N-CSR 1 main.htm

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4008

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

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

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

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

Date of fiscal year end:	October 31

Date of reporting period:	October 31, 2014

This report on Form N-CSR relates solely to the Registrant's Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund, Fidelity Emerging Markets Discovery Fund, Fidelity Global Commodity Stock Fund, Fidelity Global Equity Income Fund, Fidelity International Discovery Fund, Fidelity International Growth Fund, Fidelity International Small Cap Fund, Fidelity International Small Cap Opportunities Fund, Fidelity International Value Fund, Fidelity Series Emerging Markets Fund, Fidelity Series International Growth Fund, Fidelity Series International Small Cap Fund, Fidelity Series International Value Fund, Fidelity Total Emerging Markets Fund, and Fidelity Total International Equity Fund (each, a "Fund" and collectively, the "Funds").

Item 1. Reports to Stockholders

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Emerging Europe,
Middle East, Africa (EMEA)

Fund - Class A, Class T, Class B
and Class C

Annual Report

October 31, 2014

(Fidelity Cover Art)

Class A, Class T, Class B, and Class C are classes of Fidelity® Emerging Europe,
Middle East, Africa (EMEA) Fund

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

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

Other third-party marks appearing herein are the property of their respective owners.

Annual Report

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

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

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns

Periods ended October 31, 2014	Past 1 year	Past 5 years	Life of fund^A
Class A (incl. 5.75% sales charge)	-9.03%	4.84%	-1.19%
Class T (incl. 3.50% sales charge)	-7.04%	5.06%	-1.09%
Class B (incl. contingent deferred sales charge)^B	-8.99%	4.94%	-1.04%
Class C (incl. contingent deferred sales charge) ^C	-5.19%	5.26%	-1.04%

^AFrom May 8, 2008.

^BClass B shares' contingent deferred sales charges included in the past one year, past five years, and life of fund total return figures are 5%, 2% and 0%, respectively.

^CClass C shares' contingent deferred sales charges included the past one year, past five years, and life of fund total return figures are 1%, 0%, and 0%, respectively.

Annual Report

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund - Class A on May 8, 2008, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI EM (Emerging Markets) Europe, Middle East and Africa Index performed over the same period.

aem159566

Annual Report

Management's Discussion of Fund Performance

Market Recap: Global equities posted a healthy gain for the 12 months ending October 31, 2014, overcoming an October market decline driven by recessionary pressures in China and tepid growth in Europe. The MSCI ACWI (All Country World Index) Index rose 8.15%, helped by subdued market volatility for much of the period and supported by solid corporate earnings, especially in the United States. Stocks also benefited from easy monetary policies in Japan and the eurozone, as well as increased stimulus efforts in China. All but three of the 24 industry groups that compose the index marked a positive return. The U.S. (+17%) remained a pillar of strength, while a strongly rising dollar in the latter part of the period detracted from investors' returns in most non-U.S. markets. Canada (+5%) notched broad gains outside of its energy and materials sectors, as did Asia-Pacific ex Japan (+4%), led by investor enthusiasm for companies in India. The U.K., Europe and Japan, meanwhile, all underperformed. Among sectors, health care (+24%) led the index, with a strong contribution from the pharmaceuticals, biotechnology & life sciences industry. Information technology (+21%) also outperformed. Conversely, materials (-4%) and energy (-1%) lagged the index due to a higher supply of and lower demand for commodities.

Comments from Adam Kutas, Portfolio Manager of Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund: For the year, the fund's Class A, Class T, Class B and Class C shares returned -3.48%, -3.67%, -4.23% and -4.24%, respectively (excluding sales charges), outperforming the -8.16% return of the MSCI EM (Emerging Market) Europe, Middle East and Africa Index. Security selection in financials and telecommunications services helped the fund's relative performance, with the top two contributors being an out-of-benchmark position in HSBC Bank and good timing with Dubai Financial Market. HSBC served as a counterparty for investments in consumer staples companies in Saudi Arabia, a country that doesn't allow foreign investment in Saudi firms. My strategy focused on overweighting investments in countries that I call "free riders," which aren't tied to other economies but have benefited from the global decline in the cost of capital. I favored "free riders" over countries and companies tied to growth in China or those closely aligned with "anchor" countries, meaning developed countries like the United States or those in the European Union. I underweighted resources-heavy Russia and South Africa. Conversely, stock selection in materials hurt relative performance, with the biggest individual detractor being an investment in South African gold producer AngloGold Ashanti.

Note to shareholders: The fund may invest up to 35% of its total assets in any industry that represents more than 20% of the emerging Europe, Middle East and Africa markets. As of October 31, 2014, the fund did not have more than 25% of its total 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

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, 2014 to October 31, 2014).

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.

Annual Report

	Annualized Expense Ratio ^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Class A	1.54%
Actual		$ 1,000.00	$ 997.80	$ 7.75
Hypothetical^A		$ 1,000.00	$ 1,017.44	$ 7.83
Class T	1.90%
Actual		$ 1,000.00	$ 996.70	$ 9.56
Hypothetical^A		$ 1,000.00	$ 1,015.63	$ 9.65
Class B	2.38%
Actual		$ 1,000.00	$ 994.50	$ 11.96
Hypothetical^A		$ 1,000.00	$ 1,013.21	$ 12.08
Class C	2.40%
Actual		$ 1,000.00	$ 994.40	$ 12.06
Hypothetical^A		$ 1,000.00	$ 1,013.11	$ 12.18
Emerging Europe, Middle East, Africa (EMEA)	1.34%
Actual		$ 1,000.00	$ 1,000.00	$ 6.76
Hypothetical^A		$ 1,000.00	$ 1,018.45	$ 6.82
Institutional Class	1.16%
Actual		$ 1,000.00	$ 1,000.00	$ 5.85
Hypothetical^A		$ 1,000.00	$ 1,019.36	$ 5.90

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

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

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2014
	South Africa 43.1%
	Russia 20.1%
	Turkey 5.5%
	Poland 5.1%
	United Arab Emirates 4.6%
	United Kingdom 4.0%
	Qatar 3.0%
	Romania 1.9%
	Greece 1.6%
	Other* 11.1%

aem159588

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

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

As of April 30, 2014
	South Africa 39.1%
	Russia 21.1%
	Poland 6.6%
	United Arab Emirates 5.2%
	United Kingdom 4.4%
	Qatar 2.5%
	United States of America* 2.3%
	Czech Republic 2.3%
	Turkey 2.3%
	Other 14.2%

aem159600

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

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

Asset Allocation as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.9	97.7
Short-Term Investments and Net Other Assets (Liabilities)	0.1	2.3
Top Ten Stocks as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	7.4	6.2
Naspers Ltd. Class N (South Africa, Media)	5.8	4.4
Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels)	5.3	5.1
LUKOIL Oil Co. (Russia, Oil, Gas & Consumable Fuels)	4.3	4.3
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels)	3.8	3.4
Sberbank (Savings Bank of the Russian Federation) (Russia, Banks)	3.1	3.6
FirstRand Ltd. (South Africa, Diversified Financial Services)	2.7	2.2
Remgro Ltd. (South Africa, Diversified Financial Services)	2.6	2.2
Bank Polska Kasa Opieki SA (Poland, Banks)	2.6	3.1
Standard Bank Group Ltd. (South Africa, Banks)	2.5	2.5
	40.1
Market Sectors as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	36.4	36.7
Energy	18.5	18.7
Consumer Discretionary	12.6	9.6
Telecommunication Services	10.1	10.8
Consumer Staples	9.1	8.4
Materials	6.2	8.1
Health Care	3.5	2.6
Industrials	3.2	2.5
Information Technology	0.3	0.3

Annual Report

Investments October 31, 2014

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
Austria - 0.5%
CA Immobilien Anlagen AG	31,700		$ 606,797
Bermuda - 0.4%
Aquarius Platinum Ltd. (a)	1,967,700		522,710
Botswana - 0.3%
First National Bank of Botswana Ltd.	814,358		319,114
Canada - 0.2%
Africa Oil Corp. (a)	86,600		275,848
Croatia - 0.3%
Ledo d.d.	263		361,058
Czech Republic - 1.5%
Komercni Banka A/S	8,305		1,778,933
Estonia - 0.4%
Tallinna Kaubamaja AS	70,900		444,242
Greece - 1.6%
Fourlis Holdings SA (a)	130,500		513,503
Jumbo SA	53,036		581,543
Karelia Tobacco Co., Inc.	1,970		481,398
Sarantis SA	37,800		331,583
TOTAL GREECE			1,908,027
Hungary - 0.3%
FHB Land Credit & Mortgage Bank (a)	138,000		402,441
Kenya - 1.2%
British American Tobacco Kenya Ltd.	31,700		371,399
Kenya Commercial Bank Ltd.	756,500		465,148
Safaricom Ltd.	4,416,544		602,368
TOTAL KENYA			1,438,915
Kuwait - 1.3%
Gulf Bank (a)	502,300		588,498
Kuwait Food Co. (Americana)	95,250		1,010,924
TOTAL KUWAIT			1,599,422
Lithuania - 0.5%
Apranga AB (a)	163,766		537,685
Luxembourg - 0.5%
Pegas NONWOVENS SA	20,400		583,544
Common Stocks - continued
	Shares		Value
Nigeria - 0.9%
FBN Holdings PLC	6,000,000		$ 419,439
Zenith Bank PLC	5,284,656		676,334
TOTAL NIGERIA			1,095,773
Oman - 1.0%
BankMuscat SAOG (a)	145,000		265,143
National Bank of Oman (a)	945,224		893,666
TOTAL OMAN			1,158,809
Pakistan - 1.3%
Indus Motor Co. Ltd.	47,000		373,522
Pak Suzuki Motors	247,200		819,695
United Bank Ltd.	190,000		363,436
TOTAL PAKISTAN			1,556,653
Poland - 5.1%
Bank Handlowy w Warszawie SA	62,000		2,094,085
Bank Polska Kasa Opieki SA	58,600		3,062,790
Orbis SA	40,000		435,818
Powszechny Zaklad Ubezpieczen SA	3,500		524,590
TOTAL POLAND			6,117,283
Qatar - 3.0%
Al Meera Consumer Goods Co. (a)	7,996		407,974
Commercial Bank of Qatar (a)	66,748		1,354,554
Qatar National Bank SAQ (a)	30,850		1,815,478
TOTAL QATAR			3,578,006
Romania - 1.9%
Banca Transilvania SA (a)	1,751,868		897,500
Bursa de Valori Bucuresti (a)	73,404		619,461
SNP Petrom SA	5,839,899		726,803
TOTAL ROMANIA			2,243,764
Russia - 16.5%
Gazprom OAO sponsored ADR (Reg. S)	948,200		6,284,670
LUKOIL Oil Co.	8,300		409,112
LUKOIL Oil Co. sponsored ADR (United Kingdom)	96,695		4,747,725
Magnit OJSC (a)	6,800		1,881,412
Megafon OJSC GDR	38,800		907,920
NOVATEK OAO GDR (Reg. S)	8,325		894,105
Common Stocks - continued
	Shares		Value
Russia - continued
Sberbank (Savings Bank of the Russian Federation) (a)	2,109,500		$ 3,738,811
Vozrozhdenie Bank (a)	90,200		878,716
TOTAL RUSSIA			19,742,471
Slovenia - 0.4%
Krka dd Novo mesto	6,700		528,955
South Africa - 43.1%
AngloGold Ashanti Ltd. (a)	191,000		1,596,175
Ascendis Health Ltd.	210,000		313,198
Aspen Pharmacare Holdings Ltd.	67,800		2,418,480
Cashbuild Ltd.	71,700		1,007,593
Clicks Group Ltd.	329,220		2,241,612
DRDGOLD Ltd.	3,820,214		1,063,022
FirstRand Ltd.	744,300		3,185,109
Grand Parade Investments Ltd. (a)	727,000		468,639
Harmony Gold Mining Co. Ltd. (a)	347,600		561,510
Holdsport Ltd.	165,400		682,237
Hulamin Ltd. (a)	896,200		552,520
MTN Group Ltd.	401,950		8,891,935
Murray & Roberts Holdings Ltd.	112,700		231,434
Nampak Ltd.	618,100		2,520,089
Naspers Ltd. Class N	56,300		7,006,472
Pioneer Foods Ltd.	152,200		1,642,086
Raubex Group Ltd.	599,600		1,212,274
Remgro Ltd.	134,000		3,073,444
RMB Holdings Ltd.	184,600		1,024,444
Sasol Ltd.	92,000		4,594,042
Shoprite Holdings Ltd.	120,100		1,739,802
Standard Bank Group Ltd.	239,363		3,011,094
Telkom SA Ltd. (a)	142,800		758,165
Vodacom Group Ltd.	77,200		936,710
Zeder Investments Ltd.	1,590,847		836,548
TOTAL SOUTH AFRICA			51,568,634
Turkey - 5.5%
Aselsan A/S	219,000		995,163
Brisa Bridgestone S.A.B. Las San	197,000		804,787
Gubre Fabrikalari TAS	298,000		564,452
Koc Holding A/S	275,850		1,408,633
Logo Yazilim Sanayi Ve Ticar (a)	32,328		379,619
Common Stocks - continued
	Shares		Value
Turkey - continued
Pinar Sut Mamulleri Sanayi A/S	42,000		$ 404,382
Turkiye Garanti Bankasi A/S	505,000		1,970,961
TOTAL TURKEY			6,527,997
United Arab Emirates - 4.6%
Agthia Group PJSC	300,000		537,435
Aldar Properties PJSC (a)	1,409,585		1,228,062
Emaar Properties PJSC (a)	437,227		1,190,381
First Gulf Bank PJSC	270,138		1,334,877
SHUAA Capital PSC (a)	4,749,942		1,269,927
TOTAL UNITED ARAB EMIRATES			5,560,682
United Kingdom - 4.0%
Abdullah Al Othaim Markets Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c)	14,236		412,765
Al Noor Hospitals Group PLC	30,100		490,658
Alabama Khaleej Training & Education ELS (HSBC Bank Warrant Program) warrants 7/18/16 (a)(c)	12,900		230,544
Aldrees Petroleum & Transport ELS (HSBC Warrant Program) warrants 2/7/17 (a)(c)	40,399		581,905
Fawaz Abdulaziz Alhokair & Co. ELS (HSBC Warrant Program) warrants 2/23/15 (a)(c)	10,300		320,853
Halwani Bros. Co. ELS (HSBC Warrant Program) warrants 5/4/15 (a)(c)	11,262		236,392
NMC Health PLC	68,700		544,002
Saudi Vitrified Clay Pipe Co. ELS (HSBC Warrant Program) warrants 5/4/15 (a)(c)	12,000		333,892
Saudia Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/26/15 (a)(c)	19,000		617,845
The Savola Group ELS (HSBC Warrant Program) warrants 2/2/15 (a)(c)	19,000		432,542
United International Transportation Co. ELS (HSBC Warrant Program) warrants 2/23/15 (a)(c)	30,667		605,043
TOTAL UNITED KINGDOM			4,806,441
TOTAL COMMON STOCKS (Cost $105,022,785)		115,264,204
Nonconvertible Preferred Stocks - 3.6%
	Shares		Value
Russia - 3.6%
Surgutneftegas (a)	3,820,100		$ 2,619,698
Tatneft OAO (a)	505,500		1,695,960
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,855,159)		4,315,658
Money Market Funds - 0.3%

Fidelity Cash Central Fund, 0.11% (b) (Cost $309,902)	309,902		309,902
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $109,187,846)			119,889,764
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(200,037)
NET ASSETS - 100%		$ 119,689,727

Security Type Abbreviations
ELS	-	Equity-Linked Security

Legend

(a) Non-income producing

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

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,771,781, or 3.2% of net assets.

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,968
Fidelity Securities Lending Cash Central Fund	5,426
Total	$ 7,394

Other Information

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

The following is a summary of the inputs used, as of October 31, 2014, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Investment 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	$ 14,825,962	$ 13,815,038	$ -	$ 1,010,924
Consumer Staples	10,844,383	10,844,383	-	-
Energy	22,247,963	17,653,921	4,594,042	-
Financials	43,661,562	37,918,820	5,742,742	-
Health Care	4,295,293	4,295,293	-	-
Industrials	3,847,504	3,847,504	-	-
Information Technology	379,619	379,619	-	-
Materials	7,380,478	4,159,771	3,220,707	-
Telecommunication Services	12,097,098	12,097,098	-	-
Money Market Funds	309,902	309,902	-	-
Total Investments in Securities:	$ 119,889,764	$ 105,321,349	$ 13,557,491	$ 1,010,924

The following is a summary of transfers between Level 1 and Level 2 for the period ended October 31, 2014. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed in the accompanying Notes to Financial Statements:

Transfers	Total
Level 1 to Level 2	$ 1,965,445
Level 2 to Level 1	$ 0

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2014

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $108,877,944)	$ 119,579,862
Fidelity Central Funds (cost $309,902)	309,902
Total Investments (cost $109,187,846)		$ 119,889,764
Foreign currency held at value (cost $4)		3
Receivable for investments sold		126,670
Receivable for fund shares sold		99,736
Dividends receivable		109,030
Distributions receivable from Fidelity Central Funds		159
Prepaid expenses		310
Receivable from investment adviser for expense reductions		11
Other receivables		3
Total assets		120,225,686

Liabilities
Payable for investments purchased	$ 141,325
Payable for fund shares redeemed	102,074
Accrued management fee	79,618
Transfer agent fee payable	28,392
Distribution and service plan fees payable	8,448
Other affiliated payables	5,157
Custody fee payable	53,865
Audit fee payable	44,097
Other payables and accrued expenses	72,983
Total liabilities		535,959

Net Assets		$ 119,689,727
Net Assets consist of:
Paid in capital		$ 113,793,553
Undistributed net investment income		1,899,047
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(6,642,175)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		10,639,302
Net Assets		$ 119,689,727

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($7,888,563 ÷ 872,420 shares)		$ 9.04

Maximum offering price per share (100/94.25 of $9.04)		$ 9.59
Class T: Net Asset Value and redemption price per share ($2,465,386 ÷ 273,748 shares)		$ 9.01

Maximum offering price per share (100/96.50 of $9.01)		$ 9.34
Class B: Net Asset Value and offering price per share ($294,400 ÷ 32,537 shares)^A		$ 9.05

Class C: Net Asset Value and offering price per share ($6,661,556 ÷ 745,824 shares)^A		$ 8.93

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($96,783,557 ÷ 10,660,010 shares)		$ 9.08

Institutional Class: Net Asset Value, offering price and redemption price per share ($5,596,265 ÷ 616,521 shares)		$ 9.08

^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

Financial Statements - continued

Statement of Operations

	Year ended October 31, 2014

Investment Income
Dividends		$ 4,542,500
Income from Fidelity Central Funds		7,394
Income before foreign taxes withheld		4,549,894
Less foreign taxes withheld		(564,289)
Total income		3,985,605

Expenses
Management fee	$ 1,047,346
Transfer agent fees	354,075
Distribution and service plan fees	107,916
Accounting and security lending fees	67,810
Custodian fees and expenses	166,959
Independent trustees' compensation	543
Registration fees	79,271
Audit	64,358
Legal	481
Miscellaneous	1,160
Total expenses before reductions	1,889,919
Expense reductions	(1,916)	1,888,003
Net investment income (loss)		2,097,602
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $55,716)	(4,138,146)
Foreign currency transactions	(96,262)
Total net realized gain (loss)		(4,234,408)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $62,368)	(2,799,835)
Assets and liabilities in foreign currencies	(11,085)
Total change in net unrealized appreciation (depreciation)		(2,810,920)
Net gain (loss)		(7,045,328)
Net increase (decrease) in net assets resulting from operations		$ (4,947,726)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2014	Year ended October 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,097,602	$ 2,849,848
Net realized gain (loss)	(4,234,408)	425,876
Change in net unrealized appreciation (depreciation)	(2,810,920)	11,151,522
Net increase (decrease) in net assets resulting from operations	(4,947,726)	14,427,246
Distributions to shareholders from net investment income	(1,921,556)	(2,689,985)
Distributions to shareholders from net realized gain	-	(1,184,624)
Total distributions	(1,921,556)	(3,874,609)
Share transactions - net increase (decrease)	(15,497,892)	(9,097,663)
Redemption fees	42,040	52,524
Total increase (decrease) in net assets	(22,325,134)	1,507,498

Net Assets
Beginning of period	142,014,861	140,507,363
End of period (including undistributed net investment income of $1,899,047 and undistributed net investment income of $1,897,738, respectively)	$ 119,689,727	$ 142,014,861

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.49	$ 8.71	$ 8.34	$ 8.97	$ 7.26
Income from Investment Operations
Net investment income (loss)^C	.13	.16	.18	.16^F	.07
Net realized and unrealized gain (loss)	(.46)	.85	.34	(.70)	1.70
Total from investment operations	(.33)	1.01	.52	(.54)	1.77
Distributions from net investment income	(.12)	(.15)	(.15)	(.08)	(.04)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.12)	(.23)^I	(.15)	(.10)	(.07)^J
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.04	$ 9.49	$ 8.71	$ 8.34	$ 8.97
Total Return^{A, B}	(3.48)%	11.75%	6.38%	(6.05)%	24.66%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.60%	1.64%	1.62%	1.60%	1.69%
Expenses net of fee waivers, if any	1.60%	1.63%	1.62%	1.56%	1.50%
Expenses net of all reductions	1.60%	1.62%	1.60%	1.51%	1.38%
Net investment income (loss)	1.45%	1.82%	2.09%	1.70% ^F	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,889	$ 10,883	$ 8,934	$ 10,260	$ 10,045
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^F Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.25%.

