.00	$ 1,154.60	$ 2.68B
HypotheticalA		$ 1,000.00	$ 1,021.63	$ 3.62C

^A 5% return per year before expenses

^B Actual expenses are equal to each class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Diversified International and Class K and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

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

Annual Report

Diversified International

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United Kingdom	17.4%
	Japan	14.5%
	United States of America	10.4%
	France	9.7%
	Switzerland	8.9%
	Germany	6.9%
	Canada	5.3%
	Spain	4.7%
	Italy	2.9%
	Other	19.3%

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

As of April 30, 2009
	United Kingdom	17.3%
	Japan	15.4%
	Switzerland	11.3%
	United States of America	8.6%
	Germany	7.9%
	France	7.7%
	Canada	6.4%
	Spain	4.0%
	Italy	2.9%
	Other	18.5%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.3	97.2
Short-Term Investments and Net Other Assets	3.7	2.8
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	2.3	1.3
Telefonica SA (Spain, Diversified Telecommunication Services)	2.1	1.9
Vodafone Group PLC sponsored ADR (United Kingdom, Wireless Telecommunication Services)	1.9	1.9
Nestle SA (Reg.) (Switzerland, Food Products)	1.9	2.4
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	1.4	1.5
E.ON AG (Germany, Electric Utilities)	1.4	1.6
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.3	1.6
Reckitt Benckiser Group PLC (United Kingdom, Household Products)	1.3	1.4
Sanofi-Aventis (France, Pharmaceuticals)	1.1	0.2
Anheuser-Busch InBev SA NV (Belgium, Beverages)	1.1	1.2
	15.8
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.2	16.6
Industrials	9.8	10.8
Energy	9.8	9.5
Consumer Staples	9.3	11.2
Health Care	9.1	10.7
Information Technology	9.3	9.8
Consumer Discretionary	9.1	10.5
Materials	7.2	7.4
Telecommunication Services	7.0	6.7
Utilities	3.5	4.0

Annual Report

Diversified International

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 95.9%
	Shares		Value
Australia - 2.0%
AMP Ltd.	9,328,713		$ 49,137,637
BHP Billiton Ltd. sponsored ADR (c)	5,901,000		386,987,580
CSL Ltd.	1,000,000		28,068,376
National Australia Bank Ltd.	1,500,000		39,619,394
Newcrest Mining Ltd.	2,500,000		71,838,011
QBE Insurance Group Ltd.	7,578,885		152,579,248
TOTAL AUSTRALIA			728,230,246
Bailiwick of Jersey - 1.1%
Experian PLC	16,500,000		151,431,422
Informa PLC (d)	33,962,087		163,485,254
WPP PLC	8,000,000		71,719,125
TOTAL BAILIWICK OF JERSEY			386,635,801
Belgium - 1.1%
Anheuser-Busch InBev SA NV	8,258,700		388,959,645
Anheuser-Busch InBev SA NV (strip VVPR) (a)	5,339,200		39,285
TOTAL BELGIUM			388,998,930
Bermuda - 0.3%
Clear Media Ltd. (a)	22,325,000		9,896,263
Huabao International Holdings Ltd.	21,290,000		20,308,104
Seadrill Ltd. (a)(c)	4,000,000		83,547,266
TOTAL BERMUDA			113,751,633
Brazil - 1.3%
Banco Santander (Brasil) SA ADR (a)	7,000,000		83,020,000
BR Malls Participacoes SA (a)	4,500,000		48,265,387
Itau Unibanco Banco Multiplo SA ADR	6,270,000		120,007,800
Petroleo Brasileiro SA - Petrobras sponsored ADR	1,300,000		60,086,000
Vivo Participacoes SA sponsored ADR	5,000,000		121,250,000
Votorantim Celulose e Papel SA sponsored ADR (a)	2,400,000		32,976,000
TOTAL BRAZIL			465,605,187
Canada - 5.3%
Agnico-Eagle Mines Ltd. (Canada)	896,500		47,687,491
Air Canada:
warrants 10/27/12 (a)(e)	3,421,100		521,292
Class A (a)(e)	6,842,200		6,824,192
Barrick Gold Corp.	1,286,600		46,290,748
Canadian Natural Resources Ltd.	2,700,000		175,087,962
Canadian Pacific Railway Ltd.	2,000,000		86,623,263
Cequence Energy Ltd. (a)	2,468		7,977
CGI Group, Inc. Class A (sub. vtg.) (a)	474,500		5,792,945
Crescent Point Energy Corp.	340,000		11,554,694
EnCana Corp.	3,068,000		169,995,844
Flint Energy Services Ltd. (a)	1,000,000		10,850,995
Niko Resources Ltd. (d)	2,525,000		204,266,519
Open Text Corp. (a)	1,000,000		37,308,953
OZ Optics Ltd. unit (a)(g)	102,000		481,440
Painted Pony Petroleum Ltd. (a)(e)	677,100		3,676,731
	Shares		Value
Painted Pony Petroleum Ltd. Class A (a)	734,000		$ 3,972,148
PetroBakken Energy Ltd. Class A	4,250,000		122,533,130
Petrobank Energy & Resources Ltd. (a)(c)(d)	5,475,000		239,355,866
Research In Motion Ltd. (a)	1,650,800		96,951,498
Royal Bank of Canada	700,000		35,425,036
Silver Wheaton Corp. (a)	5,000,000		62,797,248
Suncor Energy, Inc.	9,992,000		331,451,854
Toronto-Dominion Bank	600,000		34,176,479
Trican Well Service Ltd. (d)	7,000,000		81,839,590
Ultra Petroleum Corp. (a)	660,200		32,052,710
Westernzagros Resources Ltd. (a)	3,497,100		4,295,279
Yamana Gold, Inc.	2,945,900		31,231,410
TOTAL CANADA			1,883,053,294
Cayman Islands - 0.1%
Belle International Holdings Ltd.	16,510,000		16,669,343
China Dongxiang Group Co. Ltd.	8,480,000		5,181,302
Hengan International Group Co. Ltd.	4,992,000		32,135,276
TOTAL CAYMAN ISLANDS			53,985,921
China - 0.5%
Baidu.com, Inc. sponsored ADR (a)	114,600		43,309,632
China Merchants Bank Co. Ltd. (H Shares)	38,141,850		97,582,406
Global Bio-Chem Technology Group Co. Ltd.	36,981,600		9,001,587
NetEase.com, Inc. sponsored ADR (a)	548,400		21,179,208
TOTAL CHINA			171,072,833
Czech Republic - 0.0%
Komercni Banka AS	25,000		4,972,797
Denmark - 1.1%
A.P. Moller - Maersk AS Series B	160		1,100,874
Carlsberg AS Series B	1,582,733		111,715,703
Novo Nordisk AS Series B	4,042,300		251,754,616
William Demant Holding AS (a)	567,348		40,550,497
TOTAL DENMARK			405,121,690
Finland - 0.1%
Nokian Tyres PLC	1,778,000		38,042,687
France - 9.7%
Accor SA	478,682		23,016,417
Alcatel-Lucent SA sponsored ADR (a)	14,000,000		51,660,000
Alstom SA	672,859		46,858,643
Atos Origin SA (a)	1,003,169		47,150,254
AXA SA	85,138		2,117,254
AXA SA sponsored ADR	9,711,800		240,852,640
BNP Paribas SA (c)	4,273,515		323,553,152
Bouygues SA	2,227,761		105,396,114
Cap Gemini SA (c)	5,037,700		234,332,119
CNP Assurances	400,000		38,713,537
Credit Agricole SA	3,210,944		61,921,972
Danone	2,639,828		159,095,386
Common Stocks - continued
	Shares		Value
France - continued
Dassault Aviation SA	36,265		$ 27,136,489
Essilor International SA	2,100,000		117,893,228
Financiere Marc de Lacharriere SA (Fimalac) (c)	900,000		47,009,401
GDF Suez	2,124,314		89,107,607
Iliad Group SA	325,000		35,247,301
L'Oreal SA	1,100,000		112,775,177
LVMH Moet Hennessy - Louis Vuitton	800,000		83,172,006
Neopost SA	600,000		52,640,287
Pernod Ricard SA (c)	2,372,905		198,302,068
PPR SA	2,000,000		218,848,916
Renault SA (a)	15,900		715,968
Sanofi-Aventis	5,439,362		398,689,994
Schneider Electric SA	1,943,517		203,087,353
Societe Generale Series A	2,910,780		194,378,800
Technip SA	1,150,000		72,480,460
Total SA Series B	2,200,000		131,639,756
Unibail-Rodamco	274,439		60,961,265
Vallourec SA	529,190		83,869,172
TOTAL FRANCE			3,462,622,736
Germany - 6.8%
Aixtron AG	2,051,600		61,497,682
Allianz AG sponsored ADR	14,738,700		167,284,245
BASF AG	1,801,474		96,760,006
Bayer AG	18,110		1,258,669
Bayerische Motoren Werke AG (BMW)	2,315,230		113,435,290
Beiersdorf AG	29,000		1,788,080
Daimler AG (Reg.)	1,936,056		93,375,983
Deutsche Boerse AG	3,503,226		284,153,093
E.ON AG	13,259,440		509,066,226
Fresenius Medical Care AG & Co. KGaA	2,204,700		106,900,551
Fresenius SE	2,700,000		134,532,044
GEA Group AG	4,500,000		84,959,939
GFK AG	1,600,000		50,668,410
HeidelbergCement AG	275,400		16,506,438
Linde AG	1,436,129		150,871,031
Metro AG	881,300		48,970,076
Munich Re Group (Reg.)	943,740		149,486,191
RWE AG	808,900		71,063,107
SAP AG	500,000		22,635,000
Siemens AG:
(Reg.)	26,550		2,390,031
sponsored ADR	3,090,000		278,161,800
TOTAL GERMANY			2,445,763,892
Greece - 0.2%
Alpha Bank AE (a)	986,100		19,285,059
	Shares		Value
Hellenic Telecommunications Organization SA	2,104,477		$ 35,613,696
Piraeus Bank SA	1,905,100		33,220,881
TOTAL GREECE			88,119,636
Hong Kong - 1.0%
China Unicom (Hong Kong) Ltd. sponsored ADR	7,982,500		100,978,625
Hong Kong Exchange & Clearing Ltd.	4,000,000		70,412,242
Hutchison Whampoa Ltd.	10,000,000		70,190,671
Li & Fung Ltd.	5,000,000		20,795,326
Swire Pacific Ltd. (A Shares)	5,007,500		61,025,338
Wharf Holdings Ltd.	7,226,000		39,043,926
TOTAL HONG KONG			362,446,128
India - 1.2%
HDFC Bank Ltd.	800,000		27,267,683
Indiabulls Financial Services Ltd.	1,039,597		3,699,678
Indiabulls Real Estate Ltd. (a)	1,710,239		8,954,011
Infosys Technologies Ltd.	2,807,942		130,513,383
Reliance Industries Ltd.	840,000		34,013,504
State Bank of India	3,327,536		153,665,639
Tata Steel Ltd.	6,648,141		65,762,699
TOTAL INDIA			423,876,597
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR	269,200		7,133,800
PT Perusahaan Gas Negara Tbk Series B	130,000,000		48,370,887
TOTAL INDONESIA			55,504,687
Ireland - 1.1%
Covidien PLC	2,250,000		94,770,000
CRH PLC	5,936,269		145,096,932
Ryanair Holdings PLC sponsored ADR (a)	5,603,300		152,801,991
TOTAL IRELAND			392,668,923
Israel - 0.3%
Teva Pharmaceutical Industries Ltd. sponsored ADR	2,000,000		100,960,000
Italy - 2.6%
ENI SpA sponsored ADR	3,700,000		183,446,000
Fiat SpA (a)	19,699,100		294,520,220
Intesa Sanpaolo SpA	43,666,955		184,742,060
Telecom Italia SpA sponsored ADR	6,000,000		95,160,000
UniCredit SpA	46,687,257		157,329,030
Unione di Banche Italiane SCPA	1,200,000		17,190,647
TOTAL ITALY			932,387,957
Japan - 14.5%
Canon, Inc. sponsored ADR	4,743,300		178,632,678
Daiichi Sankyo Kabushiki Kaisha	2,093,600		40,902,356
Denso Corp.	7,000,000		191,273,354
East Japan Railway Co.	1,650,000		105,669,902
Eisai Co. Ltd.	1,850,000		65,697,690
Common Stocks - continued
	Shares		Value
Japan - continued
Fanuc Ltd.	1,700,000		$ 141,211,875
Fast Retailing Co. Ltd.	555,000		91,354,413
Honda Motor Co. Ltd.	5,000,000		154,441,996
Hoya Corp.	1,999,500		44,005,987
Ibiden Co. Ltd.	1,000,000		35,804,504
Japan Tobacco, Inc.	29,838		83,715,311
JSR Corp.	4,543,500		88,618,588
Jupiter Telecommunications Co.	20,000		18,281,754
Keyence Corp.	880,000		174,711,345
Kubota Corp.	1,500,000		11,656,813
Kyocera Corp.	1,020,700		85,625,427
Mazda Motor Corp.	8,955,000		20,211,329
Mitsubishi Corp.	7,615,700		161,464,492
Mitsubishi UFJ Financial Group, Inc.	68,342,000		364,037,297
Mitsui & Co. Ltd.	13,450,000		176,647,987
Murata Manufacturing Co. Ltd.	1,459,400		71,210,445
NGK Insulators Ltd.	4,111,000		92,214,721
Nikon Corp.	4,300,000		80,146,324
Nintendo Co. Ltd.	360,000		90,301,892
Nippon Telegraph & Telephone Corp.	1,600,000		66,023,473
Nitto Denko Corp.	2,000,000		60,402,968
Nomura Holdings, Inc.	29,395,400		207,196,885
NSK Ltd.	5,000,000		29,050,429
Omron Corp.	4,001,300		67,380,820
ORIX Corp.	2,740,000		176,999,656
Promise Co. Ltd. (c)	1,500,000		9,535,159
Rakuten, Inc.	170,000		116,431,200
Ricoh Co. Ltd.	5,500,000		74,750,463
ROHM Co. Ltd.	1,239,100		82,177,884
Sankyo Co. Ltd. (Gunma)	1,100,000		62,835,377
Seven & i Holdings Co., Ltd.	3,778,600		82,726,662
Shin-Etsu Chemical Co., Ltd.	1,688,200		89,532,410
Softbank Corp.	1,666,400		39,268,991
Sony Financial Holdings, Inc.	32,710		93,870,622
Sumco Corp.	3,964,900		75,667,832
Sumitomo Corp.	6,500,000		63,103,629
Sumitomo Metal Industries Ltd.	15,000,000		38,323,956
Sumitomo Mitsui Financial Group, Inc.	6,764,200		229,928,752
THK Co. Ltd.	5,000,000		86,403,869
Tokai Carbon Co. Ltd.	6,000,000		28,962,542
Tokyo Electron Ltd.	2,150,000		120,958,018
Toshiba Corp.	26,056,000		148,927,315
Toyota Motor Corp. sponsored ADR	5,970,100		470,981,189
Yahoo! Japan Corp. (c)	299,774		91,889,145
TOTAL JAPAN			5,181,167,726
Korea (South) - 1.6%
Amorepacific Corp.	139,531		95,939,650
LG Household & Health Care Ltd.	200,000		41,386,090
Lotte Shopping Co. Ltd.	71,612		20,151,312
	Shares		Value
NHN Corp. (a)	1,000,000		$ 146,949,287
Samsung Electronics Co. Ltd.	470,100		281,837,739
TOTAL KOREA (SOUTH)			586,264,078
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A (c)	2,250,000		76,545,000
SES SA FDR (France) unit	5,630,000		122,242,615
TOTAL LUXEMBOURG			198,787,615
Mexico - 0.4%
America Movil SAB de CV Series L sponsored ADR	2,013,600		88,860,168
Cemex SA de CV sponsored ADR	5,750,000		59,685,000
TOTAL MEXICO			148,545,168
Netherlands - 1.6%
Akzo Nobel NV	755,800		44,799,315
Gemalto NV (a)	1,700,000		71,759,400
ING Groep NV (Certificaten Van Aandelen) unit (a)	85,500		1,112,591
Koninklijke KPN NV	10,137,900		184,242,570
Koninklijke Philips Electronics NV	90,000		2,260,722
Koninklijke Philips Electronics NV (NY Shares)	2,934,500		73,626,605
QIAGEN NV (a)	2,041,000		42,514,030
Randstad Holdings NV (a)	2,180,046		83,088,409
Royal DSM NV	1,358,700		59,661,946
Unilever NV (Certificaten Van Aandelen) unit	50,000		1,545,495
TOTAL NETHERLANDS			564,611,083
Netherlands Antilles - 0.5%
Schlumberger Ltd.	2,890,200		179,770,440
Norway - 0.7%
DnB NOR ASA (a)(c)	5,627,000		64,808,622
Pronova BioPharma ASA (a)(d)	15,500,000		48,182,882
StatoilHydro ASA	122,000		2,895,479
Telenor ASA (a)	9,410,000		121,854,578
TOTAL NORWAY			237,741,561
Papua New Guinea - 0.5%
Lihir Gold Ltd.	60,000,000		164,055,454
South Africa - 0.8%
Aspen Pharmacare Holdings Ltd.	146,200		1,238,840
Impala Platinum Holdings Ltd.	7,000,000		156,172,800
MTN Group Ltd.	8,644,800		130,017,792
TOTAL SOUTH AFRICA			287,429,432
Spain - 4.7%
Banco Bilbao Vizcaya Argentaria SA sponsored ADR (c)	3,141,935		55,926,443
Banco Santander SA	152,000		2,445,859
Banco Santander SA:
rights 11/2/09 (a)	152,000		26,841
Common Stocks - continued
	Shares		Value
Spain - continued
Banco Santander SA: - continued
sponsored ADR (c)	18,250,000		$ 293,095,000
Enagas SA	5,000,649		103,169,045
Grupo Acciona SA	290,000		35,462,883
Grupo Ferrovial SA	2,300,000		95,647,807
Iberdrola SA (c)	14,570,200		132,504,007
Inditex SA	1,755,565		103,336,067
Red Electrica Corporacion SA	1,700,000		88,082,568
Telefonica SA	27,590,200		770,445,795
TOTAL SPAIN			1,680,142,315
Sweden - 0.4%
H&M Hennes & Mauritz AB (B Shares)	1,880,995		106,836,881
Telefonaktiebolaget LM Ericsson (B Shares) sponsored ADR (c)	4,700,000		48,880,000
TOTAL SWEDEN			155,716,881
Switzerland - 8.9%
Actelion Ltd. (Reg.) (a)	3,043,726		168,041,203
Alcon, Inc.	725,000		103,522,750
ARYZTA AG	2,000,000		78,744,762
Bank Sarasin & Co. Ltd. Series B (Reg.)	48,400		1,931,566
Credit Suisse Group (Reg.)	1,500,000		80,170,138
Kuehne & Nagel International AG	1,400,000		127,161,095
Lonza Group AG	125,817		9,803,205
Nestle SA (Reg.)	14,222,360		662,813,815
Nobel Biocare Holding AG (Switzerland)	2,350,000		66,874,574
Roche Holding AG (participation certificate)	3,203,717		514,230,767
Schindler Holding AG (Reg.)	1,300,000		90,078,940
SGS Societe Generale de Surveillance Holding SA (Reg.)	82,550		110,619,092
Sonova Holding AG	2,100,000		216,528,604
Sulzer AG (Reg.)	885,300		69,195,069
Swiss Reinsurance Co. (Reg.)	1,330,645		54,491,475
Tecan Group AG (d)	1,100,000		67,537,277
Transocean Ltd. (a)	1,663,800		139,609,458
UBS AG:
(For. Reg.) (a)	4,272,205		71,224,035
(NY Shares) (a)	11,800,000		195,762,000
Zurich Financial Services AG (Reg.)	1,495,271		343,762,235
TOTAL SWITZERLAND			3,172,102,060
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	34,500,000		134,625,561
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	8,039,998		76,701,581
TOTAL TAIWAN			211,327,142
	Shares		Value
United Kingdom - 17.4%
Anglo American PLC (United Kingdom) (a)	1,141,328		$ 41,505,385
AstraZeneca PLC (United Kingdom)	1,200,000		53,887,808
Barclays PLC	63,622,287		333,560,418
Barratt Developments PLC (a)	4,100,000		9,094,094
Bellway PLC	2,450,000		29,403,817
BG Group PLC	10,000,900		173,225,488
BHP Billiton PLC	4,000,000		107,931,931
Bovis Homes Group PLC (d)	7,250,000		49,028,663
BP PLC sponsored ADR	4,200,000		237,804,000
British American Tobacco PLC:
(United Kingdom)	47,200		1,504,577
sponsored ADR	2,508,000		161,088,840
British Land Co. PLC	11,588,678		89,842,148
Capita Group PLC	20,500,451		256,807,795
Carphone Warehouse Group PLC	20,856,732		63,040,594
Centrica PLC	424,000		1,728,474
easyJet PLC (a)(d)	28,500,000		168,495,470
GlaxoSmithKline PLC sponsored ADR	250,000		10,290,000
HSBC Holdings PLC:
(United Kingdom) (Reg.)	475,223		5,253,019
sponsored ADR (c)	14,844,300		822,225,778
Imperial Tobacco Group PLC	5,676,100		167,742,377
Inchcape PLC (a)	121,790,000		58,686,740
International Power PLC	14,835,892		61,868,221
ITV PLC	20,883,300		14,657,351
Johnson Matthey PLC	1,000,000		23,182,216
Man Group PLC	36,357,500		185,044,404
Misys PLC	15,000,355		51,003,724
National Grid PLC	6,319,500		62,926,528
Next PLC	2,500,000		73,675,775
Pearson PLC	7,000,000		95,675,894
Persimmon PLC	4,200,000		27,816,689
Prudential PLC	17,440,819		159,350,082
QinetiQ Group PLC	8,630,000		23,265,061
Reckitt Benckiser Group PLC	9,000,000		448,457,668
Rio Tinto PLC:
(Reg.)	1,147,952		50,767,722
sponsored ADR (c)	1,000,000		178,030,000
Royal Dutch Shell PLC:
Class A (United Kingdom)	164,500		4,880,275
Class A sponsored ADR	4,049,200		240,562,972
Class B ADR	6,008,200		349,436,912
Segro PLC	6,947,400		40,264,032
Standard Chartered PLC (United Kingdom)	11,355,070		279,734,521
Tesco PLC	34,885,147		233,307,407
Vodafone Group PLC	680,000		1,499,105
Vodafone Group PLC sponsored ADR	30,159,000		669,228,210
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Wolseley PLC (a)	2,000,000		$ 40,650,968
Xstrata PLC	4,953,166		71,765,852
TOTAL UNITED KINGDOM			6,229,199,005
United States of America - 6.7%
Allergan, Inc.	2,960,500		166,528,125
AMETEK, Inc.	900,000		31,401,000
C. R. Bard, Inc.	900,000		67,563,000
CME Group, Inc.	307,000		92,901,270
Coach, Inc.	2,072,900		68,343,513
Cummins, Inc.	1,100,000		47,366,000
CVS Caremark Corp.	1,452,300		51,266,190
Danaher Corp.	450,000		30,703,500
ENSCO International, Inc.	2,402,400		110,005,896
Express Scripts, Inc. (a)	1,500,000		119,880,000
Goldman Sachs Group, Inc.	640,000		108,908,800
Google, Inc. Class A (a)	306,800		164,481,616
Henry Schein, Inc. (a)	800,000		42,264,000
JPMorgan Chase & Co.	4,190,900		175,053,893
Medco Health Solutions, Inc. (a)	1,350,000		75,762,000
Microsoft Corp.	1,448,000		40,153,040
Morgan Stanley	5,220,500		167,682,460
Newmont Mining Corp.	1,000,000		43,460,000
Pfizer, Inc.	7,111,500		121,108,845
Philip Morris International, Inc.	4,000,000		189,440,000
PNC Financial Services Group, Inc.	2,061,100		100,870,234
Pride International, Inc. (a)	1,038,000		30,683,280
Range Resources Corp.	707,200		35,395,360
State Street Corp.	700,000		29,386,000
Synthes, Inc.	300,000		35,669,038
Visa, Inc. Class A	1,800,000		136,368,000
Wells Fargo & Co.	4,044,780		111,312,346
TOTAL UNITED STATES OF AMERICA			2,393,957,406
TOTAL COMMON STOCKS (Cost $31,642,660,004)		34,294,638,941
Nonconvertible Preferred Stocks - 0.4%
Germany - 0.1%
Bayerische Motoren Werke AG (BMW) (non-vtg.)	792,000		26,094,820
Italy - 0.3%
Fiat SpA (a)	4,930,600		43,969,084
Intesa Sanpaolo SpA	22,000,000		72,032,373
TOTAL ITALY			116,001,457
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $150,344,568)		142,096,277
Money Market Funds - 6.0%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (f)	1,182,345,265		$ 1,182,345,265
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(f)	969,781,454		969,781,454
TOTAL MONEY MARKET FUNDS (Cost $2,152,126,719)		2,152,126,719
TOTAL INVESTMENT PORTFOLIO - 102.3% (Cost $33,945,131,291)			36,588,861,937
NET OTHER ASSETS - (2.3)%			(839,528,804)
NET ASSETS - 100%		$ 35,749,333,133

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $11,022,215 or 0.0% of net assets.

(f) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(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 $481,440 or 0.0% of net assets.

Additional information on each holding is as follows:

Security	Acquisition Date	Acquisition Cost
OZ Optics Ltd. unit	8/18/00	$ 1,505,520

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	$ 8,769,282
Fidelity Securities Lending Cash Central Fund	22,941,366
Total	$ 31,710,648

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
Bovis Homes Group PLC	$ 36,892,190	$ 2,746,800	$ -	$ -	$ 49,028,663
easyJet PLC	149,638,996	4,142,767	10,393,440	-	168,495,470
European Capital Ltd.	13,349,451	-	-	-	-
Flint Energy Services Ltd.	20,173,329	-	11,966,493	-	-
Informa PLC	91,463,882	25,683,318	16,413,166	3,631,670	163,485,254
Niko Resources Ltd.	194,858,186	-	110,125,793	301,830	204,266,519
Petrobank Energy & Resources Ltd.	89,650,025	13,088,112	-	-	239,355,866
Pronova BioPharma ASA	33,771,424	6,967,044	-	-	48,182,882
Tecan Group AG	49,374,624	-	-	730,945	67,537,277
Trican Well Service Ltd.	69,582,435	-	3,233,004	515,522	81,839,590
Total	$ 748,754,542	$ 52,628,041	$ 152,131,896	$ 5,179,967	$ 1,022,191,521

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 6,229,199,005	$ 5,782,726,356	$ 446,472,649	$ -
Japan	5,181,167,726	649,613,867	4,531,553,859	-
France	3,462,622,736	2,930,175,732	532,447,004	-
Switzerland	3,172,102,060	3,020,707,887	151,394,173	-
Germany	2,471,858,712	2,353,457,698	118,401,014	-
United States of America	2,393,957,406	2,393,957,406	-	-
Canada	1,883,053,294	1,878,895,123	3,676,731	481,440
Spain	1,680,142,315	907,250,661	772,891,654	-
Italy	1,048,389,414	1,048,389,414	-	-
Other	6,914,242,550	4,581,636,204	2,332,606,346	-
Money Market Funds	2,152,126,719	2,152,126,719	-	-
Total Investments in Securities	$ 36,588,861,937	$ 27,698,937,067	$ 8,889,443,430	$ 481,440

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

Investments in Securities:
Beginning Balance	$ 16,942,832
Total Realized Gain (Loss)	(72,993,522)
Total Unrealized Gain (Loss)	71,016,258
Cost of Purchases	-
Proceeds of Sales	(14,484,128)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 481,440
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ (750,210)

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $4,558,512,169 of which $956,598,602 and $3,601,913,567 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Diversified International

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $906,642,612) - See accompanying schedule: Unaffiliated issuers (cost $30,542,223,032)	$ 33,414,543,697
Fidelity Central Funds (cost $2,152,126,719)	2,152,126,719
Other affiliated issuers (cost $1,250,781,540)	1,022,191,521
Total Investments (cost $33,945,131,291)		$ 36,588,861,937
Foreign currency held at value (cost $17,135,662)		17,145,822
Receivable for investments sold		211,251,485
Receivable for fund shares sold		42,999,627
Dividends receivable		67,616,236
Distributions receivable from Fidelity Central Funds		405,896
Prepaid expenses		211,794
Other receivables		2,926,641
Total assets		36,931,419,438
Liabilities
Payable for investments purchased	$ 149,347,827
Payable for fund shares redeemed	31,655,895
Accrued management fee	21,905,687
Other affiliated payables	7,255,292
Other payables and accrued expenses	2,140,150
Collateral on securities loaned, at value	969,781,454
Total liabilities		1,182,086,305
Net Assets		$ 35,749,333,133
Net Assets consist of:
Paid in capital		$ 37,380,881,387
Undistributed net investment income		412,089,844
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(4,689,123,637)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		2,645,485,539
Net Assets		$ 35,749,333,133
Diversified International: Net Asset Value, offering price and redemption price per share ($30,998,269,612 ÷ 1,153,864,659 shares)		$ 26.86
Class K: Net Asset Value, offering price and redemption price per share ($4,713,908,891 ÷ 175,295,722 shares)		$ 26.89
Class F: Net Asset Value, offering price and redemption price per share ($37,154,630 ÷ 1,381,663 shares)		$ 26.89

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends (including $5,179,967 earned from other affiliated issuers)		$ 804,693,798
Interest		60,192
Income from Fidelity Central Funds		31,710,648
		836,464,638
Less foreign taxes withheld		(72,641,533)
Total income		763,823,105
Expenses
Management fee Basic fee	$ 211,525,849
Performance adjustment	(8,758,758)
Transfer agent fees	80,732,229
Accounting and security lending fees	2,628,761
Custodian fees and expenses	5,083,608
Independent trustees' compensation	212,867
Depreciation in deferred trustee compensation account	(118)
Registration fees	359,372
Audit	222,940
Legal	188,969
Miscellaneous	668,301
Total expenses before reductions	292,864,020
Expense reductions	(5,138,176)	287,725,844
Net investment income (loss)		476,097,261
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(3,404,738,398)
Other affiliated issuers	(45,816,278)
Foreign currency transactions	57,559,792
Futures contracts	2,433,055
Total net realized gain (loss)		(3,390,561,829)
Change in net unrealized appreciation (depreciation) on: Investment securities	9,785,458,028
Assets and liabilities in foreign currencies	(46,450,045)
Total change in net unrealized appreciation (depreciation)		9,739,007,983
Net gain (loss)		6,348,446,154
Net increase (decrease) in net assets resulting from operations		$ 6,824,543,415

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 476,097,261	$ 752,597,206
Net realized gain (loss)	(3,390,561,829)	(1,222,596,476)
Change in net unrealized appreciation (depreciation)	9,739,007,983	(27,541,183,667)
Net increase (decrease) in net assets resulting from operations	6,824,543,415	(28,011,182,937)
Distributions to shareholders from net investment income	(412,836,673)	(623,834,183)
Distributions to shareholders from net realized gain	-	(3,411,186,315)
Total distributions	(412,836,673)	(4,035,020,498)
Share transactions - net increase (decrease)	129,291,951	1,321,563,137
Redemption fees	1,098,454	1,934,056
Total increase (decrease) in net assets	6,542,097,147	(30,722,706,242)
Net Assets
Beginning of period	29,207,235,986	59,929,942,228
End of period (including undistributed net investment income of $412,089,844 and undistributed net investment income of $552,385,607, respectively)	$ 35,749,333,133	$ 29,207,235,986

Financial Highlights - Diversified International

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 21.96	$ 45.41	$ 37.58	$ 30.80	$ 26.08
Income from Investment Operations
Net investment income (loss) B	.35	.55	.47	.46	.30
Net realized and unrealized gain (loss)	4.86	(20.96)	10.23	7.33	4.63
Total from investment operations	5.21	(20.41)	10.70	7.79	4.93
Distributions from net investment income	(.31)	(.47)	(.36)	(.28)	(.15)
Distributions from net realized gain	-	(2.57)	(2.51)	(.73)	(.06)
Total distributions	(.31)	(3.04)	(2.87)	(1.01)	(.21)
Redemption fees added to paid in capital B,F	-	-	-	-	-
Net asset value, end of period	$ 26.86	$ 21.96	$ 45.41	$ 37.58	$ 30.80
Total Return A	24.32%	(48.04)%	30.37%	25.89%	19.01%
Ratios to Average Net Assets C,E
Expenses before reductions	1.01%	1.04%	.93%	1.01%	1.10%
Expenses net of fee waivers, if any	1.01%	1.04%	.93%	1.01%	1.10%
Expenses net of all reductions	.99%	1.02%	.91%	.97%	1.07%
Net investment income (loss)	1.58%	1.53%	1.20%	1.32%	1.02%
Supplemental Data
Net assets, end of period (000 omitted)	$ 30,998,270	$ 28,274,961	$ 59,929,942	$ 43,965,189	$ 29,637,193
Portfolio turnover rate D	54%	49%	51%	59%	41%

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class K

Years ended October 31,	2009	2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 21.98	$ 38.39
Income from Investment Operations
Net investment income (loss) D	.42	.16
Net realized and unrealized gain (loss)	4.85	(16.57)
Total from investment operations	5.27	(16.41)
Distributions from net investment income	(.36)	-
Redemption fees added to paid in capital D,I	-	-
Net asset value, end of period	$ 26.89	$ 21.98
Total Return B,C	24.64%	(42.75)%
Ratios to Average Net Assets E,H
Expenses before reductions	.77%	.88% A
Expenses net of fee waivers, if any	.77%	.88% A
Expenses net of all reductions	.76%	.87% A
Net investment income (loss)	1.81%	1.45% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,713,909	$ 932,275
Portfolio turnover rate F	54%	49%

^A Annualized

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

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

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

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

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

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

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

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

Financial Highlights - Class F

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 23.29
Income from Investment Operations
Net investment income (loss) D	(.02)
Net realized and unrealized gain (loss)	3.62
Total from investment operations	3.60
Redemption fees added to paid in capital D,I	-
Net asset value, end of period	$ 26.89
Total Return B,C	15.46%
Ratios to Average Net Assets E,H
Expenses before reductions	.71% A
Expenses net of fee waivers, if any	.71% A
Expenses net of all reductions	.70% A
Net investment income (loss)	(.19)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 37,155
Portfolio turnover rate F	54%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares on June 26, 2009. The Fund offers Diversified International, Class K, and Class F shares each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund was closed to most new accounts effective the close of business on October 25, 2004 and reopened after the close of business on March 30, 2009. 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 may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, 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	$ 5,918,146,519
Gross unrealized depreciation	(3,405,027,342)
Net unrealized appreciation (depreciation)	$ 2,513,119,177
Tax Cost	$ 34,075,742,760

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Undistributed ordinary income	$ 412,629,848
Capital loss carryforward	$ (4,558,512,169)
Net unrealized appreciation (depreciation)	$ 2,514,874,070

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 412,836,673	$ 623,834,183
Long-term Capital Gains	-	3,411,186,315
Total	$ 412,836,673	$ 4,035,020,498

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

4. Operating Policies.

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

5. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts and forward foreign currency contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risks relative to those derivatives. These risks are further explained below:

Equity Risk	Equity risk is the risk that the value of financial instruments will fluctuate 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.
Foreign Exchange Risk	Foreign exchange rate risk is the risk that the value of securities denominated in other currencies will fluctuate due to changes in exchange rates.

The following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and

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5. Investments in Derivative Instruments - continued

Futures Contracts - continued

changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Forward Foreign Currency Contracts. The Fund generally uses forward foreign currency contracts to facilitate transactions in foreign-denominated securities and manage the risk associated with fluctuations in foreign currency exchange rates. Forward foreign currency contracts are customized transactions that require the exchange of currency at a specific exchange rate on an agreed upon future date. These contracts are generally used to protect a fund against a decline in the value of existing investments denominated in foreign currency or to shift its investment exposure from one currency to another. Risks of loss may include foreign exchange risk and the failure by the counterparty to perform under the terms of the agreement.

Forward foreign currency contracts are valued daily and fluctuations in exchange rates on open contracts are reflected as unrealized gain (loss) on the Statement of Assets and Liabilities. Realized gain (loss) is recognized on settlement date. Purchases and sales of forward foreign currency contracts having the same settlement date and broker are offset and any realized gain (loss) is recognized on the date of offset. Any unrealized gains (losses) on offsetting contracts that settle after period end are reflected as a Receivable or Payable for closed foreign currency contracts. The net realized and change in unrealized gain (loss) on forward foreign currency contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open forward foreign currency contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 2,433,055	$ -
Foreign Exchange Risk
Forward Foreign Currency Contracts	84,022,416	(49,526,241)
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)(b)	$ 86,455,471	$ (49,526,241)

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $84,022,416 for forward foreign currency contracts and $2,433,055 for futures contracts.

(b) Total derivatives change in unrealized gain (loss) included in the Statement of Operations is comprised of $(49,526,241) for forward foreign currency contracts.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $15,993,356,171 and $15,359,588,559, respectively.

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Diversified International as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .68% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Diversified International. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC receives no

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Notes to Financial Statements - continued

7. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

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, the total transfer agent fees paid by each applicable class were as follows:

	Amount	% of Average Net Assets
Diversified International	$ 78,979,600	.29
Class K	1,752,629	.06
	$ 80,732,229

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $20,209 for the period.

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $151,920 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $22,941,366.

10. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Diversified International's operating expenses. During the period, this reimbursement reduced the Fund's expenses by $22,168.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $5,115,819 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $189.

Annual Report

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Diversified International	$ 394,538,470	$ 623,834,183
Class K	18,298,203	-
Total	$ 412,836,673	$ 623,834,183
From net realized gain
Diversified International	$ -	$ 3,411,186,315

12. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 B,C	2008 A	2009 B,C	2008 A
Diversified International
Shares sold	266,412,212	306,179,666	$ 5,884,913,394	$ 10,595,590,795
Conversion to Class K	(113,348,310)	(43,282,557)	(2,310,072,040)	(933,288,874)
Reinvestment of distributions	20,012,374	95,512,855	380,635,740	3,896,924,337
Shares redeemed	(307,025,690)	(390,314,331)	(6,660,643,668)	(13,365,445,996)
Net increase (decrease)	(133,949,414)	(31,904,367)	$ (2,705,166,574)	$ 193,780,262
Class K
Shares sold	46,252,428	1,216,070	$ 1,096,724,275	$ 245,180,524
Conversion from Diversified International	113,393,333	43,251,317	2,310,072,040	933,288,874
Reinvestment of distributions	963,570	-	18,298,203	-
Shares redeemed	(27,732,811)	(2,048,185)	(629,090,058)	(50,686,523)
Net increase (decrease)	132,876,520	42,419,202	$ 2,796,004,460	$ 1,127,782,875
Class F
Shares sold	1,396,615	-	$ 38,873,992	$ -
Shares redeemed	(14,952)	-	(419,927)	-
Net increase (decrease)	1,381,663	-	$ 38,454,065	$ -

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^B Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^C Conversion transactions for Class K and Diversified International are for the period November 1, 2008 to August 31, 2009.

13. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Diversified International Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Diversified International Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

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

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

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

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009) and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

K Class designates 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
K Class	12/08/08	$ .402	$ .0444

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Diversified International Fund

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

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

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

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

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Fidelity Diversified International (retail class), as well as the fund's relative investment performance for Fidelity Diversified International (retail class) measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the cumulative total returns of Fidelity Diversified International (retail class) of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (Class K of the fund had less than one year of performance as of December 31, 2008, and the fund did not offer Class F as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Fidelity Diversified International (retail class) of the fund.

Fidelity Diversified International Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity Diversified International (retail class) of the fund was in the third quartile for the one- and three-year periods and the second quartile for the five-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

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

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Fidelity Diversified International (retail class) through May 31, 2009 and stated that it exceeded the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Annual Report

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

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

Fidelity Diversified International Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

The Board noted that the total expenses of each class ranked below its competitive median for the period.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

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

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.

By Phone

Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

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Fidelity Workplace Investing
1-800-835-5092

By PC

Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.

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Fidelity's Web Site
www.401k.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

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For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

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For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.
Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
FIL Investments (Japan) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

DIF-K-UANN-1209
1.863004.101

Fidelity®
Overseas
Fund -
Class F

Annual Report

October 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

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

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

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Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Class F A	20.52%	4.20%	1.36%

^A The initial offering of Class F shares took place on June 26, 2009. Returns prior to June 26, 2009 are those of Overseas, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Overseas Fund - Class F, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® Index (Europe, Australasia, Far East) performed over the same period. The initial offering of Class F took place on June 26, 2009. See above for additional information regarding the performance of Class F.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Ian Hart, Portfolio Manager of Fidelity® Overseas Fund: The fund's Class F shares trailed the return of the MSCI EAFE index for the year. (For specific class-level results, please refer to the performance section of this annual report.) The underperformance fell primarily within the financials sector, where security selection in the banks and diversified financials groups hurt the most. Fifteen of the fund's 20 biggest individual detractors were within financials, due to both stock selection and untimely ownership. For example, I trimmed Barclays of the United Kingdom at or near bottom and owned other stocks that missed the massive rally in financials stocks after March. I was overweighted in lagging Japanese firms such as Nomura Holdings and Promise, and underweighted in Australian banks, which rallied after March. Other detractors included a large out-of-index position in China Unicom, which reflected the country's lagging telecommunications sector. Conversely, stock selection in consumer staples helped. Individual contributors included a large overweighted position in Anheuser-Busch InBev, which underwent a merger between the Belgian-based brewer and the U.S. maker of Budweiser beer. Elsewhere, investments in emerging-markets mobile phone companies, such as PT Indosat in Indonesia and Vivo Partipacoes in Brazil - two out-of-index picks - also aided results. Some of the stocks I've mentioned were sold by period end.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Overseas

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Overseas and Class K, and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

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, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

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

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	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Overseas	1.02%
Actual		$ 1,000.00	$ 1,255.40	$ 5.80 B
HypotheticalA		$ 1,000.00	$ 1,020.06	$ 5.19 C
Class K	.79%
Actual		$ 1,000.00	$ 1,256.70	$ 4.49 B
HypotheticalA		$ 1,000.00	$ 1,021.22	$ 4.02 C
Class F	.68%
Actual		$ 1,000.00	$ 1,132.60	$ 2.54 B
HypotheticalA		$ 1,000.00	$ 1,021.78	$ 3.47 C

^A 5% return per year before expenses

^B Actual expenses are equal to each class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Overseas and Class K, and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

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

Annual Report

Overseas

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Japan	20.2%
	United Kingdom	20.2%
	France	15.0%
	Germany	10.7%
	United States of America	5.4%
	Spain	4.5%
	Italy	4.3%
	Switzerland	4.0%
	Hong Kong	2.4%
	Other	13.3%

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

As of April 30, 2009
	United Kingdom	23.2%
	Japan	15.0%
	France	14.3%
	Germany	9.7%
	United States of America	6.4%
	Switzerland	6.3%
	Belgium	5.5%
	Hong Kong	4.2%
	Spain	3.9%
	Other	11.5%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.9	95.6
Short-Term Investments and Net Other Assets	2.1	4.4
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Pernod Ricard SA (France, Beverages)	4.0	2.9
Royal Dutch Shell PLC Class B ADR (United Kingdom, Oil, Gas & Consumable Fuels)	3.1	1.9
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.9	2.0
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.8	1.4
Danone (France, Food Products)	1.7	0.0
Bulgari SpA (Italy, Textiles, Apparel & Luxury Goods)	1.6	0.0
China Unicom (Hong Kong) Ltd. sponsored ADR (Hong Kong, Diversified Telecommunication Services)	1.6	3.3
HeidelbergCement AG (Germany, Construction Materials)	1.5	0.0
Total SA Series B (France, Oil, Gas & Consumable Fuels)	1.5	1.0
Ricoh Co. Ltd. (Japan, Office Electronics)	1.5	0.9
	20.2
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.6	19.2
Consumer Discretionary	11.2	10.1
Energy	10.5	7.6
Materials	10.2	8.7
Consumer Staples	9.9	16.1
Telecommunication Services	8.8	10.5
Industrials	7.9	6.6
Health Care	6.5	8.5
Information Technology	6.0	4.9
Utilities	4.3	3.4

Annual Report

Overseas

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 2.0%
Macquarie Group Ltd.	475,663		$ 20,825,143
National Australia Bank Ltd.	1,888,338		49,876,538
Qantas Airways Ltd.	10,974,903		27,280,023
Westfield Group unit	4,096,322		44,365,083
TOTAL AUSTRALIA			142,346,787
Austria - 0.5%
Wienerberger AG (a)	1,763,720		31,975,355
Bailiwick of Jersey - 1.1%
Shire PLC	2,112,658		37,376,235
WPP PLC	4,066,700		36,457,521
TOTAL BAILIWICK OF JERSEY			73,833,756
Belgium - 2.1%
Anheuser-Busch InBev SA NV	1,976,501		93,087,184
Anheuser-Busch InBev SA NV (strip VVPR) (a)	6,312,640		46,447
Fortis (a)	4,440,600		19,290,036
KBC Groupe SA (a)	893,025		38,530,319
TOTAL BELGIUM			150,953,986
Canada - 0.5%
Harry Winston Diamond Corp. (d)	4,282,574		35,080,049
Cayman Islands - 0.2%
Shanda Games Ltd. sponsored ADR	1,171,600		11,669,136
Egypt - 0.5%
Orascom Telecom Holding SAE unit	1,060,000		36,146,000
France - 15.0%
Accor SA	776,876		37,354,448
Alstom SA	632,700		44,061,926
AXA SA	1,880,137		46,756,168
BNP Paribas SA	714,790		54,117,643
Carrefour SA	770,707		33,196,099
Compagnie de St. Gobain	1,211,743		59,387,491
Danone	1,973,309		118,926,065
Lafarge SA (Bearer)	375,956		30,677,050
Pernod Ricard SA (c)	3,351,176		280,055,517
Sanofi-Aventis	1,142,068		83,710,385
Schneider Electric SA	449,277		46,947,095
Societe Generale Series A	655,808		43,794,162
Total SA Series B	1,805,001		108,004,496
Unibail-Rodamco	106,695		23,700,211
Veolia Environnement	693,600		22,735,359
Wendel (c)	398,000		22,197,155
TOTAL FRANCE			1,055,621,270
Germany - 10.7%
Allianz AG (Reg.)	375,049		42,568,060
BASF AG	367,215		19,723,696
Bayer AG	690,900		48,018,453
Commerzbank AG (a)(c)	2,482,964		25,942,020
Daimler AG	895,000		43,165,850
	Shares		Value
Deutsche Boerse AG	946,462		$ 76,769,271
Deutsche Postbank AG (a)	1,003,500		31,143,612
Deutsche Telekom AG (Reg.)	4,817,770		65,232,603
E.ON AG	1,196,370		45,931,922
Fresenius Medical Care AG & Co. KGaA	526,000		25,504,463
HeidelbergCement AG (c)	1,808,529		108,396,413
Lanxess AG	628,370		19,723,379
Linde AG	341,697		35,896,621
Munich Re Group (Reg.)	126,859		20,094,166
SAP AG	483,711		21,897,597
Siemens AG (Reg.)	605,607		54,516,742
Sky Deutschland AG (a)	7,053,800		29,479,255
Software AG (Bearer)	275,300		24,533,929
TUI AG (a)(c)	2,358,100		16,361,343
TUI AG rights 11/11/09 (a)(c)	2,358,100		35
TOTAL GERMANY			754,899,430
Greece - 1.3%
Alpha Bank AE (a)	1,030,900		20,161,208
Hellenic Telecommunications Organization SA	4,201,421		71,099,912
TOTAL GREECE			91,261,120
Hong Kong - 2.4%
China Unicom (Hong Kong) Ltd. sponsored ADR (c)	8,587,500		108,631,875
Hutchison Whampoa Ltd.	8,144,000		57,163,282
TOTAL HONG KONG			165,795,157
India - 0.5%
Reliance Industries Ltd.	910,936		36,885,863
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR (c)	448,805		11,893,333
Ireland - 0.1%
CRH PLC	217,442		5,314,814
Italy - 4.3%
Bulgari SpA (c)	13,865,381		113,852,096
ENI SpA	1,741,574		43,130,271
Intesa Sanpaolo SpA	22,787,249		96,406,157
UniCredit SpA	14,048,824		47,342,423
TOTAL ITALY			300,730,947
Japan - 20.2%
Bridgestone Corp.	2,019,000		33,296,596
Canon, Inc. sponsored ADR	1,362,700		51,319,282
Citizen Holdings Co. Ltd.	3,576,000		20,122,573
East Japan Railway Co.	1,456,700		93,290,513
Inpex Corp.	4,117		33,622,601
Japan Tobacco, Inc.	12,268		34,419,848
JFE Holdings, Inc.	834,700		27,191,689
Kenedix, Inc. (a)(d)	75,000		28,504,228
Kose Corp.	1,032,600		22,591,641
Marui Group Co. Ltd.	3,072,000		17,647,887
Mazda Motor Corp.	40,152,000		90,622,588
Common Stocks - continued
	Shares		Value
Japan - continued
Mitsubishi Corp.	1,976,500		$ 41,904,824
Mitsubishi UFJ Financial Group, Inc.	12,389,800		65,996,741
Mitsui & Co. Ltd.	2,416,600		31,738,849
Mitsui Chemicals, Inc.	10,938,000		37,566,728
Nomura Holdings, Inc.	8,349,000		58,848,895
Nomura Real Estate Office Fund, Inc.	4,215		26,044,810
NTT DoCoMo, Inc.	44,148		64,029,803
Omron Corp.	4,089,400		68,864,401
Osaka Securities Exchange Co. Ltd.	5,701		27,359,707
Promise Co. Ltd. (c)	3,517,300		22,358,677
Ricoh Co. Ltd.	7,584,000		103,074,093
Seven & i Holdings Co., Ltd.	824,100		18,042,408
SKY Perfect JSAT Holdings, Inc.	45,557		20,832,487
Sompo Japan Insurance, Inc.	7,315,000		42,779,557
Sony Financial Holdings, Inc.	7,256		20,823,150
Sumitomo Mitsui Financial Group, Inc.	1,552,000		52,755,599
Takashimaya Co. Ltd.	1,154,000		7,781,301
Tokyo Broadcasting System Holding	1,351,600		20,161,171
Tokyo Gas Co., Ltd.	12,760,000		50,550,718
Toshiba Corp.	10,478,000		59,888,717
Toyota Motor Corp. sponsored ADR (c)	1,621,398		127,912,088
TOTAL JAPAN			1,421,944,170
Luxembourg - 1.1%
ArcelorMittal SA (NY Shares) Class A (c)	1,571,300		53,455,626
Millicom International Cellular SA (a)	360,700		22,601,462
TOTAL LUXEMBOURG			76,057,088
Marshall Islands - 0.5%
Teekay Corp.	1,675,800		34,772,850
Netherlands - 1.6%
Akzo Nobel NV	764,069		45,289,452
ING Groep NV (Certificaten Van Aandelen) unit (a)	3,307,400		43,038,396
Royal DSM NV	611,697		26,860,259
TOTAL NETHERLANDS			115,188,107
Netherlands Antilles - 0.3%
Schlumberger Ltd.	338,600		21,060,920
Norway - 0.8%
Aker Solutions ASA	3,212,400		38,765,799
Sevan Marine ASA (a)	9,921,000		16,095,788
TOTAL NORWAY			54,861,587
Spain - 4.5%
Banco Santander SA	2,384,300		38,366,188
Gas Natural SDG SA Series E	3,333,500		67,179,616
Iberdrola SA (c)	3,986,600		36,254,854
Indra Sistemas SA	901,300		21,234,191
Repsol YPF SA sponsored ADR (c)	2,466,700		65,614,220
	Shares		Value
Telefonica SA	254,900		$ 7,117,985
Telefonica SA sponsored ADR	996,400		83,627,852
TOTAL SPAIN			319,394,906
Switzerland - 4.0%
Actelion Ltd. (Reg.) (a)	625,980		34,559,757
Nobel Biocare Holding AG (Switzerland)	751,710		21,391,611
Roche Holding AG (participation certificate)	628,776		100,925,258
UBS AG (For. Reg.) (a)	4,757,053		79,307,176
Zurich Financial Services AG (Reg.)	193,026		44,376,604
TOTAL SWITZERLAND			280,560,406
United Kingdom - 20.2%
Anglo American PLC (United Kingdom) (a)	2,813,800		102,326,284
BAE Systems PLC	6,320,300		32,634,622
Barclays PLC	9,640,800		50,545,012
BG Group PLC	4,085,385		70,762,912
British Land Co. PLC	5,440,682		42,179,320
British Sky Broadcasting Group PLC	3,495,900		30,591,901
Centrica PLC	19,087,743		77,812,890
GKN PLC	21,790,043		38,350,685
GlaxoSmithKline PLC	1,898,498		38,956,319
HSBC Holdings PLC sponsored ADR	2,403,371		133,122,720
Imperial Tobacco Group PLC	1,091,758		32,264,069
ITV PLC	70,751,030		49,657,990
Kesa Electricals PLC	8,817,900		19,240,236
Man Group PLC	17,708,037		90,126,470
Misys PLC	9,722,700		33,058,811
Rexam PLC	13,160,600		59,851,592
Rio Tinto PLC (Reg.)	1,738,510		76,884,915
Royal Dutch Shell PLC Class B ADR	3,699,300		215,151,288
Segro PLC	6,506,400		37,708,192
Smith & Nephew PLC	3,088,400		27,310,109
Vodafone Group PLC sponsored ADR	2,415,000		53,588,850
William Hill PLC	25,970,532		71,632,544
Xstrata PLC	2,268,500		32,868,035
TOTAL UNITED KINGDOM			1,416,625,766
United States of America - 3.3%
NII Holdings, Inc. (a)	3,302,000		88,922,860
Pfizer, Inc.	1,636,200		27,864,486
Procter & Gamble Co.	1,018,300		59,061,400
Smith International, Inc.	1,940,900		53,821,157
TOTAL UNITED STATES OF AMERICA			229,669,903
TOTAL COMMON STOCKS (Cost $6,678,739,421)		6,874,542,706
Money Market Funds - 8.2%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (e)	243,416,860		$ 243,416,860
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	328,661,620		328,661,620
TOTAL MONEY MARKET FUNDS (Cost $572,078,480)		572,078,480
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.05%, dated 10/30/09 due 11/2/09 (Collateralized by U.S. Government Obligations) # (Cost $14,899,000)	14,899,068		14,899,000
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $7,265,716,901)			7,461,520,186
NET OTHER ASSETS - (6.3)%			(440,040,092)
NET ASSETS - 100%		$ 7,021,480,094

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$14,899,000 due 11/02/09 at 0.05%
BNP Paribas Securities Corp.	$ 2,746,860
Banc of America Securities LLC	2,811,884
Barclays Capital, Inc.	8,240,581
Deutsche Bank Securities, Inc.	1,099,675
	$ 14,899,000

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	$ 1,300,818
Fidelity Securities Lending Cash Central Fund	7,117,068
Total	$ 8,417,886

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
Harry Winston Diamond Corp.	$ 29,808,633	$ 17,161,980	$ 9,630,285	$ 58,523	$ 35,080,049
Kenedix, Inc.	-	27,978,187	-	-	28,504,228
Total	$ 29,808,633	$ 45,140,167	$ 9,630,285	$ 58,523	$ 63,584,277

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 1,421,944,170	$ 179,231,370	$ 1,242,712,800	$ -
United Kingdom	1,416,625,766	1,222,929,411	193,696,355	-
France	1,055,621,270	817,150,221	238,471,049	-
Germany	754,899,430	570,684,393	184,215,002	35
Spain	319,394,906	273,910,733	45,484,173	-
Italy	300,730,947	257,600,676	43,130,271	-
Switzerland	280,560,406	201,253,230	79,307,176	-
United States of America	229,669,903	229,669,903	-	-
Hong Kong	165,795,157	108,631,875	57,163,282	-
Other	929,300,751	633,195,949	296,104,802	-
Money Market Funds	572,078,480	572,078,480	-	-
Cash Equivalents	14,899,000	-	14,899,000	-
Total Investments in Securities	$ 7,461,520,186	$ 5,066,336,241	$ 2,395,183,910	$ 35

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	35
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 35
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 35

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $1,798,921,333 of which $859,201,568 and $939,719,765 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Overseas

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $304,665,938 and repurchase agreements of $14,899,000) - See accompanying schedule: Unaffiliated issuers (cost $6,604,312,010)	$ 6,825,857,429
Fidelity Central Funds (cost $572,078,480)	572,078,480
Other affiliated issuers (cost $89,326,411)	63,584,277
Total Investments (cost $7,265,716,901)		$ 7,461,520,186
Cash		436,708
Foreign currency held at value (cost $40,358)		40,362
Receivable for investments sold		104,711,177
Receivable for fund shares sold		5,340,766
Dividends receivable		20,755,138
Distributions receivable from Fidelity Central Funds		282,712
Prepaid expenses		42,810
Other receivables		1,367,421
Total assets		7,594,497,280
Liabilities
Payable for investments purchased	$ 231,288,168
Payable for fund shares redeemed	6,807,246
Accrued management fee	4,106,875
Other affiliated payables	1,695,570
Other payables and accrued expenses	457,707
Collateral on securities loaned, at value	328,661,620
Total liabilities		573,017,186
Net Assets		$ 7,021,480,094
Net Assets consist of:
Paid in capital		$ 8,636,122,711
Undistributed net investment income		98,105,298
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,908,732,953)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		195,985,038
Net Assets		$ 7,021,480,094
Overseas: Net Asset Value, offering price and redemption price per share ($6,602,017,401 ÷ 219,140,992 shares)		$ 30.13
Class K: Net Asset Value, offering price and redemption price per share ($383,047,531 ÷ 12,700,958 shares)		$ 30.16
Class F: Net Asset Value, offering price and redemption price per share ($36,415,162 ÷ 1,207,679 shares)		$ 30.15

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends (including $58,523 earned from other affiliated issuers)		$ 184,748,736
Interest		14,529
Income from Fidelity Central Funds		8,417,886
		193,181,151
Less foreign taxes withheld		(16,553,656)
Total income		176,627,495
Expenses
Management fee Basic fee	$ 42,063,130
Performance adjustment	(2,349,513)
Transfer agent fees	17,149,813
Accounting and security lending fees	1,660,690
Custodian fees and expenses	744,440
Independent trustees' compensation	42,134
Depreciation in deferred trustee compensation account	(846)
Registration fees	86,705
Audit	106,028
Legal	85,182
Interest	140
Miscellaneous	174,469
Total expenses before reductions	59,762,372
Expense reductions	(2,464,857)	57,297,515
Net investment income (loss)		119,329,980
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(951,830,215)
Other affiliated issuers	(51,750,853)
Foreign currency transactions	(65,021)
Total net realized gain (loss)		(1,003,646,089)
Change in net unrealized appreciation (depreciation) on: Investment securities	2,100,493,531
Assets and liabilities in foreign currencies	315,824
Total change in net unrealized appreciation (depreciation)		2,100,809,355
Net gain (loss)		1,097,163,266
Net increase (decrease) in net assets resulting from operations		$ 1,216,493,246

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 119,329,980	$ 108,130,289
Net realized gain (loss)	(1,003,646,089)	(902,937,259)
Change in net unrealized appreciation (depreciation)	2,100,809,355	(4,444,954,236)
Net increase (decrease) in net assets resulting from operations	1,216,493,246	(5,239,761,206)
Distributions to shareholders from net investment income	(81,537,156)	(93,919,303)
Distributions to shareholders from net realized gain	-	(947,430,820)
Total distributions	(81,537,156)	(1,041,350,123)
Share transactions - net increase (decrease)	377,264,123	2,246,479,755
Redemption fees	81,713	456,294
Total increase (decrease) in net assets	1,512,301,926	(4,034,175,280)
Net Assets
Beginning of period	5,509,178,168	9,543,353,448
End of period (including undistributed net investment income of $98,105,298 and undistributed net investment income of $101,205,874, respectively)	$ 7,021,480,094	$ 5,509,178,168

Financial Highlights - Overseas

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 25.43	$ 58.39	$ 47.08	$ 37.65	$ 32.21
Income from Investment Operations
Net investment income (loss) B	.52	.55	.70	.63	.39
Net realized and unrealized gain (loss)	4.55	(27.19)	15.80	9.37	5.35
Total from investment operations	5.07	(26.64)	16.50	10.00	5.74
Distributions from net investment income	(.37)	(.57)	(.55)	(.41)	(.19)
Distributions from net realized gain	-	(5.75)	(4.64)	(.16)	(.11)
Total distributions	(.37)	(6.32)	(5.19)	(.57)	(.30)
Redemption fees added to paid in capital B, F	-	-	-	-	-
Net asset value, end of period	$ 30.13	$ 25.43	$ 58.39	$ 47.08	$ 37.65
Total Return A	20.44%	(50.88)%	38.79%	26.83%	17.90%
Ratios to Average Net Assets C, E
Expenses before reductions	1.02%	1.13%	.95%	1.00%	.93%
Expenses net of fee waivers, if any	1.02%	1.13%	.95%	1.00%	.93%
Expenses net of all reductions	.98%	1.10%	.91%	.90%	.86%
Net investment income (loss)	2.01%	1.33%	1.43%	1.43%	1.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,602,017	$ 5,464,901	$ 9,543,353	$ 7,217,287	$ 4,733,797
Portfolio turnover rate D	115%	113%	87%	132%	87%

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class K

Years ended October 31,	2009	2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 25.45	$ 45.00
Income from Investment Operations
Net investment income (loss) D	.59	.13
Net realized and unrealized gain (loss)	4.54	(19.68)
Total from investment operations	5.13	(19.55)
Distributions from net investment income	(.42)	-
Redemption fees added to paid in capital D, I	-	-
Net asset value, end of period	$ 30.16	$ 25.45
Total Return B, C	20.73%	(43.44)%
Ratios to Average Net Assets E, H
Expenses before reductions	.78%	.96% A
Expenses net of fee waivers, if any	.78%	.96% A
Expenses net of all reductions	.74%	.93% A
Net investment income (loss)	2.25%	1.08% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 383,048	$ 44,277
Portfolio turnover rate F	115%	113%

^A Annualized

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

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

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

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

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

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

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

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

Financial Highlights - Class F

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 26.62
Income from Investment Operations
Net investment income (loss) D	.07
Net realized and unrealized gain (loss)	3.46
Total from investment operations	3.53
Redemption fees added to paid in capital D, I	-
Net asset value, end of period	$ 30.15
Total Return B, C	13.26%
Ratios to Average Net Assets E, H
Expenses before reductions	.68% A
Expenses net of fee waivers, if any	.68% A
Expenses net of all reductions	.64% A
Net investment income (loss)	.70% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 36,415
Portfolio turnover rate F	115%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares on June 26, 2009. The Fund offers Overseas, Class K, and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

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	$ 791,142,643
Gross unrealized depreciation	(706,964,993)
Net unrealized appreciation (depreciation)	$ 84,177,650
Tax Cost	$ 7,377,342,536

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

Undistributed ordinary income	$ 100,055,249
Capital loss carryforward	$ (1,798,921,333)
Net unrealized appreciation (depreciation)	$ 84,359,399

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 81,537,156	$ 204,315,590
Long-term Capital Gains	-	837,034,533
Total	$ 81,537,156	$ 1,041,350,123

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

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $6,980,004,135 and $6,647,710,529, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Overseas, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.

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

	Amount	% of Average Net Assets
Overseas	$ 16,978,777	.30
Class K	171,036	.06
	$ 17,149,813

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $17,872 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, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 11,708,000	.43%	$ 140

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $29,868 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $7,117,068.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Overseas' operating expenses. During the period, this reimbursement reduced the class's operating expenses by $13,445.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,447,663 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $3,749.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Overseas	$ 78,759,447	$ 93,919,303
Class K	2,777,709	-
Total	$ 81,537,156	$ 93,919,303
From net realized gain
Overseas	$ -	$ 947,430,820

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 B,C	2008 A	2009 B,C	2008 A
Overseas
Shares sold	47,857,124	76,040,831	$ 1,179,178,777	$ 2,985,572,846
Conversion to Class K	(11,269,934)	(1,789,301)	(265,380,751)	(50,752,081)
Reinvestment of distributions	3,481,434	20,825,405	78,089,426	1,030,024,482
Shares redeemed	(35,803,556)	(43,642,881)	(910,091,016)	(1,767,850,377)
Net increase (decrease)	4,265,068	51,434,054	$ 81,796,436	$ 2,196,994,870
Class K
Shares sold	2,178,017	23,823	$ 56,176,528	$ 671,729
Conversion from Overseas	11,270,235	1,787,998	265,380,751	50,752,081
Reinvestment of distributions	123,950	-	2,777,709	-
Shares redeemed	(2,610,676)	(72,389)	(67,054,987)	(1,938,925)
Net increase (decrease)	10,961,526	1,739,432	$ 257,280,001	$ 49,484,885
Class F
Shares sold	1,220,610	-	$ 38,599,366	$ -
Shares redeemed	(12,931)	-	(411,680)	-
Net increase (decrease)	1,207,679	-	$ 38,187,686	$ -

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^B Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^C Conversion transactions for Class K and Overseas are for the period November 1, 2008 to August 31, 2009.

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, Fidelity Freedom 2020 Fund and Fidelity Freedom 2030 Fund were the owners of record of approximately 12% and 10%, respectively, of the total outstanding shares of the Fund. The Fidelity Freedom Funds were owners of record, in the aggregate, of approximately 52% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Overseas Fund (a fund of Fidelity Investment Trust) at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Overseas Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

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

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

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

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

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

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Overseas Fund voted to pay on December 7, 2009, to shareholders of record at the opening of business on December 4, 2009, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Class F	12/07/09	12/04/09	$0.537	$0.01

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Overseas Fund

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

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

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

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

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Fidelity Overseas (retail class), as well as the fund's relative investment performance for Fidelity Overseas (retail class) measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the cumulative total returns of Fidelity Overseas (retail class) of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (Class K of the fund had less than one year of performance as of December 31, 2008, and the fund did not offer Class F as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Fidelity Overseas (retail class) of the fund.

Fidelity Overseas Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity Overseas (retail class) of the fund was in the fourth quartile for the one-year period and the third quartile for the three- and five-year periods. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

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

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Fidelity Overseas (retail class) through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Annual Report

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

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

Fidelity Overseas Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

The Board noted that the total expenses of each class ranked below its competitive median for the period.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

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

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

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

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

Annual Report

Managing Your Investments

Fidelity offers several ways to conveniently manage your workplace benefits (including your workplace savings plan, investments, and additional services) via your telephone or PC. You can access your plan and account information and research your investments 24 hours a day.

By Phone

Fidelity provides a single toll-free number to access plan information, account balances, positions, and quotes*. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.

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Fidelity Workplace Investing
1-800-835-5092

By PC

Fidelity's web site on the Internet provides a wide range of information, including plan information, daily financial news, fund performance, interactive planning tools, and news about Fidelity products and services.

(computer_graphic)

Fidelity's Web Site
www.401k.com

* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.

Annual Report

To Write Fidelity

We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.

