0001379491-16-006072.txt : 20160928 0001379491-16-006072.hdr.sgml : 20160928 20160928112604 ACCESSION NUMBER: 0001379491-16-006072 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160731 FILED AS OF DATE: 20160928 DATE AS OF CHANGE: 20160928 EFFECTIVENESS DATE: 20160928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY INVESTMENT TRUST CENTRAL INDEX KEY: 0000744822 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04008 FILM NUMBER: 161906091 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY OVERSEAS FUND DATE OF NAME CHANGE: 19861228 0000744822 S000007093 Fidelity International Discovery Fund C000019407 Fidelity International Discovery Fund FIGRX C000019408 Fidelity Advisor International Discovery Fund: Class A FAIDX C000019410 Fidelity Advisor International Discovery Fund: Class C FCADX C000019411 Fidelity Advisor International Discovery Fund: Class T FTADX C000019412 Fidelity Advisor International Discovery Fund: Class I FIADX C000064259 Class K FIDKX C000130141 Fidelity Advisor International Discovery Fund: Class Z FZAIX 0000744822 S000007094 Fidelity Europe Fund C000019413 Fidelity Europe Fund FIEUX C000136832 Fidelity Advisor Europe Fund: Class A FHJUX C000136834 Fidelity Advisor Europe Fund: Class C FHJTX C000136835 Fidelity Advisor Europe Fund: Class T FHJVX C000136836 Fidelity Advisor Europe Fund: Class I FHJMX 0000744822 S000007096 Fidelity Japan Fund C000019415 Fidelity Japan Fund FJPNX C000093326 Fidelity Advisor Japan Fund: Class A FPJAX C000093328 Fidelity Advisor Japan Fund: Class C FJPCX C000093329 Fidelity Advisor Japan Fund: Class T FJPTX C000093330 Fidelity Advisor Japan Fund: Class I FJPIX 0000744822 S000007097 Fidelity Japan Smaller Companies Fund C000019416 Fidelity Japan Smaller Companies Fund FJSCX 0000744822 S000007098 Fidelity Latin America Fund C000019417 Fidelity Latin America Fund FLATX C000092709 Fidelity Advisor Latin America Fund: Class A FLFAX C000092711 Fidelity Advisor Latin America Fund: Class C FLFCX C000092712 Fidelity Advisor Latin America Fund: Class T FLFTX C000092713 Fidelity Advisor Latin America Fund: Class I FLFIX 0000744822 S000007099 Fidelity Nordic Fund C000019418 Fidelity Nordic Fund FNORX 0000744822 S000007100 Fidelity Overseas Fund C000019419 Fidelity Overseas Fund FOSFX C000064260 Class K FOSKX 0000744822 S000007101 Fidelity Pacific Basin Fund C000019420 Fidelity Pacific Basin Fund FPBFX 0000744822 S000007102 Fidelity Emerging Asia Fund C000019421 Fidelity Emerging Asia Fund FSEAX 0000744822 S000007103 Fidelity Worldwide Fund C000019422 Fidelity Worldwide Fund FWWFX C000074282 Fidelity Advisor Worldwide Fund: Class A FWAFX C000074284 Fidelity Advisor Worldwide Fund: Class C FWCFX C000074285 Fidelity Advisor Worldwide Fund: Class T FWTFX C000074286 Fidelity Advisor Worldwide Fund: Class I FWIFX 0000744822 S000007104 Fidelity International Small Cap Fund C000019423 Fidelity International Small Cap Fund FISMX C000019424 Fidelity Advisor International Small Cap Fund: Class A FIASX C000019426 Fidelity Advisor International Small Cap Fund: Class C FICSX C000019427 Fidelity Advisor International Small Cap Fund: Class T FTISX C000019428 Fidelity Advisor International Small Cap Fund: Class I FIXIX 0000744822 S000007105 Fidelity International Small Cap Opportunities Fund C000019429 Fidelity International Small Cap Opportunities Fund FSCOX C000019430 Fidelity Advisor International Small Cap Opportunities Fund: Class A FOPAX C000019432 Fidelity Advisor International Small Cap Opportunities Fund: Class C FOPCX C000019433 Fidelity Advisor International Small Cap Opportunities Fund: Class T FOPTX C000019434 Fidelity Advisor International Small Cap Opportunities Fund: Class I FOPIX 0000744822 S000007106 Fidelity International Capital Appreciation Fund C000019435 Fidelity International Capital Appreciation Fund FIVFX 0000744822 S000007107 Fidelity Canada Fund C000019436 Fidelity Canada Fund FICDX C000047986 Fidelity Advisor Canada Fund: Class A FACNX C000047988 Fidelity Advisor Canada Fund: Class C FCCNX C000047989 Fidelity Advisor Canada Fund: Class T FTCNX C000047990 Fidelity Advisor Canada Fund: Class I FICCX 0000744822 S000007108 Fidelity China Region Fund C000019437 Fidelity China Region Fund FHKCX C000064261 Fidelity Advisor China Region Fund: Class A FHKAX C000064263 Fidelity Advisor China Region Fund: Class C FCHKX C000064264 Fidelity Advisor China Region Fund: Class T FHKTX C000064265 Fidelity Advisor China Region Fund: Class I FHKIX 0000744822 S000007109 Fidelity Diversified International Fund C000019438 Fidelity Diversified International Fund FDIVX C000064266 Class K FDIKX 0000744822 S000007110 Fidelity Emerging Markets Fund C000019439 Fidelity Emerging Markets Fund FEMKX C000064267 Class K FKEMX 0000744822 S000012165 Fidelity International Value Fund C000033179 Fidelity International Value Fund FIVLX C000033180 Fidelity Advisor International Value Fund: Class A FIVMX C000033182 Fidelity Advisor International Value Fund: Class C FIVOX C000033183 Fidelity Advisor International Value Fund: Class T FIVPX C000033184 Fidelity Advisor International Value Fund: Class I FIVQX 0000744822 S000019397 Fidelity International Growth Fund C000053902 Fidelity International Growth Fund FIGFX C000053903 Fidelity Advisor International Growth Fund: Class A FIAGX C000053905 Fidelity Advisor International Growth Fund: Class C FIGCX C000053906 Fidelity Advisor International Growth Fund: Class T FITGX C000053907 Fidelity Advisor International Growth Fund: Class I FIIIX C000130142 Fidelity Advisor International Growth Fund: Class Z FZAJX 0000744822 S000019398 Fidelity Total International Equity Fund C000053908 Fidelity Advisor Total International Equity Fund: Class C FTCEX C000053909 Fidelity Advisor Total International Equity Fund: Class T FTTEX C000053910 Fidelity Advisor Total International Equity Fund: Class I FTEIX C000053911 Fidelity Total International Equity Fund FTIEX C000053912 Fidelity Advisor Total International Equity Fund: Class A FTAEX 0000744822 S000022100 Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund C000063412 Fidelity Emerging Europe, Middle East, Africa (EMEA) Fund FEMEX C000063413 Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund: Class A FMEAX C000063415 Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund: Class C FEMCX C000063416 Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund: Class T FEMTX C000063417 Fidelity Advisor Emerging Europe, Middle East, Africa (EMEA) Fund: Class I FIEMX 0000744822 S000023605 Fidelity Series Emerging Markets Fund C000069437 Fidelity Series Emerging Markets Fund FEMSX C000076784 Class F FEMFX 0000744822 S000024314 Fidelity Global Commodity Stock Fund C000071913 Fidelity Global Commodity Stock Fund FFGCX C000071914 Fidelity Advisor Global Commodity Stock Fund: Class A FFGAX C000071916 Fidelity Advisor Global Commodity Stock Fund: Class C FCGCX C000071917 Fidelity Advisor Global Commodity Stock Fund: Class T FFGTX C000071918 Fidelity Advisor Global Commodity Stock Fund: Class I FFGIX 0000744822 S000026866 Fidelity Series International Growth Fund C000080862 Fidelity Series International Growth Fund FIGSX C000080863 Class F FFIGX 0000744822 S000026867 Fidelity Series International Value Fund C000080864 Fidelity Series International Value Fund FINVX C000080865 Class F FFVNX 0000744822 S000026868 Fidelity Series International Small Cap Fund C000080866 Fidelity Series International Small Cap Fund FSTSX C000080867 Class F FFSTX 0000744822 S000034264 Fidelity Emerging Markets Discovery Fund C000105577 Fidelity Emerging Markets Discovery Fund FEDDX C000105578 Fidelity Advisor Emerging Markets Discovery Fund: Class A FEDAX C000105579 Fidelity Advisor Emerging Markets Discovery Fund: Class C FEDGX C000105580 Fidelity Advisor Emerging Markets Discovery Fund: Class T FEDTX C000105581 Fidelity Advisor Emerging Markets Discovery Fund: Class I FEDIX 0000744822 S000034265 Fidelity Total Emerging Markets Fund C000105582 Fidelity Advisor Total Emerging Markets Fund: Class I FTEJX C000105583 Fidelity Total Emerging Markets Fund FTEMX C000105584 Fidelity Advisor Total Emerging Markets Fund: Class A FTEDX C000105585 Fidelity Advisor Total Emerging Markets Fund: Class C FTEFX C000105586 Fidelity Advisor Total Emerging Markets Fund: Class T FTEHX 0000744822 S000036874 Fidelity Global Equity Income Fund C000112814 Fidelity Global Equity Income Fund FGILX N-Q 1 filing918.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


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)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

July 31, 2016


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® Emerging Markets Discovery Fund