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

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

^I Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share.

^J Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.46	$ 8.68	$ 8.31	$ 8.96	$ 7.25
Income from Investment Operations
Net investment income (loss)^C	.11	.14	.15	.13^F	.06
Net realized and unrealized gain (loss)	(.46)	.84	.35	(.71)	1.69
Total from investment operations	(.35)	.98	.50	(.58)	1.75
Distributions from net investment income	(.10)	(.12)	(.13)	(.07)	(.03)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.10)	(.20)^I	(.13)	(.08)^J	(.05)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.01	$ 9.46	$ 8.68	$ 8.31	$ 8.96
Total Return^{A, B}	(3.67)%	11.42%	6.14%	(6.42)%	24.44%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.92%	1.93%	1.89%	1.87%	1.95%
Expenses net of fee waivers, if any	1.90%	1.90%	1.89%	1.84%	1.75%
Expenses net of all reductions	1.90%	1.88%	1.86%	1.78%	1.62%
Net investment income (loss)	1.15%	1.55%	1.82%	1.42% ^F	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,465	$ 3,465	$ 3,336	$ 3,502	$ 3,114
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.074 per share.

^J Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.50	$ 8.69	$ 8.29	$ 8.93	$ 7.23
Income from Investment Operations
Net investment income (loss)^C	.06	.09	.11	.09^F	.02
Net realized and unrealized gain (loss)	(.46)	.85	.35	(.71)	1.68
Total from investment operations	(.40)	.94	.46	(.62)	1.70
Distributions from net investment income	(.05)	(.06)	(.06)	(.02)	-
Distributions from net realized gain	-	(.07)	-	(.01)	(.01)
Total distributions	(.05)	(.13)	(.06)	(.03)	(.01)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.05	$ 9.50	$ 8.69	$ 8.29	$ 8.93
Total Return^{A, B}	(4.23)%	10.94%	5.56%	(6.85)%	23.72%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.40%	2.42%	2.38%	2.37%	2.47%
Expenses net of fee waivers, if any	2.40%	2.40%	2.38%	2.33%	2.25%
Expenses net of all reductions	2.40%	2.38%	2.35%	2.27%	2.12%
Net investment income (loss)	.65%	1.05%	1.33%	.93% ^F	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 294	$ 388	$ 441	$ 539	$ 822
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.39	$ 8.62	$ 8.24	$ 8.90	$ 7.23
Income from Investment Operations
Net investment income (loss)^C	.06	.09	.11	.08^F	.02
Net realized and unrealized gain (loss)	(.46)	.83	.35	(.69)	1.67
Total from investment operations	(.40)	.92	.46	(.61)	1.69
Distributions from net investment income	(.06)	(.08)	(.08)	(.05)	(.01)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.06)	(.15)	(.08)	(.06)^I	(.03)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 8.93	$ 9.39	$ 8.62	$ 8.24	$ 8.90
Total Return^{A, B}	(4.24)%	10.83%	5.68%	(6.79)%	23.61%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.40%	2.42%	2.37%	2.36%	2.45%
Expenses net of fee waivers, if any	2.40%	2.40%	2.37%	2.33%	2.25%
Expenses net of all reductions	2.40%	2.38%	2.35%	2.27%	2.13%
Net investment income (loss)	.65%	1.05%	1.34%	.93% ^F	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,662	$ 6,782	$ 7,770	$ 6,650	$ 5,151
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share.

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

Annual Report

Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.52	$ 8.75	$ 8.37	$ 9.00	$ 7.28
Income from Investment Operations
Net investment income (loss)^B	.16	.18	.20	.18^E	.09
Net realized and unrealized gain (loss)	(.47)	.84	.35	(.71)	1.70
Total from investment operations	(.31)	1.02	.55	(.53)	1.79
Distributions from net investment income	(.13)	(.18)	(.17)	(.09)	(.05)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.13)	(.25)	(.17)	(.11)	(.08)^H
Redemption fees added to paid in capital ^B	-^G	-^G	-^G	.01	.01
Net asset value, end of period	$ 9.08	$ 9.52	$ 8.75	$ 8.37	$ 9.00
Total Return^A	(3.21)%	11.90%	6.81%	(5.91)%	24.92%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.37%	1.40%	1.37%	1.35%	1.45%
Expenses net of fee waivers, if any	1.37%	1.40%	1.37%	1.31%	1.25%
Expenses net of all reductions	1.37%	1.38%	1.34%	1.25%	1.12%
Net investment income (loss)	1.68%	2.05%	2.34%	1.95% ^E	1.21%
Supplemental Data
Net assets, end of period (000 omitted)	$ 96,784	$ 110,265	$ 111,441	$ 114,117	$ 140,270
Portfolio turnover rate^D	38%	64%	30%	53%	96%

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

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

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

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

^E Investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.51%.

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

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

^H Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.52	$ 8.75	$ 8.37	$ 9.00	$ 7.28
Income from Investment Operations
Net investment income (loss)^B	.16	.19	.21	.19^E	.09
Net realized and unrealized gain (loss)	(.46)	.84	.35	(.72)	1.70
Total from investment operations	(.30)	1.03	.56	(.53)	1.79
Distributions from net investment income	(.14)	(.19)	(.18)	(.09)	(.05)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.14)	(.26)	(.18)	(.11)	(.08)^H
Redemption fees added to paid in capital ^B	-^G	-^G	-^G	.01	.01
Net asset value, end of period	$ 9.08	$ 9.52	$ 8.75	$ 8.37	$ 9.00
Total Return^A	(3.09)%	12.05%	6.93%	(5.91)%	24.95%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.26%	1.30%	1.28%	1.26%	1.34%
Expenses net of fee waivers, if any	1.26%	1.30%	1.28%	1.24%	1.25%
Expenses net of all reductions	1.26%	1.28%	1.25%	1.19%	1.13%
Net investment income (loss)	1.79%	2.15%	2.43%	2.02% ^E	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,596	$ 10,231	$ 8,586	$ 7,633	$ 7,171
Portfolio turnover rate^D	38%	64%	30%	53%	96%

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

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

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

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

^H Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2014

1. Organization.

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund) is a fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Europe, Middle East, Africa (EMEA) and Institutional Class, each of which, along with Class B shares, has equal rights as to assets and voting privileges. Class B shares are closed to new accounts and additional purchases, except for exchanges and reinvestments. Each class has exclusive voting rights with respect to matters that affect that class. Class B shares will automatically convert to Class A shares after a holding period of seven years from the initial date of purchase. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

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

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

Level 1 - quoted prices in active markets for identical investments

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of October 31, 2014, including information on transfers between Levels 1 and 2, is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2014, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. 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. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

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

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation	$ 22,933,818
Gross unrealized depreciation	(13,301,769)
Net unrealized appreciation (depreciation) on securities	$ 9,632,049

Tax Cost	$ 110,257,715

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

Undistributed ordinary income	$ 2,385,005
Capital loss carryforward	$ (6,057,255)
Net unrealized appreciation (depreciation) on securities and other investments	$ 9,630,792

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

Fiscal year of expiration
2018	$ (1,624,705)
No expiration
Short-term	(373,258)
Long-term	(4,059,292)
Total no expiration	(4,432,550)
Total capital loss carryforward	$ (6,057,255)

The tax character of distributions paid was as follows:

	October 31, 2014	October 31, 2013
Ordinary Income	$ 1,921,556	$ 3,874,609

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 1.50% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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.

New Accounting Pronouncement. In June 2014, the Financial Accounting Standards Board issued Accounting Standard Update No. 2014-11, Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The Update amends the accounting for certain repurchase agreements and expands disclosure requirements for reverse repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $49,109,257 and $63,629,040, 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 .55% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .80% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 24,843	$ 1,208
Class T	.25%	.25%	13,280	23
Class B	.75%	.25%	3,284	2,463
Class C	.75%	.25%	66,509	10,322
			$ 107,916	$ 14,016

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class T shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class T, Class B, and Class C redemptions. The deferred sales charges range from 5.00% to 1.00% for Class B shares, 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class T shares.

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

	Retained by FDC
Class A	$ 15,260
Class T	1,500
Class B*	445
Class C*	319
	$ 17,524

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

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

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$ 25,172	.25
Class T	8,709	.33
Class B	995	.30
Class C	20,260	.30
Emerging Europe, Middle East, Africa (EMEA)	287,461	.28
Institutional Class	11,478	.17
	$ 354,075

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

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $48 for the period.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,567.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $215 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Annual Report

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities is disclosed on the Fund's Statement of Assets and Liabilities. At period end, there were no security loans outstanding. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $5,426. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser voluntarily agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class T	1.90%	$ 595

In addition, the investment adviser reimbursed a portion of the fund's operating expenses during the period in the amount of $1,064.

Annual Report

Notes to Financial Statements - continued

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2014	2013
From net investment income
Class A	$ 138,741	$ 155,525
Class T	39,254	46,756
Class B	1,980	2,757
Class C	46,648	69,716
Emerging Europe, Middle East, Africa (EMEA)	1,537,065	2,222,632
Institutional Class	157,868	192,599
Total	$ 1,921,556	$ 2,689,985
From net realized gain
Class A	$ -	$ 76,218
Class T	-	28,360
Class B	-	3,579
Class C	-	66,141
Emerging Europe, Middle East, Africa (EMEA)	-	934,516
Institutional Class	-	75,810
Total	$ -	$ 1,184,624

10. Share Transactions.

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

	Shares		Dollars
Years ended October 31,	2014	2013	2014	2013
Class A
Shares sold	315,373	422,392	$ 2,918,425	$ 3,786,551
Reinvestment of distributions	11,698	20,821	104,929	182,599
Shares redeemed	(601,453)	(321,728)	(5,463,762)	(2,828,311)
Net increase (decrease)	(274,382)	121,485	$ (2,440,408)	$ 1,140,839
Class T
Shares sold	101,639	88,958	$ 928,488	$ 793,473
Reinvestment of distributions	4,323	8,485	38,736	74,325
Shares redeemed	(198,384)	(115,399)	(1,797,181)	(1,019,893)
Net increase (decrease)	(92,422)	(17,956)	$ (829,957)	$ (152,095)
Class B
Shares sold	4,359	10,659	$ 39,785	$ 95,440
Reinvestment of distributions	219	679	1,980	5,999
Shares redeemed	(12,911)	(21,228)	(117,435)	(189,688)
Net increase (decrease)	(8,333)	(9,890)	$ (75,670)	$ (88,249)

Annual Report

10. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2014	2013	2014	2013
Emerging Europe, Middle East, Africa (EMEA)
Class C
Shares sold	241,646	249,509	$ 2,211,783	$ 2,176,685
Reinvestment of distributions	3,905	12,615	34,875	110,128
Shares redeemed	(221,913)	(441,523)	(2,006,697)	(3,878,247)
Net increase (decrease)	23,638	(179,399)	$ 239,961	$ (1,591,434)
Shares sold	2,719,041	4,724,612	$ 24,959,563	$ 42,683,733
Reinvestment of distributions	162,803	341,639	1,463,600	2,999,595
Shares redeemed	(3,802,325)	(6,228,497)	(34,854,232)	(55,025,066)
Net increase (decrease)	(920,481)	(1,162,246)	$ (8,431,069)	$ (9,341,738)
Institutional Class
Shares sold	374,756	478,817	$ 3,428,841	$ 4,308,546
Reinvestment of distributions	8,639	10,415	77,579	91,338
Shares redeemed	(841,493)	(396,145)	(7,467,169)	(3,464,870)
Net increase (decrease)	(458,098)	93,087	$ (3,960,749)	$ 935,014

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

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund (the Fund), a fund of Fidelity Investment Trust, including the schedule of investments, as of October 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2014, 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 Emerging Europe, Middle East, Africa (EMEA) Fund as of October 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 19, 2014

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 174 funds. Mr. Curvey oversees 407 funds.

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) of the trust and the fund (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The 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.

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

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

Annual Report

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

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

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

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), and a Director of FMR Co., Inc. (2007-2014).
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (2014-present), Director of Fidelity SelectCo, LLC (2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

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

Annual Report

Trustees and Officers - continued

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, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees 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 (1939)
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). 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), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003 Member of the Advisory Board
	Mr. Lynch also serves as Member of the Advisory Board of other Fidelity 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).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as a Director and Chief Compliance Officer of Fidelity Management & Research (U.K.) Inc. (2013-present) and is an employee of Fidelity Investments.
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (2014-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity Emerging Europe, Middle East, Africa (EMEA) 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	12/08/14	12/05/14	$0.135	$0.039
Class T	12/08/14	12/05/14	$0.125	$0.039
Class B	12/08/14	12/05/14	$0.059	$0.039
Class C	12/08/14	12/05/14	$0.078	$0.039

Class A, T, B and C designate 100% of the dividend distributed during the fiscal year, as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Class A	12/09/13	$0.0956	$0.0491
Class T	12/09/13	$0.0859	$0.0491
Class B	12/09/13	$0.0552	$0.0491
Class C	12/09/13	$0.0632	$0.0491

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers 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 (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its July 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (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 exist and 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 connection with separate internal corporate reorganizations involving Fidelity Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management & Research (Japan) Inc. (FMR Japan), the Board approved certain non-material amendments to the fund's sub-advisory agreements with FMR U.K. and FMR Japan to reflect that, after these reorganizations, FMR Investment Management (UK) Limited and Fidelity Management & Research (Japan) Limited will carry on the business of FMR U.K. and FMR Japan, respectively. The Board noted that no changes to the portfolio managers or to the foreign research or investment advisory services provided to the fund were expected in connection with either reorganization and that the same personnel and resources would continue to be available to the fund at the new entities.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

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

Annual Report

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the 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 over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser to manage sector-based funds and products; (viii) continuing to develop and implement technology to improve security and increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in the money market fund lineup.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Investment Performance. The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund, for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods which may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; tactical opportunities for investment; and fund cash flows and other factors.

Annual Report

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

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

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

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "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 hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, 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 rate ranked, is also included in the chart and considered by the Board.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

aem159604

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

The Board also noted that, in August 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

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

Annual Report

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

The Board noted that the total expense ratio of each of Class A, Institutional Class, and the retail class ranked below its competitive median for 2013 and the total expense ratio of each of Class T, Class B, and Class C ranked above its competitive median for 2013. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T as compared to most competitor funds. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class T is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable, although in some cases 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.

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 servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

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 the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the 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 was satisfied that the profitability was not excessive in the circumstances.

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

Annual Report

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

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) Fidelity's strategic marketing and product lineup goals; (iii) the methodology with respect to competitive fund data and peer group classifications; (iv) the arrangements with, and performance of, certain sub-advisers on behalf of the Fidelity funds, as well as certain proposed participating affiliate arrangements; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, including the rationale for the individual fee rates of certain categories of funds and the definition of group assets; (vii) trends regarding industry use of performance fee structures and the performance adjustment methodologies applicable to the Fidelity funds; (viii) additional competitive analysis regarding the total expenses for certain classes; (ix) fund profitability methodology, including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results; and (x) the process by which Fidelity determines sub-advisory fees for funds it advises.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board ultimately concluded that the advisory fee structures are fair and reasonable, and that 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.