(letter_graphic)

For Non-Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

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For Retirement
Accounts

Buying shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003

Selling shares

Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035

Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015

General Correspondence

Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

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JPMorgan Chase Bank
New York, NY

OVE-F-ANN-1209
1.891736.100

Fidelity®
Overseas
Fund -
Class K

Annual Report

October 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

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

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Class K A	20.73%	4.26%	1.38%

^A The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Overseas, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Overseas Fund - Class K on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI® EAFE® Index (Europe, Australasia, Far East) performed over the same period. The initial offering of Class K took place on May 9, 2008. See above for additional information regarding the performance of Class K.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Ian Hart, Portfolio Manager of Fidelity® Overseas Fund: The fund's Class K shares returned 20.73% for the year, trailing the return of MSCI EAFE index. The underperformance fell primarily within the financials sector, where security selection in the banks and diversified financials groups hurt the most. Fifteen of the fund's 20 biggest individual detractors were within financials, due to both stock selection and untimely ownership. For example, I trimmed Barclays of the United Kingdom at or near bottom and owned other stocks that missed the massive rally in financials stocks after March. I was overweighted in lagging Japanese firms such as Nomura Holdings and Promise, and underweighted in Australian banks, which rallied after March. Other detractors included a large out-of-index position in China Unicom, which reflected the country's lagging telecommunications sector. Conversely, stock selection in consumer staples helped. Individual contributors included a large overweighted position in Anheuser-Busch InBev, which underwent a merger between the Belgian-based brewer and the U.S. maker of Budweiser beer. Elsewhere, investments in emerging-markets mobile phone companies, such as PT Indosat in Indonesia and Vivo Partipacoes in Brazil - two out-of-index picks - also aided results. Some of the stocks I've mentioned were sold by period end.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Overseas

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Overseas and Class K, and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

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, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

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

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	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Overseas	1.02%
Actual		$ 1,000.00	$ 1,255.40	$ 5.80 B
HypotheticalA		$ 1,000.00	$ 1,020.06	$ 5.19 C
Class K	.79%
Actual		$ 1,000.00	$ 1,256.70	$ 4.49 B
HypotheticalA		$ 1,000.00	$ 1,021.22	$ 4.02 C
Class F	.68%
Actual		$ 1,000.00	$ 1,132.60	$ 2.54 B
HypotheticalA		$ 1,000.00	$ 1,021.78	$ 3.47 C

^A 5% return per year before expenses

^B Actual expenses are equal to each class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Overseas and Class K, and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

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

Annual Report

Overseas

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Japan	20.2%
	United Kingdom	20.2%
	France	15.0%
	Germany	10.7%
	United States of America	5.4%
	Spain	4.5%
	Italy	4.3%
	Switzerland	4.0%
	Hong Kong	2.4%
	Other	13.3%

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

As of April 30, 2009
	United Kingdom	23.2%
	Japan	15.0%
	France	14.3%
	Germany	9.7%
	United States of America	6.4%
	Switzerland	6.3%
	Belgium	5.5%
	Hong Kong	4.2%
	Spain	3.9%
	Other	11.5%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.9	95.6
Short-Term Investments and Net Other Assets	2.1	4.4
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Pernod Ricard SA (France, Beverages)	4.0	2.9
Royal Dutch Shell PLC Class B ADR (United Kingdom, Oil, Gas & Consumable Fuels)	3.1	1.9
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	1.9	2.0
Toyota Motor Corp. sponsored ADR (Japan, Automobiles)	1.8	1.4
Danone (France, Food Products)	1.7	0.0
Bulgari SpA (Italy, Textiles, Apparel & Luxury Goods)	1.6	0.0
China Unicom (Hong Kong) Ltd. sponsored ADR (Hong Kong, Diversified Telecommunication Services)	1.6	3.3
HeidelbergCement AG (Germany, Construction Materials)	1.5	0.0
Total SA Series B (France, Oil, Gas & Consumable Fuels)	1.5	1.0
Ricoh Co. Ltd. (Japan, Office Electronics)	1.5	0.9
	20.2
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	22.6	19.2
Consumer Discretionary	11.2	10.1
Energy	10.5	7.6
Materials	10.2	8.7
Consumer Staples	9.9	16.1
Telecommunication Services	8.8	10.5
Industrials	7.9	6.6
Health Care	6.5	8.5
Information Technology	6.0	4.9
Utilities	4.3	3.4

Annual Report

Overseas

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.9%
	Shares		Value
Australia - 2.0%
Macquarie Group Ltd.	475,663		$ 20,825,143
National Australia Bank Ltd.	1,888,338		49,876,538
Qantas Airways Ltd.	10,974,903		27,280,023
Westfield Group unit	4,096,322		44,365,083
TOTAL AUSTRALIA			142,346,787
Austria - 0.5%
Wienerberger AG (a)	1,763,720		31,975,355
Bailiwick of Jersey - 1.1%
Shire PLC	2,112,658		37,376,235
WPP PLC	4,066,700		36,457,521
TOTAL BAILIWICK OF JERSEY			73,833,756
Belgium - 2.1%
Anheuser-Busch InBev SA NV	1,976,501		93,087,184
Anheuser-Busch InBev SA NV (strip VVPR) (a)	6,312,640		46,447
Fortis (a)	4,440,600		19,290,036
KBC Groupe SA (a)	893,025		38,530,319
TOTAL BELGIUM			150,953,986
Canada - 0.5%
Harry Winston Diamond Corp. (d)	4,282,574		35,080,049
Cayman Islands - 0.2%
Shanda Games Ltd. sponsored ADR	1,171,600		11,669,136
Egypt - 0.5%
Orascom Telecom Holding SAE unit	1,060,000		36,146,000
France - 15.0%
Accor SA	776,876		37,354,448
Alstom SA	632,700		44,061,926
AXA SA	1,880,137		46,756,168
BNP Paribas SA	714,790		54,117,643
Carrefour SA	770,707		33,196,099
Compagnie de St. Gobain	1,211,743		59,387,491
Danone	1,973,309		118,926,065
Lafarge SA (Bearer)	375,956		30,677,050
Pernod Ricard SA (c)	3,351,176		280,055,517
Sanofi-Aventis	1,142,068		83,710,385
Schneider Electric SA	449,277		46,947,095
Societe Generale Series A	655,808		43,794,162
Total SA Series B	1,805,001		108,004,496
Unibail-Rodamco	106,695		23,700,211
Veolia Environnement	693,600		22,735,359
Wendel (c)	398,000		22,197,155
TOTAL FRANCE			1,055,621,270
Germany - 10.7%
Allianz AG (Reg.)	375,049		42,568,060
BASF AG	367,215		19,723,696
Bayer AG	690,900		48,018,453
Commerzbank AG (a)(c)	2,482,964		25,942,020
Daimler AG	895,000		43,165,850
	Shares		Value
Deutsche Boerse AG	946,462		$ 76,769,271
Deutsche Postbank AG (a)	1,003,500		31,143,612
Deutsche Telekom AG (Reg.)	4,817,770		65,232,603
E.ON AG	1,196,370		45,931,922
Fresenius Medical Care AG & Co. KGaA	526,000		25,504,463
HeidelbergCement AG (c)	1,808,529		108,396,413
Lanxess AG	628,370		19,723,379
Linde AG	341,697		35,896,621
Munich Re Group (Reg.)	126,859		20,094,166
SAP AG	483,711		21,897,597
Siemens AG (Reg.)	605,607		54,516,742
Sky Deutschland AG (a)	7,053,800		29,479,255
Software AG (Bearer)	275,300		24,533,929
TUI AG (a)(c)	2,358,100		16,361,343
TUI AG rights 11/11/09 (a)(c)	2,358,100		35
TOTAL GERMANY			754,899,430
Greece - 1.3%
Alpha Bank AE (a)	1,030,900		20,161,208
Hellenic Telecommunications Organization SA	4,201,421		71,099,912
TOTAL GREECE			91,261,120
Hong Kong - 2.4%
China Unicom (Hong Kong) Ltd. sponsored ADR (c)	8,587,500		108,631,875
Hutchison Whampoa Ltd.	8,144,000		57,163,282
TOTAL HONG KONG			165,795,157
India - 0.5%
Reliance Industries Ltd.	910,936		36,885,863
Indonesia - 0.2%
PT Indosat Tbk sponsored ADR (c)	448,805		11,893,333
Ireland - 0.1%
CRH PLC	217,442		5,314,814
Italy - 4.3%
Bulgari SpA (c)	13,865,381		113,852,096
ENI SpA	1,741,574		43,130,271
Intesa Sanpaolo SpA	22,787,249		96,406,157
UniCredit SpA	14,048,824		47,342,423
TOTAL ITALY			300,730,947
Japan - 20.2%
Bridgestone Corp.	2,019,000		33,296,596
Canon, Inc. sponsored ADR	1,362,700		51,319,282
Citizen Holdings Co. Ltd.	3,576,000		20,122,573
East Japan Railway Co.	1,456,700		93,290,513
Inpex Corp.	4,117		33,622,601
Japan Tobacco, Inc.	12,268		34,419,848
JFE Holdings, Inc.	834,700		27,191,689
Kenedix, Inc. (a)(d)	75,000		28,504,228
Kose Corp.	1,032,600		22,591,641
Marui Group Co. Ltd.	3,072,000		17,647,887
Mazda Motor Corp.	40,152,000		90,622,588
Common Stocks - continued
	Shares		Value
Japan - continued
Mitsubishi Corp.	1,976,500		$ 41,904,824
Mitsubishi UFJ Financial Group, Inc.	12,389,800		65,996,741
Mitsui & Co. Ltd.	2,416,600		31,738,849
Mitsui Chemicals, Inc.	10,938,000		37,566,728
Nomura Holdings, Inc.	8,349,000		58,848,895
Nomura Real Estate Office Fund, Inc.	4,215		26,044,810
NTT DoCoMo, Inc.	44,148		64,029,803
Omron Corp.	4,089,400		68,864,401
Osaka Securities Exchange Co. Ltd.	5,701		27,359,707
Promise Co. Ltd. (c)	3,517,300		22,358,677
Ricoh Co. Ltd.	7,584,000		103,074,093
Seven & i Holdings Co., Ltd.	824,100		18,042,408
SKY Perfect JSAT Holdings, Inc.	45,557		20,832,487
Sompo Japan Insurance, Inc.	7,315,000		42,779,557
Sony Financial Holdings, Inc.	7,256		20,823,150
Sumitomo Mitsui Financial Group, Inc.	1,552,000		52,755,599
Takashimaya Co. Ltd.	1,154,000		7,781,301
Tokyo Broadcasting System Holding	1,351,600		20,161,171
Tokyo Gas Co., Ltd.	12,760,000		50,550,718
Toshiba Corp.	10,478,000		59,888,717
Toyota Motor Corp. sponsored ADR (c)	1,621,398		127,912,088
TOTAL JAPAN			1,421,944,170
Luxembourg - 1.1%
ArcelorMittal SA (NY Shares) Class A (c)	1,571,300		53,455,626
Millicom International Cellular SA (a)	360,700		22,601,462
TOTAL LUXEMBOURG			76,057,088
Marshall Islands - 0.5%
Teekay Corp.	1,675,800		34,772,850
Netherlands - 1.6%
Akzo Nobel NV	764,069		45,289,452
ING Groep NV (Certificaten Van Aandelen) unit (a)	3,307,400		43,038,396
Royal DSM NV	611,697		26,860,259
TOTAL NETHERLANDS			115,188,107
Netherlands Antilles - 0.3%
Schlumberger Ltd.	338,600		21,060,920
Norway - 0.8%
Aker Solutions ASA	3,212,400		38,765,799
Sevan Marine ASA (a)	9,921,000		16,095,788
TOTAL NORWAY			54,861,587
Spain - 4.5%
Banco Santander SA	2,384,300		38,366,188
Gas Natural SDG SA Series E	3,333,500		67,179,616
Iberdrola SA (c)	3,986,600		36,254,854
Indra Sistemas SA	901,300		21,234,191
Repsol YPF SA sponsored ADR (c)	2,466,700		65,614,220
	Shares		Value
Telefonica SA	254,900		$ 7,117,985
Telefonica SA sponsored ADR	996,400		83,627,852
TOTAL SPAIN			319,394,906
Switzerland - 4.0%
Actelion Ltd. (Reg.) (a)	625,980		34,559,757
Nobel Biocare Holding AG (Switzerland)	751,710		21,391,611
Roche Holding AG (participation certificate)	628,776		100,925,258
UBS AG (For. Reg.) (a)	4,757,053		79,307,176
Zurich Financial Services AG (Reg.)	193,026		44,376,604
TOTAL SWITZERLAND			280,560,406
United Kingdom - 20.2%
Anglo American PLC (United Kingdom) (a)	2,813,800		102,326,284
BAE Systems PLC	6,320,300		32,634,622
Barclays PLC	9,640,800		50,545,012
BG Group PLC	4,085,385		70,762,912
British Land Co. PLC	5,440,682		42,179,320
British Sky Broadcasting Group PLC	3,495,900		30,591,901
Centrica PLC	19,087,743		77,812,890
GKN PLC	21,790,043		38,350,685
GlaxoSmithKline PLC	1,898,498		38,956,319
HSBC Holdings PLC sponsored ADR	2,403,371		133,122,720
Imperial Tobacco Group PLC	1,091,758		32,264,069
ITV PLC	70,751,030		49,657,990
Kesa Electricals PLC	8,817,900		19,240,236
Man Group PLC	17,708,037		90,126,470
Misys PLC	9,722,700		33,058,811
Rexam PLC	13,160,600		59,851,592
Rio Tinto PLC (Reg.)	1,738,510		76,884,915
Royal Dutch Shell PLC Class B ADR	3,699,300		215,151,288
Segro PLC	6,506,400		37,708,192
Smith & Nephew PLC	3,088,400		27,310,109
Vodafone Group PLC sponsored ADR	2,415,000		53,588,850
William Hill PLC	25,970,532		71,632,544
Xstrata PLC	2,268,500		32,868,035
TOTAL UNITED KINGDOM			1,416,625,766
United States of America - 3.3%
NII Holdings, Inc. (a)	3,302,000		88,922,860
Pfizer, Inc.	1,636,200		27,864,486
Procter & Gamble Co.	1,018,300		59,061,400
Smith International, Inc.	1,940,900		53,821,157
TOTAL UNITED STATES OF AMERICA			229,669,903
TOTAL COMMON STOCKS (Cost $6,678,739,421)		6,874,542,706
Money Market Funds - 8.2%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (e)	243,416,860		$ 243,416,860
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e)	328,661,620		328,661,620
TOTAL MONEY MARKET FUNDS (Cost $572,078,480)		572,078,480
Cash Equivalents - 0.2%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.05%, dated 10/30/09 due 11/2/09 (Collateralized by U.S. Government Obligations) # (Cost $14,899,000)	14,899,068		14,899,000
TOTAL INVESTMENT PORTFOLIO - 106.3% (Cost $7,265,716,901)			7,461,520,186
NET OTHER ASSETS - (6.3)%			(440,040,092)
NET ASSETS - 100%		$ 7,021,480,094

Legend

(a) Non-income producing

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

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

(d) Affiliated company

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$14,899,000 due 11/02/09 at 0.05%
BNP Paribas Securities Corp.	$ 2,746,860
Banc of America Securities LLC	2,811,884
Barclays Capital, Inc.	8,240,581
Deutsche Bank Securities, Inc.	1,099,675
	$ 14,899,000

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	$ 1,300,818
Fidelity Securities Lending Cash Central Fund	7,117,068
Total	$ 8,417,886

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
Harry Winston Diamond Corp.	$ 29,808,633	$ 17,161,980	$ 9,630,285	$ 58,523	$ 35,080,049
Kenedix, Inc.	-	27,978,187	-	-	28,504,228
Total	$ 29,808,633	$ 45,140,167	$ 9,630,285	$ 58,523	$ 63,584,277

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 1,421,944,170	$ 179,231,370	$ 1,242,712,800	$ -
United Kingdom	1,416,625,766	1,222,929,411	193,696,355	-
France	1,055,621,270	817,150,221	238,471,049	-
Germany	754,899,430	570,684,393	184,215,002	35
Spain	319,394,906	273,910,733	45,484,173	-
Italy	300,730,947	257,600,676	43,130,271	-
Switzerland	280,560,406	201,253,230	79,307,176	-
United States of America	229,669,903	229,669,903	-	-
Hong Kong	165,795,157	108,631,875	57,163,282	-
Other	929,300,751	633,195,949	296,104,802	-
Money Market Funds	572,078,480	572,078,480	-	-
Cash Equivalents	14,899,000	-	14,899,000	-
Total Investments in Securities	$ 7,461,520,186	$ 5,066,336,241	$ 2,395,183,910	$ 35

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

Investments in Securities:
Beginning Balance	$ -
Total Realized Gain (Loss)	-
Total Unrealized Gain (Loss)	35
Cost of Purchases	-
Proceeds of Sales	-
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 35
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 35

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $1,798,921,333 of which $859,201,568 and $939,719,765 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Overseas

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $304,665,938 and repurchase agreements of $14,899,000) - See accompanying schedule: Unaffiliated issuers (cost $6,604,312,010)	$ 6,825,857,429
Fidelity Central Funds (cost $572,078,480)	572,078,480
Other affiliated issuers (cost $89,326,411)	63,584,277
Total Investments (cost $7,265,716,901)		$ 7,461,520,186
Cash		436,708
Foreign currency held at value (cost $40,358)		40,362
Receivable for investments sold		104,711,177
Receivable for fund shares sold		5,340,766
Dividends receivable		20,755,138
Distributions receivable from Fidelity Central Funds		282,712
Prepaid expenses		42,810
Other receivables		1,367,421
Total assets		7,594,497,280
Liabilities
Payable for investments purchased	$ 231,288,168
Payable for fund shares redeemed	6,807,246
Accrued management fee	4,106,875
Other affiliated payables	1,695,570
Other payables and accrued expenses	457,707
Collateral on securities loaned, at value	328,661,620
Total liabilities		573,017,186
Net Assets		$ 7,021,480,094
Net Assets consist of:
Paid in capital		$ 8,636,122,711
Undistributed net investment income		98,105,298
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,908,732,953)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		195,985,038
Net Assets		$ 7,021,480,094
Overseas: Net Asset Value, offering price and redemption price per share ($6,602,017,401 ÷ 219,140,992 shares)		$ 30.13
Class K: Net Asset Value, offering price and redemption price per share ($383,047,531 ÷ 12,700,958 shares)		$ 30.16
Class F: Net Asset Value, offering price and redemption price per share ($36,415,162 ÷ 1,207,679 shares)		$ 30.15

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends (including $58,523 earned from other affiliated issuers)		$ 184,748,736
Interest		14,529
Income from Fidelity Central Funds		8,417,886
		193,181,151
Less foreign taxes withheld		(16,553,656)
Total income		176,627,495
Expenses
Management fee Basic fee	$ 42,063,130
Performance adjustment	(2,349,513)
Transfer agent fees	17,149,813
Accounting and security lending fees	1,660,690
Custodian fees and expenses	744,440
Independent trustees' compensation	42,134
Depreciation in deferred trustee compensation account	(846)
Registration fees	86,705
Audit	106,028
Legal	85,182
Interest	140
Miscellaneous	174,469
Total expenses before reductions	59,762,372
Expense reductions	(2,464,857)	57,297,515
Net investment income (loss)		119,329,980
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(951,830,215)
Other affiliated issuers	(51,750,853)
Foreign currency transactions	(65,021)
Total net realized gain (loss)		(1,003,646,089)
Change in net unrealized appreciation (depreciation) on: Investment securities	2,100,493,531
Assets and liabilities in foreign currencies	315,824
Total change in net unrealized appreciation (depreciation)		2,100,809,355
Net gain (loss)		1,097,163,266
Net increase (decrease) in net assets resulting from operations		$ 1,216,493,246

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 119,329,980	$ 108,130,289
Net realized gain (loss)	(1,003,646,089)	(902,937,259)
Change in net unrealized appreciation (depreciation)	2,100,809,355	(4,444,954,236)
Net increase (decrease) in net assets resulting from operations	1,216,493,246	(5,239,761,206)
Distributions to shareholders from net investment income	(81,537,156)	(93,919,303)
Distributions to shareholders from net realized gain	-	(947,430,820)
Total distributions	(81,537,156)	(1,041,350,123)
Share transactions - net increase (decrease)	377,264,123	2,246,479,755
Redemption fees	81,713	456,294
Total increase (decrease) in net assets	1,512,301,926	(4,034,175,280)
Net Assets
Beginning of period	5,509,178,168	9,543,353,448
End of period (including undistributed net investment income of $98,105,298 and undistributed net investment income of $101,205,874, respectively)	$ 7,021,480,094	$ 5,509,178,168

Financial Highlights - Overseas

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 25.43	$ 58.39	$ 47.08	$ 37.65	$ 32.21
Income from Investment Operations
Net investment income (loss) B	.52	.55	.70	.63	.39
Net realized and unrealized gain (loss)	4.55	(27.19)	15.80	9.37	5.35
Total from investment operations	5.07	(26.64)	16.50	10.00	5.74
Distributions from net investment income	(.37)	(.57)	(.55)	(.41)	(.19)
Distributions from net realized gain	-	(5.75)	(4.64)	(.16)	(.11)
Total distributions	(.37)	(6.32)	(5.19)	(.57)	(.30)
Redemption fees added to paid in capital B, F	-	-	-	-	-
Net asset value, end of period	$ 30.13	$ 25.43	$ 58.39	$ 47.08	$ 37.65
Total Return A	20.44%	(50.88)%	38.79%	26.83%	17.90%
Ratios to Average Net Assets C, E
Expenses before reductions	1.02%	1.13%	.95%	1.00%	.93%
Expenses net of fee waivers, if any	1.02%	1.13%	.95%	1.00%	.93%
Expenses net of all reductions	.98%	1.10%	.91%	.90%	.86%
Net investment income (loss)	2.01%	1.33%	1.43%	1.43%	1.11%
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,602,017	$ 5,464,901	$ 9,543,353	$ 7,217,287	$ 4,733,797
Portfolio turnover rate D	115%	113%	87%	132%	87%

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class K

Years ended October 31,	2009	2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 25.45	$ 45.00
Income from Investment Operations
Net investment income (loss) D	.59	.13
Net realized and unrealized gain (loss)	4.54	(19.68)
Total from investment operations	5.13	(19.55)
Distributions from net investment income	(.42)	-
Redemption fees added to paid in capital D, I	-	-
Net asset value, end of period	$ 30.16	$ 25.45
Total Return B, C	20.73%	(43.44)%
Ratios to Average Net Assets E, H
Expenses before reductions	.78%	.96% A
Expenses net of fee waivers, if any	.78%	.96% A
Expenses net of all reductions	.74%	.93% A
Net investment income (loss)	2.25%	1.08% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 383,048	$ 44,277
Portfolio turnover rate F	115%	113%

^A Annualized

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

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

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

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

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

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

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

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

Financial Highlights - Class F

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 26.62
Income from Investment Operations
Net investment income (loss) D	.07
Net realized and unrealized gain (loss)	3.46
Total from investment operations	3.53
Redemption fees added to paid in capital D, I	-
Net asset value, end of period	$ 30.15
Total Return B, C	13.26%
Ratios to Average Net Assets E, H
Expenses before reductions	.68% A
Expenses net of fee waivers, if any	.68% A
Expenses net of all reductions	.64% A
Net investment income (loss)	.70% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 36,415
Portfolio turnover rate F	115%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares on June 26, 2009. The Fund offers Overseas, Class K, and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 must defer receipt of a portion of, and may elect to defer receipt of an additional 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

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	$ 791,142,643
Gross unrealized depreciation	(706,964,993)
Net unrealized appreciation (depreciation)	$ 84,177,650
Tax Cost	$ 7,377,342,536

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

Undistributed ordinary income	$ 100,055,249
Capital loss carryforward	$ (1,798,921,333)
Net unrealized appreciation (depreciation)	$ 84,359,399

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 81,537,156	$ 204,315,590
Long-term Capital Gains	-	837,034,533
Total	$ 81,537,156	$ 1,041,350,123

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

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $6,980,004,135 and $6,647,710,529, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Fidelity Overseas, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .67% of the Fund's average net assets.

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

	Amount	% of Average Net Assets
Overseas	$ 16,978,777	.30
Class K	171,036	.06
	$ 17,149,813

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

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $17,872 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, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 11,708,000	.43%	$ 140

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $29,868 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $7,117,068.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Overseas' operating expenses. During the period, this reimbursement reduced the class's operating expenses by $13,445.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,447,663 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $3,749.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Overseas	$ 78,759,447	$ 93,919,303
Class K	2,777,709	-
Total	$ 81,537,156	$ 93,919,303
From net realized gain
Overseas	$ -	$ 947,430,820

Annual Report

Notes to Financial Statements - continued

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 B,C	2008 A	2009 B,C	2008 A
Overseas
Shares sold	47,857,124	76,040,831	$ 1,179,178,777	$ 2,985,572,846
Conversion to Class K	(11,269,934)	(1,789,301)	(265,380,751)	(50,752,081)
Reinvestment of distributions	3,481,434	20,825,405	78,089,426	1,030,024,482
Shares redeemed	(35,803,556)	(43,642,881)	(910,091,016)	(1,767,850,377)
Net increase (decrease)	4,265,068	51,434,054	$ 81,796,436	$ 2,196,994,870
Class K
Shares sold	2,178,017	23,823	$ 56,176,528	$ 671,729
Conversion from Overseas	11,270,235	1,787,998	265,380,751	50,752,081
Reinvestment of distributions	123,950	-	2,777,709	-
Shares redeemed	(2,610,676)	(72,389)	(67,054,987)	(1,938,925)
Net increase (decrease)	10,961,526	1,739,432	$ 257,280,001	$ 49,484,885
Class F
Shares sold	1,220,610	-	$ 38,599,366	$ -
Shares redeemed	(12,931)	-	(411,680)	-
Net increase (decrease)	1,207,679	-	$ 38,187,686	$ -

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^B Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

^C Conversion transactions for Class K and Overseas are for the period November 1, 2008 to August 31, 2009.

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, Fidelity Freedom 2020 Fund and Fidelity Freedom 2030 Fund were the owners of record of approximately 12% and 10%, respectively, of the total outstanding shares of the Fund. The Fidelity Freedom Funds were owners of record, in the aggregate, of approximately 52% of the total outstanding shares of the Fund.

Annual Report

Report of Independent Registered Public Accounting Firm

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

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Overseas Fund (a fund of Fidelity Investment Trust) at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Overseas Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

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

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

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

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Trustees and Officers - continued

Advisory Board Member and Executive Officers:

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

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Bruce T. Herring (44)
	Year of Election or Appointment: 2006 Vice President of certain Equity Funds. Mr. Herring also serves as Group Chief Investments Officer of FMR. Previously, Mr. Herring served as a portfolio manager for Fidelity U.S. Equity Funds.
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Overseas Fund voted to pay on December 7, 2009, to shareholders of record at the opening of business on December 4, 2009, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
K Class	12/07/09	12/04/09	$0.522	$0.01

The K Class designates 85% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
K Class	12/08/2008	0.460	.0391

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Overseas Fund

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

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

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

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

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for Fidelity Overseas (retail class), as well as the fund's relative investment performance for Fidelity Overseas (retail class) measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the cumulative total returns of Fidelity Overseas (retail class) of the fund, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (Class K of the fund had less than one year of performance as of December 31, 2008, and the fund did not offer Class F as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of Fidelity Overseas (retail class) of the fund.

Fidelity Overseas Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity Overseas (retail class) of the fund was in the fourth quartile for the one-year period and the third quartile for the three- and five-year periods. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

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

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Fidelity Overseas (retail class) through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Annual Report

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

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

Fidelity Overseas Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

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

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

The Board noted that the total expenses of each class ranked below its competitive median for the period.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

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

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

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

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

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.
Fidelity Management & Research (U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company
FIL Investment Advisors
FIL Investment Advisors (U.K.) Ltd.
FIL Investments (Japan) Limited

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

OVE-K-UANN-1209
1.863317.101

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor
Worldwide Fund
Class A, Class T, Class B, and Class C

Annual Report

October 31, 2009

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

(2_fidelity_logos) (Registered_Trademark)

Contents

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

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) A	6.73%	3.05%	2.80%
Class T (incl. 3.50% sales charge) B	9.13%	3.51%	3.03%
Class B (incl. contingent deferred sales charge) C	7.71%	3.88%	3.36%
Class C (incl. contingent deferred sales charge) D	11.71%	4.18%	3.36%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A took place on February 19, 2009. Returns prior to February 19, 2009 are those of Worldwide, the original class of the fund, which does not bear a 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to February 19, 2009 would have been lower.

^B Class T shares bear a 0.50% 12b-1 fee. The initial offering of Class T took place on February 19, 2009. Returns prior to February 19, 2009 are those of Worldwide, the original class of the fund, which does not bear a 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to February 19, 2009 would have been lower.

^C Class B shares bear a 1.00% 12b-1 fee. The initial offering of Class B took place on February 19, 2009. Returns prior to February 19, 2009 are those of Worldwide, the original class of the fund, which does not bear a 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to February 19, 2009 would have been lower. Class B shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 5%, 2%, and 0%, respectively.

^D Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C took place on February 19, 2009. Returns prior to February 19, 2009 are those of Worldwide, the original class of the fund, which does not bear a 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to February 19, 2009 would have been lower. Class C shares' contingent deferred sales charges included in the past one year, past five years, and past ten years total return figures are 1%, 0%, and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Worldwide Fund - Class A, a class of the fund, on October 31, 1999, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® World Index performed over the same period. The initial offering of Class A took place on February 19, 2009. See above for additional information regarding the performance of Class A.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from William Kennedy, Lead Portfolio Manager of Fidelity Advisor Worldwide Fund and manager of its non-U.S. equity investments, and from Stephen DuFour, Co-Portfolio Manager responsible for the fund's U.S. equity subportfolio: For the 12 months ending October 31, 2009, the fund's Advisor Class shares (excluding sales charges) lagged the 18.94% return of the MSCI World Index. (For specific class-level returns, please see the performance section of this report.) The fund's focus on higher-quality stocks hindered performance as lower-quality, higher-risk stocks led the market rally that began last March. Stock selection in financials did the most damage versus the index, followed by underweightings and disappointing stock picks in industrials and energy. On a geographic basis, the fund had weak security selection in Europe, Japan, Australia and the United States. The biggest individual detractors included Union Pacific, a West Coast railroad pressured by declining railroad volumes, and Well Fargo, a West Coast bank hurt by higher-than-anticipated mortgage losses. Overseas disappointments included investment bank Nomura Holdings, a high-quality Japanese financial that lagged lower-quality European financials in the spring rally. The fund benefited from strong stock picking in China and Brazil, which are not in the index, as well as in the telecommunication services and materials sectors. Top contributors included Temple-Inland, a U.S. boxboard and building products company that climbed nicely. Wells Fargo and Temple-Inland were no longer in the portfolio at period end. On the international side, not owning German car maker and index component Volkswagen proved helpful, as the stock plunged.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Worldwide

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.55%
Actual		$ 1,000.00	$ 1,221.20	$ 8.68
HypotheticalA		$ 1,000.00	$ 1,017.39	$ 7.88
Class T	1.77%
Actual		$ 1,000.00	$ 1,219.60	$ 9.90
HypotheticalA		$ 1,000.00	$ 1,016.28	$ 9.00
Class B	2.24%
Actual		$ 1,000.00	$ 1,216.50	$ 12.51
HypotheticalA		$ 1,000.00	$ 1,013.91	$ 11.37
Class C	2.22%
Actual		$ 1,000.00	$ 1,216.50	$ 12.40
HypotheticalA		$ 1,000.00	$ 1,014.01	$ 11.27
Worldwide	1.26%
Actual		$ 1,000.00	$ 1,221.90	$ 7.06
HypotheticalA		$ 1,000.00	$ 1,018.85	$ 6.41
Institutional Class	1.19%
Actual		$ 1,000.00	$ 1,223.50	$ 6.67
HypotheticalA		$ 1,000.00	$ 1,019.21	$ 6.06

^A 5% return per year before expenses

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

Annual Report

Worldwide

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United States of America	43.9%
	United Kingdom	11.7%
	Japan	8.3%
	France	4.8%
	Germany	4.4%
	Switzerland	4.0%
	Netherlands	2.5%
	Australia	2.0%
	China	1.8%
	Other	16.6%

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

As of April 30, 2009
	United States of America	47.8%
	Japan	11.2%
	United Kingdom	10.3%
	Germany	5.3%
	France	5.2%
	Switzerland	5.1%
	Australia	1.7%
	Netherlands	1.4%
	China	1.3%
	Other	10.7%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.8	97.8
Bonds	0.4	0.7
Short-Term Investments and Net Other Assets	3.8	1.5
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Union Pacific Corp. (United States of America, Road & Rail)	2.2	2.2
Google, Inc. Class A (United States of America, Internet Software & Services)	2.1	2.3
Apple, Inc. (United States of America, Computers & Peripherals)	2.0	2.0
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.6	0.9
Occidental Petroleum Corp. (United States of America, Oil, Gas & Consumable Fuels)	1.6	0.1
JPMorgan Chase & Co. (United States of America, Diversified Financial Services)	1.6	2.1
CSX Corp. (United States of America, Road & Rail)	1.4	0.0
Express Scripts, Inc. (United States of America, Health Care Providers & Services)	1.3	1.2
American Express Co. (United States of America, Consumer Finance)	1.3	0.1
Cisco Systems, Inc. (United States of America, Communications Equipment)	1.2	1.2
	16.3
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.8	19.7
Information Technology	17.3	19.7
Industrials	13.3	9.4
Consumer Discretionary	11.6	12.0
Energy	9.3	8.2
Health Care	8.5	8.7
Materials	7.7	7.8
Consumer Staples	5.1	5.8
Telecommunication Services	2.8	4.7
Utilities	0.8	0.9

Annual Report

Worldwide

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
Australia - 2.0%
Billabong International Ltd.	125,750		$ 1,163,139
BlueScope Steel Ltd.	633,651		1,678,718
Commonwealth Bank of Australia	91,076		4,207,365
Goodman Group unit	1,060,044		568,217
Macquarie Group Ltd.	52,724		2,308,325
National Australia Bank Ltd.	114,703		3,029,642
Newcrest Mining Ltd.	97,396		2,798,694
QBE Insurance Group Ltd.	67,910		1,367,174
Wesfarmers Ltd.	61,452		1,532,922
Westfield Group unit	128,519		1,391,921
TOTAL AUSTRALIA			20,046,117
Bailiwick of Jersey - 0.5%
Experian PLC	158,300		1,452,824
Informa PLC	723,000		3,480,347
TOTAL BAILIWICK OF JERSEY			4,933,171
Belgium - 0.6%
Anheuser-Busch InBev SA NV	133,004		6,264,084
Bermuda - 0.5%
Aquarius Platinum Ltd. (United Kingdom)	81,666		349,545
Huabao International Holdings Ltd.	1,060,000		1,011,113
Marvell Technology Group Ltd. (a)	56,000		768,320
Ports Design Ltd.	200,500		540,339
Seadrill Ltd. (a)	100,300		2,094,948
Xyratex Ltd. (a)	46,000		480,700
TOTAL BERMUDA			5,244,965
Brazil - 1.0%
BM&F BOVESPA SA	170,798		1,100,703
Itau Unibanco Banco Multiplo SA ADR	74,140		1,419,040
Petroleo Brasileiro SA - Petrobras sponsored ADR	53,000		2,449,660
Vivo Participacoes SA sponsored ADR	170,425		4,132,806
Votorantim Celulose e Papel SA sponsored ADR (a)	84,539		1,161,566
TOTAL BRAZIL			10,263,775
British Virgin Islands - 0.1%
Playtech Ltd.	200,359		1,183,395
Canada - 1.1%
Keyera Facilities Income Fund	45,000		824,491
Niko Resources Ltd.	26,700		2,159,967
Open Text Corp. (a)	91,100		3,398,846
PetroBakken Energy Ltd. Class A	89,502		2,580,461
Petrobank Energy & Resources Ltd. (a)	46,800		2,046,001
TOTAL CANADA			11,009,766
Cayman Islands - 0.3%
BaWang International (Group) Holding Ltd.	1,408,000		572,148
Belle International Holdings Ltd.	533,000		538,144
China Dongxiang Group Co. Ltd.	1,336,000		816,300
	Shares		Value
China High Speed Transmission Equipment Group Co. Ltd.	32,000		$ 64,177
Hengdeli Holdings Ltd.	2,160,000		703,329
TOTAL CAYMAN ISLANDS			2,694,098
Chile - 0.0%
Embotelladora Andina SA sponsored ADR	23,000		419,750
China - 1.8%
Baidu.com, Inc. sponsored ADR (a)	20,100		7,596,192
BYD Co. Ltd. (H Shares) (a)	257,500		2,357,546
NetEase.com, Inc. sponsored ADR (a)	19,500		753,090
Tencent Holdings Ltd.	209,400		3,646,289
ZTE Corp. (H Shares)	592,784		3,284,826
TOTAL CHINA			17,637,943
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)	1,232,268		70,810
Denmark - 1.0%
Novo Nordisk AS Series B	61,146		3,808,175
Vestas Wind Systems AS (a)	28,002		1,984,799
William Demant Holding AS (a)	51,100		3,652,309
TOTAL DENMARK			9,445,283
Finland - 0.2%
Nokian Tyres PLC	68,200		1,459,230
France - 4.8%
Accor SA	26,560		1,277,082
Air France KLM (Reg.) (a)	145,500		2,239,596
Alstom SA	28,675		1,996,959
Atos Origin SA (a)	26,644		1,252,303
AXA SA	158,437		3,940,089
BNP Paribas SA	69,124		5,233,464
Cap Gemini SA	37,200		1,730,384
Credit Agricole SA	55,600		1,072,227
Danone	34,996		2,109,115
Iliad Group SA	27,158		2,945,373
LVMH Moet Hennessy - Louis Vuitton	14,519		1,509,468
Orpea	32,200		1,454,686
Pernod Ricard SA	20,700		1,729,885
PPR SA	18,950		2,073,593
Sanofi-Aventis	46,582		3,414,330
Schneider Electric SA	41,317		4,317,410
Societe Generale Series A	19,378		1,581,592
Total SA Series B	102,562		6,136,926
Unibail-Rodamco	6,389		1,419,192
TOTAL FRANCE			47,433,674
Germany - 4.4%
Aixtron AG	135,700		4,067,672
BASF AG	39,844		2,140,084
Bayerische Motoren Werke AG (BMW)	57,542		2,819,285
Beiersdorf AG	32,240		1,987,852
Daimler AG (Reg.)	53,918		2,600,465
Common Stocks - continued
	Shares		Value
Germany - continued
Deutsche Bank AG	22,004		$ 1,576,146
Deutsche Boerse AG	36,623		2,970,559
Deutsche Post AG	58,109		982,941
E.ON AG	180,785		6,940,831
GEA Group AG	113,972		2,151,790
HeidelbergCement AG	52,766		3,162,595
MAN SE	39,453		3,250,034
Metro AG	13,600		755,694
Munich Re Group (Reg.)	9,825		1,556,257
SGL Carbon AG (a)	28,200		1,083,090
Siemens AG (Reg.)	60,573		5,452,781
TOTAL GERMANY			43,498,076
Greece - 0.5%
EFG Eurobank Ergasias SA	127,400		2,043,483
Hellenic Telecommunications Organization SA	74,802		1,265,861
National Bank of Greece SA (a)	56,200		2,091,511
TOTAL GREECE			5,400,855
Hong Kong - 0.9%
BYD Electronic International Co. Ltd. (a)	1,139,500		1,062,359
Cheung Kong Holdings Ltd.	167,000		2,119,501
Sinotruk Hong Kong Ltd.	1,059,000		1,259,242
Sun Hung Kai Properties Ltd.	147,000		2,227,182
Techtronic Industries Co. Ltd.	2,307,500		1,853,653
TOTAL HONG KONG			8,521,937
India - 0.4%
Indiabulls Real Estate Ltd. (a)	299,879		1,570,026
Reliance Industries Ltd.	30,578		1,238,173
Tata Steel Ltd.	159,920		1,581,912
TOTAL INDIA			4,390,111
Ireland - 1.6%
Covidien PLC	56,000		2,358,720
CRH PLC	83,323		2,036,618
Ingersoll-Rand Co. Ltd.	290,800		9,186,372
Paddy Power PLC (Ireland)	79,400		2,544,799
TOTAL IRELAND			16,126,509
Israel - 0.6%
Teva Pharmaceutical Industries Ltd. sponsored ADR	119,800		6,047,504
Italy - 0.6%
Fiat SpA (a)	293,400		4,386,608
Intesa Sanpaolo SpA	304,069		1,286,427
TOTAL ITALY			5,673,035
Japan - 8.3%
Asics Corp.	110,000		980,582
Canon, Inc.	104,950		3,957,134
Denso Corp.	89,300		2,440,102
	Shares		Value
Don Quijote Co. Ltd.	29,700		$ 793,767
Fanuc Ltd.	11,700		971,870
Goldcrest Co. Ltd.	23,480		712,773
Honda Motor Co. Ltd.	89,600		2,767,601
Japan Tobacco, Inc.	481		1,349,523
JSR Corp.	126,300		2,463,415
JTEKT Corp.	317,500		3,354,212
Keyence Corp.	9,500		1,886,088
Kirin Holdings Co. Ltd.	158,000		2,579,191
Mazda Motor Corp.	542,000		1,223,288
Misumi Group, Inc.	28,800		491,534
Mitsubishi Corp.	89,300		1,893,297
Mitsubishi UFJ Financial Group, Inc.	806,500		4,295,983
Mitsui & Co. Ltd.	197,500		2,593,902
Mitsui Sumitomo Insurance Group Holdings, Inc.	31,400		730,971
NHK Spring Co. Ltd.	68,000		530,972
Nichi-iko Pharmaceutical Co. Ltd.	33,000		981,712
Nitori Co. Ltd.	5,400		439,181
Nomura Holdings, Inc.	81,800		576,577
NSK Ltd.	271,000		1,574,533
Omron Corp.	207,900		3,500,980
ORIX Corp.	59,420		3,838,438
Rakuten, Inc.	3,995		2,736,133
Ricoh Co. Ltd.	193,000		2,623,062
Sawai Pharmaceutical Co. Ltd.	9,100		517,526
Shin-Etsu Chemical Co., Ltd.	61,800		3,277,516
SMC Corp.	10,700		1,222,057
Softbank Corp.	155,300		3,659,670
Sumco Corp.	112,200		2,141,272
Sumitomo Mitsui Financial Group, Inc.	63,100		2,144,896
Takashimaya Co. Ltd.	73,000		492,231
THK Co. Ltd.	95,800		1,655,498
Tokio Marine Holdings, Inc.	99,900		2,554,623
Tokyo Electron Ltd.	75,700		4,258,847
Toshiba Corp.	527,000		3,012,154
Toyota Motor Corp.	130,200		5,140,185
TOTAL JAPAN			82,363,296
Korea (South) - 1.0%
KB Financial Group, Inc. (a)	28,620		1,371,573
Kia Motors Corp. (a)	99,330		1,469,993
Lotte Shopping Co. Ltd.	468		131,693
MegaStudy Co. Ltd.	1,007		208,650
NHN Corp. (a)	11,388		1,673,458
Samsung Electronics Co. Ltd.	5,005		3,000,634
Shinhan Financial Group Co. Ltd. (a)	58,350		2,205,739
TOTAL KOREA (SOUTH)			10,061,740
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A (c)	93,400		3,177,468
Common Stocks - continued
	Shares		Value
Luxembourg - continued
Millicom International Cellular SA (a)	15,000		$ 939,900
Tenaris SA	106,600		1,905,937
TOTAL LUXEMBOURG			6,023,305
Netherlands - 2.5%
Akzo Nobel NV	24,374		1,444,745
ASML Holding NV:
(Netherlands)	116,900		3,152,280
(NY Shares)	38,000		1,023,720
Gemalto NV (a)	46,834		1,976,929
ING Groep NV (Certificaten Van Aandelen) unit (a)	149,900		1,950,612
James Hardie Industries NV unit (a)	321,192		2,035,022
Koninklijke Philips Electronics NV	139,200		3,496,583
QIAGEN NV (a)	114,000		2,374,620
Randstad Holdings NV (a)	111,976		4,267,758
Royal DSM NV	54,494		2,392,889
TNT NV	13,000		345,873
TOTAL NETHERLANDS			24,461,031
Netherlands Antilles - 0.3%
Schlumberger Ltd.	52,800		3,284,160
Nigeria - 0.0%
Guaranty Trust Bank PLC GDR (Reg. S)	7,300		45,260
Norway - 0.3%
DnB NOR ASA (a)	144,000		1,658,511
Pronova BioPharma ASA (a)	296,200		920,759
Sevan Marine ASA (a)	370,000		600,286
TOTAL NORWAY			3,179,556
Russia - 0.1%
Lukoil Oil Co. sponsored ADR	21,500		1,230,015
Singapore - 0.3%
Avago Technologies Ltd.	20,000		300,000
CapitaLand Ltd.	417,000		1,208,950
Keppel Corp. Ltd.	234,000		1,344,484
TOTAL SINGAPORE			2,853,434
South Africa - 0.7%
AngloGold Ashanti Ltd. sponsored ADR	26,800		1,006,072
MTN Group Ltd.	283,500		4,263,840
Naspers Ltd. Class N	38,100		1,387,157
TOTAL SOUTH AFRICA			6,657,069
Spain - 1.7%
Banco Bilbao Vizcaya Argentaria SA	151,412		2,706,309
Banco Santander SA	246,663		3,969,097
NH Hoteles SA (a)	79,900		419,161
Telefonica SA	353,227		9,863,729
TOTAL SPAIN			16,958,296
Sweden - 0.5%
Elekta AB (B Shares)	137,600		2,593,442
	Shares		Value
H&M Hennes & Mauritz AB (B Shares)	25,441		$ 1,445,000
Intrum Justitia AB	57,100		703,564
TOTAL SWEDEN			4,742,006
Switzerland - 4.0%
Actelion Ltd. (Reg.) (a)	61,362		3,387,737
Adecco SA (Reg.)	27,733		1,243,269
BB BIOTECH AG	19,114		1,310,467
Nestle SA (Reg.)	176,475		8,224,378
Nobel Biocare Holding AG (Switzerland)	56,850		1,617,796
Noble Corp.	37,000		1,507,380
Partners Group Holding	9,538		1,172,149
Roche Holding AG (participation certificate)	37,228		5,975,491
Sonova Holding AG	38,448		3,964,329
Swiss Reinsurance Co. (Reg.)	48,328		1,979,088
Syngenta AG (Switzerland)	2,100		497,144
UBS AG (For. Reg.) (a)	301,885		5,032,874
Zurich Financial Services AG (Reg.)	15,542		3,573,100
TOTAL SWITZERLAND			39,485,202
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	310,350		1,211,045
MediaTek, Inc.	165,000		2,300,708
Taiwan Semiconductor Manufacturing Co. Ltd.	764,624		1,381,843
Wintek Corp. (a)	1,719,000		1,140,450
TOTAL TAIWAN			6,034,046
Thailand - 0.1%
Bangkok Bank Ltd. PCL (For. Reg.)	396,900		1,332,198
United Kingdom - 11.7%
Aberdeen Asset Management PLC	922,509		2,002,269
Aegis Group PLC	435,400		786,324
Anglo American PLC (United Kingdom) (a)	74,318		2,702,639
Babcock International Group PLC	145,600		1,449,814
Barclays PLC	1,130,288		5,925,900
Barclays PLC Sponsored ADR	157,000		3,281,300
BG Group PLC	267,888		4,640,085
BG Group PLC sponsored ADR	11,900		1,028,874
BHP Billiton PLC	278,765		7,521,911
Bovis Homes Group PLC	62,800		424,690
BP PLC	1,103,700		10,345,408
British American Tobacco PLC sponsored ADR	13,000		834,990
British Land Co. PLC	123,960		961,010
Carphone Warehouse Group PLC	913,058		2,759,767
Cookson Group PLC	126,670		759,287
Debenhams PLC	809,910		1,035,844
Hays PLC	468,790		753,497
HSBC Holdings PLC:
(Hong Kong) (Reg.)	74,645		824,308
(United Kingdom) (Reg.)	1,213,942		13,418,670
Common Stocks - continued
	Shares		Value
United Kingdom - continued
HSBC Holdings PLC: - continued
sponsored ADR	57,000		$ 3,157,230
IG Group Holdings PLC	288,329		1,428,656
Inchcape PLC (a)	1,615,900		778,651
InterContinental Hotel Group PLC	115,278		1,485,718
International Personal Finance PLC	517,515		1,744,344
Johnson Matthey PLC	56,210		1,303,072
Kesa Electricals PLC	352,300		768,702
Lloyds TSB Group PLC	153,100		218,758
Man Group PLC	703,767		3,581,878
Misys PLC	423,200		1,438,951
Mothercare PLC	23,700		224,125
National Grid PLC	98,300		978,824
Prudential PLC	218,655		1,997,767
Reckitt Benckiser Group PLC	88,541		4,411,877
Rio Tinto PLC (Reg.)	156,940		6,940,609
Royal Dutch Shell PLC Class B	294,707		8,486,704
Segro PLC	225,300		1,305,738
Serco Group PLC	291,556		2,419,710
SSL International PLC	264,504		2,755,397
Standard Chartered PLC (United Kingdom)	145,336		3,580,383
Taylor Wimpey PLC (a)	2,421,144		1,471,558
The Game Group PLC	180,900		440,156
Vodafone Group PLC sponsored ADR	51,112		1,134,175
Wolseley PLC (a)	78,760		1,600,835
Xstrata PLC	101,976		1,477,519
TOTAL UNITED KINGDOM			116,587,924
United States of America - 39.9%
3M Co.	27,000		1,986,390
Agilent Technologies, Inc.	82,000		2,028,680
Albemarle Corp.	32,000		1,010,560
Allscripts-Misys Healthcare Solutions, Inc.	13,000		253,500
Amazon.com, Inc. (a)	47,800		5,679,118
American Express Co.	373,000		12,995,320
Anadarko Petroleum Corp.	169,000		10,297,170
Apple, Inc. (a)	106,600		20,094,100
Applied Materials, Inc.	85,700		1,045,540
Applied Micro Circuits Corp. (a)	60,000		469,200
Ardea Biosciences, Inc. (a)	9,000		121,500
Arena Resources, Inc. (a)	13,000		484,380
Armstrong World Industries, Inc. (a)	80,000		2,980,000
AsiaInfo Holdings, Inc. (a)	27,400		604,444
Avon Products, Inc.	24,000		769,200
Ball Corp.	32,000		1,578,560
BioCryst Pharmaceuticals, Inc. (a)(c)	35,000		312,550
Blue Coat Systems, Inc. (a)	37,000		824,360
BMC Software, Inc. (a)	47,000		1,746,520
Bruker BioSciences Corp. (a)	92,000		997,280
C.H. Robinson Worldwide, Inc.	40,000		2,204,400
Cameron International Corp. (a)	4,000		147,880
	Shares		Value
CareFusion Corp. (a)	75,000		$ 1,677,750
Caterpillar, Inc.	33,000		1,816,980
Celanese Corp. Class A	403,560		11,077,722
Cerner Corp. (a)	21,000		1,596,840
Cisco Systems, Inc. (a)	527,000		12,041,950
Citrix Systems, Inc. (a)	204,000		7,499,040
CME Group, Inc.	11,300		3,419,493
Coach, Inc.	32,000		1,055,040
Comerica, Inc.	214,000		5,938,500
CONSOL Energy, Inc.	4,300		184,083
CSX Corp.	326,000		13,750,680
Cummins, Inc.	123,800		5,330,828
Dendreon Corp. (a)	65,000		1,642,550
Dow Chemical Co.	100,000		2,348,000
DSW, Inc. Class A (a)	146,000		2,803,200
eBay, Inc. (a)	151,000		3,362,770
ebix.com, Inc. (a)	10,000		616,000
Express Scripts, Inc. (a)	163,000		13,026,960
FedEx Corp.	24,000		1,744,560
Franklin Resources, Inc.	6,000		627,780
Freeport-McMoRan Copper & Gold, Inc.	24,600		1,804,656
G-III Apparel Group Ltd. (a)	51,000		816,510
Genworth Financial, Inc. Class A	65,000		690,300
Goldman Sachs Group, Inc.	41,000		6,976,970
Google, Inc. Class A (a)	38,200		20,479,784
Harley-Davidson, Inc.	99,000		2,467,080
Henry Schein, Inc. (a)	6,000		316,980
Hewlett-Packard Co.	214,000		10,156,440
ImmunoGen, Inc. (a)	45,523		304,549
Informatica Corp. (a)	56,000		1,188,880
Intel Corp.	81,000		1,547,910
iRobot Corp. (a)	73,000		976,010
J. Crew Group, Inc. (a)	19,000		774,820
Johnson Controls, Inc.	48,419		1,158,182
JPMorgan Chase & Co.	378,400		15,805,768
Kennametal, Inc.	33,000		777,480
King Pharmaceuticals, Inc. (a)	30,000		303,900
Lam Research Corp. (a)	98,000		3,304,560
Life Technologies Corp. (a)	186,000		8,773,620
Lubrizol Corp.	63,000		4,193,280
M&T Bank Corp. (c)	15,000		942,750
Mako Surgical Corp. (a)	79,700		721,285
Massey Energy Co.	10,000		290,900
McKesson Corp.	53,000		3,112,690
Medco Health Solutions, Inc. (a)	41,000		2,300,920
Micromet, Inc. (a)	100,000		511,000
Morgan Stanley	359,700		11,553,564
National Oilwell Varco, Inc. (a)	71,000		2,910,290
NetApp, Inc. (a)	23,000		622,150
Norfolk Southern Corp.	62,000		2,890,440
Occidental Petroleum Corp.	215,000		16,314,200
Oil States International, Inc. (a)	37,000		1,274,280
Owens-Illinois, Inc. (a)	30,000		956,400
Common Stocks - continued
	Shares		Value
United States of America - continued
Peabody Energy Corp.	14,000		$ 554,260
Philip Morris International, Inc.	97,000		4,593,920
PMC-Sierra, Inc. (a)	58,000		494,160
Polaris Industries, Inc.	51,000		2,145,570
Polo Ralph Lauren Corp. Class A	5,000		372,100
Precision Castparts Corp.	58,000		5,540,740
Pride International, Inc. (a)	62,000		1,832,720
Range Resources Corp.	29,000		1,451,450
Red Hat, Inc. (a)	41,000		1,058,210
Regal-Beloit Corp.	37,200		1,743,936
Republic Services, Inc.	7,000		181,370
Rockwell Automation, Inc.	6,000		245,700
Ross Stores, Inc.	93,306		4,106,397
Schweitzer-Mauduit International, Inc.	20,000		1,033,000
Smith International, Inc.	118,000		3,272,140
Solera Holdings, Inc.	61,000		1,965,420
Southwestern Energy Co. (a)	40,000		1,743,200
Starbucks Corp. (a)	48,000		911,040
Starwood Hotels & Resorts Worldwide, Inc.	44,000		1,278,640
SVB Financial Group (a)	5,000		206,250
Taleo Corp. Class A (a)	13,000		282,620
Targacept, Inc. (a)	13,000		243,750
Teradyne, Inc. (a)	493,000		4,126,410
TETRA Technologies, Inc. (a)	61,000		577,060
The Coca-Cola Co.	70,600		3,763,686
The Walt Disney Co.	147,000		4,023,390
TIBCO Software, Inc. (a)	7,000		61,250
TJX Companies, Inc.	210,000		7,843,500
U.S. Bancorp, Delaware	36,300		842,886
Union Pacific Corp.	394,500		21,752,732
United Therapeutics Corp. (a)	26,000		1,106,040
Unum Group	8,000		159,600
Verisk Analytics, Inc.	11,300		309,959
VF Corp.	11,000		781,440
Viacom, Inc. Class B (non-vtg.) (a)	204,700		5,647,673
Visa, Inc. Class A	50,700		3,841,032
Walgreen Co.	216,000		8,171,280
WD-40 Co.	7,000		220,430
WebMD Health Corp. Class A (a)	58,660		1,997,960
Wilmington Trust Corp., Delaware	174,000		2,096,700
WMS Industries, Inc. (a)	138,000		5,517,240
Wyndham Worldwide Corp.	95,370		1,626,059
TOTAL UNITED STATES OF AMERICA			397,132,846
TOTAL COMMON STOCKS (Cost $866,460,997)		950,195,472
Nonconvertible Preferred Stocks - 0.3%
	Shares		Value
Italy - 0.3%
Intesa Sanpaolo SpA (Cost $2,966,215)	809,900		$ 2,651,774

Convertible Bonds - 0.4%
	Principal Amount
Bermuda - 0.2%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	$ 890,000		1,653,264
United States of America - 0.2%
Hertz Global Holdings, Inc. 5.25% 6/1/14	1,340,000		1,830,758
Micron Technology, Inc. 4.25% 10/15/13	320,000		486,000
TOTAL UNITED STATES OF AMERICA			2,316,758
TOTAL CONVERTIBLE BONDS (Cost $2,713,213)		3,970,022

Money Market Funds - 1.9%
	Shares
Fidelity Cash Central Fund, 0.20% (d)	14,197,415		14,197,415
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	4,452,550		4,452,550
TOTAL MONEY MARKET FUNDS (Cost $18,649,965)		18,649,965
TOTAL INVESTMENT PORTFOLIO - 98.1% (Cost $890,790,390)			975,467,233
NET OTHER ASSETS - 1.9%			18,829,722
NET ASSETS - 100%		$ 994,296,955

Legend

(a) Non-income producing

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

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

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 284,883
Fidelity Securities Lending Cash Central Fund	182,875
Total	$ 467,758

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 397,132,846	$ 397,132,846	$ -	$ -
United Kingdom	116,587,924	70,646,325	45,941,599	-
Japan	82,363,296	-	82,363,296	-
France	47,433,674	33,942,329	13,491,345	-
Germany	43,498,076	33,868,684	9,629,392	-
Switzerland	39,485,202	33,955,184	5,530,018	-
Netherlands	24,461,031	13,826,534	10,634,497	-
Australia	20,046,117	-	20,046,117	-
China	17,637,943	8,349,282	9,288,661	-
Other	164,201,137	105,780,980	58,420,157	-
Corporate Bonds	3,970,022	-	3,970,022	-
Money Market Funds	18,649,965	18,649,965	-	-
Total Investments in Securities	$ 975,467,233	$ 716,152,129	$ 259,315,104	$ -

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

Investments in Securities:
Beginning Balance	$ 336,547
Total Realized Gain (Loss)	(1,382,609)
Total Unrealized Gain (Loss)	1,180,463
Cost of Purchases	-
Proceeds of Sales	(134,401)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $258,557,473 of which $115,120,141 and $143,437,332 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Worldwide

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $4,135,025) - See accompanying schedule: Unaffiliated issuers (cost $872,140,425)	$ 956,817,268
Fidelity Central Funds (cost $18,649,965)	18,649,965
Total Investments (cost $890,790,390)		$ 975,467,233
Foreign currency held at value (cost $4)		4
Receivable for investments sold		50,934,030
Receivable for fund shares sold		839,931
Dividends receivable		1,362,376
Interest receivable		32,134
Distributions receivable from Fidelity Central Funds		4,964
Prepaid expenses		6,047
Other receivables		171,636
Total assets		1,028,818,355
Liabilities
Payable to custodian bank	$ 1,044,328
Payable for investments purchased	27,106,313
Payable for fund shares redeemed	712,533
Accrued management fee	741,957
Distribution fees payable	828
Other affiliated payables	301,708
Other payables and accrued expenses	161,183
Collateral on securities loaned, at value	4,452,550
Total liabilities		34,521,400
Net Assets		$ 994,296,955
Net Assets consist of:
Paid in capital		$ 1,180,525,164
Undistributed net investment income		5,696,383
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(276,596,321)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		84,671,729
Net Assets		$ 994,296,955

Statement of Assets and Liabilities - continued

	October 31, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($992,570 ÷ 66,349 shares)		$ 14.96
Maximum offering price per share (100/94.25 of $14.96)		$ 15.87
Class T: Net Asset Value and redemption price per share ($457,977 ÷ 30,659 shares)		$ 14.94
Maximum offering price per share (100/96.50 of $14.94)		$ 15.48
Class B: Net Asset Value and offering price per share ($224,477 ÷ 15,079 shares)A		$ 14.89
Class C: Net Asset Value and offering price per share ($335,417 ÷ 22,530 shares)A		$ 14.89
Worldwide: Net Asset Value, offering price and redemption price per share ($991,996,036 ÷ 66,211,078 shares)		$ 14.98
Institutional Class: Net Asset Value, offering price and redemption price per share ($290,478 ÷ 19,369 shares)		$ 15.00

^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.

Annual Report

Worldwide
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 19,268,128
Interest		108,728
Income from Fidelity Central Funds		467,758
		19,844,614
Less foreign taxes withheld		(891,234)
Total income		18,953,380
Expenses
Management fee Basic fee	$ 6,270,401
Performance adjustment	1,382,658
Transfer agent fees	2,723,416
Distribution fees	3,837
Accounting and security lending fees	417,317
Custodian fees and expenses	191,487
Independent trustees' compensation	6,324
Registration fees	98,295
Audit	79,340
Legal	4,579
Miscellaneous	20,031
Total expenses before reductions	11,197,685
Expense reductions	(319,354)	10,878,331
Net investment income (loss)		8,075,049
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $64,613)	(130,979,988)
Foreign currency transactions	(506,161)
Futures contracts	1,233,316
Total net realized gain (loss)		(130,252,833)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $51,652)	233,637,400
Assets and liabilities in foreign currencies	54,443
Total change in net unrealized appreciation (depreciation)		233,691,843
Net gain (loss)		103,439,010
Net increase (decrease) in net assets resulting from operations		$ 111,514,059

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 8,075,049	$ 12,367,196
Net realized gain (loss)	(130,252,833)	(143,763,130)
Change in net unrealized appreciation (depreciation)	233,691,843	(564,532,626)
Net increase (decrease) in net assets resulting from operations	111,514,059	(695,928,560)
Distributions to shareholders from net investment income	(11,746,083)	(8,541,065)
Distributions to shareholders from net realized gain	-	(169,398,247)
Total distributions	(11,746,083)	(177,939,312)
Share transactions - net increase (decrease)	(40,383,349)	35,066,852
Redemption fees	26,981	83,803
Total increase (decrease) in net assets	59,411,608	(838,717,217)
Net Assets
Beginning of period	934,885,347	1,773,602,564
End of period (including undistributed net investment income of $5,696,383 and undistributed net investment income of $10,091,805, respectively)	$ 994,296,955	$ 934,885,347

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

Annual Report

Financial Highlights - Class A

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) E	(.01)
Net realized and unrealized gain (loss)	4.09
Total from investment operations	4.08
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.96
Total Return B, C, D	37.50%
Ratios to Average Net Assets F, I
Expenses before reductions	1.52% A
Expenses net of fee waivers, if any	1.52% A
Expenses net of all reductions	1.49% A
Net investment income (loss)	(.06)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 993
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Financial Highlights - Class T

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.01)
Net realized and unrealized gain (loss)	4.07
Total from investment operations	4.06
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.94
Total ReturnB, C, D	37.32%
Ratios to Average Net AssetsF, I
Expenses before reductions	1.73% A
Expenses net of fee waivers, if any	1.73% A
Expenses net of all reductions	1.70% A
Net investment income (loss)	(.08)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 458
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class B

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.03)
Net realized and unrealized gain (loss)	4.04
Total from investment operations	4.01
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.89
Total Return B, C, D	36.86%
Ratios to Average Net Assets F, I
Expenses before reductions	2.20% A
Expenses net of fee waivers, if any	2.20%A
Expenses net of all reductions	2.17%A
Net investment income (loss)	(.30)%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 224
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Financial Highlights - Class C

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.04)
Net realized and unrealized gain (loss)	4.05
Total from investment operations	4.01
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.89
Total Return B, C, D	36.86%
Ratios to Average Net Assets F, I
Expenses before reductions	2.18% A
Expenses net of fee waivers, if any	2.18% A
Expenses net of all reductions	2.15% A
Net investment income (loss)	(.39)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 335
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Worldwide

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72
Income from Investment Operations
Net investment income (loss) B	.12	.16	.14	.17	.15 E
Net realized and unrealized gain (loss)	1.63	(9.44)	6.05	3.74	2.30
Total from investment operations	1.75	(9.28)	6.19	3.91	2.45
Distributions from net investment income	(.17)	(.12)	(.17)	(.10)	(.10)
Distributions from net realized gain	-	(2.38)	(2.66)	(1.04)	(.02)
Total distributions	(.17)	(2.50)	(2.83)	(1.14)	(.12)
Redemption fees added to paid in capital B, G	-	-	-	-	-
Net asset value, end of period	$ 14.98	$ 13.40	$ 25.18	$ 21.82	$ 19.05
Total Return A	13.39%	(40.66)%	31.87%	21.31%	14.71%
Ratios to Average Net Assets C, F
Expenses before reductions	1.27%	1.21%	1.04%	1.08%	1.07%
Expenses net of fee waivers, if any	1.27%	1.21%	1.04%	1.08%	1.07%
Expenses net of all reductions	1.24%	1.19%	1.02%	1.02%	1.01%
Net investment income (loss)	.92%	.84%	.66%	.85%	.82% E
Supplemental Data
Net assets, end of period (000 omitted)	$ 991,996	$ 934,885	$ 1,773,603	$ 1,328,219	$ 1,181,044
Portfolio turnover rate D	224%	264%	128%	205%	93%

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

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

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

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

^E Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .60%.

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

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

Financial Highlights - Institutional Class

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)D	.06
Net realized and unrealized gain (loss)	4.06
Total from investment operations	4.12
Redemption fees added to paid in capital D, I	-
Net asset value, end of period	$ 15.00
Total Return B, C	37.87%
Ratios to Average Net AssetsE, H
Expenses before reductions	1.17% A
Expenses net of fee waivers, if any	1.17% A
Expenses net of all reductions	1.15% A
Net investment income (loss)	.62% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 290
Portfolio turnover rate F	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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 B, Class C, Worldwide and Institutional Class 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 commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Worldwide on February 19, 2009. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

Notes to Financial Statements - continued

2. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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	$ 125,205,472
Gross unrealized depreciation	(59,513,558)
Net unrealized appreciation (depreciation)	$ 65,691,914
Tax Cost	$ 909,775,319

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

Undistributed ordinary income	$ 6,642,765
Capital loss carryforward	$ (258,557,473)
Net unrealized appreciation (depreciation)	$ 65,738,452

Annual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 11,746,083	$ 54,093,535
Long-term Capital Gains	-	123,845,777
Total	$ 11,746,083	$ 177,939,312

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

4. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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. While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 1,233,316	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 1,233,316	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $1,233,316 for futures contracts.

Annual Report

Notes to Financial Statements - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $1,908,142,781 and $1,936,522,727, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Worldwide as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .87% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 662	$ 232
Class T	.25%	.25%	758	420
Class B	.75%	.25%	1,106	1,042
Class C	.75%	.25%	1,311	1,056
			$ 3,837	$ 2,750

Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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	$ 1,937
Class T	132
	$ 2,069

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

	Amount	% of Average Net Assets
Class A	$ 845	.31*
Class T	435	.28*
Class B	286	.25*
Class C	324	.24*
Worldwide	2,721,292	.31
Institutional Class	234	.21*
	$ 2,723,416

* Annualized

Annual Report

6. Fees and Other Transactions with Affiliates - continued

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $60,950 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $4,580 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $182,875.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Worldwide's operating expenses. During the period, this reimbursement reduced the class' expenses by $63,875.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $255,064 for the period In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $415.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Worldwide	$ 11,746,083	$ 8,541,065
From net realized gain
Worldwide	$ -	$ 169,398,247

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009A	2008	2009A	2008
Class A
Shares sold	68,262	-	$ 954,848	$ -
Shares redeemed	(1,913)	-	(30,621)	-
Net increase (decrease)	66,349	-	$ 924,227	$ -

Annual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2009A	2008	2009A	2008
Class T
Shares sold	31,350	-	$ 413,190	$ -
Shares redeemed	(691)	-	(10,728)	-
Net increase (decrease)	30,659	-	$ 402,462	$ -
Class B
Shares sold	16,229	-	$ 199,531	$ -
Shares redeemed	(1,150)	-	(18,389)	-
Net increase (decrease)	15,079	-	$ 181,142	$ -
Class C
Shares sold	23,542	-	$ 304,403	$ -
Shares redeemed	(1,012)	-	(14,575)	-
Net increase (decrease)	22,530	-	$ 289,828	$ -
Worldwide
Shares sold	9,823,250	15,425,394	$ 126,506,866	$ 303,265,276
Reinvestment of distributions	959,833	7,926,720	11,413,258	172,247,752
Shares redeemed	(14,319,175)	(24,051,522)	(180,350,310)	(440,446,176)
Net increase (decrease)	(3,536,092)	(699,408)	$ (42,430,186)	$ 35,066,852
Institutional Class
Shares sold	19,375	-	$ 249,261	$ -
Shares redeemed	(6)	-	(83)	-
Net increase (decrease)	19,369	-	$ 249,178	$ -

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

12. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Worldwide Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Worldwide Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

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

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

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

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006- present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Class A	12/07/09	12/04/09	$0.0990	$0.0150
Class T	12/07/09	12/04/09	$0.0700	$0.0150
Class B	12/07/09	12/04/09	$0.0000	$0.0130
Class C	12/07/09	12/04/09	$0.0280	$0.0150

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Worldwide Fund

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

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

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

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

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (The fund did not offer Advisor classes as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Fidelity Worldwide Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the second quartile for all the periods shown. The Board also stated that the investment performance of the fund compared favorably to its benchmark for all the periods shown.

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

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of the fund through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

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

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

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

Fidelity Worldwide Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

In connection with the renewal of the fund's management contract, the Board also approved non-material amendments to the fund's management contract to clarify certain provisions regarding the calculation of the fund's performance adjustment.