July 31, 2016







EMD-QTLY-0916
1.931230.104





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.9%   
 Shares Value 
Argentina - 1.2%   
Grupo Superveille SA sponsored ADR 27,400 $371,270 
Inversiones y Representaciones SA ADR  27,000 498,960 
TOTAL ARGENTINA  870,230 
Bangladesh - 0.5%   
BRAC Bank Ltd. 449,466 352,376 
Bermuda - 1.9%   
Digital China Holdings Ltd. (H Shares) 154,000 119,692 
PAX Global Technology Ltd. 445,000 367,660 
Shangri-La Asia Ltd. 666,000 715,068 
VimpelCom Ltd. sponsored ADR 32,600 133,008 
TOTAL BERMUDA  1,335,428 
Brazil - 5.0%   
Cosan SA Industria e Comercio 26,260 275,769 
Direcional Engenharia SA 219,000 432,272 
Fibria Celulose SA 32,600 198,974 
FPC Par Corretora de Seguros 132,000 529,645 
Metalurgica Gerdau SA rights 8/9/16 3,056 15,222 
Minerva SA (a) 122,600 362,990 
QGEP Participacoes SA 327,200 616,578 
Smiles SA 51,100 818,886 
Tegma Gestao Logistica SA 128,200 337,264 
TOTAL BRAZIL  3,587,600 
British Virgin Islands - 1.1%   
Arcos Dorados Holdings, Inc. Class A (a) 121,900 668,012 
Dolphin Capital Investors Ltd. (a) 1,343,300 99,112 
TOTAL BRITISH VIRGIN ISLANDS  767,124 
Canada - 1.5%   
Pan American Silver Corp. 24,700 481,650 
Torex Gold Resources, Inc. (a) 29,670 615,374 
TOTAL CANADA  1,097,024 
Cayman Islands - 9.5%   
51job, Inc. sponsored ADR (a)(b) 11,700 372,294 
58.com, Inc. ADR (a)(b) 17,100 889,371 
Casetek Holdings 48,000 193,846 
China State Construction International Holdings Ltd. 376,000 503,052 
GCL-Poly Energy Holdings Ltd. 1,040,000 142,091 
Goodbaby International Holdings Ltd. 506,000 229,573 
Haitian International Holdings Ltd. 303,000 507,708 
Ju Teng International Holdings Ltd. 416,000 132,440 
Kingboard Laminates Holdings Ltd. 574,000 365,483 
Kingsoft Corp. Ltd. 76,000 129,305 
Lee's Pharmaceutical Holdings Ltd. 376,000 294,659 
Pico Far East Holdings Ltd. 2,320,000 717,674 
Semiconductor Manufacturing International Corp. (a) 2,077,000 168,383 
SITC International Holdings Co. Ltd. 937,000 554,345 
Sunny Optical Technology Group Co. Ltd. 108,000 430,140 
TPK Holding Co. Ltd. 30,000 57,513 
Uni-President China Holdings Ltd. 841,000 644,972 
Yirendai Ltd. sponsored ADR 16,000 410,240 
TOTAL CAYMAN ISLANDS  6,743,089 
Chile - 3.8%   
Compania Cervecerias Unidas SA sponsored ADR 22,000 503,140 
CorpBanca SA 45,526,053 396,393 
Empresas CMPC SA 154,503 324,181 
Inversiones La Construccion SA 28,922 331,345 
Quinenco SA 93,980 184,472 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 14,100 349,398 
Vina Concha y Toro SA 372,483 634,641 
TOTAL CHILE  2,723,570 
China - 5.7%   
BBMG Corp. (H Shares) 1,500,000 549,082 
China Longyuan Power Grid Corp. Ltd. (H Shares) 331,200 265,527 
Huangshan Tourism Development Co. Ltd. 535,800 729,760 
Qingdao Haier Co. Ltd. 570,386 940,138 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 460,000 725,717 
Zhengzhou Yutong Bus Co. Ltd. 140,419 485,951 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 71,500 394,437 
TOTAL CHINA  4,090,612 
Colombia - 0.3%   
Organizacion Terpel SA 59,128 187,592 
Cyprus - 0.5%   
Global Ports Investment PLC GDR (Reg. S) (a) 144,900 376,740 
Egypt - 0.4%   
Citadel Capital Corp. (a) 1,032,100 117,390 
Commercial International Bank SAE sponsored GDR 42,300 160,317 
TOTAL EGYPT  277,707 
Georgia - 0.2%   
TBC Bank JSC unit 8,575 113,190 
Greece - 0.6%   
Titan Cement Co. SA (Reg.) 17,400 397,623 
Hong Kong - 2.8%   
BYD Electronic International Co. Ltd. (a) 146,000 111,028 
China Resources Beer Holdings Co. Ltd. 240,000 464,632 
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) 80,000 32,172 
Far East Horizon Ltd. 497,584 391,223 
Techtronic Industries Co. Ltd. 231,500 980,200 
TOTAL HONG KONG  1,979,255 
India - 13.8%   
Adani Ports & Special Economic Zone 129,133 450,236 
Alembic Pharmaceuticals Ltd. (a) 79,752 750,977 
Arvind Mills Ltd. 81,291 371,728 
Dr Lal Pathlabs Ltd. 22,335 325,869 
Edelweiss Financial Services Ltd. 431,938 613,351 
Exide Industries Ltd. 173,595 466,445 
Grasim Industries Ltd. 8,861 650,666 
IDFC Ltd. 317,213 260,319 
Iifl Holdings Ltd. (a) 115,270 462,861 
Indraprastha Gas Ltd. (a) 50,968 495,763 
JK Cement Ltd. 32,200 344,608 
LIC Housing Finance Ltd. 47,601 371,353 
Mahindra Lifespace Developers Ltd. 42,765 285,025 
Manappuram General Finance & Leasing Ltd. 732,000 900,518 
Marksans Pharma Ltd. 475,274 337,622 
Mphasis BFL Ltd. 48,914 396,933 
Power Grid Corp. of India Ltd. 252,209 665,948 
Redington India Ltd. 97,326 150,395 
Solar Industries India Ltd. 27,640 273,166 
The Jammu & Kashmir Bank Ltd. 200,767 202,559 
Torrent Pharmaceuticals Ltd. 30,938 668,587 
VST Industries Ltd. (a) 12,885 393,838 
TOTAL INDIA  9,838,767 
Indonesia - 1.6%   
Link Net Tbk PT 381,500 127,278 
PT Bank Danamon Indonesia Tbk Series A 820,800 219,323 
PT Indo Tambangraya Megah Tbk 408,000 391,694 
PT Panin Life Tbk (a) 23,451,300 379,561 
TOTAL INDONESIA  1,117,856 
Israel - 0.5%   
Bezeq The Israel Telecommunication Corp. Ltd. 189,760 375,220 
Korea (South) - 10.9%   
AMOREPACIFIC Group, Inc. 2,849 369,950 
Binggrea Co. Ltd. 3,195 180,594 
BS Financial Group, Inc. 55,802 441,783 
Com2uS Corp. 2,252 233,942 
Daou Technology, Inc. 20,645 493,491 
Devsisters Co. Ltd. (a) 6,881 166,955 
E-Mart Co. Ltd. 16 2,351 
Fila Korea Ltd. 7,591 603,023 
Hanon Systems 40,466 416,369 
Hyundai Glovis Co. Ltd. 6,313 953,077 
Hyundai HCN 114,997 395,276 
Hyundai Industrial Development & Construction Co. 7,283 289,933 
Hyundai Wia Corp. 5,281 407,654 
Koh Young Technology, Inc. 5,832 245,009 
Korea Express Co. Ltd. (a) 2,360 425,216 
Korean Reinsurance Co. 41,722 453,663 
Medy-Tox, Inc. 1,880 732,707 
NCSOFT Corp. 1,944 438,483 
Nice Information & Telecom, Inc. 9,861 299,516 
Silicon Works Co. Ltd. 7,289 206,985 
TOTAL KOREA (SOUTH)  7,755,977 
Malaysia - 1.1%   
Inari Amertron Bhd 266,000 202,580 
Top Glove Corp. Bhd 547,200 576,708 
TOTAL MALAYSIA  779,288 
Mexico - 4.8%   
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 43,900 431,906 
Grupo Comercial Chedraui S.A.B. de CV 170,100 385,923 
Grupo GICSA SA de CV (a) 319,532 221,542 
Industrias Penoles SA de CV 26,155 672,972 
Macquarie Mexican (REIT) 390,272 499,340 
Megacable Holdings S.A.B. de CV unit 77,600 311,021 
Qualitas Controladora S.A.B. de CV 293,900 412,557 
Tenedora Nemak SA de CV 22,800 25,913 
Terrafina 279,600 463,912 
TOTAL MEXICO  3,425,086 
Netherlands - 1.2%   
Yandex NV (a) 38,500 833,525 
Pakistan - 0.5%   
Habib Bank Ltd. 172,400 357,760 
Panama - 0.7%   
Copa Holdings SA Class A 7,800 522,600 
Philippines - 0.6%   
Alliance Global Group, Inc. 1,224,000 419,731 
Poland - 0.6%   
Asseco Poland SA 20,100 276,311 
Prime Car Management SA 19,300 160,416 
TOTAL POLAND  436,727 
Romania - 0.3%   
Banca Transilvania SA 399,713 228,909 
Russia - 1.7%   
Inter Rao Ues JSC 13,451,004 532,822 
RusHydro PJSC (a) 38,141,300 408,867 
Sistema JSFC sponsored GDR 34,060 277,248 
TOTAL RUSSIA  1,218,937 
Singapore - 0.4%   
First Resources Ltd. 244,500 294,523 
South Africa - 3.1%   
Alexander Forbes Group Holdings Ltd. 424,062 191,238 
Bidvest Group Ltd. 51,400 590,602 
Imperial Holdings Ltd. 43,100 514,607 
Northam Platinum Ltd. (a) 121,200 448,609 
Reunert Ltd. 94,600 425,934 
TOTAL SOUTH AFRICA  2,170,990 
Sri Lanka - 0.6%   
Hatton National Bank PLC 278,137 404,424 
Taiwan - 10.0%   
ADLINK Technology, Inc. 95,087 194,543 
Advantech Co. Ltd. 99,000 771,614 
Chipbond Technology Corp. 118,000 161,504 
Cleanaway Co. Ltd. 74,000 403,501 
CTCI Corp. 281,000 397,404 
Cub Elecparts, Inc. 46,892 569,589 
Elite Semiconductor Memory Technology, Inc. 137,000 126,585 
eMemory Technology, Inc. 22,000 221,597 
Everlight Electronics Co. Ltd. 152,000 247,927 
FLEXium Interconnect, Inc. 78,442 209,547 
Forhouse Corp. 462,000 201,097 
Hermes Microvision, Inc. 4,000 170,338 
Inventec Corp. 415,000 322,802 
Lite-On Technology Corp. 316,640 475,672 
Powertech Technology, Inc. 174,000 444,037 
Radiant Opto-Electronics Corp. 84,000 134,901 
Sirtec International Co. Ltd. 168,000 203,275 
St.Shine Optical Co. Ltd. 27,000 654,232 
Synnex Technology International Corp. 262,000 310,425 
Tong Hsing Electronics Industries Ltd. 102,000 379,867 
Universal Cement Corp. 275,568 185,767 
Vanguard International Semiconductor Corp. 188,000 341,507 
TOTAL TAIWAN  7,127,731 
Thailand - 2.2%   
Delta Electronics PCL (For. Reg.) 110,600 226,249 
PTT Global Chemical PCL (For. Reg.) 237,600 414,419 
Star Petroleum Refining PCL 1,186,900 313,508 
Thai Union Frozen Products PCL (For. Reg.) 995,200 622,893 
TOTAL THAILAND  1,577,069 
Turkey - 2.1%   
Aksa Akrilik Kimya Sanayii 242,000 631,033 
Aselsan A/S 144,000 455,506 
Tupras Turkiye Petrol Rafinelleri A/S 18,576 397,020 
TOTAL TURKEY  1,483,559 
United Arab Emirates - 0.3%   
National Bank of Ras Al-Khaimah PSC 152,077 202,885 
United Kingdom - 0.5%   
BGEO Group PLC 9,440 341,194 
Vietnam - 0.4%   
FTP Corp. 163,990 301,520 
TOTAL COMMON STOCKS   
(Cost $65,429,127)  66,113,438 
Nonconvertible Preferred Stocks - 2.9%   
Brazil - 2.4%   
Banco ABC Brasil SA 105,300 457,911 
Banco do Estado Rio Grande do Sul SA 116,000 385,665 
Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR 35,000 346,500 
Metalurgica Gerdau SA (PN) 615,600 516,417 
TOTAL BRAZIL  1,706,493 
Korea (South) - 0.5%   
LG Chemical Ltd. 2,144 341,984 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,621,211)  2,048,477 
 Principal Amount Value 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.25% to 0.31% 9/29/16 to 10/20/16
(Cost $79,962)(c) 
80,000 79,965 
 Shares Value 
Money Market Funds - 6.4%   
Fidelity Cash Central Fund, 0.42% (d) 3,039,986 3,039,986 
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) 1,555,800 1,555,800 
TOTAL MONEY MARKET FUNDS   
(Cost $4,595,786)  4,595,786 
TOTAL INVESTMENT PORTFOLIO - 102.3%   
(Cost $71,726,086)  72,837,666 
NET OTHER ASSETS (LIABILITIES) - (2.3)%  (1,669,002) 
NET ASSETS - 100%  $71,168,664 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
29 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Sept. 2016 1,278,175 $92,396 