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation
Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Company
Quincy, MA

(Fidelity Investment logo)(registered trademark)

AEME-UANN-1214
1.861988.106

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Emerging Europe,
Middle East, Africa (EMEA)

Fund - Institutional Class

Annual Report

October 31, 2014

(Fidelity Cover Art)

Institutional Class is a
class of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund

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

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

Other third-party marks appearing herein are the property of their respective owners.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2014	Past 1 year	Past 5 years	Life of fund^A
Institutional Class	-3.09%	6.42%	0.03%

^AFrom May 8, 2008.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund - Institutional Class on May 8, 2008, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI EM (Emerging Markets) Europe, Middle East and Africa Index performed over the same period.

mei317506

Annual Report

Management's Discussion of Fund Performance

Comments from Adam Kutas, Portfolio Manager of Fidelity Advisor® Emerging Europe, Middle East, Africa (EMEA) Fund: For the year, the fund's Institutional Class shares returned -3.09%, outperforming the -8.16% return of the MSCI EM (Emerging Market) Europe, Middle East and Africa Index. Security selection in financials and telecommunications services helped the fund's relative performance, with the top two contributors being an out-of-benchmark position in HSBC Bank and good timing with Dubai Financial Market. HSBC served as a counterparty for investments in consumer staples companies in Saudi Arabia, a country that doesn't allow foreign investment in Saudi firms. My strategy focused on overweighting investments in countries that I call "free riders," which aren't tied to other economies but have benefited from the global decline in the cost of capital. I favored "free riders" over countries and companies tied to growth in China or those closely aligned with "anchor" countries, meaning developed countries like the United States or those in the European Union. I underweighted resources-heavy Russia and South Africa. Conversely, stock selection in materials hurt relative performance, with the biggest individual detractor being an investment in South African gold producer AngloGold Ashanti.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Class A	1.54%
Actual		$ 1,000.00	$ 997.80	$ 7.75
Hypothetical^A		$ 1,000.00	$ 1,017.44	$ 7.83
Class T	1.90%
Actual		$ 1,000.00	$ 996.70	$ 9.56
Hypothetical^A		$ 1,000.00	$ 1,015.63	$ 9.65
Class B	2.38%
Actual		$ 1,000.00	$ 994.50	$ 11.96
Hypothetical^A		$ 1,000.00	$ 1,013.21	$ 12.08
Class C	2.40%
Actual		$ 1,000.00	$ 994.40	$ 12.06
Hypothetical^A		$ 1,000.00	$ 1,013.11	$ 12.18
Emerging Europe, Middle East, Africa (EMEA)	1.34%
Actual		$ 1,000.00	$ 1,000.00	$ 6.76
Hypothetical^A		$ 1,000.00	$ 1,018.45	$ 6.82
Institutional Class	1.16%
Actual		$ 1,000.00	$ 1,000.00	$ 5.85
Hypothetical^A		$ 1,000.00	$ 1,019.36	$ 5.90

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

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

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2014
	South Africa 43.1%
	Russia 20.1%
	Turkey 5.5%
	Poland 5.1%
	United Arab Emirates 4.6%
	United Kingdom 4.0%
	Qatar 3.0%
	Romania 1.9%
	Greece 1.6%
	Other* 11.1%

mei317528

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

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

As of April 30, 2014
	South Africa 39.1%
	Russia 21.1%
	Poland 6.6%
	United Arab Emirates 5.2%
	United Kingdom 4.4%
	Qatar 2.5%
	United States of America* 2.3%
	Czech Republic 2.3%
	Turkey 2.3%
	Other 14.2%

mei317540

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

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

Asset Allocation as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.9	97.7
Short-Term Investments and Net Other Assets (Liabilities)	0.1	2.3
Top Ten Stocks as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	7.4	6.2
Naspers Ltd. Class N (South Africa, Media)	5.8	4.4
Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels)	5.3	5.1
LUKOIL Oil Co. (Russia, Oil, Gas & Consumable Fuels)	4.3	4.3
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels)	3.8	3.4
Sberbank (Savings Bank of the Russian Federation) (Russia, Banks)	3.1	3.6
FirstRand Ltd. (South Africa, Diversified Financial Services)	2.7	2.2
Remgro Ltd. (South Africa, Diversified Financial Services)	2.6	2.2
Bank Polska Kasa Opieki SA (Poland, Banks)	2.6	3.1
Standard Bank Group Ltd. (South Africa, Banks)	2.5	2.5
	40.1
Market Sectors as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	36.4	36.7
Energy	18.5	18.7
Consumer Discretionary	12.6	9.6
Telecommunication Services	10.1	10.8
Consumer Staples	9.1	8.4
Materials	6.2	8.1
Health Care	3.5	2.6
Industrials	3.2	2.5
Information Technology	0.3	0.3

Annual Report

Investments October 31, 2014

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
Austria - 0.5%
CA Immobilien Anlagen AG	31,700		$ 606,797
Bermuda - 0.4%
Aquarius Platinum Ltd. (a)	1,967,700		522,710
Botswana - 0.3%
First National Bank of Botswana Ltd.	814,358		319,114
Canada - 0.2%
Africa Oil Corp. (a)	86,600		275,848
Croatia - 0.3%
Ledo d.d.	263		361,058
Czech Republic - 1.5%
Komercni Banka A/S	8,305		1,778,933
Estonia - 0.4%
Tallinna Kaubamaja AS	70,900		444,242
Greece - 1.6%
Fourlis Holdings SA (a)	130,500		513,503
Jumbo SA	53,036		581,543
Karelia Tobacco Co., Inc.	1,970		481,398
Sarantis SA	37,800		331,583
TOTAL GREECE			1,908,027
Hungary - 0.3%
FHB Land Credit & Mortgage Bank (a)	138,000		402,441
Kenya - 1.2%
British American Tobacco Kenya Ltd.	31,700		371,399
Kenya Commercial Bank Ltd.	756,500		465,148
Safaricom Ltd.	4,416,544		602,368
TOTAL KENYA			1,438,915
Kuwait - 1.3%
Gulf Bank (a)	502,300		588,498
Kuwait Food Co. (Americana)	95,250		1,010,924
TOTAL KUWAIT			1,599,422
Lithuania - 0.5%
Apranga AB (a)	163,766		537,685
Luxembourg - 0.5%
Pegas NONWOVENS SA	20,400		583,544
Common Stocks - continued
	Shares		Value
Nigeria - 0.9%
FBN Holdings PLC	6,000,000		$ 419,439
Zenith Bank PLC	5,284,656		676,334
TOTAL NIGERIA			1,095,773
Oman - 1.0%
BankMuscat SAOG (a)	145,000		265,143
National Bank of Oman (a)	945,224		893,666
TOTAL OMAN			1,158,809
Pakistan - 1.3%
Indus Motor Co. Ltd.	47,000		373,522
Pak Suzuki Motors	247,200		819,695
United Bank Ltd.	190,000		363,436
TOTAL PAKISTAN			1,556,653
Poland - 5.1%
Bank Handlowy w Warszawie SA	62,000		2,094,085
Bank Polska Kasa Opieki SA	58,600		3,062,790
Orbis SA	40,000		435,818
Powszechny Zaklad Ubezpieczen SA	3,500		524,590
TOTAL POLAND			6,117,283
Qatar - 3.0%
Al Meera Consumer Goods Co. (a)	7,996		407,974
Commercial Bank of Qatar (a)	66,748		1,354,554
Qatar National Bank SAQ (a)	30,850		1,815,478
TOTAL QATAR			3,578,006
Romania - 1.9%
Banca Transilvania SA (a)	1,751,868		897,500
Bursa de Valori Bucuresti (a)	73,404		619,461
SNP Petrom SA	5,839,899		726,803
TOTAL ROMANIA			2,243,764
Russia - 16.5%
Gazprom OAO sponsored ADR (Reg. S)	948,200		6,284,670
LUKOIL Oil Co.	8,300		409,112
LUKOIL Oil Co. sponsored ADR (United Kingdom)	96,695		4,747,725
Magnit OJSC (a)	6,800		1,881,412
Megafon OJSC GDR	38,800		907,920
NOVATEK OAO GDR (Reg. S)	8,325		894,105
Common Stocks - continued
	Shares		Value
Russia - continued
Sberbank (Savings Bank of the Russian Federation) (a)	2,109,500		$ 3,738,811
Vozrozhdenie Bank (a)	90,200		878,716
TOTAL RUSSIA			19,742,471
Slovenia - 0.4%
Krka dd Novo mesto	6,700		528,955
South Africa - 43.1%
AngloGold Ashanti Ltd. (a)	191,000		1,596,175
Ascendis Health Ltd.	210,000		313,198
Aspen Pharmacare Holdings Ltd.	67,800		2,418,480
Cashbuild Ltd.	71,700		1,007,593
Clicks Group Ltd.	329,220		2,241,612
DRDGOLD Ltd.	3,820,214		1,063,022
FirstRand Ltd.	744,300		3,185,109
Grand Parade Investments Ltd. (a)	727,000		468,639
Harmony Gold Mining Co. Ltd. (a)	347,600		561,510
Holdsport Ltd.	165,400		682,237
Hulamin Ltd. (a)	896,200		552,520
MTN Group Ltd.	401,950		8,891,935
Murray & Roberts Holdings Ltd.	112,700		231,434
Nampak Ltd.	618,100		2,520,089
Naspers Ltd. Class N	56,300		7,006,472
Pioneer Foods Ltd.	152,200		1,642,086
Raubex Group Ltd.	599,600		1,212,274
Remgro Ltd.	134,000		3,073,444
RMB Holdings Ltd.	184,600		1,024,444
Sasol Ltd.	92,000		4,594,042
Shoprite Holdings Ltd.	120,100		1,739,802
Standard Bank Group Ltd.	239,363		3,011,094
Telkom SA Ltd. (a)	142,800		758,165
Vodacom Group Ltd.	77,200		936,710
Zeder Investments Ltd.	1,590,847		836,548
TOTAL SOUTH AFRICA			51,568,634
Turkey - 5.5%
Aselsan A/S	219,000		995,163
Brisa Bridgestone S.A.B. Las San	197,000		804,787
Gubre Fabrikalari TAS	298,000		564,452
Koc Holding A/S	275,850		1,408,633
Logo Yazilim Sanayi Ve Ticar (a)	32,328		379,619
Common Stocks - continued
	Shares		Value
Turkey - continued
Pinar Sut Mamulleri Sanayi A/S	42,000		$ 404,382
Turkiye Garanti Bankasi A/S	505,000		1,970,961
TOTAL TURKEY			6,527,997
United Arab Emirates - 4.6%
Agthia Group PJSC	300,000		537,435
Aldar Properties PJSC (a)	1,409,585		1,228,062
Emaar Properties PJSC (a)	437,227		1,190,381
First Gulf Bank PJSC	270,138		1,334,877
SHUAA Capital PSC (a)	4,749,942		1,269,927
TOTAL UNITED ARAB EMIRATES			5,560,682
United Kingdom - 4.0%
Abdullah Al Othaim Markets Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c)	14,236		412,765
Al Noor Hospitals Group PLC	30,100		490,658
Alabama Khaleej Training & Education ELS (HSBC Bank Warrant Program) warrants 7/18/16 (a)(c)	12,900		230,544
Aldrees Petroleum & Transport ELS (HSBC Warrant Program) warrants 2/7/17 (a)(c)	40,399		581,905
Fawaz Abdulaziz Alhokair & Co. ELS (HSBC Warrant Program) warrants 2/23/15 (a)(c)	10,300		320,853
Halwani Bros. Co. ELS (HSBC Warrant Program) warrants 5/4/15 (a)(c)	11,262		236,392
NMC Health PLC	68,700		544,002
Saudi Vitrified Clay Pipe Co. ELS (HSBC Warrant Program) warrants 5/4/15 (a)(c)	12,000		333,892
Saudia Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/26/15 (a)(c)	19,000		617,845
The Savola Group ELS (HSBC Warrant Program) warrants 2/2/15 (a)(c)	19,000		432,542
United International Transportation Co. ELS (HSBC Warrant Program) warrants 2/23/15 (a)(c)	30,667		605,043
TOTAL UNITED KINGDOM			4,806,441
TOTAL COMMON STOCKS (Cost $105,022,785)		115,264,204
Nonconvertible Preferred Stocks - 3.6%
	Shares		Value
Russia - 3.6%
Surgutneftegas (a)	3,820,100		$ 2,619,698
Tatneft OAO (a)	505,500		1,695,960
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,855,159)		4,315,658
Money Market Funds - 0.3%

Fidelity Cash Central Fund, 0.11% (b) (Cost $309,902)	309,902		309,902
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $109,187,846)			119,889,764
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(200,037)
NET ASSETS - 100%		$ 119,689,727

Security Type Abbreviations
ELS	-	Equity-Linked Security

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,968
Fidelity Securities Lending Cash Central Fund	5,426
Total	$ 7,394

Other Information

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

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 14,825,962	$ 13,815,038	$ -	$ 1,010,924
Consumer Staples	10,844,383	10,844,383	-	-
Energy	22,247,963	17,653,921	4,594,042	-
Financials	43,661,562	37,918,820	5,742,742	-
Health Care	4,295,293	4,295,293	-	-
Industrials	3,847,504	3,847,504	-	-
Information Technology	379,619	379,619	-	-
Materials	7,380,478	4,159,771	3,220,707	-
Telecommunication Services	12,097,098	12,097,098	-	-
Money Market Funds	309,902	309,902	-	-
Total Investments in Securities:	$ 119,889,764	$ 105,321,349	$ 13,557,491	$ 1,010,924

Transfers	Total
Level 1 to Level 2	$ 1,965,445
Level 2 to Level 1	$ 0

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2014

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $108,877,944)	$ 119,579,862
Fidelity Central Funds (cost $309,902)	309,902
Total Investments (cost $109,187,846)		$ 119,889,764
Foreign currency held at value (cost $4)		3
Receivable for investments sold		126,670
Receivable for fund shares sold		99,736
Dividends receivable		109,030
Distributions receivable from Fidelity Central Funds		159
Prepaid expenses		310
Receivable from investment adviser for expense reductions		11
Other receivables		3
Total assets		120,225,686

Liabilities
Payable for investments purchased	$ 141,325
Payable for fund shares redeemed	102,074
Accrued management fee	79,618
Transfer agent fee payable	28,392
Distribution and service plan fees payable	8,448
Other affiliated payables	5,157
Custody fee payable	53,865
Audit fee payable	44,097
Other payables and accrued expenses	72,983
Total liabilities		535,959

Net Assets		$ 119,689,727
Net Assets consist of:
Paid in capital		$ 113,793,553
Undistributed net investment income		1,899,047
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(6,642,175)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		10,639,302
Net Assets		$ 119,689,727

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($7,888,563 ÷ 872,420 shares)		$ 9.04

Maximum offering price per share (100/94.25 of $9.04)		$ 9.59
Class T: Net Asset Value and redemption price per share ($2,465,386 ÷ 273,748 shares)		$ 9.01

Maximum offering price per share (100/96.50 of $9.01)		$ 9.34
Class B: Net Asset Value and offering price per share ($294,400 ÷ 32,537 shares)^A		$ 9.05

Class C: Net Asset Value and offering price per share ($6,661,556 ÷ 745,824 shares)^A		$ 8.93

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($96,783,557 ÷ 10,660,010 shares)		$ 9.08

Institutional Class: Net Asset Value, offering price and redemption price per share ($5,596,265 ÷ 616,521 shares)		$ 9.08

^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, 2014

Investment Income
Dividends		$ 4,542,500
Income from Fidelity Central Funds		7,394
Income before foreign taxes withheld		4,549,894
Less foreign taxes withheld		(564,289)
Total income		3,985,605

Expenses
Management fee	$ 1,047,346
Transfer agent fees	354,075
Distribution and service plan fees	107,916
Accounting and security lending fees	67,810
Custodian fees and expenses	166,959
Independent trustees' compensation	543
Registration fees	79,271
Audit	64,358
Legal	481
Miscellaneous	1,160
Total expenses before reductions	1,889,919
Expense reductions	(1,916)	1,888,003
Net investment income (loss)		2,097,602
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $55,716)	(4,138,146)
Foreign currency transactions	(96,262)
Total net realized gain (loss)		(4,234,408)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $62,368)	(2,799,835)
Assets and liabilities in foreign currencies	(11,085)
Total change in net unrealized appreciation (depreciation)		(2,810,920)
Net gain (loss)		(7,045,328)
Net increase (decrease) in net assets resulting from operations		$ (4,947,726)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2014	Year ended October 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,097,602	$ 2,849,848
Net realized gain (loss)	(4,234,408)	425,876
Change in net unrealized appreciation (depreciation)	(2,810,920)	11,151,522
Net increase (decrease) in net assets resulting from operations	(4,947,726)	14,427,246
Distributions to shareholders from net investment income	(1,921,556)	(2,689,985)
Distributions to shareholders from net realized gain	-	(1,184,624)
Total distributions	(1,921,556)	(3,874,609)
Share transactions - net increase (decrease)	(15,497,892)	(9,097,663)
Redemption fees	42,040	52,524
Total increase (decrease) in net assets	(22,325,134)	1,507,498

Net Assets
Beginning of period	142,014,861	140,507,363
End of period (including undistributed net investment income of $1,899,047 and undistributed net investment income of $1,897,738, respectively)	$ 119,689,727	$ 142,014,861

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.49	$ 8.71	$ 8.34	$ 8.97	$ 7.26
Income from Investment Operations
Net investment income (loss)^C	.13	.16	.18	.16^F	.07
Net realized and unrealized gain (loss)	(.46)	.85	.34	(.70)	1.70
Total from investment operations	(.33)	1.01	.52	(.54)	1.77
Distributions from net investment income	(.12)	(.15)	(.15)	(.08)	(.04)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.12)	(.23)^I	(.15)	(.10)	(.07)^J
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.04	$ 9.49	$ 8.71	$ 8.34	$ 8.97
Total Return^{A, B}	(3.48)%	11.75%	6.38%	(6.05)%	24.66%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.60%	1.64%	1.62%	1.60%	1.69%
Expenses net of fee waivers, if any	1.60%	1.63%	1.62%	1.56%	1.50%
Expenses net of all reductions	1.60%	1.62%	1.60%	1.51%	1.38%
Net investment income (loss)	1.45%	1.82%	2.09%	1.70% ^F	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,889	$ 10,883	$ 8,934	$ 10,260	$ 10,045
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share.

^J Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.46	$ 8.68	$ 8.31	$ 8.96	$ 7.25
Income from Investment Operations
Net investment income (loss)^C	.11	.14	.15	.13^F	.06
Net realized and unrealized gain (loss)	(.46)	.84	.35	(.71)	1.69
Total from investment operations	(.35)	.98	.50	(.58)	1.75
Distributions from net investment income	(.10)	(.12)	(.13)	(.07)	(.03)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.10)	(.20)^I	(.13)	(.08)^J	(.05)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.01	$ 9.46	$ 8.68	$ 8.31	$ 8.96
Total Return^{A, B}	(3.67)%	11.42%	6.14%	(6.42)%	24.44%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.92%	1.93%	1.89%	1.87%	1.95%
Expenses net of fee waivers, if any	1.90%	1.90%	1.89%	1.84%	1.75%
Expenses net of all reductions	1.90%	1.88%	1.86%	1.78%	1.62%
Net investment income (loss)	1.15%	1.55%	1.82%	1.42% ^F	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,465	$ 3,465	$ 3,336	$ 3,502	$ 3,114
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.074 per share.

^J Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.50	$ 8.69	$ 8.29	$ 8.93	$ 7.23
Income from Investment Operations
Net investment income (loss)^C	.06	.09	.11	.09^F	.02
Net realized and unrealized gain (loss)	(.46)	.85	.35	(.71)	1.68
Total from investment operations	(.40)	.94	.46	(.62)	1.70
Distributions from net investment income	(.05)	(.06)	(.06)	(.02)	-
Distributions from net realized gain	-	(.07)	-	(.01)	(.01)
Total distributions	(.05)	(.13)	(.06)	(.03)	(.01)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.05	$ 9.50	$ 8.69	$ 8.29	$ 8.93
Total Return^{A, B}	(4.23)%	10.94%	5.56%	(6.85)%	23.72%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.40%	2.42%	2.38%	2.37%	2.47%
Expenses net of fee waivers, if any	2.40%	2.40%	2.38%	2.33%	2.25%
Expenses net of all reductions	2.40%	2.38%	2.35%	2.27%	2.12%
Net investment income (loss)	.65%	1.05%	1.33%	.93% ^F	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 294	$ 388	$ 441	$ 539	$ 822
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.39	$ 8.62	$ 8.24	$ 8.90	$ 7.23
Income from Investment Operations
Net investment income (loss)^C	.06	.09	.11	.08^F	.02
Net realized and unrealized gain (loss)	(.46)	.83	.35	(.69)	1.67
Total from investment operations	(.40)	.92	.46	(.61)	1.69
Distributions from net investment income	(.06)	(.08)	(.08)	(.05)	(.01)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.06)	(.15)	(.08)	(.06)^I	(.03)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 8.93	$ 9.39	$ 8.62	$ 8.24	$ 8.90
Total Return^{A, B}	(4.24)%	10.83%	5.68%	(6.79)%	23.61%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.40%	2.42%	2.37%	2.36%	2.45%
Expenses net of fee waivers, if any	2.40%	2.40%	2.37%	2.33%	2.25%
Expenses net of all reductions	2.40%	2.38%	2.35%	2.27%	2.13%
Net investment income (loss)	.65%	1.05%	1.34%	.93% ^F	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,662	$ 6,782	$ 7,770	$ 6,650	$ 5,151
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share.