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

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

The Board noted that the fund's total expenses ranked below its competitive median for 2008.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

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

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

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

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

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

AWLD-UANN-1209
1.883445.100

(Fidelity Investment logo)(registered trademark)

Fidelity Advisor
Worldwide Fund
Institutional Class

Annual Report

October 31, 2009

Institutional Class is a class of
Fidelity® Worldwide Fund

(2_fidelity_logos) (Registered_Trademark)

Contents

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

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Institutional Class A	13.54%	4.33%	3.44%

^A The initial offering of Institutional Class took place on February 19, 2009. Returns prior to February 19, 2009 are those of Worldwide, the original class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Worldwide Fund - Institutional Class, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI® World Index performed over the same period. The initial offering of Institutional Class took place on February 19, 2009. See above for additional information regarding the performance of Institutional Class.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from William Kennedy, Lead Portfolio Manager of Fidelity Advisor Worldwide Fund and manager of its non-U.S. equity investments, and from Stephen DuFour, Co-Portfolio Manager responsible for the fund's U.S. equity subportfolio: For the 12 months ending October 31, 2009, the fund's Advisor Class shares lagged the 18.94% return of the MSCI World Index. (For specific class-level returns, please see the performance section of this report.) The fund's focus on higher-quality stocks hindered performance as lower-quality, higher-risk stocks led the market rally that began last March. Stock selection in financials did the most damage versus the index, followed by underweightings and disappointing stock picks in industrials and energy. On a geographic basis, the fund had weak security selection in Europe, Japan, Australia and the United States. The biggest individual detractors included Union Pacific, a West Coast railroad pressured by declining railroad volumes, and Well Fargo, a West Coast bank hurt by higher-than-anticipated mortgage losses. Overseas disappointments included investment bank Nomura Holdings, a high-quality Japanese financial that lagged lower-quality European financials in the spring rally. The fund benefited from strong stock picking in China and Brazil, which are not in the index, as well as in the telecommunication services and materials sectors. Top contributors included Temple-Inland, a U.S. boxboard and building products company that climbed nicely. Wells Fargo and Temple-Inland were no longer in the portfolio at period end. On the international side, not owning German car maker and index component Volkswagen proved helpful, as the stock plunged.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Worldwide

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.55%
Actual		$ 1,000.00	$ 1,221.20	$ 8.68
HypotheticalA		$ 1,000.00	$ 1,017.39	$ 7.88
Class T	1.77%
Actual		$ 1,000.00	$ 1,219.60	$ 9.90
HypotheticalA		$ 1,000.00	$ 1,016.28	$ 9.00
Class B	2.24%
Actual		$ 1,000.00	$ 1,216.50	$ 12.51
HypotheticalA		$ 1,000.00	$ 1,013.91	$ 11.37
Class C	2.22%
Actual		$ 1,000.00	$ 1,216.50	$ 12.40
HypotheticalA		$ 1,000.00	$ 1,014.01	$ 11.27
Worldwide	1.26%
Actual		$ 1,000.00	$ 1,221.90	$ 7.06
HypotheticalA		$ 1,000.00	$ 1,018.85	$ 6.41
Institutional Class	1.19%
Actual		$ 1,000.00	$ 1,223.50	$ 6.67
HypotheticalA		$ 1,000.00	$ 1,019.21	$ 6.06

^A 5% return per year before expenses

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

Annual Report

Worldwide

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United States of America	43.9%
	United Kingdom	11.7%
	Japan	8.3%
	France	4.8%
	Germany	4.4%
	Switzerland	4.0%
	Netherlands	2.5%
	Australia	2.0%
	China	1.8%
	Other	16.6%

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

As of April 30, 2009
	United States of America	47.8%
	Japan	11.2%
	United Kingdom	10.3%
	Germany	5.3%
	France	5.2%
	Switzerland	5.1%
	Australia	1.7%
	Netherlands	1.4%
	China	1.3%
	Other	10.7%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	95.8	97.8
Bonds	0.4	0.7
Short-Term Investments and Net Other Assets	3.8	1.5
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Union Pacific Corp. (United States of America, Road & Rail)	2.2	2.2
Google, Inc. Class A (United States of America, Internet Software & Services)	2.1	2.3
Apple, Inc. (United States of America, Computers & Peripherals)	2.0	2.0
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	1.6	0.9
Occidental Petroleum Corp. (United States of America, Oil, Gas & Consumable Fuels)	1.6	0.1
JPMorgan Chase & Co. (United States of America, Diversified Financial Services)	1.6	2.1
CSX Corp. (United States of America, Road & Rail)	1.4	0.0
Express Scripts, Inc. (United States of America, Health Care Providers & Services)	1.3	1.2
American Express Co. (United States of America, Consumer Finance)	1.3	0.1
Cisco Systems, Inc. (United States of America, Communications Equipment)	1.2	1.2
	16.3
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	19.8	19.7
Information Technology	17.3	19.7
Industrials	13.3	9.4
Consumer Discretionary	11.6	12.0
Energy	9.3	8.2
Health Care	8.5	8.7
Materials	7.7	7.8
Consumer Staples	5.1	5.8
Telecommunication Services	2.8	4.7
Utilities	0.8	0.9

Annual Report

Worldwide

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 95.5%
	Shares		Value
Australia - 2.0%
Billabong International Ltd.	125,750		$ 1,163,139
BlueScope Steel Ltd.	633,651		1,678,718
Commonwealth Bank of Australia	91,076		4,207,365
Goodman Group unit	1,060,044		568,217
Macquarie Group Ltd.	52,724		2,308,325
National Australia Bank Ltd.	114,703		3,029,642
Newcrest Mining Ltd.	97,396		2,798,694
QBE Insurance Group Ltd.	67,910		1,367,174
Wesfarmers Ltd.	61,452		1,532,922
Westfield Group unit	128,519		1,391,921
TOTAL AUSTRALIA			20,046,117
Bailiwick of Jersey - 0.5%
Experian PLC	158,300		1,452,824
Informa PLC	723,000		3,480,347
TOTAL BAILIWICK OF JERSEY			4,933,171
Belgium - 0.6%
Anheuser-Busch InBev SA NV	133,004		6,264,084
Bermuda - 0.5%
Aquarius Platinum Ltd. (United Kingdom)	81,666		349,545
Huabao International Holdings Ltd.	1,060,000		1,011,113
Marvell Technology Group Ltd. (a)	56,000		768,320
Ports Design Ltd.	200,500		540,339
Seadrill Ltd. (a)	100,300		2,094,948
Xyratex Ltd. (a)	46,000		480,700
TOTAL BERMUDA			5,244,965
Brazil - 1.0%
BM&F BOVESPA SA	170,798		1,100,703
Itau Unibanco Banco Multiplo SA ADR	74,140		1,419,040
Petroleo Brasileiro SA - Petrobras sponsored ADR	53,000		2,449,660
Vivo Participacoes SA sponsored ADR	170,425		4,132,806
Votorantim Celulose e Papel SA sponsored ADR (a)	84,539		1,161,566
TOTAL BRAZIL			10,263,775
British Virgin Islands - 0.1%
Playtech Ltd.	200,359		1,183,395
Canada - 1.1%
Keyera Facilities Income Fund	45,000		824,491
Niko Resources Ltd.	26,700		2,159,967
Open Text Corp. (a)	91,100		3,398,846
PetroBakken Energy Ltd. Class A	89,502		2,580,461
Petrobank Energy & Resources Ltd. (a)	46,800		2,046,001
TOTAL CANADA			11,009,766
Cayman Islands - 0.3%
BaWang International (Group) Holding Ltd.	1,408,000		572,148
Belle International Holdings Ltd.	533,000		538,144
China Dongxiang Group Co. Ltd.	1,336,000		816,300
	Shares		Value
China High Speed Transmission Equipment Group Co. Ltd.	32,000		$ 64,177
Hengdeli Holdings Ltd.	2,160,000		703,329
TOTAL CAYMAN ISLANDS			2,694,098
Chile - 0.0%
Embotelladora Andina SA sponsored ADR	23,000		419,750
China - 1.8%
Baidu.com, Inc. sponsored ADR (a)	20,100		7,596,192
BYD Co. Ltd. (H Shares) (a)	257,500		2,357,546
NetEase.com, Inc. sponsored ADR (a)	19,500		753,090
Tencent Holdings Ltd.	209,400		3,646,289
ZTE Corp. (H Shares)	592,784		3,284,826
TOTAL CHINA			17,637,943
Cyprus - 0.0%
Aisi Realty Public Ltd. (a)	1,232,268		70,810
Denmark - 1.0%
Novo Nordisk AS Series B	61,146		3,808,175
Vestas Wind Systems AS (a)	28,002		1,984,799
William Demant Holding AS (a)	51,100		3,652,309
TOTAL DENMARK			9,445,283
Finland - 0.2%
Nokian Tyres PLC	68,200		1,459,230
France - 4.8%
Accor SA	26,560		1,277,082
Air France KLM (Reg.) (a)	145,500		2,239,596
Alstom SA	28,675		1,996,959
Atos Origin SA (a)	26,644		1,252,303
AXA SA	158,437		3,940,089
BNP Paribas SA	69,124		5,233,464
Cap Gemini SA	37,200		1,730,384
Credit Agricole SA	55,600		1,072,227
Danone	34,996		2,109,115
Iliad Group SA	27,158		2,945,373
LVMH Moet Hennessy - Louis Vuitton	14,519		1,509,468
Orpea	32,200		1,454,686
Pernod Ricard SA	20,700		1,729,885
PPR SA	18,950		2,073,593
Sanofi-Aventis	46,582		3,414,330
Schneider Electric SA	41,317		4,317,410
Societe Generale Series A	19,378		1,581,592
Total SA Series B	102,562		6,136,926
Unibail-Rodamco	6,389		1,419,192
TOTAL FRANCE			47,433,674
Germany - 4.4%
Aixtron AG	135,700		4,067,672
BASF AG	39,844		2,140,084
Bayerische Motoren Werke AG (BMW)	57,542		2,819,285
Beiersdorf AG	32,240		1,987,852
Daimler AG (Reg.)	53,918		2,600,465
Common Stocks - continued
	Shares		Value
Germany - continued
Deutsche Bank AG	22,004		$ 1,576,146
Deutsche Boerse AG	36,623		2,970,559
Deutsche Post AG	58,109		982,941
E.ON AG	180,785		6,940,831
GEA Group AG	113,972		2,151,790
HeidelbergCement AG	52,766		3,162,595
MAN SE	39,453		3,250,034
Metro AG	13,600		755,694
Munich Re Group (Reg.)	9,825		1,556,257
SGL Carbon AG (a)	28,200		1,083,090
Siemens AG (Reg.)	60,573		5,452,781
TOTAL GERMANY			43,498,076
Greece - 0.5%
EFG Eurobank Ergasias SA	127,400		2,043,483
Hellenic Telecommunications Organization SA	74,802		1,265,861
National Bank of Greece SA (a)	56,200		2,091,511
TOTAL GREECE			5,400,855
Hong Kong - 0.9%
BYD Electronic International Co. Ltd. (a)	1,139,500		1,062,359
Cheung Kong Holdings Ltd.	167,000		2,119,501
Sinotruk Hong Kong Ltd.	1,059,000		1,259,242
Sun Hung Kai Properties Ltd.	147,000		2,227,182
Techtronic Industries Co. Ltd.	2,307,500		1,853,653
TOTAL HONG KONG			8,521,937
India - 0.4%
Indiabulls Real Estate Ltd. (a)	299,879		1,570,026
Reliance Industries Ltd.	30,578		1,238,173
Tata Steel Ltd.	159,920		1,581,912
TOTAL INDIA			4,390,111
Ireland - 1.6%
Covidien PLC	56,000		2,358,720
CRH PLC	83,323		2,036,618
Ingersoll-Rand Co. Ltd.	290,800		9,186,372
Paddy Power PLC (Ireland)	79,400		2,544,799
TOTAL IRELAND			16,126,509
Israel - 0.6%
Teva Pharmaceutical Industries Ltd. sponsored ADR	119,800		6,047,504
Italy - 0.6%
Fiat SpA (a)	293,400		4,386,608
Intesa Sanpaolo SpA	304,069		1,286,427
TOTAL ITALY			5,673,035
Japan - 8.3%
Asics Corp.	110,000		980,582
Canon, Inc.	104,950		3,957,134
Denso Corp.	89,300		2,440,102
	Shares		Value
Don Quijote Co. Ltd.	29,700		$ 793,767
Fanuc Ltd.	11,700		971,870
Goldcrest Co. Ltd.	23,480		712,773
Honda Motor Co. Ltd.	89,600		2,767,601
Japan Tobacco, Inc.	481		1,349,523
JSR Corp.	126,300		2,463,415
JTEKT Corp.	317,500		3,354,212
Keyence Corp.	9,500		1,886,088
Kirin Holdings Co. Ltd.	158,000		2,579,191
Mazda Motor Corp.	542,000		1,223,288
Misumi Group, Inc.	28,800		491,534
Mitsubishi Corp.	89,300		1,893,297
Mitsubishi UFJ Financial Group, Inc.	806,500		4,295,983
Mitsui & Co. Ltd.	197,500		2,593,902
Mitsui Sumitomo Insurance Group Holdings, Inc.	31,400		730,971
NHK Spring Co. Ltd.	68,000		530,972
Nichi-iko Pharmaceutical Co. Ltd.	33,000		981,712
Nitori Co. Ltd.	5,400		439,181
Nomura Holdings, Inc.	81,800		576,577
NSK Ltd.	271,000		1,574,533
Omron Corp.	207,900		3,500,980
ORIX Corp.	59,420		3,838,438
Rakuten, Inc.	3,995		2,736,133
Ricoh Co. Ltd.	193,000		2,623,062
Sawai Pharmaceutical Co. Ltd.	9,100		517,526
Shin-Etsu Chemical Co., Ltd.	61,800		3,277,516
SMC Corp.	10,700		1,222,057
Softbank Corp.	155,300		3,659,670
Sumco Corp.	112,200		2,141,272
Sumitomo Mitsui Financial Group, Inc.	63,100		2,144,896
Takashimaya Co. Ltd.	73,000		492,231
THK Co. Ltd.	95,800		1,655,498
Tokio Marine Holdings, Inc.	99,900		2,554,623
Tokyo Electron Ltd.	75,700		4,258,847
Toshiba Corp.	527,000		3,012,154
Toyota Motor Corp.	130,200		5,140,185
TOTAL JAPAN			82,363,296
Korea (South) - 1.0%
KB Financial Group, Inc. (a)	28,620		1,371,573
Kia Motors Corp. (a)	99,330		1,469,993
Lotte Shopping Co. Ltd.	468		131,693
MegaStudy Co. Ltd.	1,007		208,650
NHN Corp. (a)	11,388		1,673,458
Samsung Electronics Co. Ltd.	5,005		3,000,634
Shinhan Financial Group Co. Ltd. (a)	58,350		2,205,739
TOTAL KOREA (SOUTH)			10,061,740
Luxembourg - 0.6%
ArcelorMittal SA (NY Shares) Class A (c)	93,400		3,177,468
Common Stocks - continued
	Shares		Value
Luxembourg - continued
Millicom International Cellular SA (a)	15,000		$ 939,900
Tenaris SA	106,600		1,905,937
TOTAL LUXEMBOURG			6,023,305
Netherlands - 2.5%
Akzo Nobel NV	24,374		1,444,745
ASML Holding NV:
(Netherlands)	116,900		3,152,280
(NY Shares)	38,000		1,023,720
Gemalto NV (a)	46,834		1,976,929
ING Groep NV (Certificaten Van Aandelen) unit (a)	149,900		1,950,612
James Hardie Industries NV unit (a)	321,192		2,035,022
Koninklijke Philips Electronics NV	139,200		3,496,583
QIAGEN NV (a)	114,000		2,374,620
Randstad Holdings NV (a)	111,976		4,267,758
Royal DSM NV	54,494		2,392,889
TNT NV	13,000		345,873
TOTAL NETHERLANDS			24,461,031
Netherlands Antilles - 0.3%
Schlumberger Ltd.	52,800		3,284,160
Nigeria - 0.0%
Guaranty Trust Bank PLC GDR (Reg. S)	7,300		45,260
Norway - 0.3%
DnB NOR ASA (a)	144,000		1,658,511
Pronova BioPharma ASA (a)	296,200		920,759
Sevan Marine ASA (a)	370,000		600,286
TOTAL NORWAY			3,179,556
Russia - 0.1%
Lukoil Oil Co. sponsored ADR	21,500		1,230,015
Singapore - 0.3%
Avago Technologies Ltd.	20,000		300,000
CapitaLand Ltd.	417,000		1,208,950
Keppel Corp. Ltd.	234,000		1,344,484
TOTAL SINGAPORE			2,853,434
South Africa - 0.7%
AngloGold Ashanti Ltd. sponsored ADR	26,800		1,006,072
MTN Group Ltd.	283,500		4,263,840
Naspers Ltd. Class N	38,100		1,387,157
TOTAL SOUTH AFRICA			6,657,069
Spain - 1.7%
Banco Bilbao Vizcaya Argentaria SA	151,412		2,706,309
Banco Santander SA	246,663		3,969,097
NH Hoteles SA (a)	79,900		419,161
Telefonica SA	353,227		9,863,729
TOTAL SPAIN			16,958,296
Sweden - 0.5%
Elekta AB (B Shares)	137,600		2,593,442
	Shares		Value
H&M Hennes & Mauritz AB (B Shares)	25,441		$ 1,445,000
Intrum Justitia AB	57,100		703,564
TOTAL SWEDEN			4,742,006
Switzerland - 4.0%
Actelion Ltd. (Reg.) (a)	61,362		3,387,737
Adecco SA (Reg.)	27,733		1,243,269
BB BIOTECH AG	19,114		1,310,467
Nestle SA (Reg.)	176,475		8,224,378
Nobel Biocare Holding AG (Switzerland)	56,850		1,617,796
Noble Corp.	37,000		1,507,380
Partners Group Holding	9,538		1,172,149
Roche Holding AG (participation certificate)	37,228		5,975,491
Sonova Holding AG	38,448		3,964,329
Swiss Reinsurance Co. (Reg.)	48,328		1,979,088
Syngenta AG (Switzerland)	2,100		497,144
UBS AG (For. Reg.) (a)	301,885		5,032,874
Zurich Financial Services AG (Reg.)	15,542		3,573,100
TOTAL SWITZERLAND			39,485,202
Taiwan - 0.6%
Hon Hai Precision Industry Co. Ltd. (Foxconn)	310,350		1,211,045
MediaTek, Inc.	165,000		2,300,708
Taiwan Semiconductor Manufacturing Co. Ltd.	764,624		1,381,843
Wintek Corp. (a)	1,719,000		1,140,450
TOTAL TAIWAN			6,034,046
Thailand - 0.1%
Bangkok Bank Ltd. PCL (For. Reg.)	396,900		1,332,198
United Kingdom - 11.7%
Aberdeen Asset Management PLC	922,509		2,002,269
Aegis Group PLC	435,400		786,324
Anglo American PLC (United Kingdom) (a)	74,318		2,702,639
Babcock International Group PLC	145,600		1,449,814
Barclays PLC	1,130,288		5,925,900
Barclays PLC Sponsored ADR	157,000		3,281,300
BG Group PLC	267,888		4,640,085
BG Group PLC sponsored ADR	11,900		1,028,874
BHP Billiton PLC	278,765		7,521,911
Bovis Homes Group PLC	62,800		424,690
BP PLC	1,103,700		10,345,408
British American Tobacco PLC sponsored ADR	13,000		834,990
British Land Co. PLC	123,960		961,010
Carphone Warehouse Group PLC	913,058		2,759,767
Cookson Group PLC	126,670		759,287
Debenhams PLC	809,910		1,035,844
Hays PLC	468,790		753,497
HSBC Holdings PLC:
(Hong Kong) (Reg.)	74,645		824,308
(United Kingdom) (Reg.)	1,213,942		13,418,670
Common Stocks - continued
	Shares		Value
United Kingdom - continued
HSBC Holdings PLC: - continued
sponsored ADR	57,000		$ 3,157,230
IG Group Holdings PLC	288,329		1,428,656
Inchcape PLC (a)	1,615,900		778,651
InterContinental Hotel Group PLC	115,278		1,485,718
International Personal Finance PLC	517,515		1,744,344
Johnson Matthey PLC	56,210		1,303,072
Kesa Electricals PLC	352,300		768,702
Lloyds TSB Group PLC	153,100		218,758
Man Group PLC	703,767		3,581,878
Misys PLC	423,200		1,438,951
Mothercare PLC	23,700		224,125
National Grid PLC	98,300		978,824
Prudential PLC	218,655		1,997,767
Reckitt Benckiser Group PLC	88,541		4,411,877
Rio Tinto PLC (Reg.)	156,940		6,940,609
Royal Dutch Shell PLC Class B	294,707		8,486,704
Segro PLC	225,300		1,305,738
Serco Group PLC	291,556		2,419,710
SSL International PLC	264,504		2,755,397
Standard Chartered PLC (United Kingdom)	145,336		3,580,383
Taylor Wimpey PLC (a)	2,421,144		1,471,558
The Game Group PLC	180,900		440,156
Vodafone Group PLC sponsored ADR	51,112		1,134,175
Wolseley PLC (a)	78,760		1,600,835
Xstrata PLC	101,976		1,477,519
TOTAL UNITED KINGDOM			116,587,924
United States of America - 39.9%
3M Co.	27,000		1,986,390
Agilent Technologies, Inc.	82,000		2,028,680
Albemarle Corp.	32,000		1,010,560
Allscripts-Misys Healthcare Solutions, Inc.	13,000		253,500
Amazon.com, Inc. (a)	47,800		5,679,118
American Express Co.	373,000		12,995,320
Anadarko Petroleum Corp.	169,000		10,297,170
Apple, Inc. (a)	106,600		20,094,100
Applied Materials, Inc.	85,700		1,045,540
Applied Micro Circuits Corp. (a)	60,000		469,200
Ardea Biosciences, Inc. (a)	9,000		121,500
Arena Resources, Inc. (a)	13,000		484,380
Armstrong World Industries, Inc. (a)	80,000		2,980,000
AsiaInfo Holdings, Inc. (a)	27,400		604,444
Avon Products, Inc.	24,000		769,200
Ball Corp.	32,000		1,578,560
BioCryst Pharmaceuticals, Inc. (a)(c)	35,000		312,550
Blue Coat Systems, Inc. (a)	37,000		824,360
BMC Software, Inc. (a)	47,000		1,746,520
Bruker BioSciences Corp. (a)	92,000		997,280
C.H. Robinson Worldwide, Inc.	40,000		2,204,400
Cameron International Corp. (a)	4,000		147,880
	Shares		Value
CareFusion Corp. (a)	75,000		$ 1,677,750
Caterpillar, Inc.	33,000		1,816,980
Celanese Corp. Class A	403,560		11,077,722
Cerner Corp. (a)	21,000		1,596,840
Cisco Systems, Inc. (a)	527,000		12,041,950
Citrix Systems, Inc. (a)	204,000		7,499,040
CME Group, Inc.	11,300		3,419,493
Coach, Inc.	32,000		1,055,040
Comerica, Inc.	214,000		5,938,500
CONSOL Energy, Inc.	4,300		184,083
CSX Corp.	326,000		13,750,680
Cummins, Inc.	123,800		5,330,828
Dendreon Corp. (a)	65,000		1,642,550
Dow Chemical Co.	100,000		2,348,000
DSW, Inc. Class A (a)	146,000		2,803,200
eBay, Inc. (a)	151,000		3,362,770
ebix.com, Inc. (a)	10,000		616,000
Express Scripts, Inc. (a)	163,000		13,026,960
FedEx Corp.	24,000		1,744,560
Franklin Resources, Inc.	6,000		627,780
Freeport-McMoRan Copper & Gold, Inc.	24,600		1,804,656
G-III Apparel Group Ltd. (a)	51,000		816,510
Genworth Financial, Inc. Class A	65,000		690,300
Goldman Sachs Group, Inc.	41,000		6,976,970
Google, Inc. Class A (a)	38,200		20,479,784
Harley-Davidson, Inc.	99,000		2,467,080
Henry Schein, Inc. (a)	6,000		316,980
Hewlett-Packard Co.	214,000		10,156,440
ImmunoGen, Inc. (a)	45,523		304,549
Informatica Corp. (a)	56,000		1,188,880
Intel Corp.	81,000		1,547,910
iRobot Corp. (a)	73,000		976,010
J. Crew Group, Inc. (a)	19,000		774,820
Johnson Controls, Inc.	48,419		1,158,182
JPMorgan Chase & Co.	378,400		15,805,768
Kennametal, Inc.	33,000		777,480
King Pharmaceuticals, Inc. (a)	30,000		303,900
Lam Research Corp. (a)	98,000		3,304,560
Life Technologies Corp. (a)	186,000		8,773,620
Lubrizol Corp.	63,000		4,193,280
M&T Bank Corp. (c)	15,000		942,750
Mako Surgical Corp. (a)	79,700		721,285
Massey Energy Co.	10,000		290,900
McKesson Corp.	53,000		3,112,690
Medco Health Solutions, Inc. (a)	41,000		2,300,920
Micromet, Inc. (a)	100,000		511,000
Morgan Stanley	359,700		11,553,564
National Oilwell Varco, Inc. (a)	71,000		2,910,290
NetApp, Inc. (a)	23,000		622,150
Norfolk Southern Corp.	62,000		2,890,440
Occidental Petroleum Corp.	215,000		16,314,200
Oil States International, Inc. (a)	37,000		1,274,280
Owens-Illinois, Inc. (a)	30,000		956,400
Common Stocks - continued
	Shares		Value
United States of America - continued
Peabody Energy Corp.	14,000		$ 554,260
Philip Morris International, Inc.	97,000		4,593,920
PMC-Sierra, Inc. (a)	58,000		494,160
Polaris Industries, Inc.	51,000		2,145,570
Polo Ralph Lauren Corp. Class A	5,000		372,100
Precision Castparts Corp.	58,000		5,540,740
Pride International, Inc. (a)	62,000		1,832,720
Range Resources Corp.	29,000		1,451,450
Red Hat, Inc. (a)	41,000		1,058,210
Regal-Beloit Corp.	37,200		1,743,936
Republic Services, Inc.	7,000		181,370
Rockwell Automation, Inc.	6,000		245,700
Ross Stores, Inc.	93,306		4,106,397
Schweitzer-Mauduit International, Inc.	20,000		1,033,000
Smith International, Inc.	118,000		3,272,140
Solera Holdings, Inc.	61,000		1,965,420
Southwestern Energy Co. (a)	40,000		1,743,200
Starbucks Corp. (a)	48,000		911,040
Starwood Hotels & Resorts Worldwide, Inc.	44,000		1,278,640
SVB Financial Group (a)	5,000		206,250
Taleo Corp. Class A (a)	13,000		282,620
Targacept, Inc. (a)	13,000		243,750
Teradyne, Inc. (a)	493,000		4,126,410
TETRA Technologies, Inc. (a)	61,000		577,060
The Coca-Cola Co.	70,600		3,763,686
The Walt Disney Co.	147,000		4,023,390
TIBCO Software, Inc. (a)	7,000		61,250
TJX Companies, Inc.	210,000		7,843,500
U.S. Bancorp, Delaware	36,300		842,886
Union Pacific Corp.	394,500		21,752,732
United Therapeutics Corp. (a)	26,000		1,106,040
Unum Group	8,000		159,600
Verisk Analytics, Inc.	11,300		309,959
VF Corp.	11,000		781,440
Viacom, Inc. Class B (non-vtg.) (a)	204,700		5,647,673
Visa, Inc. Class A	50,700		3,841,032
Walgreen Co.	216,000		8,171,280
WD-40 Co.	7,000		220,430
WebMD Health Corp. Class A (a)	58,660		1,997,960
Wilmington Trust Corp., Delaware	174,000		2,096,700
WMS Industries, Inc. (a)	138,000		5,517,240
Wyndham Worldwide Corp.	95,370		1,626,059
TOTAL UNITED STATES OF AMERICA			397,132,846
TOTAL COMMON STOCKS (Cost $866,460,997)		950,195,472
Nonconvertible Preferred Stocks - 0.3%
	Shares		Value
Italy - 0.3%
Intesa Sanpaolo SpA (Cost $2,966,215)	809,900		$ 2,651,774

Convertible Bonds - 0.4%
	Principal Amount
Bermuda - 0.2%
Ingersoll-Rand Global Holding Co. Ltd. 4.5% 4/15/12	$ 890,000		1,653,264
United States of America - 0.2%
Hertz Global Holdings, Inc. 5.25% 6/1/14	1,340,000		1,830,758
Micron Technology, Inc. 4.25% 10/15/13	320,000		486,000
TOTAL UNITED STATES OF AMERICA			2,316,758
TOTAL CONVERTIBLE BONDS (Cost $2,713,213)		3,970,022

Money Market Funds - 1.9%
	Shares
Fidelity Cash Central Fund, 0.20% (d)	14,197,415		14,197,415
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	4,452,550		4,452,550
TOTAL MONEY MARKET FUNDS (Cost $18,649,965)		18,649,965
TOTAL INVESTMENT PORTFOLIO - 98.1% (Cost $890,790,390)			975,467,233
NET OTHER ASSETS - 1.9%			18,829,722
NET ASSETS - 100%		$ 994,296,955

Legend

(a) Non-income producing

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

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

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 284,883
Fidelity Securities Lending Cash Central Fund	182,875
Total	$ 467,758

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United States of America	$ 397,132,846	$ 397,132,846	$ -	$ -
United Kingdom	116,587,924	70,646,325	45,941,599	-
Japan	82,363,296	-	82,363,296	-
France	47,433,674	33,942,329	13,491,345	-
Germany	43,498,076	33,868,684	9,629,392	-
Switzerland	39,485,202	33,955,184	5,530,018	-
Netherlands	24,461,031	13,826,534	10,634,497	-
Australia	20,046,117	-	20,046,117	-
China	17,637,943	8,349,282	9,288,661	-
Other	164,201,137	105,780,980	58,420,157	-
Corporate Bonds	3,970,022	-	3,970,022	-
Money Market Funds	18,649,965	18,649,965	-	-
Total Investments in Securities	$ 975,467,233	$ 716,152,129	$ 259,315,104	$ -

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

Investments in Securities:
Beginning Balance	$ 336,547
Total Realized Gain (Loss)	(1,382,609)
Total Unrealized Gain (Loss)	1,180,463
Cost of Purchases	-
Proceeds of Sales	(134,401)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $258,557,473 of which $115,120,141 and $143,437,332 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Worldwide

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $4,135,025) - See accompanying schedule: Unaffiliated issuers (cost $872,140,425)	$ 956,817,268
Fidelity Central Funds (cost $18,649,965)	18,649,965
Total Investments (cost $890,790,390)		$ 975,467,233
Foreign currency held at value (cost $4)		4
Receivable for investments sold		50,934,030
Receivable for fund shares sold		839,931
Dividends receivable		1,362,376
Interest receivable		32,134
Distributions receivable from Fidelity Central Funds		4,964
Prepaid expenses		6,047
Other receivables		171,636
Total assets		1,028,818,355
Liabilities
Payable to custodian bank	$ 1,044,328
Payable for investments purchased	27,106,313
Payable for fund shares redeemed	712,533
Accrued management fee	741,957
Distribution fees payable	828
Other affiliated payables	301,708
Other payables and accrued expenses	161,183
Collateral on securities loaned, at value	4,452,550
Total liabilities		34,521,400
Net Assets		$ 994,296,955
Net Assets consist of:
Paid in capital		$ 1,180,525,164
Undistributed net investment income		5,696,383
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(276,596,321)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		84,671,729
Net Assets		$ 994,296,955

Statement of Assets and Liabilities - continued

	October 31, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($992,570 ÷ 66,349 shares)		$ 14.96
Maximum offering price per share (100/94.25 of $14.96)		$ 15.87
Class T: Net Asset Value and redemption price per share ($457,977 ÷ 30,659 shares)		$ 14.94
Maximum offering price per share (100/96.50 of $14.94)		$ 15.48
Class B: Net Asset Value and offering price per share ($224,477 ÷ 15,079 shares)A		$ 14.89
Class C: Net Asset Value and offering price per share ($335,417 ÷ 22,530 shares)A		$ 14.89
Worldwide: Net Asset Value, offering price and redemption price per share ($991,996,036 ÷ 66,211,078 shares)		$ 14.98
Institutional Class: Net Asset Value, offering price and redemption price per share ($290,478 ÷ 19,369 shares)		$ 15.00

^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.

Annual Report

Worldwide
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 19,268,128
Interest		108,728
Income from Fidelity Central Funds		467,758
		19,844,614
Less foreign taxes withheld		(891,234)
Total income		18,953,380
Expenses
Management fee Basic fee	$ 6,270,401
Performance adjustment	1,382,658
Transfer agent fees	2,723,416
Distribution fees	3,837
Accounting and security lending fees	417,317
Custodian fees and expenses	191,487
Independent trustees' compensation	6,324
Registration fees	98,295
Audit	79,340
Legal	4,579
Miscellaneous	20,031
Total expenses before reductions	11,197,685
Expense reductions	(319,354)	10,878,331
Net investment income (loss)		8,075,049
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $64,613)	(130,979,988)
Foreign currency transactions	(506,161)
Futures contracts	1,233,316
Total net realized gain (loss)		(130,252,833)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $51,652)	233,637,400
Assets and liabilities in foreign currencies	54,443
Total change in net unrealized appreciation (depreciation)		233,691,843
Net gain (loss)		103,439,010
Net increase (decrease) in net assets resulting from operations		$ 111,514,059

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 8,075,049	$ 12,367,196
Net realized gain (loss)	(130,252,833)	(143,763,130)
Change in net unrealized appreciation (depreciation)	233,691,843	(564,532,626)
Net increase (decrease) in net assets resulting from operations	111,514,059	(695,928,560)
Distributions to shareholders from net investment income	(11,746,083)	(8,541,065)
Distributions to shareholders from net realized gain	-	(169,398,247)
Total distributions	(11,746,083)	(177,939,312)
Share transactions - net increase (decrease)	(40,383,349)	35,066,852
Redemption fees	26,981	83,803
Total increase (decrease) in net assets	59,411,608	(838,717,217)
Net Assets
Beginning of period	934,885,347	1,773,602,564
End of period (including undistributed net investment income of $5,696,383 and undistributed net investment income of $10,091,805, respectively)	$ 994,296,955	$ 934,885,347

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

Annual Report

Financial Highlights - Class A

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss) E	(.01)
Net realized and unrealized gain (loss)	4.09
Total from investment operations	4.08
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.96
Total Return B, C, D	37.50%
Ratios to Average Net Assets F, I
Expenses before reductions	1.52% A
Expenses net of fee waivers, if any	1.52% A
Expenses net of all reductions	1.49% A
Net investment income (loss)	(.06)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 993
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Financial Highlights - Class T

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.01)
Net realized and unrealized gain (loss)	4.07
Total from investment operations	4.06
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.94
Total ReturnB, C, D	37.32%
Ratios to Average Net AssetsF, I
Expenses before reductions	1.73% A
Expenses net of fee waivers, if any	1.73% A
Expenses net of all reductions	1.70% A
Net investment income (loss)	(.08)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 458
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Class B

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.03)
Net realized and unrealized gain (loss)	4.04
Total from investment operations	4.01
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.89
Total Return B, C, D	36.86%
Ratios to Average Net Assets F, I
Expenses before reductions	2.20% A
Expenses net of fee waivers, if any	2.20%A
Expenses net of all reductions	2.17%A
Net investment income (loss)	(.30)%A
Supplemental Data
Net assets, end of period (000 omitted)	$ 224
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Financial Highlights - Class C

Year ended October 31,	2009 H
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)E	(.04)
Net realized and unrealized gain (loss)	4.05
Total from investment operations	4.01
Redemption fees added to paid in capital E, J	-
Net asset value, end of period	$ 14.89
Total Return B, C, D	36.86%
Ratios to Average Net Assets F, I
Expenses before reductions	2.18% A
Expenses net of fee waivers, if any	2.18% A
Expenses net of all reductions	2.15% A
Net investment income (loss)	(.39)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 335
Portfolio turnover rate G	224%

^A Annualized

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

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

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

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

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

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

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

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

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

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

Annual Report

Financial Highlights - Worldwide

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 13.40	$ 25.18	$ 21.82	$ 19.05	$ 16.72
Income from Investment Operations
Net investment income (loss) B	.12	.16	.14	.17	.15 E
Net realized and unrealized gain (loss)	1.63	(9.44)	6.05	3.74	2.30
Total from investment operations	1.75	(9.28)	6.19	3.91	2.45
Distributions from net investment income	(.17)	(.12)	(.17)	(.10)	(.10)
Distributions from net realized gain	-	(2.38)	(2.66)	(1.04)	(.02)
Total distributions	(.17)	(2.50)	(2.83)	(1.14)	(.12)
Redemption fees added to paid in capital B, G	-	-	-	-	-
Net asset value, end of period	$ 14.98	$ 13.40	$ 25.18	$ 21.82	$ 19.05
Total Return A	13.39%	(40.66)%	31.87%	21.31%	14.71%
Ratios to Average Net Assets C, F
Expenses before reductions	1.27%	1.21%	1.04%	1.08%	1.07%
Expenses net of fee waivers, if any	1.27%	1.21%	1.04%	1.08%	1.07%
Expenses net of all reductions	1.24%	1.19%	1.02%	1.02%	1.01%
Net investment income (loss)	.92%	.84%	.66%	.85%	.82% E
Supplemental Data
Net assets, end of period (000 omitted)	$ 991,996	$ 934,885	$ 1,773,603	$ 1,328,219	$ 1,181,044
Portfolio turnover rate D	224%	264%	128%	205%	93%

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

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

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

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

^E Investment income per share reflects a special dividend which amounted to $.04 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .60%.

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

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

Financial Highlights - Institutional Class

Year ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.88
Income from Investment Operations
Net investment income (loss)D	.06
Net realized and unrealized gain (loss)	4.06
Total from investment operations	4.12
Redemption fees added to paid in capital D, I	-
Net asset value, end of period	$ 15.00
Total Return B, C	37.87%
Ratios to Average Net AssetsE, H
Expenses before reductions	1.17% A
Expenses net of fee waivers, if any	1.17% A
Expenses net of all reductions	1.15% A
Net investment income (loss)	.62% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 290
Portfolio turnover rate F	224%

^A Annualized

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

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

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

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

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

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

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

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

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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 B, Class C, Worldwide and Institutional Class 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 commenced sale of Class A, Class T, Class B, Class C, and Institutional Class shares and the existing class was designated Worldwide on February 19, 2009. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For corporate bonds, pricing services generally utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

Notes to Financial Statements - continued

2. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), market discount, 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	$ 125,205,472
Gross unrealized depreciation	(59,513,558)
Net unrealized appreciation (depreciation)	$ 65,691,914
Tax Cost	$ 909,775,319

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

Undistributed ordinary income	$ 6,642,765
Capital loss carryforward	$ (258,557,473)
Net unrealized appreciation (depreciation)	$ 65,738,452

Annual Report

2. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 11,746,083	$ 54,093,535
Long-term Capital Gains	-	123,845,777
Total	$ 11,746,083	$ 177,939,312

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

4. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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. While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 1,233,316	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 1,233,316	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $1,233,316 for futures contracts.

Annual Report

Notes to Financial Statements - continued

5. Purchases and Sales of Investments.

Purchases and sales of securities other than short-term securities, aggregated $1,908,142,781 and $1,936,522,727, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Worldwide as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .87% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 662	$ 232
Class T	.25%	.25%	758	420
Class B	.75%	.25%	1,106	1,042
Class C	.75%	.25%	1,311	1,056
			$ 3,837	$ 2,750

Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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	$ 1,937
Class T	132
	$ 2,069

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

	Amount	% of Average Net Assets
Class A	$ 845	.31*
Class T	435	.28*
Class B	286	.25*
Class C	324	.24*
Worldwide	2,721,292	.31
Institutional Class	234	.21*
	$ 2,723,416

* Annualized

Annual Report

6. Fees and Other Transactions with Affiliates - continued

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $60,950 for the period.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $4,580 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $182,875.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Worldwide's operating expenses. During the period, this reimbursement reduced the class' expenses by $63,875.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $255,064 for the period In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $415.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Worldwide	$ 11,746,083	$ 8,541,065
From net realized gain
Worldwide	$ -	$ 169,398,247

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009A	2008	2009A	2008
Class A
Shares sold	68,262	-	$ 954,848	$ -
Shares redeemed	(1,913)	-	(30,621)	-
Net increase (decrease)	66,349	-	$ 924,227	$ -

Annual Report

Notes to Financial Statements - continued

11. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2009A	2008	2009A	2008
Class T
Shares sold	31,350	-	$ 413,190	$ -
Shares redeemed	(691)	-	(10,728)	-
Net increase (decrease)	30,659	-	$ 402,462	$ -
Class B
Shares sold	16,229	-	$ 199,531	$ -
Shares redeemed	(1,150)	-	(18,389)	-
Net increase (decrease)	15,079	-	$ 181,142	$ -
Class C
Shares sold	23,542	-	$ 304,403	$ -
Shares redeemed	(1,012)	-	(14,575)	-
Net increase (decrease)	22,530	-	$ 289,828	$ -
Worldwide
Shares sold	9,823,250	15,425,394	$ 126,506,866	$ 303,265,276
Reinvestment of distributions	959,833	7,926,720	11,413,258	172,247,752
Shares redeemed	(14,319,175)	(24,051,522)	(180,350,310)	(440,446,176)
Net increase (decrease)	(3,536,092)	(699,408)	$ (42,430,186)	$ 35,066,852
Institutional Class
Shares sold	19,375	-	$ 249,261	$ -
Shares redeemed	(6)	-	(83)	-
Net increase (decrease)	19,369	-	$ 249,178	$ -

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period February 19, 2009 (commencement of sale of shares) to October 31, 2009.

12. Other.

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

Annual Report

Report of Independent Registered Public Accounting Firm

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

We have audited the accompanying statement of assets and liabilities of Fidelity Worldwide Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented. 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 standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Worldwide Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

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

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

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

Independent Trustees:

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

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

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

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006- present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

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

	Pay Date	Record Date	Dividends	Capital Gains
Class I	12/07/09	12/04/09	$.109	$.015

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Worldwide Fund

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

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

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

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

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

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

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (The fund did not offer Advisor classes as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Fidelity Worldwide Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the second quartile for all the periods shown. The Board also stated that the investment performance of the fund compared favorably to its benchmark for all the periods shown.

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

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of the fund through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

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

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

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

Fidelity Worldwide Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

In connection with the renewal of the fund's management contract, the Board also approved non-material amendments to the fund's management contract to clarify certain provisions regarding the calculation of the fund's performance adjustment.

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

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

The Board noted that the fund's total expenses ranked below its competitive median for 2008.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

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

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

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

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

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

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

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

JPMorgan Chase Bank
New York, NY

AWLDI-UANN-1209
1.883436.100

Fidelity's
Targeted International Equity
Funds®

Fidelity® Canada Fund

Fidelity China Region Fund

Fidelity Emerging Markets Fund

Fidelity Europe Fund

Fidelity Europe Capital Appreciation Fund

Fidelity Japan Fund

Fidelity Japan Smaller Companies Fund

Fidelity Latin America Fund

Fidelity Nordic Fund

Fidelity Pacific Basin Fund

Fidelity Southeast Asia Fund

Annual Report

October 31, 2009

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Canada Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
China Region Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Emerging Markets Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Europe Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Europe Capital Appreciation Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Japan Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Japan Smaller Companies Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Latin America Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Nordic Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Pacific Basin Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Southeast Asia Fund	<Click Here>	Performance
	<Click Here>	Management's Discussion
	<Click Here>	Shareholder Expense Example
	<Click Here>	Investment Changes
	<Click Here>	Investments
	<Click Here>	Financial Statements
	<Click Here>	Notes to Financial Statements
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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.

Annual Report

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 each fund's most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the funds nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Canada

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Canada	16.40%	9.00%	12.57%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Canada, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the S&P/TSX Composite Index performed over the same period.

Annual Report

Canada

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. In North America, a strong Canadian dollar and the power of surging energy and materials sectors led Canadian equities to climb, as the S&P/TSX Composite Index returned 30.63%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. In Europe, the MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Douglas Lober, Portfolio Manager of Fidelity® Canada Fund: The fund's Retail Class shares returned 16.40% for the year, lagging the 30.63% return of the S&P/TSX index. Although the fund's portfolio of higher-quality, larger-capitalization stocks enabled it to post a solid positive return, the period's market rally reserved the highest returns for many of the lowest-quality stocks. The fund's conservative positioning served it well when markets declined during 2008. With no improvement in business fundamentals, however, I stayed with this strategy, which hurt as markets rose. The fund's 3% stake in cash and 5% position in U.S. equities also dampened relative results. Poor stock selection within the energy, materials and financials sectors detracted the most. Major performance drags included oil company Canadian Natural Resources, an underweighting in strong-performing Canadian Imperial Bank of Commerce, BlackBerry maker Research In Motion, gold producer Agnico-Eagle Mines and telephone company BCE. Winners included gold-mining company Goldcorp, software services firm CGI Group, an underweighting in oil and gas producer Penn West Energy Trust and no exposure to insurance firm and index component Power Financial.

Note to shareholders: Fidelity Canada Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2009, the fund did not have more than 25% of its assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Canada

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 and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.39%
Actual		$ 1,000.00	$ 1,222.80	$ 7.79
Hypothetical A		$ 1,000.00	$ 1,018.20	$ 7.07
Class T	1.68%
Actual		$ 1,000.00	$ 1,221.20	$ 9.41
Hypothetical A		$ 1,000.00	$ 1,016.74	$ 8.54
Class B	2.18%
Actual		$ 1,000.00	$ 1,218.10	$ 12.19
Hypothetical A		$ 1,000.00	$ 1,014.22	$ 11.07
Class C	2.17%
Actual		$ 1,000.00	$ 1,218.20	$ 12.13
Hypothetical A		$ 1,000.00	$ 1,014.27	$ 11.02
Canada	1.11%
Actual		$ 1,000.00	$ 1,224.50	$ 6.22
Hypothetical A		$ 1,000.00	$ 1,019.61	$ 5.65
Institutional Class	1.16%
Actual		$ 1,000.00	$ 1,224.60	$ 6.50
Hypothetical A		$ 1,000.00	$ 1,019.36	$ 5.90

^A 5% return per year before expenses

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

Annual Report

Canada

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Canada	96.6%
	United States of America	3.4%

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

As of April 30, 2009
	Canada	89.1%
	United States of America	10.4%
	Netherlands Antilles	0.5%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.6	95.8
Short-Term Investments and Net Other Assets	2.4	4.2
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Bank of Canada (Commercial Banks)	6.3	5.8
Toronto-Dominion Bank (Commercial Banks)	5.6	5.6
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	5.3	3.4
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	3.9	3.8
EnCana Corp. (Oil, Gas & Consumable Fuels)	3.5	3.6
Goldcorp, Inc. (Metals & Mining)	3.3	2.6
Barrick Gold Corp. (Metals & Mining)	3.0	2.9
Potash Corp. of Saskatchewan, Inc. (Chemicals)	2.9	3.0
Bank of Nova Scotia (Commercial Banks)	2.9	2.9
Bank of Montreal (Commercial Banks)	2.7	2.1
	39.4
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.9	30.0
Energy	27.8	26.3
Materials	19.5	14.9
Industrials	5.3	6.2
Consumer Discretionary	5.2	2.3
Information Technology	4.1	6.2
Telecommunication Services	3.7	5.4
Consumer Staples	2.5	3.3
Health Care	0.8	0.4
Utilities	0.8	0.8

Annual Report

Canada

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
CONSUMER DISCRETIONARY - 5.2%
Distributors - 0.1%
Uni-Select, Inc.	100,000		$ 2,483,262
Hotels, Restaurants & Leisure - 1.2%
Tim Hortons, Inc.	1,410,300		40,151,241
Media - 2.6%
Astral Media, Inc. Class A (non-vtg.)	240,000		7,101,261
Corus Entertainment, Inc. Class B (non-vtg.)	500,000		8,214,434
Quebecor, Inc. Class B (sub. vtg.)	400,000		8,167,336
Shaw Communications, Inc. Class B	1,000,000		17,777,162
Thomson Reuters Corp. (c)	1,400,000		44,501,085
			85,761,278
Multiline Retail - 0.6%
Canadian Tire Ltd. Class A (non-vtg.)	200,000		10,101,122
Dollarama, Inc.	400,000		7,129,335
Dollarama, Inc. (a)(d)	91,000		1,621,924
			18,852,381
Specialty Retail - 0.0%
RONA, Inc. (a)	100,000		1,367,687
Textiles, Apparel & Luxury Goods - 0.7%
Gildan Activewear, Inc. (a)	1,300,000		22,882,209
TOTAL CONSUMER DISCRETIONARY			171,498,058
CONSUMER STAPLES - 2.5%
Beverages - 0.3%
Cott Corp. (a)	250,000		1,976,266
The Coca-Cola Co.	150,000		7,996,500
			9,972,766
Food & Staples Retailing - 1.5%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	2,050,000		35,950,963
George Weston Ltd.	80,000		4,075,172
Shoppers Drug Mart Corp.	200,000		7,940,158
			47,966,293
Food Products - 0.7%
General Mills, Inc.	130,000		8,569,600
Viterra, Inc. (a)(c)	1,509,300		14,356,365
			22,925,965
TOTAL CONSUMER STAPLES			80,865,024
ENERGY - 27.8%
Energy Equipment & Services - 0.1%
Ensign Energy Services, Inc.	100,000		1,433,255
Precision Drilling Trust	400,000		2,593,157
			4,026,412
Oil, Gas & Consumable Fuels - 27.7%
ARC Energy Trust unit	200,000		3,603,454
Baytex Energy Trust	100,000		2,447,246
	Shares		Value
Cameco Corp.	1,250,000		$ 34,815,533
Canadian Natural Resources Ltd.	1,975,000		128,073,602
Canadian Oil Sands Trust	600,000		16,168,444
Crescent Point Energy Corp.	800,000		27,187,514
Crescent Point Energy Corp. (d)	83,400		2,834,298
Enbridge, Inc.	1,728,900		67,201,737
EnCana Corp.	2,100,000		116,359,607
Enerplus Resources Fund Series G	200,000		4,358,868
Imperial Oil Ltd.	900,000		33,827,400
Keyera Facilities Income Fund	850,000		15,573,718
Nexen, Inc.	1,600,000		34,398,116
Niko Resources Ltd.	390,000		31,550,076
Pacific Rubiales Energy Corp. (a)(c)	900,000		10,946,114
Penn West Energy Trust	800,000		13,261,301
PetroBakken Energy Ltd. Class A	872,978		25,169,112
Petrobank Energy & Resources Ltd. (a)	600,000		26,230,780
Progress Energy Resources Corp.	700,000		8,946,761
Suncor Energy, Inc.	5,307,600		176,062,236
Talisman Energy, Inc.	4,200,000		71,599,945
TransCanada Corp.	2,100,000		64,308,076
			914,923,938
TOTAL ENERGY			918,950,350
FINANCIALS - 27.9%
Capital Markets - 0.7%
CI Financial Corp.	100,000		1,762,940
IGM Financial, Inc.	550,000		19,580,274
			21,343,214
Commercial Banks - 19.7%
Bank of Montreal	1,909,300		88,266,665
Bank of Nova Scotia	2,300,000		96,112,112
Canadian Imperial Bank of Commerce	334,600		19,157,963
National Bank of Canada	1,000,000		52,075,541
Royal Bank of Canada	4,140,000		209,513,780
Toronto-Dominion Bank	3,265,000		185,977,005
			651,103,066
Diversified Financial Services - 0.3%
Onex Corp. (sub. vtg.)	300,000		6,762,710
TMX Group, Inc.	145,000		3,883,271
			10,645,981
Insurance - 5.2%
Fairfax Financial Holdings Ltd. (sub. vtg.)	80,800		28,882,353
Intact Financial Corp.	150,000		4,557,418
Intact Financial Corp. (d)	241,100		7,325,290
Manulife Financial Corp.	3,400,000		63,739,207
Power Corp. of Canada (sub. vtg.)	1,400,000		32,968,555
Sun Life Financial, Inc.	1,200,000		33,168,029
			170,640,852
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.2%
H&R Real Estate Investment Trust/H&R Finance Trust	50,000		$ 606,270
RioCan (REIT)	350,000		5,927,876
			6,534,146
Real Estate Management & Development - 1.2%
Brookfield Asset Management, Inc. Class A (c)	1,950,000		41,130,350
Thrifts & Mortgage Finance - 0.6%
Genworth MI Canada, Inc.	300,000		6,732,234
Home Capital Group, Inc.	350,000		11,797,571
			18,529,805
TOTAL FINANCIALS			919,927,414
HEALTH CARE - 0.8%
Health Care Providers & Services - 0.2%
Medco Health Solutions, Inc. (a)	150,000		8,418,000
Health Care Technology - 0.5%
SXC Health Solutions Corp. (a)	360,000		16,519,740
Pharmaceuticals - 0.1%
Biovail Corp.	150,000		2,022,441
TOTAL HEALTH CARE			26,960,181
INDUSTRIALS - 5.3%
Aerospace & Defense - 0.9%
Bombardier, Inc. Class B (sub. vtg.)	6,200,000		25,135,522
CAE, Inc.	400,000		3,114,005
			28,249,527
Airlines - 0.0%
WestJet Airlines Ltd. (a)	100,000		1,013,991
Commercial Services & Supplies - 0.2%
IESI-BFC Ltd.	500,000		6,418,248
Ritchie Brothers Auctioneers, Inc. (c)	83,920		1,839,526
			8,257,774
Construction & Engineering - 0.9%
SNC-Lavalin Group, Inc.	715,000		28,887,888
Road & Rail - 3.1%
Canadian National Railway Co.	1,670,000		80,658,448
Canadian Pacific Railway Ltd.	500,000		21,655,816
			102,314,264
Trading Companies & Distributors - 0.2%
Finning International, Inc.	500,000		7,369,442
TOTAL INDUSTRIALS			176,092,886
INFORMATION TECHNOLOGY - 4.1%
Communications Equipment - 1.8%
Research In Motion Ltd. (a)	1,040,000		61,079,209
	Shares		Value
Computers & Peripherals - 0.3%
Apple, Inc. (a)	50,000		$ 9,425,000
Electronic Equipment & Components - 0.1%
Celestica, Inc. (sub. vtg.) (a)	450,000		3,706,885
Internet Software & Services - 0.7%
Open Text Corp. (a)	600,000		22,385,372
IT Services - 1.2%
CGI Group, Inc. Class A (sub. vtg.) (a)	3,290,000		40,166,043
TOTAL INFORMATION TECHNOLOGY			136,762,509
MATERIALS - 19.5%
Chemicals - 4.2%
Agrium, Inc.	580,000		26,963,291
Methanex Corp.	900,000		15,509,073
Potash Corp. of Saskatchewan, Inc.	1,035,000		96,450,893
			138,923,257
Metals & Mining - 15.3%
Agnico-Eagle Mines Ltd. (Canada)	624,700		33,229,644
Barrick Gold Corp.	2,780,000		100,021,979
Eldorado Gold Corp. (a)	1,600,000		17,819,643
First Quantum Minerals Ltd.	250,000		17,089,163
Goldcorp, Inc.	3,000,000		110,209,170
HudBay Minerals, Inc. (a)	300,000		3,881,424
IAMGOLD Corp.	1,000,000		13,252,066
Inmet Mining Corp.	250,000		13,238,214
Ivanhoe Mines Ltd. (a)	1,400,000		15,075,034
Kinross Gold Corp.	2,150,000		39,908,575
Lundin Mining Corp. (a)	500,000		2,008,588
Osisko Mining Corp. (a)	400,000		2,696,588
Red Back Mining, Inc. (a)	100,000		1,294,732
Silver Wheaton Corp. (a)	1,775,900		22,304,327
Teck Resources Ltd. Class B (sub. vtg.) (a)	2,850,000		82,669,345
Yamana Gold, Inc.	2,700,000		28,624,463
			503,322,955
Paper & Forest Products - 0.0%
Sino-Forest Corp. (a)	100,000		1,406,474
TOTAL MATERIALS			643,652,686
TELECOMMUNICATION SERVICES - 3.7%
Diversified Telecommunication Services - 1.8%
BCE, Inc.	2,300,000		54,990,996
Bell Aliant Regional Communication Income Fund	100,000		2,484,185
			57,475,181
Wireless Telecommunication Services - 1.9%
Rogers Communications, Inc. Class B (non-vtg.)	2,150,000		63,039,664
TOTAL TELECOMMUNICATION SERVICES			120,514,845
Common Stocks - continued
	Shares		Value
UTILITIES - 0.8%
Electric Utilities - 0.6%
Fortis, Inc.	800,000		$ 18,691,416
Multi-Utilities - 0.2%
Canadian Utilities Ltd. Class A (non-vtg.)	225,000		8,005,957
TOTAL UTILITIES			26,697,373
TOTAL COMMON STOCKS (Cost $3,025,366,159)		3,221,921,326
Money Market Funds - 0.7%
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e) (Cost $22,963,420)	22,963,420		22,963,420
Cash Equivalents - 0.3%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.05%, dated 10/30/09 due 11/2/09 (Collateralized by U.S. Government Obligations) # (Cost $10,499,000)	$ 10,499,048		10,499,000
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $3,058,828,579)			3,255,383,746
NET OTHER ASSETS - 1.4%			45,236,513
NET ASSETS - 100%		$ 3,300,620,259

Legend

(a) Non-income producing

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

(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 $11,781,512 or 0.4% of net assets.

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$10,499,000 due 11/02/09 at 0.05%
BNP Paribas Securities Corp.	$ 1,935,652
Banc of America Securities LLC	1,981,474
Barclays Capital, Inc.	5,806,957
Deutsche Bank Securities, Inc.	774,917
	$ 10,499,000

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	$ 606,837
Fidelity Securities Lending Cash Central Fund	2,948,896
Total	$ 3,555,733

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Repurchase Agreements which are categorized as Level 2. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $260,471,096 of which $109,546,724 and $150,924,372 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

Canada

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $21,614,198 and repurchase agreements of $10,499,000) - See accompanying schedule: Unaffiliated issuers (cost $3,035,865,159)	$ 3,232,420,326
Fidelity Central Funds (cost $22,963,420)	22,963,420
Total Investments (cost $3,058,828,579)		$ 3,255,383,746
Foreign currency held at value (cost $1,053,639)		1,053,399
Receivable for investments sold		135,488,138
Receivable for fund shares sold		4,546,724
Dividends receivable		4,627,774
Distributions receivable from Fidelity Central Funds		306,357
Prepaid expenses		20,607
Other receivables		363,475
Total assets		3,401,790,220
Liabilities
Payable to custodian bank	$ 1,632,878
Payable for investments purchased	61,175,379
Payable for fund shares redeemed	5,044,542
Accrued management fee	2,024,250
Distribution fees payable	53,105
Notes payable to affliates	7,273,000
Other affiliated payables	883,229
Other payables and accrued expenses	120,158
Collateral on securities loaned, at value	22,963,420
Total liabilities		101,169,961
Net Assets		$ 3,300,620,259
Net Assets consist of:
Paid in capital		$ 3,419,053,592
Undistributed net investment income		26,298,051
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(340,971,696)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		196,240,312
Net Assets		$ 3,300,620,259

Statement of Assets and Liabilities - continued

	October 31, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($83,014,893 ÷ 1,876,310 shares)		$ 44.24
Maximum offering price per share (100/94.25 of $44.24)		$ 46.94
Class T: Net Asset Value and redemption price per share ($17,727,268 ÷ 401,880 shares)		$ 44.11
Maximum offering price per share (100/96.50 of $44.11)		$ 45.71
Class B: Net Asset Value and offering price per share ($7,283,295 ÷ 166,758 shares)A		$ 43.68
Class C: Net Asset Value and offering price per share ($24,847,882 ÷ 569,904 shares)A		$ 43.60
Canada: Net Asset Value, offering price and redemption price per share ($3,149,790,916 ÷ 70,843,028 shares)		$ 44.46
Institutional Class: Net Asset Value, offering price and redemption price per share ($17,956,005 ÷ 404,530 shares)		$ 44.39

^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.

Annual Report

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 73,930,160
Interest		5,115
Income from Fidelity Central Funds		3,555,733
		77,491,008
Less foreign taxes withheld		(10,658,424)
Total income		66,832,584
Expenses
Management fee Basic fee	$ 20,061,152
Performance adjustment	2,758,360
Transfer agent fees	8,292,313
Distribution fees	441,822
Accounting and security lending fees	1,227,319
Custodian fees and expenses	214,073
Independent trustees' compensation	20,026
Registration fees	146,592
Audit	72,676
Legal	14,151
Interest	1,585
Miscellaneous	63,440
Total expenses before reductions	33,313,509
Expense reductions	(925,110)	32,388,399
Net investment income (loss)		34,444,185
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(173,899,305)
Foreign currency transactions	(348,730)
Futures contracts	3,069,145
Total net realized gain (loss)		(171,178,890)
Change in net unrealized appreciation (depreciation) on: Investment securities	538,225,902
Assets and liabilities in foreign currencies	(281,421)
Total change in net unrealized appreciation (depreciation)		537,944,481
Net gain (loss)		366,765,591
Net increase (decrease) in net assets resulting from operations		$ 401,209,776

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 34,444,185	$ 46,066,725
Net realized gain (loss)	(171,178,890)	(175,687,217)
Change in net unrealized appreciation (depreciation)	537,944,481	(2,181,002,870)
Net increase (decrease) in net assets resulting from operations	401,209,776	(2,310,623,362)
Distributions to shareholders from net investment income	(10,179,804)	(28,915,979)
Distributions to shareholders from net realized gain	-	(235,022,630)
Total distributions	(10,179,804)	(263,938,609)
Share transactions - net increase (decrease)	30,108,212	507,012,286
Redemption fees	779,120	3,308,433
Total increase (decrease) in net assets	421,917,304	(2,064,241,252)
Net Assets
Beginning of period	2,878,702,955	4,942,944,207
End of period (including undistributed net investment income of $26,298,051 and undistributed net investment income of $26,382,786, respectively)	$ 3,300,620,259	$ 2,878,702,955

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.20	$ 70.16	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.38	.39	.19
Net realized and unrealized gain (loss)	5.72	(28.71)	15.96
Total from investment operations	6.10	(28.32)	16.15
Distributions from net investment income	(.07)	(.41)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.07)	(3.68)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 44.24	$ 38.20	$ 70.16
Total Return B,C,D	16.08%	(42.23)%	29.93%
Ratios to Average Net Assets F,I
Expenses before reductions	1.42%	1.34%	1.23% A
Expenses net of fee waivers, if any	1.42%	1.34%	1.23% A
Expenses net of all reductions	1.39%	1.31%	1.22% A
Net investment income (loss)	.98%	.69%	.63% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 83,015	$ 56,242	$ 20,912
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

Financial Highlights - Class T

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.10	$ 70.09	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.27	.23	.09
Net realized and unrealized gain (loss)	5.73	(28.66)	15.99
Total from investment operations	6.00	(28.43)	16.08
Distributions from net investment income	-	(.33)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.60)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 44.11	$ 38.10	$ 70.09
Total Return B,C,D	15.77%	(42.40)%	29.80%
Ratios to Average Net Assets F,I
Expenses before reductions	1.70%	1.63%	1.48% A
Expenses net of fee waivers, if any	1.70%	1.63%	1.48% A
Expenses net of all reductions	1.67%	1.60%	1.47% A
Net investment income (loss)	.71%	.40%	.30% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,727	$ 14,963	$ 14,522
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.91	$ 69.88	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.08	(.06)	(.06)
Net realized and unrealized gain (loss)	5.68	(28.54)	15.93
Total from investment operations	5.76	(28.60)	15.87
Distributions from net investment income	-	(.14)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.41)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 43.68	$ 37.91	$ 69.88
Total Return B,C,D	15.22%	(42.68)%	29.41%
Ratios to Average Net Assets F,I
Expenses before reductions	2.19%	2.13%	2.00% A
Expenses net of fee waivers, if any	2.19%	2.13%	2.00% A
Expenses net of all reductions	2.16%	2.10%	1.99% A
Net investment income (loss)	.21%	(.10)%	(.21)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,283	$ 5,615	$ 4,078
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

Financial Highlights - Class C

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.84	$ 69.91	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.09	(.05)	(.04)
Net realized and unrealized gain (loss)	5.66	(28.52)	15.94
Total from investment operations	5.75	(28.57)	15.90
Distributions from net investment income	-	(.27)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.54)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 43.60	$ 37.84	$ 69.91
Total Return B,C,D	15.22%	(42.69)%	29.46%
Ratios to Average Net Assets F,I
Expenses before reductions	2.18%	2.13%	1.99% A
Expenses net of fee waivers, if any	2.18%	2.13%	1.99% A
Expenses net of all reductions	2.15%	2.10%	1.97% A
Net investment income (loss)	.22%	(.10)%	(.15)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,848	$ 16,716	$ 8,752
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

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

Annual Report

Financial Highlights - Canada

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87
Income from Investment Operations
Net investment income (loss) B	.48	.58	.52	.34	.20
Net realized and unrealized gain (loss)	5.74	(28.83)	21.62	10.15	7.12
Total from investment operations	6.22	(28.25)	22.14	10.49	7.32
Distributions from net investment income	(.14)	(.40)	(.36)	(.16)	(.08)
Distributions from net realized gain	-	(3.27)	(1.03)	(.01)	-
Total distributions	(.14)	(3.67)	(1.39)	(.17)	(.08)
Redemption fees added to paid in capital B	.01	.04	.02	.02	.03
Net asset value, end of period	$ 44.46	$ 38.37	$ 70.25	$ 49.48	$ 39.14
Total Return A	16.40%	(42.06)%	46.03%	26.93%	23.11%
Ratios to Average Net Assets C,E
Expenses before reductions	1.17%	1.03%	.96%	1.00%	1.08%
Expenses net of fee waivers, if any	1.17%	1.03%	.96%	1.00%	1.08%
Expenses net of all reductions	1.13%	1.00%	.94%	.97%	1.04%
Net investment income (loss)	1.24%	1.00%	.94%	.74%	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,149,791	$ 2,776,298	$ 4,890,617	$ 3,136,927	$ 1,722,516
Portfolio turnover rate D	123%	63%	42%	50%	24%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Financial Highlights - Institutional Class

Years ended October 31,	2009	2008	2007 G
Selected Per-Share Data
Net asset value, beginning of period	$ 38.31	$ 70.25	$ 54.00
Income from Investment Operations
Net investment income (loss) D	.49	.52	.25
Net realized and unrealized gain (loss)	5.72	(28.78)	15.99
Total from investment operations	6.21	(28.26)	16.24
Distributions from net investment income	(.14)	(.45)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.14)	(3.72)	-
Redemption fees added to paid in capital D	.01	.04	.01
Net asset value, end of period	$ 44.39	$ 38.31	$ 70.25
Total Return B,C	16.40%	(42.11)%	30.09%
Ratios to Average Net Assets E,H
Expenses before reductions	1.17%	1.11%	1.01% A
Expenses net of fee waivers, if any	1.17%	1.11%	1.01% A
Expenses net of all reductions	1.14%	1.08%	.99% A
Net investment income (loss)	1.23%	.92%	.83% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,956	$ 8,870	$ 4,064
Portfolio turnover rate F	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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 B, Class C, Canada, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

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

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Foreign Currency - continued

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, 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	$ 363,468,397
Gross unrealized depreciation	(247,414,070)
Net unrealized appreciation (depreciation)	$ 116,054,327
Tax Cost	$ 3,139,329,419

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

Undistributed ordinary income	$ 26,298,251
Capital loss carryforward	$ (260,471,096)
Net unrealized appreciation (depreciation)	$ 115,739,712

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 10,179,804	$ 73,476,845
Long-term Capital Gains	-	190,461,764
Total	$ 10,179,804	$ 263,938,609

Annual Report

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

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

5. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Annual Report

Notes to Financial Statements - continued

5. Investments in Derivative Instruments - continued

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 3,069,145	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 3,069,145	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $3,069,145 for futures contracts.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,390,397,181 and $3,368,325,269, respectively.

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Canada, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 147,305	$ 6,178
Class T	.25%	.25%	71,818	560
Class B	.75%	.25%	57,741	43,385
Class C	.75%	.25%	164,958	65,582
			$ 441,822	$ 115,705

Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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	$ 63,773
Class T	7,987
Class B*	16,151
Class C*	10,081
	$ 97,992

* 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.

Annual Report

7. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the 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, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 178,893	.30
Class T	47,042	.33
Class B	18,791	.32
Class C	52,407	.32
Canada	7,962,759	.29
Institutional Class	32,421	.30
	$ 8,292,313

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $5,692 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, 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. Any open loans, including accrued interest, at period end are presented under the caption "Notes Payable to Affliliates" in the Fund's Statement of Assets and Liabilities. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 8,085,133	.44%	$ 1,467

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $14,432 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $2,948,896.

10. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,531,000. The weighted average interest rate was .65%. The interest expense amounted to $118 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

Annual Report

Notes to Financial Statements - continued

11. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $924,753 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $357.

12. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Class A	$ 107,700	$ 171,586
Class T	-	73,859
Class B	-	8,835
Class C	-	45,389
Canada	10,039,164	28,579,259
Institutional Class	32,940	37,051
Total	$ 10,179,804	$ 28,915,979
From net realized gain
Class A	$ -	$ 1,361,853
Class T	-	736,334
Class B	-	209,359
Class C	-	549,710
Canada	-	231,896,136
Institutional Class	-	269,238
Total	$ -	$ 235,022,630

13. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009	2008	2009	2008
Class A
Shares sold	894,135	1,623,645	$ 37,345,647	$ 96,358,055
Reinvestment of distributions	3,241	24,107	102,525	1,454,159
Shares redeemed	(493,476)	(473,393)	(17,901,706)	(24,545,534)
Net increase (decrease)	403,900	1,174,359	$ 19,546,466	$ 73,266,680
Class T
Shares sold	153,535	281,102	$ 6,072,136	$ 16,813,582
Reinvestment of distributions	-	13,222	-	797,422
Shares redeemed	(144,414)	(108,759)	(5,034,459)	(5,550,777)
Net increase (decrease)	9,121	185,565	$ 1,037,677	$ 12,060,227
Class B
Shares sold	68,778	143,582	$ 2,732,178	$ 8,590,562
Reinvestment of distributions	-	2,917	-	175,839
Shares redeemed	(50,130)	(56,743)	(1,849,231)	(3,089,676)
Net increase (decrease)	18,648	89,756	$ 882,947	$ 5,676,725
Class C
Shares sold	311,799	454,502	$ 13,003,041	$ 27,139,418
Reinvestment of distributions	-	8,472	-	509,854
Shares redeemed	(183,651)	(146,400)	(6,643,635)	(7,449,898)
Net increase (decrease)	128,148	316,574	$ 6,359,406	$ 20,199,374
Canada
Shares sold	19,139,057	34,673,241	$ 774,158,834	$ 2,070,491,480
Reinvestment of distributions	306,492	3,970,249	9,628,844	239,922,156
Shares redeemed	(20,957,211)	(35,906,020)	(789,350,714)	(1,927,559,508)
Net increase (decrease)	(1,511,662)	2,737,470	$ (5,563,036)	$ 382,854,128

Annual Report

13. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2009	2008	2009	2008
Institutional Class
Shares sold	280,690	377,605	$ 11,718,786	$ 22,481,855
Reinvestment of distributions	737	4,721	23,131	285,066
Shares redeemed	(108,451)	(208,616)	(3,897,165)	(9,811,769)
Net increase (decrease)	172,976	173,710	$ 7,844,752	$ 12,955,152

14. Other.

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

Annual Report

China Region

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
China Region	60.77%	15.31%	9.64%

Prior to September 1, 2000, China Region operated under certain different investment policies. The fund's historical performance may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in China Region, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI Golden Dragon Index performed over the same period.