The face value of futures purchased as a percentage of Net Assets is 1.8%

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

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $79,965.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $6,175 
Fidelity Securities Lending Cash Central Fund 11,298 
Total $17,473 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $11,131,833 $11,131,833 $-- $-- 
Consumer Staples 4,892,619 4,892,619 -- -- 
Energy 1,994,569 1,994,569 -- -- 
Financials 12,118,874 12,118,874 -- -- 
Health Care 5,067,078 5,067,078 -- -- 
Industrials 9,642,325 9,642,325 -- -- 
Information Technology 12,906,324 12,737,941 168,383 -- 
Materials 6,780,112 6,129,446 650,666 -- 
Telecommunication Services 912,754 912,754 -- -- 
Utilities 2,715,427 2,715,427 -- -- 
Government Obligations 79,965 -- 79,965 -- 
Money Market Funds 4,595,786 4,595,786 -- -- 
Total Investments in Securities: $72,837,666 $71,938,652 $899,014 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $92,396 $92,396 $-- $-- 
Total Assets $92,396 $92,396 $-- $-- 
Total Derivative Instruments: $92,396 $92,396 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $22,365,321 

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

Consumer Discretionary  
Beginning Balance $792,670 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (792,670) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 $-- 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $72,098,434. Net unrealized appreciation aggregated $739,232, of which $9,521,557 related to appreciated investment securities and $8,782,325 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Europe Fund

July 31, 2016







EUR-QTLY-0916
1.804873.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.6%   
 Shares Value 
Bailiwick of Jersey - 4.8%   
Shire PLC 652,600 $42,159,572 
Wolseley PLC 265,134 14,783,443 
TOTAL BAILIWICK OF JERSEY  56,943,015 
Bermuda - 2.5%   
Vostok Emerging Finance Ltd. (depository receipt) (a)(b)(c) 53,380,307 7,485,844 
Vostok New Ventures Ltd. SDR (a) 3,662,236 22,576,014 
TOTAL BERMUDA  30,061,858 
Denmark - 4.3%   
DONG Energy A/S 385,200 15,689,249 
DSV de Sammensluttede Vognmaend A/S 236,000 10,506,151 
Novozymes A/S Series B 343,955 16,878,404 
Scandinavian Tobacco Group A/S 493,189 8,709,592 
TOTAL DENMARK  51,783,396 
Finland - 1.7%   
Amer Group PLC (A Shares) 234,400 6,651,063 
Valmet Corp. 1,047,200 13,674,589 
TOTAL FINLAND  20,325,652 
France - 9.4%   
Bollore Group 3,447,549 12,480,417 
Capgemini SA 198,200 19,045,454 
Eurazeo SA 217,617 13,909,221 
Havas SA 2,857,100 24,071,776 
Publicis Groupe SA 196,146 14,604,796 
Wendel SA 167,500 17,878,190 
Zodiac Aerospace 454,600 10,241,092 
TOTAL FRANCE  112,230,946 
Germany - 12.8%   
Brenntag AG 389,700 19,348,753 
CompuGroup Medical AG 259,600 11,208,791 
CTS Eventim AG 365,769 12,729,983 
Fresenius SE & Co. KGaA 206,797 15,441,784 
GEA Group AG 332,091 17,722,943 
LEG Immobilien AG 244,965 24,590,866 
SAP AG 587,805 51,446,694 
TOTAL GERMANY  152,489,814 
Ireland - 3.0%   
DCC PLC (United Kingdom) 149,700 13,363,225 
Ryanair Holdings PLC sponsored ADR 152,067 10,761,782 
United Drug PLC (United Kingdom) 1,554,241 11,961,224 
TOTAL IRELAND  36,086,231 
Isle of Man - 3.5%   
Gaming VC Holdings SA 586,400 4,897,009 
Paysafe Group PLC (a) 4,237,010 21,644,838 
Playtech Ltd. 1,358,287 15,630,349 
TOTAL ISLE OF MAN  42,172,196 
Malta - 0.9%   
Kambi Group PLC (a) 752,299 10,440,050 
Netherlands - 6.5%   
CSM NV (exchangeable) 489,300 11,772,245 
Koninklijke Philips Electronics NV 1,044,600 27,782,985 
Koninklijke Wessanen NV 858,800 10,475,110 
RELX NV 794,789 14,321,614 
Wolters Kluwer NV 316,200 13,300,874 
TOTAL NETHERLANDS  77,652,828 
Norway - 1.6%   
TGS Nopec Geophysical Co. ASA (b) 1,181,700 19,622,286 
Spain - 1.4%   
Amadeus IT Holding SA Class A 342,900 16,099,296 
Sweden - 17.3%   
Dometic Group AB 1,899,000 13,315,414 
Getinge AB (B Shares) 2,070,400 41,979,011 
H&M Hennes & Mauritz AB (B Shares) 748,827 22,613,109 
Hemfosa Fastigheter AB 1,417,560 15,199,384 
Indutrade AB 903,300 19,085,736 
Lundbergfoeretagen AB 94,092 5,662,894 
Nordea Bank AB 3,277,000 29,200,801 
Pandox AB (b) 781,300 13,339,714 
Svenska Cellulosa AB (SCA) (B Shares) 776,700 23,090,283 
Svenska Handelsbanken AB (A Shares) 1,953,700 23,489,393 
TOTAL SWEDEN  206,975,739 
Switzerland - 5.9%   
ABB Ltd. (Reg.) 291,450 6,191,009 
Nestle SA 550,986 44,151,962 
Panalpina Welttransport Holding AG 151,620 20,524,705 
TOTAL SWITZERLAND  70,867,676 
United Kingdom - 23.0%   
Bunzl PLC 460,058 14,399,628 
CMC Markets PLC 3,189,300 11,742,486 
Dechra Pharmaceuticals PLC 982,700 17,297,372 
Diploma PLC 1,298,700 14,669,655 
Essentra PLC 1,990,100 12,773,920 
Howden Joinery Group PLC 1,125,900 6,437,113 
International Personal Finance PLC 4,993,203 17,716,730 
Micro Focus International PLC 611,300 15,662,724 
Prudential PLC 1,465,649 25,837,158 
Saga PLC 3,108,100 8,370,799 
Shawbrook Group PLC (a) 3,061,100 7,616,280 
Softcat PLC 2,303,478 10,587,572 
St. James's Place Capital PLC 1,046,662 12,826,997 
Standard Chartered PLC (United Kingdom) 4,774,215 38,201,257 
William Hill PLC 11,166,573 47,234,474 
Worldpay Group PLC (a) 3,322,800 12,902,440 
TOTAL UNITED KINGDOM  274,276,605 
TOTAL COMMON STOCKS   
(Cost $1,154,886,904)  1,178,027,588 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 0.42% (d) 177,343 177,343 
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) 11,935,645 11,935,645 
TOTAL MONEY MARKET FUNDS   
(Cost $12,112,988)  12,112,988 
TOTAL INVESTMENT PORTFOLIO - 99.6%   
(Cost $1,166,999,892)  1,190,140,576 
NET OTHER ASSETS (LIABILITIES) - 0.4%  4,628,342 
NET ASSETS - 100%  $1,194,768,918 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $28,832 
Fidelity Securities Lending Cash Central Fund 699,562 
Total $728,394 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Vostok Emerging Finance Ltd. (depository receipt) $1,697,310 $5,886,498 $-- $-- $7,485,844 
Total $1,697,310 $5,886,498 $-- $-- $7,485,844 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $197,519,876 $113,350,679 $84,169,197 $-- 
Consumer Staples 77,717,355 10,475,110 67,242,245 -- 
Energy 19,622,286 19,622,286 -- -- 
Financials 291,013,906 241,687,355 49,326,551 -- 
Health Care 140,047,754 97,888,182 42,159,572 -- 
Industrials 231,973,226 183,215,789 48,757,437 -- 
Information Technology 163,019,367 111,572,673 51,446,694 -- 
Materials 41,424,569 41,424,569 -- -- 
Utilities 15,689,249 15,689,249 -- -- 
Money Market Funds 12,112,988 12,112,988 -- -- 
Total Investments in Securities: $1,190,140,576 $847,038,880 $343,101,696 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $46,018,397 
Level 2 to Level 1 $17,988,270 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $1,171,695,953. Net unrealized appreciation aggregated $18,444,623, of which $120,122,393 related to appreciated investment securities and $101,677,770 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Series International Growth Fund