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

Annual Report

Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.52	$ 8.75	$ 8.37	$ 9.00	$ 7.28
Income from Investment Operations
Net investment income (loss)^B	.16	.18	.20	.18^E	.09
Net realized and unrealized gain (loss)	(.47)	.84	.35	(.71)	1.70
Total from investment operations	(.31)	1.02	.55	(.53)	1.79
Distributions from net investment income	(.13)	(.18)	(.17)	(.09)	(.05)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.13)	(.25)	(.17)	(.11)	(.08)^H
Redemption fees added to paid in capital ^B	-^G	-^G	-^G	.01	.01
Net asset value, end of period	$ 9.08	$ 9.52	$ 8.75	$ 8.37	$ 9.00
Total Return^A	(3.21)%	11.90%	6.81%	(5.91)%	24.92%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.37%	1.40%	1.37%	1.35%	1.45%
Expenses net of fee waivers, if any	1.37%	1.40%	1.37%	1.31%	1.25%
Expenses net of all reductions	1.37%	1.38%	1.34%	1.25%	1.12%
Net investment income (loss)	1.68%	2.05%	2.34%	1.95% ^E	1.21%
Supplemental Data
Net assets, end of period (000 omitted)	$ 96,784	$ 110,265	$ 111,441	$ 114,117	$ 140,270
Portfolio turnover rate^D	38%	64%	30%	53%	96%

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

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

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

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

^H Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.52	$ 8.75	$ 8.37	$ 9.00	$ 7.28
Income from Investment Operations
Net investment income (loss)^B	.16	.19	.21	.19^E	.09
Net realized and unrealized gain (loss)	(.46)	.84	.35	(.72)	1.70
Total from investment operations	(.30)	1.03	.56	(.53)	1.79
Distributions from net investment income	(.14)	(.19)	(.18)	(.09)	(.05)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.14)	(.26)	(.18)	(.11)	(.08)^H
Redemption fees added to paid in capital ^B	-^G	-^G	-^G	.01	.01
Net asset value, end of period	$ 9.08	$ 9.52	$ 8.75	$ 8.37	$ 9.00
Total Return^A	(3.09)%	12.05%	6.93%	(5.91)%	24.95%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.26%	1.30%	1.28%	1.26%	1.34%
Expenses net of fee waivers, if any	1.26%	1.30%	1.28%	1.24%	1.25%
Expenses net of all reductions	1.26%	1.28%	1.25%	1.19%	1.13%
Net investment income (loss)	1.79%	2.15%	2.43%	2.02% ^E	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,596	$ 10,231	$ 8,586	$ 7,633	$ 7,171
Portfolio turnover rate^D	38%	64%	30%	53%	96%

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

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

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

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

^H Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2014

1. Organization.

2. Investments in Fidelity Central Funds.

In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

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Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

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

Level 1 - quoted prices in active markets for identical investments

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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

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3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation	$ 22,933,818
Gross unrealized depreciation	(13,301,769)
Net unrealized appreciation (depreciation) on securities	$ 9,632,049

Tax Cost	$ 110,257,715

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

Undistributed ordinary income	$ 2,385,005
Capital loss carryforward	$ (6,057,255)
Net unrealized appreciation (depreciation) on securities and other investments	$ 9,630,792

Fiscal year of expiration
2018	$ (1,624,705)
No expiration
Short-term	(373,258)
Long-term	(4,059,292)
Total no expiration	(4,432,550)
Total capital loss carryforward	$ (6,057,255)

The tax character of distributions paid was as follows:

	October 31, 2014	October 31, 2013
Ordinary Income	$ 1,921,556	$ 3,874,609

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $49,109,257 and $63,629,040, respectively.

5. Fees and Other Transactions with Affiliates.

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5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 24,843	$ 1,208
Class T	.25%	.25%	13,280	23
Class B	.75%	.25%	3,284	2,463
Class C	.75%	.25%	66,509	10,322
			$ 107,916	$ 14,016

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

	Retained by FDC
Class A	$ 15,260
Class T	1,500
Class B*	445
Class C*	319
	$ 17,524

* 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.

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Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$ 25,172	.25
Class T	8,709	.33
Class B	995	.30
Class C	20,260	.30
Emerging Europe, Middle East, Africa (EMEA)	287,461	.28
Institutional Class	11,478	.17
	$ 354,075

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,567.

6. Committed Line of Credit.

Annual Report

7. Security Lending.

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class T	1.90%	$ 595

In addition, the investment adviser reimbursed a portion of the fund's operating expenses during the period in the amount of $1,064.

Annual Report

Notes to Financial Statements - continued

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2014	2013
From net investment income
Class A	$ 138,741	$ 155,525
Class T	39,254	46,756
Class B	1,980	2,757
Class C	46,648	69,716
Emerging Europe, Middle East, Africa (EMEA)	1,537,065	2,222,632
Institutional Class	157,868	192,599
Total	$ 1,921,556	$ 2,689,985
From net realized gain
Class A	$ -	$ 76,218
Class T	-	28,360
Class B	-	3,579
Class C	-	66,141
Emerging Europe, Middle East, Africa (EMEA)	-	934,516
Institutional Class	-	75,810
Total	$ -	$ 1,184,624

10. Share Transactions.

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

	Shares		Dollars
Years ended October 31,	2014	2013	2014	2013
Class A
Shares sold	315,373	422,392	$ 2,918,425	$ 3,786,551
Reinvestment of distributions	11,698	20,821	104,929	182,599
Shares redeemed	(601,453)	(321,728)	(5,463,762)	(2,828,311)
Net increase (decrease)	(274,382)	121,485	$ (2,440,408)	$ 1,140,839
Class T
Shares sold	101,639	88,958	$ 928,488	$ 793,473
Reinvestment of distributions	4,323	8,485	38,736	74,325
Shares redeemed	(198,384)	(115,399)	(1,797,181)	(1,019,893)
Net increase (decrease)	(92,422)	(17,956)	$ (829,957)	$ (152,095)
Class B
Shares sold	4,359	10,659	$ 39,785	$ 95,440
Reinvestment of distributions	219	679	1,980	5,999
Shares redeemed	(12,911)	(21,228)	(117,435)	(189,688)
Net increase (decrease)	(8,333)	(9,890)	$ (75,670)	$ (88,249)

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10. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2014	2013	2014	2013
Emerging Europe, Middle East, Africa (EMEA)
Class C
Shares sold	241,646	249,509	$ 2,211,783	$ 2,176,685
Reinvestment of distributions	3,905	12,615	34,875	110,128
Shares redeemed	(221,913)	(441,523)	(2,006,697)	(3,878,247)
Net increase (decrease)	23,638	(179,399)	$ 239,961	$ (1,591,434)
Shares sold	2,719,041	4,724,612	$ 24,959,563	$ 42,683,733
Reinvestment of distributions	162,803	341,639	1,463,600	2,999,595
Shares redeemed	(3,802,325)	(6,228,497)	(34,854,232)	(55,025,066)
Net increase (decrease)	(920,481)	(1,162,246)	$ (8,431,069)	$ (9,341,738)
Institutional Class
Shares sold	374,756	478,817	$ 3,428,841	$ 4,308,546
Reinvestment of distributions	8,639	10,415	77,579	91,338
Shares redeemed	(841,493)	(396,145)	(7,467,169)	(3,464,870)
Net increase (decrease)	(458,098)	93,087	$ (3,960,749)	$ 935,014

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund:

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 19, 2014

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), and a Director of FMR Co., Inc. (2007-2014).
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (2014-present), Director of Fidelity SelectCo, LLC (2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

Annual Report

Trustees and Officers - continued

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, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees 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 (1939)
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). 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), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003 Member of the Advisory Board
	Mr. Lynch also serves as Member of the Advisory Board of other Fidelity 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).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as a Director and Chief Compliance Officer of Fidelity Management & Research (U.K.) Inc. (2013-present) and is an employee of Fidelity Investments.
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (2014-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity Emerging Europe, Middle East, Africa, (EMEA) 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
Institutional Class	12/08/14	12/05/14	$0.180	$0.039

Institutional Class designates 100% of the dividend distributed during the fiscal year, as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Institutional Class	12/09/2013	$0.1098	$0.0491

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

mei317542

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

mei317544

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

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

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation
Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Company
Quincy, MA

(Fidelity Investment logo)(registered trademark)

AEMEI-UANN-1214
1.861980.106

Fidelity®

Emerging Europe,
Middle East, Africa (EMEA)

Fund

Annual Report

October 31, 2014

(Fidelity Cover Art)

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

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

Other third-party marks appearing herein are the property of their respective owners.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2014	Past 1 year	Past 5 years	Life of fund ^A
Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund	-3.21%	6.34%	-0.04%

^A From May 8, 2008.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund, a class of the fund, on May 8, 2008, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI EM (Emerging Markets) Europe, Middle East and Africa Index performed over the same period.

eme474007

Annual Report

Management's Discussion of Fund Performance

Comments from Adam Kutas, Portfolio Manager of Fidelity® Emerging Europe, Middle East, Africa (EMEA) Fund: For the year, the fund's Retail Class shares returned -3.21%, outperforming the -8.16% return of the MSCI EM (Emerging Market) Europe, Middle East and Africa Index. Security selection in financials and telecommunications services helped the fund's relative performance, with the top two contributors being an out-of-benchmark position in HSBC Bank and good timing with Dubai Financial Market. HSBC served as counterparty for investments in consumer staples companies in Saudi Arabia, a country that doesn't allow foreign investment in Saudi firms. My strategy focused on overweighting investments in countries that I call "free riders," which aren't tied to other economies but have benefited from the global decline in the cost of capital. These can be frontier countries, where companies with low debt have been able to borrow at cheap interest rates. I favored "free riders" over countries and companies tied to growth in China or those whose prospects are closely aligned with "anchor" countries, meaning developed countries such as the United States or those in the European Union. I underweighted resources-heavy Russia and South Africa. Conversely, stock selection in materials hurt relative performance, with the biggest individual detractor being an investment in South African gold producer AngloGold Ashanti.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio ^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Class A	1.54%
Actual		$ 1,000.00	$ 997.80	$ 7.75
Hypothetical^A		$ 1,000.00	$ 1,017.44	$ 7.83
Class T	1.90%
Actual		$ 1,000.00	$ 996.70	$ 9.56
Hypothetical^A		$ 1,000.00	$ 1,015.63	$ 9.65
Class B	2.38%
Actual		$ 1,000.00	$ 994.50	$ 11.96
Hypothetical^A		$ 1,000.00	$ 1,013.21	$ 12.08
Class C	2.40%
Actual		$ 1,000.00	$ 994.40	$ 12.06
Hypothetical^A		$ 1,000.00	$ 1,013.11	$ 12.18
Emerging Europe, Middle East, Africa (EMEA)	1.34%
Actual		$ 1,000.00	$ 1,000.00	$ 6.76
Hypothetical^A		$ 1,000.00	$ 1,018.45	$ 6.82
Institutional Class	1.16%
Actual		$ 1,000.00	$ 1,000.00	$ 5.85
Hypothetical^A		$ 1,000.00	$ 1,019.36	$ 5.90

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

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

Annual Report

Investment Changes (Unaudited)

Geographic Diversification (% of fund's net assets)
As of October 31, 2014
	South Africa 43.1%
	Russia 20.1%
	Turkey 5.5%
	Poland 5.1%
	United Arab Emirates 4.6%
	United Kingdom 4.0%
	Qatar 3.0%
	Romania 1.9%
	Greece 1.6%
	Other* 11.1%

eme474029

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

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

As of April 30, 2014
	South Africa 39.1%
	Russia 21.1%
	Poland 6.6%
	United Arab Emirates 5.2%
	United Kingdom 4.4%
	Qatar 2.5%
	United States of America* 2.3%
	Czech Republic 2.3%
	Turkey 2.3%
	Other 14.2%

eme474041

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

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

Asset Allocation as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Stocks	99.9	97.7
Short-Term Investments and Net Other Assets (Liabilities)	0.1	2.3
Top Ten Stocks as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
MTN Group Ltd. (South Africa, Wireless Telecommunication Services)	7.4	6.2
Naspers Ltd. Class N (South Africa, Media)	5.8	4.4
Gazprom OAO sponsored ADR (Reg. S) (Russia, Oil, Gas & Consumable Fuels)	5.3	5.1
LUKOIL Oil Co. (Russia, Oil, Gas & Consumable Fuels)	4.3	4.3
Sasol Ltd. (South Africa, Oil, Gas & Consumable Fuels)	3.8	3.4
Sberbank (Savings Bank of the Russian Federation) (Russia, Banks)	3.1	3.6
FirstRand Ltd. (South Africa, Diversified Financial Services)	2.7	2.2
Remgro Ltd. (South Africa, Diversified Financial Services)	2.6	2.2
Bank Polska Kasa Opieki SA (Poland, Banks)	2.6	3.1
Standard Bank Group Ltd. (South Africa, Banks)	2.5	2.5
	40.1
Market Sectors as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	36.4	36.7
Energy	18.5	18.7
Consumer Discretionary	12.6	9.6
Telecommunication Services	10.1	10.8
Consumer Staples	9.1	8.4
Materials	6.2	8.1
Health Care	3.5	2.6
Industrials	3.2	2.5
Information Technology	0.3	0.3

Annual Report

Investments October 31, 2014

Showing Percentage of Net Assets

Common Stocks - 96.3%
	Shares		Value
Austria - 0.5%
CA Immobilien Anlagen AG	31,700		$ 606,797
Bermuda - 0.4%
Aquarius Platinum Ltd. (a)	1,967,700		522,710
Botswana - 0.3%
First National Bank of Botswana Ltd.	814,358		319,114
Canada - 0.2%
Africa Oil Corp. (a)	86,600		275,848
Croatia - 0.3%
Ledo d.d.	263		361,058
Czech Republic - 1.5%
Komercni Banka A/S	8,305		1,778,933
Estonia - 0.4%
Tallinna Kaubamaja AS	70,900		444,242
Greece - 1.6%
Fourlis Holdings SA (a)	130,500		513,503
Jumbo SA	53,036		581,543
Karelia Tobacco Co., Inc.	1,970		481,398
Sarantis SA	37,800		331,583
TOTAL GREECE			1,908,027
Hungary - 0.3%
FHB Land Credit & Mortgage Bank (a)	138,000		402,441
Kenya - 1.2%
British American Tobacco Kenya Ltd.	31,700		371,399
Kenya Commercial Bank Ltd.	756,500		465,148
Safaricom Ltd.	4,416,544		602,368
TOTAL KENYA			1,438,915
Kuwait - 1.3%
Gulf Bank (a)	502,300		588,498
Kuwait Food Co. (Americana)	95,250		1,010,924
TOTAL KUWAIT			1,599,422
Lithuania - 0.5%
Apranga AB (a)	163,766		537,685
Luxembourg - 0.5%
Pegas NONWOVENS SA	20,400		583,544
Common Stocks - continued
	Shares		Value
Nigeria - 0.9%
FBN Holdings PLC	6,000,000		$ 419,439
Zenith Bank PLC	5,284,656		676,334
TOTAL NIGERIA			1,095,773
Oman - 1.0%
BankMuscat SAOG (a)	145,000		265,143
National Bank of Oman (a)	945,224		893,666
TOTAL OMAN			1,158,809
Pakistan - 1.3%
Indus Motor Co. Ltd.	47,000		373,522
Pak Suzuki Motors	247,200		819,695
United Bank Ltd.	190,000		363,436
TOTAL PAKISTAN			1,556,653
Poland - 5.1%
Bank Handlowy w Warszawie SA	62,000		2,094,085
Bank Polska Kasa Opieki SA	58,600		3,062,790
Orbis SA	40,000		435,818
Powszechny Zaklad Ubezpieczen SA	3,500		524,590
TOTAL POLAND			6,117,283
Qatar - 3.0%
Al Meera Consumer Goods Co. (a)	7,996		407,974
Commercial Bank of Qatar (a)	66,748		1,354,554
Qatar National Bank SAQ (a)	30,850		1,815,478
TOTAL QATAR			3,578,006
Romania - 1.9%
Banca Transilvania SA (a)	1,751,868		897,500
Bursa de Valori Bucuresti (a)	73,404		619,461
SNP Petrom SA	5,839,899		726,803
TOTAL ROMANIA			2,243,764
Russia - 16.5%
Gazprom OAO sponsored ADR (Reg. S)	948,200		6,284,670
LUKOIL Oil Co.	8,300		409,112
LUKOIL Oil Co. sponsored ADR (United Kingdom)	96,695		4,747,725
Magnit OJSC (a)	6,800		1,881,412
Megafon OJSC GDR	38,800		907,920
NOVATEK OAO GDR (Reg. S)	8,325		894,105
Common Stocks - continued
	Shares		Value
Russia - continued
Sberbank (Savings Bank of the Russian Federation) (a)	2,109,500		$ 3,738,811
Vozrozhdenie Bank (a)	90,200		878,716
TOTAL RUSSIA			19,742,471
Slovenia - 0.4%
Krka dd Novo mesto	6,700		528,955
South Africa - 43.1%
AngloGold Ashanti Ltd. (a)	191,000		1,596,175
Ascendis Health Ltd.	210,000		313,198
Aspen Pharmacare Holdings Ltd.	67,800		2,418,480
Cashbuild Ltd.	71,700		1,007,593
Clicks Group Ltd.	329,220		2,241,612
DRDGOLD Ltd.	3,820,214		1,063,022
FirstRand Ltd.	744,300		3,185,109
Grand Parade Investments Ltd. (a)	727,000		468,639
Harmony Gold Mining Co. Ltd. (a)	347,600		561,510
Holdsport Ltd.	165,400		682,237
Hulamin Ltd. (a)	896,200		552,520
MTN Group Ltd.	401,950		8,891,935
Murray & Roberts Holdings Ltd.	112,700		231,434
Nampak Ltd.	618,100		2,520,089
Naspers Ltd. Class N	56,300		7,006,472
Pioneer Foods Ltd.	152,200		1,642,086
Raubex Group Ltd.	599,600		1,212,274
Remgro Ltd.	134,000		3,073,444
RMB Holdings Ltd.	184,600		1,024,444
Sasol Ltd.	92,000		4,594,042
Shoprite Holdings Ltd.	120,100		1,739,802
Standard Bank Group Ltd.	239,363		3,011,094
Telkom SA Ltd. (a)	142,800		758,165
Vodacom Group Ltd.	77,200		936,710
Zeder Investments Ltd.	1,590,847		836,548
TOTAL SOUTH AFRICA			51,568,634
Turkey - 5.5%
Aselsan A/S	219,000		995,163
Brisa Bridgestone S.A.B. Las San	197,000		804,787
Gubre Fabrikalari TAS	298,000		564,452
Koc Holding A/S	275,850		1,408,633
Logo Yazilim Sanayi Ve Ticar (a)	32,328		379,619
Common Stocks - continued
	Shares		Value
Turkey - continued
Pinar Sut Mamulleri Sanayi A/S	42,000		$ 404,382
Turkiye Garanti Bankasi A/S	505,000		1,970,961
TOTAL TURKEY			6,527,997
United Arab Emirates - 4.6%
Agthia Group PJSC	300,000		537,435
Aldar Properties PJSC (a)	1,409,585		1,228,062
Emaar Properties PJSC (a)	437,227		1,190,381
First Gulf Bank PJSC	270,138		1,334,877
SHUAA Capital PSC (a)	4,749,942		1,269,927
TOTAL UNITED ARAB EMIRATES			5,560,682
United Kingdom - 4.0%
Abdullah Al Othaim Markets Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(c)	14,236		412,765
Al Noor Hospitals Group PLC	30,100		490,658
Alabama Khaleej Training & Education ELS (HSBC Bank Warrant Program) warrants 7/18/16 (a)(c)	12,900		230,544
Aldrees Petroleum & Transport ELS (HSBC Warrant Program) warrants 2/7/17 (a)(c)	40,399		581,905
Fawaz Abdulaziz Alhokair & Co. ELS (HSBC Warrant Program) warrants 2/23/15 (a)(c)	10,300		320,853
Halwani Bros. Co. ELS (HSBC Warrant Program) warrants 5/4/15 (a)(c)	11,262		236,392
NMC Health PLC	68,700		544,002
Saudi Vitrified Clay Pipe Co. ELS (HSBC Warrant Program) warrants 5/4/15 (a)(c)	12,000		333,892
Saudia Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/26/15 (a)(c)	19,000		617,845
The Savola Group ELS (HSBC Warrant Program) warrants 2/2/15 (a)(c)	19,000		432,542
United International Transportation Co. ELS (HSBC Warrant Program) warrants 2/23/15 (a)(c)	30,667		605,043
TOTAL UNITED KINGDOM			4,806,441
TOTAL COMMON STOCKS (Cost $105,022,785)		115,264,204
Nonconvertible Preferred Stocks - 3.6%
	Shares		Value
Russia - 3.6%
Surgutneftegas (a)	3,820,100		$ 2,619,698
Tatneft OAO (a)	505,500		1,695,960
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $3,855,159)		4,315,658
Money Market Funds - 0.3%