Annual Report

China Region

Management's Discussion of Fund Performance

Market Recap: China region stocks posted exceptionally strong gains during the period, as government efforts to jump-start economic growth began to kick in and there were signs of stabilization in the area's export markets. For the 12 months ending October 31, 2009, the MSCI® Golden Dragon Index, a measure of market performance in Hong Kong, Taiwan and China, posted a return of 67.30%. Benefiting from a massive $586 billion economic stimulus package approved late in 2008, China showed a pattern of robust and accelerating economic growth, gaining 6.1% in the first quarter of 2009, 7.9% in the second quarter and 8.9% in the third quarter. Chinese stocks in the index responded by more than doubling, returning in excess of 102%. In Hong Kong, whose economy is less-regulated than China's, economic activity appeared to be bottoming but was constrained by muted domestic growth and tepid demand from the territory's trading partners. Nevertheless, Hong Kong stocks in the index recorded a return of almost 56%. Meanwhile, Taiwan was helped by improving - although still relatively modest - global demand for technology products and services. That said, the nation's stocks were held in check by delays in the long-awaited agreement between China and Taiwan to provide closer financial cooperation between the two countries. Taiwanese stocks in the index returned just under 50%.

Comments from Wilson Wong, Portfolio Manager of Fidelity® China Region Fund: During the past year, the fund's Retail Class shares returned 60.77%, lagging the MSCI Golden Dragon Index. Weak stock selection in financials more than offset the benefits of overweighting that strong-performing sector. Unrewarding picks in materials and energy further detracted, as did our positioning in industrials. The fund's stake in thermal coal company China Shenhua Energy suffered early in the period amid fears of overcapacity, among other factors, and I trimmed the stock. Also detracting were Taiwan Semiconductor Manufacturing - a position I reduced; Hong Kong real estate stock Cheung Kong Holdings; China Life Insurance; and Taiwan-based Yuanta Financial Holding. Conversely, stock selection and an overweighting in consumer discretionary helped, as did underweighting utilities. Underweightings in information technology and telecommunication services produced lesser benefits. Chinese automakers Geely Automobile Holdings and Dongfeng Motor Group contributed. Taiwan-based touch-screen producer Young Fast Optoelectron - which I sold - also aided results, as did underweighting two Hong Kong-based utilities that I ultimately sold off entirely: CLP Holdings and Hong Kong Electric Holdings.

Note to shareholders: Fidelity China Region 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 market. As of October 31, 2009, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

China Region

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.42%
Actual		$ 1,000.00	$ 1,373.60	$ 8.50
HypotheticalA		$ 1,000.00	$ 1,018.05	$ 7.22
Class T	1.70%
Actual		$ 1,000.00	$ 1,371.40	$ 10.16
HypotheticalA		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.19%
Actual		$ 1,000.00	$ 1,368.00	$ 13.07
HypotheticalA		$ 1,000.00	$ 1,014.17	$ 11.12
Class C	2.19%
Actual		$ 1,000.00	$ 1,368.60	$ 13.07
HypotheticalA		$ 1,000.00	$ 1,014.17	$ 11.12
China Region	1.11%
Actual		$ 1,000.00	$ 1,374.90	$ 6.64
HypotheticalA		$ 1,000.00	$ 1,019.61	$ 5.65
Institutional Class	1.10%
Actual		$ 1,000.00	$ 1,375.60	$ 6.59
HypotheticalA		$ 1,000.00	$ 1,019.66	$ 5.60

^A 5% return per year before expenses

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

Annual Report

China Region

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	China	34.2%
	Hong Kong	32.5%
	Taiwan	22.3%
	Cayman Islands	6.5%
	Australia	1.4%
	United States of America	1.2%
	Bermuda	1.1%
	United Kingdom	0.8%

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

As of April 30, 2009
	Hong Kong	34.5%
	China	33.9%
	Taiwan	22.1%
	Cayman Islands	5.4%
	Singapore	3.8%
	United States of America	0.2%
	Bermuda	0.1%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.8	99.8
Short-Term Investments and Net Other Assets	1.2	0.2
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Bank of China (H Shares) (Commercial Banks)	4.2	4.1
China Construction Bank Corp. (H Shares) (Commercial Banks)	3.7	2.7
Tencent Holdings Ltd. (Internet Software & Services)	3.4	2.1
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services)	3.2	3.0
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services)	3.2	5.4
China Life Insurance Co. Ltd. (H Shares) (Insurance)	3.1	5.2
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components)	3.0	3.1
Industrial & Commercial Bank of China Ltd. (H Shares) (Commercial Banks)	2.7	4.8
Yuanta Financial Holding Co. Ltd. (Capital Markets)	2.6	3.6
BOC Hong Kong Holdings Ltd. (Commercial Banks)	2.5	1.4
	31.6
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	41.0	46.7
Information Technology	16.6	17.6
Consumer Discretionary	11.2	6.8
Industrials	9.2	6.8
Materials	8.0	2.1
Energy	6.7	7.0
Telecommunication Services	3.9	7.0
Consumer Staples	1.4	1.6
Health Care	0.5	0.0
Utilities	0.3	0.4

Annual Report

China Region

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
CONSUMER DISCRETIONARY - 11.2%
Auto Components - 1.1%
Cheng Shin Rubber Industry Co. Ltd.	4,077,500		$ 8,347,433
Minth Group Ltd.	5,302,000		5,506,106
Xinyi Glass Holdings Co. Ltd.	11,122,000		8,752,805
			22,606,344
Automobiles - 1.7%
Dongfeng Motor Group Co. Ltd.(H Shares)	18,388,000		21,862,627
Geely Automobile Holdings Ltd.	2,055,000		743,059
Yulon Motor Co. Ltd.	12,428,000		13,848,988
			36,454,674
Distributors - 2.5%
China Resources Enterprise Ltd.	5,734,000		19,080,347
Li & Fung Ltd.	8,432,000		35,069,238
			54,149,585
Household Durables - 1.0%
Techtronic Industries Co. Ltd.	26,394,500		21,203,137
Multiline Retail - 2.2%
Far East Department Stores Co. Ltd.	6,833,820		6,994,156
Golden Eagle Retail Group Ltd.(H Shares) (c)	10,750,000		18,489,630
Maoye International Holdings Ltd.	58,700,000		15,603,589
New World Department Store China Ltd.	7,778,000		6,941,623
			48,028,998
Specialty Retail - 0.8%
Esprit Holdings Ltd.	2,654,400		17,670,649
Textiles, Apparel & Luxury Goods - 1.9%
Bosideng International Holdings Ltd.	17,384,000		3,082,815
China Dongxiang Group Co. Ltd.	17,608,000		10,758,534
Li Ning Co. Ltd. (c)	1,277,500		3,466,061
Texwinca Holdings Ltd.	14,950,000		12,684,815
Weiqiao Textile Co. Ltd. (H Shares)	16,182,500		11,291,226
			41,283,451
TOTAL CONSUMER DISCRETIONARY			241,396,838
CONSUMER STAPLES - 1.4%
Food & Staples Retailing - 0.7%
Dairy Farm International Holdings Ltd.	2,642,400		15,587,202
Personal Products - 0.7%
Hengan International Group Co. Ltd.	2,202,000		14,175,056
TOTAL CONSUMER STAPLES			29,762,258
ENERGY - 6.7%
Energy Equipment & Services - 0.3%
China Oilfield Services Ltd. (H Shares)	6,978,000		7,540,036
Oil, Gas & Consumable Fuels - 6.4%
China Petroleum & Chemical Corp.(H Shares)	28,928,000		24,533,659
	Shares		Value
China Shenhua Energy Co. Ltd.(H Shares)	2,800,500		$ 12,563,653
CNOOC Ltd.	28,575,000		42,796,057
CNPC (Hong Kong) Ltd.	18,280,000		19,298,459
PetroChina Co. Ltd. (H Shares)	31,750,000		38,205,162
			137,396,990
TOTAL ENERGY			144,937,026
FINANCIALS - 41.0%
Capital Markets - 2.6%
Yuanta Financial Holding Co. Ltd.	86,959,000		57,172,240
Commercial Banks - 17.6%
Bank of China (H Shares)	155,295,000		90,087,599
BOC Hong Kong Holdings Ltd.	23,592,000		54,307,435
China Citic Bank Corp. Ltd. Class H	9,155,000		6,853,104
China Construction Bank Corp. (H Shares)	92,550,000		79,792,344
China Merchants Bank Co. Ltd. (H Shares)	10,312,500		26,383,580
Chinatrust Financial Holding Co. Ltd.	33,511,601		20,054,290
E.Sun Financial Holdings Co. Ltd.	12,980,410		5,033,857
HSBC Holdings PLC (Hong Kong) (Reg.)	1,529,200		16,887,031
Industrial & Commercial Bank of China Ltd. (H Shares)	73,076,000		58,141,860
Mega Financial Holding Co. Ltd.	19,214,000		10,659,877
Sinopac Holdings Co. (a)	16,800,000		6,181,289
Taishin Financial Holdings Co. Ltd. (a)	12,911,000		5,033,825
Wing Hang Bank Ltd.	60,000		582,121
			379,998,212
Diversified Financial Services - 4.4%
China Everbright Ltd.	6,844,000		16,134,389
Fubon Financial Holding Co. Ltd. (a)	8,665,000		9,579,022
Hong Kong Exchange & Clearing Ltd.	3,959,300		69,695,797
			95,409,208
Insurance - 5.7%
Cathay Financial Holding Co. Ltd. (a)	17,733,000		30,296,093
China Life Insurance Co. Ltd. (H Shares)	14,469,000		66,527,812
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	2,604,500		22,826,116
Shin Kong Financial Holding Co. Ltd. (a)	10,251,000		4,155,117
			123,805,138
Real Estate Management & Development - 10.7%
Cheung Kong Holdings Ltd.	2,991,000		37,960,644
China Overseas Land & Investment Ltd.	5,055,920		10,900,384
China Resources Land Ltd.	1,308,000		3,157,538
Farglory Land Development Co. Ltd.	2,381,000		4,765,810
Hang Lung Properties Ltd.	6,089,000		23,011,969
Henderson Land Development Co. Ltd.	3,008,000		21,266,176
Hysan Development Co. Ltd.	1,331,178		3,931,627
Kerry Properties Ltd.	2,398,000		13,370,988
New World Development Co. Ltd.	12,821,000		27,597,192
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Management & Development - continued
Shimao Property Holdings Ltd.	10,136,000		$ 18,828,961
Sino Land Co.	2,414,000		4,591,471
Sino-Ocean Land Holdings Ltd.	15,047,866		14,634,362
Sun Hung Kai Properties Ltd.	3,038,000		46,028,425
			230,045,547
TOTAL FINANCIALS			886,430,345
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Sinopharm Group Co. Ltd. Class H	3,005,200		10,661,674
INDUSTRIALS - 9.2%
Airlines - 0.3%
Air China Ltd. (H Shares) (a)	4,190,000		2,268,123
Cathay Pacific Airways Ltd.	2,256,000		3,655,430
			5,923,553
Electrical Equipment - 0.9%
China High Speed Transmission Equipment Group Co. Ltd.	5,607,000		11,245,073
Dongfang Electric Corp. Ltd.	1,758,200		8,734,295
			19,979,368
Industrial Conglomerates - 3.2%
Beijing Enterprises Holdings Ltd.	1,710,000		10,236,238
Far Eastern Textile Ltd.	17,520,420		20,583,168
Hutchison Whampoa Ltd.	3,080,000		21,618,727
Poly (Hong Kong) Investments Ltd.	2,883,000		3,295,210
Shanghai Industrial Holdings Ltd.	2,938,000		13,802,338
			69,535,681
Machinery - 1.5%
China International Marine Containers Co. Ltd. (B Shares)	6,221,556		6,204,494
Haitian International Holdings Ltd.	11,892,000		5,276,073
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)	1,930,160		1,597,360
Singamas Container Holdings Ltd.	57,306,000		10,875,961
Sinotruk Hong Kong Ltd.	1,308,000		1,555,324
Weichai Power Co. Ltd. (H Shares)	1,134,000		7,402,776
			32,911,988
Marine - 1.7%
China Cosco Holdings Co. Ltd. (H Shares) (c)	12,502,000		15,409,175
Orient Overseas International Ltd.	1,585,000		7,733,455
Shun Tak Holdings Ltd. (c)	20,066,000		13,498,415
			36,641,045
Transportation Infrastructure - 1.6%
China Merchant Holdings International Co. Ltd.	1,984,000		6,327,817
	Shares		Value
Cosco Pacific Ltd.	5,588,000		$ 7,719,260
Zhejiang Expressway Co. Ltd. (H Shares)	23,680,000		20,141,217
			34,188,294
TOTAL INDUSTRIALS			199,179,929
INFORMATION TECHNOLOGY - 16.6%
Communications Equipment - 0.9%
Vtech Holdings Ltd.	1,837,000		15,310,363
ZTE Corp. (H Shares)	445,820		2,470,447
			17,780,810
Computers & Peripherals - 0.6%
Acer, Inc.	3,681,810		8,646,098
HTC Corp.	477,200		4,721,141
			13,367,239
Electronic Equipment & Components - 7.8%
AU Optronics Corp.	7,798,090		6,889,141
BYD Co. Ltd. (H Shares) (a)(c)	2,130,800		19,508,581
Coretronic Corp.	14,192,000		15,480,923
Hon Hai Precision Industry Co. Ltd. (Foxconn)	16,478,225		64,301,168
Kingboard Chemical Holdings Ltd.	2,247,500		9,046,218
Kingboard Laminates Holdings Ltd.	16,712,500		11,688,622
Largan Precision Co. Ltd.	983,600		11,222,931
Tripod Technology Corp.	3,217,820		8,021,750
Unimicron Technology Corp.	19,729,000		22,426,318
			168,585,652
Internet Software & Services - 3.4%
Tencent Holdings Ltd.	4,240,000		73,831,256
Semiconductors & Semiconductor Equipment - 3.9%
Kinsus Interconnect Technology Corp.	3,163,000		7,899,406
MediaTek, Inc.	2,071,262		28,881,026
Taiwan Semiconductor Manufacturing Co. Ltd.	26,166,796		47,289,138
			84,069,570
TOTAL INFORMATION TECHNOLOGY			357,634,527
MATERIALS - 8.0%
Chemicals - 1.0%
Formosa Plastics Corp.	7,854,250		15,008,839
Taiwan Fertilizer Co. Ltd.	2,167,000		6,702,276
			21,711,115
Construction Materials - 1.1%
Anhui Conch Cement Co. Ltd. (H Shares)	746,000		4,826,998
Asia Cement Corp.	3,127,080		3,271,100
China National Building Materials Co. Ltd. (H Shares)	4,258,000		9,142,365
China Shanshui Cement Group Ltd.	8,678,000		6,196,816
			23,437,279
Metals & Mining - 4.7%
Angang Steel Co. Ltd. (H Shares) (c)	7,682,000		14,160,831
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Metals & Mining - continued
BlueScope Steel Ltd.	6,997,424		$ 18,538,121
China Steel Corp.	20,445,000		18,084,074
Hidili Industry International Development Ltd. (a)	12,475,000		12,766,579
Jiangxi Copper Co. Ltd. (H Shares) (c)	5,428,000		12,298,779
Maanshan Iron & Steel Co. Ltd.(H Shares) (a)(c)	13,862,000		8,344,966
OZ Minerals Ltd. (a)	11,666,449		12,195,215
Xingda International Holdings Ltd.	12,842,000		6,359,142
			102,747,707
Paper & Forest Products - 1.2%
Nine Dragons Paper (Holdings) Ltd.	11,154,000		15,940,865
Shandong Chenming Paper Holdings Ltd.:
(B Shares)	9,255,872		6,453,602
(H Shares)	4,580,600		3,199,263
			25,593,730
TOTAL MATERIALS			173,489,831
TELECOMMUNICATION SERVICES - 3.9%
Diversified Telecommunication Services - 0.2%
China Unicom (Hong Kong) Ltd.	3,434,000		4,366,432
Wireless Telecommunication Services - 3.7%
China Mobile (Hong Kong) Ltd.	7,358,500		68,983,512
Taiwan Mobile Co. Ltd.	6,483,000		11,551,184
			80,534,696
TOTAL TELECOMMUNICATION SERVICES			84,901,128
	Shares		Value
UTILITIES - 0.3%
Independent Power Producers & Energy Traders - 0.3%
China Resources Power Holdings Co. Ltd.	2,942,600		$ 6,096,167
TOTAL COMMON STOCKS (Cost $1,823,106,567)		2,134,489,723
Money Market Funds - 2.7%
Fidelity Cash Central Fund, 0.20% (d)	26,759,308		26,759,308
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	31,731,020		31,731,020
TOTAL MONEY MARKET FUNDS (Cost $58,490,328)		58,490,328

TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $1,881,596,895) 2,192,980,051

NET OTHER ASSETS - (1.5)%		(32,453,406)
NET ASSETS - 100%	$ 2,160,526,645

Legend

(a) Non-income producing

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

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

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 252,490
Fidelity Securities Lending Cash Central Fund	258,952
Total	$ 511,442

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 241,396,838	$ -	$ 241,396,838	$ -
Consumer Staples	29,762,258	-	29,762,258	-
Energy	144,937,026	-	144,937,026	-
Financials	886,430,345	-	886,430,345	-
Health Care	10,661,674	-	10,661,674	-
Industrials	199,179,929	-	199,179,929	-
Information Technology	357,634,527	-	357,634,527	-
Materials	173,489,831	-	173,489,831	-
Telecommunication Services	84,901,128	-	84,901,128	-
Utilities	6,096,167	-	6,096,167	-
Money Market Funds	58,490,328	58,490,328	-	-
Total Investments in Securities:	$ 2,192,980,051	$ 58,490,328	$ 2,134,489,723	$ -

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

Investments in Securities:
Beginning Balance	$ 3,377,416
Total Realized Gain (Loss)	(2,615,311)
Total Unrealized Gain (Loss)	3,181,061
Cost of Purchases	693,176
Proceeds of Sales	(4,636,342)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ -
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ -

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $183,638,930 of which $148,402,224 and $35,236,706 will expire on October 31, 2016 and 2017, respectively.

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

Annual Report

China Region

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $29,883,388) - See accompanying schedule: Unaffiliated issuers (cost $1,823,106,567)	$ 2,134,489,723
Fidelity Central Funds (cost $58,490,328)	58,490,328
Total Investments (cost $1,881,596,895)		$ 2,192,980,051
Receivable for investments sold		4,265,474
Receivable for fund shares sold		6,968,202
Dividends receivable		677,016
Distributions receivable from Fidelity Central Funds		110,370
Prepaid expenses		11,823
Other receivables		348,987
Total assets		2,205,361,923
Liabilities
Payable for investments purchased	$ 4,967,028
Payable for fund shares redeemed	6,081,556
Accrued management fee	1,274,230
Distribution fees payable	8,236
Other affiliated payables	495,195
Other payables and accrued expenses	278,013
Collateral on securities loaned, at value	31,731,020
Total liabilities		44,835,278
Net Assets		$ 2,160,526,645
Net Assets consist of:
Paid in capital		$ 2,022,501,705
Undistributed net investment income		17,665,449
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(191,023,588)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		311,383,079
Net Assets		$ 2,160,526,645

Statement of Assets and Liabilities - continued

	October 31, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($11,841,563 ÷ 447,439 shares)		$ 26.47
Maximum offering price per share (100/94.25 of $26.47)		$ 28.08
Class T: Net Asset Value and redemption price per share ($3,139,199 ÷ 118,901 shares)		$ 26.40
Maximum offering price per share (100/96.50 of $26.40)		$ 27.36
Class B: Net Asset Value and offering price per share ($1,914,530 ÷ 72,865 shares) A		$ 26.28
Class C: Net Asset Value and offering price per share ($3,806,401 ÷ 145,028 shares) A		$ 26.25
China Region: Net Asset Value, offering price and redemption price per share ($2,138,141,158 ÷ 80,520,995 shares)		$ 26.55
Institutional Class: Net Asset Value, offering price and redemption price per share ($1,683,794 ÷ 63,412 shares)		$ 26.55

^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.

Annual Report

China Region
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 34,789,884
Interest		4,179
Income from Fidelity Central Funds		511,442
		35,305,505
Less foreign taxes withheld		(3,044,381)
Total income		32,261,124
Expenses
Management fee	$ 8,847,063
Transfer agent fees	3,454,783
Distribution fees	39,001
Accounting and security lending fees	568,104
Custodian fees and expenses	891,815
Independent trustees' compensation	7,990
Registration fees	183,743
Audit	73,657
Legal	4,317
Interest	240
Miscellaneous	18,088
Total expenses before reductions	14,088,801
Expense reductions	(1,149,025)	12,939,776
Net investment income (loss)		19,321,348
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(49,982,550)
Foreign currency transactions	(599,246)
Futures contracts	13,036,301
Total net realized gain (loss)		(37,545,495)
Change in net unrealized appreciation (depreciation) on: Investment securities	584,911,835
Assets and liabilities in foreign currencies	33,654
Total change in net unrealized appreciation (depreciation)		584,945,489
Net gain (loss)		547,399,994
Net increase (decrease) in net assets resulting from operations		$ 566,721,342

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 19,321,348	$ 20,232,414
Net realized gain (loss)	(37,545,495)	(151,826,882)
Change in net unrealized appreciation (depreciation)	584,945,489	(900,567,403)
Net increase (decrease) in net assets resulting from operations	566,721,342	(1,032,161,871)
Distributions to shareholders from net investment income	(7,631,813)	(15,794,709)
Distributions to shareholders from net realized gain	-	(223,593,729)
Total distributions	(7,631,813)	(239,388,438)
Share transactions - net increase (decrease)	858,935,262	(34,409,565)
Redemption fees	1,318,632	2,616,118
Total increase (decrease) in net assets	1,419,343,423	(1,303,343,756)
Net Assets
Beginning of period	741,183,222	2,044,526,978
End of period (including undistributed net investment income of $17,665,449 and undistributed net investment income of $6,027,366, respectively)	$ 2,160,526,645	$ 741,183,222

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2009	2008 H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.67	$ 29.28
Income from Investment Operations
Net investment income (loss) E	.30	.28
Net realized and unrealized gain (loss)	9.63	(12.91)
Total from investment operations	9.93	(12.63)
Distributions from net investment income	(.16)	-
Redemption fees added to paid in capital E	.03	.02
Net asset value, end of period	$ 26.47	$ 16.67
Total Return B, C, D	60.41%	(43.07)%
Ratios to Average Net Assets F, I
Expenses before reductions	1.39%	1.44% A
Expenses net of fee waivers, if any	1.39%	1.44% A
Expenses net of all reductions	1.31%	1.30% A
Net investment income (loss)	1.27%	2.63% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 11,842	$ 340
Portfolio turnover rate G	88%	133%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.

Financial Highlights - Class T

Years ended October 31,	2009	2008 H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.65	$ 29.28
Income from Investment Operations
Net investment income (loss) E	.23	.26
Net realized and unrealized gain (loss)	9.64	(12.91)
Total from investment operations	9.87	(12.65)
Distributions from net investment income	(.14)	-
Redemption fees added to paid in capital E	.02	.02
Net asset value, end of period	$ 26.40	$ 16.65
Total Return B, C, D	59.92%	(43.14)%
Ratios to Average Net Assets F, I
Expenses before reductions	1.66%	1.68% A
Expenses net of fee waivers, if any	1.66%	1.68% A
Expenses net of all reductions	1.58%	1.53% A
Net investment income (loss)	1.00%	2.40% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,139	$ 107
Portfolio turnover rate G	88%	133%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2009	2008 H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) E	.12	.20
Net realized and unrealized gain (loss)	9.63	(12.89)
Total from investment operations	9.75	(12.69)
Distributions from net investment income	(.10)	-
Redemption fees added to paid in capital E	.02	.02
Net asset value, end of period	$ 26.28	$ 16.61
Total Return B, C, D	59.16%	(43.27)%
Ratios to Average Net Assets F, I
Expenses before reductions	2.15%	2.17% A
Expenses net of fee waivers, if any	2.15%	2.17% A
Expenses net of all reductions	2.06%	2.02% A
Net investment income (loss)	.51%	1.91% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,915	$ 155
Portfolio turnover rate G	88%	133%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.

Financial Highlights - Class C

Years ended October 31,	2009	2008 H
Selected Per-Share Data
Net asset value, beginning of period	$ 16.61	$ 29.28
Income from Investment Operations
Net investment income (loss) E	.12	.20
Net realized and unrealized gain (loss)	9.62	(12.89)
Total from investment operations	9.74	(12.69)
Distributions from net investment income	(.12)	-
Redemption fees added to paid in capital E	.02	.02
Net asset value, end of period	$ 26.25	$ 16.61
Total Return B, C, D	59.18%	(43.27)%
Ratios to Average Net Assets F, I
Expenses before reductions	2.15%	2.13% A
Expenses net of fee waivers, if any	2.15%	2.13% A
Expenses net of all reductions	2.07%	1.98% A
Net investment income (loss)	.51%	1.95% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,806	$ 233
Portfolio turnover rate G	88%	133%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.

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

Annual Report

Financial Highlights - China Region

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 16.69	$ 41.52	$ 22.94	$ 17.74	$ 15.88
Income from Investment Operations
Net investment income (loss) B	.33	.39	.46	.42	.36
Net realized and unrealized gain (loss)	9.68	(20.42)	18.58	4.99	1.75
Total from investment operations	10.01	(20.03)	19.04	5.41	2.11
Distributions from net investment income	(.17)	(.32)	(.29)	(.22)	(.26)
Distributions from net realized gain	-	(4.53)	(.20)	-	-
Total distributions	(.17)	(4.85)	(.49)	(.22)	(.26)
Redemption fees added to paid in capital B	.02	.05	.03	.01	.01
Net asset value, end of period	$ 26.55	$ 16.69	$ 41.52	$ 22.94	$ 17.74
Total Return A	60.77%	(53.75)%	84.73%	30.83%	13.44%
Ratios to Average Net Assets C, E
Expenses before reductions	1.12%	1.11%	1.08%	1.14%	1.16%
Expenses net of fee waivers, if any	1.12%	1.11%	1.08%	1.14%	1.16%
Expenses net of all reductions	1.03%	.96%	.92%	1.08%	1.12%
Net investment income (loss)	1.54%	1.45%	1.64%	1.99%	2.04%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,138,141	$ 740,289	$ 2,044,527	$ 734,793	$ 396,905
Portfolio turnover rate D	88%	133%	173%	36%	44%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Financial Highlights - Institutional Class

Years ended October 31,	2009	2008 G
Selected Per-Share Data
Net asset value, beginning of period	$ 16.70	$ 29.28
Income from Investment Operations
Net investment income (loss) D	.37	.34
Net realized and unrealized gain (loss)	9.64	(12.94)
Total from investment operations	10.01	(12.60)
Distributions from net investment income	(.18)	-
Redemption fees added to paid in capital D	.02	.02
Net asset value, end of period	$ 26.55	$ 16.70
Total Return B, C	60.78%	(42.96)%
Ratios to Average Net Assets E, H
Expenses before reductions	1.08%	1.05% A
Expenses net of fee waivers, if any	1.08%	1.05% A
Expenses net of all reductions	1.00%	.91% A
Net investment income (loss)	1.58%	3.02% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,684	$ 60
Portfolio turnover rate F	88%	133%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^H Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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 B, Class C, China Region and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

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

Book-tax differences are primarily due to futures transactions, 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	$ 391,865,421
Gross unrealized depreciation	(93,310,749)
Net unrealized appreciation (depreciation)	$ 298,554,672
Tax Cost	$ 1,894,425,379

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

Undistributed ordinary income	$ 23,109,275
Capital loss carryforward	$ (183,638,930)
Net unrealized appreciation (depreciation)	$ 298,554,595

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 7,631,813	$ 49,852,032
Long-term Capital Gains	-	189,536,406
Total	$ 7,631,813	$ 239,388,438

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

4. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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. While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 13,036,301	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 13,036,301	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $13,036,301 for futures contracts.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $1,970,322,629 and $1,053,121,225, respectively.

Annual Report

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .71% of the Fund's average net assets.

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

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	0%	.25%	$ 10,385	$ 676
Class T	.25%	.25%	5,834	194
Class B	.75%	.25%	7,621	5,822
Class C	.75%	.25%	15,161	8,014
			$ 39,001	$ 14,706

Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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	$ 25,166
Class T	3,265
Class B*	768
Class C*	728
	$ 29,927

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

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

	Amount	% of Average Net Assets
Class A	$ 12,947	.30
Class T	3,941	.33
Class B	2,531	.33
Class C	5,097	.33
China Region	3,428,423	.28
Institutional Class	1,844	.24
	$ 3,454,783

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $199 for the period.

Annual Report

Notes to Financial Statements - continued

6. Fees and Other Transactions with Affiliates - continued

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

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 5,837,250	.37%	$ 240

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $5,537 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $258,952.

9. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of China Region's operating expenses. During the period, this reimbursement reduced the class' expenses by $47,001.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,102,024 for the period.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Class A	$ 4,014	$ -
Class T	973	-
Class B	969	-
Class C	1,793	-
China Region	7,623,415	15,794,709
Institutional Class	649	-
Total	$ 7,631,813	$ 15,794,709
From net realized gain
China Region	$ -	$ 223,593,729

Annual Report

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009	2008 A	2009	2008 A
Class A
Shares sold	476,918	30,242	$ 10,951,377	$ 750,104
Reinvestment of distributions	220	-	3,532	-
Shares redeemed	(50,111)	(9,830)	(1,196,308)	(195,417)
Net increase (decrease)	427,027	20,412	$ 9,758,601	$ 554,687
Class T
Shares sold	124,214	6,603	$ 2,764,790	$ 171,008
Reinvestment of distributions	61	-	973	-
Shares redeemed	(11,807)	(170)	(289,925)	(3,942)
Net increase (decrease)	112,468	6,433	$ 2,475,838	$ 167,066
Class B
Shares sold	76,310	9,379	$ 1,715,391	$ 239,439
Reinvestment of distributions	60	-	969	-
Shares redeemed	(12,815)	(69)	(303,220)	(1,147)
Net increase (decrease)	63,555	9,310	$ 1,413,140	$ 238,292
Class C
Shares sold	162,651	16,209	$ 3,650,852	$ 359,453
Reinvestment of distributions	112	-	1,793	-
Shares redeemed	(31,751)	(2,193)	(779,443)	(34,305)
Net increase (decrease)	131,012	14,016	$ 2,873,202	$ 325,148
China Region
Shares sold	54,595,118	24,232,728	$ 1,249,255,109	$ 702,714,867
Reinvestment of distributions	454,390	7,102,996	7,297,501	228,787,494
Shares redeemed	(18,885,174)	(36,222,341)	(415,361,909)	(967,305,455)
Net increase (decrease)	36,164,334	(4,886,617)	$ 841,190,701	$ (35,803,094)
Institutional Class
Shares sold	72,363	5,359	$ 1,546,935	$ 145,686
Reinvestment of distributions	40	-	649	-
Shares redeemed	(12,559)	(1,791)	(323,804)	(37,350)
Net increase (decrease)	59,844	3,568	$ 1,223,780	$ 108,336

^A Share transactions for Class A, Class T, Class B, Class C and Institutional Class are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

12. Other.

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

Annual Report

Emerging Markets

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Emerging Markets	53.95%	14.98%	9.56%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Emerging Markets, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets Index performed over the same period.

Annual Report

Emerging Markets

Management's Discussion of Fund Performance

Market Recap: Stocks in emerging markets produced outsized gains, as investors' mood shifted from despair early in the 12-month period to optimism that the global recession might have ended. Reflecting the improving sentiment, the MSCI® Emerging Markets (EM) Index returned 64.63% for the year ending October 31, 2009. Of the three regions with the largest representation in the index - Europe/Middle East/Africa (EMEA), Latin America, and Asia ex Australia and New Zealand - Latin America had the strongest showing, at more than 77%, driven mainly by a return of over 92% for Brazil, whose major city, Rio de Janeiro, recently won the competition to host the 2016 Olympic games. Moreover, near period end Brazil's government debt earned an investment-grade rating from one of the major U.S. credit-rating agencies. Asian stocks also performed extremely well, returning almost 67%. A key driver in that case was China, whose return of roughly 102% came amid accelerating economic growth - from 6.1% in the first quarter of 2009 to 8.9% in the third quarter - and optimism fostered by the government's massive fiscal stimulus package. In the EMEA region, stocks returned about 47%, with key components South Africa and Russia finishing at roughly 62% and 45%, respectively.

Comments from Robert von Rekowsky, Portfolio Manager of Fidelity® Emerging Markets Fund: During the year, the fund's Retail Class shares returned 53.95%, trailing the MSCI index. Unrewarding stock selection in financials, industrials, information technology, materials and consumer staples hurt results, along with a modest cash position. At the country level, stock picking in Russia, India, South Korea, South Africa, Taiwan and Israel detracted, as did our positioning in China. A small out-of-index position in IT services provider Rolta India fared poorly due to the alleged fraud of a competitor. Other detractors included Russian natural gas producer/distributor Gazprom, Brazilian pulp and paper holding Votorantim Celulose e Papel, Bahrain-based investment bank Gulf Finance House - a small out-of-benchmark holding - and Mexican bank Grupo Financiero Banorte. Underweighting strong-performing South African gold-mining stock AngloGold Ashanti further detracted. Conversely, good stock picks and an overweighting in consumer discretionary aided performance, as did stock selection in telecommunication services. Indonesian conglomerate Astra International was boosted by healthy sales of mining equipment and rebounding palm oil prices. Other contributors included Indonesia-based natural gas utility Perusahaan Gas Negara, Hungary's OTP Bank and CNPC, a Hong Kong-based energy company. Some stocks I've mentioned were sold by period end.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Emerging Markets

Shareholder Expense Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Emerging Markets	1.19%
Actual		$ 1,000.00	$ 1,429.20	$ 7.29
HypotheticalA		$ 1,000.00	$ 1,019.21	$ 6.06
Class K	.92%
Actual		$ 1,000.00	$ 1,431.80	$ 5.64
HypotheticalA		$ 1,000.00	$ 1,020.57	$ 4.69

^A 5% return per year before expenses

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

Annual Report

Emerging Markets

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Brazil	16.9%
	Korea (South)	10.5%
	China	10.1%
	Russia	8.8%
	Taiwan	7.7%
	India	7.2%
	South Africa	6.1%
	Hong Kong	5.4%
	Indonesia	4.7%
	Other	22.6%

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

As of April 30, 2009
	Brazil	13.1%
	Korea (South)	11.9%
	China	9.6%
	Taiwan	8.8%
	South Africa	8.0%
	Russia	6.6%
	India	6.5%
	Hong Kong	6.3%
	Indonesia	3.9%
	Other	25.3%

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

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.2	97.9
Short-Term Investments and Net Other Assets	0.8	2.1
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	4.1	3.8
Vale SA (PN-A) sponsored ADR (Brazil, Metals & Mining)	3.5	2.7
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	3.0	2.5
OAO Gazprom (Russia, Oil, Gas & Consumable Fuels)	2.4	1.6
America Movil SAB de CV Series L sponsored ADR (Mexico, Wireless Telecommunication Services)	2.0	1.8
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	1.9	1.7
Itau Unibanco Banco Multiplo SA ADR (Brazil, Commercial Banks)	1.9	0.1
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Commercial Banks)	1.7	2.0
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	1.5	2.3
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components)	1.4	1.2
	23.4
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	26.0	22.0
Energy	15.8	14.5
Materials	14.8	12.6
Information Technology	12.9	14.3
Telecommunication Services	9.2	8.8
Consumer Discretionary	6.8	9.3
Industrials	6.1	5.6
Consumer Staples	2.9	5.0
Utilities	2.6	3.3
Health Care	2.1	2.5

Annual Report

Emerging Markets

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.2%
	Shares		Value
Argentina - 0.1%
Banco Macro SA sponsored ADR	173,100		$ 5,059,713
Australia - 0.2%
Sino Gold Mining Ltd. (a)	1,583,111		9,290,404
Bailiwick of Jersey - 0.3%
Randgold Resources Ltd. sponsored ADR	199,700		13,321,987
Bermuda - 0.6%
Aquarius Platinum Ltd.:
(Australia) (c)	3,233,117		14,059,008
(United Kingdom)	731,222		3,129,756
Huabao International Holdings Ltd.	5,988,000		5,711,833
TOTAL BERMUDA			22,900,597
Brazil - 16.9%
Banco ABC Brasil SA	890,300		5,024,746
Banco Santander (Brasil) SA ADR (a)	1,277,900		15,155,894
BM&F BOVESPA SA	2,748,100		17,710,047
Brasil Foods SA	289,800		6,988,307
Companhia Brasileira de Distribuicao Grupo Pao de Acucar sponsored ADR (c)	141,200		8,541,188
Companhia de Saneamento de Minas Gerais	19,364		340,838
Companhia Energetica de Minas Gerais (CEMIG) (PN) sponsored ADR (non-vtg.)	8,650		136,584
Companhia Siderurgica Nacional SA (CSN) sponsored ADR (c)	1,213,500		40,239,660
Fertilizantes Fosfatados SA (PN) (a)	669,400		6,461,390
Gerdau SA sponsored ADR (c)	2,151,200		32,483,120
GVT Holding SA (a)	342,900		9,841,923
Itau Unibanco Banco Multiplo SA ADR	3,889,560		74,446,178
Localiza Rent A Car SA	1,080,400		11,318,067
Net Servicos de Comunicacao SA sponsored ADR	1,461,766		17,965,104
OGX Petroleo e Gas Participacoes SA	31,400		25,316,829
PDG Realty S.A. Empreendimentos e Participacoes	1,552,600		12,958,903
Petroleo Brasileiro SA - Petrobras:
(PN) (non-vtg.)	3,296,900		65,368,923
(PN) sponsored ADR (non-vtg.)	2,378,700		95,433,444
sponsored ADR	385,300		17,808,566
Tele Norte Leste Participacoes SA sponsored ADR (non-vtg.)	1,294,200		24,667,452
Tivit Terc de Tec E Servico SA	467,000		3,577,010
Vale SA (PN-A) sponsored ADR	5,857,400		135,305,941
Vivo Participacoes SA sponsored ADR	781,100		18,941,675
Votorantim Celulose e Papel SA sponsored ADR (a)	1,112,065		15,279,773
TOTAL BRAZIL			661,311,562
	Shares		Value
Canada - 1.1%
Eldorado Gold Corp. (a)	611,600		$ 6,811,558
First Quantum Minerals Ltd.	227,500		15,551,138
Sherritt International Corp. (c)	900,900		5,773,880
Sino-Forest Corp. (a)	595,900		8,381,177
Uranium One, Inc. (a)	2,288,200		6,487,301
TOTAL CANADA			43,005,054
Cayman Islands - 1.8%
China Dongxiang Group Co. Ltd.	17,981,000		10,986,438
China Shanshui Cement Group Ltd.	8,975,000		6,408,898
Eurasia Drilling Co. Ltd. GDR (Reg. S)	795,900		13,132,350
Geely Automobile Holdings Ltd. (c)	48,900,000		17,681,543
Hidili Industry International Development Ltd. (a)	5,343,000		5,467,882
Integra Group Holdings unit (a)	3,586,700		11,800,243
Yingli Green Energy Holding Co. Ltd. ADR (a)(c)	321,600		3,724,128
TOTAL CAYMAN ISLANDS			69,201,482
China - 10.1%
Baidu.com, Inc. sponsored ADR (a)	28,800		10,884,096
China Construction Bank Corp. (H Shares)	86,479,000		74,558,208
China Merchants Bank Co. Ltd. (H Shares)	13,612,350		34,825,942
China National Materials Co. Ltd. (H Shares)	8,621,000		6,821,188
China Railway Construction Corp. Ltd. (H Shares)	10,180,000		13,494,219
China Shenhua Energy Co. Ltd. (H Shares)	7,568,500		33,953,939
China Yurun Food Group Ltd.	8,323,000		17,106,706
Golden Eagle Retail Group Ltd. (H Shares)	9,199,000		15,821,963
Industrial & Commercial Bank of China Ltd. (H Shares)	85,412,000		67,956,819
Maanshan Iron & Steel Co. Ltd. (H Shares) (a)	10,458,000		6,295,748
PICC Property & Casualty Co. Ltd. (H Shares) (a)(c)	13,580,000		10,002,720
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	4,138,000		36,265,873
Tencent Holdings Ltd.	2,126,300		37,025,330
Yantai Changyu Pioneer Wine Co. (B Shares)	1,602,950		11,783,639
ZTE Corp. (H Shares)	3,291,080		18,237,041
TOTAL CHINA			395,033,431
Cyprus - 0.1%
Globaltrans Investment PLC GDR (Reg. S) (a)	333,800		2,937,440
XXI Century Investments Public Ltd. (a)	160,365		59,240
TOTAL CYPRUS			2,996,680
Common Stocks - continued
	Shares		Value
Czech Republic - 1.1%
Ceske Energeticke Zavody AS	481,200		$ 23,989,208
Komercni Banka AS	105,500		20,985,205
TOTAL CZECH REPUBLIC			44,974,413
Egypt - 0.7%
Commercial International Bank Ltd. sponsored GDR	1,492,019		15,069,392
Orascom Telecom Holding SAE unit	321,400		10,959,740
TOTAL EGYPT			26,029,132
Hong Kong - 5.4%
China Mobile (Hong Kong) Ltd.	6,442,400		60,395,377
China Overseas Land & Investment Ltd.	8,670,000		18,692,213
China Resources Power Holdings Co. Ltd.	7,491,500		15,520,096
CNOOC Ltd.	28,901,000		43,284,299
CNOOC Ltd. sponsored ADR	20,000		2,978,800
CNPC (Hong Kong) Ltd.	18,746,000		19,790,422
Cosco Pacific Ltd.	6,864,000		9,481,926
Hong Kong Exchange & Clearing Ltd.	557,500		9,813,706
Shanghai Industrial Holdings Ltd.	3,875,000		18,204,241
Sino-Ocean Land Holdings Ltd.	12,878,500		12,524,609
TOTAL HONG KONG			210,685,689
Hungary - 0.8%
OTP Bank Ltd. (a)	1,057,900		30,196,579
India - 7.2%
Bank of Baroda	558,774		6,037,865
Bharat Heavy Electricals Ltd.	470,875		22,040,528
Housing Development and Infrastructure Ltd. (a)	1,681,902		11,147,955
Housing Development Finance Corp. Ltd.	675,733		37,843,888
Indiabulls Real Estate Ltd. (a)	1,835,219		9,608,347
Infosys Technologies Ltd. sponsored ADR	894,400		41,142,400
ITC Ltd.	1,500		8,084
Jain Irrigation Systems Ltd.	745,510		12,050,774
JSW Steel Ltd.	1,069,795		16,964,462
Mahindra & Mahindra Ltd.	855,928		16,576,222
Power Finance Corp. Ltd.	739,047		3,451,345
Reliance Industries Ltd.	1,143,302		46,294,890
Rural Electrification Corp. Ltd.	1,649,256		6,936,451
Tata Consultancy Services Ltd.	1,536,426		20,444,088
Tata Power Co. Ltd.	591,378		16,639,352
Tata Steel Ltd.	1,352,931		13,383,049
TOTAL INDIA			280,569,700
Indonesia - 4.7%
PT Astra International Tbk	7,028,500		22,612,760
PT Bank Central Asia Tbk	41,196,500		19,399,497
PT Bank Mandiri Persero Tbk	32,948,500		15,810,489
PT Bank Rakyat Indonesia Tbk	29,987,500		21,821,816
	Shares		Value
PT Bumi Resources Tbk	68,203,000		$ 16,419,017
PT Indocement Tunggal Prakarsa Tbk	14,098,000		16,052,919
PT Indofood Sukses Makmur Tbk	48,296,500		15,263,567
PT International Nickel Indonesia Tbk (a)	10,670,500		4,421,957
PT Perusahaan Gas Negara Tbk Series B	65,783,100		24,476,822
PT Telkomunikasi Indonesia Tbk Series B	34,714,000		29,892,705
TOTAL INDONESIA			186,171,549
Ireland - 0.3%
Dragon Oil PLC (a)	1,843,460		12,409,030
Israel - 1.6%
Israel Chemicals Ltd.	1,049,584		12,496,878
Teva Pharmaceutical Industries Ltd. sponsored ADR	961,300		48,526,424
TOTAL ISRAEL			61,023,302
Kazakhstan - 0.7%
JSC Halyk Bank of Kazakhstan unit (a)	2,315,176		15,743,197
KazMunaiGas Exploration & Production JSC (Reg. S) GDR	573,211		13,556,440
TOTAL KAZAKHSTAN			29,299,637
Korea (South) - 10.5%
DigiTech Systems Co., Ltd. (a)	83,167		1,725,591
Doosan Heavy Industries & Construction Co. Ltd.	246,474		13,178,533
Hynix Semiconductor, Inc. (a)	1,439,420		21,292,060
Hyundai Engineering & Construction Co. Ltd.	274,895		15,121,011
Hyundai Industrial Development & Construction Co.	442,400		13,045,439
Hyundai Mobis	209,390		27,818,405
Hyundai Motor Co.	413,621		37,379,744
Industrial Bank of Korea (a)	1,707,090		20,605,010
KB Financial Group, Inc. (a)	823,380		39,459,307
Korea Exchange Bank	2,268,960		25,690,097
LG Corp.	310,804		17,543,493
LG Innotek Co. Ltd.	78,005		7,019,825
Lumens Co. Ltd. (a)	889,544		4,940,866
MegaStudy Co. Ltd.	46,085		9,548,795
Samsung Electronics Co. Ltd.	198,870		119,227,975
Shinhan Financial Group Co. Ltd. (a)	1,007,430		38,082,732
TOTAL KOREA (SOUTH)			411,678,883
Luxembourg - 1.0%
ArcelorMittal SA (NY Shares) Class A (c)	359,065		12,215,391
Evraz Group SA GDR	794,300		19,365,034
Ternium SA sponsored ADR (a)(c)	366,400		9,207,632
TOTAL LUXEMBOURG			40,788,057
Mexico - 3.3%
America Movil SAB de CV Series L sponsored ADR	1,792,100		79,085,373
Corporacion Geo SA de CV Series B (a)	4,957,000		13,102,434
Common Stocks - continued
	Shares		Value
Mexico - continued
Empresas ICA Sociedad Controladora SA de CV sponsored ADR (a)	1,498,300		$ 13,065,176
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	278,500		7,098,965
Grupo Financiero Banorte SAB de CV Series O	5,419,300		17,320,614
TOTAL MEXICO			129,672,562
Nigeria - 0.2%
Guaranty Trust Bank PLC GDR (Reg. S)	1,205,281		7,472,742
Norway - 0.1%
Det Norske Oljeselskap ASA (DNO) (A Shares) (a)(c)	4,450,000		3,497,145
Papua New Guinea - 0.2%
Oil Search Ltd.	1,591,728		8,252,534
Peru - 0.5%
Compania de Minas Buenaventura SA sponsored ADR	548,200		18,403,074
Philippines - 0.4%
Philippine Long Distance Telephone Co. sponsored ADR	297,900		15,878,070
Poland - 1.0%
Bank Polska Kasa Opieki SA (a)	439,500		23,896,768
Bank Zachodni WBK SA (a)	192,000		10,386,450
Globe Trade Centre SA (a)	405,700		3,553,556
TOTAL POLAND			37,836,774
Russia - 8.8%
Cherkizovo Group OJSC GDR (a)	322,100		2,995,530
Interregional Distribution Grid Companies Holding JSC (a)	18,789,200		2,195,323
Magnit OJSC GDR (Reg. S)	1,032,000		13,725,600
Mechel Steel Group OAO sponsored ADR	810,700		13,911,612
Novorossiysk Commercial Sea Port JSC (a)	13,641,400		2,089,753
Novorossiysk Commercial Sea Port JSC GDR (Reg. S)	81,000		931,500
OAO Gazprom	1,043,900		6,229,279
OAO Gazprom sponsored ADR	3,618,359		85,501,823
OAO NOVATEK GDR	399,080		20,153,540
OAO Tatneft sponsored ADR	835,900		21,775,195
OGK-2 JSC (a)	79,981,600		2,709,697
OGK-6 JSC (a)	94,762,200		2,559,053
OJSC MMC Norilsk Nickel sponsored ADR (a)	2,276,866		29,189,422
OJSC Oil Company Rosneft GDR (Reg. S) (a)	4,676,500		35,775,225
Polymetal JSC GDR (Reg. S) (a)	1,041,600		9,197,328
RusHydro JSC sponsored ADR (a)	2,830,633		10,077,053
Sberbank (Savings Bank of the Russian Federation)	12,917,000		28,622,184
	Shares		Value
Sberbank (Savings Bank of the Russian Federation) GDR	76,233		$ 18,285,449
Sistema JSFC sponsored GDR (a)	868,121		14,133,010
Vimpel Communications sponsored ADR (a)	1,451,700		26,028,981
TOTAL RUSSIA			346,086,557
Singapore - 0.2%
Straits Asia Resources Ltd.	5,927,000		7,574,567
South Africa - 6.1%
African Bank Investments Ltd.	4,081,699		16,091,690
AngloGold Ashanti Ltd.	380,000		14,100,736
Aspen Pharmacare Holdings Ltd.	2,217,177		18,787,471
Aveng Ltd.	3,283,952		17,549,439
Clicks Group Ltd.	4,157,611		13,144,703
Illovo Sugar Ltd.	2,736,665		12,435,406
Mr. Price Group Ltd.	2,985,145		13,717,338
MTN Group Ltd.	3,273,300		49,230,432
Murray & Roberts Holdings Ltd.	1,398,300		10,091,028
Mvelaphanda Resources Ltd. (a)	1,986,790		10,172,365
Raubex Group Ltd.	1,972,436		6,185,559
Shoprite Holdings Ltd.	1,802,935		14,769,644
Standard Bank Group Ltd.	2,692,600		33,844,905
Truworths International Ltd.	1,622,354		9,344,759
TOTAL SOUTH AFRICA			239,465,475
Taiwan - 7.7%
Advanced Semiconductor Engineering, Inc.	7,145,000		5,610,227
Advanced Semiconductor Engineering, Inc. sponsored ADR	3,000,400		11,611,548
Asia Cement Corp.	15,817,710		16,546,207
Epistar Corp.	1,161,000		3,368,201
First Financial Holding Co. Ltd.	27,382,077		15,759,266
Formosa Epitaxy, Inc.	6,159,000		8,471,876
Fubon Financial Holding Co. Ltd. (a)	14,606,000		16,146,704
Hon Hai Precision Industry Co. Ltd. (Foxconn)	13,610,447		53,110,553
Largan Precision Co. Ltd.	672,300		7,670,981
Macronix International Co. Ltd.	16,093,113		8,127,040
MediaTek, Inc.	2,392,868		33,365,399
Polaris Securities Co. Ltd.	9,130,000		4,667,356
Siliconware Precision Industries Co. Ltd.	13,774,633		18,042,393
Taiwan Mobile Co. Ltd.	10,062,000		17,928,121
Taiwan Semiconductor Manufacturing Co. Ltd.	14,808,447		26,762,111
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR	2,258,114		21,542,408
Wistron Corp.	11,549,449		19,262,319
Yuanta Financial Holding Co. Ltd.	20,041,000		13,176,196
TOTAL TAIWAN			301,168,906
Thailand - 0.9%
Advanced Info Service PCL (For. Reg.)	2,094,000		5,310,077
Central Pattana PCL (For. Reg.)	4,976,300		3,174,909
Common Stocks - continued
	Shares		Value
Thailand - continued
National Finance PCL (For. Reg.)	3,639,200		$ 2,107,838
Siam Commercial Bank PCL (For. Reg.)	7,515,100		17,068,615
Thai Airways International PCL (For. Reg.) (a)	12,103,800		7,046,151
Total Access Communication PCL (For. Reg.)	105,200		120,627
TOTAL THAILAND			34,828,217
Turkey - 2.0%
Hurriyet Gazetecilik ve Matbaacilik AS (a)	7,158,519		7,713,203
Tofas Turk Otomobil Fabrikasi AS	4,412,692		11,152,797
Turk Hava Yollari AO	5,696,000		15,987,443
Turkiye Garanti Bankasi AS	6,750,895		24,695,658
Turkiye Is Bankasi AS Series C	5,235,939		20,024,376
TOTAL TURKEY			79,573,477
United Kingdom - 1.4%
Hikma Pharmaceuticals PLC	1,626,618		12,613,156
Max Petroleum PLC (a)	11,871,400		3,459,557
Standard Chartered PLC (United Kingdom)	584,641		14,402,753
Tullow Oil PLC	290,700		5,665,210
Xstrata PLC	1,369,770		19,846,440
TOTAL UNITED KINGDOM			55,987,116
United States of America - 1.2%
Central European Distribution Corp. (a)	421,230		13,104,465
	Shares		Value
CTC Media, Inc. (a)	707,917		$ 11,383,305
Freeport-McMoRan Copper & Gold, Inc.	308,800		22,653,568
TOTAL UNITED STATES OF AMERICA			47,141,338
TOTAL COMMON STOCKS (Cost $3,081,642,736)		3,888,785,435
Money Market Funds - 3.2%
Fidelity Cash Central Fund, 0.20% (d)	37,105,282		37,105,282
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	89,366,228		89,366,228
TOTAL MONEY MARKET FUNDS (Cost $126,471,510)		126,471,510
TOTAL INVESTMENT PORTFOLIO - 102.4% (Cost $3,208,114,246)			4,015,256,945
NET OTHER ASSETS - (2.4)%			(95,600,063)
NET ASSETS - 100%		$ 3,919,656,882

Legend

(a) Non-income producing

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

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

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 434,681
Fidelity Securities Lending Cash Central Fund	782,606
Total	$ 1,217,287

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Brazil	$ 661,311,562	$ 660,970,724	$ 340,838	$ -
Korea (South)	411,678,883	-	411,678,883	-
China	395,033,431	10,884,096	384,149,335	-
Russia	346,086,557	301,681,268	44,405,289	-
Taiwan	301,168,906	33,153,956	268,014,950	-
India	280,569,700	41,142,400	239,427,300	-
South Africa	239,465,475	239,465,475	-	-
Hong Kong	210,685,689	2,978,800	207,706,889	-
Indonesia	186,171,549	-	186,171,549	-
Cyprus	2,996,680	2,937,440	-	59,240
Other	853,617,003	733,355,679	120,261,324	-
Money Market Funds	126,471,510	126,471,510	-	-
Total Investments in Securities:	$ 4,015,256,945	$ 2,153,041,348	$ 1,862,156,357	$ 59,240

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

Investments in Securities:
Beginning Balance	$ 10,123,191
Total Realized Gain (Loss)	(8,756,107)
Total Unrealized Gain (Loss)	14,411,992
Cost of Purchases	1,769,895
Proceeds of Sales	(1,314,474)
Amortization/Accretion	-
Transfers in/out of Level 3	(16,175,257)
Ending Balance	$ 59,240
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 4,239,281

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $1,085,309,087 of which $515,429,566 and $569,879,521 will expire on October 31, 2016 and 2017, repectively.

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

Annual Report

Emerging Markets

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $83,259,907) - See accompanying schedule: Unaffiliated issuers (cost $3,081,642,736)	$ 3,888,785,435
Fidelity Central Funds (cost $126,471,510)	126,471,510
Total Investments (cost $3,208,114,246)		$ 4,015,256,945
Cash		353,880
Foreign currency held at value (cost $712,281)		703,369
Receivable for investments sold		320,498
Receivable for fund shares sold		7,956,927
Dividends receivable		6,488,139
Distributions receivable from Fidelity Central Funds		67,785
Prepaid expenses		21,561
Other receivables		1,867,594
Total assets		4,033,036,698
Liabilities
Payable for investments purchased	$ 4,698,582
Payable for fund shares redeemed	9,105,075
Accrued management fee	2,418,553
Other affiliated payables	1,112,948
Other payables and accrued expenses	6,678,430
Collateral on securities loaned, at value	89,366,228
Total liabilities		113,379,816
Net Assets		$ 3,919,656,882
Net Assets consist of:
Paid in capital		$ 4,225,020,950
Undistributed net investment income		23,182,142
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,129,885,338)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		801,339,128
Net Assets		$ 3,919,656,882

Statement of Assets and Liabilities - continued

	October 31, 2009
Emerging Markets: Net Asset Value, offering price and redemption price per share ($3,649,582,161 ÷ 176,437,960 shares)		$ 20.68
Class K: Net Asset Value, offering price and redemption price per share ($270,074,721 ÷ 13,055,119 shares)		$ 20.69

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

Annual Report

Emerging Markets
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 63,183,158
Interest		16,162
Income from Fidelity Central Funds		1,217,287
		64,416,607
Less foreign taxes withheld		(6,519,908)
Total income		57,896,699
Expenses
Management fee	$ 18,742,826
Transfer agent fees	7,925,800
Accounting and security lending fees	1,126,532
Custodian fees and expenses	2,199,829
Independent trustees' compensation	17,799
Registration fees	128,994
Audit	139,076
Legal	11,708
Interest	941
Miscellaneous	54,429
Total expenses before reductions	30,347,934
Expense reductions	(1,764,541)	28,583,393
Net investment income (loss)		29,313,306
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(575,897,251)
Foreign currency transactions	(3,882,373)
Total net realized gain (loss)		(579,779,624)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $6,900,367)	1,727,601,277
Assets and liabilities in foreign currencies	1,111,118
Total change in net unrealized appreciation (depreciation)		1,728,712,395
Net gain (loss)		1,148,932,771
Net increase (decrease) in net assets resulting from operations		$ 1,178,246,077

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 29,313,306	$ 78,601,138
Net realized gain (loss)	(579,779,624)	(545,285,593)
Change in net unrealized appreciation (depreciation)	1,728,712,395	(3,581,772,253)
Net increase (decrease) in net assets resulting from operations	1,178,246,077	(4,048,456,708)
Distributions to shareholders from net investment income	(37,630,187)	(34,024,353)
Distributions to shareholders from net realized gain	-	(245,333,468)
Total distributions	(37,630,187)	(279,357,821)
Share transactions - net increase (decrease)	603,896,717	(112,421,513)
Redemption fees	1,520,594	4,815,140
Total increase (decrease) in net assets	1,746,033,201	(4,435,420,902)
Net Assets
Beginning of period	2,173,623,681	6,609,044,583
End of period (including undistributed net investment income of $23,182,142 and undistributed net investment income of $43,729,580, respectively)	$ 3,919,656,882	$ 2,173,623,681

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

Annual Report

Financial Highlights - Emerging Markets

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 13.71	$ 37.55	$ 22.04	$ 15.71	$ 11.30
Income from Investment Operations
Net investment income (loss) B	.17	.42 E	.25	.21	.21
Net realized and unrealized gain (loss)	7.03	(22.73)	15.44	6.31	4.30
Total from investment operations	7.20	(22.31)	15.69	6.52	4.51
Distributions from net investment income	(.24)	(.19)	(.20)	(.21)	(.11)
Distributions from net realized gain	-	(1.37)	-	-	-
Total distributions	(.24)	(1.56)	(.20)	(.21)	(.11)
Redemption fees added to paid in capital B	.01	.03	.02	.02	.01
Net asset value, end of period	$ 20.68	$ 13.71	$ 37.55	$ 22.04	$ 15.71
Total Return A	53.95%	(61.84)%	71.81%	41.96%	40.25%
Ratios to Average Net Assets C, F
Expenses before reductions	1.16%	1.07%	1.05%	1.11%	1.16%
Expenses net of fee waivers, if any	1.16%	1.07%	1.05%	1.11%	1.16%
Expenses net of all reductions	1.10%	1.02%	.99%	1.01%	1.07%
Net investment income (loss)	1.09%	1.47% E	.89%	1.04%	1.53%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,649,582	$ 2,086,196	$ 6,609,045	$ 3,005,145	$ 1,392,223
Portfolio turnover rate D	88%	63%	52%	66%	68%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Investment income per share reflects a special dividend which amounted to $.09 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.17%. ^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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Financial Highlights - Class K

Years ended October 31,	2009	2008 H
Selected Per-Share Data
Net asset value, beginning of period	$ 13.72	$ 31.99
Income from Investment Operations
Net investment income (loss) D	.22	.15 G
Net realized and unrealized gain (loss)	7.02	(18.43)
Total from investment operations	7.24	(18.28)
Distributions from net investment income	(.28)	-
Redemption fees added to paid in capital D	.01	.01
Net asset value, end of period	$ 20.69	$ 13.72
Total Return B, C	54.44%	(57.11)%
Ratios to Average Net Assets E, I
Expenses before reductions	.91%	.92% A
Expenses net of fee waivers, if any	.91%	.92% A
Expenses net of all reductions	.84%	.87% A
Net investment income (loss)	1.35%	2.02% A, G
Supplemental Data
Net assets, end of period (000 omitted)	$ 270,075	$ 87,427
Portfolio turnover rate F	88%	63%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G Investment income per share reflects a special dividend which amounted to $.02 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.71%. ^H For the period May 9, 2008 (commencement of sale of shares) to October 31, 2008. ^I Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. After the commencement of Class K, the Fund began offering conversion privileges between Emerging Markets and Class K to eligible shareholders of Emerging Markets. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

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

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Annual Report

3. Significant Accounting Policies - continued

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

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

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

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

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end.

Distributions are 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 generally accepted accounting principles.

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

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	$ 888,741,441
Gross unrealized depreciation	(152,217,530)
Net unrealized appreciation (depreciation)	$ 736,523,911
Tax Cost	$ 3,278,733,034

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 49,225,096
Capital loss carryforward	$ (1,085,309,087)
Net unrealized appreciation (depreciation)	$ 736,635,791

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 37,630,187	$ 41,187,374
Long-term Capital Gains	-	238,170,447
Total	$ 37,630,187	$ 279,357,821

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, 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 $2,913,951,433 and $2,250,742,178, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .71% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of 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, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets
Emerging Markets	$ 7,825,018	.32
Class K	100,782	.06
	$ 7,925,800

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $409 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, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 9,891,875	.43%	$ 941

Annual Report

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $12,637 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $782,606.

8. Expense Reductions.

FMR voluntarily agreed to reimburse a portion of Emerging Markets operating expenses. During the period, this reimbursement reduced the class' expenses by $15,505.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,748,696 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $340.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Emerging Markets	$ 35,658,169	$ 34,024,353
Class K	1,972,018	-
Total	$ 37,630,187	$ 34,024,353
From net realized gain
Emerging Markets	$ -	$ 245,333,468

Annual Report

Notes to Financial Statements - continued

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 B	2008 A	2009 B	2008 A
Emerging Markets
Shares sold	77,986,934	88,151,350	$ 1,325,781,409	$ 2,616,256,871
Conversion to Class K	(2,616,204)	(6,470,724)	(34,095,539)	(122,161,593)
Reinvestment of distributions	2,953,728	7,825,864	34,381,402	270,227,076
Shares redeemed	(54,051,229)	(113,371,134)	(822,757,665)	(2,997,083,479)
Net increase (decrease)	24,273,229	(23,864,644)	$ 503,309,607	$ (232,761,125)
Class K
Shares sold	7,005,118	379,643	$ 114,260,792	$ 5,848,087
Conversion from Emerging Markets	2,618,157	6,466,184	34,095,539	122,161,593
Reinvestment of distributions	169,855	-	1,972,018	-
Shares redeemed	(3,108,249)	(475,589)	(49,741,239)	(7,670,068)
Net increase (decrease)	6,684,881	6,370,238	$ 100,587,110	$ 120,339,612

^A Share transactions for Class K are for the period May 9, 2008 (commencement of sale of shares) to October 31, 2008.

^B Conversion transactions for Class K and Emerging Markets are for the period November 1, 2008 through August 31, 2009

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.

Annual Report

Europe

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Europe	25.36%	6.37%	4.25%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Europe, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI Europe Index performed over the same period.

Annual Report

Europe

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Melissa Reilly, Portfolio Manager of Fidelity® Europe Fund: For the year, the fund's Retail Class shares rose 25.36%, falling short of the 27.89% gain of the MSCI Europe Index. The fund was hurt the most by stock selection within financials, specifically diversified financials and banks. Stock and market selection within industrials, combined with a slight overweighting and stock picking in energy, detracted as well. From a geographic standpoint, stock selection in Switzerland and Sweden hurt the most. On a positive note, our positioning in consumer discretionary - particularly stock selection in automobiles/components and an overweighting in retailing - was helpful, as was stock picking in the U.K. On an individual security basis, owning several banks - many at the wrong times - was harmful, including U.K.-based Barclays, UniCredit in Italy, Spain's Banco Santander and France's Société Générale. Not owning German chemical company BASF for much of the period hurt as well. Contributions to fund performance came from not owning German automaker Volkswagen - an index component whose stock fell dramatically during the period - a stake in Belgian brewer Anheuser-Busch InBev and two positions within retailing, U.K.-based Signet Jewelers and French luxury goods retailer PPR.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Europe

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Europe and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense Example is based on an investment of $1,000 invested for the one-half year period (May 1, 2009 to October 31, 2009).

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.

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Europe	1.11%
Actual		$ 1,000.00	$ 1,295.80	$ 6.42 B
HypotheticalA		$ 1,000.00	$ 1,019.61	$ 5.65 C
Class F	.80%
Actual		$ 1,000.00	$ 1,177.90	$ 3.06 B
HypotheticalA		$ 1,000.00	$ 1,021.17	$ 4.08 C

^A 5% return per year before expenses

^B Actual expenses are equal to each class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Europe and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half period).