July 31, 2016







GSV-S-QTLY-0916
1.907949.106





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.5%   
 Shares Value 
Australia - 4.4%   
CSL Ltd. 4,638,835 $415,983,355 
Sydney Airport unit 7,532,050 43,273,300 
Transurban Group unit 10,438,207 99,632,394 
TOTAL AUSTRALIA  558,889,049 
Austria - 1.5%   
Andritz AG 2,717,698 138,550,419 
Buwog-Gemeinnuetzige Wohnung 2,046,329 49,622,292 
TOTAL AUSTRIA  188,172,711 
Belgium - 4.1%   
Anheuser-Busch InBev SA NV 3,640,981 470,386,306 
KBC Groep NV (a) 1,122,855 58,355,033 
TOTAL BELGIUM  528,741,339 
Canada - 0.4%   
Pason Systems, Inc. 3,687,269 49,393,279 
Cayman Islands - 0.9%   
58.com, Inc. ADR (a) 976,900 50,808,569 
Alibaba Group Holding Ltd. sponsored ADR (a) 769,100 63,435,368 
TOTAL CAYMAN ISLANDS  114,243,937 
Denmark - 3.2%   
Jyske Bank A/S (Reg.) 1,334,500 55,497,614 
Novo Nordisk A/S Series B sponsored ADR 6,129,281 349,185,139 
TOTAL DENMARK  404,682,753 
Finland - 0.3%   
Tikkurila Oyj 1,960,479 37,721,145 
France - 1.1%   
Essilor International SA (b) 1,128,168 144,480,979 
Germany - 3.3%   
Bayer AG 1,383,800 148,755,557 
SAP AG 3,125,191 273,527,370 
TOTAL GERMANY  422,282,927 
Hong Kong - 1.9%   
AIA Group Ltd. 39,602,000 245,266,563 
India - 0.6%   
Housing Development Finance Corp. Ltd. 3,993,267 82,345,593 
Ireland - 3.2%   
CRH PLC sponsored ADR 6,810,505 209,491,134 
James Hardie Industries PLC CDI 12,279,270 203,429,562 
TOTAL IRELAND  412,920,696 
Isle of Man - 0.4%   
Playtech Ltd. 4,792,493 55,149,123 
Israel - 0.4%   
Azrieli Group 1,019,186 44,715,677 
Italy - 0.6%   
Azimut Holding SpA 1,613,606 25,364,402 
Interpump Group SpA 3,440,349 55,694,572 
TOTAL ITALY  81,058,974 
Japan - 13.9%   
Astellas Pharma, Inc. 16,116,600 268,530,535 
Coca-Cola Central Japan Co. Ltd. 1,180,100 22,773,189 
DENSO Corp. 4,593,600 177,862,589 
East Japan Railway Co. 1,253,100 114,946,483 
Hoya Corp. 2,955,500 104,863,660 
Japan Tobacco, Inc. 4,759,000 185,599,684 
Keyence Corp. 296,200 208,931,712 
Misumi Group, Inc. 1,841,700 33,826,372 
Mitsui Fudosan Co. Ltd. 5,634,000 121,951,990 
Nintendo Co. Ltd. 205,400 42,634,386 
Olympus Corp. 2,764,900 95,410,685 
OSG Corp. 3,087,200 51,430,825 
Seven Bank Ltd. 16,719,600 57,117,081 
Shinsei Bank Ltd. 31,098,000 46,652,122 
SHO-BOND Holdings Co. Ltd. (c) 1,496,100 75,401,136 
USS Co. Ltd. 10,690,800 181,334,056 
TOTAL JAPAN  1,789,266,505 
Kenya - 0.3%   
Safaricom Ltd. 223,964,300 42,076,133 
Korea (South) - 0.6%   
BGFretail Co. Ltd. 446,900 80,119,114 
Mexico - 0.5%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 777,412 69,578,374 
Netherlands - 0.9%   
ASML Holding NV (Netherlands) 1,023,000 112,326,088 
South Africa - 1.6%   
Clicks Group Ltd. 6,902,484 61,788,575 
Naspers Ltd. Class N 948,010 148,764,879 
TOTAL SOUTH AFRICA  210,553,454 
Spain - 4.9%   
Amadeus IT Holding SA Class A 3,818,800 179,294,226 
Hispania Activos Inmobiliarios SA 2,473,010 33,094,958 
Inditex SA 9,743,471 336,965,692 
Merlin Properties Socimi SA 2,920,800 33,438,253 
Prosegur Compania de Seguridad SA (Reg.) 7,501,289 50,989,562 
TOTAL SPAIN  633,782,691 
Sweden - 4.1%   
ASSA ABLOY AB (B Shares) 14,933,417 327,610,295 
Fagerhult AB 452,500 10,364,614 
Intrum Justitia AB 782,800 25,120,589 
Svenska Cellulosa AB (SCA) (B Shares) 2,861,600 85,071,654 
Svenska Handelsbanken AB (A Shares) 6,938,413 83,420,746 
TOTAL SWEDEN  531,587,898 
Switzerland - 13.2%   
Nestle SA 8,880,297 711,601,624 
Novartis AG 4,760,410 394,843,705 
Roche Holding AG (participation certificate) 1,643,432 419,515,653 
Schindler Holding AG:   
(participation certificate) 758,219 145,432,225 
(Reg.) 154,309 29,804,627 
TOTAL SWITZERLAND  1,701,197,834 
Taiwan - 0.8%   
Taiwan Semiconductor Manufacturing Co. Ltd. 18,690,000 101,287,519 
United Kingdom - 11.2%   
Associated British Foods PLC 2,224,900 79,237,677 
BAE Systems PLC 12,625,600 89,144,066 
Berendsen PLC 5,189,100 87,698,159 
Howden Joinery Group PLC 5,721,200 32,709,840 
Informa PLC 10,545,180 99,645,972 
InterContinental Hotel Group PLC ADR(b) 6,243,352 252,855,756 
Prudential PLC 8,975,918 158,231,753 
Reckitt Benckiser Group PLC 3,978,587 385,764,481 
Rightmove PLC 570,970 30,611,392 
SABMiller PLC 2,713,836 158,534,383 
Shaftesbury PLC 3,385,400 41,847,007 
Unite Group PLC 2,394,258 20,073,593 
TOTAL UNITED KINGDOM  1,436,354,079 
United States of America - 18.2%   
Alphabet, Inc. Class A 232,294 183,823,534 
Autoliv, Inc. (b) 1,210,227 128,042,017 
Berkshire Hathaway, Inc. Class B (a) 922,750 133,125,143 
China Biologic Products, Inc. (a) 563,750 67,300,475 
Domino's Pizza, Inc. 783,740 115,444,902 
Martin Marietta Materials, Inc. 440,200 89,206,530 
MasterCard, Inc. Class A 2,329,310 221,843,484 
McGraw Hill Financial, Inc. 830,171 101,446,896 
Mohawk Industries, Inc. (a) 875,415 182,909,210 
Molson Coors Brewing Co. Class B 875,100 89,400,216 
Moody's Corp. 709,300 75,192,893 
MSCI, Inc. Class A 822,200 70,742,088 
Philip Morris International, Inc. 1,753,392 175,795,082 
PriceSmart, Inc. 663,475 51,671,433 
ResMed, Inc. 1,227,900 84,577,752 
Reynolds American, Inc. 2,981,500 149,253,890 
Sherwin-Williams Co. 283,200 84,883,536 
SS&C Technologies Holdings, Inc. 2,000,356 64,451,470 
Visa, Inc. Class A 3,527,496 275,321,063 
TOTAL UNITED STATES OF AMERICA  2,344,431,614 
TOTAL COMMON STOCKS   
(Cost $9,526,630,268)  12,422,626,048 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund, 0.42% (d) 336,732,846 336,732,846 
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) 43,332,932 43,332,932 
TOTAL MONEY MARKET FUNDS   
(Cost $380,065,778)  380,065,778 
TOTAL INVESTMENT PORTFOLIO - 99.5%   
(Cost $9,906,696,046)  12,802,691,826 
NET OTHER ASSETS (LIABILITIES) - 0.5%  67,822,557 
NET ASSETS - 100%  $12,870,514,383 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,202,715 
Fidelity Securities Lending Cash Central Fund 1,701,115 
Total $2,903,830 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
SHO-BOND Holdings Co. Ltd. $61,860,089 $-- $2,777,406 $1,075,014 $75,401,136 
Total $61,860,089 $-- $2,777,406 $1,075,014 $75,401,136 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,623,825,073 $778,897,857 $844,927,216 $-- 
Consumer Staples 2,776,575,682 915,378,744 1,861,196,938 -- 
Energy 49,393,279 49,393,279 -- -- 
Financials 1,537,501,697 1,070,128,005 467,373,692 -- 
Health Care 2,493,447,495 1,061,527,700 1,431,919,795 -- 
Industrials 1,411,629,478 719,270,301 692,359,177 -- 
Information Technology 1,863,445,304 1,124,738,229 738,707,075 -- 
Materials 624,731,907 624,731,907 -- -- 
Telecommunication Services 42,076,133 42,076,133 -- -- 
Money Market Funds 380,065,778 380,065,778 -- -- 
Total Investments in Securities: $12,802,691,826 $6,766,207,933 $6,036,483,893 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $589,675,963 
Level 2 to Level 1 $885,385,238 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $9,920,605,156. Net unrealized appreciation aggregated $2,882,086,670, of which $3,163,911,308 related to appreciated investment securities and $281,824,638 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® International Small Cap Fund