Fidelity Cash Central Fund, 0.11% (b) (Cost $309,902)	309,902		309,902
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $109,187,846)			119,889,764
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(200,037)
NET ASSETS - 100%		$ 119,689,727

Security Type Abbreviations
ELS	-	Equity-Linked Security

Legend

(a) Non-income producing

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 1,968
Fidelity Securities Lending Cash Central Fund	5,426
Total	$ 7,394

Other Information

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

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 14,825,962	$ 13,815,038	$ -	$ 1,010,924
Consumer Staples	10,844,383	10,844,383	-	-
Energy	22,247,963	17,653,921	4,594,042	-
Financials	43,661,562	37,918,820	5,742,742	-
Health Care	4,295,293	4,295,293	-	-
Industrials	3,847,504	3,847,504	-	-
Information Technology	379,619	379,619	-	-
Materials	7,380,478	4,159,771	3,220,707	-
Telecommunication Services	12,097,098	12,097,098	-	-
Money Market Funds	309,902	309,902	-	-
Total Investments in Securities:	$ 119,889,764	$ 105,321,349	$ 13,557,491	$ 1,010,924

Transfers	Total
Level 1 to Level 2	$ 1,965,445
Level 2 to Level 1	$ 0

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	October 31, 2014

Assets
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $108,877,944)	$ 119,579,862
Fidelity Central Funds (cost $309,902)	309,902
Total Investments (cost $109,187,846)		$ 119,889,764
Foreign currency held at value (cost $4)		3
Receivable for investments sold		126,670
Receivable for fund shares sold		99,736
Dividends receivable		109,030
Distributions receivable from Fidelity Central Funds		159
Prepaid expenses		310
Receivable from investment adviser for expense reductions		11
Other receivables		3
Total assets		120,225,686

Liabilities
Payable for investments purchased	$ 141,325
Payable for fund shares redeemed	102,074
Accrued management fee	79,618
Transfer agent fee payable	28,392
Distribution and service plan fees payable	8,448
Other affiliated payables	5,157
Custody fee payable	53,865
Audit fee payable	44,097
Other payables and accrued expenses	72,983
Total liabilities		535,959

Net Assets		$ 119,689,727
Net Assets consist of:
Paid in capital		$ 113,793,553
Undistributed net investment income		1,899,047
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(6,642,175)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		10,639,302
Net Assets		$ 119,689,727

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($7,888,563 ÷ 872,420 shares)		$ 9.04

Maximum offering price per share (100/94.25 of $9.04)		$ 9.59
Class T: Net Asset Value and redemption price per share ($2,465,386 ÷ 273,748 shares)		$ 9.01

Maximum offering price per share (100/96.50 of $9.01)		$ 9.34
Class B: Net Asset Value and offering price per share ($294,400 ÷ 32,537 shares)^A		$ 9.05

Class C: Net Asset Value and offering price per share ($6,661,556 ÷ 745,824 shares)^A		$ 8.93

Emerging Europe, Middle East, Africa (EMEA): Net Asset Value, offering price and redemption price per share ($96,783,557 ÷ 10,660,010 shares)		$ 9.08

Institutional Class: Net Asset Value, offering price and redemption price per share ($5,596,265 ÷ 616,521 shares)		$ 9.08

^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, 2014

Investment Income
Dividends		$ 4,542,500
Income from Fidelity Central Funds		7,394
Income before foreign taxes withheld		4,549,894
Less foreign taxes withheld		(564,289)
Total income		3,985,605

Expenses
Management fee	$ 1,047,346
Transfer agent fees	354,075
Distribution and service plan fees	107,916
Accounting and security lending fees	67,810
Custodian fees and expenses	166,959
Independent trustees' compensation	543
Registration fees	79,271
Audit	64,358
Legal	481
Miscellaneous	1,160
Total expenses before reductions	1,889,919
Expense reductions	(1,916)	1,888,003
Net investment income (loss)		2,097,602
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $55,716)	(4,138,146)
Foreign currency transactions	(96,262)
Total net realized gain (loss)		(4,234,408)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $62,368)	(2,799,835)
Assets and liabilities in foreign currencies	(11,085)
Total change in net unrealized appreciation (depreciation)		(2,810,920)
Net gain (loss)		(7,045,328)
Net increase (decrease) in net assets resulting from operations		$ (4,947,726)

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2014	Year ended October 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 2,097,602	$ 2,849,848
Net realized gain (loss)	(4,234,408)	425,876
Change in net unrealized appreciation (depreciation)	(2,810,920)	11,151,522
Net increase (decrease) in net assets resulting from operations	(4,947,726)	14,427,246
Distributions to shareholders from net investment income	(1,921,556)	(2,689,985)
Distributions to shareholders from net realized gain	-	(1,184,624)
Total distributions	(1,921,556)	(3,874,609)
Share transactions - net increase (decrease)	(15,497,892)	(9,097,663)
Redemption fees	42,040	52,524
Total increase (decrease) in net assets	(22,325,134)	1,507,498

Net Assets
Beginning of period	142,014,861	140,507,363
End of period (including undistributed net investment income of $1,899,047 and undistributed net investment income of $1,897,738, respectively)	$ 119,689,727	$ 142,014,861

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.49	$ 8.71	$ 8.34	$ 8.97	$ 7.26
Income from Investment Operations
Net investment income (loss)^C	.13	.16	.18	.16^F	.07
Net realized and unrealized gain (loss)	(.46)	.85	.34	(.70)	1.70
Total from investment operations	(.33)	1.01	.52	(.54)	1.77
Distributions from net investment income	(.12)	(.15)	(.15)	(.08)	(.04)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.12)	(.23)^I	(.15)	(.10)	(.07)^J
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.04	$ 9.49	$ 8.71	$ 8.34	$ 8.97
Total Return^{A, B}	(3.48)%	11.75%	6.38%	(6.05)%	24.66%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.60%	1.64%	1.62%	1.60%	1.69%
Expenses net of fee waivers, if any	1.60%	1.63%	1.62%	1.56%	1.50%
Expenses net of all reductions	1.60%	1.62%	1.60%	1.51%	1.38%
Net investment income (loss)	1.45%	1.82%	2.09%	1.70% ^F	.95%
Supplemental Data
Net assets, end of period (000 omitted)	$ 7,889	$ 10,883	$ 8,934	$ 10,260	$ 10,045
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.23 per share is comprised of distributions from net investment income of $.151 and distributions from net realized gain of $.074 per share.

^J Total distributions of $.07 per share is comprised of distributions from net investment income of $.041 and distributions from net realized gain of $.024 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.46	$ 8.68	$ 8.31	$ 8.96	$ 7.25
Income from Investment Operations
Net investment income (loss)^C	.11	.14	.15	.13^F	.06
Net realized and unrealized gain (loss)	(.46)	.84	.35	(.71)	1.69
Total from investment operations	(.35)	.98	.50	(.58)	1.75
Distributions from net investment income	(.10)	(.12)	(.13)	(.07)	(.03)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.10)	(.20)^I	(.13)	(.08)^J	(.05)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.01	$ 9.46	$ 8.68	$ 8.31	$ 8.96
Total Return^{A, B}	(3.67)%	11.42%	6.14%	(6.42)%	24.44%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.92%	1.93%	1.89%	1.87%	1.95%
Expenses net of fee waivers, if any	1.90%	1.90%	1.89%	1.84%	1.75%
Expenses net of all reductions	1.90%	1.88%	1.86%	1.78%	1.62%
Net investment income (loss)	1.15%	1.55%	1.82%	1.42% ^F	.70%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,465	$ 3,465	$ 3,336	$ 3,502	$ 3,114
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.20 per share is comprised of distributions from net investment income of $.122 and distributions from net realized gain of $.074 per share.

^J Total distributions of $.08 per share is comprised of distributions from net investment income of $.068 and distributions from net realized gain of $.015 per share.

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

Annual Report

Financial Highlights - Class B

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.50	$ 8.69	$ 8.29	$ 8.93	$ 7.23
Income from Investment Operations
Net investment income (loss)^C	.06	.09	.11	.09^F	.02
Net realized and unrealized gain (loss)	(.46)	.85	.35	(.71)	1.68
Total from investment operations	(.40)	.94	.46	(.62)	1.70
Distributions from net investment income	(.05)	(.06)	(.06)	(.02)	-
Distributions from net realized gain	-	(.07)	-	(.01)	(.01)
Total distributions	(.05)	(.13)	(.06)	(.03)	(.01)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 9.05	$ 9.50	$ 8.69	$ 8.29	$ 8.93
Total Return^{A, B}	(4.23)%	10.94%	5.56%	(6.85)%	23.72%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.40%	2.42%	2.38%	2.37%	2.47%
Expenses net of fee waivers, if any	2.40%	2.40%	2.38%	2.33%	2.25%
Expenses net of all reductions	2.40%	2.38%	2.35%	2.27%	2.12%
Net investment income (loss)	.65%	1.05%	1.33%	.93% ^F	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 294	$ 388	$ 441	$ 539	$ 822
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.39	$ 8.62	$ 8.24	$ 8.90	$ 7.23
Income from Investment Operations
Net investment income (loss)^C	.06	.09	.11	.08^F	.02
Net realized and unrealized gain (loss)	(.46)	.83	.35	(.69)	1.67
Total from investment operations	(.40)	.92	.46	(.61)	1.69
Distributions from net investment income	(.06)	(.08)	(.08)	(.05)	(.01)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.06)	(.15)	(.08)	(.06)^I	(.03)
Redemption fees added to paid in capital ^C	-^H	-^H	-^H	.01	.01
Net asset value, end of period	$ 8.93	$ 9.39	$ 8.62	$ 8.24	$ 8.90
Total Return^{A, B}	(4.24)%	10.83%	5.68%	(6.79)%	23.61%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.40%	2.42%	2.37%	2.36%	2.45%
Expenses net of fee waivers, if any	2.40%	2.40%	2.37%	2.33%	2.25%
Expenses net of all reductions	2.40%	2.38%	2.35%	2.27%	2.13%
Net investment income (loss)	.65%	1.05%	1.34%	.93% ^F	.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 6,662	$ 6,782	$ 7,770	$ 6,650	$ 5,151
Portfolio turnover rate^E	38%	64%	30%	53%	96%

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

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

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

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

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

^I Total distributions of $.06 per share is comprised of distributions from net investment income of $.047 and distributions from net realized gain of $.015 per share.

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

Annual Report

Financial Highlights - Emerging Europe, Middle East, Africa (EMEA)

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.52	$ 8.75	$ 8.37	$ 9.00	$ 7.28
Income from Investment Operations
Net investment income (loss)^B	.16	.18	.20	.18^E	.09
Net realized and unrealized gain (loss)	(.47)	.84	.35	(.71)	1.70
Total from investment operations	(.31)	1.02	.55	(.53)	1.79
Distributions from net investment income	(.13)	(.18)	(.17)	(.09)	(.05)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.13)	(.25)	(.17)	(.11)	(.08)^H
Redemption fees added to paid in capital ^B	-^G	-^G	-^G	.01	.01
Net asset value, end of period	$ 9.08	$ 9.52	$ 8.75	$ 8.37	$ 9.00
Total Return^A	(3.21)%	11.90%	6.81%	(5.91)%	24.92%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.37%	1.40%	1.37%	1.35%	1.45%
Expenses net of fee waivers, if any	1.37%	1.40%	1.37%	1.31%	1.25%
Expenses net of all reductions	1.37%	1.38%	1.34%	1.25%	1.12%
Net investment income (loss)	1.68%	2.05%	2.34%	1.95% ^E	1.21%
Supplemental Data
Net assets, end of period (000 omitted)	$ 96,784	$ 110,265	$ 111,441	$ 114,117	$ 140,270
Portfolio turnover rate^D	38%	64%	30%	53%	96%

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

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

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

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

^H Total distributions of $.08 per share is comprised of distributions from net investment income of $.052 and distributions from net realized gain of $.024 per share.

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 9.52	$ 8.75	$ 8.37	$ 9.00	$ 7.28
Income from Investment Operations
Net investment income (loss)^B	.16	.19	.21	.19^E	.09
Net realized and unrealized gain (loss)	(.46)	.84	.35	(.72)	1.70
Total from investment operations	(.30)	1.03	.56	(.53)	1.79
Distributions from net investment income	(.14)	(.19)	(.18)	(.09)	(.05)
Distributions from net realized gain	-	(.07)	-	(.02)	(.02)
Total distributions	(.14)	(.26)	(.18)	(.11)	(.08)^H
Redemption fees added to paid in capital ^B	-^G	-^G	-^G	.01	.01
Net asset value, end of period	$ 9.08	$ 9.52	$ 8.75	$ 8.37	$ 9.00
Total Return^A	(3.09)%	12.05%	6.93%	(5.91)%	24.95%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.26%	1.30%	1.28%	1.26%	1.34%
Expenses net of fee waivers, if any	1.26%	1.30%	1.28%	1.24%	1.25%
Expenses net of all reductions	1.26%	1.28%	1.25%	1.19%	1.13%
Net investment income (loss)	1.79%	2.15%	2.43%	2.02% ^E	1.20%
Supplemental Data
Net assets, end of period (000 omitted)	$ 5,596	$ 10,231	$ 8,586	$ 7,633	$ 7,171
Portfolio turnover rate^D	38%	64%	30%	53%	96%

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

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

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

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

^H Total distributions of $.08 per share is comprised of distributions from net investment income of $.054 and distributions from net realized gain of $.024 per share.

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

Annual Report

Notes to Financial Statements

For the period ended October 31, 2014

1. Organization.

2. Investments in Fidelity Central Funds.

In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

the financial statements. The following summarizes the significant accounting policies of the Fund:

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

Level 1 - quoted prices in active markets for identical investments

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

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

Annual Report

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation	$ 22,933,818
Gross unrealized depreciation	(13,301,769)
Net unrealized appreciation (depreciation) on securities	$ 9,632,049

Tax Cost	$ 110,257,715

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

Undistributed ordinary income	$ 2,385,005
Capital loss carryforward	$ (6,057,255)
Net unrealized appreciation (depreciation) on securities and other investments	$ 9,630,792

Fiscal year of expiration
2018	$ (1,624,705)
No expiration
Short-term	(373,258)
Long-term	(4,059,292)
Total no expiration	(4,432,550)
Total capital loss carryforward	$ (6,057,255)

The tax character of distributions paid was as follows:

	October 31, 2014	October 31, 2013
Ordinary Income	$ 1,921,556	$ 3,874,609

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $49,109,257 and $63,629,040, respectively.

5. Fees and Other Transactions with Affiliates.

Annual Report

5. Fees and Other Transactions with Affiliates - continued

Distribution and Service Plan Fees - continued

For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 24,843	$ 1,208
Class T	.25%	.25%	13,280	23
Class B	.75%	.25%	3,284	2,463
Class C	.75%	.25%	66,509	10,322
			$ 107,916	$ 14,016

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

	Retained by FDC
Class A	$ 15,260
Class T	1,500
Class B*	445
Class C*	319
	$ 17,524

* 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

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees - continued

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$ 25,172	.25
Class T	8,709	.33
Class B	995	.30
Class C	20,260	.30
Emerging Europe, Middle East, Africa (EMEA)	287,461	.28
Institutional Class	11,478	.17
	$ 354,075

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $1,567.

6. Committed Line of Credit.

Annual Report

7. Security Lending.

8. Expense Reductions.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class T	1.90%	$ 595

In addition, the investment adviser reimbursed a portion of the fund's operating expenses during the period in the amount of $1,064.