Annual Report

Europe

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United Kingdom	29.2%
	France	16.1%
	Switzerland	9.1%
	Germany	9.0%
	United States of America	5.6%
	Spain	5.5%
	Netherlands	4.2%
	Italy	3.2%
	Sweden	2.8%
	Other	15.3%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	United Kingdom	32.9%
	France	13.2%
	Switzerland	11.9%
	Germany	11.4%
	United States of America	5.8%
	Spain	4.8%
	Italy	3.7%
	Netherlands	3.1%
	Sweden	1.9%
	Other	11.3%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.4	96.7
Short-Term Investments and Net Other Assets	1.6	3.3
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC (United Kingdom) (Reg.) (United Kingdom, Commercial Banks)	3.6	2.8
Royal Dutch Shell PLC Class A (Netherlands) (United Kingdom, Oil, Gas & Consumable Fuels)	2.7	2.2
Telefonica SA (Spain, Diversified Telecommunication Services)	2.5	2.4
Nestle SA (Reg.) (Switzerland, Food Products)	2.4	3.2
Sanofi-Aventis (France, Pharmaceuticals)	2.4	1.5
Total SA (France, Oil, Gas & Consumable Fuels)	2.2	2.4
BP PLC (United Kingdom, Oil, Gas & Consumable Fuels)	2.1	2.3
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.0	2.3
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.8	2.4
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks)	1.5	1.2
	23.2
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.3	20.8
Consumer Discretionary	12.4	13.1
Energy	12.0	12.8
Consumer Staples	10.6	9.5
Industrials	9.6	8.5
Health Care	8.9	10.8
Materials	8.1	6.3
Telecommunication Services	7.8	6.8
Information Technology	3.6	4.2
Utilities	2.1	3.9

Annual Report

Europe

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.2%
	Shares		Value
Australia - 0.1%
Billabong International Ltd.	238,497		$ 2,206,006
Bailiwick of Jersey - 1.0%
Experian PLC	2,224,700		20,417,545
Shire PLC	474,098		8,387,537
TOTAL BAILIWICK OF JERSEY			28,805,082
Belgium - 2.8%
Anheuser-Busch InBev SA NV	682,865		32,160,864
Fortis (a)	3,390,700		14,729,254
Gimv NV	101,800		5,750,968
Umicore SA	874,964		26,716,730
TOTAL BELGIUM			79,357,816
Bermuda - 1.0%
Seadrill Ltd. (a)	640,900		13,386,361
Signet Jewelers Ltd. (United Kingdom)	592,969		15,041,139
TOTAL BERMUDA			28,427,500
Brazil - 0.8%
Banco Santander (Brasil) SA ADR (a)	1,080,800		12,818,288
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	222,300		8,918,676
TOTAL BRAZIL			21,736,964
Canada - 1.0%
Compton Petroleum Corp. (a)(c)	2,451,900		2,490,733
Fairborne Energy Trust (a)	660,700		2,715,164
Iteration Energy Ltd. (a)	2,551,600		2,686,267
PetroBakken Energy Ltd. Class A	369,894		10,664,534
Petrobank Energy & Resources Ltd. (a)	254,600		11,130,594
TOTAL CANADA			29,687,292
China - 0.1%
Baidu.com, Inc. sponsored ADR (a)	10,300		3,892,576
Denmark - 1.8%
Carlsberg AS Series B	190,900		13,474,495
Danske Bank AS (a)	427,500		9,910,312
Novo Nordisk AS Series B	475,300		29,601,704
TOTAL DENMARK			52,986,511
Finland - 0.8%
Metso Corp.	511,200		14,330,484
Nokian Tyres PLC	462,661		9,899,251
TOTAL FINLAND			24,229,735
France - 16.1%
Accor SA	187,234		9,002,753
Air France KLM (Reg.) (a)	248,000		3,817,318
Atos Origin SA (a)	204,360		9,605,187
AXA SA	1,067,200		26,539,653
Bouygues SA	367,600		17,391,278
Cap Gemini SA	227,800		10,596,275
Danone	578,995		34,894,483
	Shares		Value
Electricite de France	264,600		$ 14,796,141
Essilor International SA	258,000		14,484,025
Groupe Eurotunnel SA	550,400		5,454,953
Iliad Group SA	148,976		16,156,929
L'Oreal SA	246,100		25,230,883
Michelin CGDE Series B	150,543		11,198,420
PPR SA	176,500		19,313,417
Remy Cointreau SA	322,400		15,618,161
Sanofi-Aventis	927,812		68,006,020
Schneider Electric SA	308,903		32,278,747
Societe Generale Series A	398,140		26,587,367
Television Francaise 1 SA (c)	562,100		8,854,729
Total SA:
Series B	733,200		43,871,941
sponsored ADR	327,700		19,684,939
Unibail-Rodamco	77,700		17,259,538
Vallourec SA	60,415		9,574,928
TOTAL FRANCE			460,218,085
Germany - 8.5%
Aixtron AG	312,400		9,364,338
BASF AG	511,680		27,483,139
Bayerische Motoren Werke AG (BMW)	479,491		23,492,785
Daimler AG (Reg.)	229,127		11,050,796
Deutsche Boerse AG	292,700		23,741,434
Deutsche Post AG	1,007,346		17,039,728
Deutsche Postbank AG (a)	314,700		9,766,711
E.ON AG	560,349		21,513,333
HeidelbergCement AG	180,795		10,836,171
Linde AG	148,779		15,629,822
MAN SE	132,000		10,873,813
SAP AG	561,159		25,403,668
Siemens AG (Reg.)	418,242		37,650,144
TOTAL GERMANY			243,845,882
Greece - 1.5%
Alpha Bank AE (a)	775,000		15,156,597
Hellenic Telecommunications Organization SA	594,116		10,054,121
National Bank of Greece SA (a)	515,000		19,165,982
TOTAL GREECE			44,376,700
Hong Kong - 0.5%
China Unicom (Hong Kong) Ltd. sponsored ADR	487,000		6,160,550
Esprit Holdings Ltd.	1,079,400		7,185,691
TOTAL HONG KONG			13,346,241
Ireland - 0.8%
CRH PLC	722,205		17,652,456
Ryanair Holdings PLC sponsored ADR (a)	184,900		5,042,223
TOTAL IRELAND			22,694,679
Italy - 2.5%
ENI SpA	523,636		12,967,903
Common Stocks - continued
	Shares		Value
Italy - continued
Fiat SpA (a)	1,565,500		$ 23,405,709
Intesa Sanpaolo SpA	5,823,004		24,635,419
UniCredit SpA	3,193,281		10,760,876
TOTAL ITALY			71,769,907
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	228,285		7,719,736
Netherlands - 4.2%
Akzo Nobel NV	296,200		17,556,969
ASML Holding NV (Netherlands)	544,100		14,671,990
Heineken NV (Bearer)	352,700		15,630,157
Koninklijke KPN NV	1,376,649		25,018,727
Koninklijke Philips Electronics NV	773,700		19,434,674
Unilever NV (Certificaten Van Aandelen) unit	939,500		29,039,858
TOTAL NETHERLANDS			121,352,375
Netherlands Antilles - 0.4%
Schlumberger Ltd.	178,800		11,121,360
Norway - 1.3%
DnB NOR ASA (a)(c)	1,581,600		18,215,979
Pronova BioPharma ASA (a)	1,150,000		3,574,859
Telenor ASA (a)	1,293,400		16,748,853
TOTAL NORWAY			38,539,691
Papua New Guinea - 0.4%
Lihir Gold Ltd.	3,953,297		10,809,332
South Africa - 0.4%
Impala Platinum Holdings Ltd.	459,300		10,247,167
Spain - 5.5%
Banco Bilbao Vizcaya Argentaria SA	991,476		17,721,449
Banco Santander SA	2,529,110		40,696,351
Grupo Ferrovial SA	194,600		8,092,636
Inditex SA	351,299		20,678,162
Telefonica SA	2,556,506		71,389,453
TOTAL SPAIN			158,578,051
Sweden - 2.8%
H&M Hennes & Mauritz AB (B Shares)	417,483		23,712,228
Modern Times Group MTG AB (B Shares)	303,000		13,139,787
Sandvik AB	1,095,000		12,094,988
Skandinaviska Enskilda Banken AB (A Shares) (a)	1,932,400		11,704,250
Swedbank AB (A Shares) (c)	1,267,917		10,921,865
Telefonaktiebolaget LM Ericsson (B Shares)	764,000		7,981,642
TOTAL SWEDEN			79,554,760
Switzerland - 9.1%
Actelion Ltd. (Reg.) (a)	254,270		14,038,004
Credit Suisse Group (Reg.)	628,295		33,580,331
Nestle SA (Reg.)	1,484,083		69,163,677
Nobel Biocare Holding AG (Switzerland)	405,879		11,550,206
	Shares		Value
Roche Holding AG (participation certificate)	354,395		$ 56,884,179
Schindler Holding AG (participation certificate)	165,733		11,354,673
Sonova Holding AG	128,251		13,223,814
Swiss Reinsurance Co. (Reg.)	353,988		14,496,224
Transocean Ltd. (a)	89,100		7,476,381
UBS AG (NY Shares) (a)	1,763,600		29,258,124
TOTAL SWITZERLAND			261,025,613
Turkey - 0.3%
Turkiye Is Bankasi AS Series C	2,052,000		7,847,689
United Kingdom - 29.2%
Anglo American PLC (United Kingdom) (a)	917,100		33,351,139
Barclays PLC	7,036,720		36,892,281
Barratt Developments PLC (a)	1,984,600		4,401,985
Bellway PLC	651,700		7,821,415
BG Group PLC	2,274,676		39,399,640
Bovis Homes Group PLC	902,294		6,101,830
BP PLC	6,554,700		61,439,747
British Airways PLC (a)(c)	779,300		2,326,049
British Land Co. PLC	1,399,279		10,848,022
British Sky Broadcasting Group PLC	1,200,900		10,508,828
BT Group PLC	7,860,300		16,849,878
Burberry Group PLC	995,600		8,810,365
Cairn Energy PLC (a)	304,900		13,225,451
Carphone Warehouse Group PLC	3,672,700		11,100,933
Centrica PLC	5,419,190		22,091,812
Debenhams PLC	3,732,350		4,773,535
easyJet PLC (a)	377,000		2,228,870
HSBC Holdings PLC (United Kingdom) (Reg.)	9,337,357		103,213,262
InterContinental Hotel Group PLC	983,100		12,670,321
ITV PLC	21,387,500		15,011,234
Kesa Electricals PLC	5,762,100		12,572,627
Man Group PLC	2,683,488		13,657,827
Misys PLC	3,653,200		12,421,493
Mothercare PLC	1,162,800		10,996,330
Reckitt Benckiser Group PLC	536,639		26,739,986
Redrow PLC (a)(c)	2,719,200		6,294,779
Rio Tinto PLC (Reg.)	809,651		35,806,494
Royal Dutch Shell PLC Class A (Netherlands)	2,612,499		77,451,884
Segro PLC	2,367,210		13,719,293
Serco Group PLC	1,416,887		11,759,169
Standard Chartered PLC (United Kingdom)	1,723,786		42,465,828
Taylor Wimpey PLC (a)	14,844,800		9,022,586
Tesco PLC	4,540,481		30,366,157
The Game Group PLC	2,554,100		6,214,502
Tomkins PLC	3,840,100		10,598,161
Vodafone Group PLC	23,068,486		50,856,015
Wm Morrison Supermarkets PLC	2,910,122		13,377,947
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Wolseley PLC (a)	836,854		$ 17,009,463
Xstrata PLC	922,076		13,359,853
TOTAL UNITED KINGDOM			837,756,991
United States of America - 4.0%
Agilent Technologies, Inc.	312,300		7,726,302
Allergan, Inc.	108,100		6,080,625
Autoliv, Inc.	154,200		5,178,036
CME Group, Inc.	42,500		12,860,925
ENSCO International, Inc.	146,800		6,721,972
Express Scripts, Inc. (a)	148,600		11,876,112
Morgan Stanley	345,600		11,100,672
Oshkosh Co.	202,100		6,317,646
Pfizer, Inc.	1,058,100		18,019,443
Pride International, Inc. (a)	201,700		5,962,252
Virgin Media, Inc.	903,900		12,627,483
Wells Fargo & Co.	316,100		8,699,072
TOTAL UNITED STATES OF AMERICA			113,170,540
TOTAL COMMON STOCKS (Cost $2,410,746,146)		2,785,304,281
Nonconvertible Preferred Stocks - 1.2%
Germany - 0.5%
ProSiebenSat.1 Media AG	1,227,890		12,810,932
Italy - 0.7%
Fondiaria-Sai SpA (Risparmio Shares)	858,400		10,560,172
Telecom Italia SpA (Risparmio Shares)	8,436,000		9,316,704
TOTAL ITALY			19,876,876
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $32,939,879)		32,687,808
Money Market Funds - 3.1%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (d)	72,628,588		$ 72,628,588
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	16,389,178		16,389,178
TOTAL MONEY MARKET FUNDS (Cost $89,017,766)		89,017,766
TOTAL INVESTMENT PORTFOLIO - 101.5% (Cost $2,532,703,791)			2,907,009,855
NET OTHER ASSETS - (1.5)%			(41,719,096)
NET ASSETS - 100%		$ 2,865,290,759

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 494,396
Fidelity Securities Lending Cash Central Fund	3,044,517
Total	$ 3,538,913

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 837,756,991	$ 455,247,430	$ 382,509,561	$ -
France	460,218,085	321,800,471	138,417,614	-
Switzerland	261,025,613	227,445,282	33,580,331	-
Germany	256,656,814	182,552,206	74,104,608	-
Spain	158,578,051	28,770,798	129,807,253	-
Netherlands	121,352,375	87,245,711	34,106,664	-
United States of America	113,170,540	113,170,540	-	-
Italy	91,646,783	78,678,880	12,967,903	-
Sweden	79,554,760	-	79,554,760	-
Other	438,032,077	409,443,511	28,588,566	-
Money Market Funds	89,017,766	89,017,766	-	-
Total Investments in Securities:	$ 2,907,009,855	$ 1,993,372,595	$ 913,637,260	$ -

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $1,140,360,059 of which $413,142,102 and $727,217,957 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Europe

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $15,365,895) - See accompanying schedule: Unaffiliated issuers (cost $2,443,686,025)	$ 2,817,992,089
Fidelity Central Funds (cost $89,017,766)	89,017,766
Total Investments (cost $2,532,703,791)		$ 2,907,009,855
Receivable for investments sold		34,812,910
Receivable for fund shares sold		1,774,447
Dividends receivable		7,025,566
Distributions receivable from Fidelity Central Funds		30,813
Prepaid expenses		16,904
Other receivables		496,277
Total assets		2,951,166,772
Liabilities
Payable to custodian bank	$ 2,117,218
Payable for investments purchased	63,842,322
Payable for fund shares redeemed	781,319
Accrued management fee	1,874,568
Other affiliated payables	717,041
Other payables and accrued expenses	154,367
Collateral on securities loaned, at value	16,389,178
Total liabilities		85,876,013
Net Assets		$ 2,865,290,759
Net Assets consist of:
Paid in capital		$ 3,613,770,080
Undistributed net investment income		46,201,533
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(1,169,113,688)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		374,432,834
Net Assets		$ 2,865,290,759

Statement of Assets and Liabilities - continued

	October 31, 2009
Europe: Net Asset Value, offering price and redemption price per share ($2,845,423,426 ÷ 99,782,151 shares)		$ 28.52
Class F: Net Asset Value, offering price and redemption price per share ($19,867,333 ÷ 696,214 shares)		$ 28.54

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 87,577,510
Interest		65,470
Income from Fidelity Central Funds		3,538,913
		91,181,893
Less foreign taxes withheld		(8,308,699)
Total income		82,873,194
Expenses
Management fee Basic fee	$ 18,145,002
Performance adjustment	576,453
Transfer agent fees	7,424,980
Accounting and security lending fees	1,116,654
Custodian fees and expenses	350,282
Independent trustees' compensation	18,413
Registration fees	24,769
Audit	73,756
Legal	12,204
Interest	16,082
Miscellaneous	60,505
Total expenses before reductions	27,819,100
Expense reductions	(1,271,636)	26,547,464
Net investment income (loss)		56,325,730
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(722,540,404)
Foreign currency transactions	(2,111,330)
Total net realized gain (loss)		(724,651,734)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,225,708,027
Assets and liabilities in foreign currencies	415,865
Total change in net unrealized appreciation (depreciation)		1,226,123,892
Net gain (loss)		501,472,158
Net increase (decrease) in net assets resulting from operations		$ 557,797,888

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 56,325,730	$ 83,218,454
Net realized gain (loss)	(724,651,734)	(442,006,354)
Change in net unrealized appreciation (depreciation)	1,226,123,892	(2,076,378,916)
Net increase (decrease) in net assets resulting from operations	557,797,888	(2,435,166,816)
Distributions to shareholders from net investment income	(84,199,329)	(75,717,658)
Distributions to shareholders from net realized gain	-	(358,785,158)
Total distributions	(84,199,329)	(434,502,816)
Share transactions - net increase (decrease)	(360,094,583)	156,764,400
Redemption fees	14,843	54,655
Total increase (decrease) in net assets	113,518,819	(2,712,850,577)
Net Assets
Beginning of period	2,751,771,940	5,464,622,517
End of period (including undistributed net investment income of $46,201,533 and undistributed net investment income of $79,011,426, respectively)	$ 2,865,290,759	$ 2,751,771,940

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Europe

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 23.57	$ 47.46	$ 42.31	$ 37.26	$ 30.42
Income from Investment Operations
Net investment income (loss) B	.52	.68	.69	.58	.33
Net realized and unrealized gain (loss)	5.16	(20.84)	9.99	8.74	6.68
Total from investment operations	5.68	(20.16)	10.68	9.32	7.01
Distributions from net investment income	(.73)	(.65)	(.46)	(.30)	(.09)
Distributions from net realized gain	-	(3.08)	(5.07)	(3.97)	(.08)
Total distributions	(.73)	(3.73)	(5.53)	(4.27)	(.17)
Redemption fees added to paid in capital B,F	-	-	-	-	-
Net asset value, end of period	$ 28.52	$ 23.57	$ 47.46	$ 42.31	$ 37.26
Total Return A	25.36%	(46.03)%	28.33%	27.40%	23.12%
Ratios to Average Net Assets C,E
Expenses before reductions	1.09%	1.00%	1.06%	1.16%	1.15%
Expenses net of fee waivers, if any	1.09%	1.00%	1.06%	1.16%	1.15%
Expenses net of all reductions	1.04%	.95%	1.01%	1.05%	1.07%
Net investment income (loss)	2.22%	1.82%	1.65%	1.48%	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,845,423	$ 2,751,772	$ 5,464,623	$ 4,033,263	$ 2,547,812
Portfolio turnover rate D	135%	100%	100%	127%	99%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^F Amount represents less than $.01 per share.

Financial Highlights - Class F

Period ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 24.23
Income from Investment Operations
Net investment income (loss) D	.02
Net realized and unrealized gain (loss)	4.29
Total from investment operations	4.31
Redemption fees added to paid in capital D,I	-
Net asset value, end of period	$ 28.54
Total ReturnB,C	17.79%
Ratios to Average Net Assets E,H
Expenses before reductions	.80% A
Expenses net of fee waivers, if any	.80% A
Expenses net of all reductions	.75% A
Net investment income (loss)	.16% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 19,867
Portfolio turnover rate F	135%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period June 26, 2009 (commencement of sale of shares) to October 31, 2009. ^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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares and the existing class was designated Europe on June 26, 2009. The Fund offers Europe and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. 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.

Annual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to deferred trustees compensation, foreign currency transactions, 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	$ 494,738,890
Gross unrealized depreciation	(149,186,455)
Net unrealized appreciation (depreciation)	$ 345,552,435
Tax Cost	$ 2,561,457,420

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 46,202,200
Capital loss carryforward	$ (1,140,360,059)
Net unrealized appreciation (depreciation)	$ 345,679,205

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 84,199,329	$ 146,775,758
Long-term Capital Gains	-	287,727,058
Total	$ 84,199,329	$ 434,502,816

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, 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 $3,356,214,844 and $3,727,725,219, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Europe, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .74% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of each class, 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, the total transfer agent fees paid by each applicable class were as follows:

	Amount	% of Average Net Assets
Europe	$ 7,424,980	.29

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $5,872 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, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 111,003,286	.75%	$ 16,082

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $13,384 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its

Annual Report

7. Security Lending - continued

obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $3,044,517.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $1,271,631 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Europe	$ 84,199,329	$ 75,717,658
From net realized gain
Europe	$ -	$ 358,785,158

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 A	2008	2009 A	2008
Europe
Shares sold	8,157,697	9,585,310	$ 210,132,130	$ 375,372,349
Reinvestment of distributions	4,111,918	10,002,402	83,348,583	429,703,172
Shares redeemed	(29,232,967)	(17,978,503)	(674,156,102)	(648,311,121)
Net increase (decrease)	(16,963,352)	1,609,209	$ (380,675,389)	$ 156,764,400
Class F
Shares sold	703,795	-	$ 20,808,216	$ -
Shares redeemed	(7,581)	-	(227,410)	-
Net increase (decrease)	696,214	-	$ 20,580,806	$ -

^A Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

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, Freedom 2020 and Freedom 2030 were the owners of record of approximately 16% and 14%, respectively, of the total outstanding shares of the Fund. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 69% of the total outstanding shares of the Fund. Subsequent to period end, Freedom 2020 and Freedom 2030 redeemed shares of the Fund reducing their ownership percentages to 14% and 11%, respectively and the aggregate ownership of all Freedom Funds to 57% after the redemption.

Annual Report

Europe Capital Appreciation

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Fidelity Europe Capital Appreciation Fund	25.79%	6.20%	4.82%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Europe Capital Appreciation Fund on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI Europe Index performed over the same period.

Annual Report

Europe Capital Appreciation

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Melissa Reilly, Portfolio Manager of Fidelity® Europe Capital Appreciation Fund: For the year, the fund rose 25.79%, compared with the 27.89% gain of the MSCI Europe Index. The fund was hurt by stock selection within financials, specifically diversified financials and banks. Stock and market selection within industrials, combined with a slight overweighting and stock picking in energy, detracted as well. From a geographic standpoint, stock selection in France, Switzerland and Sweden hurt the most. However, our positioning in consumer discretionary - particularly good security selection in automobiles/components and an overweighting in retailing - was helpful, as was stock picking in the U.S., Ireland and Norway. On an individual security basis, owning several banks - many at the wrong times - was harmful, including U.K.-based Barclays, UniCredit in Italy, Spain's Banco Santander and France's Société Générale. Not owning German chemical company BASF for much of the period hurt as well. Contributions to fund performance came from not owning German automaker and index component Volkswagen, a stake in Belgian brewer Anheuser-Busch InBev and positions in out-of-index U.K.-based retailer Signet Jewelers and Britain's credit information provider Experian.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Europe Capital Appreciation

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

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	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Actual	1.10%	$ 1,000.00	$ 1,296.10	$ 6.37
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,019.66	$ 5.60

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Portfolio/Sector

Europe Capital Appreciation

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	United Kingdom	29.7%
	France	16.2%
	Switzerland	9.2%
	Germany	9.0%
	Spain	5.6%
	Netherlands	4.6%
	United States of America	4.4%
	Italy	3.2%
	Sweden	2.8%
	Other	15.3%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	United Kingdom	33.4%
	France	13.0%
	Switzerland	12.0%
	Germany	11.7%
	United States of America	4.9%
	Spain	4.9%
	Italy	3.7%
	Netherlands	3.2%
	Finland	1.9%
	Other	11.3%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.6	97.6
Short-Term Investments and Net Other Assets	0.4	2.4
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
HSBC Holdings PLC sponsored ADR (United Kingdom, Commercial Banks)	3.6	2.7
Royal Dutch Shell PLC Class A (United Kingdom) (United Kingdom, Oil, Gas & Consumable Fuels)	2.8	2.3
Telefonica SA sponsored ADR (Spain, Diversified Telecommunication Services)	2.5	2.4
Sanofi-Aventis (France, Pharmaceuticals)	2.4	1.5
Nestle SA (Reg.) (Switzerland, Food Products)	2.3	3.3
Total SA sponsored ADR (France, Oil, Gas & Consumable Fuels)	2.2	2.4
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals)	2.0	2.2
Vodafone Group PLC (United Kingdom, Wireless Telecommunication Services)	1.7	2.7
Standard Chartered PLC (United Kingdom) (United Kingdom, Commercial Banks)	1.5	1.2
Banco Santander SA (Spain, Commercial Banks)	1.5	0.5
	22.5
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	23.8	20.7
Consumer Discretionary	12.6	13.4
Energy	12.6	12.7
Consumer Staples	11.1	9.6
Industrials	9.4	8.8
Health Care	9.0	10.6
Materials	8.2	6.4
Telecommunication Services	7.3	7.0
Information Technology	3.6	4.3
Utilities	2.0	4.1

Annual Report

Europe Capital Appreciation

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.4%
	Shares		Value
Australia - 0.1%
Billabong International Ltd.	42,077		$ 389,196
Bailiwick of Jersey - 1.0%
Experian PLC	410,600		3,768,348
Shire PLC	88,982		1,574,231
TOTAL BAILIWICK OF JERSEY			5,342,579
Belgium - 2.7%
Anheuser-Busch InBev SA NV	113,492		5,345,128
Anheuser-Busch InBev SA NV (strip VVPR) (a)	103,680		763
Fortis (a)	630,300		2,738,033
Gimv NV	18,000		1,016,870
Umicore SA	164,553		5,024,570
TOTAL BELGIUM			14,125,364
Bermuda - 1.0%
Seadrill Ltd. (a)	118,800		2,481,354
Signet Jewelers Ltd. (United Kingdom)	112,596		2,856,089
TOTAL BERMUDA			5,337,443
Brazil - 0.7%
Banco Santander (Brasil) SA ADR (a)	179,800		2,132,428
Petroleo Brasileiro SA - Petrobras (PN) sponsored ADR (non-vtg.)	43,600		1,749,232
TOTAL BRAZIL			3,881,660
Canada - 1.1%
Compton Petroleum Corp. (a)	456,100		463,324
Fairborne Energy Trust (a)	122,900		505,061
Iteration Energy Ltd. (a)	474,700		499,753
PetroBakken Energy Ltd. Class A	69,855		2,014,012
Petrobank Energy & Resources Ltd. (a)	50,100		2,190,270
TOTAL CANADA			5,672,420
China - 0.1%
Baidu.com, Inc. sponsored ADR (a)	1,900		718,048
Denmark - 1.9%
Carlsberg AS Series B	35,200		2,484,559
Danske Bank AS (a)	81,187		1,882,078
Novo Nordisk AS Series B	86,500		5,387,224
TOTAL DENMARK			9,753,861
Finland - 0.9%
Metso Corp.	95,900		2,688,367
Nokian Tyres PLC	82,938		1,774,569
TOTAL FINLAND			4,462,936
France - 16.2%
Accor SA	34,919		1,679,007
Air France KLM (Reg.) (a)	46,000		708,051
Atos Origin SA (a)	38,420		1,805,790
AXA SA	190,600		4,739,934
Bouygues SA	71,000		3,359,034
Cap Gemini SA	41,900		1,949,008
	Shares		Value
Danone	104,541		$ 6,300,407
Electricite de France	49,300		2,756,802
Essilor International SA	51,600		2,896,805
Groupe Eurotunnel SA	101,300		1,003,973
Iliad Group SA	25,455		2,760,677
L'Oreal SA	45,900		4,705,801
Michelin CGDE Series B	27,716		2,061,706
PPR SA	33,300		3,643,834
Remy Cointreau SA	59,200		2,867,851
Sanofi-Aventis	170,196		12,474,890
Schneider Electric SA	56,439		5,897,580
Societe Generale Series A	75,570		5,046,485
Television Francaise 1 SA (c)	103,300		1,627,279
Total SA sponsored ADR	193,500		11,623,545
Unibail-Rodamco	13,215		2,935,454
Vallourec SA	11,023		1,746,990
TOTAL FRANCE			84,590,903
Germany - 8.5%
Aixtron AG	58,800		1,762,558
BASF AG	93,708		5,033,204
Bayerische Motoren Werke AG (BMW)	92,035		4,509,279
Daimler AG (Reg.)	43,398		2,093,086
Deutsche Boerse AG	51,500		4,177,260
Deutsche Post AG	189,966		3,213,364
Deutsche Postbank AG (a)	58,800		1,824,857
E.ON AG	89,773		3,446,631
HeidelbergCement AG	33,599		2,013,797
Linde AG	27,247		2,862,405
MAN SE	24,400		2,010,008
Metro AG	21,600		1,200,220
SAP AG	99,520		4,505,270
SAP AG sponsored ADR	5,300		239,931
Siemens AG (Reg.)	59,452		5,351,869
TOTAL GERMANY			44,243,739
Greece - 1.5%
Alpha Bank AE (a)	143,600		2,808,371
Hellenic Telecommunications Organization SA	93,756		1,586,616
National Bank of Greece SA (a)	95,600		3,557,802
TOTAL GREECE			7,952,789
Hong Kong - 0.5%
China Unicom (Hong Kong) Ltd. sponsored ADR	94,100		1,190,365
Esprit Holdings Ltd.	206,100		1,372,032
TOTAL HONG KONG			2,562,397
Ireland - 0.8%
CRH PLC	129,811		3,172,898
Ryanair Holdings PLC sponsored ADR (a)	39,700		1,082,619
TOTAL IRELAND			4,255,517
Common Stocks - continued
	Shares		Value
Italy - 2.5%
ENI SpA sponsored ADR	39,500		$ 1,958,410
Fiat SpA (a)	293,100		4,382,123
Intesa Sanpaolo SpA	1,101,327		4,659,391
UniCredit SpA	589,303		1,985,862
TOTAL ITALY			12,985,786
Luxembourg - 0.3%
ArcelorMittal SA (Netherlands)	39,910		1,349,605
Netherlands - 4.6%
Akzo Nobel NV	57,000		3,378,620
ASML Holding NV (Netherlands)	103,300		2,785,548
Heineken NV (Bearer)	53,600		2,375,323
Koninklijke KPN NV	264,857		4,813,416
Koninklijke Philips Electronics NV	145,000		3,642,274
Unilever NV (Certificaten Van Aandelen) unit	221,600		6,849,636
TOTAL NETHERLANDS			23,844,817
Netherlands Antilles - 0.4%
Schlumberger Ltd.	34,000		2,114,800
Norway - 1.2%
DnB NOR ASA (a)(c)	292,800		3,372,306
Pronova BioPharma ASA (a)	182,824		568,322
Telenor ASA (a)	173,800		2,250,619
TOTAL NORWAY			6,191,247
Papua New Guinea - 0.4%
Lihir Gold Ltd.	668,034		1,826,577
South Africa - 0.4%
Impala Platinum Holdings Ltd.	85,400		1,905,308
Spain - 5.6%
Banco Bilbao Vizcaya Argentaria SA	179,815		3,213,978
Banco Santander SA	469,425		7,553,600
Grupo Ferrovial SA	36,000		1,497,096
Inditex SA	65,017		3,827,031
Telefonica SA sponsored ADR	154,200		12,942,006
TOTAL SPAIN			29,033,711
Sweden - 2.8%
H&M Hennes & Mauritz AB (B Shares)	80,238		4,557,363
Modern Times Group MTG AB (B Shares)	56,200		2,437,149
Sandvik AB	204,200		2,255,522
Skandinaviska Enskilda Banken AB (A Shares) (a)	351,600		2,129,587
Swedbank AB (A Shares)	232,758		2,004,983
Telefonaktiebolaget LM Ericsson (B Shares)	138,000		1,441,710
TOTAL SWEDEN			14,826,314
Switzerland - 9.2%
Actelion Ltd. (Reg.) (a)	46,914		2,590,077
Credit Suisse Group (Reg.)	120,386		6,434,242
	Shares		Value
Nestle SA (Reg.)	254,420		$ 11,856,899
Nobel Biocare Holding AG (Switzerland)	72,201		2,054,643
Roche Holding AG (participation certificate)	64,624		10,372,842
Schindler Holding AG (participation certificate)	32,198		2,205,944
Sonova Holding AG	26,283		2,710,010
Swiss Reinsurance Co. (Reg.)	66,745		2,733,286
Transocean Ltd. (a)	16,700		1,401,297
UBS AG (For. Reg.) (a)	339,221		5,655,321
TOTAL SWITZERLAND			48,014,561
Turkey - 0.3%
Turkiye Is Bankasi AS Series C	377,000		1,441,802
United Kingdom - 29.7%
Anglo American PLC (United Kingdom) (a)	173,000		6,291,295
Barclays PLC	1,249,947		6,553,251
Barratt Developments PLC (a)	358,700		795,622
Bellway PLC	82,500		990,129
BG Group PLC	424,200		7,347,564
Bovis Homes Group PLC	174,800		1,182,098
BP PLC	657,000		6,158,316
BP PLC sponsored ADR	98,100		5,554,422
British Airways PLC (a)(c)	144,400		431,004
British Land Co. PLC	254,728		1,974,799
British Sky Broadcasting Group PLC	227,800		1,993,431
BT Group PLC	1,462,200		3,134,472
Burberry Group PLC	182,700		1,616,767
Cairn Energy PLC (a)	54,800		2,377,024
Carphone Warehouse Group PLC	644,800		1,948,943
Centrica PLC	1,013,088		4,129,944
Debenhams PLC	685,351		876,538
easyJet PLC (a)	164,400		971,953
HSBC Holdings PLC sponsored ADR (c)	336,209		18,622,613
InterContinental Hotel Group PLC	182,000		2,345,640
ITV PLC	4,006,800		2,812,251
Kesa Electricals PLC	1,064,500		2,322,688
Man Group PLC	493,264		2,510,507
Misys PLC	675,700		2,297,493
Mothercare PLC	217,500		2,056,847
Reckitt Benckiser Group PLC	102,998		5,132,249
Redrow PLC (a)(c)	521,500		1,207,240
Rio Tinto PLC (Reg.)	151,645		6,706,440
Royal Dutch Shell PLC Class A (United Kingdom)	487,966		14,476,646
Segro PLC	443,430		2,569,923
Serco Group PLC	264,870		2,198,235
Standard Chartered PLC (United Kingdom)	326,134		8,034,379
Taylor Wimpey PLC (a)	2,784,988		1,692,700
Tesco PLC	845,197		5,652,570
The Game Group PLC	489,800		1,191,756
Tomkins PLC	710,800		1,961,713
Common Stocks - continued
	Shares		Value
United Kingdom - continued
Vodafone Group PLC	2,185,535		$ 4,818,158
Vodafone Group PLC sponsored ADR	173,150		3,842,199
Wm Morrison Supermarkets PLC	544,012		2,500,845
Wolseley PLC (a)	150,648		3,061,994
Xstrata PLC	158,523		2,296,822
TOTAL UNITED KINGDOM			154,639,480
United States of America - 4.0%
Agilent Technologies, Inc.	57,800		1,429,972
Allergan, Inc.	18,700		1,051,875
Autoliv, Inc.	29,300		983,894
CME Group, Inc.	8,100		2,451,141
ENSCO International, Inc.	27,400		1,254,646
Express Scripts, Inc. (a)	27,300		2,181,816
Morgan Stanley	62,700		2,013,924
Oshkosh Co.	38,000		1,187,880
Pfizer, Inc.	200,600		3,416,218
Pride International, Inc. (a)	37,600		1,111,456
Virgin Media, Inc.	172,300		2,407,031
Wells Fargo & Co.	55,400		1,524,608
TOTAL UNITED STATES OF AMERICA			21,014,461
TOTAL COMMON STOCKS (Cost $481,270,747)		512,477,321
Nonconvertible Preferred Stocks - 1.2%
Germany - 0.5%
ProSiebenSat.1 Media AG	229,200		2,391,310
	Shares		Value
Italy - 0.7%
Fondiaria-Sai SpA (Risparmio Shares)	158,000		$ 1,943,741
Telecom Italia SpA (Risparmio Shares)	1,600,300		1,767,369
TOTAL ITALY			3,711,110
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $6,143,747)		6,102,420
Money Market Funds - 4.4%
Fidelity Cash Central Fund, 0.20% (d)	3,626,202		3,626,202
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	19,604,270		19,604,270
TOTAL MONEY MARKET FUNDS (Cost $23,230,472)		23,230,472
TOTAL INVESTMENT PORTFOLIO - 104.0% (Cost $510,644,966)			541,810,213
NET OTHER ASSETS - (4.0)%			(20,825,899)
NET ASSETS - 100%		$ 520,984,314

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 82,363
Fidelity Securities Lending Cash Central Fund	600,146
Total	$ 682,509

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
United Kingdom	$ 154,639,480	$ 127,268,843	$ 27,370,637	$ -
France	84,590,903	67,376,079	17,214,824	-
Switzerland	48,014,561	35,924,998	12,089,563	-
Germany	46,635,049	34,684,824	11,950,225	-
Spain	29,033,711	18,266,133	10,767,578	-
Netherlands	23,844,817	17,416,995	6,427,822	-
United States of America	21,014,461	21,014,461	-	-
Italy	16,696,896	16,696,896	-	-
Sweden	14,826,314	-	14,826,314	-
Other	79,283,549	74,121,513	5,162,036	-
Money Market Funds	23,230,472	23,230,472	-	-
Total Investments in Securities:	$ 541,810,213	$ 436,001,214	$ 105,808,999	$ -

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $331,086,729 of which $193,943,260 and $137,143,469 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Europe Capital Appreciation

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $18,565,802) - See accompanying schedule: Unaffiliated issuers (cost $487,414,494)	$ 518,579,741
Fidelity Central Funds (cost $23,230,472)	23,230,472
Total Investments (cost $510,644,966)		$ 541,810,213
Foreign currency held at value (cost $7)		7
Receivable for investments sold		9,665,638
Receivable for fund shares sold		479,721
Dividends receivable		2,098,313
Distributions receivable from Fidelity Central Funds		4,370
Prepaid expenses		3,178
Other receivables		93,855
Total assets		554,155,295
Liabilities
Payable for investments purchased	$ 12,301,392
Payable for fund shares redeemed	404,129
Accrued management fee	306,044
Other affiliated payables	148,968
Other payables and accrued expenses	406,178
Collateral on securities loaned, at value	19,604,270
Total liabilities		33,170,981
Net Assets		$ 520,984,314
Net Assets consist of:
Paid in capital		$ 818,949,537
Undistributed net investment income		8,667,539
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(337,569,946)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		30,937,184
Net Assets, for 30,367,260 shares outstanding		$ 520,984,314
Net Asset Value, offering price and redemption price per share ($520,984,314 ÷ 30,367,260 shares)		$ 17.16

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 15,653,589
Income from Fidelity Central Funds		682,509
		16,336,098
Less foreign taxes withheld		(1,525,694)
Total income		14,810,404
Expenses
Management fee Basic fee	$ 3,273,398
Performance adjustment	(73,097)
Transfer agent fees	1,410,299
Accounting and security lending fees	242,019
Custodian fees and expenses	125,327
Independent trustees' compensation	3,235
Registration fees	19,983
Audit	54,735
Legal	3,992
Miscellaneous	10,798
Total expenses before reductions	5,070,689
Expense reductions	(161,529)	4,909,160
Net investment income (loss)		9,901,244
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(134,516,767)
Foreign currency transactions	11,029
Total net realized gain (loss)		(134,505,738)
Change in net unrealized appreciation (depreciation) on: Investment securities	228,081,512
Assets and liabilities in foreign currencies	176,744
Total change in net unrealized appreciation (depreciation)		228,258,256
Net gain (loss)		93,752,518
Net increase (decrease) in net assets resulting from operations		$ 103,653,762

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 9,901,244	$ 20,632,466
Net realized gain (loss)	(134,505,738)	(202,418,252)
Change in net unrealized appreciation (depreciation)	228,258,256	(360,937,464)
Net increase (decrease) in net assets resulting from operations	103,653,762	(542,723,250)
Distributions to shareholders from net investment income	(18,820,678)	(22,837,060)
Distributions to shareholders from net realized gain	-	(172,118,248)
Total distributions	(18,820,678)	(194,955,308)
Share transactions Proceeds from sales of shares	35,731,816	94,959,353
Reinvestment of distributions	17,852,290	184,197,685
Cost of shares redeemed	(111,090,785)	(413,295,649)
Net increase (decrease) in net assets resulting from share transactions	(57,506,679)	(134,138,611)
Redemption fees	3,805	21,939
Total increase (decrease) in net assets	27,330,210	(871,795,230)
Net Assets
Beginning of period	493,654,104	1,365,449,334
End of period (including undistributed net investment income of $8,667,539 and undistributed net investment income of $17,579,785, respectively)	$ 520,984,314	$ 493,654,104
Other Information Shares
Sold	2,499,317	3,880,339
Issued in reinvestment of distributions	1,466,910	6,817,087
Redeemed	(8,182,319)	(17,925,334)
Net increase (decrease)	(4,216,092)	(7,227,908)

Financial Highlights

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 14.27	$ 32.66	$ 27.47	$ 23.15	$ 19.63
Income from Investment Operations
Net investment income (loss) B	.31	.50	.62	.38 E	.37
Net realized and unrealized gain (loss)	3.14	(14.11)	7.04	6.85	3.38
Total from investment operations	3.45	(13.61)	7.66	7.23	3.75
Distributions from net investment income	(.56)	(.56)	(.22)	(.30)	(.17)
Distributions from net realized gain	-	(4.22)	(2.25)	(2.62)	(.06)
Total distributions	(.56)	(4.78)	(2.47)	(2.92)	(.23)
Redemption fees added to paid in capital B	- G	- G	- G	.01	- G
Net asset value, end of period	$ 17.16	$ 14.27	$ 32.66	$ 27.47	$ 23.15
Total Return A	25.79%	(48.58)%	29.95%	34.81%	19.24%
Ratios to Average Net Assets C, F
Expenses before reductions	1.10%	1.16%	1.05%	1.09%	.95%
Expenses net of fee waivers, if any	1.10%	1.16%	1.05%	1.09%	.95%
Expenses net of all reductions	1.07%	1.12%	1.01%	.99%	.84%
Net investment income (loss)	2.16%	2.11%	2.15%	1.51% E	1.66%
Supplemental Data
Net assets, end of period (000 omitted)	$ 520,984	$ 493,654	$ 1,365,449	$ 1,070,464	$ 492,788
Portfolio turnover rate D	111%	112%	161%	143%	133%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Investment income per share reflects a special dividend which amounted to $.11 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.06%. ^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

1. Organization.

Fidelity Europe Capital Appreciation Fund (the Fund) is a fund of Fidelity Investment Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, 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	$ 63,589,056
Gross unrealized depreciation	(40,164,116)
Net unrealized appreciation (depreciation)	$ 23,424,940
Tax Cost	$ 518,385,273

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 8,667,647
Capital loss carryforward	$ (331,086,729)
Net unrealized appreciation (depreciation)	$ 23,424,862

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 18,820,678	$ 75,043,543
Long-term Capital Gains	-	119,911,765
Total	$ 18,820,678	$ 194,955,308

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 30 days are subject to a redemption fee equal to 1.00% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

Notes to Financial Statements - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $498,740,914 and $544,316,818, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .70% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .31% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $1,765 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,410 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $600,146.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $161,486 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $43.

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.

Annual Report

Japan

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Japan	12.84%	0.62%	-3.39%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Japan, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the TOPIX performed over the same period.

Annual Report

Japan

Management's Discussion of Fund Performance

Market Recap: Japanese stocks overcame a rocky start to push higher amid tentative signs of a global economic recovery and stabilization in demand for the nation's exports. As measured by the Tokyo Stock Exchange Stock Price Index (TOPIX), Japanese share prices returned 14.38% for the 12 months ending October 31, 2009, well ahead of the 9.80% gain posted by the Standard & Poor's 500^SM Index, reflecting the activity of large-cap U.S. stocks. A weaker U.S. dollar accounted for more than half of the TOPIX's gains in dollar terms. By comparison, the MSCI® EAFE® Index (Europe, Australasia, Far East) - a measure of developed stock markets outside the United States and Canada - returned 27.88%. One bright spot was Japan's 2.7% second-quarter economic growth after several quarters of negative results. Further, the August 30 election of a new prime minister and a new ruling party fueled hopes for reforms that might reinvigorate the economy, although its immediate effect on the market was minimal. On the negative side, a key price gauge excluding imports and exports continued to fall in the first two quarters, keeping deflation at the forefront of investors' concerns.

Comments from Robert Rowland, Portfolio Manager of Fidelity® Japan Fund: During the past year, the fund's Retail Class shares returned 12.84%, trailing the TOPIX. An overweighting and poor stock selection in financials hampered our results, while an underexposure to materials also proved detrimental. Stock picking in consumer discretionary and telecommunication services detracted as well, along with a modest cash position. At the stock level, insurers T&D Holdings and Sompo Japan Insurance, banks Sumitomo Mitsui Financial Group and Mizuho Financial Group, and broker Nomura Holdings fell sharply in the immediate aftermath of the Lehman Brothers bankruptcy. Other detractors included consumer lender Promise - which I sold - as well as automobile/component makers Toyota Motor and Yamaha Motor. On the positive side, an overweighting and favorable stock picking in the information technology sector added value. Having virtually no exposure to the lagging utilities sector and strong stock selection in industrials further bolstered results. Major contributors included Denso, a maker of electronic parts for auto engines and related components, as well as Ibiden and NGK Insulators, both manufacturers of diesel particulate filters. Holdings in the LCD value chain also posted strong gains, driven by a cyclical upturn in demand for flat-panel displays and signs of progress in cutting costs. Nippon Electric Glass, a producer of glass substrates for LCD panels, aided performance as well, as did ORIX, Japan's largest non-bank lender.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Japan

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Japan and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense example is based on an investment of $1,000 invested at the beginning of the period and held for the one-half year period (May 1, 2009 to October 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Japan	.97%
Actual		$ 1,000.00	$ 1,156.90	$ 5.27 B
Hypothetical A		$ 1,000.00	$ 1,020.32	$ 4.94 C
Class F	.69%
Actual		$ 1,000.00	$ 998.00	$ 2.42 B
Hypothetical A		$ 1,000.00	$ 1,021.73	$ 3.52 C

^A 5% return per year before expenses

^B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Japan and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Japan

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Japan	94.7%
	United States of America	5.3%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Japan	93.2%
	United States of America	6.8%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	94.7	93.2
Short-Term Investments and Net Other Assets	5.3	6.8
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
NTT DoCoMo, Inc. (Wireless Telecommunication Services)	5.5	2.3
Canon, Inc. (Office Electronics)	4.2	7.0
Toyota Motor Corp. (Automobiles)	3.5	6.5
Mitsubishi UFJ Financial Group, Inc. (Commercial Banks)	3.1	3.7
Sumitomo Mitsui Financial Group, Inc. (Commercial Banks)	2.9	1.7
ORIX Corp. (Consumer Finance)	2.8	1.2
T&D Holdings, Inc. (Insurance)	2.5	1.4
Honda Motor Co. Ltd. (Automobiles)	2.4	2.5
Sompo Japan Insurance, Inc. (Insurance)	2.1	1.6
Mitsubishi Estate Co. Ltd. (Real Estate Management & Development)	2.1	1.7
	31.1
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	24.2	18.8
Consumer Discretionary	21.0	28.1
Industrials	16.8	16.2
Information Technology	16.2	19.4
Telecommunication Services	6.5	3.2
Materials	5.6	4.5
Consumer Staples	2.1	1.8
Health Care	1.7	1.2
Utilities	0.6	0.0

Annual Report

Japan

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 94.7%
	Shares		Value
CONSUMER DISCRETIONARY - 21.0%
Auto Components - 5.2%
Bridgestone Corp.	288,700		$ 4,761,133
Denso Corp.	515,500		14,085,916
NGK Spark Plug Co. Ltd.	204,000		2,312,129
NOK Corp.	364,400		4,835,219
Stanley Electric Co. Ltd.	972,900		19,050,944
Toyoda Gosei Co. Ltd.	150,500		4,219,319
			49,264,660
Automobiles - 6.5%
Honda Motor Co. Ltd.	726,300		22,434,244
Toyota Motor Corp.	847,500		33,458,576
Yamaha Motor Co. Ltd.	524,000		6,240,277
			62,133,097
Household Durables - 2.3%
Sekisui House Ltd.	1,991,000		17,218,595
Sony Corp.	144,300		4,261,244
			21,479,839
Leisure Equipment & Products - 1.5%
Nikon Corp.	753,000		14,034,926
Media - 1.9%
Fuji Media Holdings, Inc.	12,375		18,184,202
Multiline Retail - 1.2%
Isetan Mitsukoshi Holdings Ltd. (b)	596,840		5,720,342
Marui Group Co. Ltd.	237,800		1,366,103
Takashimaya Co. Ltd. (b)	670,000		4,517,740
			11,604,185
Specialty Retail - 2.4%
Nishimatsuya Chain Co. Ltd. (b)	576,300		5,772,182
Shimachu Co. Ltd.	150,000		3,546,331
Yamada Denki Co. Ltd.	215,220		13,115,499
			22,434,012
TOTAL CONSUMER DISCRETIONARY			199,134,921
CONSUMER STAPLES - 2.1%
Beverages - 0.3%
Coca-Cola West Co. Ltd.	154,700		2,873,779
Food & Staples Retailing - 1.6%
FamilyMart Co. Ltd.	156,300		4,655,841
Seven & i Holdings Co., Ltd.	453,400		9,926,499
			14,582,340
Personal Products - 0.2%
Kose Corp.	101,100		2,211,907
TOTAL CONSUMER STAPLES			19,668,026
	Shares		Value
FINANCIALS - 24.2%
Capital Markets - 1.5%
Matsui Securities Co. Ltd. (b)	563,000		$ 4,052,453
Nomura Holdings, Inc.	1,467,400		10,343,139
			14,395,592
Commercial Banks - 9.8%
Chiba Bank Ltd.	983,000		6,062,397
Mitsubishi UFJ Financial Group, Inc.	5,499,700		29,295,249
Mizuho Financial Group, Inc.	6,131,900		12,095,429
Sumitomo Mitsui Financial Group, Inc.	820,800		27,900,642
Sumitomo Trust & Banking Co. Ltd.	3,373,000		17,826,259
			93,179,976
Consumer Finance - 3.7%
Credit Saison Co. Ltd. (b)	765,300		8,555,766
ORIX Corp.	408,710		26,402,018
			34,957,784
Insurance - 5.8%
Mitsui Sumitomo Insurance Group Holdings, Inc.	230,300		5,361,230
Sompo Japan Insurance, Inc.	3,504,000		20,492,080
Sony Financial Holdings, Inc.	1,963		5,633,385
T&D Holdings, Inc.	925,700		23,916,483
			55,403,178
Real Estate Investment Trusts - 1.3%
Japan Real Estate Investment Corp.	855		6,822,526
Nomura Real Estate Office Fund, Inc.	978		6,043,137
			12,865,663
Real Estate Management & Development - 2.1%
Leopalace21 Corp.	22,500		121,756
Mitsubishi Estate Co. Ltd.	1,285,000		19,410,893
			19,532,649
TOTAL FINANCIALS			230,334,842
HEALTH CARE - 1.7%
Health Care Providers & Services - 0.7%
Alfresa Holdings Corp.	159,600		6,900,751
Pharmaceuticals - 1.0%
Astellas Pharma, Inc.	137,400		5,059,879
Daiichi Sankyo Kabushiki Kaisha	202,500		3,956,213
			9,016,092
TOTAL HEALTH CARE			15,916,843
INDUSTRIALS - 16.8%
Air Freight & Logistics - 0.6%
Yamato Holdings Co. Ltd.	420,000		6,196,157
Building Products - 2.1%
Asahi Glass Co. Ltd.	1,185,000		9,983,964
Daikin Industries Ltd.	296,900		10,064,204
			20,048,168
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Electrical Equipment - 2.3%
Mitsubishi Electric Corp.	1,439,000		$ 10,946,921
Sumitomo Electric Industries Ltd.	888,700		10,784,768
			21,731,689
Machinery - 3.9%
Fanuc Ltd.	58,300		4,842,737
JTEKT Corp.	475,700		5,025,507
Kubota Corp.	1,196,000		9,294,366
NGK Insulators Ltd.	390,000		8,748,173
NSK Ltd.	1,095,000		6,362,044
THK Co. Ltd.	158,500		2,739,003
			37,011,830
Marine - 0.2%
Mitsui O.S.K. Lines Ltd.	369,000		2,142,715
Road & Rail - 1.8%
East Japan Railway Co.	244,300		15,645,550
Nippon Express Co. Ltd.	250,000		1,023,722
			16,669,272
Trading Companies & Distributors - 4.4%
Mitsubishi Corp.	637,200		13,509,615
Mitsui & Co. Ltd.	1,473,000		19,345,910
Sumitomo Corp.	891,800		8,657,818
			41,513,343
Transportation Infrastructure - 1.5%
Japan Airport Terminal Co. Ltd.	82,300		1,149,750
The Sumitomo Warehouse Co. Ltd.	2,944,000		12,971,730
			14,121,480
TOTAL INDUSTRIALS			159,434,654
INFORMATION TECHNOLOGY - 16.2%
Computers & Peripherals - 0.7%
Fujitsu Ltd.	1,095,000		6,448,593
Electronic Equipment & Components - 7.6%
Fujifilm Holdings Corp.	30,500		867,141
Horiba Ltd.	283,300		6,851,017
Ibiden Co. Ltd.	307,000		10,991,983
Kyocera Corp.	17,900		1,501,612
Nippon Electric Glass Co. Ltd.	1,643,000		17,692,567
Yamatake Corp.	761,200		16,076,116
Yaskawa Electric Corp.	1,427,000		11,225,417
Yokogawa Electric Corp.	893,000		7,237,995
			72,443,848
Internet Software & Services - 0.2%
Yahoo! Japan Corp.	7,758		2,378,045
IT Services - 0.5%
NTT Data Corp.	1,701		4,894,745
	Shares		Value
Office Electronics - 5.9%
Canon, Inc.	1,061,100		$ 40,008,715
Konica Minolta Holdings, Inc.	1,100,500		10,338,369
Ricoh Co. Ltd.	402,000		5,463,579
			55,810,663
Semiconductors & Semiconductor Equipment - 1.3%
ROHM Co. Ltd.	66,200		4,390,425
Tokyo Electron Ltd.	143,100		8,050,741
			12,441,166
TOTAL INFORMATION TECHNOLOGY			154,417,060
MATERIALS - 5.6%
Chemicals - 4.7%
JSR Corp.	754,700		14,720,028
Nissan Chemical Industries Co. Ltd.	553,000		7,127,433
Nitto Denko Corp.	497,500		15,025,238
Shin-Etsu Chemical Co., Ltd.	92,800		4,921,578
Zeon Corp.	695,000		3,159,450
			44,953,727
Metals & Mining - 0.9%
Sumitomo Metal Industries Ltd.	3,401,000		8,689,318
TOTAL MATERIALS			53,643,045
TELECOMMUNICATION SERVICES - 6.5%
Wireless Telecommunication Services - 6.5%
KDDI Corp.	1,801		9,559,311
NTT DoCoMo, Inc.	36,028		52,253,005
			61,812,316
UTILITIES - 0.6%
Gas Utilities - 0.6%
Tokyo Gas Co., Ltd.	1,341,000		5,312,579
TOTAL COMMON STOCKS (Cost $1,061,254,838)		899,674,286
Money Market Funds - 5.8%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (c)	47,111,923		$ 47,111,923
Fidelity Securities Lending Cash Central Fund, 0.15% (a)(c)	8,468,750		8,468,750
TOTAL MONEY MARKET FUNDS (Cost $55,580,673)		55,580,673
TOTAL INVESTMENT PORTFOLIO - 100.5% (Cost $1,116,835,511)			955,254,959
NET OTHER ASSETS - (0.5)%			(4,973,221)
NET ASSETS - 100%		$ 950,281,738

Legend

(a) Investment made with cash collateral received from securities on loan.

(b) Security or a portion of the security is on loan at period end.

(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 251,212
Fidelity Securities Lending Cash Central Fund	378,092
Total	$ 629,304

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 199,134,921	$ -	$ 199,134,921	$ -
Consumer Staples	19,668,026	-	19,668,026	-
Financials	230,334,842	-	230,334,842	-
Health Care	15,916,843	-	15,916,843	-
Industrials	159,434,654	-	159,434,654	-
Information Technology	154,417,060	-	154,417,060	-
Materials	53,643,045	-	53,643,045	-
Telecommunication Services	61,812,316	-	61,812,316	-
Utilities	5,312,579	-	5,312,579	-
Money Market Funds	55,580,673	55,580,673	-	-
Total Investments in Securities:	$ 955,254,959	$ 55,580,673	$ 899,674,286	$ -

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $389,019,008 of which $151,185,501 and $237,833,507 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Japan

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $7,937,752) - See accompanying schedule: Unaffiliated issuers (cost $1,061,254,838)	$ 899,674,286
Fidelity Central Funds (cost $55,580,673)	55,580,673
Total Investments (cost $1,116,835,511)		$ 955,254,959
Receivable for investments sold		5,955,751
Receivable for fund shares sold		505,702
Dividends receivable		5,276,528
Distributions receivable from Fidelity Central Funds		12,632
Prepaid expenses		6,273
Other receivables		19,139
Total assets		967,030,984
Liabilities
Payable for investments purchased	$ 6,781,044
Payable for fund shares redeemed	608,129
Accrued management fee	537,938
Other affiliated payables	258,149
Other payables and accrued expenses	95,236
Collateral on securities loaned, at value	8,468,750
Total liabilities		16,749,246
Net Assets		$ 950,281,738
Net Assets consist of:
Paid in capital		$ 1,526,126,521
Undistributed net investment income		6,519,430
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(420,826,684)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		(161,537,529)
Net Assets		$ 950,281,738

Statement of Assets and Liabilities - continued

	October 31, 2009
Japan: Net Asset Value, offering price and redemption price per share ($944,901,827 ÷ 94,238,168 shares)		$ 10.03
Class F: Net Asset Value, offering price and redemption price per share ($5,379,911 ÷ 535,853 shares)		$ 10.04

See accompanying notes which are an integral part of the financial statements.

Annual Report

Japan
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 17,540,838
Income from Fidelity Central Funds		629,304
		18,170,142
Less foreign taxes withheld		(1,227,348)
Total income		16,942,794
Expenses
Management fee Basic fee	$ 6,768,547
Performance adjustment	(1,750,724)
Transfer agent fees	2,821,230
Accounting and security lending fees	450,977
Custodian fees and expenses	151,607
Independent trustees' compensation	6,987
Registration fees	26,704
Audit	69,359
Legal	4,453
Miscellaneous	21,363
Total expenses before reductions	8,570,503
Expense reductions	(132,445)	8,438,058
Net investment income (loss)		8,504,736
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(243,867,042)
Foreign currency transactions	723,519
Total net realized gain (loss)		(243,143,523)
Change in net unrealized appreciation (depreciation) on: Investment securities	347,325,014
Assets and liabilities in foreign currencies	(512,698)
Total change in net unrealized appreciation (depreciation)		346,812,316
Net gain (loss)		103,668,793
Net increase (decrease) in net assets resulting from operations		$ 112,173,529

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 8,504,736	$ 10,956,375
Net realized gain (loss)	(243,143,523)	(163,728,497)
Change in net unrealized appreciation (depreciation)	346,812,316	(600,965,862)
Net increase (decrease) in net assets resulting from operations	112,173,529	(753,737,984)
Distributions to shareholders from net investment income	(12,255,123)	(3,964,749)
Distributions to shareholders from net realized gain	(1,114,103)	(236,930,224)
Total distributions	(13,369,226)	(240,894,973)
Share transactions - net increase (decrease)	(173,975,850)	240,218,373
Redemption fees	118,891	298,104
Total increase (decrease) in net assets	(75,052,656)	(754,116,480)
Net Assets
Beginning of period	1,025,334,394	1,779,450,874
End of period (including undistributed net investment income of $6,519,430 and undistributed net investment income of $10,323,711, respectively)	$ 950,281,738	$ 1,025,334,394

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Japan

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 9.03	$ 18.00	$ 16.85	$ 15.00	$ 11.63
Income from Investment Operations
Net investment income (loss) B	.08	.10	.04	.01	.03
Net realized and unrealized gain (loss)	1.04	(6.64)	1.35	1.85	3.34
Total from investment operations	1.12	(6.54)	1.39	1.86	3.37
Distributions from net investment income	(.11)	(.04)	(.01)	(.02)	-
Distributions from net realized gain	(.01)	(2.39)	(.23)	(.01)	-
Total distributions	(.12)	(2.43)	(.24)	(.03)	-
Redemption fees added to paid in capital B	- F	- F	- F	.02	- F
Net asset value, end of period	$ 10.03	$ 9.03	$ 18.00	$ 16.85	$ 15.00
Total Return A	12.84%	(41.88)%	8.36%	12.54%	28.98%
Ratios to Average Net Assets C,E
Expenses before reductions	.90%	1.12%	1.08%	1.08%	1.03%
Expenses net of fee waivers, if any	.90%	1.12%	1.08%	1.08%	1.03%
Expenses net of all reductions	.89%	1.10%	1.06%	1.05%	1.02%
Net investment income (loss)	.90%	.72%	.24%	.08%	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 944,902	$ 1,025,334	$ 1,779,451	$ 1,763,387	$ 1,075,145
Portfolio turnover rate D	73%	78%	158%	78%	74%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^F Amount represents less than $.01 per share.

Financial Highlights - Class F

Period ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 10.06
Income from Investment Operations
Net investment income (loss) D	- I
Net realized and unrealized gain (loss)	(.02)
Total from investment operations	(.02)
Redemption fees added to paid in capital D	- I
Net asset value, end of period	$ 10.04
Total Return B,C	(.20)%
Ratios to Average Net Assets E,H
Expenses before reductions	.69% A
Expenses net of fee waivers, if any	.69% A
Expenses net of all reductions	.68% A
Net investment income (loss)	.07% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,380
Portfolio turnover rate F	73%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period June 26, 2009 (commencement of sale of shares) to October 31, 2009. ^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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares and the existing class was designated Japan on June 26, 2009. The Fund offers Japan and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. 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.

Annual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

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	$ 35,381,377
Gross unrealized depreciation	(238,234,664)
Net unrealized appreciation (depreciation)	$ (202,853,287)
Tax Cost	$ 1,158,108,246

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 15,984,600
Capital loss carryforward	$ (389,019,008)
Net unrealized appreciation (depreciation)	$ (202,810,264)

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 13,369,226	$ 3,964,749
Long-term Capital Gains	-	236,930,224
Total	$ 13,369,226	$ 240,894,973

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, 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 $656,847,919 and $839,590,747, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Japan, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .53% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of each class, 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, the total transfer agent fees paid by each applicable class were as follows:

	Amount	% of Average Net Assets
Japan	$ 2,821,230	.30

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $5,022 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $378,092.

Annual Report

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $132,439 for the period. In addition, through arrangements with the Fund's custodian credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Japan	$ 12,255,123	$ 3,964,749
From net realized gain
Japan	$ 1,114,103	$ 236,930,224

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 A	2008	2009 A	2008
Japan
Shares sold	14,149,369	26,690,591	$ 138,053,275	$ 356,021,629
Reinvestment of distributions	1,672,325	14,488,052	12,626,051	222,101,843
Shares redeemed	(35,103,846)	(26,534,675)	(330,281,121)	(337,905,099)
Net increase (decrease)	(19,282,152)	14,643,968	$ (179,601,795)	$ 240,218,373
Class F
Shares sold	547,276	-	$ 5,744,073	$ -
Shares redeemed	(11,423)	-	(118,128)	-
Net increase (decrease)	535,853	-	$ 5,625,945	$ -

^A Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

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, Fidelity Freedom Fund 2020 and Fidelity Freedom Fund 2030 were the owners of record of approximately 13% and 11%, respectively, of the total outstanding shares of the Fund. The Fidelity Freedom Funds were the owners of record, in the aggregate, of approximately 56% of the total outstanding shares of the Fund.

Annual Report

Japan Smaller Companies

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Fidelity Japan Smaller Companies Fund	23.84%	-3.59%	-3.28%

$10,000 Over 10 years

Let's say hypothetically that $10,000 was invested in Fidelity Japan Smaller Companies Fund on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the Russell/Nomura Mid-Small Index and the Russell/Nomura Small Cap^TM Index performed over the same period. Effective January 1, 2009, the fund changed its benchmark from the Russell/Nomura Small Cap Index to the Russell/Nomura Mid-Small Index because the Russell/Nomura Mid-Small Index conforms more closely to the fund's investment strategy.

Annual Report

Japan Smaller Companies

Management's Discussion of Fund Performance

Market Recap: Japanese stocks overcame a rocky start to push higher amid tentative signs of a global economic recovery and stabilization in demand for the nation's exports. As measured by the Tokyo Stock Exchange Stock Price Index (TOPIX), Japanese share prices returned 14.38% for the 12 months ending October 31, 2009, well ahead of the 9.80% gain posted by the Standard & Poor's 500^SM Index, reflecting the activity of large-cap U.S. stocks. A weaker U.S. dollar accounted for more than half of the TOPIX's gains in dollar terms. By comparison, the MSCI® EAFE® Index (Europe, Australasia, Far East) - a measure of developed stock markets outside the United States and Canada - returned 27.88%. One bright spot was Japan's 2.7% second-quarter economic growth after several quarters of negative results. Further, the August 30 election of a new prime minister and a new ruling party fueled hopes for reforms that might reinvigorate the economy, although its immediate effect on the market was minimal. On the negative side, a key price gauge excluding imports and exports continued to fall in the first two quarters, keeping deflation at the forefront of investors' concerns.

Comments from Nicholas Price, Portfolio Manager of Fidelity® Japan Smaller Companies Fund: The fund returned 23.84% during the past year, compared with 24.58% for the Russell/Nomura Mid-Small Index - which became the fund's primary benchmark on December 31, 2008 - - and 25.62% for the Russell/Nomura Small Cap Index.  The fund's performance edged the 23.67% gain of a Linked index combining the returns of the Russell/Nomura Small Cap Index, with which the fund was compared through December, and the new Russell/Nomura benchmark, with which the fund was compared during the period's final 10 months.  The fund's benchmark change was in conjunction with the adoption of a broadened investment focus to include more exposure to mid-cap companies. During the period, the fund experienced two very distinct investing climates, swinging sharply from heavy underperformance to significant outperformance versus the Linked index. Following the onset of the global financial crisis, the early stages of the fiscal year represented an incredibly difficult period, during which holdings in non-bank financials, technology and materials suffered steep declines, and our relative performance suffered. After bottoming in March, performance improved significantly and the fund ended the period slightly ahead of the benchmark, largely driven by a recovery in non-bank financials and solid gains in cyclical stocks. The fund's limited exposure to lagging defensive issues and bank stocks also proved to be a successful strategy. The biggest individual detractors were leasing company ORIX, brokerage firm Nomura Holdings, Ryohin Keikaku - a major operator of discount stores - and real estate developer Haseko. ORIX and Nomura were out-of-benchmark positions. Top contributors included homebuilder Arnest One, auto-parts and lighting equipment producer Toyoda Gosei, specialty retailer Megane TOP and air conditioner maker Daikin Industries.