July 31, 2016







ISC-QTLY-0916
1.804839.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%   
 Shares Value 
Australia - 4.5%   
Aub Group Ltd. 550,234 $4,260,952 
Austal Ltd. 2,172,581 1,915,221 
Challenger Ltd. 600,621 4,336,198 
GUD Holdings Ltd. (a) 1,286,901 9,828,703 
Imdex Ltd. (b)(c) 13,086,370 3,878,545 
Life Healthcare Group Ltd. 2,075,053 2,885,794 
Monadelphous Group Ltd. (a) 8,707 69,676 
Nanosonics Ltd. (b) 1,719,782 3,581,038 
Programmed Maintenance Services Ltd. 2,408,776 3,770,932 
SAI Global Ltd. 1,348,285 3,647,680 
SomnoMed Ltd. (a)(b) 726,815 1,905,584 
TOTAL AUSTRALIA  40,080,323 
Austria - 2.0%   
Andritz AG 118,732 6,053,052 
Buwog-Gemeinnuetzige Wohnung 121,228 2,939,709 
IMMOFINANZ Immobilien Anlagen AG (a)(b) 1,973,943 4,298,979 
RHI AG 218,140 4,527,642 
TOTAL AUSTRIA  17,819,382 
Bailiwick of Jersey - 0.6%   
Regus PLC 1,228,200 4,962,533 
Belgium - 1.0%   
Barco NV 67,583 5,200,643 
Econocom Group SA 287,003 3,758,985 
TOTAL BELGIUM  8,959,628 
Bermuda - 1.6%   
BW Offshore Ltd. (a) 71,549,686 2,120,079 
Hiscox Ltd. 311,955 4,376,283 
Petra Diamonds Ltd. 3,093,474 4,902,635 
Travelport Worldwide Ltd. 250,900 3,384,641 
TOTAL BERMUDA  14,783,638 
Brazil - 0.4%   
Banco ABC Brasil SA rights 8/2/16 (b) 54,374 75,916 
MAHLE Metal Leve SA 374,900 3,087,167 
TOTAL BRAZIL  3,163,083 
British Virgin Islands - 0.2%   
Gem Diamonds Ltd. 1,174,862 2,040,768 
Canada - 4.6%   
AutoCanada, Inc. (a) 259,484 4,223,211 
Dorel Industries, Inc. Class B (sub. vtg.) 122,003 3,518,104 
Genesis Land Development Corp. 1,179,822 2,539,195 
Jean Coutu Group, Inc. Class A (sub. vtg.) 206,613 2,992,419 
Lassonde Industries, Inc. Class A (sub. vtg.) 39,269 6,046,521 
McCoy Global, Inc. (b) 1,341,870 1,849,934 
Open Text Corp. 136,048 8,290,108 
ShawCor Ltd. Class A 107,585 2,453,859 
Western Forest Products, Inc. 1,875,000 3,073,182 
Whitecap Resources, Inc. 886,253 6,577,407 
TOTAL CANADA  41,563,940 
Cayman Islands - 4.0%   
AMVIG Holdings Ltd. 16,494,000 5,825,113 
Best Pacific International Holdings Ltd. 1,678,000 1,137,642 
China High Precision Automation Group Ltd. (b) 712,000 
China Metal Recycling (Holdings) Ltd. (b) 436,800 
Greatview Aseptic Pack Co. Ltd. 5,597,000 2,900,075 
Haitian International Holdings Ltd. 2,655,000 4,448,727 
Lifestyle China Group Ltd. (b) 3,347,000 668,675 
Lifestyle International Holdings Ltd. 3,347,000 4,719,553 
Pico Far East Holdings Ltd. 18,482,000 5,717,261 
SITC International Holdings Co. Ltd. 12,351,000 7,307,059 
Value Partners Group Ltd. 3,493,000 2,939,948 
TOTAL CAYMAN ISLANDS  35,664,055 
Chile - 1.0%   
Quinenco SA 2,409,395 4,729,356 
Vina San Pedro SA 380,410,732 3,951,414 
TOTAL CHILE  8,680,770 
Denmark - 0.7%   
Jyske Bank A/S (Reg.) 158,103 6,575,001 
Finland - 2.5%   
Amer Group PLC (A Shares) 201,445 5,715,970 
Asiakastieto Group Oyj 192,023 3,703,260 
Cramo Oyj (B Shares) 186,710 4,406,539 
Olvi PLC (A Shares) 131,638 3,835,284 
Tikkurila Oyj 270,446 5,203,592 
TOTAL FINLAND  22,864,645 
France - 3.8%   
ALTEN 99,119 6,872,749 
Coface SA 358,202 1,823,740 
Maisons du Monde SA 171,100 3,653,635 
Rexel SA 314,500 4,674,668 
The Lisi Group 115,009 3,124,496 
The Vicat Group 88,556 5,286,899 
Thermador Groupe SA 32,107 2,968,209 
Wendel SA 54,135 5,778,124 
TOTAL FRANCE  34,182,520 
Germany - 2.0%   
AURELIUS AG 85,535 5,210,777 
CompuGroup Medical AG 178,949 7,726,510 
mutares AG 150,700 2,272,830 
SHW Group 115,039 3,215,340 
TOTAL GERMANY  18,425,457 
Greece - 0.4%   
Metka Industrial-Construction 435,516 3,564,158 
Hong Kong - 1.9%   
Dah Sing Banking Group Ltd. 3,119,200 5,837,645 
Far East Horizon Ltd. 4,517,000 3,551,467 
Magnificent Hotel Investment Ltd. 117,556,000 2,621,312 
Shun Ho Technology Holdings Ltd. 1,650,033 578,481 
Techtronic Industries Co. Ltd. 1,040,500 4,405,602 
TOTAL HONG KONG  16,994,507 
India - 0.9%   
Edelweiss Financial Services Ltd. 3,634,440 5,160,899 
Torrent Pharmaceuticals Ltd. 126,796 2,740,129 
TOTAL INDIA  7,901,028 
Indonesia - 0.7%   
PT ACE Hardware Indonesia Tbk 43,202,200 3,199,308 
PT Media Nusantara Citra Tbk 17,616,500 2,891,589 
TOTAL INDONESIA  6,090,897 
Ireland - 2.2%   
C&C Group PLC 773,756 3,117,673 
Mincon Group PLC 5,579,806 4,054,845 
Origin Enterprises PLC 709,500 4,284,187 
United Drug PLC (United Kingdom) 1,030,649 7,931,732 
TOTAL IRELAND  19,388,437 
Isle of Man - 0.6%   
Paysafe Group PLC (b) 1,050,400 5,365,986 
Israel - 0.9%   
Frutarom Industries Ltd. 167,089 8,360,585 
Italy - 1.0%   
Banco di Desio e della Brianza SpA 669,139 1,271,766 
Recordati SpA 232,561 7,542,693 
TOTAL ITALY  8,814,459 
Japan - 22.3%   
A/S One Corp. 142,500 5,880,587 
Aeon Delight Co. Ltd. 192,900 5,865,126 
Arc Land Sakamoto Co. Ltd. 432,300 4,799,768 
Broadleaf Co. Ltd. 383,300 3,847,386 
Central Automotive Products Ltd. 337,000 2,969,395 
Daiwa Industries Ltd. 495,600 4,511,651 
Dexerials Corp. 532,000 4,295,798 
Fuji Corp. 149,100 2,462,983 
Fukuda Denshi Co. Ltd. 80,100 4,878,982 
Funai Soken Holdings, Inc. 190,320 2,641,736 
GMO Internet, Inc. 446,600 5,782,765 
Iida Group Holdings Co. Ltd. 227,851 4,510,958 
Japan Meat Co. Ltd. 314,100 4,488,241 
JSR Corp. 640,800 8,752,696 
Kaken Pharmaceutical Co. Ltd. 86,700 5,733,175 
KAWAI Musical Instruments Manufacturing Co. Ltd. 61,200 1,154,216 
Kotobuki Spirits Co. Ltd. 111,700 3,383,736 
Leopalace21 Corp. 966,500 6,925,537 
Meitec Corp. 132,400 4,407,106 
Minebea Mitsumi, Inc. 512,000 4,060,341 
Miraca Holdings, Inc. 122,900 5,660,754 
Mitani Shoji Co. Ltd. 247,700 7,630,833 
Monex Group, Inc. 695,600 1,710,616 
Nihon Parkerizing Co. Ltd. 518,300 6,238,524 
Nitori Holdings Co. Ltd. 65,500 8,146,406 
Paramount Bed Holdings Co. Ltd. 152,200 5,779,621 
Ricoh Leasing Co. Ltd. 243,600 6,248,496 
S Foods, Inc. (a) 337,600 9,078,175 
San-Ai Oil Co. Ltd. 589,000 3,954,506 
Shinsei Bank Ltd. 3,841,000 5,762,133 
Ship Healthcare Holdings, Inc. 161,700 4,890,887 
TKC Corp. 246,900 6,990,052 
Toshiba Plant Systems & Services Corp. 552,900 9,766,032 
Tsuruha Holdings, Inc. 78,600 8,937,840 
VT Holdings Co. Ltd. 1,173,100 6,202,487 
Welcia Holdings Co. Ltd. 77,700 5,126,622 
Yamada Consulting Group Co. Ltd. 168,200 7,149,237 
TOTAL JAPAN  200,625,404 
Korea (South) - 1.3%   
BGFretail Co. Ltd. 17,709 3,174,825 
Fila Korea Ltd. 46,190 3,669,299 
Hy-Lok Corp. 125,792 2,549,074 
NS Shopping Co. Ltd. (b) 14,630 2,353,316 
TOTAL KOREA (SOUTH)  11,746,514 
Luxembourg - 0.3%   
SAF-Holland SA 255,600 3,084,788 
Mexico - 0.0%   
Genomma Lab Internacional SA de CV (b) 66,889 76,699 
Netherlands - 2.6%   
Amsterdam Commodities NV 199,755 5,103,001 
Arcadis NV 212,989 2,851,507 
Basic-Fit NV 210,900 3,479,025 
BinckBank NV (a) 926,159 5,171,016 
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit 65,247 1,094,922 
IMCD Group BV 142,000 6,020,821 
TOTAL NETHERLANDS  23,720,292 
New Zealand - 1.7%   
EBOS Group Ltd. 876,465 10,444,220 
Nuplex Industries Ltd. 1,387,025 5,319,077 
TOTAL NEW ZEALAND  15,763,297 
Norway - 1.9%   
ABG Sundal Collier ASA (a) 6,890,610 4,181,498 
Ekornes A/S 356,197 4,221,769 
Kongsberg Gruppen ASA 337,433 5,039,209 
Spectrum ASA (b) 1,183,572 3,787,588 
TOTAL NORWAY  17,230,064 
Philippines - 0.3%   
Century Pacific Food, Inc. 7,408,500 2,637,976 
Romania - 0.4%   
Banca Transilvania SA 6,683,667 3,827,632 
Singapore - 1.8%   
Boustead Projects Pte Ltd. (b) 618,906 283,902 
Boustead Singapore Ltd. 2,730,069 1,629,041 
Hour Glass Ltd. 8,087,500 4,825,837 
Mapletree Industrial (REIT) 3,216,394 4,342,264 
Wing Tai Holdings Ltd. 4,110,600 5,334,858 
TOTAL SINGAPORE  16,415,902 
South Africa - 1.0%   
Clicks Group Ltd. 992,132 8,881,212 
Spain - 0.6%   
Hispania Activos Inmobiliarios SA (a) 414,485 5,546,829 
Sweden - 0.8%   
Addlife AB (b) 98,854 1,452,716 
AddTech AB (B Shares) 225,019 3,254,190 
Coor Service Management Holding AB 474,600 2,745,436 
TOTAL SWEDEN  7,452,342 
Switzerland - 3.3%   
Allied World Assurance Co. Holdings AG 239,504 9,817,269 
Daetwyler Holdings AG 26,071 3,496,936 
Vontobel Holdings AG 189,326 8,722,045 
VZ Holding AG 24,791 7,417,860 
TOTAL SWITZERLAND  29,454,110 
Taiwan - 2.2%   
King's Town Bank 4,627,000 3,402,741 
Makalot Industrial Co. Ltd. 473,000 2,452,780 
Tripod Technology Corp. 2,830,000 5,807,819 
Vanguard International Semiconductor Corp. 3,013,000 5,473,189 
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 1,182,000 2,815,789 
TOTAL TAIWAN  19,952,318 
Thailand - 1.1%   
Delta Electronics PCL (For. Reg.) 2,612,900 5,345,080 
TISCO Financial Group PCL 2,917,600 4,523,411 
TOTAL THAILAND  9,868,491 
Turkey - 0.4%   
Aygaz A/S 864,000 3,250,719 
United Kingdom - 14.2%   
Aberdeen Asset Management PLC 892,249 3,758,059 
AEW UK REIT PLC 2,828,268 3,569,954 
Alliance Pharma PLC 4,392,658 2,659,659 
Amec Foster Wheeler PLC 641,231 3,784,073 
Ashmore Group PLC (a) 1,036,507 4,567,978 
BBA Aviation PLC 1,180,829 3,719,388 
Bond International Software PLC 899,666 1,339,496 
Cineworld Group PLC 443,376 3,447,368 
Close Brothers Group PLC 303,580 5,062,339 
Countrywide PLC 1,578,707 5,181,563 
Diploma PLC 347,751 3,928,072 
Elementis PLC 1,211,800 3,550,717 
Empiric Student Property PLC 2,048,472 3,117,708 
Essentra PLC 610,800 3,920,562 
Exova Group Ltd. PLC 1,002,769 2,660,865 
Howden Joinery Group PLC 393,627 2,250,485 
Informa PLC 468,257 4,424,763 
ITE Group PLC 1,919,854 4,160,610 
James Fisher and Sons PLC 164,400 3,254,925 
Jardine Lloyd Thompson Group PLC 316,200 4,101,054 
John Wood Group PLC 513,900 4,485,398 
Luxfer Holdings PLC sponsored ADR 553,609 6,698,669 
McColl's Retail Group PLC 2,893,181 6,279,528 
Mears Group PLC 1,304,910 6,834,536 
Melrose Industries PLC (a) 143,706 1,301,835 
Micro Focus International PLC 507,044 12,991,471 
PayPoint PLC 243,511 3,180,851 
Sinclair Pharma PLC (a)(b) 6,297,432 2,541,973 
Spectris PLC 189,947 4,723,531 
The Restaurant Group PLC 676,100 3,169,327 
Ultra Electronics Holdings PLC 154,825 3,505,893 
TOTAL UNITED KINGDOM  128,172,650 
United States of America - 0.9%   
Dillard's, Inc. Class A 101,394 6,862,346 
Hornbeck Offshore Services, Inc. (b) 152,170 1,214,317 
YOU On Demand Holdings, Inc. warrants 8/30/17 (b)(d) 27,500 449 
TOTAL UNITED STATES OF AMERICA  8,077,112 
TOTAL COMMON STOCKS   
(Cost $808,826,664)  852,030,151 
Preferred Stocks - 0.9%   
Convertible Preferred Stocks - 0.4%   
India - 0.4%   
PC Jeweller Ltd. 13.00% (d)(e) 20,810,176 3,145,986 
Nonconvertible Preferred Stocks - 0.5%   
Brazil - 0.5%   
Banco ABC Brasil SA 1,117,476 4,859,490 
TOTAL PREFERRED STOCKS   
(Cost $7,067,359)  8,005,476 
Money Market Funds - 5.4%   
Fidelity Cash Central Fund, 0.42% (f) 41,701,394 41,701,394 
Fidelity Securities Lending Cash Central Fund, 0.45% (f)(g) 7,003,648 7,003,648 
TOTAL MONEY MARKET FUNDS   
(Cost $48,705,042)  48,705,042 
TOTAL INVESTMENT PORTFOLIO - 100.9%   
(Cost $864,599,065)  908,740,669 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (8,474,372) 
NET ASSETS - 100%  $900,266,297 

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

Legend

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

 (b) Non-income producing

 (c) Affiliated company

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period,the value of restricted securities (excluding 144A issues) amounted to $3,146,435 or 0.4% of net assets.