Annual Report

Notes to Financial Statements - continued

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2014	2013
From net investment income
Class A	$ 138,741	$ 155,525
Class T	39,254	46,756
Class B	1,980	2,757
Class C	46,648	69,716
Emerging Europe, Middle East, Africa (EMEA)	1,537,065	2,222,632
Institutional Class	157,868	192,599
Total	$ 1,921,556	$ 2,689,985
From net realized gain
Class A	$ -	$ 76,218
Class T	-	28,360
Class B	-	3,579
Class C	-	66,141
Emerging Europe, Middle East, Africa (EMEA)	-	934,516
Institutional Class	-	75,810
Total	$ -	$ 1,184,624

10. Share Transactions.

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

	Shares		Dollars
Years ended October 31,	2014	2013	2014	2013
Class A
Shares sold	315,373	422,392	$ 2,918,425	$ 3,786,551
Reinvestment of distributions	11,698	20,821	104,929	182,599
Shares redeemed	(601,453)	(321,728)	(5,463,762)	(2,828,311)
Net increase (decrease)	(274,382)	121,485	$ (2,440,408)	$ 1,140,839
Class T
Shares sold	101,639	88,958	$ 928,488	$ 793,473
Reinvestment of distributions	4,323	8,485	38,736	74,325
Shares redeemed	(198,384)	(115,399)	(1,797,181)	(1,019,893)
Net increase (decrease)	(92,422)	(17,956)	$ (829,957)	$ (152,095)
Class B
Shares sold	4,359	10,659	$ 39,785	$ 95,440
Reinvestment of distributions	219	679	1,980	5,999
Shares redeemed	(12,911)	(21,228)	(117,435)	(189,688)
Net increase (decrease)	(8,333)	(9,890)	$ (75,670)	$ (88,249)

Annual Report

10. Share Transactions - continued

	Shares		Dollars
Years ended October 31,	2014	2013	2014	2013
Emerging Europe, Middle East, Africa (EMEA)
Class C
Shares sold	241,646	249,509	$ 2,211,783	$ 2,176,685
Reinvestment of distributions	3,905	12,615	34,875	110,128
Shares redeemed	(221,913)	(441,523)	(2,006,697)	(3,878,247)
Net increase (decrease)	23,638	(179,399)	$ 239,961	$ (1,591,434)
Shares sold	2,719,041	4,724,612	$ 24,959,563	$ 42,683,733
Reinvestment of distributions	162,803	341,639	1,463,600	2,999,595
Shares redeemed	(3,802,325)	(6,228,497)	(34,854,232)	(55,025,066)
Net increase (decrease)	(920,481)	(1,162,246)	$ (8,431,069)	$ (9,341,738)
Institutional Class
Shares sold	374,756	478,817	$ 3,428,841	$ 4,308,546
Reinvestment of distributions	8,639	10,415	77,579	91,338
Shares redeemed	(841,493)	(396,145)	(7,467,169)	(3,464,870)
Net increase (decrease)	(458,098)	93,087	$ (3,960,749)	$ 935,014

11. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Investment Trust and Shareholders of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund:

DELOITTE & TOUCHE LLP

Boston, Massachusetts

December 19, 2014

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

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

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), and a Director of FMR Co., Inc. (2007-2014).
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (2014-present), Director of Fidelity SelectCo, LLC (2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

Annual Report

Trustees and Officers - continued

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, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees 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 (1939)
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). 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), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003 Member of the Advisory Board
	Mr. Lynch also serves as Member of the Advisory Board of other Fidelity 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).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as a Director and Chief Compliance Officer of Fidelity Management & Research (U.K.) Inc. (2013-present) and is an employee of Fidelity Investments.
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (2014-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund voted to pay on December 8, 2014, to shareholders of record at the opening of business on December 5, 2014, a distribution of $0.039 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.170 per share from net investment income:

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund designates 100% of the dividends distributed during the fiscal year, as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1 (h) (11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund	12/09/13	$0.1035	$0.0491

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

eme474043

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund

eme474045

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

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

Annual Report

Investment Adviser

Fidelity Management &
Research Company
Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

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

FIL Investments (Japan) Limited

FIL Investment Advisors

FIL Investment Advisors
(U.K.) Limited

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Limited

General Distributor

Fidelity Distributors Corporation
Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA

Fidelity Service Company, Inc.
Boston, MA

Custodian

State Street Bank & Trust Company
Quincy, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

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

Product Information 1-800-544-6666

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

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

Fidelity Automated Service
Telephone (FAST®) eme474047
1-800-544-5555

Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

EME-UANN-1214
1.861971.106

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Emerging Markets Discovery

Fund - Class A, Class T,
and Class C

Annual Report

October 31, 2014

(Fidelity Cover Art)

Class A, Class T, and
Class C are classes of
Fidelity® Emerging
Markets Discovery Fund

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

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

Other third-party marks appearing herein are the property of their respective owners.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2014	Past 1 year	Life of fund ^A
Class A (incl. 5.75% sales charge)	-5.46%	6.44%
Class T (incl. 3.50% sales charge)	-3.45%	7.01%
Class C (incl. contingent deferred sales charge) ^B	-1.39%	7.76%

^A From November 1, 2011

^B Class C shares' contingent deferred sales charges included in the past one year and life of fund total return figures are 1% and 0%, respectively.

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Markets Discovery Fund - Class A on November 1, 2011, when the fund started, and the current 5.75% sales charge was paid. The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets SMID Cap Index performed over the same period.

emd143156

Annual Report

Management's Discussion of Fund Performance

Comments from Samuel Polyak and James Hayes, who became Co-Portfolio Managers of Fidelity Advisor® Emerging Markets Discovery Fund on June 21, 2014, as part of the Fidelity Stock Selector Emerging Markets Group: For the year, the fund's Class A, Class T and Class C shares returned 0.31%, 0.05% and -0.42%, respectively (excluding sales charges), trailing the 2.14% gain of the MSCI Emerging Markets SMID Cap Index. Versus the index, stock selection was particularly challenging in South Korea, Taiwan and China. At the stock level, it hurt to have an average overweighting in South African lender African Bank Investments Limited, which suffered amid ongoing sluggishness in South Africa's credit cycle. We sold the fund's stake during the period. Taiwan-based medical equipment supplier Pacific Hospital Supply was another big relative detractor that we sold from the fund by period end. China-based oil & gas exploration & production firm Hilong Holding hurt the most, as it missed earnings expectations. Stock selection in India by far added the most value, but as a group we reduced the fund's exposure here. A non-index stake in Punjab National Bank was the top individual contributor for the period, and we sold it by period end. Other top contributors that we sold or reduced were India-based credit rating services firm Credit Analysis & Research and KEPCO Plant Services & Engineering, a South Korean company that provides maintenance and operations services for power plants.

Annual Report

Fidelity Emerging Markets Discovery Fund

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

	Annualized Expense Ratio^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Class A	1.70%
Actual		$ 1,000.00	$ 1,026.10	$ 8.68
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class T	1.95%
Actual		$ 1,000.00	$ 1,024.50	$ 9.95
Hypothetical^A		$ 1,000.00	$ 1,015.38	$ 9.91
Class C	2.45%
Actual		$ 1,000.00	$ 1,022.10	$ 12.49
Hypothetical^A		$ 1,000.00	$ 1,012.85	$ 12.43
Emerging Markets Discovery	1.45%
Actual		$ 1,000.00	$ 1,027.80	$ 7.41
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Institutional Class	1.45%
Actual		$ 1,000.00	$ 1,027.70	$ 7.41
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

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

Annual Report

Fidelity Emerging Markets Discovery Fund

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Quinenco SA (Chile, Industrial Conglomerates)	2.0	1.2
Daewoo International Corp. (Korea (South), Trading Companies & Distributors)	2.0	0.0
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables)	1.9	0.6
Yes Bank Ltd. (India, Banks)	1.6	0.0
Robinsons Land Corp. (Philippines, Real Estate Management & Development)	1.6	0.0
	9.1
Top Five Market Sectors as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.2	15.9
Industrials	17.4	20.6
Consumer Discretionary	16.9	16.8
Information Technology	13.4	13.4
Materials	9.8	3.1
Top Five Countries as of October 31, 2014
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
India	14.9	20.3
Korea (South)	14.1	14.8
Cayman Islands	14.1	10.7
Brazil	7.1	2.4
Taiwan	6.4	16.6

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

Asset Allocation (% of fund's net assets)
As of October 31, 2014		As of April 30, 2014
	Stocks 94.9%		Stocks 97.9%
	Short-Term Investments and Net Other Assets (Liabilities) 5.1%		Short-Term Investments and Net Other Assets (Liabilities) 2.1%

emd143164

Annual Report

Fidelity Emerging Markets Discovery Fund

Investments October 31, 2014

Showing Percentage of Net Assets

Common Stocks - 89.6%
	Shares		Value
Argentina - 0.4%
Inversiones y Representaciones SA ADR	26,400		$ 388,872
Bermuda - 4.6%
Aquarius Platinum Ltd. (Australia) (a)	2,369,945		644,999
ChipMOS TECHNOLOGIES (Bermuda) Ltd.	28,000		601,440
Shangri-La Asia Ltd.	660,000		958,323
Vtech Holdings Ltd.	50,100		630,424
Yue Yuen Industrial (Holdings) Ltd.	359,000		1,205,158
TOTAL BERMUDA			4,040,344
Brazil - 2.3%
Cosan SA Industria e Comercio	20,900		291,751
Localiza Rent A Car SA	4,500		64,869
Mills Estruturas e Servicos de Engenharia SA	9,900		64,524
Minerva SA (a)	169,400		871,645
QGEP Participacoes SA	18,400		66,905
Qualicorp SA (a)	64,200		652,908
TOTAL BRAZIL			2,012,602
British Virgin Islands - 0.7%
Luxoft Holding, Inc. (a)	15,500		619,845
Canada - 1.0%
Pan American Silver Corp.	53,100		490,113
Torex Gold Resources, Inc. (a)	343,100		365,308
TOTAL CANADA			855,421
Cayman Islands - 14.1%
58.com, Inc. ADR (d)	20,100		795,357
Anta Sports Products Ltd.	288,000		565,283
China Cord Blood Corp. (a)	125,200		637,268
China Lodging Group Ltd. ADR (a)	44,200		1,215,058
China ZhengTong Auto Services Holdings Ltd.	1,247,000		706,427
Cimc Enric Holdings Ltd.	714,000		718,002
Greatview Aseptic Pack Co. Ltd.	394,000		259,380
Haitian International Holdings Ltd.	350,000		750,777
Hilong Holding Ltd.	1,463,000		475,375
Lee & Man Paper Manufacturing Ltd.	1,307,000		717,250
Lee's Pharmaceutical Holdings Ltd.	430,500		592,480
Leju Holdings Ltd. ADR (d)	29,800		417,200
Pico Far East Holdings Ltd.	2,778,000		687,969
Semiconductor Manufacturing International Corp. (a)	6,178,000		640,516
Silergy Corp.	56,520		391,373
SITC International Holdings Co. Ltd.	1,888,000		1,005,734
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Uni-President China Holdings Ltd.	1,057,000		$ 982,132
Wisdom Holdings Group	935,000		723,655
TOTAL CAYMAN ISLANDS			12,281,236
Chile - 4.1%
Embotelladora Andina SA sponsored ADR	21,053		391,796
Inversiones La Construccion SA	66,001		940,545
Quinenco SA	852,780		1,771,009
Vina Concha y Toro SA	242,484		463,628
TOTAL CHILE			3,566,978
China - 2.6%
BBMG Corp. (H Shares)	1,315,500		930,206
China Suntien Green Energy Corp. Ltd. (H Shares)	890,000		236,386
Maanshan Iron & Steel Ltd. (H Shares) (a)	2,064,000		538,180
Tong Ren Tang Technologies Co. Ltd. (H Shares)	441,000		592,624
TOTAL CHINA			2,297,396
Colombia - 0.5%
Organizacion Terpel SA (a)	45,114		393,802
Egypt - 0.9%
Citadel Capital Corp. (a)	1,411,500		781,748
Greece - 0.4%
Public Power Corp. of Greece (a)	41,680		316,522
Hong Kong - 3.1%
China Power International Development Ltd.	568,000		256,578
Far East Horizon Ltd.	834,000		775,668
Techtronic Industries Co. Ltd.	527,500		1,651,393
TOTAL HONG KONG			2,683,639
India - 14.9%
Adani Ports & Special Economic Zone	146,053		678,875
CMC Ltd.	27,927		893,604
Exide Industries Ltd.	370,061		948,772
GAIL India Ltd.	64,387		553,403
Grasim Industries Ltd.	15,189		911,465
Havells India Ltd.	181,890		845,935
IDFC Ltd. (a)	199,271		518,543
Iifl Holdings Ltd.	239,330		666,664
Ipca Laboratories Ltd.	49,210		587,543
JK Cement Ltd.	57,507		564,863
KPIT Cummins Infosystems Ltd. (a)	230,698		623,144
Common Stocks - continued
	Shares		Value
India - continued
Lupin Ltd.	29,712		$ 687,933
Mahindra Lifespace Developers Ltd.	75,033		623,350
MindTree Consulting Ltd.	22,113		393,741
Shriram Transport Finance Co. Ltd.	36,068		557,960
Tech Mahindra Ltd.	23,911		980,154
The Jammu & Kashmir Bank Ltd.	237,424		537,872
Yes Bank Ltd.	126,518		1,432,651
TOTAL INDIA			13,006,472
Israel - 1.2%
Bezeq The Israel Telecommunication Corp. Ltd.	334,300		565,164
NICE Systems Ltd. sponsored ADR	12,800		520,704
TOTAL ISRAEL			1,085,868
Korea (South) - 13.6%
AMOREPACIFIC Group, Inc.	860		946,889
Binggrea Co. Ltd.	5,675		436,805
Daewoo International Corp.	54,893		1,729,384
DGB Financial Group Co. Ltd.	73,881		1,048,621
E-Mart Co. Ltd.	3,822		704,323
Fila Korea Ltd.	11,372		1,180,124
Hyundai HCN	91,864		388,593
Hyundai Industrial Development & Construction Co.	27,329		1,026,321
Hyundai Wia Corp.	4,303		738,896
KEPCO Plant Service & Engineering Co. Ltd.	9,301		759,181
Kolon Life Science, Inc.	9,808		469,201
Korean Reinsurance Co.	110,469		1,172,090
Leeno Industrial, Inc.	18,227		721,823
Sungshin Cement Manufacturing Co. Ltd. (a)	69,388		530,204
TOTAL KOREA (SOUTH)			11,852,455
Malaysia - 0.7%
Top Glove Corp. Bhd	409,700		609,287
Mexico - 5.1%
Credito Real S.A.B. de CV	248,500		638,862
Grupo Aeroportuario del Pacifico SA de CV Series B	73,900		502,792
Grupo Aeroportuario Norte S.A.B. de CV	100,300		499,703
Grupo Comercial Chedraui S.A.B. de CV	158,800		558,608
Macquarie Mexican (REIT)	452,700		822,281
Megacable Holdings S.A.B. de CV unit	180,400		826,427
Qualitas Controladora S.A.B. de CV	238,700		617,389
TOTAL MEXICO			4,466,062
Common Stocks - continued
	Shares		Value
Nigeria - 1.6%
Transnational Corp. of Nigeria PLC	18,107,275		$ 441,614
Zenith Bank PLC	7,682,382		983,196
TOTAL NIGERIA			1,424,810
Panama - 0.5%
Copa Holdings SA Class A	3,600		420,912
Philippines - 4.0%
Alliance Global Group, Inc.	1,642,600		923,896
LT Group, Inc.	2,559,600		810,291
PNOC Energy Development Corp.	2,149,700		368,042
Robinsons Land Corp.	2,454,500		1,340,007
TOTAL PHILIPPINES			3,442,236
Poland - 1.3%
Cyfrowy Polsat SA	144,100		1,102,145
Singapore - 0.5%
First Resources Ltd.	272,000		440,663
South Africa - 1.1%
Alexander Forbes Group Holding (a)	529,819		413,105
Blue Label Telecoms Ltd.	572,100		505,721
TOTAL SOUTH AFRICA			918,826
Sri Lanka - 0.9%
John Keells Holdings Ltd.	378,368		744,150
Taiwan - 6.4%
ASPEED Tech, Inc.	5,902		45,049
Chicony Electronics Co. Ltd.	207,120		595,521
Chroma ATE, Inc.	359,000		894,105
Cleanaway Co. Ltd.	123,000		545,948
Cub Elecparts, Inc.	57,000		600,398
EPISTAR Corp.	216,000		389,985
Everlight Electronics Co. Ltd.	208,000		394,031
GeoVision, Inc.	8,300		30,142
Lextar Electronics Corp.	361,000		300,830
MJC Probe, Inc.	172,000		513,350
St.Shine Optical Co. Ltd.	31,000		543,757
Taiwan Fertilizer Co. Ltd.	3,000		5,314
Universal Cement Corp.	125,000		109,865
Voltronic Power Technology Corp.	69,000		556,366
TOTAL TAIWAN			5,524,661
Common Stocks - continued
	Shares		Value
Thailand - 0.6%
Thai Union Frozen Products PCL (For. Reg.)	232,400		$ 531,392
Turkey - 1.8%
Aksa Akrilik Kimya Sanayii	176,518		580,544
Aselsan A/S	30,000		136,324
Aygaz A/S	77,000		324,608
Tupras Turkiye Petrol Rafinelleri A/S	24,000		521,000
TOTAL TURKEY			1,562,476
Uganda - 0.5%
Umeme Ltd.	2,130,383		401,662
Vietnam - 0.2%
FTP Corp.	67,000		160,573
TOTAL COMMON STOCKS (Cost $76,358,182)		77,933,055
Nonconvertible Preferred Stocks - 5.3%

Brazil - 4.8%
Banco do Estado Rio Grande do Sul SA	151,800		906,671
Bradespar SA (PN)	108,900		735,698
Braskem SA (PN-A)	140,700		1,029,457
Marcopolo SA (PN)	425,700		728,426
Metalurgica Gerdau SA (PN)	150,300		812,793
TOTAL BRAZIL			4,213,045
Korea (South) - 0.5%
Samsung Fire & Marine Insurance Co. Ltd.	2,451		461,938
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $4,838,768)		4,674,983
Money Market Funds - 7.3%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	5,332,684		$ 5,332,684
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	1,002,600		1,002,600
TOTAL MONEY MARKET FUNDS (Cost $6,335,284)		6,335,284
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $87,532,234)			88,943,322
NET OTHER ASSETS (LIABILITIES) - (2.2)%			(1,942,286)
NET ASSETS - 100%		$ 87,001,036

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,220
Fidelity Securities Lending Cash Central Fund	22,418
Total	$ 24,638

Other Information

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

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 14,472,967	$ 6,425,589	$ 8,047,378	$ -
Consumer Staples	7,138,172	4,373,694	2,764,478	-
Energy	1,591,417	879,656	711,761	-
Financials	16,069,647	9,616,932	6,452,715	-
Health Care	5,373,001	1,759,377	3,613,624	-
Industrials	14,978,849	8,953,316	6,025,533	-
Information Technology	11,552,911	3,836,942	7,715,969	-
Materials	8,645,095	3,963,573	4,681,522	-
Telecommunication Services	565,164	565,164	-	-
Utilities	2,220,815	1,042,792	1,178,023	-
Money Market Funds	6,335,284	6,335,284	-	-
Total Investments in Securities:	$ 88,943,322	$ 47,752,319	$ 41,191,003	$ -

Transfers	Total
Level 1 to Level 2	$ 10,239,253
Level 2 to Level 1	$ 0

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

Annual Report

Fidelity Emerging Markets Discovery Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2014

Assets
Investment in securities, at value (including securities loaned of $1,014,000) - See accompanying schedule: Unaffiliated issuers (cost $81,196,950)	$ 82,608,038
Fidelity Central Funds (cost $6,335,284)	6,335,284
Total Investments (cost $87,532,234)		$ 88,943,322
Foreign currency held at value (cost $379,716)		380,018
Receivable for investments sold		2,029,733
Receivable for fund shares sold		98,495
Dividends receivable		95,704
Distributions receivable from Fidelity Central Funds		1,203
Prepaid expenses		349
Receivable from investment adviser for expense reductions		17,421
Other receivables		7,744
Total assets		91,573,989

Liabilities
Payable to custodian bank	$ 249,833
Payable for investments purchased	2,581,166
Payable for fund shares redeemed	267,767
Accrued management fee	62,215
Distribution and service plan fees payable	3,392
Other affiliated payables	20,166
Other payables and accrued expenses	385,814
Collateral on securities loaned, at value	1,002,600
Total liabilities		4,572,953

Net Assets		$ 87,001,036
Net Assets consist of:
Paid in capital		$ 86,500,569
Undistributed net investment income		174
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(616,536)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,116,829
Net Assets		$ 87,001,036

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

Annual Report

Statement of Assets and Liabilities - continued

	October 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,361,655 ÷ 358,373 shares)		$ 12.17

Maximum offering price per share (100/94.25 of $12.17)		$ 12.91
Class T: Net Asset Value and redemption price per share ($2,031,326 ÷ 167,417 shares)		$ 12.13

Maximum offering price per share (100/96.50 of $12.13)		$ 12.57
Class C: Net Asset Value and offering price per share ($1,750,148 ÷ 145,834 shares)^A		$ 12.00

Emerging Markets Discovery: Net Asset Value, offering price and redemption price per share ($78,377,207 ÷ 6,418,342 shares)		$ 12.21

Institutional Class: Net Asset Value, offering price and redemption price per share ($480,700 ÷ 39,252 shares)		$ 12.25