Note to shareholders: The fund reopened to new accounts on December 31, 2008.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Japan Smaller Companies

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

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	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Actual	1.13%	$ 1,000.00	$ 1,338.00	$ 6.66
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,019.51	$ 5.75

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Japan Smaller Companies

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Japan	99.8%
	United States of America	0.2%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Japan	98.9%
	United States of America	1.1%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.8	98.9
Short-Term Investments and Net Other Assets	0.2	1.1
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Stanley Electric Co. Ltd. (Auto Components)	5.5	5.2
ORIX Corp. (Consumer Finance)	5.3	4.3
Daikin Industries Ltd. (Building Products)	5.0	6.4
Sony Corp. (Household Durables)	3.6	3.1
Osaka Securities Exchange Co. Ltd. (Diversified Financial Services)	3.5	2.8
Pigeon Corp. (Household Products)	3.3	2.1
Megane TOP Co. Ltd. (Specialty Retail)	3.3	1.9
Arnest One Corp. (Household Durables)	2.9	0.5
Nomura Holdings, Inc. (Capital Markets)	2.8	3.8
Point, Inc. (Specialty Retail)	2.8	3.3
	38.0
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Consumer Discretionary	35.4	46.5
Financials	20.1	19.7
Information Technology	15.6	9.8
Industrials	14.2	11.6
Materials	7.8	8.6
Consumer Staples	5.0	2.7
Health Care	1.7	0.0
Telecommunication Services	0.0	0.0

Annual Report

Japan Smaller Companies

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
CONSUMER DISCRETIONARY - 35.4%
Auto Components - 10.2%
Calsonic Kansei Corp.	577,000		$ 1,560,393
Koito Manufacturing Co. Ltd.	612,000		8,773,719
Nippon Seiki Co. Ltd.	216,000		2,268,444
Nissin Kogyo Co. Ltd.	27,400		407,766
Stanley Electric Co. Ltd.	1,113,700		21,808,028
Toyoda Gosei Co. Ltd.	194,800		5,461,285
			40,279,635
Automobiles - 2.3%
Honda Motor Co. Ltd.	168,800		5,213,962
Isuzu Motors Ltd.	1,429,000		3,021,578
Yachiyo Industry Co. Ltd.	99,900		703,897
			8,939,437
Hotels, Restaurants & Leisure - 0.5%
Kappa Create Co. Ltd.	83,200		1,879,229
Household Durables - 8.3%
Arnest One Corp.	1,010,700		11,633,309
Haseko Corp. (a)	4,461,000		3,424,272
Hitachi Koki Co. Ltd.	134,800		1,492,214
Sanyo Electric Co. Ltd. (a)(c)	938,000		2,325,087
Sony Corp. (c)	479,600		14,162,802
			33,037,684
Internet & Catalog Retail - 3.6%
DeNA Co. Ltd.	125		432,185
Rakuten, Inc.	9,708		6,648,906
Start Today Co. Ltd.	3,689		7,327,733
			14,408,824
Leisure Equipment & Products - 0.5%
Kimoto Co. Ltd.	158,300		1,564,064
SHIMANO, Inc.	6,700		256,215
			1,820,279
Media - 1.2%
CyberAgent, Inc. (c)	2,110		2,744,529
Opt, Inc.	684		880,634
Tokyo Broadcasting System Holding	65,900		982,999
			4,608,162
Multiline Retail - 2.3%
J Front Retailing Co. Ltd. (c)	424,000		2,009,923
Ryohin Keikaku Co. Ltd.	157,600		7,093,950
Zakkaya Bulldog Co. Ltd.	62,700		214,208
			9,318,081
Specialty Retail - 6.3%
Bookoff Corp.	69,600		956,148
Megane TOP Co. Ltd. (c)	749,290		12,907,919
Point, Inc.	185,550		10,968,776
			24,832,843
	Shares		Value
Textiles, Apparel & Luxury Goods - 0.2%
Japan Vilene Co. Ltd. (c)	166,000		$ 883,718
TOTAL CONSUMER DISCRETIONARY			140,007,892
CONSUMER STAPLES - 5.0%
Beverages - 0.1%
Kirin Holdings Co. Ltd.	25,000		408,100
Household Products - 4.9%
Pigeon Corp.	334,100		12,954,451
Uni-Charm Corp.	67,200		6,440,425
			19,394,876
TOTAL CONSUMER STAPLES			19,802,976
FINANCIALS - 20.1%
Capital Markets - 4.0%
JAFCO Co. Ltd.	172,300		4,632,452
Nomura Holdings, Inc.	1,562,800		11,015,577
			15,648,029
Commercial Banks - 2.6%
Mizuho Financial Group, Inc.	21,300		42,015
Shinsei Bank Ltd. (a)(c)	2,646,000		3,452,115
Sumitomo Mitsui Financial Group, Inc.	203,400		6,913,975
			10,408,105
Consumer Finance - 5.3%
ORIX Corp. (c)	327,550		21,159,211
Diversified Financial Services - 4.4%
Japan Securities Finance Co. Ltd.	495,900		3,499,614
Osaka Securities Exchange Co. Ltd.	2,885		13,845,423
			17,345,037
Insurance - 1.7%
Aioi Insurance Co. Ltd.	692,000		3,046,622
Fuji Fire & Marine Insurance Co. Ltd. (a)	3,057,000		3,500,141
			6,546,763
Real Estate Management & Development - 2.1%
Airport Facilities Co. Ltd.	188,200		1,111,275
Nisshin Fudosan Co. Ltd.	69,200		371,049
Nomura Real Estate Holdings, Inc.	73,500		1,170,185
Shoei Co.	318,800		2,655,733
Takara Leben Co. Ltd.	123,200		794,328
Toc Co. Ltd.	119,000		558,144
Toho Real Estate Co. Ltd.	36,100		222,607
Tokyo Tatemono Co. Ltd.	264,000		1,258,886
			8,142,207
TOTAL FINANCIALS			79,249,352
HEALTH CARE - 1.7%
Biotechnology - 1.2%
Sosei Group Corp. (a)(c)	3,717		4,776,006
Common Stocks - continued
	Shares		Value
HEALTH CARE - continued
Pharmaceuticals - 0.5%
Mitsubishi Tanabe Pharma Corp.	158,000		$ 2,017,261
TOTAL HEALTH CARE			6,793,267
INDUSTRIALS - 14.2%
Air Freight & Logistics - 0.1%
Kintetsu World Express, Inc.	8,800		204,553
Building Products - 7.3%
Central Glass Co. Ltd.	95,000		382,668
Daikin Industries Ltd.	587,700		19,921,633
Nichias Corp.	1,167,000		4,216,464
Nippon Sheet Glass Co. Ltd.	1,153,000		3,397,649
Shinko Kogyo Co. Ltd.	238,000		773,116
			28,691,530
Construction & Engineering - 0.1%
Yahagi Construction Co. Ltd.	54,000		355,740
Electrical Equipment - 4.3%
Fuji Electric Holdings Co. Ltd.	581,000		1,079,699
Mitsubishi Electric Corp.	429,000		3,263,537
Nippon Carbon Co. Ltd.	290,000		989,261
NPC, Inc. (c)	84,300		2,154,145
Panasonic Electric Works Co., Ltd.	768,000		9,694,920
			17,181,562
Machinery - 1.9%
HIRANO TECSEED Co. Ltd.	193,000		2,334,752
Miura Co. Ltd.	62,400		1,742,686
Nitta Corp.	235,100		3,430,475
			7,507,913
Professional Services - 0.0%
Outsourcing, Inc.	153		115,954
Road & Rail - 0.5%
West Japan Railway Co.	574		2,034,230
TOTAL INDUSTRIALS			56,091,482
INFORMATION TECHNOLOGY - 15.6%
Computers & Peripherals - 2.8%
Mutoh Holdings Co. Ltd. (a)	278,000		434,674
Toshiba Corp.	1,858,000		10,619,702
			11,054,376
Electronic Equipment & Components - 3.6%
Citizen Holdings Co. Ltd.	161,500		908,780
Hitachi Ltd.	469,000		1,514,418
Horiba Ltd.	89,700		2,169,207
	Shares		Value
Nidec Corp.	24,000		$ 2,026,498
Nippon Chemi-con Corp.	386,000		1,428,356
Origin Electric Co. Ltd.	462,000		1,185,869
V Technology Co. Ltd. (c)	666		4,892,492
			14,125,620
Internet Software & Services - 3.4%
Kakaku.com, Inc. (c)	2,012		7,357,668
mixi, Inc. (a)(c)	748		6,105,365
			13,463,033
IT Services - 0.2%
CAC Corp.	74,900		519,218
SBI VeriTrans Co., Ltd.	575		334,612
			853,830
Office Electronics - 0.5%
Ricoh Co. Ltd.	151,000		2,052,240
Semiconductors & Semiconductor Equipment - 5.1%
Elpida Memory, Inc. (a)	432,200		5,647,030
Ferrotec Corp.	313,500		3,475,847
Samco, Inc.	2,900		52,266
Sumco Corp.	182,700		3,486,724
Tokyo Electron Ltd.	133,900		7,533,153
			20,195,020
TOTAL INFORMATION TECHNOLOGY			61,744,119
MATERIALS - 7.8%
Chemicals - 6.2%
Ishihara Sangyo Kaisha Ltd. (a)	3,544,000		2,884,641
JSR Corp.	198,800		3,877,490
Kanto Denka Kogyo Co. Ltd. (c)	507,000		4,129,360
Stella Chemifa Corp.	90,600		4,986,134
Tanaka Chemical Corp. (c)	86,900		2,793,619
The Nippon Synthetic Chemical Industry Co. Ltd.	149,000		1,094,376
Toda Kogyo Corp. (c)	359,000		3,448,656
Ube Industries Ltd.	520,000		1,340,111
			24,554,387
Metals & Mining - 1.6%
Tokyo Rope Manufacturing Co. Ltd.	728,000		2,055,344
Toyo Kohan Co. Ltd.	399,000		1,933,953
Yamato Kogyo Co. Ltd.	80,000		2,400,929
			6,390,226
TOTAL MATERIALS			30,944,613
TELECOMMUNICATION SERVICES - 0.0%
Wireless Telecommunication Services - 0.0%
Softbank Corp.	1,900		44,774
TOTAL COMMON STOCKS (Cost $342,495,213)		394,678,475
Money Market Funds - 7.9%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (d)	29,610		$ 29,610
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	31,340,438		31,340,438
TOTAL MONEY MARKET FUNDS (Cost $31,370,048)		31,370,048
TOTAL INVESTMENT PORTFOLIO - 107.7% (Cost $373,865,261)			426,048,523
NET OTHER ASSETS - (7.7)%			(30,334,432)
NET ASSETS - 100%		$ 395,714,091

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 29,132
Fidelity Securities Lending Cash Central Fund	845,185
Total	$ 874,317

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 140,007,892	$ -	$ 140,007,892	$ -
Consumer Staples	19,802,976	-	19,802,976	-
Financials	79,249,352	-	79,249,352	-
Health Care	6,793,267	-	6,793,267	-
Industrials	56,091,482	-	56,091,482	-
Information Technology	61,744,119	-	61,744,119	-
Materials	30,944,613	-	30,944,613	-
Telecommunication Services	44,774	-	44,774	-
Money Market Funds	31,370,048	31,370,048	-	-
Total Investments in Securities:	$ 426,048,523	$ 31,370,048	$ 394,678,475	$ -

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $123,913,282 of which $58,533,238 and $65,380,044 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Japan Smaller Companies

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $29,764,598) - See accompanying schedule: Unaffiliated issuers (cost $342,495,213)	$ 394,678,475
Fidelity Central Funds (cost $31,370,048)	31,370,048
Total Investments (cost $373,865,261)		$ 426,048,523
Receivable for investments sold		5,787,969
Receivable for fund shares sold		74,524
Dividends receivable		1,156,223
Distributions receivable from Fidelity Central Funds		78,776
Prepaid expenses		2,554
Other receivables		14,865
Total assets		433,163,434
Liabilities
Payable for investments purchased	$ 4,761,921
Payable for fund shares redeemed	925,001
Accrued management fee	240,724
Other affiliated payables	111,430
Other payables and accrued expenses	69,829
Collateral on securities loaned, at value	31,340,438
Total liabilities		37,449,343
Net Assets		$ 395,714,091
Net Assets consist of:
Paid in capital		$ 472,091,970
Undistributed net investment income		1,101,593
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(129,683,803)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		52,204,331
Net Assets, for 46,075,116 shares outstanding		$ 395,714,091
Net Asset Value, offering price and redemption price per share ($395,714,091 ÷ 46,075,116 shares)		$ 8.59

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 4,721,966
Interest		16
Income from Fidelity Central Funds (including $845,185 from security lending)		874,317
		5,596,299
Less foreign taxes withheld		(327,403)
Total income		5,268,896
Expenses
Management fee	$ 2,557,099
Transfer agent fees	1,082,567
Accounting and security lending fees	194,392
Custodian fees and expenses	232,260
Independent trustees' compensation	2,683
Registration fees	19,277
Audit	54,269
Legal	2,471
Interest	618
Miscellaneous	7,938
Total expenses before reductions	4,153,574
Expense reductions	(50,560)	4,103,014
Net investment income (loss)		1,165,882
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(66,656,522)
Foreign currency transactions	356,512
Total net realized gain (loss)		(66,300,010)
Change in net unrealized appreciation (depreciation) on: Investment securities	136,951,984
Assets and liabilities in foreign currencies	(173,717)
Total change in net unrealized appreciation (depreciation)		136,778,267
Net gain (loss)		70,478,257
Net increase (decrease) in net assets resulting from operations		$ 71,644,139

See accompanying notes which are an integral part of the financial statements.

Annual Report

Japan Smaller Companies
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 1,165,882	$ 2,597,004
Net realized gain (loss)	(66,300,010)	(62,039,720)
Change in net unrealized appreciation (depreciation)	136,778,267	(271,756,601)
Net increase (decrease) in net assets resulting from operations	71,644,139	(331,199,317)
Distributions to shareholders from net investment income	(2,197,996)	(1,282,366)
Distributions to shareholders from net realized gain	(549,498)	(13,464,846)
Total distributions	(2,747,494)	(14,747,212)
Share transactions Proceeds from sales of shares	69,815,224	64,044,453
Reinvestment of distributions	1,683,605	10,772,639
Cost of shares redeemed	(138,732,098)	(146,648,963)
Net increase (decrease) in net assets resulting from share transactions	(67,233,269)	(71,831,871)
Redemption fees	116,866	59,325
Total increase (decrease) in net assets	1,780,242	(417,719,075)
Net Assets
Beginning of period	393,933,849	811,652,924
End of period (including undistributed net investment income of $1,101,593 and undistributed net investment income of $2,239,289, respectively)	$ 395,714,091	$ 393,933,849
Other Information Shares
Sold	9,049,354	6,465,046
Issued in reinvestment of distributions	259,816	912,936
Redeemed	(19,628,461)	(15,250,412)
Net increase (decrease)	(10,319,291)	(7,872,430)

Financial Highlights

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 6.99	$ 12.63	$ 13.43	$ 14.25	$ 11.58
Income from Investment Operations
Net investment income (loss) B	.02	.04	.03	.01	.03
Net realized and unrealized gain (loss)	1.63	(5.45)	(.46)	- F	2.69
Total from investment operations	1.65	(5.41)	(.43)	.01	2.72
Distributions from net investment income	(.04)	(.02)	(.01)	(.02)	(.01)
Distributions from net realized gain	(.01)	(.21)	(.36)	(.83)	(.05)
Total distributions	(.05)	(.23)	(.37)	(.85)	(.06)
Redemption fees added to paid in capital B	- F	- F	- F	.02	.01
Net asset value, end of period	$ 8.59	$ 6.99	$ 12.63	$ 13.43	$ 14.25
Total Return A	23.84%	(43.58)%	(3.27)%	(.36)%	23.69%
Ratios to Average Net Assets C, E
Expenses before reductions	1.16%	1.05%	1.02%	1.02%	1.02%
Expenses net of fee waivers, if any	1.16%	1.05%	1.02%	1.02%	1.02%
Expenses net of all reductions	1.14%	1.03%	1.00%	1.01%	1.01%
Net investment income (loss)	.33%	.44%	.23%	.09%	.22%
Supplemental Data
Net assets, end of period (000 omitted)	$ 395,714	$ 393,934	$ 811,653	$ 1,217,239	$ 1,406,673
Portfolio turnover rate D	183%	86%	76%	98%	65%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E 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 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. ^F Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. 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 was closed to most new accounts effective the close of business on February 28, 2006 and reopened after the close of business on December 30, 2008.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Annual Report

3. Significant Accounting Policies - continued

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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

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	$ 67,366,042
Gross unrealized depreciation	(26,552,710)
Net unrealized appreciation (depreciation)	$ 40,813,332
Tax Cost	$ 385,235,191

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 6,700,999
Capital loss carryforward	$ (123,913,282)
Net unrealized appreciation (depreciation)	$ 40,834,401

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 2,747,494	$ 1,282,366
Long-term Capital Gains	-	13,464,846
Total	$ 2,747,494	$ 14,747,212

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, 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 $650,392,501 and $704,399,965, respectively.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .71% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .30% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 4,477,571	.36%	$ 618

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $1,889 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $50,560 for the period.

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.

Annual Report

Latin America

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Fidelity Latin America Fund	67.88%	24.29%	16.70%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Latin America Fund on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI EM - Latin America Index performed over the same period.

Annual Report

Latin America

Management's Discussion of Fund Performance

Market Recap: Stocks in emerging markets produced outsized gains, as investors' moods shifted from despair early in the period to optimism that the global recession might have ended. Reflecting the improving sentiment, the MSCI® Emerging Markets (EM) Index returned 64.63% during the year ending October 31, 2009. Of the three regions with the largest representation in the index - Europe/Middle East/Africa (EMEA), Latin America, and Asia ex Australia and New Zealand - Latin America had the strongest showing, at more than 77%, driven mainly by a return of over 92% for Brazil, whose major city, Rio de Janeiro, recently won the competition to host the 2016 Olympic games. Moreover, near period end Brazil's government debt earned an investment-grade rating from one of the major U.S. credit-rating agencies. Asian stocks also performed extremely well, returning almost 67%. A key driver in that case was China, whose return of roughly 102% came amid accelerating economic growth - from 6.1% in the first quarter of 2009 to 8.9% in the third quarter - and optimism fostered by the government's massive fiscal stimulus package. In the EMEA region, stocks returned about 47%, with key components South Africa and Russia finishing at roughly 62% and 45%, respectively.

Comments from Adam Kutas, Portfolio Manager of Fidelity® Latin America Fund: For the year, the fund returned 67.88%, trailing the MSCI EM Latin America Index, which advanced 78.10%. Holding a modest cash position in a strong market was the biggest detractor from relative performance. Stock selection and an underweighting in the top-performing materials sector also hurt, as did overweighting the lagging consumer discretionary category, primarily in the consumer durables/apparel and media groups. Unfavorable market positioning and stock picking in financials - - especially banks - was another detractor, as was security selection in energy. On a country basis, our holdings in Brazil modestly trailed that nation's aggregate return in the index, but we erased some of those losses by overweighting this strong-performing market, which was supported by a currency tail wind. Security selection in non-index Canada also detracted. Adverse stock picks in Mexico were almost completely offset by underweighting this lagging market, along with the associated currency impact. Top individual detractors included Brazilian steel maker Siderurgica Nacional and iron-ore producer Companhia Vale do Rio Doce, also based in Brazil. Conversely, we had favorable security selection in telecommunication services and utilities, including virtually avoiding Mexican telephone company Telefonos de Mexico, and not owning Brazil-based utility operator Centrais Eletricas Brasileiras, two index components that lagged. Some stocks mentioned in this update were not held at period end.

Note to shareholders: Fidelity Latin America 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 October 31, 2009, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Latin America

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

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	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Actual	1.07%	$ 1,000.00	$ 1,444.00	$ 6.59
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,019.81	$ 5.45

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Latin America

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Brazil	66.2%
	Mexico	16.0%
	Chile	6.5%
	United States of America	3.7%
	Peru	3.1%
	Canada	1.6%
	Bermuda	1.5%
	Luxembourg	0.7%
	Panama	0.7%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Brazil	67.1%
	Mexico	15.4%
	United States of America	9.3%
	Chile	2.7%
	Peru	1.9%
	Bermuda	1.2%
	Canada	0.8%
	Panama	0.5%
	United Kingdom	0.4%
	Other	0.7%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	96.3	90.7
Short-Term Investments and Net Other Assets	3.7	9.3
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (Brazil, Oil, Gas & Consumable Fuels)	11.1	12.0
America Movil SAB de CV Series L (Mexico, Wireless Telecommunication Services)	8.3	7.2
Vale SA (PN-A) (Brazil, Metals & Mining)	8.1	0.0
Itau Unibanco Banco Multiplo SA (Brazil, Commercial Banks)	6.8	6.6
Petroleo Brasileiro SA - Petrobras (ON) (Brazil, Oil, Gas & Consumable Fuels)	6.6	8.2
Banco Bradesco SA (PN) (Brazil, Commercial Banks)	3.7	3.4
Vivo Participacoes SA (Brazil, Wireless Telecommunication Services)	3.1	2.7
Vale SA sponsored ADR (Brazil, Metals & Mining)	3.1	0.0
Compania de Minas Buenaventura SA sponsored ADR (Peru, Metals & Mining)	3.1	1.9
Companhia de Bebidas das Americas (AmBev) (PN) sponsored ADR (Brazil, Beverages)	3.0	1.7
	56.9
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Materials	21.0	24.2
Energy	18.4	22.2
Telecommunication Services	17.1	12.5
Financials	12.3	11.5
Consumer Staples	10.4	6.9
Utilities	8.2	5.5
Consumer Discretionary	4.6	3.8
Industrials	4.3	2.6
Information Technology	0.0	1.3
Health Care	0.0	0.2

Annual Report

Latin America

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
Bermuda - 1.5%
Dufry South America Ltd. unit	2,777,663		$ 48,260,554
GP Investments, Ltd. unit (a)	2,633,825		13,459,247
TOTAL BERMUDA			61,719,801
Brazil - 66.2%
AES Tiete SA (PN) (non-vtg.)	6,378,300		71,888,062
Banco Bradesco SA:
(PN)	2,315,500		45,305,547
(PN) sponsored ADR	5,372,700		105,842,190
Brascan Residential Properties SA	1,508,000		5,719,646
Companhia de Bebidas das Americas (AmBev):
(PN) sponsored ADR (c)	1,343,426		121,015,814
sponsored ADR (c)	66,745		5,072,620
Companhia de Concessoes Rodoviarias	690,400		13,579,069
Companhia de Saneamento de Minas Gerais	61,112		1,075,671
Companhia Energetica de Minas Gerais (CEMIG):
(PN)	450,800		7,077,345
(PN) sponsored ADR (non-vtg.) (c)	3,847,900		60,758,341
Confab Industrial SA (PN) (non-vtg.)	5,377,400		15,815,882
Eletropaulo Metropolitana SA (PN-B)	2,611,360		49,270,664
Equatorial Energia SA	4,042,423		38,353,900
GVT Holding SA (a)	1,903,400		54,631,427
Itau Unibanco Banco Multiplo SA	4,145,737		78,880,108
Itau Unibanco Banco Multiplo SA ADR	10,384,262		198,754,775
Lojas Americanas SA (PN)	4,067,800		26,538,168
Net Servicos de Comunicacao SA:
sponsored ADR	549,700		6,755,813
(PN) (a)	7,230,300		89,126,626
OGX Petroleo e Gas Participacoes SA	35,900		28,945,037
Petroleo Brasileiro SA - Petrobras:
(ON)	388,200		8,926,925
(PN) (non-vtg.)	6,485,760		128,595,696
(PN) sponsored ADR (non-vtg.)	7,923,450		317,888,814
sponsored ADR (c)	5,576,420		257,742,132
Souza Cruz Industria Comerico	1,698,400		60,290,693
TAM SA (PN) sponsored ADR (ltd. vtg.) (a)	4,841,100		69,082,497
Tele Norte Leste Participacoes SA:
(ON)	667,700		15,050,925
sponsored ADR (non-vtg.)	3,162,100		60,269,626
TIM Participacoes SA	5,839,900		13,827,154
TIM Participacoes SA sponsored ADR (non-vtg.) (c)	1,234,500		29,121,855
Tractebel Energia SA	3,706,400		45,246,196
Usinas Siderurgicas de Minas Gerais SA - Usiminas:
(ON)	505,875		12,437,195
(PN-A) (non-vtg.)	1,809,850		47,270,668
Vale SA:
(PN-A)	1,544,200		34,764,666
	Shares		Value
(PN-A) sponsored ADR	12,687,100		$ 293,072,010
sponsored ADR (c)	4,860,800		123,901,792
Vivo Participacoes SA:
(PN)	717,986		17,480,831
sponsored ADR	4,420,900		107,206,825
Votorantim Celulose e Papel SA (a)	87,875		1,203,965
Votorantim Celulose e Papel SA sponsored ADR (a)(c)	810,491		11,136,146
TOTAL BRAZIL			2,678,923,316
Canada - 1.6%
Jaguar Mining, Inc. (a)(c)	1,450,400		12,121,827
Yamana Gold, Inc.	4,900,800		51,956,581
TOTAL CANADA			64,078,408
Chile - 6.5%
Banco Santander Chile sponsored ADR	1,148,475		60,455,724
CAP SA	3,621,263		94,120,806
Compania Cervecerias Unidas SA	1,412,500		9,962,923
Compania Cervecerias Unidas SA sponsored ADR (c)	232,257		8,226,543
Empresa Nacional de Electricidad SA	16,169,758		24,850,788
Empresa Nacional de Electricidad SA sponsored ADR	818,599		37,565,508
Vina Concha y Toro SA	4,173,121		8,842,193
Vina Concha y Toro SA sponsored ADR	408,450		17,399,970
TOTAL CHILE			261,424,455
Luxembourg - 0.7%
Millicom International Cellular SA (a)	461,650		28,926,989
Mexico - 16.0%
America Movil SAB de CV:
Series L	2,463,900		5,447,093
Series L sponsored ADR	7,491,356		330,593,541
Fomento Economico Mexicano SAB de CV sponsored ADR	1,895,295		82,085,226
Grupo Aeroportuario del Pacifico SA de CV sponsored ADR	2,608,043		66,479,016
Grupo Modelo SAB de CV Series C (a)	3,263,700		14,830,955
Grupo Televisa SA de CV (CPO) sponsored ADR	347,700		6,731,472
Industrias Penoles SA de CV	1,257,055		22,954,992
Telefonos de Mexico SA de CV:
Series L	7,622,000		6,344,162
Series L sponsored ADR	1,394,200		23,157,662
Wal-Mart de Mexico SA de CV Series V (c)	25,448,716		88,776,383
TOTAL MEXICO			647,400,502
Panama - 0.7%
Copa Holdings SA Class A	638,600		26,968,078
Common Stocks - continued
	Shares		Value
Peru - 3.1%
Compania de Minas Buenaventura SA sponsored ADR	3,688,352		$ 123,817,977
TOTAL COMMON STOCKS (Cost $2,385,223,974)		3,893,259,526
Money Market Funds - 9.5%
Fidelity Cash Central Fund, 0.20% (d)	119,538,822		119,538,822
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	266,704,865		266,704,865
TOTAL MONEY MARKET FUNDS (Cost $386,243,687)		386,243,687
TOTAL INVESTMENT PORTFOLIO - 105.8% (Cost $2,771,467,661)			4,279,503,213
NET OTHER ASSETS - (5.8)%			(235,754,761)
NET ASSETS - 100%		$ 4,043,748,452

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 826,506
Fidelity Securities Lending Cash Central Fund	416,325
Total	$ 1,242,831

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Brazil	$ 2,678,923,316	$ 2,677,847,645	$ 1,075,671	$ -
Mexico	647,400,502	647,400,502	-	-
Chile	261,424,455	261,424,455	-	-
Peru	123,817,977	123,817,977	-	-
Canada	64,078,408	64,078,408	-	-
Bermuda	61,719,801	61,719,801	-	-
Luxembourg	28,926,989	28,926,989	-	-
Panama	26,968,078	26,968,078	-	-
Money Market Funds	386,243,687	386,243,687	-	-
Total Investments in Securities:	$ 4,279,503,213	$ 4,278,427,542	$ 1,075,671	$ -

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $659,596,614 of which $156,435,569 and $503,161,045 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Latin America

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $249,642,428) - See accompanying schedule: Unaffiliated issuers (cost $2,385,223,974)	$ 3,893,259,526
Fidelity Central Funds (cost $386,243,687)	386,243,687
Total Investments (cost $2,771,467,661)		$ 4,279,503,213
Foreign currency held at value (cost $1,608,151)		1,608,143
Receivable for investments sold		43,193,741
Receivable for fund shares sold		8,659,958
Dividends receivable		20,797,261
Distributions receivable from Fidelity Central Funds		58,268
Prepaid expenses		22,449
Other receivables		340,463
Total assets		4,354,183,496
Liabilities
Payable for investments purchased	$ 30,039,171
Payable for fund shares redeemed	9,961,679
Accrued management fee	2,484,355
Other affiliated payables	887,891
Other payables and accrued expenses	357,083
Collateral on securities loaned, at value	266,704,865
Total liabilities		310,435,044
Net Assets		$ 4,043,748,452
Net Assets consist of:
Paid in capital		$ 3,148,052,101
Undistributed net investment income		42,882,612
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(655,698,832)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,508,512,571
Net Assets, for 85,515,304 shares outstanding		$ 4,043,748,452
Net Asset Value, offering price and redemption price per share ($4,043,748,452 ÷ 85,515,304 shares)		$ 47.29

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 93,157,229
Interest		46,166
Income from Fidelity Central Funds		1,242,831
		94,446,226
Less foreign taxes withheld		(7,117,553)
Total income		87,328,673
Expenses
Management fee	$ 20,036,115
Transfer agent fees	7,715,858
Accounting and security lending fees	1,201,950
Custodian fees and expenses	1,114,129
Independent trustees' compensation	19,055
Registration fees	84,462
Audit	72,561
Legal	12,469
Miscellaneous	57,779
Total expenses before reductions	30,314,378
Expense reductions	(529,510)	29,784,868
Net investment income (loss)		57,543,805
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(468,882,329)
Foreign currency transactions	(722,601)
Total net realized gain (loss)		(469,604,930)
Change in net unrealized appreciation (depreciation) on: Investment securities	1,901,685,836
Assets and liabilities in foreign currencies	1,061,616
Total change in net unrealized appreciation (depreciation)		1,902,747,452
Net gain (loss)		1,433,142,522
Net increase (decrease) in net assets resulting from operations		$ 1,490,686,327

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 57,543,805	$ 77,374,029
Net realized gain (loss)	(469,604,930)	(150,891,457)
Change in net unrealized appreciation (depreciation)	1,902,747,452	(3,432,385,144)
Net increase (decrease) in net assets resulting from operations	1,490,686,327	(3,505,902,572)
Distributions to shareholders from net investment income	(34,726,095)	(58,822,488)
Distributions to shareholders from net realized gain	-	(155,654,931)
Total distributions	(34,726,095)	(214,477,419)
Share transactions Proceeds from sales of shares	1,172,903,800	2,650,547,667
Reinvestment of distributions	33,594,867	207,556,726
Cost of shares redeemed	(845,652,662)	(3,137,930,206)
Net increase (decrease) in net assets resulting from share transactions	360,846,005	(279,825,813)
Redemption fees	1,335,831	6,121,898
Total increase (decrease) in net assets	1,818,142,068	(3,994,083,906)
Net Assets
Beginning of period	2,225,606,384	6,219,690,290
End of period (including undistributed net investment income of $42,882,612 and undistributed net investment income of $53,341,043, respectively)	$ 4,043,748,452	$ 2,225,606,384
Other Information Shares
Sold	31,352,380	43,462,745
Issued in reinvestment of distributions	1,344,639	3,206,995
Redeemed	(24,759,791)	(60,698,857)
Net increase (decrease)	7,937,228	(14,029,117)

Financial Highlights

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 28.69	$ 67.90	$ 41.13	$ 29.40	$ 18.10
Income from Investment Operations
Net investment income (loss) B	.72	.83	.68	.82	.57
Net realized and unrealized gain (loss)	18.32	(37.74)	27.43	11.68	10.98
Total from investment operations	19.04	(36.91)	28.11	12.50	11.55
Distributions from net investment income	(.46)	(.65)	(.61)	(.46)	(.30)
Distributions from net realized gain	-	(1.72)	(.77)	(.38)	-
Total distributions	(.46)	(2.37)	(1.38)	(.84)	(.30)
Redemption fees added to paid in capital B	.02	.07	.04	.07	.05
Net asset value, end of period	$ 47.29	$ 28.69	$ 67.90	$ 41.13	$ 29.40
Total Return A	67.88%	(56.20)%	70.35%	43.57%	64.94%
Ratios to Average Net Assets C,E
Expenses before reductions	1.07%	1.02%	1.00%	1.05%	1.10%
Expenses net of fee waivers, if any	1.07%	1.02%	1.00%	1.05%	1.10%
Expenses net of all reductions	1.05%	1.00%	.98%	1.02%	1.04%
Net investment income (loss)	2.04%	1.41%	1.33%	2.23%	2.38%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,043,748	$ 2,225,606	$ 6,219,690	$ 3,122,473	$ 1,384,083
Portfolio turnover rate D	52%	51%	52%	60%	40%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E 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 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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'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 may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Annual Report

3. Significant Accounting Policies - continued

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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

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	$ 1,553,413,401
Gross unrealized depreciation	(74,881,827)
Net unrealized appreciation (depreciation)	$ 1,478,531,574
Tax Cost	$ 2,800,971,639

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 76,284,968
Capital loss carryforward	$ (659,596,614)
Net unrealized appreciation (depreciation)	$ 1,479,008,593

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 34,726,095	$ 58,822,488
Long-term Capital Gains	-	155,654,931
Total	$ 34,726,095	$ 214,477,419

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, 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 $1,692,117,530 and $1,368,184,021, respectively.

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .71% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .27% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $932 for the period.

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $13,516 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $416,325.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $528,300 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $1,210.

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.

Annual Report

Nordic

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Fidelity Nordic Fund	34.90%	7.02%	4.80%

$10,000 Over 10 years

Let's say hypothetically that $10,000 was invested in Fidelity Nordic Fund on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the FTSE Capped Nordic Index and the FTSE Nordic Index performed over the same period. Effective October 1, 2009, Fidelity Nordic Fund began comparing its performance to the FTSE Capped Nordic Index rather than the FTSE Nordic Index because the FTSE Capped Nordic Index conforms more closely to the fund's investment policies. Returns shown for the FTSE Capped Nordic Index for periods prior to October 1, 2009 (its inception date) are returns of the uncapped FTSE Nordic Index.

Annual Report

Nordic

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Melissa Reilly, Portfolio Manager of Fidelity® Nordic Fund: For the year, the fund rose 34.90%, compared with the 46.01% return of the Financial Times Stock Exchange (FTSE) Nordic Index. On October 1, 2009, the fund changed its benchmark index to the FTSE Capped Nordic Index, which rose 46.22% for the year. The fund's new benchmark better represents the fund's investment universe. The fund was hurt by security selection in several areas, most notably in health care, diversified financials and the food/beverage/tobacco segment of consumer staples, as well as by an underweighting in capital goods. On a country basis, stock picking in Sweden was the biggest detractor by far. In terms of individual stocks, underweighting Nordea Bank was the most harmful, as was not owning enough of bank Svenska Handelsbanken during the stock market rally in the second half of the period. I added to our position in the latter, but not soon enough to capture its full gains during the period. Untimely ownership of smoke-free tobacco product manufacturer Swedish Match also detracted. Health care company Elekta lagged as well, and underweighting truck maker Volvo was a negative. All of the detractors I've just discussed were domiciled in Sweden. On the upside, the fund benefited from an average overweighting in telecommunication services, as well as some success in pockets of consumer discretionary and financials. Our positioning in Denmark and Norway also was positive. The fund's biggest contribution came from two financials stocks, Norway's DnB NOR and Denmark's Danske Bank, both of which managed well through the economic downturn. Also in financials, Norweigian insurance company Storebrand was a positive. Danish wind turbine manufacturer Vestas Wind Systems was another contributor. Worried about financing for Vestas' products as a result of the tight credit markets, I reduced our position, which helped when the stock slipped a bit later in the period. Similarly, underweighting Renewable Energy, which manufacturers silicon solar panels, gave the fund a boost. Some of the stocks I've mentioned in this report were sold by period end.

Note to shareholders: Fidelity Nordic Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Nordic market. As of October 31, 2009, the fund did not have more than 20% of its assets in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Nordic

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

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	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Actual	1.17%	$ 1,000.00	$ 1,357.90	$ 6.95
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,019.31	$ 5.96

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Nordic

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Sweden	45.3%
	Denmark	18.6%
	Norway	16.8%
	Finland	15.7%
	Bermuda	3.1%
	United States of America	0.4%
	Iceland	0.1%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Sweden	37.4%
	Finland	25.6%
	Denmark	16.1%
	Norway	15.9%
	Bermuda	2.9%
	United States of America	2.0%
	Iceland	0.1%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.8	98.0
Short-Term Investments and Net Other Assets	0.2	2.0
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Nordea Bank AB (Sweden, Commercial Banks)	5.4	1.1
Novo Nordisk AS Series B (Denmark, Pharmaceuticals)	5.0	7.6
Telefonaktiebolaget LM Ericsson (B Shares) (Sweden, Communications Equipment)	4.3	4.3
Nokia Corp. (Finland, Communications Equipment)	4.1	13.3
Svenska Handelsbanken AB (A Shares) (Sweden, Commercial Banks)	3.6	2.3
StatoilHydro ASA (Norway, Oil, Gas & Consumable Fuels)	3.5	5.2
Telenor ASA (Norway, Diversified Telecommunication Services)	3.5	1.6
DnB NOR ASA (Norway, Commercial Banks)	3.1	4.0
Sandvik AB (Sweden, Machinery)	3.1	1.1
H&M Hennes & Mauritz AB (B Shares) (Sweden, Specialty Retail)	3.0	5.5
	38.6
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Industrials	24.0	17.3
Financials	23.2	18.0
Materials	9.7	7.5
Information Technology	8.4	17.6
Consumer Discretionary	8.0	6.9
Health Care	8.0	10.5
Energy	7.7	8.2
Telecommunication Services	5.9	5.5
Consumer Staples	2.8	3.8
Utilities	2.1	2.7

Annual Report

Nordic

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.8%
	Shares		Value
Bermuda - 3.1%
Northern Offshore Ltd. (a)	1,155,000		$ 1,815,372
Scorpion Offshore Ltd. (a)	319,500		1,283,334
Seadrill Ltd. (a)(c)	344,100		7,187,154
TOTAL BERMUDA			10,285,860
Denmark - 18.6%
A.P. Moller - Maersk AS:
Series A	513		3,438,392
Series B	881		6,061,687
Carlsberg AS Series B	109,300		7,714,836
Coloplast AS Series B	19,100		1,565,295
Danske Bank AS (a)	374,453		8,680,575
DSV de Sammensluttede Vognmaend AS (a)	90,400		1,417,359
Novo Nordisk AS Series B	266,727		16,611,769
Novozymes AS Series B	45,700		4,206,048
Sydbank AS (a)	62,930		1,549,050
Vestas Wind Systems AS (a)	82,400		5,840,563
William Demant Holding AS (a)	69,500		4,967,427
TOTAL DENMARK			62,053,001
Finland - 15.7%
Fortum Corp.	295,463		7,013,140
Kone Oyj (B Shares)	154,660		5,792,164
Metso Corp.	189,700		5,317,865
Neste Oil Oyj (c)	83,400		1,480,091
Nokia Corp.	1,088,713		13,750,853
Nokian Tyres PLC	170,100		3,639,517
Outokumpu Oyj (A Shares)	192,115		3,191,760
Sampo OYJ (A Shares)	205,100		4,925,619
Stora Enso Oyj (R Shares)	543,800		4,129,181
UPM-Kymmene Corp.	269,700		3,246,454
TOTAL FINLAND			52,486,644
Iceland - 0.1%
Ossur hf (a)	441,370		453,779
Norway - 16.8%
DnB NOR ASA (a)	903,900		10,410,612
Norsk Hydro ASA (a)	755,200		4,978,746
Orkla ASA (A Shares)	534,400		4,964,999
Pronova BioPharma ASA (a)	466,300		1,449,528
Schibsted ASA (B Shares) (a)	80,000		1,319,572
Sevan Marine ASA (a)	580,000		940,990
StatoilHydro ASA	494,396		11,733,713
Storebrand ASA (A Shares) (a)	480,000		3,283,491
Telenor ASA (a)	900,100		11,655,824
Yara International ASA	165,600		5,512,192
TOTAL NORWAY			56,249,667
Sweden - 45.3%
Assa Abloy AB (B Shares)	318,400		5,563,600
	Shares		Value
Atlas Copco AB (A Shares)	467,600		$ 6,269,672
Electrolux AB (B Shares) (a)	272,300		6,526,331
Elekta AB (B Shares) (c)	89,000		1,677,444
H&M Hennes & Mauritz AB (B Shares)	178,807		10,155,892
Intrum Justitia AB	100,600		1,239,555
Investor AB (B Shares)	359,238		6,355,566
Lundin Petroleum AB (a)	162,200		1,373,815
Modern Times Group MTG AB (B Shares)	65,150		2,825,271
Nordea Bank AB (c)	1,680,100		18,032,075
Rezidor Hotel Group AB (a)	628,900		2,010,604
Sandvik AB	937,000		10,349,775
Scania AB (B Shares)	422,000		5,413,334
Skandinaviska Enskilda Banken AB (A Shares) (a)	863,300		5,228,875
Skanska AB (B Shares)	399,674		5,864,815
SKF AB (B Shares)	367,200		5,814,244
SSAB Svenskt Stal AB:
(A Shares)	263,100		4,010,378
(B Shares)	53,400		746,630
Svenska Cellulosa AB (SCA) (B Shares)	166,000		2,280,869
Svenska Handelsbanken AB (A Shares)	463,700		11,982,128
Swedbank AB (A Shares)	777,958		6,701,348
Swedish Match Co.	85,800		1,760,816
TELE2 AB (B Shares)	142,050		2,070,360
Telefonaktiebolaget LM Ericsson (B Shares)	1,374,286		14,357,406
TeliaSonera AB	892,500		5,915,060
Volvo AB (B Shares)	745,700		7,061,570
TOTAL SWEDEN			151,587,433
United States of America - 0.2%
Autoliv, Inc.	15,300		513,774
TOTAL COMMON STOCKS (Cost $285,005,281)		333,630,158
Money Market Funds - 4.0%
Fidelity Cash Central Fund, 0.20% (d)	131,412		131,412
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	13,360,617		13,360,617
TOTAL MONEY MARKET FUNDS (Cost $13,492,029)		13,492,029
TOTAL INVESTMENT PORTFOLIO - 103.8% (Cost $298,497,310)			347,122,187
NET OTHER ASSETS - (3.8)%			(12,708,084)
NET ASSETS - 100%		$ 334,414,103

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 32,122
Fidelity Securities Lending Cash Central Fund	757,282
Total	$ 789,404

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Sweden	$ 151,587,433	$ -	$ 151,587,433	$ -
Denmark	62,053,001	62,053,001	-	-
Norway	56,249,667	56,249,667	-	-
Finland	52,486,644	38,735,791	13,750,853	-
Bermuda	10,285,860	10,285,860	-	-
United States of America	513,774	513,774	-	-
Iceland	453,779	453,779	-	-
Money Market Funds	13,492,029	13,492,029	-	-
Total Investments in Securities:	$ 347,122,187	$ 181,783,901	$ 165,338,286	$ -

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $223,837,280 of which $90,962,421 and $132,874,859 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Nordic

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $12,483,587) - See accompanying schedule: Unaffiliated issuers (cost $285,005,281)	$ 333,630,158
Fidelity Central Funds (cost $13,492,029)	13,492,029
Total Investments (cost $298,497,310)		$ 347,122,187
Receivable for investments sold		4,901,241
Receivable for fund shares sold		319,180
Distributions receivable from Fidelity Central Funds		4,055
Prepaid expenses		1,984
Other receivables		18,153
Total assets		352,366,800
Liabilities
Payable for investments purchased	$ 3,697,947
Payable for fund shares redeemed	514,800
Accrued management fee	205,585
Other affiliated payables	112,915
Other payables and accrued expenses	60,833
Collateral on securities loaned, at value	13,360,617
Total liabilities		17,952,697
Net Assets		$ 334,414,103
Net Assets consist of:
Paid in capital		$ 509,439,359
Undistributed net investment income		4,288,893
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(227,938,646)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		48,624,497
Net Assets, for 12,701,884 shares outstanding		$ 334,414,103
Net Asset Value, offering price and redemption price per share ($334,414,103 ÷ 12,701,884 shares)		$ 26.33

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 8,376,635
Interest		1
Income from Fidelity Central Funds (including $757,282 from security lending)		789,404
		9,166,040
Less foreign taxes withheld		(1,292,547)
Total income		7,873,493
Expenses
Management fee	$ 1,979,405
Transfer agent fees	880,149
Accounting and security lending fees	147,924
Custodian fees and expenses	103,036
Independent trustees' compensation	2,029
Registration fees	27,229
Audit	54,025
Legal	1,426
Interest	1,244
Miscellaneous	6,624
Total expenses before reductions	3,203,091
Expense reductions	(84,270)	3,118,821
Net investment income (loss)		4,754,672
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(131,135,186)
Foreign currency transactions	(337,665)
Total net realized gain (loss)		(131,472,851)
Change in net unrealized appreciation (depreciation) on: Investment securities	210,357,827
Assets and liabilities in foreign currencies	57,940
Total change in net unrealized appreciation (depreciation)		210,415,767
Net gain (loss)		78,942,916
Net increase (decrease) in net assets resulting from operations		$ 83,697,588

See accompanying notes which are an integral part of the financial statements.

Annual Report

Nordic
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,754,672	$ 14,904,039
Net realized gain (loss)	(131,472,851)	(96,010,239)
Change in net unrealized appreciation (depreciation)	210,415,767	(396,396,455)
Net increase (decrease) in net assets resulting from operations	83,697,588	(477,502,655)
Distributions to shareholders from net investment income	(14,502,155)	(32,286,083)
Distributions to shareholders from net realized gain	-	(42,550,440)
Total distributions	(14,502,155)	(74,836,523)
Share transactions Proceeds from sales of shares	56,737,784	227,446,380
Reinvestment of distributions	13,861,510	72,112,684
Cost of shares redeemed	(95,836,661)	(455,024,025)
Net increase (decrease) in net assets resulting from share transactions	(25,237,367)	(155,464,961)
Redemption fees	55,319	478,907
Total increase (decrease) in net assets	44,013,385	(707,325,232)
Net Assets
Beginning of period	290,400,718	997,725,950
End of period (including undistributed net investment income of $4,288,893 and undistributed net investment income of $14,374,041, respectively)	$ 334,414,103	$ 290,400,718
Other Information Shares
Sold	2,623,183	5,322,842
Issued in reinvestment of distributions	825,090	1,552,480
Redeemed	(4,743,235)	(11,772,960)
Net increase (decrease)	(1,294,962)	(4,897,638)

Financial Highlights

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 20.75	$ 52.81	$ 36.58	$ 30.92	$ 24.44
Income from Investment Operations
Net investment income (loss) B	.35	.85	2.39 E	.50	.55
Net realized and unrealized gain (loss)	6.29	(28.93)	14.60	7.94	6.12
Total from investment operations	6.64	(28.08)	16.99	8.44	6.67
Distributions from net investment income	(1.06)	(1.73)	(.29)	(.35)	(.22)
Distributions from net realized gain	-	(2.28)	(.51)	(2.49)	-
Total distributions	(1.06)	(4.01)	(.80)	(2.84)	(.22)
Redemption fees added to paid in capital B	- G	.03	.04	.06	.03
Net asset value, end of period	$ 26.33	$ 20.75	$ 52.81	$ 36.58	$ 30.92
Total Return A	34.90%	(57.32)%	47.38%	29.68%	27.56%
Ratios to Average Net Assets C, F
Expenses before reductions	1.15%	1.09%	1.06%	1.14%	1.17%
Expenses net of fee waivers, if any	1.15%	1.09%	1.06%	1.14%	1.17%
Expenses net of all reductions	1.12%	1.07%	1.03%	1.10%	1.13%
Net investment income (loss)	1.71%	2.10%	5.37% E	1.49%	1.89%
Supplemental Data
Net assets, end of period (000 omitted)	$ 334,414	$ 290,401	$ 997,726	$ 348,482	$ 188,011
Portfolio turnover rate D	107%	72%	62%	67%	76%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Investment income per share reflects a special dividend which amounted to $1.62 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 1.72%. ^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund. ^G Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. 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 may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, 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	$ 65,166,686
Gross unrealized depreciation	(20,643,176)
Net unrealized appreciation (depreciation)	$ 44,523,510
Tax Cost	$ 302,598,677

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 4,288,894
Capital loss carryforward	$ (223,837,280)
Net unrealized appreciation (depreciation)	$ 44,523,130

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 14,502,155	$ 43,670,192
Long-term Capital Gains	-	31,166,331
Total	$ 14,502,155	$ 74,836,523

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $294,801,885 and $320,229,558, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, the total annual management fee rate was .71% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .32% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 29,001,000	.77%	$ 1,244

6. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $1,445 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

8. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $77,552 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $6,718.

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.

Annual Report

Pacific Basin

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Fidelity Pacific Basin Fund	55.77%	7.35%	2.22%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Pacific Basin Fund on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI All Country Pacific Index performed over the same period.

Annual Report

Pacific Basin

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Dale Nicholls, Portfolio Manager of Fidelity® Pacific Basin Fund: During the past year, the fund returned 55.77%, versus 37.32% for the MSCI All Country Pacific Index. Rewarding stock selection and an underweighting in Japan aided performance. Overweightings in China, Grand Cayman and Bermuda - in the latter two cases mostly because of Chinese companies - further bolstered results, as did stock selection in Hong Kong, India and Papua New Guinea. Conversely, stock picking in Singapore and Australia worked against us. Among sectors, stock selection contributed materially across a range of sectors, especially in information technology. Financials detracted due to weak stock picking and an underweighting. Japan-based Digital Garage was the fund's top contributor both in absolute terms and versus the index. The partial liquidation of one of the company's investments helped fuel the stock's gains. Other contributors included Australian REIT (real estate investment trust) Goodman Group, China State Construction International Holdings, Indonesian gas utility Perusahaan Gas Negara and Perfect World, a China-based online game developer. Conversely, Japanese consumer finance stock Promise fared poorly, as did Mitsui Sumitomo Insurance Group Holdings - also based in Japan - and Singapore-based Goodpack, a maker of cargo transportation products. Some holdings mentioned were not included in the MSCI index.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Pacific Basin

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

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	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Actual	1.06%	$ 1,000.00	$ 1,423.00	$ 6.47
Hypothetical (5% return per year before expenses)		$ 1,000.00	$ 1,019.86	$ 5.40

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Pacific Basin

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Japan	32.0%
	Australia	14.3%
	China	10.3%
	Korea (South)	9.7%
	Cayman Islands	5.8%
	Hong Kong	5.2%
	Taiwan	4.6%
	India	4.0%
	Bermuda	3.5%
	Other	10.6%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Japan	36.7%
	Australia	11.0%
	Korea (South)	8.4%
	China	8.0%
	Cayman Islands	5.7%
	Singapore	5.5%
	Taiwan	4.5%
	Hong Kong	4.3%
	India	3.8%
	Other	12.1%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.4	98.5
Short-Term Investments and Net Other Assets	0.6	1.5
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
ORIX Corp. (Japan, Consumer Finance)	3.2	2.0
Softbank Corp. (Japan, Wireless Telecommunication Services)	3.0	3.0
Digital Garage, Inc. (Japan, IT Services)	2.9	1.7
Ping An Insurance (Group) Co. of China, Ltd. (H Shares) (China, Insurance)	2.7	2.0
Origin Energy Ltd. (Australia, Oil, Gas & Consumable Fuels)	2.2	2.6
Goodman Group unit (Australia, Real Estate Investment Trusts)	2.2	0.0
MAp Group unit (Australia, Transportation Infrastructure)	2.2	1.5
PT Perusahaan Gas Negara Tbk Series B (Indonesia, Gas Utilities)	1.7	1.4
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	1.7	1.2
Goodpack Ltd. (Singapore, Air Freight & Logistics)	1.7	1.7
	23.5
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	24.9	21.3
Financials	20.2	19.9
Industrials	16.6	17.4
Consumer Discretionary	13.2	15.1
Materials	7.8	7.6
Consumer Staples	4.2	4.7
Utilities	3.4	1.8
Telecommunication Services	3.3	3.0
Energy	3.3	5.9
Health Care	2.5	1.8

Annual Report

Pacific Basin

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 99.4%
	Shares		Value
Australia - 14.3%
Aristocrat Leisure Ltd.	503,844		$ 2,010,778
Austal Ltd.	1,964,580		4,257,712
Brambles Ltd.	561,427		3,538,280
Energy Resources of Australia Ltd.	134,852		2,784,096
Goodman Group unit	25,119,265		13,464,719
Incitec Pivot Ltd.	1,840,154		4,291,058
ING Industrial Fund (e)	2,917,623		1,317,645
Iress Market Technology Ltd.	260,098		1,793,157
Macquarie Group Ltd.	98,818		4,326,380
MAp Group:
unit	4,752,569		12,084,972
unit (a)	478,550		1,235,889
Navitas Ltd.	1,755,729		5,843,000
Origin Energy Ltd.	948,845		13,600,844
Rio Tinto Ltd.	141,650		7,849,177
SEEK Ltd.	573,033		3,079,246
Wesfarmers Ltd.	224,843		5,608,717
TOTAL AUSTRALIA			87,085,670
Bermuda - 3.5%
AGTech Holdings Ltd. (a)	19,424,000		818,628
Huabao International Holdings Ltd.	3,730,000		3,557,972
Mingyuan Medicare Development Co. Ltd. (a)	23,430,000		2,922,179
Noble Group Ltd.	3,268,400		5,971,677
Paradise Entertainment Ltd. (a)	10,258,200		329,487
Peace Mark Holdings Ltd. (a)	18,955,750		24
Ports Design Ltd.	927,000		2,498,224
TPV Technology Ltd.	2,864,000		1,879,303
Vtech Holdings Ltd.	405,000		3,375,448
TOTAL BERMUDA			21,352,942
Cayman Islands - 5.8%
China Dongxiang Group Co. Ltd.	4,139,000		2,528,940
Ctrip.com International Ltd. sponsored ADR (a)	37,400		2,002,396
Daphne International Holdings Ltd.	3,308,000		2,500,160
JA Solar Holdings Co. Ltd. ADR (a)	515,789		1,975,472
Kingboard Chemical Holdings Ltd.	1,013,400		4,078,949
Kingdee International Software Group Co. Ltd.	25,848,928		5,580,294
Perfect World Co. Ltd. sponsored ADR Class B (a)(c)	200,275		8,814,103
Regent Pacific Group Ltd.	34,954,000		975,795
SinoCom Software Group Ltd.	15,226,000		1,694,147
Wasion Group Holdings Ltd.	2,788,000		2,318,543
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a)	236,700		3,036,861
TOTAL CAYMAN ISLANDS			35,505,660
China - 10.3%
51job, Inc. sponsored ADR (a)	194,600		2,899,540
AMVIG Holdings Ltd.	5,316,000		2,315,273
Baidu.com, Inc. sponsored ADR (a)	8,400		3,174,528
	Shares		Value
China Gas Holdings Ltd.	9,204,000		$ 3,688,726
China Metal Recycling (Holdings) Ltd.	1,294,200		1,849,621
China Resources Gas Group Ltd.	1,984,000		1,920,000
China Yurun Food Group Ltd.	1,474,000		3,029,591
Focus Media Holding Ltd. ADR (a)(c)	186,700		2,247,868
Global Bio-Chem Technology Group Co. Ltd.	11,554,000		2,812,326
Li Ning Co. Ltd.	688,500		1,868,010
Lianhua Supermarket Holdings Co. (H Shares)	1,251,000		2,679,750
Minth Group Ltd.	4,528,000		4,702,310
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	1,912,000		16,756,972
Royale Furniture Holdings Ltd.	12,247,962		1,804,842
Sinotrans Ltd. (H Shares)	8,895,000		2,331,479
Tencent Holdings Ltd.	343,600		5,983,118
Yantai Changyu Pioneer Wine Co. (B Shares)	342,000		2,514,117
TOTAL CHINA			62,578,071
Hong Kong - 5.2%
BOC Hong Kong Holdings Ltd.	882,000		2,030,314
China Resources Power Holdings Co. Ltd.	1,212,000		2,510,893
China State Construction International Holdings Ltd.	10,944,752		4,398,418
Industrial & Commercial Bank of China (Asia) Ltd.	861,664		2,003,781
Inspur International Ltd. (c)	25,720,000		3,681,257
PYI Corp. Ltd. (a)	28,483,617		1,299,972
REXCAPITAL Financial Holdings Ltd.	56,811,967		4,997,943
Shanghai Industrial Holdings Ltd.	449,000		2,109,343
Sino-Ocean Land Holdings Ltd.	1,618,500		1,574,025
Techtronic Industries Co. Ltd.	5,524,500		4,437,922
Tian An China Investments Co. Ltd.	4,527,800		2,785,694
Tian An China Investments Co. Ltd. warrants 1/2/10 (a)	396,800		499
TOTAL HONG KONG			31,830,061
India - 4.0%
Coromandel International Ltd.	269,038		1,232,682
Educomp Solutions Ltd.	158,035		2,663,390
Financial Technologies India Ltd.	81,800		2,027,795
Gateway Distriparks Ltd.	541,338		1,400,554
Geodesic Ltd.	776,765		1,832,812
INFO Edge India Ltd.	109,339		1,662,215
Lupin Ltd.	86,357		2,246,388
Max India Ltd. (a)	287,700		1,085,704
NIIT Ltd.	1,940,580		2,436,122
Rural Electrification Corp. Ltd.	445,489		1,873,640
Tata Steel Ltd.	404,739		4,003,635
United Spirits Ltd.	92,077		2,071,318
TOTAL INDIA			24,536,255
Common Stocks - continued
	Shares		Value
Indonesia - 3.0%
PT Bank Rakyat Indonesia Tbk	3,263,000		$ 2,374,476
PT Ciputra Development Tbk (a)	43,552,500		2,815,317
PT Kalbe Farma Tbk	23,357,500		2,929,383
PT Perusahaan Gas Negara Tbk Series B	27,855,740		10,364,668
TOTAL INDONESIA			18,483,844
Japan - 32.0%
Ai Holdings Corp.	896,200		3,152,571
Chiyoda Corp.	535,000		3,892,971
Credit Saison Co. Ltd.	350,900		3,922,930
Digital Garage, Inc. (c)	9,261		17,887,678
FreeBit Co., Ltd. (c)	440		2,065,630
Fuji Fire & Marine Insurance Co. Ltd. (a)	733,000		839,255
Fujifilm Holdings Corp.	131,000		3,724,443
Fujitsu Ltd.	664,000		3,910,380
H.I.S. Co. Ltd.	87,200		1,874,241
Hamakyorex Co. Ltd.	91,100		2,205,017
Haseko Corp. (a)	1,681,500		1,290,722
Hikari Tsushin, Inc.	61,100		1,146,335
Inpex Corp.	472		3,854,717
Internet Initiative Japan, Inc. (c)	2,129		4,802,549
ISE Chemical Corp. (c)	456,000		2,953,637
Japan Excellent, Inc.	1,143		5,365,721
Kenedix Realty Investment Corp.	1,561		4,477,046
Kirin Holdings Co. Ltd.	304,000		4,962,493
Micronics Japan Co. Ltd.	253,800		4,014,422
Mitsui Sumitomo Insurance Group Holdings, Inc.	357,700		8,327,017
New City Residence Investment Corp. (a)	1,766		1,495,930
Nippon Seiki Co. Ltd.	559,000		5,870,650
Nishimatsu Construction Co. Ltd.	1,899,000		2,887,817
Nitta Corp.	338,200		4,934,865
Nittoku Engineering Co. Ltd.	506,900		3,214,029
Nomura Holdings, Inc.	761,100		5,364,702
NTT Urban Development Co.	3,259		2,618,232
ORIX Corp.	298,090		19,256,141
Promise Co. Ltd. (c)	744,150		4,730,393
Rakuten, Inc.	4,904		3,358,698
Sankyo Seiko Co. Ltd.	613,300		1,645,424
Sega Sammy Holdings, Inc.	278,800		3,958,744
SHO-BOND Holdings Co. Ltd.	128,800		2,252,933
Softbank Corp.	774,200		18,244,151
Start Today Co. Ltd.	1,110		2,204,875
Sumitomo Mitsui Financial Group, Inc.	253,000		8,599,978
Take & Give Needs Co. Ltd. (a)(c)	21,443		2,767,013
Tokyo Ohka Kogyo Co. Ltd.	139,700		2,691,686
Tokyo Tatemono Co. Ltd.	629,000		2,999,391
Toshiba Corp.	878,000		5,018,352
Yamato Kogyo Co. Ltd.	165,600		4,969,924
Zeon Corp.	277,000		1,259,234
TOTAL JAPAN			195,012,937
	Shares		Value
Korea (South) - 9.7%
Daewoo International Corp.	113,580		$ 3,090,911
Daou Technology, Inc.	930,350		5,743,571
DC Chemical Co. Ltd.	9,655		1,690,002
eSang Networks Co. Ltd.	130,755		728,408
Hyundai Motor Co.	33,017		2,983,811
Infopia Co. Ltd.	208,686		1,887,110
Interpark Corp. (a)	467,633		2,382,286
Jinsung T.E.C. Co. Ltd.	473,599		2,783,938
Jusung Engineering Co. Ltd. (a)	46,676		531,516
Kyeryong Construction Industrial Co. Ltd.	76,000		1,410,604
NHN Corp. (a)	54,258		7,973,174
Plantynet Co. Ltd.	320,785		1,034,134
Power Logics Co. Ltd. (a)	151,263		1,191,765
Samsung Electronics Co. Ltd.	17,285		10,362,828
Samsung SDI Co. Ltd.	24,263		2,759,775
SFA Engineering Corp.	84,925		2,662,907
Sodiff Advanced Materials Co. Ltd.	31,336		2,165,871
The Basic House Co. Ltd. (a)	653,761		3,263,979
TK Corp.	150,143		4,226,602
TOTAL KOREA (SOUTH)			58,873,192
Malaysia - 1.1%
IJM Corp. Bhd	1,637,580		2,284,160
IJM Land Bhd warrants 9/11/13 (a)	116,970		38,709
JobStreet Corp. Bhd	6,606,750		2,614,273
Muhibbah Engineering (M) Bhd	1,414,100		477,584
Parkson Holdings Bhd	748,213		1,110,105
TOTAL MALAYSIA			6,524,831
Netherlands - 0.5%
James Hardie Industries NV unit (a)	435,042		2,756,358
Philippines - 1.4%
Alliance Global Group, Inc. (a)	27,720,542		2,510,760
DMCI Holdings, Inc.	18,512,500		3,782,438
PNOC Energy Development Corp.	26,317,500		2,328,246
TOTAL PHILIPPINES			8,621,444
Singapore - 3.0%
CSE Global Ltd.	7,480,500		4,220,124
Goodpack Ltd.	11,169,000		10,090,481
Pertama Holdings Ltd.	9,990,000		2,624,165
Raffles Education Corp. Ltd.	3,467,703		1,217,172
Tat Hong Holdings Ltd. warrants 8/2/13 (a)	125,700		10,566
TOTAL SINGAPORE			18,162,508
Taiwan - 4.6%
104 Corp.	479,000		1,148,826
Apex Biotechnology Corp.	929,200		1,602,148
Chroma ATE, Inc.	729,000		1,392,578
Hon Hai Precision Industry Co. Ltd. (Foxconn)	1,756,243		6,853,194
Lite-On Technology Corp.	2,154,000		2,826,348
Common Stocks - continued
	Shares		Value
Taiwan - continued
MediaTek, Inc.	285,000		$ 3,973,950
Powertech Technology, Inc.	1,250,865		3,411,352
Prime View International Co. Ltd.	934,000		1,516,178
Taiwan Fertilizer Co. Ltd.	554,000		1,713,457
Taiwan Semiconductor Manufacturing Co. Ltd.	2,016,484		3,644,229
TOTAL TAIWAN			28,082,260
Thailand - 1.0%
Asian Property Development PCL (For. Reg.)	1,656,800		272,787
Central Pattana PCL (For. Reg.)	3,904,900		2,491,350
Minor International PCL (For. Reg.)	4,519,200		1,421,708
Siam Commercial Bank PCL (For. Reg.)	922,152		2,094,431
TOTAL THAILAND			6,280,276
TOTAL COMMON STOCKS (Cost $559,806,746)		605,686,309
Money Market Funds - 2.8%
	Shares		Value
Fidelity Cash Central Fund, 0.20% (d)	2,970,111		$ 2,970,111
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	13,739,123		13,739,123
TOTAL MONEY MARKET FUNDS (Cost $16,709,234)		16,709,234
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $576,515,980)			622,395,543
NET OTHER ASSETS - (2.2)%			(13,186,278)
NET ASSETS - 100%		$ 609,209,265

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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	$ 46,544
Fidelity Securities Lending Cash Central Fund	490,355
Total	$ 536,899

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Japan	$ 195,012,937	$ -	$ 193,517,007	$ 1,495,930
Australia	87,085,670	1,235,889	85,849,781	-
China	62,578,071	8,321,936	52,336,135	1,920,000
Korea (South)	58,873,192	-	58,873,192	-
Cayman Islands	35,505,660	15,828,832	19,676,828	-
Hong Kong	31,830,061	-	31,830,061	-
Taiwan	28,082,260	-	28,082,260	-
India	24,536,255	-	24,536,255	-
Bermuda	21,352,942	-	21,352,918	24
Other	60,829,261	8,621,444	52,207,817	-
Money Market Funds	16,709,234	16,709,234	-	-
Total Investments in Securities:	$ 622,395,543	$ 50,717,335	$ 568,262,254	$ 3,415,954

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 926,002
Total Realized Gain (Loss)	(3,396,911)
Total Unrealized Gain (Loss)	6,129,290
Cost of Purchases	2,040,294
Proceeds of Sales	(2,460,993)
Amortization/Accretion	-
Transfers in/out of Level 3	178,272
Ending Balance	$ 3,415,954
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 1,852,009

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $125,566,464 of which $907,460 and $124,659,004 will expire on
October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Pacific Basin

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $12,879,610) - See accompanying schedule: Unaffiliated issuers (cost $559,806,746)	$ 605,686,309
Fidelity Central Funds (cost $16,709,234)	16,709,234
Total Investments (cost $576,515,980)		$ 622,395,543
Receivable for investments sold		5,179,776
Receivable for fund shares sold		593,671
Dividends receivable		1,041,272
Distributions receivable from Fidelity Central Funds		26,695
Prepaid expenses		3,623
Other receivables		127,653
Total assets		629,368,233
Liabilities
Payable for investments purchased Regular delivery	$ 3,344,864
Delayed delivery	1,282,330
Payable for fund shares redeemed	883,610
Accrued management fee	371,722
Other affiliated payables	171,082
Other payables and accrued expenses	366,237
Collateral on securities loaned, at value	13,739,123
Total liabilities		20,158,968
Net Assets		$ 609,209,265
Net Assets consist of:
Paid in capital		$ 684,509,129
Undistributed net investment income		3,855,931
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(124,856,952)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		45,701,157
Net Assets, for 30,641,256 shares outstanding		$ 609,209,265
Net Asset Value, offering price and redemption price per share ($609,209,265 ÷ 30,641,256 shares)		$ 19.88

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 9,952,491
Interest		6,749
Income from Fidelity Central Funds		536,899
		10,496,139
Less foreign taxes withheld		(616,754)
Total income		9,879,385
Expenses
Management fee Basic fee	$ 3,262,474
Performance adjustment	(1,187,370)
Transfer agent fees	1,382,859
Accounting and security lending fees	237,791
Custodian fees and expenses	288,810
Independent trustees' compensation	3,122
Registration fees	32,016
Audit	96,816
Legal	3,810
Miscellaneous	9,461
Total expenses before reductions	4,129,789
Expense reductions	(208,310)	3,921,479
Net investment income (loss)		5,957,906
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(115,356,851)
Foreign currency transactions	16,090
Total net realized gain (loss)		(115,340,761)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $236,131)	316,832,567
Assets and liabilities in foreign currencies	(32,399)
Total change in net unrealized appreciation (depreciation)		316,800,168
Net gain (loss)		201,459,407
Net increase (decrease) in net assets resulting from operations		$ 207,417,313

See accompanying notes which are an integral part of the financial statements.

Annual Report

Pacific Basin
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 5,957,906	$ 7,763,363
Net realized gain (loss)	(115,340,761)	(6,703,947)
Change in net unrealized appreciation (depreciation)	316,800,168	(697,749,347)
Net increase (decrease) in net assets resulting from operations	207,417,313	(696,689,931)
Distributions to shareholders from net investment income	(2,101,108)	(7,436,752)
Distributions to shareholders from net realized gain	-	(131,157,223)
Total distributions	(2,101,108)	(138,593,975)
Share transactions Proceeds from sales of shares	122,196,818	164,409,234
Reinvestment of distributions	1,925,373	127,229,315
Cost of shares redeemed	(112,858,887)	(330,830,316)
Net increase (decrease) in net assets resulting from share transactions	11,263,304	(39,191,767)
Redemption fees	236,555	355,373
Total increase (decrease) in net assets	216,816,064	(874,120,300)
Net Assets
Beginning of period	392,393,201	1,266,513,501
End of period (including undistributed net investment income of $3,855,931 and undistributed net investment income of $197,805, respectively)	$ 609,209,265	$ 392,393,201
Other Information Shares
Sold	7,310,963	6,162,028
Issued in reinvestment of distributions	166,843	4,129,481
Redeemed	(7,402,907)	(13,662,317)
Net increase (decrease)	74,899	(3,370,808)

Financial Highlights

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 12.84	$ 37.32	$ 27.36	$ 22.42	$ 17.91
Income from Investment Operations
Net investment income (loss) B	.20	.22	.22	.16	.22 E
Net realized and unrealized gain (loss)	6.90	(20.61)	12.16	5.26	4.49
Total from investment operations	7.10	(20.39)	12.38	5.42	4.71
Distributions from net investment income	(.07)	(.22)	(.16)	(.18)	(.08)
Distributions from net realized gain	-	(3.88)	(2.27)	(.32)	(.13)
Total distributions	(.07)	(4.10)	(2.43)	(.50)	(.21)
Redemption fees added to paid in capital B	.01	.01	.01	.02	.01
Net asset value, end of period	$ 19.88	$ 12.84	$ 37.32	$ 27.36	$ 22.42
Total Return A	55.77%	(61.02)%	48.86%	24.55%	26.62%
Ratios to Average Net Assets C, F
Expenses before reductions	.90%	1.22%	1.19%	1.14%	1.10%
Expenses net of fee waivers, if any	.90%	1.22%	1.19%	1.14%	1.10%
Expenses net of all reductions	.85%	1.17%	1.13%	1.08%	1.05%
Net investment income (loss)	1.30%	.89%	.71%	.60%	1.09% E
Supplemental Data
Net assets, end of period (000 omitted)	$ 609,209	$ 392,393	$ 1,266,514	$ 972,805	$ 648,850
Portfolio turnover rate D	91%	73%	91%	75%	78%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Investment income per share reflects a special dividend which amounted to $.05 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been .84%. ^F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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. 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 may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on short term capital gains on securities of certain issuers domiciled in India. The Fund records an estimated deferred tax liability included in Other payables and accrued expenses in the accompanying Statement of Assets & Liabilities for net unrealized gains on these securities in an amount that would be payable if the securities were disposed of at period end.

Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

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	$ 128,340,148
Gross unrealized depreciation	(103,193,427)
Net unrealized appreciation (depreciation)	$ 25,146,721
Tax Cost	$ 597,248,822

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 25,298,590
Capital loss carryforward	$ (125,566,464)
Net unrealized appreciation (depreciation)	$ 25,196,721

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 2,101,108	$ 7,436,752
Long-term Capital Gains	-	131,157,223
Total	$ 2,101,108	$ 138,593,975

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

4. Operating Policies.

Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell 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. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of 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.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $430,858,830 and $410,489,296, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .45% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .30% of average net assets.

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $2,257 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $490,355.

Annual Report

Notes to Financial Statements - continued

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $208,262 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $48.

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.

Annual Report

Southeast Asia

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Southeast Asia	31.08%	14.16%	9.26%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Southeast Asia, a class of the fund, on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the MSCI AC Far East ex Japan Index performed over the same period.

Annual Report

Southeast Asia

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. The MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Jessica Tan, Portfolio Manager of Fidelity® Southeast Asia Fund during most of the period covered by this report: During the past year, the fund's Retail Class shares returned 31.08%, versus 65.23% for the MSCI AC (All Country) Far East ex Japan Index. My defensive positioning - especially an overweighting and weak stock picking in telecommunication services - hurt performance in a rebounding market. An underweighting and weak picks in financials also detracted, as did stock picking in most other sectors. Most of the largest detractors were based in China, South Korea and Hong Kong. Our cash position also undermined results. Two telecom services operators, Taiwan-based Chunghwa Telecom and Korea's SK Telecom, detracted. Both outperformed toward the end of 2008 but struggled later, as did Hong Kong-based telecoms China Unicom and PCCW as well as utility Hong Kong Electric Holdings. A small out-of-index stake in outdoor/Internet advertising company Focus Media Holdings faltered due to a slowdown in ad spending. Most of the detractors I've mentioned were sold by period end. Conversely, a large underweighting in semiconductors/semiconductor equipment helped, as did security selection in health care. The top relative contributor was wireless provider Hutchison Telecom International. Our out-of-index position in Thailand-based Siam City Bank further contributed, as did Taiwanese broker Yuanta Financial Holding.

Note to shareholders: Colin Chickles became Portfolio Manager of Fidelity Southeast Asia Fund on October 1, 2009.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Southeast Asia

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009) for Southeast Asia and for the entire period (June 26, 2009 to October 31, 2009) for Class F. The hypothetical expense example is based on an investment of $1,000 invested at the beginning of the period and held for the one-half year period (May 1, 2009 to October 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value	Ending Account Value October 31, 2009	Expenses Paid During Period
Southeast Asia	.91%
Actual		$ 1,000.00	$ 1,226.60	$ 5.11 B
Hypothetical A		$ 1,000.00	$ 1,020.62	$ 4.63 C
Class F	.83%
Actual		$ 1,000.00	$ 1,102.90	$ 3.06 B
Hypothetical A		$ 1,000.00	$ 1,021.02	$ 4.23 C

^A 5% return per year before expenses

^B Actual expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period) for Southeat Asia and multiplied by 128/365 (to reflect the period June 26, 2009 to October 31, 2009) for Class F.