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

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
PC Jeweller Ltd. 13.00% 7/28/16 $3,105,681 
YOU On Demand Holdings, Inc. warrants 8/30/17 9/14/12 $0 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $108,743 
Fidelity Securities Lending Cash Central Fund 209,841 
Total $318,584 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Imdex Ltd. $1,246,756 $769,515 $-- $-- $3,878,545 
Total $1,246,756 $769,515 $-- $-- $3,878,545 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $138,725,429 $105,332,781 $33,392,648 $-- 
Consumer Staples 81,318,654 50,304,040 31,014,614 -- 
Energy 35,111,127 31,156,621 3,954,506 -- 
Financials 181,496,701 157,015,944 24,480,757 -- 
Health Care 84,312,753 51,488,747 32,824,006 -- 
Industrials 169,754,142 123,722,080 46,032,062 -- 
Information Technology 89,469,700 68,553,698 20,916,001 
Materials 76,596,402 61,605,181 14,991,220 
Utilities 3,250,719 3,250,719 -- -- 
Money Market Funds 48,705,042 48,705,042 -- -- 
Total Investments in Securities: $908,740,669 $701,134,853 $207,605,814 $2 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $3,823,345 
Level 2 to Level 1 $97,663,498 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $871,327,895. Net unrealized appreciation aggregated $37,412,774, of which $148,115,083 related to appreciated investment securities and $110,702,309 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® International Capital Appreciation Fund

July 31, 2016







IVF-QTLY-0916
1.804818.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
Argentina - 0.4%   
Banco Macro SA sponsored ADR 100,600 $7,558,078 
Australia - 3.1%   
Amcor Ltd. 810,188 9,247,850 
CSL Ltd. 117,487 10,535,541 
Ramsay Health Care Ltd. 147,180 8,812,617 
realestate.com.au Ltd. 167,939 8,330,100 
Sydney Airport unit 1,506,729 8,656,493 
Transurban Group unit 940,080 8,973,037 
TOTAL AUSTRALIA  54,555,638 
Austria - 0.4%   
Buwog-Gemeinnuetzige Wohnung 311,935 7,564,243 
Bailiwick of Jersey - 1.6%   
Experian PLC 461,000 9,017,409 
Wolseley PLC 155,754 8,684,591 
WPP PLC 472,200 10,595,003 
TOTAL BAILIWICK OF JERSEY  28,297,003 
Belgium - 1.1%   
Anheuser-Busch InBev SA NV 145,130 18,749,662 
Brazil - 1.5%   
Kroton Educacional SA 2,000,000 8,906,982 
Qualicorp SA 1,253,100 8,309,169 
Ultrapar Participacoes SA 373,400 8,526,566 
TOTAL BRAZIL  25,742,717 
Canada - 2.6%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 207,300 9,372,281 
Canadian National Railway Co. 186,500 11,822,927 
CCL Industries, Inc. Class B 46,020 8,237,180 
Constellation Software, Inc. 21,260 8,654,618 
Open Text Corp. 137,200 8,360,305 
TOTAL CANADA  46,447,311 
Cayman Islands - 2.0%   
Alibaba Group Holding Ltd. sponsored ADR (a) 181,130 14,939,602 
Tencent Holdings Ltd. 829,300 20,030,189 
TOTAL CAYMAN ISLANDS  34,969,791 
Denmark - 2.1%   
Coloplast A/S Series B 108,300 8,486,922 
Novo Nordisk A/S Series B sponsored ADR 319,780 18,217,867 
Pandora A/S 74,000 9,631,550 
TOTAL DENMARK  36,336,339 
Finland - 0.5%   
Sampo Oyj (A Shares) 232,600 9,639,935 
France - 4.0%   
Capgemini SA 108,530 10,428,876 
Dassault Systemes SA 107,700 8,894,583 
Essilor International SA 76,306 9,772,273 
L'Oreal SA 64,700 12,293,283 
Orpea 95,500 8,440,089 
Sodexo SA 74,530 8,728,246 
VINCI SA 156,600 11,886,100 
TOTAL FRANCE  70,443,450 
Germany - 6.3%   
adidas AG 67,400 11,071,921 
CTS Eventim AG 244,737 8,517,665 
Deutsche Wohnen AG (Bearer) 251,600 9,416,143 
Fresenius SE & Co. KGaA 133,020 9,932,766 
Henkel AG & Co. KGaA 95,089 10,322,653 
LEG Immobilien AG 81,585 8,189,928 
ProSiebenSat.1 Media AG 216,560 9,919,912 
Scout24 Holding GmbH (a) 207,006 8,516,724 
Symrise AG 121,900 8,591,356 
United Internet AG 198,717 8,784,428 
Vonovia SE 257,700 10,213,450 
Wirecard AG (b) 178,111 8,281,738 
TOTAL GERMANY  111,758,684 
Hong Kong - 1.3%   
AIA Group Ltd. 2,298,200 14,233,413 
Techtronic Industries Co. Ltd. 1,869,000 7,913,571 
TOTAL HONG KONG  22,146,984 
India - 2.9%   
GlaxoSmithKline Consumer Healthcare Ltd. (a) 84,409 8,017,114 
Godrej Consumer Products Ltd. 298,958 7,134,984 
HDFC Bank Ltd. 392,537 8,727,911 
Housing Development Finance Corp. Ltd. 532,155 10,973,626 
IndusInd Bank Ltd. 422,758 7,456,537 
ITC Ltd. 2,208,404 8,364,138 
TOTAL INDIA  50,674,310 
Indonesia - 1.5%   
PT Bank Central Asia Tbk 8,318,700 9,177,021 
PT Bank Rakyat Indonesia Tbk 10,140,400 8,922,251 
PT Matahari Department Store Tbk 5,270,000 8,016,548 
TOTAL INDONESIA  26,115,820 
Ireland - 3.4%   
Accenture PLC Class A 64,000 7,219,840 
Allegion PLC 115,300 8,346,567 
CRH PLC 311,500 9,473,976 
Kerry Group PLC Class A 97,500 8,344,333 
Kingspan Group PLC (Ireland) 365,408 8,397,255 
Medtronic PLC 90,820 7,958,557 
Paddy Power PLC (Ireland) 84,080 9,870,151 
TOTAL IRELAND  59,610,679 
Isle of Man - 0.5%   
Playtech Ltd. 752,066 8,654,323 
Israel - 0.7%   
Check Point Software Technologies Ltd. (a) 40,400 3,105,952 
Frutarom Industries Ltd. 169,700 8,491,230 
TOTAL ISRAEL  11,597,182 
Italy - 1.0%   
Atlantia SpA 345,833 8,641,433 
Recordati SpA 256,121 8,306,819 
TOTAL ITALY  16,948,252 
Japan - 12.3%   
Astellas Pharma, Inc. 653,900 10,895,109 
Benefit One, Inc. 283,400 8,773,660 
Daito Trust Construction Co. Ltd. 56,100 9,420,295 
Dentsu, Inc. 200,700 9,588,372 
Dip Corp. 264,800 7,967,047 
Japan Tobacco, Inc. 315,900 12,320,013 
Kakaku.com, Inc. 353,700 7,338,107 
Kansai Paint Co. Ltd. 393,700 8,244,784 
Kao Corp. 185,900 10,011,313 
KDDI Corp. 415,400 12,747,430 
Keyence Corp. 14,760 10,411,317 
Kusuri No Aoki Co. Ltd. 177,800 9,167,128 
Misumi Group, Inc. 456,900 8,391,849 
Nippon Telegraph & Telephone Corp. 217,500 10,335,550 
Nitori Holdings Co. Ltd. 70,100 8,718,520 
OBIC Co. Ltd. 135,300 7,876,171 
Relo Holdings Corp. 48,600 7,583,549 
Ryohin Keikaku Co. Ltd. 40,300 8,947,082 
Seria Co. Ltd. 97,300 7,929,069 
Shionogi & Co. Ltd. 172,300 8,936,827 
SMS Co., Ltd. 313,700 7,408,207 
Sundrug Co. Ltd. 87,400 7,581,652 
Sysmex Corp. 114,100 7,903,910 
Tsuruha Holdings, Inc. 67,100 7,630,141 
TOTAL JAPAN  216,127,102 
Kenya - 0.5%   
Safaricom Ltd. 44,652,800 8,388,914 
Korea (South) - 1.5%   
AMOREPACIFIC Group, Inc. 66,463 8,630,395 
LG Household & Health Care Ltd. 10,097 9,146,096 
NAVER Corp. 13,269 8,466,023 
TOTAL KOREA (SOUTH)  26,242,514 
Luxembourg - 0.9%   
Eurofins Scientific SA 20,700 7,763,185 