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

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

Annual Report

Fidelity Emerging Markets Discovery Fund
Financial Statements - continued

Statement of Operations

	Year ended October 31, 2014

Investment Income
Dividends		$ 1,943,273
Income from Fidelity Central Funds		24,638
Income before foreign taxes withheld		1,967,911
Less foreign taxes withheld		(149,221)
Total income		1,818,690

Expenses
Management fee	$ 778,418
Transfer agent fees	203,003
Distribution and service plan fees	41,075
Accounting and security lending fees	47,524
Custodian fees and expenses	164,899
Independent trustees' compensation	381
Registration fees	65,316
Audit	88,577
Legal	349
Interest	79
Miscellaneous	16,702
Total expenses before reductions	1,406,323
Expense reductions	(39,275)	1,367,048
Net investment income (loss)		451,642
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $963,357)	(205,589)
Foreign currency transactions	(44,609)
Total net realized gain (loss)		(250,198)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $59,002)	(686,710)
Assets and liabilities in foreign currencies	(15,113)
Total change in net unrealized appreciation (depreciation)		(701,823)
Net gain (loss)		(952,021)
Net increase (decrease) in net assets resulting from operations		$ (500,379)

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

Annual Report

Statement of Changes in Net Assets

	Year ended October 31, 2014	Year ended October 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 451,642	$ 931,481
Net realized gain (loss)	(250,198)	2,316,300
Change in net unrealized appreciation (depreciation)	(701,823)	(864,876)
Net increase (decrease) in net assets resulting from operations	(500,379)	2,382,905
Distributions to shareholders from net investment income	(676,480)	(286,293)
Distributions to shareholders from net realized gain	(2,520,609)	(914,866)
Total distributions	(3,197,089)	(1,201,159)
Share transactions - net increase (decrease)	(16,216,808)	59,689,170
Redemption fees	46,780	191,734
Total increase (decrease) in net assets	(19,867,496)	61,062,650

Net Assets
Beginning of period	106,868,532	45,805,882
End of period (including undistributed net investment income of $174 and undistributed net investment income of $648,420, respectively)	$ 87,001,036	$ 106,868,532

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2014	2013	2012^F
Selected Per-Share Data
Net asset value, beginning of period	$ 12.49	$ 11.89	$ 10.00
Income from Investment Operations
Net investment income (loss)^C	.04	.08	.12
Net realized and unrealized gain (loss)	(.01)	.75	1.76
Total from investment operations	.03	.83	1.88
Distributions from net investment income	(.06)	(.04)	(.01)
Distributions from net realized gain	(.30)	(.20)	-
Total distributions	(.36)	(.25)^H	(.01)
Redemption fees added to paid in capital^C	.01	.02	.02
Net asset value, end of period	$ 12.17	$ 12.49	$ 11.89
Total Return^{A, B}	.31%	7.20%	19.00%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.82%	1.87%	3.49%
Expenses net of fee waivers, if any	1.70%	1.70%	1.70%
Expenses net of all reductions	1.70%	1.64%	1.64%
Net investment income (loss)	.29%	.62%	1.16%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,362	$ 5,065	$ 1,671
Portfolio turnover rate ^E	148%	179%	83%

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

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

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

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

^F For the period November 1, 2011 (commencement of operations) to October 31, 2012.

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

^H Total distributions of $.25 per share is comprised of distributions from net investment income of $.044 and distributions from net realized gain of $.203 per share.

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

Annual Report

Financial Highlights - Class T

Years ended October 31,	2014	2013	2012^F
Selected Per-Share Data
Net asset value, beginning of period	$ 12.44	$ 11.87	$ 10.00
Income from Investment Operations
Net investment income (loss)^C	-^H	.05	.10
Net realized and unrealized gain (loss)	-^H	.74	1.75
Total from investment operations	-^H	.79	1.85
Distributions from net investment income	(.02)	(.03)	-^H
Distributions from net realized gain	(.30)	(.20)	-
Total distributions	(.32)	(.24)^I	-^H
Redemption fees added to paid in capital^C	.01	.02	.02
Net asset value, end of period	$ 12.13	$ 12.44	$ 11.87
Total Return^{A, B}	.05%	6.87%	18.75%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.10%	2.19%	3.77%
Expenses net of fee waivers, if any	1.95%	1.95%	1.95%
Expenses net of all reductions	1.95%	1.89%	1.89%
Net investment income (loss)	.04%	.37%	.91%
Supplemental Data
Net assets, end of period (000 omitted)	$ 2,031	$ 1,914	$ 1,700
Portfolio turnover rate^E	148%	179%	83%

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

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

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

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

^F For the period November 1, 2011 (commencement of operations) to October 31, 2012.

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

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

^I Total distributions of $.24 per share is comprised of distributions from net investment income of $.034 and distributions from net realized gain of $.203 per share.

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

Annual Report

Financial Highlights - Class C

Years ended October 31,	2014	2013	2012^F
Selected Per-Share Data
Net asset value, beginning of period	$ 12.35	$ 11.82	$ 10.00
Income from Investment Operations
Net investment income (loss)^C	(.06)	(.02)	.04
Net realized and unrealized gain (loss)	-^H	.74	1.76
Total from investment operations	(.06)	.72	1.80
Distributions from net investment income	-	(.01)	-
Distributions from net realized gain	(.30)	(.20)	-
Total distributions	(.30)	(.21)	-
Redemption fees added to paid in capital^C	.01	.02	.02
Net asset value, end of period	$ 12.00	$ 12.35	$ 11.82
Total Return^{A, B}	(.42)%	6.32%	18.20%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	2.58%	2.70%	4.32%
Expenses net of fee waivers, if any	2.45%	2.45%	2.45%
Expenses net of all reductions	2.45%	2.39%	2.39%
Net investment income (loss)	(.46)%	(.13)%	.41%
Supplemental Data
Net assets, end of period (000 omitted)	$ 1,750	$ 2,082	$ 1,474
Portfolio turnover rate^E	148%	179%	83%

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

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

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

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

^F For the period November 1, 2011 (commencement of operations) to October 31, 2012.

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

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

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

Annual Report

Financial Highlights - Emerging Markets Discovery

Years ended October 31,	2014	2013	2012^E
Selected Per-Share Data
Net asset value, beginning of period	$ 12.52	$ 11.92	$ 10.00
Income from Investment Operations
Net investment income (loss)^B	.07	.11	.15
Net realized and unrealized gain (loss)	-^G	.74	1.76
Total from investment operations	.07	.85	1.91
Distributions from net investment income	(.09)	(.07)	(.01)
Distributions from net realized gain	(.30)	(.20)	-
Total distributions	(.39)	(.27)	(.01)
Redemption fees added to paid in capital^B	.01	.02	.02
Net asset value, end of period	$ 12.21	$ 12.52	$ 11.92
Total Return^A	.61%	7.37%	19.35%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.48%	1.57%	3.02%
Expenses net of fee waivers, if any	1.45%	1.45%	1.45%
Expenses net of all reductions	1.45%	1.39%	1.39%
Net investment income (loss)	.54%	.87%	1.41%
Supplemental Data
Net assets, end of period (000 omitted)	$ 78,377	$ 96,731	$ 39,135
Portfolio turnover rate^D	148%	179%	83%

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

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

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

^E For the period November 1, 2011 (commencement of operations) to October 31, 2012.

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

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

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

Annual Report

Financial Highlights - Institutional Class

Years ended October 31,	2014	2013	2012^E
Selected Per-Share Data
Net asset value, beginning of period	$ 12.53	$ 11.92	$ 10.00
Income from Investment Operations
Net investment income (loss)^B	.07	.11	.15
Net realized and unrealized gain (loss)	-^G	.75	1.76
Total from investment operations	.07	.86	1.91
Distributions from net investment income	(.06)	(.07)	(.01)
Distributions from net realized gain	(.30)	(.20)	-
Total distributions	(.36)	(.27)	(.01)
Redemption fees added to paid in capital^B	.01	.02	.02
Net asset value, end of period	$ 12.25	$ 12.53	$ 11.92
Total Return^A	.61%	7.45%	19.35%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	1.56%	1.60%	3.21%
Expenses net of fee waivers, if any	1.45%	1.45%	1.45%
Expenses net of all reductions	1.45%	1.39%	1.39%
Net investment income (loss)	.54%	.87%	1.41%
Supplemental Data
Net assets, end of period (000 omitted)	$ 481	$ 1,076	$ 1,825
Portfolio turnover rate^D	148%	179%	83%

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

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

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

^E For the period November 1, 2011 (commencement of operations) to October 31, 2012.

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

^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, 2014

1. Organization.

Fidelity Emerging Markets Discovery Fund (the Fund) is a non-diversified fund of Fidelity Investment Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class T, Class C, Emerging Markets Discovery 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'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.

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

3. Significant Accounting Policies.

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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

Level 1 - quoted prices in active markets for identical investments

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

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

Valuation techniques used to value the Fund's investments by major category are as follows:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

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

Annual Report

3. Significant Accounting Policies - continued

Class Allocations and Expenses - continued

assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Gross unrealized appreciation	$ 7,254,784
Gross unrealized depreciation	(6,137,587)
Net unrealized appreciation (depreciation) on securities	$ 1,117,197

Tax Cost	$ 87,826,125

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

Capital loss carryforward	$ (322,648)
Net unrealized appreciation (depreciation) on securities and other investments	$ 1,099,060

Fiscal year of expiration
No expiration
Short-term	$ (322,648)

The tax character of distributions paid was as follows:

	October 31, 2014	October 31, 2013
Ordinary Income	$ 676,480	$ 1,201,159
Long-term Capital Gains	2,520,609	-
Total	$ 3,197,089	$ 1,201,159

Short-Term Trading (Redemption) Fees. Shares held by investors in the Fund less than 90 days may have been subject to a redemption fee equal to 2.00% of the NAV of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.

Annual Report

3. Significant Accounting Policies - continued

New Accounting Pronouncement - continued

repurchase agreements, securities lending and other similar transactions. The disclosure requirements are effective for annual and interim reporting periods beginning after December 15, 2014. Management is currently evaluating the impact of the Update on the Fund's financial statements and related disclosures.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $133,129,300 and $154,307,954, respectively.

5. Fees and Other Transactions with Affiliates.

	Distribution Fee	Service Fee	Total Fees	Retained by FDC
Class A	-%	.25%	$ 11,632	$ 1,997
Class T	.25%	.25%	9,422	384
Class C	.75%	.25%	20,021	10,212
			$ 41,075	$ 12,593

Annual Report

Notes to Financial Statements - continued

5. Fees and Other Transactions with Affiliates - continued

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

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

	Retained by FDC
Class A	$ 2,453
Class T	1,194
Class C*	2,188
	$ 5,835

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

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

For the period, transfer agent fees for each class were as follows:

	Amount	% of Class-Level Average Net Assets
Class A	$ 14,242	.31
Class T	6,334	.34
Class C	6,270	.31
Emerging Markets Discovery	174,808	.21
Institutional Class	1,349	.25
	$ 203,003

Brokerage Commissions. The Fund placed a portion of its portfolio transactions with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were $594 for the period.

Annual Report

5. 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 or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's activity in this program during the period for which loans were outstanding was as follows:

Borrower or Lender	Average Loan Balance	Weighted Average Interest Rate	Interest Expense
Borrower	$ 2,976,000	.32%	$ 79

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $152 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

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

Annual Report

Notes to Financial Statements - continued

7. Security Lending - continued

represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $22,418. During the period, there were no securities loaned to FCM.

8. Expense Reductions.

The investment adviser contractually agreed to reimburse each class to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. This reimbursement will remain in place through December 31, 2015. Some expenses, for example interest expense, including commitment fees, are excluded from this reimbursement.

The following classes were in reimbursement during the period:

	Expense Limitations	Reimbursement
Class A	1.70%	$ 5,734
Class T	1.95%	2,801
Class C	2.45%	2,643
Emerging Markets Discovery	1.45%	25,708
Institutional Class	1.45%	569
		$ 37,455

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $1,820.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended October 31,	2014	2013
From net investment income
Class A	$ 23,688	$ 7,274
Class T	2,475	5,643
Class C	-	1,195
Emerging Markets Discovery	646,254	259,277
Institutional Class	4,063	12,904
Total	$ 676,480	$ 286,293

Annual Report

9. Distributions to Shareholders - continued

Years ended October 31,	2014	2013
From net realized gain
Class A	$ 122,525	$ 33,559
Class T	43,668	33,691
Class C	51,356	30,324
Emerging Markets Discovery	2,280,897	778,518
Institutional Class	22,163	38,774
Total	$ 2,520,609	$ 914,866

10. Share Transactions.

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

	Shares	Shares	Dollars	Dollars
Years ended October 31,	2014	2013	2014	2013
Class A
Shares sold	147,354	646,803	$ 1,789,001	$ 8,039,936
Reinvestment of distributions	10,958	3,013	133,251	36,310
Shares redeemed	(205,580)	(384,660)	(2,490,439)	(4,712,072)
Net increase (decrease)	(47,268)	265,156	$ (568,187)	$ 3,364,174
Class T
Shares sold	52,146	157,097	$ 631,489	$ 1,931,892
Reinvestment of distributions	3,566	3,232	43,325	38,882
Shares redeemed	(42,178)	(149,702)	(507,088)	(1,831,906)
Net increase (decrease)	13,534	10,627	$ 167,726	$ 138,868
Class C
Shares sold	92,257	428,945	$ 1,143,008	$ 5,224,843
Reinvestment of distributions	4,241	2,629	51,185	31,519
Shares redeemed	(119,225)	(387,768)	(1,424,170)	(4,776,955)
Net increase (decrease)	(22,727)	43,806	$ (229,977)	$ 479,407
Emerging Markets Discovery
Shares sold	2,185,123	12,245,350	$ 26,469,903	$ 152,132,821
Reinvestment of distributions	205,996	72,226	2,506,974	871,750
Shares redeemed	(3,696,612)	(7,876,995)	(44,026,941)	(96,541,547)
Net increase (decrease)	(1,305,493)	4,440,581	$ (15,050,064)	$ 56,463,024
Institutional Class
Shares sold	25,831	231,788	$ 324,477	$ 2,857,278
Reinvestment of distributions	824	3,612	10,052	43,597
Shares redeemed	(73,327)	(302,585)	(870,835)	(3,657,178)
Net increase (decrease)	(46,672)	(67,185)	$ (536,306)	$ (756,303)

Annual Report

Notes to Financial Statements - continued

11. Other.

At the end of the period, the investment adviser or its affiliates were the owners of record of 11% 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 Emerging Markets Discovery 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 Emerging Markets Discovery Fund (a fund of Fidelity Investment Trust) at October 31, 2014, 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 Emerging Markets Discovery 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, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 19, 2014

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-877-208-0098.

Interested Trustees*:

Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the board of Artis-Naples, Naples, Florida, and as a Trustee for Brewster Academy, Wolfeboro, New Hampshire. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), and a Director of FMR Co., Inc. (2007-2014).
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as a Director of Fidelity Investments Money Management, Inc. (FIMM) (2014-present), Director of Fidelity SelectCo, LLC (2014-present), President, Asset Management (2014-present), and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

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

Annual Report

Trustees and Officers - continued

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, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees 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 (1939)
Year of Election or Appointment: 2001 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). 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), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003 Member of the Advisory Board
	Mr. Lynch also serves as Member of the Advisory Board of other Fidelity 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).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Timothy M. Cohen (1969)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as a Director and Chief Compliance Officer of Fidelity Management & Research (U.K.) Inc. (2013-present) and is an employee of Fidelity Investments.
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Limited (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as a Director of Fidelity SelectCo, LLC (2014-present) and President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Limited, Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

Class A and Class T designate 100% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

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

	Pay Date	Income	Taxes
Class A	12/09/13	$0.1002	$0.0422
Class T	12/09/13	$0.0592	$0.0422
Class C	12/09/13	$0.0000	$0.0000

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Markets Discovery Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Annual Report

Fidelity Emerging Markets Discovery Fund

emd143166

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

Management Fee. The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "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 hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s are in the chart below. The "Asset-Size Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, 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 rate ranked, is also included in the chart and considered by the Board.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Emerging Markets Discovery Fund

emd143168

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013.

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

Annual Report

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

The Board noted that the total expense ratio of each of Class A and the retail class ranked equal to its competitive median for 2013 and the total expense ratio of each of Class T, Class C, and Institutional Class ranked above its competitive median for 2013. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class T was above the competitive median primarily because of higher 12b-1 fees on Class T as compared to most competitor funds. Class T has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class T is primarily sold load-waived in the retirement plan market where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes of the fund 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.

The Board further considered that FMR contractually agreed to reimburse Class A, Class T, Class C, Institutional Class and the retail class of the fund to the extent that total operating expenses (excluding interest, certain taxes, certain securities lending costs, brokerage commissions, extraordinary expenses, and acquired fund fees and expenses, if any), as a percentage of their respective average net assets, exceed 1.70%, 1.95%, 2.45%, 1.45%, and 1.45% through December 31, 2014.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

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

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) the potential to further rationalize the Fidelity fund lineup with the possibility of achieving savings for the funds and Fidelity; (iii) the methodology with respect to competitive fund data and peer group classifications; (iv) the arrangements with, and performance of, certain sub-advisers on behalf of the Fidelity funds, as well as certain proposed participating affiliate arrangements; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, including the rationale for the individual fee rates of certain categories of funds and the definition of group assets; (vii) trends regarding industry use of performance fee structures and the performance adjustment methodologies applicable to the Fidelity funds; (viii) additional competitive analysis regarding the total expenses for certain classes; and (ix) fund profitability methodology, including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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) Limited

FIL Investments (Japan) Limited

FIL Investment Advisors (UK) Limited

FIL Investment Advisors

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

The Northern Trust Company

Chicago, IL

(Fidelity Investment logo)(registered trademark)

AEMD-UANN-1214
1.931249.102

(Fidelity Investment logo)(registered trademark)
Fidelity Advisor®

Emerging Markets Discovery

Fund - Institutional Class

Annual Report

October 31, 2014

(Fidelity Cover Art)

Institutional Class is
a class of Fidelity®
Emerging Markets
Discovery Fund

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

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

Other third-party marks appearing herein are the property of their respective owners.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended October 31, 2014	Past 1 year	Life of fund ^A
Institutional Class	0.61%	8.87%

^A From November 1, 2011

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Advisor® Emerging Markets Discovery Fund - Institutional Class on November 1, 2011, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the MSCI Emerging Markets SMID Cap Index performed over the same period.

mdi285724

Annual Report

Management's Discussion of Fund Performance

Comments from Samuel Polyak and James Hayes, who became Co-Portfolio Managers of Fidelity Advisor® Emerging Markets Discovery Fund on June 21, 2014, as part of the Fidelity Stock Selector Emerging Markets Group: For the year, the fund's Institutional Class shares returned 0.61%, trailing the 2.14% gain of the MSCI Emerging Markets SMID Cap Index. Versus the index, stock selection was particularly challenging in South Korea, Taiwan and China. At the stock level, it hurt to have an average overweighting in South African lender African Bank Investments Limited, which suffered amid ongoing sluggishness in South Africa's credit cycle. We sold the fund's stake during the period. Taiwan-based medical equipment supplier Pacific Hospital Supply was another big relative detractor that we sold from the fund by period end. China-based oil & gas exploration & production firm Hilong Holding hurt the most, as it missed earnings expectations. Stock selection in India by far added the most value, but as a group we reduced the fund's exposure here. A non-index stake in Punjab National Bank was the top individual contributor for the period, and we sold it by period end. Other top contributors that we sold or reduced were India-based credit rating services firm Credit Analysis & Research and KEPCO Plant Services & Engineering, a South Korean company that provides maintenance and operations services for power plants.