^C Hypothetical expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Southeast Asia

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Korea (South)	21.5%
	China	18.9%
	Hong Kong	17.3%
	Taiwan	15.8%
	Singapore	5.5%
	Cayman Islands	4.4%
	Thailand	3.8%
	Malaysia	3.6%
	Indonesia	3.3%
	Other	5.9%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Hong Kong	22.8%
	Korea (South)	18.9%
	China	16.6%
	Taiwan	15.1%
	Singapore	6.5%
	Thailand	5.8%
	United States of America	5.1%
	Malaysia	3.4%
	Australia	2.7%
	Other	3.1%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks, Investment Companies and Equity Futures	98.8	94.9
Bonds	0.0	0.0*
Short-Term Investments and Net Other Assets	1.2	5.1

* Amount represents less than 0.1%

Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Samsung Electronics Co. Ltd. (Korea (South), Semiconductors & Semiconductor Equipment)	5.0	0.0
China Mobile (Hong Kong) Ltd. (Hong Kong, Wireless Telecommunication Services)	3.7	2.6
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment)	3.0	2.3
China Construction Bank Corp. (H Shares) (China, Commercial Banks)	3.0	0.0
Industrial & Commercial Bank of China Ltd. (China, Commercial Banks)	2.5	1.3
China Life Insurance Co. Ltd. (H Shares) (China, Insurance)	2.2	3.4
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components)	2.2	0.3
CNOOC Ltd. (Hong Kong, Oil, Gas & Consumable Fuels)	2.0	1.3
Hyundai Motor Co. (Korea (South), Automobiles)	1.5	0.0
Oversea-Chinese Banking Corp. Ltd. (Singapore, Commercial Banks)	1.5	0.6
	26.6
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	34.5	23.4
Information Technology	20.3	8.2
Industrials	9.1	10.4
Telecommunication Services	7.4	20.4
Energy	6.9	6.0
Materials	5.9	3.6
Consumer Discretionary	5.9	4.2
Utilities	4.1	6.1
Consumer Staples	3.8	10.0
Health Care	0.9	1.2

Annual Report

Southeast Asia

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares		Value
Australia - 0.2%
BlueScope Steel Ltd.	1,528,662		$ 4,049,850
Newcrest Mining Ltd.	1,204		34,597
TOTAL AUSTRALIA			4,084,447
Bermuda - 0.7%
Noble Group Ltd.	4,481,000		8,187,212
Orient Overseas International Ltd.	949,500		4,632,754
TOTAL BERMUDA			12,819,966
Canada - 0.3%
Niko Resources Ltd.	51,900		4,198,587
Cayman Islands - 4.4%
Agile Property Holdings Ltd.	4,220,000		5,401,361
Belle International Holdings Ltd.	5,750,000		5,805,495
Bosideng International Holdings Ltd.	4,866,000		862,919
Central China Real Estate Ltd.	7,884,000		2,139,970
Chaoda Modern Agriculture (Holdings) Ltd.	9,694,000		7,490,229
China High Speed Transmission Equipment Group Co. Ltd.	301,000		603,668
China Shineway Pharmaceutical Group Ltd.	1,209,000		1,688,919
Hengan International Group Co. Ltd.	2,003,000		12,894,022
Hengdeli Holdings Ltd.	10,532,000		3,429,381
Hidili Industry International Development Ltd. (a)	2,198,000		2,249,374
Ju Teng International Holdings Ltd.	5,505,000		4,359,292
Kingboard Chemical Holdings Ltd.	1,462,500		5,886,583
Mindray Medical International Ltd. sponsored ADR (c)	138,200		4,246,886
TCC International Holdings Ltd. (a)	3,224,000		1,301,552
Trina Solar Ltd. ADR (a)(c)	83,500		2,712,080
Vinda International Holdings Ltd.	4,817,000		3,093,960
Wuxi Pharmatech Cayman, Inc. sponsored ADR (a)	167,200		2,145,176
Xinao Gas Holdings Ltd.	4,752,000		10,171,381
TOTAL CAYMAN ISLANDS			76,482,248
China - 18.9%
Bank of China (H Shares)	10,981,000		6,370,147
Bank of Communications Co. Ltd. (H Shares)	10,019,000		11,979,876
Beijing Capital Land Ltd. (H Shares)	11,552,000		4,844,243
China Construction Bank Corp. (H Shares)	60,185,000		51,888,733
China Cosco Holdings Co. Ltd. (H Shares)	6,389,500		7,875,294
China Life Insurance Co. Ltd. (H Shares)	8,458,000		38,889,504
China Merchants Bank Co. Ltd. (H Shares)	7,703,000		19,707,415
China Oilfield Services Ltd. (H Shares)	5,648,000		6,102,913
China Petroleum & Chemical Corp. (H Shares)	27,616,000		23,420,960
China Resources Gas Group Ltd.	1,908,000		1,846,452
	Shares		Value
China Yurun Food Group Ltd.	3,428,000		$ 7,045,751
Dalian Port (PDA) Co. Ltd. (H Shares)	21,632,000		7,851,620
Dongfeng Motor Group Co. Ltd. (H Shares)	6,976,000		8,294,196
Huadian Power International Corp. Ltd. (H shares) (a)	15,296,000		4,228,456
Huaneng Power International, Inc. (H Shares)	21,858,000		13,952,888
Industrial & Commercial Bank of China Ltd.	54,952,000		43,721,762
Jiangxi Copper Co. Ltd. (H Shares) (c)	2,904,000		6,579,892
Maanshan Iron & Steel Co. Ltd. (H Shares) (a)(c)	10,362,000		6,237,956
Minth Group Ltd.	1,258,000		1,306,428
NetEase.com, Inc. sponsored ADR (a)	97,400		3,761,588
PetroChina Co. Ltd. (H Shares)	10,424,000		12,543,326
Shenzhou International Group Holdings Ltd.	3,685,000		3,929,805
Tencent Holdings Ltd.	1,130,700		19,688,915
Weichai Power Co. Ltd. (H Shares)	1,390,000		9,073,949
Yanzhou Coal Mining Co. Ltd. (H Shares)	4,988,000		7,711,460
TOTAL CHINA			328,853,529
Hong Kong - 17.3%
ASM Pacific Technology Ltd.	503,100		3,911,270
BOC Hong Kong Holdings Ltd.	8,213,500		18,907,007
Cheung Kong Holdings Ltd.	663,000		8,414,546
China Agri-Industries Holding Ltd.	4,932,000		4,730,742
China Insurance International Holdings Co. Ltd. (a)	2,381,000		8,391,947
China Mobile (Hong Kong) Ltd.	6,913,300		64,809,909
China Resources Power Holdings Co. Ltd.	7,741,116		16,037,224
CNOOC Ltd.	23,286,000		34,874,855
CNPC (Hong Kong) Ltd.	11,310,000		11,940,130
Guangdong Investment Ltd.	11,754,000		6,142,763
Henderson Land Development Co. Ltd.	1,473,000		10,413,922
Hong Kong Land Holdings Ltd.	1,272,000		6,004,618
Lenovo Group Ltd.	15,152,000		8,436,766
Link (REIT)	6,835,500		15,393,897
Midland Holdings Ltd.	2,652,000		2,260,804
New World Development Co. Ltd.	4,039,000		8,693,944
Sa Sa International Holdings Ltd.	4,102,000		2,039,817
Shanghai Industrial Holdings Ltd. (H Shares)	1,703,000		8,000,471
Singamas Container Holdings Ltd.	12,324,000		2,338,941
Sino Land Co.	2,680,000		5,097,408
Sino-Ocean Land Holdings Ltd.	6,889,000		6,699,696
Sinotruk Hong Kong Ltd.	3,644,000		4,333,028
Swire Pacific Ltd. (A Shares)	1,299,500		15,836,730
Tingyi (Cayman Island) Holding Corp.	5,346,000		11,928,494
Wharf Holdings Ltd.	2,915,000		15,750,491
TOTAL HONG KONG			301,389,420
Common Stocks - continued
	Shares		Value
India - 1.4%
Bank of Baroda	226,815		$ 2,450,863
Bharti Airtel Ltd.	946,763		5,857,352
Ess Dee Aluminium Ltd. (a)	188,523		1,476,442
JSW Steel Ltd.	117,325		1,860,502
Patni Computer Systems Ltd.	288,338		2,701,295
Tata Consultancy Services Ltd.	292,215		3,888,290
Tata Steel Ltd.	296,277		2,930,740
Union Bank of India	505,000		2,799,073
TOTAL INDIA			23,964,557
Indonesia - 3.3%
BISI International Tbk PT (a)	5,091,500		890,498
PT Astra International Tbk	2,600,000		8,364,968
PT Bank Mandiri Persero Tbk	24,342,500		11,680,860
PT Bank Rakyat Indonesia Tbk	16,441,000		11,964,068
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk	3,243,500		2,586,153
PT Telkomunikasi Indonesia Tbk Series B	17,672,000		15,217,604
PT United Tractors Tbk	4,322,500		6,627,464
TOTAL INDONESIA			57,331,615
Korea (South) - 21.5%
Busan Bank	824,920		9,319,506
Cheil Worldwide, Inc.	13,024		3,331,583
CJ Corp.	169,860		6,767,721
Daehan Steel Co. Ltd.	180,000		1,962,224
Daelim Industrial Co.	78,719		4,977,332
Doosan Co. Ltd.	54,457		3,762,605
Duksan Hi-Metal Co. Ltd. (a)	142,060		1,932,784
GS Engineering & Construction Corp.	75,606		6,605,751
Hanwha Corp.	126,320		4,021,763
Hynix Semiconductor, Inc. (a)	671,360		9,930,832
Hyundai Department Store Co. Ltd.	83,737		7,974,675
Hyundai Engineering & Construction Co. Ltd.	207,250		11,400,097
Hyundai H&S Co. Ltd.	34,490		2,439,544
Hyundai Motor Co.	296,533		26,798,271
Hyundai Steel Co.	108,565		6,871,431
Industrial Bank of Korea (a)	774,580		9,349,377
KCC Corp.	14,976		4,301,389
Kia Motors Corp. (a)	668,110		9,887,418
Korea Exchange Bank	975,940		11,049,994
Korea Gas Corp.	164,662		6,922,297
KT&G Corp.	221,896		12,875,328
LG Corp.	178,695		10,086,532
LG Dacom Corp.	562,360		8,848,435
LG Home Shopping, Inc.	25,324		1,703,794
LG Innotek Co. Ltd.	36,623		3,295,777
LG Telecom Ltd.	1,538,590		11,485,218
NHN Corp. (a)	73,858		10,853,380
Nong Shim Co. Ltd.	22,123		4,380,600
ON*Media Corp. (a)	836,040		2,347,828
POSCO	48,921		20,199,894
	Shares		Value
Samsung C&T Corp.	205,976		$ 8,352,645
Samsung Electronics Co. Ltd.	145,784		87,401,474
Samsung Fire & Marine Insurance Co. Ltd.	73,177		13,274,791
Shinhan Financial Group Co. Ltd. (a)	674,977		25,515,389
STX Pan Ocean Co. Ltd. (Korea)	295,000		2,678,250
TOTAL KOREA (SOUTH)			372,905,929
Malaysia - 3.6%
Bumiputra-Commerce Holdings Bhd	3,255,100		11,809,293
Genting Malaysia Bhd	8,484,900		6,777,348
KLCC Property Holdings Bhd	5,090,200		4,862,560
Lafarge Malayan Cement Bhd	804,500		1,419,687
Malayan Banking Bhd	6,409,500		12,413,246
PLUS Expressways Bhd	10,645,900		10,261,778
Tenaga Nasional BHD	4,885,000		11,973,252
Top Glove Corp. Bhd	936,900		2,232,040
TOTAL MALAYSIA			61,749,204
Philippines - 0.6%
Ayala Land, Inc.	20,129,300		4,451,978
Bank of the Philippine Islands (BPI)	4,210,500		4,168,373
Megaworld Corp.	62,474,000		2,026,539
TOTAL PHILIPPINES			10,646,890
Singapore - 5.5%
Ascendas Real Estate Investment Trust (A-REIT)	6,417,000		8,338,642
City Developments Ltd.	1,096,000		7,676,933
Jardine Cycle & Carriage Ltd.	330,000		5,417,972
Keppel Corp. Ltd.	2,513,000		14,438,834
MobileOne Ltd.	4,396,000		5,436,836
Oversea-Chinese Banking Corp. Ltd.	4,924,406		26,530,407
Parkway Holdings Ltd.	1,958,000		3,490,280
Raffles Medical Group Ltd.	1,669,000		1,573,935
SembCorp Industries Ltd.	3,110,000		7,325,700
Singapore Exchange Ltd.	1,274,000		7,217,715
Wing Tai Holdings Ltd.	2,990,000		3,499,345
Yanlord Land Group Ltd.	2,809,000		4,493,674
TOTAL SINGAPORE			95,440,273
Taiwan - 15.8%
Advanced Semiconductor Engineering, Inc.	8,634,000		6,779,384
AU Optronics Corp.	16,965,460		14,987,958
Catcher Technology Co. Ltd.	502,800		1,212,619
China Steel Corp.	16,628,859		14,708,609
Chinatrust Financial Holding Co. Ltd.	18,001,334		10,772,508
Compal Electronics, Inc.	8,532,000		10,626,883
Coretronic Corp.	5,716,000		6,235,129
Formosa Plastics Corp.	9,530,000		18,211,062
Fubon Financial Holding Co. Ltd. (a)	13,640,000		15,078,806
Hon Hai Precision Industry Co. Ltd. (Foxconn)	9,622,350		37,548,240
Huaku Development Co. Ltd.	1,721,500		4,067,074
Common Stocks - continued
	Shares		Value
Taiwan - continued
Hung Poo Real Estate Development Co. Ltd.	1,310,447		$ 1,883,816
Kinsus Interconnect Technology Corp.	1,342,000		3,351,566
Lite-On Technology Corp.	4,586,000		6,017,471
Macronix International Co. Ltd.	12,358,000		6,240,804
MediaTek, Inc.	990,000		13,804,249
Novatek Microelectronics Corp.	1,429,000		3,211,881
Quanta Computer, Inc.	5,151,000		9,707,561
Silitech Technology Corp.	960,000		2,977,218
Taiwan Mobile Co. Ltd.	7,990,000		14,236,304
Taiwan Semiconductor Manufacturing Co. Ltd.	29,360,192		53,060,305
Tripod Technology Corp.	1,290,000		3,215,860
Unimicron Technology Corp.	2,849,000		3,238,511
Wistron Corp.	4,093,000		6,826,358
Yuanta Financial Holding Co. Ltd.	9,865,000		6,485,863
TOTAL TAIWAN			274,486,039
Thailand - 3.8%
Bangkok Bank Ltd. PCL:
NVDR	2,331,000		7,712,862
(For. Reg.)	440,900		1,479,884
Banpu PCL:
unit	602,600		7,776,181
(For. Reg.)	77,500		1,001,752
Big C Supercenter PCL unit	690,705		864,846
Kasikornbank PCL (For. Reg.)	1,413,000		3,428,029
National Finance PCL (For. Reg.)	8,649,200		5,009,648
Preuksa Real Estate PCL (For. Reg.)	3,937,800		1,806,106
PTT Chemical PCL	1,327,400		2,439,197
PTT PCL (For. Reg.)	1,440,900		10,167,405
Quality Houses PCL	40,166,000		2,952,321
Siam Cement PCL (For. Reg.)	1,220,600		7,568,100
Siam Commercial Bank PCL (For. Reg.)	3,563,200		8,092,891
TICON Industrial Connection PCL	1,149,250		332,941
	Shares		Value
TICON Industrial Connection PCL (For. Reg.)	5,746,250		$ 1,647,230
Total Access Communication PCL unit	3,349,400		3,867,032
TOTAL THAILAND			66,146,425
United Kingdom - 1.5%
HSBC Holdings PLC (Hong Kong) (Reg.)	1,347,200		14,877,196
Standard Chartered PLC (Hong Kong)	462,050		11,538,343
TOTAL UNITED KINGDOM			26,415,539
TOTAL COMMON STOCKS (Cost $1,678,359,617)		1,716,914,668
Money Market Funds - 1.1%
Fidelity Cash Central Fund, 0.20% (d)	12,886,386		12,886,386
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(d)	7,169,250		7,169,250
TOTAL MONEY MARKET FUNDS (Cost $20,055,636)		20,055,636
TOTAL INVESTMENT PORTFOLIO - 99.9% (Cost $1,698,415,253)			1,736,970,304
NET OTHER ASSETS - 0.1%			1,570,599
NET ASSETS - 100%		$ 1,738,540,903

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(c) Security or a portion of the security is on loan at period end.

(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

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	$ 720,681
Fidelity Securities Lending Cash Central Fund	62,584
Total	$ 783,265

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
104 Corp.	$ 3,267,485	$ 2,257,035	$ 5,869,836	$ 231,671	$ -
Total	$ 3,267,485	$ 2,257,035	$ 5,869,836	$ 231,671	$ -

Other Information

The following is a summary of the inputs used, as of October 31, 2009, involving the Fund's assets and liabilities carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Korea (South)	$ 372,905,929	$ -	$ 372,905,929	$ -
China	328,853,529	3,761,588	323,245,489	1,846,452
Hong Kong	301,389,420	-	301,389,420	-
Taiwan	274,486,039	-	274,486,039	-
Singapore	95,440,273	-	95,440,273	-
Cayman Islands	76,482,248	9,104,142	67,378,106	-
Thailand	66,146,425	-	66,146,425	-
Malaysia	61,749,204	-	61,749,204	-
Indonesia	57,331,615	-	57,331,615	-
Other	82,129,986	14,845,477	67,284,509	-
Money Market Funds	20,055,636	20,055,636	-	-
Total Investments in Securities:	$ 1,736,970,304	$ 47,766,843	$ 1,687,357,009	$ 1,846,452

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

Investments in Securities:
Beginning Balance	$ 39,436,680
Total Realized Gain (Loss)	(68,544,405)
Total Unrealized Gain (Loss)	56,850,449
Cost of Purchases	11,990,932
Proceeds of Sales	(37,887,204)
Amortization/Accretion	-
Transfers in/out of Level 3	-
Ending Balance	$ 1,846,452
The change in unrealized gain (loss) attributable to Level 3 securities at October 31, 2009	$ 152,981

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $529,066,735 all of which will expire on October 31, 2017.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Southeast Asia

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $6,812,967) - See accompanying schedule: Unaffiliated issuers (cost $1,678,359,617)	$ 1,716,914,668
Fidelity Central Funds (cost $20,055,636)	20,055,636
Total Investments (cost $1,698,415,253)		$ 1,736,970,304
Foreign currency held at value (cost $4,160,159)		4,160,164
Receivable for investments sold		25,333,601
Receivable for fund shares sold		3,557,243
Dividends receivable		578,035
Distributions receivable from Fidelity Central Funds		6,464
Prepaid expenses		10,889
Other receivables		1,004,179
Total assets		1,771,620,879
Liabilities
Payable for investments purchased	$ 21,168,309
Payable for fund shares redeemed	3,372,717
Accrued management fee	663,127
Other affiliated payables	492,620
Other payables and accrued expenses	213,953
Collateral on securities loaned, at value	7,169,250
Total liabilities		33,079,976
Net Assets		$ 1,738,540,903
Net Assets consist of:
Paid in capital		$ 2,195,754,509
Undistributed net investment income		29,331,095
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(525,082,506)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		38,537,805
Net Assets		$ 1,738,540,903

Statement of Assets and Liabilities - continued

	October 31, 2009
Southeast Asia: Net Asset Value, offering price and redemption price per share ($1,736,851,563 ÷ 72,430,407 shares)		$ 23.98
Class F: Net Asset Value, offering price and redemption price per share ($1,689,340 ÷ 70,391 shares)		$ 24.00

See accompanying notes which are an integral part of the financial statements.

Annual Report

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends (including $231,671 earned from other affiliated issuers)		$ 53,562,248
Special dividends		12,281,415
Interest		1,705
Income from Fidelity Central Funds		783,265
		66,628,633
Less foreign taxes withheld		(4,820,943)
Total income		61,807,690
Expenses
Management fee Basic fee	$ 11,438,307
Performance adjustment	147,644
Transfer agent fees	4,901,080
Accounting and security lending fees	717,068
Custodian fees and expenses	826,262
Independent trustees' compensation	11,622
Registration fees	40,979
Audit	80,447
Legal	8,148
Interest	932
Miscellaneous	39,295
Total expenses before reductions	18,211,784
Expense reductions	(2,261,354)	15,950,430
Net investment income (loss)		45,857,260
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(439,565,235)
Other affiliated issuers	(2,864,540)
Foreign currency transactions	(3,739,806)
Futures contracts	1,069,433
Total net realized gain (loss)		(445,100,148)
Change in net unrealized appreciation (depreciation) on: Investment securities	826,902,552
Assets and liabilities in foreign currencies	63,177
Total change in net unrealized appreciation (depreciation)		826,965,729
Net gain (loss)		381,865,581
Net increase (decrease) in net assets resulting from operations		$ 427,722,841

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 45,857,260	$ 49,720,332
Net realized gain (loss)	(445,100,148)	(49,130,625)
Change in net unrealized appreciation (depreciation)	826,965,729	(3,186,840,853)
Net increase (decrease) in net assets resulting from operations	427,722,841	(3,186,251,146)
Distributions to shareholders from net investment income	(16,525,195)	(35,424,593)
Distributions to shareholders from net realized gain	-	(365,645,497)
Total distributions	(16,525,195)	(401,070,090)
Share transactions - net increase (decrease)	(278,686,790)	(1,106,904,481)
Redemption fees	397,870	5,921,400
Total increase (decrease) in net assets	132,908,726	(4,688,304,317)
Net Assets
Beginning of period	1,605,632,177	6,293,936,494
End of period (including undistributed net investment income of $29,331,095 and undistributed net investment income of $22,071,165, respectively)	$ 1,738,540,903	$ 1,605,632,177

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Southeast Asia

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 18.50	$ 49.39	$ 25.59	$ 18.70	$ 14.87
Income from Investment Operations
Net investment income (loss) B	.58 E	.44	.33	.33	.30
Net realized and unrealized gain (loss)	5.09	(28.21)	24.95	7.23	3.66
Total from investment operations	5.67	(27.77)	25.28	7.56	3.96
Distributions from net investment income	(.20)	(.28)	(.23)	(.26)	(.14)
Distributions from net realized gain	-	(2.89)	(1.29)	(.43)	-
Total distributions	(.20)	(3.17)	(1.52)	(.69)	(.14)
Redemption fees added to paid in capital B	.01	.05	.04	.02	.01
Net asset value, end of period	$ 23.98	$ 18.50	$ 49.39	$ 25.59	$ 18.70
Total Return A	31.08%	(59.64)%	104.22%	41.50%	26.84%
Ratios to Average Net Assets C,F
Expenses before reductions	1.14%	1.18%	1.08%	1.21%	1.20%
Expenses net of fee waivers, if any	1.14%	1.18%	1.08%	1.21%	1.20%
Expenses net of all reductions	.99%	1.04%	.98%	1.04%	1.09%
Net investment income (loss)	2.86% E	1.34%	.96%	1.44%	1.71%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,736,852	$ 1,605,632	$ 6,293,936	$ 1,592,948	$ 783,765
Portfolio turnover rate D	220%	147%	72%	100%	109%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Investment income per share reflects a special dividend which amounted to $.16 per share. Excluding the special dividend, the ratio of net investment income (loss) to average net assets would have been 2.09%. ^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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Financial Highlights - Class F

Period ended October 31,	2009 G
Selected Per-Share Data
Net asset value, beginning of period	$ 21.76
Income from Investment Operations
Net investment income (loss) D	.04
Net realized and unrealized gain (loss)	2.20
Total from investment operations	2.24
Redemption fees added to paid in capital D	- I
Net asset value, end of period	$ 24.00
Total Return B,C	10.29%
Ratios to Average Net Assets E,H
Expenses before reductions	.83% A
Expenses net of fee waivers, if any	.83% A
Expenses net of all reductions	.69% A
Net investment income (loss)	.43% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,689
Portfolio turnover rate F	220%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period June 26, 2009 (commencement of sale of shares) to October 31, 2009. ^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 other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class. ^I Amount represents less than $.01 per share.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

1. Organization.

Fidelity Southeast Asia 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. In January 2009, the Board of Trustees of the Fund approved the creation of an additional class of shares. The Fund commenced sale of Class F shares and the existing class was designated Southeast Asia on June 26, 2009. The Fund offers Southeast Asia and Class F shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class F shares of the Fund are only available for purchase by mutual funds for which Fidelity Management & Research Company (FMR) or an affiliate serves as investment manager. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions also differ by class. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by FMR and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. 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.

Annual Report

3. Significant Accounting Policies - continued

Foreign Currency - continued

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, 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	$ 99,178,233
Gross unrealized depreciation	(85,344,975)
Net unrealized appreciation (depreciation)	$ 13,833,258
Tax Cost	$ 1,723,137,046

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 58,037,425
Capital loss carryforward	$ (529,066,735)
Net unrealized appreciation (depreciation)	$ 13,850,504

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 16,525,195	$ 237,858,086
Long-term Capital Gains	-	163,212,004
Total	$ 16,525,195	$ 401,070,090

4. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations. At the end of the period, the Fund had no open futures contracts.

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 1,069,433	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 1,069,433	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $1,069,433 for futures contracts.

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,306,978,009 and $3,436,911,744, respectively.

Annual Report

6. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Southeast Asia, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .72% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of each class, 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, the total transfer agent fees paid by each applicable class were as follows:

	Amount	% of Average Net Assets
Southeast Asia	$ 4,901,080	.31

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $899 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, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 87,155,000	0.38%	$ 932

7. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $8,388 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $62,584.

Annual Report

Notes to Financial Statements - continued

9. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $2,255,630 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $5,724.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Southeast Asia	$ 16,525,195	$ 35,424,593
From net realized gain
Southeast Asia	$ -	$ 365,645,497

11. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009 A	2008	2009 A	2008
Southeast Asia
Shares sold	13,882,017	40,747,607	$ 285,662,683	$ 1,476,163,760
Reinvestment of distributions	910,020	9,350,739	15,822,870	382,538,765
Shares redeemed	(29,172,062)	(90,730,727)	(581,908,544)	(2,965,607,006)
Net increase (decrease)	(14,380,025)	(40,632,381)	$ (280,422,991)	$ (1,106,904,481)
Class F
Shares sold	71,921	-	$ 1,774,629	$ -
Shares redeemed	(1,530)	-	(38,428)	-
Net increase (decrease)	70,391	-	$ 1,736,201	$ -

^A Share transactions for Class F are for the period June 26, 2009 (commencement of sale of shares) to October 31, 2009.

12. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and the Shareholders of:

Fidelity Canada Fund,

Fidelity China Region 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,

Fidelity Southeast Asia Fund,

In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Canada Fund, Fidelity China Region 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 and Fidelity Southeast Asia Fund (funds of Fidelity Investment Trust) at October 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Investment Trust's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Europe Capital Appreciation Fund:

We have audited the accompanying statements of assets and liabilities of Fidelity Europe Capital Appreciation Fund (the Fund), a fund of Fidelity Investment Trust (the Trust) including the schedule of investments, as of October 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Europe Capital Appreciation Fund as of October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/ Deloitte & Touche LLP

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The funds' Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities, and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Fidelity Canada Fund	12/07/09	12/04/09	$0.468	$0.00
Fidelity China Region Fund	12/07/09	12/04/09	$0.209	$0.065
Fidelity Emerging Markets Fund	12/07/09	12/04/09	$0.116	$0.135
Fidelity Europe Fund	11/30/09	11/27/09	$0.520	$0.00
Fidelity Europe Capital Appreciation Fund	12/07/09	12/04/09	$0.32	$0.00
Fidelity Japan Fund	12/07/09	12/04/09	$0.07	$0.10
Fidelity Japan Smaller Companies Fund	12/07/09	12/04/09	$0.03	$0.12
Fidelity Latin America Fund	12/07/09	12/04/09	$0.60	$0.39
Fidelity Nordic Fund	12/07/09	12/04/09	$0.34	$0.00
Fidelity Pacific Basin Fund	12/07/09	12/04/09	$0.15	$0.70
Fidelity Southeast Asia Fund	12/07/09	12/04/09	$0.427	$0.40

A percentage of the dividends distributed during the fiscal year for the following funds may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

	December 5, 2008	December 30, 2008
Fidelity Canada Fund	60%	47%
Fidelity China Region Fund	52%	-
Fidelity Emerging Markets Fund	99%	-
Fidelity Europe Fund	98%	-
Fidelity Europe Capital Appreciation Fund	94%	-
Fidelity Japan Fund	100%	-
Fidelity Japan Smaller Companies Fund	98%	-
Fidelity Latin America Fund	94%	72%
Fidelity Nordic Fund	70%	-
Fidelity Pacific Basin Fund	42%	-
Fidelity Southeast Asia Fund	23%	23%

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Fidelity Canada Fund	12/08/2008	$0.202	$0.074
Fidelity Canada Fund	12/31/2008	$0.015	$0.000
Fidelity China Region Fund	12/08/2008	$0.243	$0.0718
Fidelity Emerging Markets Fund	12/08/2008	$0.334	$0.0937
Fidelity Europe Fund	12/08/2008	$0.615	$0.0568
Fidelity Europe Capital Appreciation Fund	12/08/2008	$0.547	$0.0338
Fidelity Japan Fund	12/08/2008	$0.105	$0.0141
Fidelity Japan Smaller Companies Fund	12/08/2008	$0.059	$0.0086
Fidelity Latin America Fund	12/08/2008	$0.459	$0.1088
Fidelity Latin America Fund	12/31/2008	$0.110	$0.000
Fidelity Nordic Fund	12/08/2008	$1.122	$0.113
Fidelity Pacific Basin Fund	12/08/2008	$0.100	$0.0295
Fidelity Southeast Asia Fund	12/08/2008	$0.286	$0.1063
Fidelity Southeast Asia Fund	12/31/2008	$0.015	$0.000

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Targeted International Equity Funds

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for each fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness of each fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with each fund; (iv) the extent to which economies of scale would be realized as each fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for each fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contracts is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in each fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that each fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in that fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the funds' investment personnel and the funds' investment objectives and disciplines. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for each fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, each fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of a fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Investment Performance (Canada Fund). The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index over multiple periods. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, as available, the cumulative total returns of Fidelity Canada (retail class) and Class B of the fund, and the cumulative total returns of a broad-based securities market index ("benchmark"). The returns of Fidelity Canada (retail class) and Class B show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on one-year performance), respectively.

Fidelity Canada Fund

The Board stated that the investment performance of Fidelity Canada (retail class) of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Fidelity Canada (retail class) through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Investment Performance (China Region Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund, Pacific Basin Fund, and Southeast Asia Fund). The Board considered whether each fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance (for the retail class, in the case of China Region Fund), as well as each fund's relative investment performance (for the retail class, in the case of China Region Fund) measured against a broad-based securities market index over multiple periods. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare any of the funds' performance. For each fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns and the cumulative total returns of a broad-based securities market index ("benchmark"). (The Advisor classes of China Region Fund had less than one year of performance as of December 31, 2008, and Southeast Asia Fund did not offer Class F as of December 31, 2008.)

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity China Region Fund

The Board stated that the investment performance of Fidelity China Region (retail class) of the fund compared favorably to its benchmark for all the periods shown.

Fidelity Japan Smaller Companies Fund

The Board stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board noted that this fund had underperformed in the previous year and discussed with FMR its disappointment with the continued underperformance of the fund. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Fidelity Latin America Fund

The Board stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board noted that this fund had underperformed in the previous year and discussed with FMR its disappointment with the continued underperformance of the fund. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Fidelity Nordic Fund

The Board stated that the investment performance of the fund was lower than its benchmark for the one- and three-year periods, although the fund's five-year cumulative total return compared favorably to its benchmark. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Pacific Basin Fund

The Board stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's below-benchmark performance. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Fidelity Southeast Asia Fund

The Board stated that the investment performance of the fund compared favorably to its benchmark for the three- and five-year periods, although the fund's one-year cumulative total return was lower than its benchmark.

The Board also considered that each of Pacific Basin Fund's and Southeast Asia Fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for each fund's shareholders and helps to more closely align the interests of FMR and each fund's shareholders.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. For each of Japan Smaller Companies Fund and Pacific Basin Fund, the Board reviewed the year-to-date performance of the fund through May 31, 2009 and stated that it exceeded the fund's benchmark. For each of China Region Fund, Latin America Fund, Nordic Fund, and Southeast Asia Fund, the Board reviewed the year-to-date performance of the fund through May 31, 2009 and stated that it was lower than the fund's benchmark.

Annual Report

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Investment Performance (Emerging Markets Fund, Europe Fund, and Europe Capital Appreciation Fund). The Board considered whether each fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed each fund's absolute investment performance (for the retail class, in the case of Emerging Markets Fund), as well as each fund's relative investment performance (for the retail class, in the case of Emerging Markets Fund) measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. For each fund, the following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Morningstar, Inc. as having an investment style similar to that of the fund based on underlying portfolio holdings. (Class K of Emerging Markets Fund had less than one year of performance as of December 31, 2008, and Europe Fund did not offer Class F as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund (or the retail class, in the case of Emerging Markets Fund).

Fidelity Emerging Markets Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of Fidelity Emerging Markets (retail class) of the fund was in the fourth quartile for the one- and three-year periods and the third quartile for the five-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown. The Board discussed with FMR actions that have been taken by FMR to improve the fund's disappointing performance relative to its peer group and benchmark. The Board will continue to closely monitor the performance of the fund in the coming year and discuss with FMR other appropriate actions to address the performance of the fund.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Europe Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the first quartile for the one- and five-year periods and the second quartile for the three-year period. The Board also stated that the investment performance of the fund compared favorably to its benchmark for the one- and five-year periods, although the fund's three-year cumulative total return was lower than its benchmark.

Fidelity Europe Capital Appreciation Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the second quartile for all the periods shown. The Board also stated that the investment performance of the fund compared favorably to its benchmark for all the periods shown.

The Board also considered that each of Europe Fund's and Europe Capital Appreciation Fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for each fund's shareholders and helps to more closely align the interests of FMR and each fund's shareholders.

Annual Report

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. For each of Europe Fund and Europe Capital Appreciation Fund, the Board reviewed the year-to-date performance of the fund through May 31, 2009 and stated that it exceeded the fund's benchmark. For Emerging Markets Fund, the Board reviewed the year-to-date performance of Fidelity Emerging Markets (retail class) through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to each fund will benefit each fund's shareholders, particularly in light of the Board's view that each fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Investment Performance (Japan Fund). The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance, as well as the fund's relative investment performance measured against (i) a broad-based securities market index, and (ii) a peer group of mutual funds deemed appropriate by the Board over multiple periods. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, the fund's cumulative total returns, the cumulative total returns of a broad-based securities market index ("benchmark"), and a range of cumulative total returns of a peer group of mutual funds identified by Lipper Inc. as having an investment objective similar to that of the fund. (The fund did not offer Class F as of December 31, 2008.) The box within each chart shows the 25th percentile return (bottom of box) and the 75th percentile return (top of box) of the peer group. Returns shown above the box are in the first quartile and returns shown below the box are in the fourth quartile. The percentage beaten number noted below each chart corresponds to the percentile box and represents the percentage of funds in the peer group whose performance was equal to or lower than that of the fund.

Fidelity Japan Fund

The Board reviewed the fund's relative investment performance against its peer group and stated that the performance of the fund was in the third quartile for the one-year period, the second quartile for the three-year period and the first quartile for the five-year period. The Board also stated that the investment performance of the fund was lower than its benchmark for all the periods shown.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of the fund through May 31, 2009 and stated that it exceeded the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Competitiveness of Management Fee and Total Fund Expenses (Canada Fund, China Region Fund, and Emerging Markets Fund). The Board considered each fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group". The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment (if applicable). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 16% would mean that 84% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked and the impact of a fund's performance adjustment (if applicable), is also included in the charts and considered by the Board.

Fidelity Canada Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Annual Report

Fidelity China Region Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Fidelity Emerging Markets Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Based on its review, the Board concluded that each fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of the total expenses of each class of each fund, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of Canada Fund's performance adjustment. As part of its review, the Board also considered current and historical total expenses of each class of each fund compared to competitive fund median expenses. Each class of each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each of Class A, Class B, Class C, Institutional Class, and Fidelity Canada (retail class) of Canada Fund ranked below its competitive median for 2008 and the total expenses of Class T ranked above its competitive median for 2008. The Board considered that the total expenses for Class T were above the median primarily because its 12b-1 fee is higher than the typical front-end load class. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board noted that the total expenses of each class of China Region Fund and Emerging Markets Fund ranked below its competitive median for the 2008.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of each fund were reasonable, although in one case above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Competitiveness of Management Fee and Total Fund Expenses (Europe Fund, Europe Capital Appreciation Fund, Japan Fund, Japan Smaller Companies Fund, Latin America Fund, Nordic Fund, Pacific Basin Fund, and Southeast Asia Fund). The Board considered each fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the charts below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." For Japan Fund, the Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to a fund's performance adjustment (if applicable). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than a fund's. For example, a TMG % of 16% would mean that 84% of the funds in the Total Mapped Group had higher management fees than a fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which a fund's management fee ranked and the impact of a fund's performance adjustment (if applicable), is also included in the charts and considered by the Board.

Fidelity Europe Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Annual Report

Fidelity Europe Capital Appreciation Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Fidelity Japan Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Japan Smaller Companies Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Fidelity Latin America Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Annual Report

Fidelity Nordic Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008.

Fidelity Pacific Basin Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Furthermore, the Board considered that shareholders of Pacific Basin Fund approved a prospective change in the index used to calculate the fund's performance adjustment, beginning April 1, 2001. The Board also considered that, because the performance adjustment is based on a rolling 36-month measurement period, during a transition period the fund's performance is compared to a blended index return that reflects the performance of the former index for the portion of the measurement period prior to April 1, 2001 and the performance of the current index for the remainder of the measurement period. The Board noted that the fund's performance adjustment for 2004 shown in the chart above reflects the effect of using the blended index return to calculate the fund's performance adjustment.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

Fidelity Southeast Asia Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

In connection with the renewal of the management contracts for Europe Fund, Japan Fund and Southeast Asia Fund, the Board also approved non-material amendments to the fund's management contract to clarify certain provisions regarding the calculation of the fund's performance adjustment.

Based on its review, the Board concluded that each fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each fund's total expenses, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of Europe Fund's, Europe Capital Appreciation Fund's, Japan Fund's, Pacific Basin Fund's, and Southeast Asia Fund's performance adjustment. As part of its review, the Board also considered current and historical total expenses of each fund compared to competitive fund median expenses. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that each fund's total expenses ranked below its competitive median for 2008.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that each fund's total expenses were reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing each fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for each fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

Annual Report

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the funds' business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of each fund and determined that the amount of profit is a fair entrepreneurial profit for the management of each fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which each fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that each fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that each fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

Fidelity Research & Analysis Company
FIL Investments (Japan) Limited
FIL Investment Advisors
FIL Investment Advisors
(U.K.) Ltd.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional

Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodians

JPMorgan Chase Bank
New York, NY

Emerging Markets Fund, Japan Fund, Pacific Basin Fund

Brown Brothers Harriman & Co.
Boston, MA

China Region Fund, Latin America Fund, Nordic Fund

The Bank of New York Mellon
New York, NY

Canada Fund, Europe Fund

The Northern Trust Company
Chicago, IL

Europe Capital Appreciation Fund, Japan Smaller Companies Fund, Southeast Asia Fund

Fidelity's International Equity Funds

Canada Fund

China Region Fund

Diversified International Fund

Emerging Europe, Middle East, Africa (EMEA) Fund

Emerging Markets Fund

Europe Fund

Europe Capital Appreciation Fund

Global Balanced Fund

Global Commodity Stock Fund

International Capital Appreciation

International Discovery Fund

International Growth Fund

International Small Cap Fund

International Small Cap Opportunities Fund

International Value Fund

Japan Fund

Japan Smaller Companies Fund

Latin America Fund

Nordic Fund

Overseas Fund

Pacific Basin Fund

Southeast Asia Fund

Total International Equity

Worldwide Fund

Corporate Headquarters

82 Devonshire Street
Boston, MA 02109
www.fidelity.com

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

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Automated line for quickest service

TIF-UANN-1209
1.888176.101

Fidelity Advisor
Canada Fund
Class A, Class T, Class B, and Class C

Annual Report

October 31, 2009

Class A, Class T, Class B, and Class C are
classes of Fidelity® Canada Fund

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge)A	9.41%	7.57%	11.82%
Class T (incl. 3.50% sales charge) B	11.72%	7.94%	12.01%
Class B (incl. contingent deferred sales charge) C	10.22%	8.14%	12.27%
Class C (incl. contingent deferred sales charge) D	14.22%	8.44%	12.27%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on May 2, 2007. Returns prior to May 2, 2007 are those of Canada, the original retail class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to May 2, 2007 would have been lower.

^B Class T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on May 2, 2007. Returns prior to May 2, 2007 are those of Canada, the original retail class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to May 2, 2007 would have been lower.

^C Class B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on May 2, 2007. Returns prior to May 2, 2007 are those of Canada, the original retail class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to May 2, 2007 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past five years, and past 10 years total return figures are 5%, 2%, and 0% respectively.

^D Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on May 2, 2007. Returns prior to May 2, 2007 are those of Canada, the original retail class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to May 2, 2007 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five years, and past 10 years total return figures are 1%, 0%, and 0%, respectively.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Canada Fund - Class A on October 31, 1999, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the S&P/TSX Composite Index performed over the same period. The initial offering of Class A took place on May 2, 2007. See above for additional information regarding the performance of Class A.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. In North America, a strong Canadian dollar and the power of surging energy and materials sectors led Canadian equities to climb, as the S&P/TSX Composite Index returned 30.63%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. In Europe, the MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Douglas Lober, Portfolio Manager of Fidelity Advisor Canada Fund: The fund's Class A, Class T, Class B and Class C shares returned 16.08%, 15.77%, 15.22% and 15.22% respectively (excluding sales charges) for the year, lagging the S&P/TSX index. Although the fund's portfolio of higher-quality, larger-capitalization stocks enabled it to post a solid positive return, the period's market rally reserved the highest returns for many of the lowest-quality stocks. The fund's conservative positioning served it well when markets declined during 2008. With no improvement in business fundamentals, however, I stayed with this strategy, which hurt as markets rose. The fund's 3% stake in cash and 5% position in U.S. equities also dampened relative results. Poor stock selection within the energy, materials and financials sectors detracted the most. Major performance drags included oil company Canadian Natural Resources, an underweighting in strong-performing Canadian Imperial Bank of Commerce, BlackBerry maker Research In Motion, gold producer Agnico-Eagle Mines and telephone company BCE. Winners included gold-mining company Goldcorp, software services firm CGI Group, an underweighting in oil and gas producer Penn West Energy Trust and no exposure to insurance firm and index component Power Financial.

Note to shareholders: Fidelity Advisor Canada Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2009, the fund did not have more than 25% of its assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Canada

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 and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.39%
Actual		$ 1,000.00	$ 1,222.80	$ 7.79
Hypothetical A		$ 1,000.00	$ 1,018.20	$ 7.07
Class T	1.68%
Actual		$ 1,000.00	$ 1,221.20	$ 9.41
Hypothetical A		$ 1,000.00	$ 1,016.74	$ 8.54
Class B	2.18%
Actual		$ 1,000.00	$ 1,218.10	$ 12.19
Hypothetical A		$ 1,000.00	$ 1,014.22	$ 11.07
Class C	2.17%
Actual		$ 1,000.00	$ 1,218.20	$ 12.13
Hypothetical A		$ 1,000.00	$ 1,014.27	$ 11.02
Canada	1.11%
Actual		$ 1,000.00	$ 1,224.50	$ 6.22
Hypothetical A		$ 1,000.00	$ 1,019.61	$ 5.65
Institutional Class	1.16%
Actual		$ 1,000.00	$ 1,224.60	$ 6.50
Hypothetical A		$ 1,000.00	$ 1,019.36	$ 5.90

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Canada

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Canada	96.6%
	United States of America	3.4%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Canada	89.1%
	United States of America	10.4%
	Netherlands Antilles	0.5%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.6	95.8
Short-Term Investments and Net Other Assets	2.4	4.2
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Bank of Canada (Commercial Banks)	6.3	5.8
Toronto-Dominion Bank (Commercial Banks)	5.6	5.6
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	5.3	3.4
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	3.9	3.8
EnCana Corp. (Oil, Gas & Consumable Fuels)	3.5	3.6
Goldcorp, Inc. (Metals & Mining)	3.3	2.6
Barrick Gold Corp. (Metals & Mining)	3.0	2.9
Potash Corp. of Saskatchewan, Inc. (Chemicals)	2.9	3.0
Bank of Nova Scotia (Commercial Banks)	2.9	2.9
Bank of Montreal (Commercial Banks)	2.7	2.1
	39.4
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.9	30.0
Energy	27.8	26.3
Materials	19.5	14.9
Industrials	5.3	6.2
Consumer Discretionary	5.2	2.3
Information Technology	4.1	6.2
Telecommunication Services	3.7	5.4
Consumer Staples	2.5	3.3
Health Care	0.8	0.4
Utilities	0.8	0.8

Annual Report

Canada

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
CONSUMER DISCRETIONARY - 5.2%
Distributors - 0.1%
Uni-Select, Inc.	100,000		$ 2,483,262
Hotels, Restaurants & Leisure - 1.2%
Tim Hortons, Inc.	1,410,300		40,151,241
Media - 2.6%
Astral Media, Inc. Class A (non-vtg.)	240,000		7,101,261
Corus Entertainment, Inc. Class B (non-vtg.)	500,000		8,214,434
Quebecor, Inc. Class B (sub. vtg.)	400,000		8,167,336
Shaw Communications, Inc. Class B	1,000,000		17,777,162
Thomson Reuters Corp. (c)	1,400,000		44,501,085
			85,761,278
Multiline Retail - 0.6%
Canadian Tire Ltd. Class A (non-vtg.)	200,000		10,101,122
Dollarama, Inc.	400,000		7,129,335
Dollarama, Inc. (a)(d)	91,000		1,621,924
			18,852,381
Specialty Retail - 0.0%
RONA, Inc. (a)	100,000		1,367,687
Textiles, Apparel & Luxury Goods - 0.7%
Gildan Activewear, Inc. (a)	1,300,000		22,882,209
TOTAL CONSUMER DISCRETIONARY			171,498,058
CONSUMER STAPLES - 2.5%
Beverages - 0.3%
Cott Corp. (a)	250,000		1,976,266
The Coca-Cola Co.	150,000		7,996,500
			9,972,766
Food & Staples Retailing - 1.5%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	2,050,000		35,950,963
George Weston Ltd.	80,000		4,075,172
Shoppers Drug Mart Corp.	200,000		7,940,158
			47,966,293
Food Products - 0.7%
General Mills, Inc.	130,000		8,569,600
Viterra, Inc. (a)(c)	1,509,300		14,356,365
			22,925,965
TOTAL CONSUMER STAPLES			80,865,024
ENERGY - 27.8%
Energy Equipment & Services - 0.1%
Ensign Energy Services, Inc.	100,000		1,433,255
Precision Drilling Trust	400,000		2,593,157
			4,026,412
Oil, Gas & Consumable Fuels - 27.7%
ARC Energy Trust unit	200,000		3,603,454
Baytex Energy Trust	100,000		2,447,246
	Shares		Value
Cameco Corp.	1,250,000		$ 34,815,533
Canadian Natural Resources Ltd.	1,975,000		128,073,602
Canadian Oil Sands Trust	600,000		16,168,444
Crescent Point Energy Corp.	800,000		27,187,514
Crescent Point Energy Corp. (d)	83,400		2,834,298
Enbridge, Inc.	1,728,900		67,201,737
EnCana Corp.	2,100,000		116,359,607
Enerplus Resources Fund Series G	200,000		4,358,868
Imperial Oil Ltd.	900,000		33,827,400
Keyera Facilities Income Fund	850,000		15,573,718
Nexen, Inc.	1,600,000		34,398,116
Niko Resources Ltd.	390,000		31,550,076
Pacific Rubiales Energy Corp. (a)(c)	900,000		10,946,114
Penn West Energy Trust	800,000		13,261,301
PetroBakken Energy Ltd. Class A	872,978		25,169,112
Petrobank Energy & Resources Ltd. (a)	600,000		26,230,780
Progress Energy Resources Corp.	700,000		8,946,761
Suncor Energy, Inc.	5,307,600		176,062,236
Talisman Energy, Inc.	4,200,000		71,599,945
TransCanada Corp.	2,100,000		64,308,076
			914,923,938
TOTAL ENERGY			918,950,350
FINANCIALS - 27.9%
Capital Markets - 0.7%
CI Financial Corp.	100,000		1,762,940
IGM Financial, Inc.	550,000		19,580,274
			21,343,214
Commercial Banks - 19.7%
Bank of Montreal	1,909,300		88,266,665
Bank of Nova Scotia	2,300,000		96,112,112
Canadian Imperial Bank of Commerce	334,600		19,157,963
National Bank of Canada	1,000,000		52,075,541
Royal Bank of Canada	4,140,000		209,513,780
Toronto-Dominion Bank	3,265,000		185,977,005
			651,103,066
Diversified Financial Services - 0.3%
Onex Corp. (sub. vtg.)	300,000		6,762,710
TMX Group, Inc.	145,000		3,883,271
			10,645,981
Insurance - 5.2%
Fairfax Financial Holdings Ltd. (sub. vtg.)	80,800		28,882,353
Intact Financial Corp.	150,000		4,557,418
Intact Financial Corp. (d)	241,100		7,325,290
Manulife Financial Corp.	3,400,000		63,739,207
Power Corp. of Canada (sub. vtg.)	1,400,000		32,968,555
Sun Life Financial, Inc.	1,200,000		33,168,029
			170,640,852
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.2%
H&R Real Estate Investment Trust/H&R Finance Trust	50,000		$ 606,270
RioCan (REIT)	350,000		5,927,876
			6,534,146
Real Estate Management & Development - 1.2%
Brookfield Asset Management, Inc. Class A (c)	1,950,000		41,130,350
Thrifts & Mortgage Finance - 0.6%
Genworth MI Canada, Inc.	300,000		6,732,234
Home Capital Group, Inc.	350,000		11,797,571
			18,529,805
TOTAL FINANCIALS			919,927,414
HEALTH CARE - 0.8%
Health Care Providers & Services - 0.2%
Medco Health Solutions, Inc. (a)	150,000		8,418,000
Health Care Technology - 0.5%
SXC Health Solutions Corp. (a)	360,000		16,519,740
Pharmaceuticals - 0.1%
Biovail Corp.	150,000		2,022,441
TOTAL HEALTH CARE			26,960,181
INDUSTRIALS - 5.3%
Aerospace & Defense - 0.9%
Bombardier, Inc. Class B (sub. vtg.)	6,200,000		25,135,522
CAE, Inc.	400,000		3,114,005
			28,249,527
Airlines - 0.0%
WestJet Airlines Ltd. (a)	100,000		1,013,991
Commercial Services & Supplies - 0.2%
IESI-BFC Ltd.	500,000		6,418,248
Ritchie Brothers Auctioneers, Inc. (c)	83,920		1,839,526
			8,257,774
Construction & Engineering - 0.9%
SNC-Lavalin Group, Inc.	715,000		28,887,888
Road & Rail - 3.1%
Canadian National Railway Co.	1,670,000		80,658,448
Canadian Pacific Railway Ltd.	500,000		21,655,816
			102,314,264
Trading Companies & Distributors - 0.2%
Finning International, Inc.	500,000		7,369,442
TOTAL INDUSTRIALS			176,092,886
INFORMATION TECHNOLOGY - 4.1%
Communications Equipment - 1.8%
Research In Motion Ltd. (a)	1,040,000		61,079,209
	Shares		Value
Computers & Peripherals - 0.3%
Apple, Inc. (a)	50,000		$ 9,425,000
Electronic Equipment & Components - 0.1%
Celestica, Inc. (sub. vtg.) (a)	450,000		3,706,885
Internet Software & Services - 0.7%
Open Text Corp. (a)	600,000		22,385,372
IT Services - 1.2%
CGI Group, Inc. Class A (sub. vtg.) (a)	3,290,000		40,166,043
TOTAL INFORMATION TECHNOLOGY			136,762,509
MATERIALS - 19.5%
Chemicals - 4.2%
Agrium, Inc.	580,000		26,963,291
Methanex Corp.	900,000		15,509,073
Potash Corp. of Saskatchewan, Inc.	1,035,000		96,450,893
			138,923,257
Metals & Mining - 15.3%
Agnico-Eagle Mines Ltd. (Canada)	624,700		33,229,644
Barrick Gold Corp.	2,780,000		100,021,979
Eldorado Gold Corp. (a)	1,600,000		17,819,643
First Quantum Minerals Ltd.	250,000		17,089,163
Goldcorp, Inc.	3,000,000		110,209,170
HudBay Minerals, Inc. (a)	300,000		3,881,424
IAMGOLD Corp.	1,000,000		13,252,066
Inmet Mining Corp.	250,000		13,238,214
Ivanhoe Mines Ltd. (a)	1,400,000		15,075,034
Kinross Gold Corp.	2,150,000		39,908,575
Lundin Mining Corp. (a)	500,000		2,008,588
Osisko Mining Corp. (a)	400,000		2,696,588
Red Back Mining, Inc. (a)	100,000		1,294,732
Silver Wheaton Corp. (a)	1,775,900		22,304,327
Teck Resources Ltd. Class B (sub. vtg.) (a)	2,850,000		82,669,345
Yamana Gold, Inc.	2,700,000		28,624,463
			503,322,955
Paper & Forest Products - 0.0%
Sino-Forest Corp. (a)	100,000		1,406,474
TOTAL MATERIALS			643,652,686
TELECOMMUNICATION SERVICES - 3.7%
Diversified Telecommunication Services - 1.8%
BCE, Inc.	2,300,000		54,990,996
Bell Aliant Regional Communication Income Fund	100,000		2,484,185
			57,475,181
Wireless Telecommunication Services - 1.9%
Rogers Communications, Inc. Class B (non-vtg.)	2,150,000		63,039,664
TOTAL TELECOMMUNICATION SERVICES			120,514,845
Common Stocks - continued
	Shares		Value
UTILITIES - 0.8%
Electric Utilities - 0.6%
Fortis, Inc.	800,000		$ 18,691,416
Multi-Utilities - 0.2%
Canadian Utilities Ltd. Class A (non-vtg.)	225,000		8,005,957
TOTAL UTILITIES			26,697,373
TOTAL COMMON STOCKS (Cost $3,025,366,159)		3,221,921,326
Money Market Funds - 0.7%
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e) (Cost $22,963,420)	22,963,420		22,963,420
Cash Equivalents - 0.3%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.05%, dated 10/30/09 due 11/2/09 (Collateralized by U.S. Government Obligations) # (Cost $10,499,000)	$ 10,499,048		10,499,000
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $3,058,828,579)			3,255,383,746
NET OTHER ASSETS - 1.4%			45,236,513
NET ASSETS - 100%		$ 3,300,620,259

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(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 $11,781,512 or 0.4% of net assets.

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$10,499,000 due 11/02/09 at 0.05%
BNP Paribas Securities Corp.	$ 1,935,652
Banc of America Securities LLC	1,981,474
Barclays Capital, Inc.	5,806,957
Deutsche Bank Securities, Inc.	774,917
	$ 10,499,000

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	$ 606,837
Fidelity Securities Lending Cash Central Fund	2,948,896
Total	$ 3,555,733

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Repurchase Agreements which are categorized as Level 2. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $260,471,096 of which $109,546,724 and $150,924,372 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Canada

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $21,614,198 and repurchase agreements of $10,499,000) - See accompanying schedule: Unaffiliated issuers (cost $3,035,865,159)	$ 3,232,420,326
Fidelity Central Funds (cost $22,963,420)	22,963,420
Total Investments (cost $3,058,828,579)		$ 3,255,383,746
Foreign currency held at value (cost $1,053,639)		1,053,399
Receivable for investments sold		135,488,138
Receivable for fund shares sold		4,546,724
Dividends receivable		4,627,774
Distributions receivable from Fidelity Central Funds		306,357
Prepaid expenses		20,607
Other receivables		363,475
Total assets		3,401,790,220
Liabilities
Payable to custodian bank	$ 1,632,878
Payable for investments purchased	61,175,379
Payable for fund shares redeemed	5,044,542
Accrued management fee	2,024,250
Distribution fees payable	53,105
Notes payable to affliates	7,273,000
Other affiliated payables	883,229
Other payables and accrued expenses	120,158
Collateral on securities loaned, at value	22,963,420
Total liabilities		101,169,961
Net Assets		$ 3,300,620,259
Net Assets consist of:
Paid in capital		$ 3,419,053,592
Undistributed net investment income		26,298,051
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(340,971,696)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		196,240,312
Net Assets		$ 3,300,620,259

Statement of Assets and Liabilities - continued

	October 31, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($83,014,893 ÷ 1,876,310 shares)		$ 44.24
Maximum offering price per share (100/94.25 of $44.24)		$ 46.94
Class T: Net Asset Value and redemption price per share ($17,727,268 ÷ 401,880 shares)		$ 44.11
Maximum offering price per share (100/96.50 of $44.11)		$ 45.71
Class B: Net Asset Value and offering price per share ($7,283,295 ÷ 166,758 shares)A		$ 43.68
Class C: Net Asset Value and offering price per share ($24,847,882 ÷ 569,904 shares)A		$ 43.60
Canada: Net Asset Value, offering price and redemption price per share ($3,149,790,916 ÷ 70,843,028 shares)		$ 44.46
Institutional Class: Net Asset Value, offering price and redemption price per share ($17,956,005 ÷ 404,530 shares)		$ 44.39

^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.

Annual Report

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 73,930,160
Interest		5,115
Income from Fidelity Central Funds		3,555,733
		77,491,008
Less foreign taxes withheld		(10,658,424)
Total income		66,832,584
Expenses
Management fee Basic fee	$ 20,061,152
Performance adjustment	2,758,360
Transfer agent fees	8,292,313
Distribution fees	441,822
Accounting and security lending fees	1,227,319
Custodian fees and expenses	214,073
Independent trustees' compensation	20,026
Registration fees	146,592
Audit	72,676
Legal	14,151
Interest	1,585
Miscellaneous	63,440
Total expenses before reductions	33,313,509
Expense reductions	(925,110)	32,388,399
Net investment income (loss)		34,444,185
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(173,899,305)
Foreign currency transactions	(348,730)
Futures contracts	3,069,145
Total net realized gain (loss)		(171,178,890)
Change in net unrealized appreciation (depreciation) on: Investment securities	538,225,902
Assets and liabilities in foreign currencies	(281,421)
Total change in net unrealized appreciation (depreciation)		537,944,481
Net gain (loss)		366,765,591
Net increase (decrease) in net assets resulting from operations		$ 401,209,776

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 34,444,185	$ 46,066,725
Net realized gain (loss)	(171,178,890)	(175,687,217)
Change in net unrealized appreciation (depreciation)	537,944,481	(2,181,002,870)
Net increase (decrease) in net assets resulting from operations	401,209,776	(2,310,623,362)
Distributions to shareholders from net investment income	(10,179,804)	(28,915,979)
Distributions to shareholders from net realized gain	-	(235,022,630)
Total distributions	(10,179,804)	(263,938,609)
Share transactions - net increase (decrease)	30,108,212	507,012,286
Redemption fees	779,120	3,308,433
Total increase (decrease) in net assets	421,917,304	(2,064,241,252)
Net Assets
Beginning of period	2,878,702,955	4,942,944,207
End of period (including undistributed net investment income of $26,298,051 and undistributed net investment income of $26,382,786, respectively)	$ 3,300,620,259	$ 2,878,702,955

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.20	$ 70.16	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.38	.39	.19
Net realized and unrealized gain (loss)	5.72	(28.71)	15.96
Total from investment operations	6.10	(28.32)	16.15
Distributions from net investment income	(.07)	(.41)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.07)	(3.68)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 44.24	$ 38.20	$ 70.16
Total Return B,C,D	16.08%	(42.23)%	29.93%
Ratios to Average Net Assets F,I
Expenses before reductions	1.42%	1.34%	1.23% A
Expenses net of fee waivers, if any	1.42%	1.34%	1.23% A
Expenses net of all reductions	1.39%	1.31%	1.22% A
Net investment income (loss)	.98%	.69%	.63% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 83,015	$ 56,242	$ 20,912
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

Financial Highlights - Class T

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.10	$ 70.09	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.27	.23	.09
Net realized and unrealized gain (loss)	5.73	(28.66)	15.99
Total from investment operations	6.00	(28.43)	16.08
Distributions from net investment income	-	(.33)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.60)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 44.11	$ 38.10	$ 70.09
Total Return B,C,D	15.77%	(42.40)%	29.80%
Ratios to Average Net Assets F,I
Expenses before reductions	1.70%	1.63%	1.48% A
Expenses net of fee waivers, if any	1.70%	1.63%	1.48% A
Expenses net of all reductions	1.67%	1.60%	1.47% A
Net investment income (loss)	.71%	.40%	.30% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,727	$ 14,963	$ 14,522
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.91	$ 69.88	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.08	(.06)	(.06)
Net realized and unrealized gain (loss)	5.68	(28.54)	15.93
Total from investment operations	5.76	(28.60)	15.87
Distributions from net investment income	-	(.14)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.41)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 43.68	$ 37.91	$ 69.88
Total Return B,C,D	15.22%	(42.68)%	29.41%
Ratios to Average Net Assets F,I
Expenses before reductions	2.19%	2.13%	2.00% A
Expenses net of fee waivers, if any	2.19%	2.13%	2.00% A
Expenses net of all reductions	2.16%	2.10%	1.99% A
Net investment income (loss)	.21%	(.10)%	(.21)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,283	$ 5,615	$ 4,078
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

Financial Highlights - Class C

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.84	$ 69.91	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.09	(.05)	(.04)
Net realized and unrealized gain (loss)	5.66	(28.52)	15.94
Total from investment operations	5.75	(28.57)	15.90
Distributions from net investment income	-	(.27)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.54)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 43.60	$ 37.84	$ 69.91
Total Return B,C,D	15.22%	(42.69)%	29.46%
Ratios to Average Net Assets F,I
Expenses before reductions	2.18%	2.13%	1.99% A
Expenses net of fee waivers, if any	2.18%	2.13%	1.99% A
Expenses net of all reductions	2.15%	2.10%	1.97% A
Net investment income (loss)	.22%	(.10)%	(.15)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,848	$ 16,716	$ 8,752
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Canada

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87
Income from Investment Operations
Net investment income (loss) B	.48	.58	.52	.34	.20
Net realized and unrealized gain (loss)	5.74	(28.83)	21.62	10.15	7.12
Total from investment operations	6.22	(28.25)	22.14	10.49	7.32
Distributions from net investment income	(.14)	(.40)	(.36)	(.16)	(.08)
Distributions from net realized gain	-	(3.27)	(1.03)	(.01)	-
Total distributions	(.14)	(3.67)	(1.39)	(.17)	(.08)
Redemption fees added to paid in capital B	.01	.04	.02	.02	.03
Net asset value, end of period	$ 44.46	$ 38.37	$ 70.25	$ 49.48	$ 39.14
Total Return A	16.40%	(42.06)%	46.03%	26.93%	23.11%
Ratios to Average Net Assets C,E
Expenses before reductions	1.17%	1.03%	.96%	1.00%	1.08%
Expenses net of fee waivers, if any	1.17%	1.03%	.96%	1.00%	1.08%
Expenses net of all reductions	1.13%	1.00%	.94%	.97%	1.04%
Net investment income (loss)	1.24%	1.00%	.94%	.74%	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,149,791	$ 2,776,298	$ 4,890,617	$ 3,136,927	$ 1,722,516
Portfolio turnover rate D	123%	63%	42%	50%	24%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Financial Highlights - Institutional Class

Years ended October 31,	2009	2008	2007 G
Selected Per-Share Data
Net asset value, beginning of period	$ 38.31	$ 70.25	$ 54.00
Income from Investment Operations
Net investment income (loss) D	.49	.52	.25
Net realized and unrealized gain (loss)	5.72	(28.78)	15.99
Total from investment operations	6.21	(28.26)	16.24
Distributions from net investment income	(.14)	(.45)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.14)	(3.72)	-
Redemption fees added to paid in capital D	.01	.04	.01
Net asset value, end of period	$ 44.39	$ 38.31	$ 70.25
Total Return B,C	16.40%	(42.11)%	30.09%
Ratios to Average Net Assets E,H
Expenses before reductions	1.17%	1.11%	1.01% A
Expenses net of fee waivers, if any	1.17%	1.11%	1.01% A
Expenses net of all reductions	1.14%	1.08%	.99% A
Net investment income (loss)	1.23%	.92%	.83% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,956	$ 8,870	$ 4,064
Portfolio turnover rate F	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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 B, Class C, Canada, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Foreign Currency - continued

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, 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	$ 363,468,397
Gross unrealized depreciation	(247,414,070)
Net unrealized appreciation (depreciation)	$ 116,054,327
Tax Cost	$ 3,139,329,419

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 26,298,251
Capital loss carryforward	$ (260,471,096)
Net unrealized appreciation (depreciation)	$ 115,739,712

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 10,179,804	$ 73,476,845
Long-term Capital Gains	-	190,461,764
Total	$ 10,179,804	$ 263,938,609

Annual Report

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Annual Report

Notes to Financial Statements - continued

5. Investments in Derivative Instruments - continued

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 3,069,145	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 3,069,145	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $3,069,145 for futures contracts.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,390,397,181 and $3,368,325,269, respectively.

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Canada, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 147,305	$ 6,178
Class T	.25%	.25%	71,818	560
Class B	.75%	.25%	57,741	43,385
Class C	.75%	.25%	164,958	65,582
			$ 441,822	$ 115,705

Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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	$ 63,773
Class T	7,987
Class B*	16,151
Class C*	10,081
	$ 97,992

* 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.

Annual Report

7. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the 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, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 178,893	.30
Class T	47,042	.33
Class B	18,791	.32
Class C	52,407	.32
Canada	7,962,759	.29
Institutional Class	32,421	.30
	$ 8,292,313

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $5,692 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, 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. Any open loans, including accrued interest, at period end are presented under the caption "Notes Payable to Affliliates" in the Fund's Statement of Assets and Liabilities. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 8,085,133	.44%	$ 1,467

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $14,432 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $2,948,896.

10. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,531,000. The weighted average interest rate was .65%. The interest expense amounted to $118 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

Annual Report

Notes to Financial Statements - continued

11. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $924,753 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $357.

12. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Class A	$ 107,700	$ 171,586
Class T	-	73,859
Class B	-	8,835
Class C	-	45,389
Canada	10,039,164	28,579,259
Institutional Class	32,940	37,051
Total	$ 10,179,804	$ 28,915,979
From net realized gain
Class A	$ -	$ 1,361,853
Class T	-	736,334
Class B	-	209,359
Class C	-	549,710
Canada	-	231,896,136
Institutional Class	-	269,238
Total	$ -	$ 235,022,630

13. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009	2008	2009	2008
Class A
Shares sold	894,135	1,623,645	$ 37,345,647	$ 96,358,055
Reinvestment of distributions	3,241	24,107	102,525	1,454,159
Shares redeemed	(493,476)	(473,393)	(17,901,706)	(24,545,534)
Net increase (decrease)	403,900	1,174,359	$ 19,546,466	$ 73,266,680
Class T
Shares sold	153,535	281,102	$ 6,072,136	$ 16,813,582
Reinvestment of distributions	-	13,222	-	797,422
Shares redeemed	(144,414)	(108,759)	(5,034,459)	(5,550,777)
Net increase (decrease)	9,121	185,565	$ 1,037,677	$ 12,060,227
Class B
Shares sold	68,778	143,582	$ 2,732,178	$ 8,590,562
Reinvestment of distributions	-	2,917	-	175,839
Shares redeemed	(50,130)	(56,743)	(1,849,231)	(3,089,676)
Net increase (decrease)	18,648	89,756	$ 882,947	$ 5,676,725
Class C
Shares sold	311,799	454,502	$ 13,003,041	$ 27,139,418
Reinvestment of distributions	-	8,472	-	509,854
Shares redeemed	(183,651)	(146,400)	(6,643,635)	(7,449,898)
Net increase (decrease)	128,148	316,574	$ 6,359,406	$ 20,199,374
Canada
Shares sold	19,139,057	34,673,241	$ 774,158,834	$ 2,070,491,480
Reinvestment of distributions	306,492	3,970,249	9,628,844	239,922,156
Shares redeemed	(20,957,211)	(35,906,020)	(789,350,714)	(1,927,559,508)
Net increase (decrease)	(1,511,662)	2,737,470	$ (5,563,036)	$ 382,854,128

Annual Report

13. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2009	2008	2009	2008
Institutional Class
Shares sold	280,690	377,605	$ 11,718,786	$ 22,481,855
Reinvestment of distributions	737	4,721	23,131	285,066
Shares redeemed	(108,451)	(208,616)	(3,897,165)	(9,811,769)
Net increase (decrease)	172,976	173,710	$ 7,844,752	$ 12,955,152

14. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Canada Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Canada Fund (a fund of Fidelity Investment Trust) at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Canada Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Class A designates 91% and 47% of the dividends distributed on 12/05/2008 and 12/30/2008, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows:

	Pay Date	Income	Taxes
Class A	12/08/2008	$0.133	$0.074
	12/31/2008	$0.015	$0.000

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Canada Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index over multiple periods. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, as available, the cumulative total returns of Fidelity Canada (retail class) and Class B of the fund, and the cumulative total returns of a broad-based securities market index ("benchmark"). The returns of Fidelity Canada (retail class) and Class B show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on one-year performance), respectively.

Fidelity Canada Fund

The Board stated that the investment performance of Fidelity Canada (retail class) of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Fidelity Canada (retail class) through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Fidelity Canada Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each of Class A, Class B, Class C, Institutional Class, and Fidelity Canada (retail class) ranked below its competitive median for 2008 and the total expenses of Class T ranked above its competitive median for 2008. The Board considered that the total expenses for Class T were above the median primarily because its 12b-1 fee is higher than the typical front-end load class. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable, although in one case above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

The Bank of New York Mellon
New York, New York

ACAN-UANN-1209
1.843164.102

Fidelity Advisor
Canada Fund
Institutional Class

Annual Report

October 31, 2009

Institutional Class is a class of
Fidelity® Canada Fund

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total returns will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Institutional ClassA	16.40%	8.99%	12.56%

^A The initial offering of Institutional Class shares took place on May 2, 2007. Returns prior to May 2, 2007 are those of Canada, the original retail class of the fund.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor Canada Fund - Institutional Class on October 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the S&P/TSX Composite Index performed over the same period. The inital offering of Institutional Class took place on May 2, 2007. See above for additional information regarding the performance of Institutional Class.