Grand City Properties SA 391,299 8,705,698 
TOTAL LUXEMBOURG  16,468,883 
Mexico - 2.1%   
Gruma S.A.B. de CV Series B 546,400 7,858,543 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 733,400 7,215,483 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 474,055 7,285,277 
Grupo Aeroportuario Norte S.A.B. de CV 1,275,900 7,935,077 
Megacable Holdings S.A.B. de CV unit 1,684,910 6,753,119 
TOTAL MEXICO  37,047,499 
Netherlands - 2.2%   
Ahold Delhaize NV 429,584 10,258,672 
Heineken NV (Bearer) 103,200 9,742,485 
RELX NV 601,704 10,842,340 
Wolters Kluwer NV 202,559 8,520,594 
TOTAL NETHERLANDS  39,364,091 
New Zealand - 0.4%   
Ryman Healthcare Group Ltd. 1,154,107 7,943,218 
Philippines - 2.2%   
Ayala Corp. 414,580 7,653,785 
Ayala Land, Inc. 9,492,200 7,956,327 
GT Capital Holdings, Inc. 243,135 7,945,420 
SM Investments Corp. 541,924 7,923,303 
SM Prime Holdings, Inc. 12,808,800 7,936,699 
TOTAL PHILIPPINES  39,415,534 
Russia - 0.5%   
Magnit OJSC 58,663 9,076,364 
South Africa - 1.3%   
Capitec Bank Holdings Ltd. 184,500 8,180,801 
Naspers Ltd. Class N 95,397 14,970,014 
TOTAL SOUTH AFRICA  23,150,815 
Spain - 1.6%   
Aena SA 63,130 9,104,735 
Amadeus IT Holding SA Class A 222,200 10,432,381 
Grifols SA ADR 468,020 7,928,259 
TOTAL SPAIN  27,465,375 
Sweden - 1.6%   
ASSA ABLOY AB (B Shares) 433,762 9,515,900 
Hexagon AB (B Shares) 235,800 9,300,280 
Svenska Cellulosa AB (SCA) (B Shares) 305,300 9,076,173 
TOTAL SWEDEN  27,892,353 
Switzerland - 2.0%   
Geberit AG (Reg.) 22,170 8,555,076 
Givaudan SA 4,480 9,207,759 
Partners Group Holding AG 18,040 8,254,994 
Sika AG 1,880 8,818,077 
TOTAL SWITZERLAND  34,835,906 
Taiwan - 1.1%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 720,900 20,026,602 
Thailand - 0.4%   
Airports of Thailand PCL (For. Reg.) 664,900 7,540,497 
United Kingdom - 11.4%   
Auto Trader Group PLC 1,819,900 8,928,482 
Big Yellow Group PLC 884,900 8,314,958 
Booker Group PLC 3,343,495 7,699,410 
British American Tobacco PLC (United Kingdom) 311,100 19,855,916 
Bunzl PLC 257,942 8,073,480 
Compass Group PLC 528,876 10,047,489 
Dignity PLC 239,112 8,541,060 
Diploma PLC 648,820 7,328,841 
Halma PLC 529,700 7,353,820 
Howden Joinery Group PLC 1,462,490 8,361,500 
Imperial Tobacco Group PLC 244,219 12,875,136 
Intertek Group PLC 166,600 7,992,645 
London Stock Exchange Group PLC 261,454 9,602,091 
Provident Financial PLC 213,200 7,643,702 
Reckitt Benckiser Group PLC 141,780 13,747,013 
Rightmove PLC 160,554 8,607,775 
Sage Group PLC 962,100 9,072,200 
St. James's Place Capital PLC 601,300 7,369,020 
Unilever PLC 447,500 20,935,414 
WH Smith PLC 429,000 8,681,051 
TOTAL UNITED KINGDOM  201,031,003 
United States of America - 19.1%   
A.O. Smith Corp. 88,630 8,232,841 
Acuity Brands, Inc. 28,910 7,586,851 
Adobe Systems, Inc. (a) 79,300 7,760,298 
Alphabet, Inc. Class C (a) 10,703 8,228,359 
Altria Group, Inc. 130,000 8,801,000 
Amazon.com, Inc. (a) 10,257 7,783,114 
American Tower Corp. 70,600 8,173,362 
Amphenol Corp. Class A 124,978 7,438,691 
AutoZone, Inc. (a) 9,900 8,058,303 
Cerner Corp. (a) 131,100 8,179,329 
China Biologic Products, Inc. (a) 66,300 7,914,894 
Constellation Brands, Inc. Class A (sub. vtg.) 46,660 7,681,636 
Domino's Pizza, Inc. 54,930 8,091,189 
Ecolab, Inc. 60,460 7,157,255 
Equifax, Inc. 59,200 7,841,632 
Facebook, Inc. Class A (a) 62,640 7,763,602 
FactSet Research Systems, Inc. 46,360 7,972,066 
Fiserv, Inc. (a) 71,285 7,867,013 
Gartner, Inc. Class A (a) 73,900 7,408,475 
HEICO Corp. Class A 144,670 8,343,119 
Henry Schein, Inc. (a) 42,200 7,637,356 
Home Depot, Inc. 57,200 7,907,328 
International Flavors & Fragrances, Inc. 57,200 7,621,900 
MasterCard, Inc. Class A 90,130 8,583,981 
McGraw Hill Financial, Inc. 68,763 8,402,839 
Mettler-Toledo International, Inc. (a) 20,320 8,355,787 
Middleby Corp. (a) 67,650 8,143,707 
Molson Coors Brewing Co. Class B 77,800 7,948,048 
Moody's Corp. 79,330 8,409,773 
MSCI, Inc. Class A 99,800 8,586,792 
NIKE, Inc. Class B 140,930 7,821,615 
O'Reilly Automotive, Inc. (a) 28,200 8,195,766 
Philip Morris International, Inc. 80,600 8,080,956 
PPG Industries, Inc. 73,446 7,690,531 
Public Storage 33,900 8,099,388 
Reynolds American, Inc. 174,900 8,755,494 
Sherwin-Williams Co. 27,790 8,329,497 
SS&C Technologies Holdings, Inc. 265,000 8,538,300 
Starbucks Corp. 138,300 8,028,315 
TransDigm Group, Inc. (a) 28,030 7,834,946 
Verisk Analytics, Inc. (a) 90,900 7,751,952 
Visa, Inc. Class A 100,468 7,841,527 
TOTAL UNITED STATES OF AMERICA  336,848,827 
TOTAL COMMON STOCKS   
(Cost $1,463,056,632)  1,726,675,898 
Nonconvertible Preferred Stocks - 1.0%   
Brazil - 0.5%   
Itausa-Investimentos Itau SA (PN) 3,694,000 9,524,377 
Germany - 0.5%   
Sartorius AG (non-vtg.) 101,356 8,099,828 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $11,452,087)  17,624,205 
Money Market Funds - 1.0%   
Fidelity Cash Central Fund, 0.42% (c) 13,564,009 13,564,009 
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) 3,756,630 3,756,630 
TOTAL MONEY MARKET FUNDS   
(Cost $17,320,639)  17,320,639 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $1,491,829,358)  1,761,620,742 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (577,201) 
NET ASSETS - 100%  $1,761,043,541 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $48,572 
Fidelity Securities Lending Cash Central Fund 547,593 
Total $596,165 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $260,925,989 $158,296,267 $102,629,722 $-- 
Consumer Staples 309,477,446 168,109,738 141,367,708 -- 
Energy 8,526,566 8,526,566 -- -- 
Financials 277,808,472 252,076,717 25,731,755 -- 
Health Care 190,330,322 154,107,554 36,222,768 -- 
Industrials 254,158,183 209,774,774 44,383,409 -- 
Information Technology 310,489,836 249,458,798 61,031,038 -- 
Materials 101,111,395 83,392,635 17,718,760 -- 
Telecommunication Services 31,471,894 8,388,914 23,082,980 -- 
Money Market Funds 17,320,639 17,320,639 -- -- 
Total Investments in Securities: $1,761,620,742 $1,309,452,602 $452,168,140 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $42,019,095 
Level 2 to Level 1 $100,321,545 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $1,504,563,692. Net unrealized appreciation aggregated $257,057,050, of which $277,571,482 related to appreciated investment securities and $20,514,432 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Total International Equity Fund