Annual Report

Fidelity Emerging Markets Discovery Fund

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2014 to October 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period* May 1, 2014 to October 31, 2014
Class A	1.70%
Actual		$ 1,000.00	$ 1,026.10	$ 8.68
Hypothetical^A		$ 1,000.00	$ 1,016.64	$ 8.64
Class T	1.95%
Actual		$ 1,000.00	$ 1,024.50	$ 9.95
Hypothetical^A		$ 1,000.00	$ 1,015.38	$ 9.91
Class C	2.45%
Actual		$ 1,000.00	$ 1,022.10	$ 12.49
Hypothetical^A		$ 1,000.00	$ 1,012.85	$ 12.43
Emerging Markets Discovery	1.45%
Actual		$ 1,000.00	$ 1,027.80	$ 7.41
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38
Institutional Class	1.45%
Actual		$ 1,000.00	$ 1,027.70	$ 7.41
Hypothetical^A		$ 1,000.00	$ 1,017.90	$ 7.38

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

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

Annual Report

Fidelity Emerging Markets Discovery Fund

Investment Changes (Unaudited)

Top Five Stocks as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Quinenco SA (Chile, Industrial Conglomerates)	2.0	1.2
Daewoo International Corp. (Korea (South), Trading Companies & Distributors)	2.0	0.0
Techtronic Industries Co. Ltd. (Hong Kong, Household Durables)	1.9	0.6
Yes Bank Ltd. (India, Banks)	1.6	0.0
Robinsons Land Corp. (Philippines, Real Estate Management & Development)	1.6	0.0
	9.1
Top Five Market Sectors as of October 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	18.2	15.9
Industrials	17.4	20.6
Consumer Discretionary	16.9	16.8
Information Technology	13.4	13.4
Materials	9.8	3.1
Top Five Countries as of October 31, 2014
(excluding cash equivalents)	% of fund's net assets	% of fund's net assets 6 months ago
India	14.9	20.3
Korea (South)	14.1	14.8
Cayman Islands	14.1	10.7
Brazil	7.1	2.4
Taiwan	6.4	16.6

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

Asset Allocation (% of fund's net assets)
As of October 31, 2014		As of April 30, 2014
	Stocks 94.9%		Stocks 97.9%
	Short-Term Investments and Net Other Assets (Liabilities) 5.1%		Short-Term Investments and Net Other Assets (Liabilities) 2.1%

mdi285732

Annual Report

Fidelity Emerging Markets Discovery Fund

Investments October 31, 2014

Showing Percentage of Net Assets

Common Stocks - 89.6%
	Shares		Value
Argentina - 0.4%
Inversiones y Representaciones SA ADR	26,400		$ 388,872
Bermuda - 4.6%
Aquarius Platinum Ltd. (Australia) (a)	2,369,945		644,999
ChipMOS TECHNOLOGIES (Bermuda) Ltd.	28,000		601,440
Shangri-La Asia Ltd.	660,000		958,323
Vtech Holdings Ltd.	50,100		630,424
Yue Yuen Industrial (Holdings) Ltd.	359,000		1,205,158
TOTAL BERMUDA			4,040,344
Brazil - 2.3%
Cosan SA Industria e Comercio	20,900		291,751
Localiza Rent A Car SA	4,500		64,869
Mills Estruturas e Servicos de Engenharia SA	9,900		64,524
Minerva SA (a)	169,400		871,645
QGEP Participacoes SA	18,400		66,905
Qualicorp SA (a)	64,200		652,908
TOTAL BRAZIL			2,012,602
British Virgin Islands - 0.7%
Luxoft Holding, Inc. (a)	15,500		619,845
Canada - 1.0%
Pan American Silver Corp.	53,100		490,113
Torex Gold Resources, Inc. (a)	343,100		365,308
TOTAL CANADA			855,421
Cayman Islands - 14.1%
58.com, Inc. ADR (d)	20,100		795,357
Anta Sports Products Ltd.	288,000		565,283
China Cord Blood Corp. (a)	125,200		637,268
China Lodging Group Ltd. ADR (a)	44,200		1,215,058
China ZhengTong Auto Services Holdings Ltd.	1,247,000		706,427
Cimc Enric Holdings Ltd.	714,000		718,002
Greatview Aseptic Pack Co. Ltd.	394,000		259,380
Haitian International Holdings Ltd.	350,000		750,777
Hilong Holding Ltd.	1,463,000		475,375
Lee & Man Paper Manufacturing Ltd.	1,307,000		717,250
Lee's Pharmaceutical Holdings Ltd.	430,500		592,480
Leju Holdings Ltd. ADR (d)	29,800		417,200
Pico Far East Holdings Ltd.	2,778,000		687,969
Semiconductor Manufacturing International Corp. (a)	6,178,000		640,516
Silergy Corp.	56,520		391,373
SITC International Holdings Co. Ltd.	1,888,000		1,005,734
Common Stocks - continued
	Shares		Value
Cayman Islands - continued
Uni-President China Holdings Ltd.	1,057,000		$ 982,132
Wisdom Holdings Group	935,000		723,655
TOTAL CAYMAN ISLANDS			12,281,236
Chile - 4.1%
Embotelladora Andina SA sponsored ADR	21,053		391,796
Inversiones La Construccion SA	66,001		940,545
Quinenco SA	852,780		1,771,009
Vina Concha y Toro SA	242,484		463,628
TOTAL CHILE			3,566,978
China - 2.6%
BBMG Corp. (H Shares)	1,315,500		930,206
China Suntien Green Energy Corp. Ltd. (H Shares)	890,000		236,386
Maanshan Iron & Steel Ltd. (H Shares) (a)	2,064,000		538,180
Tong Ren Tang Technologies Co. Ltd. (H Shares)	441,000		592,624
TOTAL CHINA			2,297,396
Colombia - 0.5%
Organizacion Terpel SA (a)	45,114		393,802
Egypt - 0.9%
Citadel Capital Corp. (a)	1,411,500		781,748
Greece - 0.4%
Public Power Corp. of Greece (a)	41,680		316,522
Hong Kong - 3.1%
China Power International Development Ltd.	568,000		256,578
Far East Horizon Ltd.	834,000		775,668
Techtronic Industries Co. Ltd.	527,500		1,651,393
TOTAL HONG KONG			2,683,639
India - 14.9%
Adani Ports & Special Economic Zone	146,053		678,875
CMC Ltd.	27,927		893,604
Exide Industries Ltd.	370,061		948,772
GAIL India Ltd.	64,387		553,403
Grasim Industries Ltd.	15,189		911,465
Havells India Ltd.	181,890		845,935
IDFC Ltd. (a)	199,271		518,543
Iifl Holdings Ltd.	239,330		666,664
Ipca Laboratories Ltd.	49,210		587,543
JK Cement Ltd.	57,507		564,863
KPIT Cummins Infosystems Ltd. (a)	230,698		623,144
Common Stocks - continued
	Shares		Value
India - continued
Lupin Ltd.	29,712		$ 687,933
Mahindra Lifespace Developers Ltd.	75,033		623,350
MindTree Consulting Ltd.	22,113		393,741
Shriram Transport Finance Co. Ltd.	36,068		557,960
Tech Mahindra Ltd.	23,911		980,154
The Jammu & Kashmir Bank Ltd.	237,424		537,872
Yes Bank Ltd.	126,518		1,432,651
TOTAL INDIA			13,006,472
Israel - 1.2%
Bezeq The Israel Telecommunication Corp. Ltd.	334,300		565,164
NICE Systems Ltd. sponsored ADR	12,800		520,704
TOTAL ISRAEL			1,085,868
Korea (South) - 13.6%
AMOREPACIFIC Group, Inc.	860		946,889
Binggrea Co. Ltd.	5,675		436,805
Daewoo International Corp.	54,893		1,729,384
DGB Financial Group Co. Ltd.	73,881		1,048,621
E-Mart Co. Ltd.	3,822		704,323
Fila Korea Ltd.	11,372		1,180,124
Hyundai HCN	91,864		388,593
Hyundai Industrial Development & Construction Co.	27,329		1,026,321
Hyundai Wia Corp.	4,303		738,896
KEPCO Plant Service & Engineering Co. Ltd.	9,301		759,181
Kolon Life Science, Inc.	9,808		469,201
Korean Reinsurance Co.	110,469		1,172,090
Leeno Industrial, Inc.	18,227		721,823
Sungshin Cement Manufacturing Co. Ltd. (a)	69,388		530,204
TOTAL KOREA (SOUTH)			11,852,455
Malaysia - 0.7%
Top Glove Corp. Bhd	409,700		609,287
Mexico - 5.1%
Credito Real S.A.B. de CV	248,500		638,862
Grupo Aeroportuario del Pacifico SA de CV Series B	73,900		502,792
Grupo Aeroportuario Norte S.A.B. de CV	100,300		499,703
Grupo Comercial Chedraui S.A.B. de CV	158,800		558,608
Macquarie Mexican (REIT)	452,700		822,281
Megacable Holdings S.A.B. de CV unit	180,400		826,427
Qualitas Controladora S.A.B. de CV	238,700		617,389
TOTAL MEXICO			4,466,062
Common Stocks - continued
	Shares		Value
Nigeria - 1.6%
Transnational Corp. of Nigeria PLC	18,107,275		$ 441,614
Zenith Bank PLC	7,682,382		983,196
TOTAL NIGERIA			1,424,810
Panama - 0.5%
Copa Holdings SA Class A	3,600		420,912
Philippines - 4.0%
Alliance Global Group, Inc.	1,642,600		923,896
LT Group, Inc.	2,559,600		810,291
PNOC Energy Development Corp.	2,149,700		368,042
Robinsons Land Corp.	2,454,500		1,340,007
TOTAL PHILIPPINES			3,442,236
Poland - 1.3%
Cyfrowy Polsat SA	144,100		1,102,145
Singapore - 0.5%
First Resources Ltd.	272,000		440,663
South Africa - 1.1%
Alexander Forbes Group Holding (a)	529,819		413,105
Blue Label Telecoms Ltd.	572,100		505,721
TOTAL SOUTH AFRICA			918,826
Sri Lanka - 0.9%
John Keells Holdings Ltd.	378,368		744,150
Taiwan - 6.4%
ASPEED Tech, Inc.	5,902		45,049
Chicony Electronics Co. Ltd.	207,120		595,521
Chroma ATE, Inc.	359,000		894,105
Cleanaway Co. Ltd.	123,000		545,948
Cub Elecparts, Inc.	57,000		600,398
EPISTAR Corp.	216,000		389,985
Everlight Electronics Co. Ltd.	208,000		394,031
GeoVision, Inc.	8,300		30,142
Lextar Electronics Corp.	361,000		300,830
MJC Probe, Inc.	172,000		513,350
St.Shine Optical Co. Ltd.	31,000		543,757
Taiwan Fertilizer Co. Ltd.	3,000		5,314
Universal Cement Corp.	125,000		109,865
Voltronic Power Technology Corp.	69,000		556,366
TOTAL TAIWAN			5,524,661
Common Stocks - continued
	Shares		Value
Thailand - 0.6%
Thai Union Frozen Products PCL (For. Reg.)	232,400		$ 531,392
Turkey - 1.8%
Aksa Akrilik Kimya Sanayii	176,518		580,544
Aselsan A/S	30,000		136,324
Aygaz A/S	77,000		324,608
Tupras Turkiye Petrol Rafinelleri A/S	24,000		521,000
TOTAL TURKEY			1,562,476
Uganda - 0.5%
Umeme Ltd.	2,130,383		401,662
Vietnam - 0.2%
FTP Corp.	67,000		160,573
TOTAL COMMON STOCKS (Cost $76,358,182)		77,933,055
Nonconvertible Preferred Stocks - 5.3%

Brazil - 4.8%
Banco do Estado Rio Grande do Sul SA	151,800		906,671
Bradespar SA (PN)	108,900		735,698
Braskem SA (PN-A)	140,700		1,029,457
Marcopolo SA (PN)	425,700		728,426
Metalurgica Gerdau SA (PN)	150,300		812,793
TOTAL BRAZIL			4,213,045
Korea (South) - 0.5%
Samsung Fire & Marine Insurance Co. Ltd.	2,451		461,938
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $4,838,768)		4,674,983
Money Market Funds - 7.3%
	Shares		Value
Fidelity Cash Central Fund, 0.11% (b)	5,332,684		$ 5,332,684
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	1,002,600		1,002,600
TOTAL MONEY MARKET FUNDS (Cost $6,335,284)		6,335,284
TOTAL INVESTMENT PORTFOLIO - 102.2% (Cost $87,532,234)			88,943,322
NET OTHER ASSETS (LIABILITIES) - (2.2)%			(1,942,286)
NET ASSETS - 100%		$ 87,001,036

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 2,220
Fidelity Securities Lending Cash Central Fund	22,418
Total	$ 24,638

Other Information

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

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 14,472,967	$ 6,425,589	$ 8,047,378	$ -
Consumer Staples	7,138,172	4,373,694	2,764,478	-
Energy	1,591,417	879,656	711,761	-
Financials	16,069,647	9,616,932	6,452,715	-
Health Care	5,373,001	1,759,377	3,613,624	-
Industrials	14,978,849	8,953,316	6,025,533	-
Information Technology	11,552,911	3,836,942	7,715,969	-
Materials	8,645,095	3,963,573	4,681,522	-
Telecommunication Services	565,164	565,164	-	-
Utilities	2,220,815	1,042,792	1,178,023	-
Money Market Funds	6,335,284	6,335,284	-	-
Total Investments in Securities:	$ 88,943,322	$ 47,752,319	$ 41,191,003	$ -

Transfers	Total
Level 1 to Level 2	$ 10,239,253
Level 2 to Level 1	$ 0

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

Annual Report

Fidelity Emerging Markets Discovery Fund

Financial Statements

Statement of Assets and Liabilities

	October 31, 2014

Assets
Investment in securities, at value (including securities loaned of $1,014,000) - See accompanying schedule: Unaffiliated issuers (cost $81,196,950)	$ 82,608,038
Fidelity Central Funds (cost $6,335,284)	6,335,284
Total Investments (cost $87,532,234)		$ 88,943,322
Foreign currency held at value (cost $379,716)		380,018
Receivable for investments sold		2,029,733
Receivable for fund shares sold		98,495
Dividends receivable		95,704
Distributions receivable from Fidelity Central Funds		1,203
Prepaid expenses		349
Receivable from investment adviser for expense reductions		17,421
Other receivables		7,744
Total assets		91,573,989

Liabilities
Payable to custodian bank	$ 249,833
Payable for investments purchased	2,581,166
Payable for fund shares redeemed	267,767
Accrued management fee	62,215
Distribution and service plan fees payable	3,392
Other affiliated payables	20,166
Other payables and accrued expenses	385,814
Collateral on securities loaned, at value	1,002,600
Total liabilities		4,572,953

Net Assets		$ 87,001,036
Net Assets consist of:
Paid in capital		$ 86,500,569
Undistributed net investment income		174
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(616,536)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		1,116,829
Net Assets		$ 87,001,036

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

Annual Report

Fidelity Emerging Markets Discovery Fund
Financial Statements - continued

Statement of Assets and Liabilities - continued

	October 31, 2014

Calculation of Maximum Offering Price Class A: Net Asset Value and redemption price per share ($4,361,655 ÷ 358,373 shares)		$ 12.17

Maximum offering price per share (100/94.25 of $12.17)		$ 12.91
Class T: Net Asset Value and redemption price per share ($2,031,326 ÷ 167,417 shares)		$ 12.13

Maximum offering price per share (100/96.50 of $12.13)		$ 12.57
Class C: Net Asset Value and offering price per share ($1,750,148 ÷ 145,834 shares)^A		$ 12.00

Emerging Markets Discovery: Net Asset Value, offering price and redemption price per share ($78,377,207 ÷ 6,418,342 shares)		$ 12.21

Institutional Class: Net Asset Value, offering price and redemption price per share ($480,700 ÷ 39,252 shares)		$ 12.25

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

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

Annual Report

Statement of Operations

	Year ended October 31, 2014

Investment Income
Dividends		$ 1,943,273
Income from Fidelity Central Funds		24,638
Income before foreign taxes withheld		1,967,911
Less foreign taxes withheld		(149,221)
Total income		1,818,690

Expenses
Management fee	$ 778,418
Transfer agent fees	203,003
Distribution and service plan fees	41,075
Accounting and security lending fees	47,524
Custodian fees and expenses	164,899
Independent trustees' compensation	381
Registration fees	65,316
Audit	88,577
Legal	349
Interest	79
Miscellaneous	16,702
Total expenses before reductions	1,406,323
Expense reductions	(39,275)	1,367,048
Net investment income (loss)		451,642
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers (net of foreign taxes of $963,357)	(205,589)
Foreign currency transactions	(44,609)
Total net realized gain (loss)		(250,198)
Change in net unrealized appreciation (depreciation) on: Investment securities (net of increase in deferred foreign taxes of $59,002)	(686,710)
Assets and liabilities in foreign currencies	(15,113)
Total change in net unrealized appreciation (depreciation)		(701,823)
Net gain (loss)		(952,021)
Net increase (decrease) in net assets resulting from operations		$ (500,379)

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

Annual Report

Fidelity Emerging Markets Discovery Fund
Financial Statements - continued

Statement of Changes in Net Assets

	Year ended October 31, 2014	Year ended October 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 451,642	$ 931,481
Net realized gain (loss)	(250,198)	2,316,300
Change in net unrealized appreciation (depreciation)	(701,823)	(864,876)
Net increase (decrease) in net assets resulting from operations	(500,379)	2,382,905
Distributions to shareholders from net investment income	(676,480)	(286,293)
Distributions to shareholders from net realized gain	(2,520,609)	(914,866)
Total distributions	(3,197,089)	(1,201,159)
Share transactions - net increase (decrease)	(16,216,808)	59,689,170
Redemption fees	46,780	191,734
Total increase (decrease) in net assets	(19,867,496)	61,062,650

Net Assets
Beginning of period	106,868,532	45,805,882
End of period (including undistributed net investment income of $174 and undistributed net investment income of $648,420, respectively)	$ 87,001,036	$ 106,868,532

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

Annual Report

Financial Highlights - Class A

Years ended October 31,	2014	2013	2012^F
Selected Per-Share Data
Net asset value, beginning of period	$ 12.49	$ 11.89	$ 10.00
Income from Investment Operations
Net investment income (loss)^C	.04	.08	.12
Net realized and unrealized gain (loss)	(.01)	.75	1.76
Total from investment operations	.03	.83	1.88
Distributions from net investment income	(.06)	(.04)	(.01)
Distributions from net realized gain	(.30)	(.20)	-
Total distributions	(.36)	(.25)^H	(.01)
Redemption fees added to paid in capital^C	.01	.02	.02
Net asset value, end of period	$ 12.17	$ 12.49	$ 11.89
Total Return^{A, B}	.31%	7.20%	19.00%
Ratios to Average Net Assets^{D, G}
Expenses before reductions	1.82%	1.87%	3.49%
Expenses net of fee waivers, if any	1.70%	1.70%	1.70%
Expenses net of all reductions	1.70%	1.64%	1.64%
Net investment income (loss)	.29%	.62%	1.16%
Supplemental Data
Net assets, end of period (000 omitted)	$ 4,362	$ 5,065	$ 1,671
Portfolio turnover rate ^E	148%	179%	83%