Annual Report

Management's Discussion of Fund Performance

Market Recap: In the early months of the 12-month period ending October 31, 2009, international equity markets were engulfed by the global effects of the U.S. financial crisis. By the first quarter of 2009, however, the efforts of governments around the world to stimulate economic growth and normalize the credit markets began to gain traction and investors' appetite for risk returned, causing stocks to rally. Emerging markets performed the best among the global economies, as the MSCI® Emerging Markets (EM) Index soared 64.63% during the 12-month period, led by major country constituent Brazil's roughly 90% gain. Among developed equity markets, foreign stocks strongly outperformed their U.S. counterparts for the year overall, fueled largely by a depreciating U.S. dollar. In North America, a strong Canadian dollar and the power of surging energy and materials sectors led Canadian equities to climb, as the S&P/TSX Composite Index returned 30.63%, outpacing the 9.80% return of the Standard & Poor's 500^SM Index, a broad measure of U.S. stocks. In Europe, the MSCI EAFE® Index (Europe, Australasia, Far East) gained 27.88%. Among countries with meaningful weightings in the EAFE index, Sweden, Australia, Hong Kong and Singapore were standouts, each returning more than 50%. However, Japan - representing the index's largest weighting - lagged other markets with its 14% return, hampered in part by lingering concerns about prospects for its economic recovery. The benchmark's second-largest component, the U.K., gained 23%.

Comments from Douglas Lober, Portfolio Manager of Fidelity Advisor Canada Fund: The fund's Institutional Class shares returned 16.40% for the year, lagging the S&P/TSX index. Although the fund's portfolio of higher-quality, larger-capitalization stocks enabled it to post a solid positive return, the period's market rally reserved the highest returns for many of the lowest-quality stocks. The fund's conservative positioning served it well when markets declined during 2008. With no improvement in business fundamentals, however, I stayed with this strategy, which hurt as markets rose. The fund's 3% stake in cash and 5% position in U.S. equities also dampened relative results. Poor stock selection within the energy, materials and financials sectors detracted the most. Major performance drags included oil company Canadian Natural Resources, an underweighting in strong-performing Canadian Imperial Bank of Commerce, BlackBerry maker Research In Motion, gold producer Agnico-Eagle Mines and telephone company BCE. Winners included gold-mining company Goldcorp, software services firm CGI Group, an underweighting in oil and gas producer Penn West Energy Trust and no exposure to insurance firm and index component Power Financial.

Note to shareholders: Fidelity Advisor Canada Fund may invest up to 35% of its total assets in any industry that represents more than 20% of the Canadian market. As of October 31, 2009, the fund did not have more than 25% of its assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

Canada

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 and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.39%
Actual		$ 1,000.00	$ 1,222.80	$ 7.79
Hypothetical A		$ 1,000.00	$ 1,018.20	$ 7.07
Class T	1.68%
Actual		$ 1,000.00	$ 1,221.20	$ 9.41
Hypothetical A		$ 1,000.00	$ 1,016.74	$ 8.54
Class B	2.18%
Actual		$ 1,000.00	$ 1,218.10	$ 12.19
Hypothetical A		$ 1,000.00	$ 1,014.22	$ 11.07
Class C	2.17%
Actual		$ 1,000.00	$ 1,218.20	$ 12.13
Hypothetical A		$ 1,000.00	$ 1,014.27	$ 11.02
Canada	1.11%
Actual		$ 1,000.00	$ 1,224.50	$ 6.22
Hypothetical A		$ 1,000.00	$ 1,019.61	$ 5.65
Institutional Class	1.16%
Actual		$ 1,000.00	$ 1,224.60	$ 6.50
Hypothetical A		$ 1,000.00	$ 1,019.36	$ 5.90

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

Canada

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	Canada	96.6%
	United States of America	3.4%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Canada	89.1%
	United States of America	10.4%
	Netherlands Antilles	0.5%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	97.6	95.8
Short-Term Investments and Net Other Assets	2.4	4.2
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Royal Bank of Canada (Commercial Banks)	6.3	5.8
Toronto-Dominion Bank (Commercial Banks)	5.6	5.6
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels)	5.3	3.4
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels)	3.9	3.8
EnCana Corp. (Oil, Gas & Consumable Fuels)	3.5	3.6
Goldcorp, Inc. (Metals & Mining)	3.3	2.6
Barrick Gold Corp. (Metals & Mining)	3.0	2.9
Potash Corp. of Saskatchewan, Inc. (Chemicals)	2.9	3.0
Bank of Nova Scotia (Commercial Banks)	2.9	2.9
Bank of Montreal (Commercial Banks)	2.7	2.1
	39.4
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	27.9	30.0
Energy	27.8	26.3
Materials	19.5	14.9
Industrials	5.3	6.2
Consumer Discretionary	5.2	2.3
Information Technology	4.1	6.2
Telecommunication Services	3.7	5.4
Consumer Staples	2.5	3.3
Health Care	0.8	0.4
Utilities	0.8	0.8

Annual Report

Canada

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 97.6%
	Shares		Value
CONSUMER DISCRETIONARY - 5.2%
Distributors - 0.1%
Uni-Select, Inc.	100,000		$ 2,483,262
Hotels, Restaurants & Leisure - 1.2%
Tim Hortons, Inc.	1,410,300		40,151,241
Media - 2.6%
Astral Media, Inc. Class A (non-vtg.)	240,000		7,101,261
Corus Entertainment, Inc. Class B (non-vtg.)	500,000		8,214,434
Quebecor, Inc. Class B (sub. vtg.)	400,000		8,167,336
Shaw Communications, Inc. Class B	1,000,000		17,777,162
Thomson Reuters Corp. (c)	1,400,000		44,501,085
			85,761,278
Multiline Retail - 0.6%
Canadian Tire Ltd. Class A (non-vtg.)	200,000		10,101,122
Dollarama, Inc.	400,000		7,129,335
Dollarama, Inc. (a)(d)	91,000		1,621,924
			18,852,381
Specialty Retail - 0.0%
RONA, Inc. (a)	100,000		1,367,687
Textiles, Apparel & Luxury Goods - 0.7%
Gildan Activewear, Inc. (a)	1,300,000		22,882,209
TOTAL CONSUMER DISCRETIONARY			171,498,058
CONSUMER STAPLES - 2.5%
Beverages - 0.3%
Cott Corp. (a)	250,000		1,976,266
The Coca-Cola Co.	150,000		7,996,500
			9,972,766
Food & Staples Retailing - 1.5%
Alimentation Couche-Tard, Inc. Class B (sub. vtg.)	2,050,000		35,950,963
George Weston Ltd.	80,000		4,075,172
Shoppers Drug Mart Corp.	200,000		7,940,158
			47,966,293
Food Products - 0.7%
General Mills, Inc.	130,000		8,569,600
Viterra, Inc. (a)(c)	1,509,300		14,356,365
			22,925,965
TOTAL CONSUMER STAPLES			80,865,024
ENERGY - 27.8%
Energy Equipment & Services - 0.1%
Ensign Energy Services, Inc.	100,000		1,433,255
Precision Drilling Trust	400,000		2,593,157
			4,026,412
Oil, Gas & Consumable Fuels - 27.7%
ARC Energy Trust unit	200,000		3,603,454
Baytex Energy Trust	100,000		2,447,246
	Shares		Value
Cameco Corp.	1,250,000		$ 34,815,533
Canadian Natural Resources Ltd.	1,975,000		128,073,602
Canadian Oil Sands Trust	600,000		16,168,444
Crescent Point Energy Corp.	800,000		27,187,514
Crescent Point Energy Corp. (d)	83,400		2,834,298
Enbridge, Inc.	1,728,900		67,201,737
EnCana Corp.	2,100,000		116,359,607
Enerplus Resources Fund Series G	200,000		4,358,868
Imperial Oil Ltd.	900,000		33,827,400
Keyera Facilities Income Fund	850,000		15,573,718
Nexen, Inc.	1,600,000		34,398,116
Niko Resources Ltd.	390,000		31,550,076
Pacific Rubiales Energy Corp. (a)(c)	900,000		10,946,114
Penn West Energy Trust	800,000		13,261,301
PetroBakken Energy Ltd. Class A	872,978		25,169,112
Petrobank Energy & Resources Ltd. (a)	600,000		26,230,780
Progress Energy Resources Corp.	700,000		8,946,761
Suncor Energy, Inc.	5,307,600		176,062,236
Talisman Energy, Inc.	4,200,000		71,599,945
TransCanada Corp.	2,100,000		64,308,076
			914,923,938
TOTAL ENERGY			918,950,350
FINANCIALS - 27.9%
Capital Markets - 0.7%
CI Financial Corp.	100,000		1,762,940
IGM Financial, Inc.	550,000		19,580,274
			21,343,214
Commercial Banks - 19.7%
Bank of Montreal	1,909,300		88,266,665
Bank of Nova Scotia	2,300,000		96,112,112
Canadian Imperial Bank of Commerce	334,600		19,157,963
National Bank of Canada	1,000,000		52,075,541
Royal Bank of Canada	4,140,000		209,513,780
Toronto-Dominion Bank	3,265,000		185,977,005
			651,103,066
Diversified Financial Services - 0.3%
Onex Corp. (sub. vtg.)	300,000		6,762,710
TMX Group, Inc.	145,000		3,883,271
			10,645,981
Insurance - 5.2%
Fairfax Financial Holdings Ltd. (sub. vtg.)	80,800		28,882,353
Intact Financial Corp.	150,000		4,557,418
Intact Financial Corp. (d)	241,100		7,325,290
Manulife Financial Corp.	3,400,000		63,739,207
Power Corp. of Canada (sub. vtg.)	1,400,000		32,968,555
Sun Life Financial, Inc.	1,200,000		33,168,029
			170,640,852
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Real Estate Investment Trusts - 0.2%
H&R Real Estate Investment Trust/H&R Finance Trust	50,000		$ 606,270
RioCan (REIT)	350,000		5,927,876
			6,534,146
Real Estate Management & Development - 1.2%
Brookfield Asset Management, Inc. Class A (c)	1,950,000		41,130,350
Thrifts & Mortgage Finance - 0.6%
Genworth MI Canada, Inc.	300,000		6,732,234
Home Capital Group, Inc.	350,000		11,797,571
			18,529,805
TOTAL FINANCIALS			919,927,414
HEALTH CARE - 0.8%
Health Care Providers & Services - 0.2%
Medco Health Solutions, Inc. (a)	150,000		8,418,000
Health Care Technology - 0.5%
SXC Health Solutions Corp. (a)	360,000		16,519,740
Pharmaceuticals - 0.1%
Biovail Corp.	150,000		2,022,441
TOTAL HEALTH CARE			26,960,181
INDUSTRIALS - 5.3%
Aerospace & Defense - 0.9%
Bombardier, Inc. Class B (sub. vtg.)	6,200,000		25,135,522
CAE, Inc.	400,000		3,114,005
			28,249,527
Airlines - 0.0%
WestJet Airlines Ltd. (a)	100,000		1,013,991
Commercial Services & Supplies - 0.2%
IESI-BFC Ltd.	500,000		6,418,248
Ritchie Brothers Auctioneers, Inc. (c)	83,920		1,839,526
			8,257,774
Construction & Engineering - 0.9%
SNC-Lavalin Group, Inc.	715,000		28,887,888
Road & Rail - 3.1%
Canadian National Railway Co.	1,670,000		80,658,448
Canadian Pacific Railway Ltd.	500,000		21,655,816
			102,314,264
Trading Companies & Distributors - 0.2%
Finning International, Inc.	500,000		7,369,442
TOTAL INDUSTRIALS			176,092,886
INFORMATION TECHNOLOGY - 4.1%
Communications Equipment - 1.8%
Research In Motion Ltd. (a)	1,040,000		61,079,209
	Shares		Value
Computers & Peripherals - 0.3%
Apple, Inc. (a)	50,000		$ 9,425,000
Electronic Equipment & Components - 0.1%
Celestica, Inc. (sub. vtg.) (a)	450,000		3,706,885
Internet Software & Services - 0.7%
Open Text Corp. (a)	600,000		22,385,372
IT Services - 1.2%
CGI Group, Inc. Class A (sub. vtg.) (a)	3,290,000		40,166,043
TOTAL INFORMATION TECHNOLOGY			136,762,509
MATERIALS - 19.5%
Chemicals - 4.2%
Agrium, Inc.	580,000		26,963,291
Methanex Corp.	900,000		15,509,073
Potash Corp. of Saskatchewan, Inc.	1,035,000		96,450,893
			138,923,257
Metals & Mining - 15.3%
Agnico-Eagle Mines Ltd. (Canada)	624,700		33,229,644
Barrick Gold Corp.	2,780,000		100,021,979
Eldorado Gold Corp. (a)	1,600,000		17,819,643
First Quantum Minerals Ltd.	250,000		17,089,163
Goldcorp, Inc.	3,000,000		110,209,170
HudBay Minerals, Inc. (a)	300,000		3,881,424
IAMGOLD Corp.	1,000,000		13,252,066
Inmet Mining Corp.	250,000		13,238,214
Ivanhoe Mines Ltd. (a)	1,400,000		15,075,034
Kinross Gold Corp.	2,150,000		39,908,575
Lundin Mining Corp. (a)	500,000		2,008,588
Osisko Mining Corp. (a)	400,000		2,696,588
Red Back Mining, Inc. (a)	100,000		1,294,732
Silver Wheaton Corp. (a)	1,775,900		22,304,327
Teck Resources Ltd. Class B (sub. vtg.) (a)	2,850,000		82,669,345
Yamana Gold, Inc.	2,700,000		28,624,463
			503,322,955
Paper & Forest Products - 0.0%
Sino-Forest Corp. (a)	100,000		1,406,474
TOTAL MATERIALS			643,652,686
TELECOMMUNICATION SERVICES - 3.7%
Diversified Telecommunication Services - 1.8%
BCE, Inc.	2,300,000		54,990,996
Bell Aliant Regional Communication Income Fund	100,000		2,484,185
			57,475,181
Wireless Telecommunication Services - 1.9%
Rogers Communications, Inc. Class B (non-vtg.)	2,150,000		63,039,664
TOTAL TELECOMMUNICATION SERVICES			120,514,845
Common Stocks - continued
	Shares		Value
UTILITIES - 0.8%
Electric Utilities - 0.6%
Fortis, Inc.	800,000		$ 18,691,416
Multi-Utilities - 0.2%
Canadian Utilities Ltd. Class A (non-vtg.)	225,000		8,005,957
TOTAL UTILITIES			26,697,373
TOTAL COMMON STOCKS (Cost $3,025,366,159)		3,221,921,326
Money Market Funds - 0.7%
Fidelity Securities Lending Cash Central Fund, 0.15% (b)(e) (Cost $22,963,420)	22,963,420		22,963,420
Cash Equivalents - 0.3%
	Maturity Amount
Investments in repurchase agreements in a joint trading account at 0.05%, dated 10/30/09 due 11/2/09 (Collateralized by U.S. Government Obligations) # (Cost $10,499,000)	$ 10,499,048		10,499,000
TOTAL INVESTMENT PORTFOLIO - 98.6% (Cost $3,058,828,579)			3,255,383,746
NET OTHER ASSETS - 1.4%			45,236,513
NET ASSETS - 100%		$ 3,300,620,259

Legend

(a) Non-income producing

(b) Investment made with cash collateral received from securities on loan.

(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 $11,781,512 or 0.4% of net assets.

(e) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

# Additional information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty	Value
$10,499,000 due 11/02/09 at 0.05%
BNP Paribas Securities Corp.	$ 1,935,652
Banc of America Securities LLC	1,981,474
Barclays Capital, Inc.	5,806,957
Deutsche Bank Securities, Inc.	774,917
	$ 10,499,000

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	$ 606,837
Fidelity Securities Lending Cash Central Fund	2,948,896
Total	$ 3,555,733

Other Information

All investments are categorized as Level 1 under the Fair Value Hierarchy with the exception of Repurchase Agreements which are categorized as Level 2. 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, please refer to the Security Valuation section in the accompanying Notes to Financial Statements.

Income Tax Information

At October 31, 2009, the fund had a capital loss carryforward of approximately $260,471,096 of which $109,546,724 and $150,924,372 will expire on October 31, 2016 and 2017, respectively.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Canada

Financial Statements

Statement of Assets and Liabilities

	October 31, 2009
Assets
Investment in securities, at value (including securities loaned of $21,614,198 and repurchase agreements of $10,499,000) - See accompanying schedule: Unaffiliated issuers (cost $3,035,865,159)	$ 3,232,420,326
Fidelity Central Funds (cost $22,963,420)	22,963,420
Total Investments (cost $3,058,828,579)		$ 3,255,383,746
Foreign currency held at value (cost $1,053,639)		1,053,399
Receivable for investments sold		135,488,138
Receivable for fund shares sold		4,546,724
Dividends receivable		4,627,774
Distributions receivable from Fidelity Central Funds		306,357
Prepaid expenses		20,607
Other receivables		363,475
Total assets		3,401,790,220
Liabilities
Payable to custodian bank	$ 1,632,878
Payable for investments purchased	61,175,379
Payable for fund shares redeemed	5,044,542
Accrued management fee	2,024,250
Distribution fees payable	53,105
Notes payable to affliates	7,273,000
Other affiliated payables	883,229
Other payables and accrued expenses	120,158
Collateral on securities loaned, at value	22,963,420
Total liabilities		101,169,961
Net Assets		$ 3,300,620,259
Net Assets consist of:
Paid in capital		$ 3,419,053,592
Undistributed net investment income		26,298,051
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(340,971,696)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		196,240,312
Net Assets		$ 3,300,620,259

Statement of Assets and Liabilities - continued

	October 31, 2009
Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($83,014,893 ÷ 1,876,310 shares)		$ 44.24
Maximum offering price per share (100/94.25 of $44.24)		$ 46.94
Class T: Net Asset Value and redemption price per share ($17,727,268 ÷ 401,880 shares)		$ 44.11
Maximum offering price per share (100/96.50 of $44.11)		$ 45.71
Class B: Net Asset Value and offering price per share ($7,283,295 ÷ 166,758 shares)A		$ 43.68
Class C: Net Asset Value and offering price per share ($24,847,882 ÷ 569,904 shares)A		$ 43.60
Canada: Net Asset Value, offering price and redemption price per share ($3,149,790,916 ÷ 70,843,028 shares)		$ 44.46
Institutional Class: Net Asset Value, offering price and redemption price per share ($17,956,005 ÷ 404,530 shares)		$ 44.39

^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.

Annual Report

Statement of Operations

	Year ended October 31, 2009
Investment Income
Dividends		$ 73,930,160
Interest		5,115
Income from Fidelity Central Funds		3,555,733
		77,491,008
Less foreign taxes withheld		(10,658,424)
Total income		66,832,584
Expenses
Management fee Basic fee	$ 20,061,152
Performance adjustment	2,758,360
Transfer agent fees	8,292,313
Distribution fees	441,822
Accounting and security lending fees	1,227,319
Custodian fees and expenses	214,073
Independent trustees' compensation	20,026
Registration fees	146,592
Audit	72,676
Legal	14,151
Interest	1,585
Miscellaneous	63,440
Total expenses before reductions	33,313,509
Expense reductions	(925,110)	32,388,399
Net investment income (loss)		34,444,185
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	(173,899,305)
Foreign currency transactions	(348,730)
Futures contracts	3,069,145
Total net realized gain (loss)		(171,178,890)
Change in net unrealized appreciation (depreciation) on: Investment securities	538,225,902
Assets and liabilities in foreign currencies	(281,421)
Total change in net unrealized appreciation (depreciation)		537,944,481
Net gain (loss)		366,765,591
Net increase (decrease) in net assets resulting from operations		$ 401,209,776

Statement of Changes in Net Assets

	Year ended October 31, 2009	Year ended October 31, 2008
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 34,444,185	$ 46,066,725
Net realized gain (loss)	(171,178,890)	(175,687,217)
Change in net unrealized appreciation (depreciation)	537,944,481	(2,181,002,870)
Net increase (decrease) in net assets resulting from operations	401,209,776	(2,310,623,362)
Distributions to shareholders from net investment income	(10,179,804)	(28,915,979)
Distributions to shareholders from net realized gain	-	(235,022,630)
Total distributions	(10,179,804)	(263,938,609)
Share transactions - net increase (decrease)	30,108,212	507,012,286
Redemption fees	779,120	3,308,433
Total increase (decrease) in net assets	421,917,304	(2,064,241,252)
Net Assets
Beginning of period	2,878,702,955	4,942,944,207
End of period (including undistributed net investment income of $26,298,051 and undistributed net investment income of $26,382,786, respectively)	$ 3,300,620,259	$ 2,878,702,955

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class A

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.20	$ 70.16	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.38	.39	.19
Net realized and unrealized gain (loss)	5.72	(28.71)	15.96
Total from investment operations	6.10	(28.32)	16.15
Distributions from net investment income	(.07)	(.41)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.07)	(3.68)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 44.24	$ 38.20	$ 70.16
Total Return B,C,D	16.08%	(42.23)%	29.93%
Ratios to Average Net Assets F,I
Expenses before reductions	1.42%	1.34%	1.23% A
Expenses net of fee waivers, if any	1.42%	1.34%	1.23% A
Expenses net of all reductions	1.39%	1.31%	1.22% A
Net investment income (loss)	.98%	.69%	.63% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 83,015	$ 56,242	$ 20,912
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

Financial Highlights - Class T

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 38.10	$ 70.09	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.27	.23	.09
Net realized and unrealized gain (loss)	5.73	(28.66)	15.99
Total from investment operations	6.00	(28.43)	16.08
Distributions from net investment income	-	(.33)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.60)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 44.11	$ 38.10	$ 70.09
Total Return B,C,D	15.77%	(42.40)%	29.80%
Ratios to Average Net Assets F,I
Expenses before reductions	1.70%	1.63%	1.48% A
Expenses net of fee waivers, if any	1.70%	1.63%	1.48% A
Expenses net of all reductions	1.67%	1.60%	1.47% A
Net investment income (loss)	.71%	.40%	.30% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,727	$ 14,963	$ 14,522
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the sales charges. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Class B

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.91	$ 69.88	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.08	(.06)	(.06)
Net realized and unrealized gain (loss)	5.68	(28.54)	15.93
Total from investment operations	5.76	(28.60)	15.87
Distributions from net investment income	-	(.14)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.41)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 43.68	$ 37.91	$ 69.88
Total Return B,C,D	15.22%	(42.68)%	29.41%
Ratios to Average Net Assets F,I
Expenses before reductions	2.19%	2.13%	2.00% A
Expenses net of fee waivers, if any	2.19%	2.13%	2.00% A
Expenses net of all reductions	2.16%	2.10%	1.99% A
Net investment income (loss)	.21%	(.10)%	(.21)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,283	$ 5,615	$ 4,078
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

Financial Highlights - Class C

Years ended October 31,	2009	2008	2007 H
Selected Per-Share Data
Net asset value, beginning of period	$ 37.84	$ 69.91	$ 54.00
Income from Investment Operations
Net investment income (loss) E	.09	(.05)	(.04)
Net realized and unrealized gain (loss)	5.66	(28.52)	15.94
Total from investment operations	5.75	(28.57)	15.90
Distributions from net investment income	-	(.27)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	-	(3.54)	-
Redemption fees added to paid in capital E	.01	.04	.01
Net asset value, end of period	$ 43.60	$ 37.84	$ 69.91
Total Return B,C,D	15.22%	(42.69)%	29.46%
Ratios to Average Net Assets F,I
Expenses before reductions	2.18%	2.13%	1.99% A
Expenses net of fee waivers, if any	2.18%	2.13%	1.99% A
Expenses net of all reductions	2.15%	2.10%	1.97% A
Net investment income (loss)	.22%	(.10)%	(.15)% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 24,848	$ 16,716	$ 8,752
Portfolio turnover rate G	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Total returns do not include the effect of the contingent deferred sales charge. ^E Calculated based on average shares outstanding during the period. ^F Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^G Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^H For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Financial Highlights - Canada

Years ended October 31,	2009	2008	2007	2006	2005
Selected Per-Share Data
Net asset value, beginning of period	$ 38.37	$ 70.25	$ 49.48	$ 39.14	$ 31.87
Income from Investment Operations
Net investment income (loss) B	.48	.58	.52	.34	.20
Net realized and unrealized gain (loss)	5.74	(28.83)	21.62	10.15	7.12
Total from investment operations	6.22	(28.25)	22.14	10.49	7.32
Distributions from net investment income	(.14)	(.40)	(.36)	(.16)	(.08)
Distributions from net realized gain	-	(3.27)	(1.03)	(.01)	-
Total distributions	(.14)	(3.67)	(1.39)	(.17)	(.08)
Redemption fees added to paid in capital B	.01	.04	.02	.02	.03
Net asset value, end of period	$ 44.46	$ 38.37	$ 70.25	$ 49.48	$ 39.14
Total Return A	16.40%	(42.06)%	46.03%	26.93%	23.11%
Ratios to Average Net Assets C,E
Expenses before reductions	1.17%	1.03%	.96%	1.00%	1.08%
Expenses net of fee waivers, if any	1.17%	1.03%	.96%	1.00%	1.08%
Expenses net of all reductions	1.13%	1.00%	.94%	.97%	1.04%
Net investment income (loss)	1.24%	1.00%	.94%	.74%	.55%
Supplemental Data
Net assets, end of period (000 omitted)	$ 3,149,791	$ 2,776,298	$ 4,890,617	$ 3,136,927	$ 1,722,516
Portfolio turnover rate D	123%	63%	42%	50%	24%

^A Total returns would have been lower had certain expenses not been reduced during the periods shown. ^B Calculated based on average shares outstanding during the period. ^C Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

Financial Highlights - Institutional Class

Years ended October 31,	2009	2008	2007 G
Selected Per-Share Data
Net asset value, beginning of period	$ 38.31	$ 70.25	$ 54.00
Income from Investment Operations
Net investment income (loss) D	.49	.52	.25
Net realized and unrealized gain (loss)	5.72	(28.78)	15.99
Total from investment operations	6.21	(28.26)	16.24
Distributions from net investment income	(.14)	(.45)	-
Distributions from net realized gain	-	(3.27)	-
Total distributions	(.14)	(3.72)	-
Redemption fees added to paid in capital D	.01	.04	.01
Net asset value, end of period	$ 44.39	$ 38.31	$ 70.25
Total Return B,C	16.40%	(42.11)%	30.09%
Ratios to Average Net Assets E,H
Expenses before reductions	1.17%	1.11%	1.01% A
Expenses net of fee waivers, if any	1.17%	1.11%	1.01% A
Expenses net of all reductions	1.14%	1.08%	.99% A
Net investment income (loss)	1.23%	.92%	.83% A
Supplemental Data
Net assets, end of period (000 omitted)	$ 17,956	$ 8,870	$ 4,064
Portfolio turnover rate F	123%	63%	42%

^A Annualized ^B Total returns for periods of less than one year are not annualized. ^C Total returns would have been lower had certain expenses not been reduced during the periods shown. ^D Calculated based on average shares outstanding during the period. ^E Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds. ^F Amount does not include the portfolio activity of any underlying Fidelity Central Funds. ^G For the period May 2, 2007 (commencement of sale of shares) to October 31, 2007. ^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 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.

See accompanying notes which are an integral part of the financial statements.

Annual Report

Notes to Financial Statements

For the period ended October 31, 2009

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 B, Class C, Canada, and Institutional Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.

2. Investments in Fidelity Central Funds.

The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC web site or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Events or transactions occurring after period end through the date that the financial statements were issued, December 18, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Fund uses independent pricing services approved by the Board of Trustees to value its investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. The aggregate value by input level, as of October 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments. Valuation techniques of the Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. 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. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.

Foreign Currency. The Fund uses foreign currency contracts to facilitate transactions in foreign-denominated securities. Losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rate at period end. Purchases and sales of investment securities, income and dividends received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Foreign Currency - continued

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund estimates the components of distributions received that may be considered return of capital distributions or capital gain distributions. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. 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 by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. There are no unrecognized tax benefits in the accompanying financial statements in connection with the tax positions taken by the Fund. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are 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 generally accepted accounting principles.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.

Book-tax differences are primarily due to futures transactions, 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	$ 363,468,397
Gross unrealized depreciation	(247,414,070)
Net unrealized appreciation (depreciation)	$ 116,054,327
Tax Cost	$ 3,139,329,419

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income	$ 26,298,251
Capital loss carryforward	$ (260,471,096)
Net unrealized appreciation (depreciation)	$ 115,739,712

The tax character of distributions paid was as follows:

	October 31, 2009	October 31, 2008
Ordinary Income	$ 10,179,804	$ 73,476,845
Long-term Capital Gains	-	190,461,764
Total	$ 10,179,804	$ 263,938,609

Annual Report

3. Significant Accounting Policies - continued

Short-Term Trading (Redemption) Fees. Shares held in the Fund less than 90 days are subject to a redemption fee equal to 1.50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.

4. Operating Policies.

Repurchase Agreements. FMR has received an Exemptive Order from the SEC which permits the Fund and other affiliated entities of FMR to transfer uninvested cash balances into joint trading accounts which are then invested in repurchase agreements. The Fund may also invest directly with institutions in repurchase agreements. Repurchase agreements are collateralized by government or non-government securities. Upon settlement date, collateral is held in segregated accounts with custodian banks and may be obtained in the event of a default of the counterparty. The Fund monitors, on a daily basis, the value of the collateral to ensure it is at least equal to the principal amount of the repurchase agreement (including accrued interest). In the event of a default by the counterparty, realization of the collateral proceeds could be delayed, during which time the value of the collateral may decline.

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

5. Investments in Derivative Instruments.

Objectives and Strategies for Investing in Derivative Instruments. The Fund uses derivative instruments ("derivatives"), including futures contracts, in order to meet its investment objectives. The Fund's strategy is to use derivatives as a risk management tool and as an additional way to gain exposure to certain types of assets. 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.

While utilizing derivatives in pursuit of its investment objectives, the Fund is exposed to certain financial risk relative to those derivatives. This risk is further explained below:

Equity Risk Equity risk is the risk that the value of financial instruments will fluctuate 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 following notes provide more detailed information about each derivative type held by the Fund:

Futures Contracts. The Fund uses futures contracts to manage its exposure to the stock market. 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. Buying futures tends to increase a fund's exposure to the underlying instrument, while selling futures tends to decrease a fund's exposure to the underlying instrument. Risks of loss may include equity risk and potential lack of liquidity in the market. Futures have minimal counterparty risk to the Fund since the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The purchaser or seller of a futures contract is not required to pay for or deliver the instrument unless the contract is held until the delivery date. Upon entering into a futures contract, a fund is required to deposit with a clearing broker, no later than the following business day, an amount ("initial margin") equal to a certain percentage of the face value of the contract. The initial margin may be in the form of cash or securities and is transferred to a segregated account on settlement date. Securities deposited to meet margin requirements are identified in the Fund's Schedule of Investments. Futures contracts are marked-to-market daily and subsequent payments ("variation margin") are made or received by a fund depending on the daily fluctuations in the value of the futures contract. These amounts are reflected as receivables or payables on the Statement of Assets and Liabilities and changes in value are recognized as unrealized gain (loss). Realized gain (loss) is recorded upon the expiration or closing of the futures contract. The net realized gain (loss) and change in unrealized gain (loss) on futures contracts during the period is included on the Statement of Operations.

At the end of the period, the Fund had no open futures contracts.

Annual Report

Notes to Financial Statements - continued

5. Investments in Derivative Instruments - continued

Realized and Change in Unrealized Gain (Loss) on Derivative Instruments. A summary of the Fund's value of derivatives by primary risk exposure as of period end, if any, is included at the end of the Fund's Schedule of Investments. The table below reflects the Fund's realized gain (loss) and change in unrealized gain (loss) for derivatives during the period.

Risk Exposure / Derivative Type	Realized Gain (Loss)	Change in Unrealized Gain (Loss)
Equity Risk
Futures Contracts	$ 3,069,145	$ -
Total Derivatives Realized and Change in Unrealized Gain (Loss) (a)	$ 3,069,145	$ -

(a) Total derivatives realized gain (loss) included in the Statement of Operations is comprised of $3,069,145 for futures contracts.

6. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $3,390,397,181 and $3,368,325,269, respectively.

7. Fees and Other Transactions with Affiliates.

Management Fee. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and a group fee rate that averaged .26% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ±.20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of the retail class of the Fund, Canada, as compared to an appropriate benchmark index. For the period, the total annual management fee rate, including the performance adjustment, was .81% of the Fund's average net assets.

Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of FMR, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates and the total amounts paid to and retained by FDC were as follows:

	Distribution Fee	Service Fee	Paid to FDC	Retained by FDC
Class A	-%	.25%	$ 147,305	$ 6,178
Class T	.25%	.25%	71,818	560
Class B	.75%	.25%	57,741	43,385
Class C	.75%	.25%	164,958	65,582
			$ 441,822	$ 115,705

Sales Load. FDC receives 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. FDC receives the proceeds of contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. These charges depend on the holding period. The deferred sales charges range from 5% to 1% for Class B, 1% for Class C, 1.00% to .50% 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	$ 63,773
Class T	7,987
Class B*	16,151
Class C*	10,081
	$ 97,992

* 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.

Annual Report

7. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend disbursing and shareholder servicing agent for each class of the 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, the total transfer agent fees paid by each class were as follows:

	Amount	% of Average Net Assets
Class A	$ 178,893	.30
Class T	47,042	.33
Class B	18,791	.32
Class C	52,407	.32
Canada	7,962,759	.29
Institutional Class	32,421	.30
	$ 8,292,313

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for the month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. The commissions paid to these affiliated firms were $5,692 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, 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. Any open loans, including accrued interest, at period end are presented under the caption "Notes Payable to Affliliates" in the Fund's Statement of Assets and Liabilities. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Daily Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 8,085,133	.44%	$ 1,467

8. Committed Line of Credit.

The Fund participates with other funds managed by FMR in a $3.5 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 $14,432 and is reflected in Miscellaneous Expense on the Statement of Operations. During the period, there were no borrowings on this line of credit.

9. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund could experience delays and costs in recovering the securities loaned or in gaining access to the collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less fees and expenses associated with the loan, plus any premium payments that may be received on the loan of certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Net income from lending portfolio securities during the period amounted to $2,948,896.

10. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. The average daily loan balance during the period for which loans were outstanding amounted to $6,531,000. The weighted average interest rate was .65%. The interest expense amounted to $118 under the bank borrowing program. At period end, there were no bank borrowings outstanding.

Annual Report

Notes to Financial Statements - continued

11. Expense Reductions.

Many of the brokers with whom FMR places trades on behalf of the Fund provided services to the Fund in addition to trade execution. These services included payments of certain expenses on behalf of the Fund totaling $924,753 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $357.

12. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2009	2008
From net investment income
Class A	$ 107,700	$ 171,586
Class T	-	73,859
Class B	-	8,835
Class C	-	45,389
Canada	10,039,164	28,579,259
Institutional Class	32,940	37,051
Total	$ 10,179,804	$ 28,915,979
From net realized gain
Class A	$ -	$ 1,361,853
Class T	-	736,334
Class B	-	209,359
Class C	-	549,710
Canada	-	231,896,136
Institutional Class	-	269,238
Total	$ -	$ 235,022,630

13. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended October 31,	2009	2008	2009	2008
Class A
Shares sold	894,135	1,623,645	$ 37,345,647	$ 96,358,055
Reinvestment of distributions	3,241	24,107	102,525	1,454,159
Shares redeemed	(493,476)	(473,393)	(17,901,706)	(24,545,534)
Net increase (decrease)	403,900	1,174,359	$ 19,546,466	$ 73,266,680
Class T
Shares sold	153,535	281,102	$ 6,072,136	$ 16,813,582
Reinvestment of distributions	-	13,222	-	797,422
Shares redeemed	(144,414)	(108,759)	(5,034,459)	(5,550,777)
Net increase (decrease)	9,121	185,565	$ 1,037,677	$ 12,060,227
Class B
Shares sold	68,778	143,582	$ 2,732,178	$ 8,590,562
Reinvestment of distributions	-	2,917	-	175,839
Shares redeemed	(50,130)	(56,743)	(1,849,231)	(3,089,676)
Net increase (decrease)	18,648	89,756	$ 882,947	$ 5,676,725
Class C
Shares sold	311,799	454,502	$ 13,003,041	$ 27,139,418
Reinvestment of distributions	-	8,472	-	509,854
Shares redeemed	(183,651)	(146,400)	(6,643,635)	(7,449,898)
Net increase (decrease)	128,148	316,574	$ 6,359,406	$ 20,199,374
Canada
Shares sold	19,139,057	34,673,241	$ 774,158,834	$ 2,070,491,480
Reinvestment of distributions	306,492	3,970,249	9,628,844	239,922,156
Shares redeemed	(20,957,211)	(35,906,020)	(789,350,714)	(1,927,559,508)
Net increase (decrease)	(1,511,662)	2,737,470	$ (5,563,036)	$ 382,854,128

Annual Report

13. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2009	2008	2009	2008
Institutional Class
Shares sold	280,690	377,605	$ 11,718,786	$ 22,481,855
Reinvestment of distributions	737	4,721	23,131	285,066
Shares redeemed	(108,451)	(208,616)	(3,897,165)	(9,811,769)
Net increase (decrease)	172,976	173,710	$ 7,844,752	$ 12,955,152

14. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and the Shareholders of Fidelity Canada Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Canada Fund (a fund of Fidelity Investment Trust) at October 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Canada Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 18, 2009

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 223 funds advised by FMR or an affiliate. Mr. Curvey oversees 411 funds advised by FMR or an affiliate.

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Edward C. Johnson 3d (79)
	Year of Election or Appointment: 1984 Mr. Johnson is Trustee and Chairman of the Board of Trustees of certain Trusts. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007).
James C. Curvey (74)
	Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Age; Principal Occupation
Dennis J. Dirks (61)
	Year of Election or Appointment: 2005 Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Currently, Mr. Dirks serves as a member of the Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (56)
	Year of Election or Appointment: 2008 Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb Company (global pharmaceuticals, 2007-present). Mr. Lacy is Chairman (2008-present) and a member (2006-present) of the Board of Trustees of The National Parks Conservation Association.
Ned C. Lautenbach (65)
	Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees of the Equity and High Income Funds (2006-present). Mr. Lautenbach is an Advisory Partner of Clayton, Dubilier & Rice, Inc. (private equity investment). Previously, Mr. Lautenbach was with the International Business Machines Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. Mr. Lautenbach is also a member of the Board of Trustees of Fairfield University (2005-present), as well as a member of the Council on Foreign Relations. Previously, Mr. Lautenbach served as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (65)
	Year of Election or Appointment: 2008 Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007).
Cornelia M. Small (65)
	Year of Election or Appointment: 2005 Ms. Small is a member of the Board of Directors of the Teagle Foundation (2009-present). Ms. Small is also a member of the Investment Committee, and Chair (2008-present) and a member of the Board of Trustees of Smith College. In addition, Ms. Small serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson of the Investment Committee (2002-2008) of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (70)
	Year of Election or Appointment: 2001 Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is a Director of Teradata Corporation (data warehousing and technology solutions, 2008-present), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment, 2005-present). Mr. Stavropoulos is a special advisor to Clayton, Dubilier & Rice, Inc. (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science.
David M. Thomas (60)
	Year of Election or Appointment: 2008 Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present).
Michael E. Wiley (59)
	Year of Election or Appointment: 2008 Mr. Wiley also serves as a Director of Asia Pacific Exploration Consolidated (international oil and gas exploration and production, 2008-present), and as a member of the Board of Trustees of the University of Tulsa (2000-2006; 2007-present). Mr. Wiley serves as a Director of Tesoro Corporation (independent oil refiner and marketer, 2005-present), and a Director of Bill Barrett Corporation (exploration and production, 2005-present). In addition, Mr. Wiley also serves as a Director of Post Oak Bank (privately-held bank, 2004-present). Previously, Mr. Wiley served as a Sr. Energy Advisor of Katzenbach Partners, LLC (consulting, 2006-2007), as an Advisory Director of Riverstone Holdings (private investment), Chairman, President, and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004), and as Director of Spinnaker Exploration Company (exploration and production, 2001-2005).

Annual Report

Advisory Board Member and Executive Officers:

Correspondence intended for each executive officer and Peter S. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.

Name, Age; Principal Occupation
Peter S. Lynch (65)
	Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity's Equity and High Income Funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Kenneth B. Robins (40)
	Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Equity and High Income Funds. Mr. Robins also serves as Assistant Treasurer of other Fidelity funds (2009-present) and is an employee of Fidelity Investments (2004-present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG's department of professional practice (2002-2004).
Brian B. Hogan (45)
	Year of Election or Appointment: 2009 Vice President of certain Equity Funds and Vice President of Sector Funds. Mr. Hogan also serves as Senior Vice President, Equity Research of FMR (2006-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as a portfolio manager.
Eric M. Wetlaufer (47)
	Year of Election or Appointment: 2006 Vice President of Fidelity's International Equity Funds. Mr. Wetlaufer also serves as Group Chief Investment Officer of FMR. Mr. Wetlaufer is a Director (2007-present), Chairman, Chief Executive Officer, and President of Fidelity Management & Research (Hong Kong) Limited (2008-present); Chairman, Chief Executive Officer, President, and a Director of Fidelity Management & Research (Japan) Inc. (2008-present); Chairman and Chief Executive Officer (2007-present) and President and a Director (2006-present) of Fidelity Management & Research (U.K.) Inc. and President and a Director of Fidelity Research & Analysis Company (2006-present). Before joining Fidelity Investments in 2005, Mr. Wetlaufer was a partner in Oxhead Capital Management (2004-2005).
Scott C. Goebel (41)
	Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present), Fidelity Investments Money Management, Inc. (2008-present), Fidelity Management & Research (U.K.) Inc. (2008-present), and Fidelity Research and Analysis Company (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007).
William C. Coffey (40)
	Year of Election or Appointment: 2009 Assistant Secretary of Fidelity's Equity and High Income Funds. Mr. Coffey also serves as Vice President and Associate General Counsel of FMR LLC (2005-present), and is an employee of Fidelity Investments.
Holly C. Laurent (55)
	Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), and Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006).
Christine Reynolds (51)
	Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. Ms. Reynolds served as Chief Operating Officer of FPCMS (2007-2008). Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007).
Kenneth A. Rathgeber (62)
	Year of Election or Appointment: 2004 Chief Compliance Officer of Fidelity's Equity and High Income Funds. Mr. Rathgeber is Chief Compliance Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present), Fidelity Management & Research (Japan) Inc. (2008-present), FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005-present), Fidelity Investments Money Management, Inc. (2005-present), Pyramis Global Advisors, LLC (2005-present), and Strategic Advisers, Inc. (2005-present).
Jeffrey S. Christian (48)
	Year of Election or Appointment: 2009 Deputy Treasurer of the Fidelity funds. Mr. Christian is an employee of Fidelity Investments. Previously, Mr. Christian served as Chief Financial Officer (2008-2009) of certain Fidelity funds, Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2004-2009), and as Vice President of Business Analysis (2003-2004).
Bryan A. Mehrmann (48)
	Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004).
Adrien E. Deberghes (42)
	Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Equity and High Income Funds. Mr. Deberghes is an employee of Fidelity Investments (2008-present). Previously, Mr. Deberghes served as Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
John R. Hebble (51)
	Year of Election or Appointment: 2009 Assistant Treasurer of Fidelity's Equity and High Income Funds. Mr. Hebble also serves as President and Treasurer of other Fidelity funds (2008-present) and is an employee of Fidelity Investments.
Paul M. Murphy (62)
	Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments. Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007).
Gary W. Ryan (51)
	Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005).

Annual Report

Distributions (Unaudited)

Institutional Class designates 60% and 47% of the dividend distributed on 12/05/2008 and 12/30/2008, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are as follows.

	Pay Date	Income	Taxes
Institutional Class	12/08/2008	$0.202	$0.074
Institutional Class	12/31/2008	$0.015	$0.000

The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Canada Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract and sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information throughout the year.

The Board meets regularly and, acting directly and through its separate committees, requests and receives information concerning, and considers at each of its meetings factors that are relevant to, its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees, each composed of Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. Each committee has a written charter outlining the structure and purposes of the committee. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of Advisory Contracts.

At its July 2009 meeting, the Board of Trustees, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expenses; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board ultimately reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts and the compensation to be received by Fidelity under the management contract is consistent with Fidelity's fiduciary duty under applicable law. The Board's decision to renew the Advisory Contracts was not based on any single factor noted above, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, is aware that shareholders in the fund have a broad range of investment choices available to them, including a wide choice among mutual funds offered by competitors to Fidelity, and that the fund's shareholders, with the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, managed by Fidelity.

Nature, Extent, and Quality of Services Provided. The Board considered staffing within the investment adviser, FMR, and the sub-advisers (together, the Investment Advisers), including the backgrounds of the fund's investment personnel and the fund's investment objective and discipline. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives.

Resources Dedicated to Investment Management and Support Services. The Board reviewed the size, education, and experience of the Investment Advisers' investment staff, their use of technology, and the Investment Advisers' approach to recruiting, training, and retaining portfolio managers and other research, advisory, and management personnel. In response to last year's financial crisis, FMR took a number of actions intended to cut costs and improve efficiency without weakening the investment teams or resources. The Board noted that Fidelity's analysts have access to a variety of technological tools and market and securities data that enable them to perform both fundamental and quantitative analysis and to specialize in various disciplines. The Board considered Fidelity's extensive global research capabilities that enable the Investment Advisers to aggregate data from various sources in an effort to produce positive investment results. The Board also considered that Fidelity's portfolio managers and analysts have access to daily portfolio attribution that allows for monitoring of a fund's portfolio, as well as an electronic communication system that provides immediate real-time access to research concerning issuers and credit enhancers.

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, distribution, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the Investment Advisers' supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through phone representatives and over the Internet, and investor education materials and asset allocation tools.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing for a large variety of mutual fund investor services. For example, fund shareholders are offered the privilege of exchanging shares of the fund for shares of other Fidelity funds, as set forth in the fund's prospectus, without paying a sales charge. The Board noted that Fidelity has taken a number of actions over the previous year that benefited particular funds, including (i) dedicating additional resources to investment research and to restructure and broaden the focus of the investment research teams; (ii) bolstering the senior management team that oversees asset management; (iii) contractually agreeing to reduce the management fee on Fidelity U.S. Bond Index Fund; and (iv) expanding Class A and Class T load waiver categories to increase rollover retention opportunities and create consistent policies across the classes.

Annual Report

Investment Performance. The Board considered whether the fund has operated within its investment objective, as well as its record of compliance with its investment restrictions. It also reviewed the fund's absolute investment performance for each class, as well as the fund's relative investment performance for each class measured against a broad-based securities market index over multiple periods. The Board noted that FMR does not believe that a meaningful peer group exists against which to compare the fund's performance. The following charts considered by the Board show, over the one-, three-, and five-year periods ended December 31, 2008, as available, the cumulative total returns of Fidelity Canada (retail class) and Class B of the fund, and the cumulative total returns of a broad-based securities market index ("benchmark"). The returns of Fidelity Canada (retail class) and Class B show the performance of the highest performing class (based on five-year performance) and the lowest performing class (based on one-year performance), respectively.

Fidelity Canada Fund

The Board stated that the investment performance of Fidelity Canada (retail class) of the fund compared favorably to its benchmark for all the periods shown. The Board considered that the variations in performance among the fund's classes reflect the variations in class expenses, which result in lower performance for higher expense classes.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period exceeds, or is exceeded by, the record (over the same period) of a Board-approved performance adjustment index. The Board realizes that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior performance for the fund's shareholders and helps to more closely align the interests of FMR and the fund's shareholders.

The Board considered that FMR has taken steps to refocus and strengthen equity research, equity portfolio management, and compliance. The Board reviewed the year-to-date performance of Fidelity Canada (retail class) through May 31, 2009 and stated that it was lower than the fund's benchmark.

Based on its review, and giving particular weight to the nature and quality of the resources dedicated by the Investment Advisers to maintain and improve relative performance and factoring in the unprecedented market events in 2008, the Board concluded that the nature, extent, and quality of the services provided to the fund will benefit the fund's shareholders, particularly in light of the Board's view that the fund's shareholders benefit from investing in a fund that is part of a large family of funds offering a variety of investment disciplines and services.

Competitiveness of Management Fee and Total Fund Expenses. The Board considered the fund's management fee and total expenses compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable management fee characteristics. Combining Lipper investment objective categories aids the Board's management fee and total expense comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees - continued

The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing relative to the total universe of comparable funds available to investors, in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment. "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a TMG % of 16% means that 84% of the funds in the Total Mapped Group had higher management fees than the fund. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to non-Fidelity funds similar in size to the fund within the Total Mapped Group. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee characteristics, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee ranked and the impact of the fund's performance adjustment, is also included in the chart and considered by the Board.

Fidelity Canada Fund

The Board noted that the fund's management fee ranked below the median of its Total Mapped Group and below the median of its ASPG for 2008. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking. The Board noted that the performance adjustment for each year represents calculations for performance periods that differ from the periods shown in the performance charts above.

Based on its review, the Board concluded that the fund's management fee was fair and reasonable in light of the services that the fund receives and the other factors considered.

In its review of each class's total expenses, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered current and historical total expenses of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expenses of each of Class A, Class B, Class C, Institutional Class, and Fidelity Canada (retail class) ranked below its competitive median for 2008 and the total expenses of Class T ranked above its competitive median for 2008. The Board considered that the total expenses for Class T were above the median primarily because its 12b-1 fee is higher than the typical front-end load class. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expenses of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

In its review of total expenses, the Board also considered Fidelity fee structures and other information on clients that FMR and its affiliates service in other competitive markets, such as other mutual funds advised or subadvised by FMR or its affiliates, pension plan clients, and other institutional clients.

Based on its review, the Board concluded that the total expenses of each class of the fund were reasonable, although in one case above the median of the universe presented for comparison, in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and its shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, FMR presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the audited books and records of Fidelity. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of Fidelity's methodologies used in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures surrounding the mathematical accuracy of fund profitability and its conformity to allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board believes that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board has also reviewed Fidelity's non-fund businesses and any fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and determined that the amount of profit is a fair entrepreneurial profit for the management of the fund.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense reductions.

In February 2009, the Board created an Ad Hoc Committee (the "Committee") to analyze economies of scale. The Committee was formed to consider whether FMR attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total fund assets under FMR's management increase, and for higher group fee rates as total fund assets under FMR's management decrease. FMR determines the group fee rates based on a tiered asset "breakpoint" schedule. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will achieve a certain level of economies of scale as assets under FMR's management increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, considering the findings of the Committee, that any potential economies of scale are being shared between fund shareholders and Fidelity in an appropriate manner.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including (i) fund performance trends, actions to be taken by FMR to improve certain funds' overall performance and Fidelity's long-term strategies for certain funds; (ii) portfolio manager changes that have occurred during the past year; (iii) Fidelity's compensation structure for portfolio managers and key personnel, including performance benchmarks used by Fidelity in evaluating incentive compensation for portfolio managers and research analysts; (iv) the structure and process of equity research and actions taken by FMR to improve the quality of research; (v) the selection of and compensation paid by FMR to fund sub-advisers; (vi) Fidelity's fee structures and rationale for recommending different fees among categories of funds; (vii) the rationale for any differences between fund fee structures and fee structures in place for other Fidelity clients; (viii) Fidelity's rationale for recommending which funds should have a performance adjustment component as part of their management fees; and (ix) explanations for the relative total expenses borne by certain funds and classes, total expense competitive trends, and actions that might be taken by FMR to reduce total expenses for certain funds and classes.

Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Annual Report

Investment Adviser

Fidelity Management & Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Research & Analysis Company

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation
Boston, MA

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

The Bank of New York Mellon
New York, New York

ACANI-UANN-1209
1.843157.102

Fidelity Advisor
China Region Fund -
Class A, Class T, Class B, and Class C

Annual Report

October 31, 2009

Class A, Class T, Class B, and Class C are
classes of Fidelity® China Region Fund

(2_fidelity_logos) (Registered_Trademark)

Contents

Chairman's Message	<Click Here>	The Chairman's message to shareholders.
Performance	<Click Here>	How the fund has done over time.
Management's Discussion	<Click Here>	The manager's review of fund performance, strategy and outlook.
Shareholder Expense Example	<Click Here>	An example of shareholder expenses.
Investment Changes	<Click Here>	A summary of major shifts in the fund's investments over the past six months.
Investments	<Click Here>	A complete list of the fund's investments with their market values.
Financial Statements	<Click Here>	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	<Click Here>	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	<Click Here>
Trustees and Officers	<Click Here>
Distributions	<Click Here>
Board Approval of Investment Advisory Contracts and Management Fees	<Click Here>

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.

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 or http://www.advisor.fidelity.com, as applicable.

NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Chairman's Message

(photo_of_Edward_C_Johnson_3d)

Dear Shareholder:

We've seen a strong upswing in the global equity markets since last March, as signs of improvement in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help put the historical odds in your favor.

One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There can be tax advantages and cost benefits to consider as well. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.

You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).

A third principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.

We invite you to contact us via the Internet, through our Investor Centers or by phone. It is our privilege to provide you the information you need to make the investments that are right for you.

Sincerely,

/s/Edward C. Johnson 3d

Edward C. Johnson 3d

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended October 31, 2009	Past 1 year	Past 5 years	Past 10 years
Class A (incl. 5.75% sales charge) A, E	51.19%	13.87%	8.96%
Class T (incl. 3.50% sales charge) B, E	54.32%	14.31%	9.17%
Class B (incl. contingent deferred sales charge) C, E	54.16%	14.74%	9.48%
Class C (incl. contingent deferred sales charge) D, E	58.18%	14.97%	9.48%

^A Class A shares bear a 0.25% 12b-1 fee. The initial offering of Class A shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of China Region, the original class of the fund, which has no 12b-1 fee. Had Class A shares' 12b-1 fee been reflected, returns prior to May 9, 2008 would have been lower.

^B Class T shares bear a 0.50% 12b-1 fee. The initial offering of Class T shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of China Region, the original class of the fund, which has no 12b-1 fee. Had Class T shares' 12b-1 fee been reflected, returns prior to May 9, 2008 would have been lower.

^C Class B shares bear a 1.00% 12b-1 fee. The initial offering of Class B shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of China Region, the original class of the fund, which has no 12b-1 fee. Had Class B shares' 12b-1 fee been reflected, returns prior to May 9, 2008 would have been lower. Class B shares' contingent deferred sales charge included in the past one year, past five years, and past 10 years total return figures are 5%, 2%, and 0% respectively.

^D Class C shares bear a 1.00% 12b-1 fee. The initial offering of Class C shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of China Region, the original class of the fund, which has no 12b-1 fee. Had Class C shares' 12b-1 fee been reflected, returns prior to May 9, 2008 would have been lower. Class C shares' contingent deferred sales charge included in the past one year, past five years, and past 10 years total return figures are 1%, 0%, and 0%, respectively.

^E Prior to September 1, 2000, the fund operated under certain different investment policies. The fund's historical performance may not represent its current investment policies.

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity Advisor China Region Fund - Class A, a class of the fund, on October 31, 1999 and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI® Golden Dragon Index performed over the same period. The initial offering of Class A took place on May 9, 2008. See above for additional information regarding the performance of Class A.

Annual Report

Management's Discussion of Fund Performance

Market Recap: China region stocks posted exceptionally strong gains during the period, as government efforts to jump-start economic growth began to kick in and there were signs of stabilization in the area's export markets. For the 12 months ending October 31, 2009, the MSCI® Golden Dragon Index, a measure of market performance in Hong Kong, Taiwan and China, posted a return of 67.30%. Benefiting from a massive $586 billion economic stimulus package approved late in 2008, China showed a pattern of robust and accelerating economic growth, gaining 6.1% in the first quarter of 2009, 7.9% in the second quarter and 8.9% in the third quarter. Chinese stocks in the index responded by more than doubling, returning in excess of 102%. In Hong Kong, whose economy is less-regulated than China's, economic activity appeared to be bottoming but was constrained by muted domestic growth and tepid demand from the territory's trading partners. Nevertheless, Hong Kong stocks in the index recorded a return of almost 56%. Meanwhile, Taiwan was helped by improving - although still relatively modest - global demand for technology products and services. That said, the nation's stocks were held in check by delays in the long-awaited agreement between China and Taiwan to provide closer financial cooperation between the two countries. Taiwanese stocks in the index returned just under 50%.

Comments from Wilson Wong, Portfolio Manager of Fidelity Advisor China Region Fund: During the past year, the fund's Class A, Class T, Class B and Class C shares returned 60.41%, 59.92%, 59.16% and 59.18%, respectively (excluding sales charges), lagging the MSCI Golden Dragon Index. Weak stock selection in financials more than offset the benefits of overweighting that strong-performing sector. Unrewarding picks in materials and energy further detracted, as did our positioning in industrials. The fund's stake in thermal coal company China Shenhua Energy suffered early in the period amid fears of overcapacity, among other factors, and I trimmed the stock. Also detracting were Taiwan Semiconductor Manufacturing - a position I reduced; Hong Kong real estate stock Cheung Kong Holdings; China Life Insurance; and Taiwan-based Yuanta Financial Holding. Conversely, stock selection and an overweighting in consumer discretionary helped, as did underweighting utilities. Underweightings in information technology and telecommunication services produced lesser benefits. Chinese automakers Geely Automobile Holdings and Dongfeng Motor Group contributed. Taiwan-based touch-screen producer Young Fast Optoelectron - which I sold - also aided results, as did underweighting two Hong Kong-based utilities that I ultimately sold off entirely: CLP Holdings and Hong Kong Electric Holdings.

Note to shareholders: Fidelity Advisor China Region 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 market. As of October 31, 2009, the fund did not have more than 25% of its total assets invested in any one industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Annual Report

China Region

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on redemptions and redemption fees, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2009 to October 31, 2009).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Annualized Expense Ratio	Beginning Account Value May 1, 2009	Ending Account Value October 31, 2009	Expenses Paid During Period* May 1, 2009 to October 31, 2009
Class A	1.42%
Actual		$ 1,000.00	$ 1,373.60	$ 8.50
HypotheticalA		$ 1,000.00	$ 1,018.05	$ 7.22
Class T	1.70%
Actual		$ 1,000.00	$ 1,371.40	$ 10.16
HypotheticalA		$ 1,000.00	$ 1,016.64	$ 8.64
Class B	2.19%
Actual		$ 1,000.00	$ 1,368.00	$ 13.07
HypotheticalA		$ 1,000.00	$ 1,014.17	$ 11.12
Class C	2.19%
Actual		$ 1,000.00	$ 1,368.60	$ 13.07
HypotheticalA		$ 1,000.00	$ 1,014.17	$ 11.12
China Region	1.11%
Actual		$ 1,000.00	$ 1,374.90	$ 6.64
HypotheticalA		$ 1,000.00	$ 1,019.61	$ 5.65
Institutional Class	1.10%
Actual		$ 1,000.00	$ 1,375.60	$ 6.59
HypotheticalA		$ 1,000.00	$ 1,019.66	$ 5.60

^A 5% return per year before expenses

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Annual Report

China Region

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2009
	China	34.2%
	Hong Kong	32.5%
	Taiwan	22.3%
	Cayman Islands	6.5%
	Australia	1.4%
	United States of America	1.2%
	Bermuda	1.1%
	United Kingdom	0.8%

Percentages are adjusted for the effect of futures contracts, if applicable.

As of April 30, 2009
	Hong Kong	34.5%
	China	33.9%
	Taiwan	22.1%
	Cayman Islands	5.4%
	Singapore	3.8%
	United States of America	0.2%
	Bermuda	0.1%

Percentages are adjusted for the effect of futures contracts, if applicable.

Asset Allocation
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	98.8	99.8
Short-Term Investments and Net Other Assets	1.2	0.2
Top Ten Stocks as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Bank of China (H Shares) (Commercial Banks)	4.2	4.1
China Construction Bank Corp. (H Shares) (Commercial Banks)	3.7	2.7
Tencent Holdings Ltd. (Internet Software & Services)	3.4	2.1
Hong Kong Exchange & Clearing Ltd. (Diversified Financial Services)	3.2	3.0
China Mobile (Hong Kong) Ltd. (Wireless Telecommunication Services)	3.2	5.4
China Life Insurance Co. Ltd. (H Shares) (Insurance)	3.1	5.2
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Electronic Equipment & Components)	3.0	3.1
Industrial & Commercial Bank of China Ltd. (H Shares) (Commercial Banks)	2.7	4.8
Yuanta Financial Holding Co. Ltd. (Capital Markets)	2.6	3.6
BOC Hong Kong Holdings Ltd. (Commercial Banks)	2.5	1.4
	31.6
Market Sectors as of October 31, 2009
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	41.0	46.7
Information Technology	16.6	17.6
Consumer Discretionary	11.2	6.8
Industrials	9.2	6.8
Materials	8.0	2.1
Energy	6.7	7.0
Telecommunication Services	3.9	7.0
Consumer Staples	1.4	1.6
Health Care	0.5	0.0
Utilities	0.3	0.4

Annual Report

China Region

Investments October 31, 2009

Showing Percentage of Net Assets

Common Stocks - 98.8%
	Shares	Value
CONSUMER DISCRETIONARY - 11.2%
Auto Components - 1.1%
Cheng Shin Rubber Industry Co. Ltd.	4,077,500	$ 8,347,433
Minth Group Ltd.	5,302,000	5,506,106
Xinyi Glass Holdings Co. Ltd.	11,122,000	8,752,805
		22,606,344
Automobiles - 1.7%
Dongfeng Motor Group Co. Ltd.(H Shares)	18,388,000	21,862,627
Geely Automobile Holdings Ltd.	2,055,000	743,059
Yulon Motor Co. Ltd.	12,428,000	13,848,988
		36,454,674
Distributors - 2.5%
China Resources Enterprise Ltd.	5,734,000	19,080,347
Li & Fung Ltd.	8,432,000	35,069,238
		54,149,585
Household Durables - 1.0%
Techtronic Industries Co. Ltd.	26,394,500	21,203,137
Multiline Retail - 2.2%
Far East Department Stores Co. Ltd.	6,833,820	6,994,156
Golden Eagle Retail Group Ltd.(H Shares) (c)	10,750,000	18,489,630
Maoye International Holdings Ltd.	58,700,000	15,603,589
New World Department Store China Ltd.	7,778,000	6,941,623
		48,028,998
Specialty Retail - 0.8%
Esprit Holdings Ltd.	2,654,400	17,670,649
Textiles, Apparel & Luxury Goods - 1.9%
Bosideng International Holdings Ltd.	17,384,000	3,082,815
China Dongxiang Group Co. Ltd.	17,608,000	10,758,534
Li Ning Co. Ltd. (c)	1,277,500	3,466,061
Texwinca Holdings Ltd.	14,950,000	12,684,815
Weiqiao Textile Co. Ltd. (H Shares)	16,182,500	11,291,226
		41,283,451
TOTAL CONSUMER DISCRETIONARY		241,396,838
CONSUMER STAPLES - 1.4%
Food & Staples Retailing - 0.7%
Dairy Farm International Holdings Ltd.	2,642,400	15,587,202
Personal Products - 0.7%
Hengan International Group Co. Ltd.	2,202,000	14,175,056
TOTAL CONSUMER STAPLES		29,762,258
ENERGY - 6.7%
Energy Equipment & Services - 0.3%
China Oilfield Services Ltd. (H Shares)	6,978,000	7,540,036
Oil, Gas & Consumable Fuels - 6.4%
China Petroleum & Chemical Corp.(H Shares)	28,928,000	24,533,659
	Shares	Value
China Shenhua Energy Co. Ltd.(H Shares)	2,800,500	$ 12,563,653
CNOOC Ltd.	28,575,000	42,796,057
CNPC (Hong Kong) Ltd.	18,280,000	19,298,459
PetroChina Co. Ltd. (H Shares)	31,750,000	38,205,162
		137,396,990
TOTAL ENERGY		144,937,026
FINANCIALS - 41.0%
Capital Markets - 2.6%
Yuanta Financial Holding Co. Ltd.	86,959,000	57,172,240
Commercial Banks - 17.6%
Bank of China (H Shares)	155,295,000	90,087,599
BOC Hong Kong Holdings Ltd.	23,592,000	54,307,435
China Citic Bank Corp. Ltd. Class H	9,155,000	6,853,104
China Construction Bank Corp. (H Shares)	92,550,000	79,792,344
China Merchants Bank Co. Ltd. (H Shares)	10,312,500	26,383,580
Chinatrust Financial Holding Co. Ltd.	33,511,601	20,054,290
E.Sun Financial Holdings Co. Ltd.	12,980,410	5,033,857
HSBC Holdings PLC (Hong Kong) (Reg.)	1,529,200	16,887,031
Industrial & Commercial Bank of China Ltd. (H Shares)	73,076,000	58,141,860
Mega Financial Holding Co. Ltd.	19,214,000	10,659,877
Sinopac Holdings Co. (a)	16,800,000	6,181,289
Taishin Financial Holdings Co. Ltd. (a)	12,911,000	5,033,825
Wing Hang Bank Ltd.	60,000	582,121
		379,998,212
Diversified Financial Services - 4.4%
China Everbright Ltd.	6,844,000	16,134,389
Fubon Financial Holding Co. Ltd. (a)	8,665,000	9,579,022
Hong Kong Exchange & Clearing Ltd.	3,959,300	69,695,797
		95,409,208
Insurance - 5.7%
Cathay Financial Holding Co. Ltd. (a)	17,733,000	30,296,093
China Life Insurance Co. Ltd. (H Shares)	14,469,000	66,527,812
Ping An Insurance (Group) Co. of China, Ltd. (H Shares)	2,604,500	22,826,116
Shin Kong Financial Holding Co. Ltd. (a)	10,251,000	4,155,117
		123,805,138
Real Estate Management & Development - 10.7%
Cheung Kong Holdings Ltd.	2,991,000	37,960,644
China Overseas Land & Investment Ltd.	5,055,920	10,900,384
China Resources Land Ltd.	1,308,000	3,157,538
Farglory Land Development Co. Ltd.	2,381,000	4,765,810
Hang Lung Properties Ltd.	6,089,000	23,011,969
Henderson Land Development Co. Ltd.	3,008,000	21,266,176
Hysan Development Co. Ltd.	1,331,178	3,931,627
Kerry Properties Ltd.	2,398,000	13,370,988
New World Development Co. Ltd.	12,821,000	27,597,192
Common Stocks - continued
	Shares	Value
FINANCIALS - continued
Real Estate Management & Development - continued
Shimao Property Holdings Ltd.	10,136,000	$ 18,828,961
Sino Land Co.	2,414,000	4,591,471
Sino-Ocean Land Holdings Ltd.	15,047,866	14,634,362
Sun Hung Kai Properties Ltd.	3,038,000	46,028,425
		230,045,547
TOTAL FINANCIALS		886,430,345
HEALTH CARE - 0.5%
Health Care Providers & Services - 0.5%
Sinopharm Group Co. Ltd. Class H	3,005,200	10,661,674
INDUSTRIALS - 9.2%
Airlines - 0.3%
Air China Ltd. (H Shares) (a)	4,190,000	2,268,123
Cathay Pacific Airways Ltd.	2,256,000	3,655,430
		5,923,553
Electrical Equipment - 0.9%
China High Speed Transmission Equipment Group Co. Ltd.	5,607,000	11,245,073
Dongfang Electric Corp. Ltd.	1,758,200	8,734,295
		19,979,368
Industrial Conglomerates - 3.2%
Beijing Enterprises Holdings Ltd.	1,710,000	10,236,238
Far Eastern Textile Ltd.	17,520,420	20,583,168
Hutchison Whampoa Ltd.	3,080,000	21,618,727
Poly (Hong Kong) Investments Ltd.	2,883,000	3,295,210
Shanghai Industrial Holdings Ltd.	2,938,000	13,802,338
		69,535,681
Machinery - 1.5%
China International Marine Containers Co. Ltd. (B Shares)	6,221,556	6,204,494
Haitian International Holdings Ltd.	11,892,000	5,276,073
Shanghai Zhenhua Port Machinery Co. Ltd. (B Shares)	1,930,160	1,597,360
Singamas Container Holdings Ltd.	57,306,000	10,875,961
Sinotruk Hong Kong Ltd.	1,308,000	1,555,324
Weichai Power Co. Ltd. (H Shares)	1,134,000	7,402,776
		32,911,988
Marine - 1.7%
China Cosco Holdings Co. Ltd. (H Shares) (c)	12,502,000	15,409,175
Orient Overseas International Ltd.	1,585,000	7,733,455
Shun Tak Holdings Ltd. (c)	20,066,000	13,498,415
		36,641,045
Transportation Infrastructure - 1.6%
China Merchant Holdings International Co. Ltd.	1,984,000	6,327,817
	Shares	Value
Cosco Pacific Ltd.	5,588,000	$ 7,719,260
Zhejiang Expressway Co. Ltd. (H Shares)	23,680,000	20,141,217
		34,188,294
TOTAL INDUSTRIALS		199,179,929
INFORMATION TECHNOLOGY - 16.6%
Communications Equipment - 0.9%
Vtech Holdings Ltd.	1,837,000	15,310,363
ZTE Corp. (H Shares)	445,820	2,470,447
		17,780,810
Computers & Peripherals - 0.6%
Acer, Inc.	3,681,810	8,646,098
HTC Corp.	477,200	4,721,141
		13,367,239
Electronic Equipment & Components - 7.8%
AU Optronics Corp.	7,798,090	6,889,141
BYD Co. Ltd. (H Shares) (a)(c)	2,130,800	19,508,581
Coretronic Corp.	14,192,000	15,480,923
Hon Hai Precision Industry Co. Ltd. (Foxconn)	16,478,225	64,301,168
Kingboard Chemical Holdings Ltd.	2,247,500	9,046,218
Kingboard Laminates Holdings Ltd.	16,712,500	11,688,622