July 31, 2016







TIE-QTLY-0916
1.863105.108





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
Argentina - 0.2%   
Banco Macro SA sponsored ADR 4,800 $360,624 
Grupo Financiero Galicia SA sponsored ADR 11,100 329,448 
TOTAL ARGENTINA  690,072 
Australia - 3.2%   
Amcor Ltd. 27,302 311,637 
Ansell Ltd. 32,018 471,312 
Beacon Lighting Group Ltd. 40,231 42,803 
CSL Ltd. 39,110 3,507,154 
DuluxGroup Ltd. 24,523 123,745 
Imdex Ltd. (a) 134,227 39,782 
Macquarie Group Ltd. 13,734 776,420 
RCG Corp. Ltd. 97,518 138,583 
Sydney Airport unit 134,675 773,738 
TFS Corp. Ltd. 64,586 80,004 
Transurban Group unit 147,774 1,410,499 
Westpac Banking Corp. 104,944 2,483,221 
TOTAL AUSTRALIA  10,158,898 
Austria - 0.6%   
Andritz AG 25,772 1,313,877 
Buwog-Gemeinnuetzige Wohnung 20,980 508,753 
Zumtobel AG 4,500 68,296 
TOTAL AUSTRIA  1,890,926 
Bailiwick of Jersey - 0.2%   
Integrated Diagnostics Holdings PLC 17,300 67,989 
Wolseley PLC 9,252 515,877 
TOTAL BAILIWICK OF JERSEY  583,866 
Belgium - 1.7%   
Anheuser-Busch InBev SA NV 36,271 4,685,930 
Gimv NV 819 44,482 
KBC Ancora (a) 4,281 132,242 
KBC Groep NV (a) 9,289 482,751 
TOTAL BELGIUM  5,345,405 
Bermuda - 0.6%   
Axalta Coating Systems (a) 12,100 345,455 
China Gas Holdings Ltd. 254,000 401,377 
China Resource Gas Group Ltd. 130,000 381,200 
Credicorp Ltd. (United States) 3,400 545,122 
Vostok New Ventures Ltd. SDR (a) 13,260 81,742 
TOTAL BERMUDA  1,754,896 
Brazil - 1.3%   
BB Seguridade Participacoes SA 50,800 472,216 
CCR SA 85,600 494,476 
Cielo SA 51,636 585,253 
Kroton Educacional SA 103,700 461,827 
Odontoprev SA 82,400 330,373 
Qualicorp SA 62,800 416,420 
Smiles SA 23,300 373,386 
Ultrapar Participacoes SA 23,000 525,204 
Weg SA 92,700 436,568 
TOTAL BRAZIL  4,095,723 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 16,000 308,800 
Canada - 4.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 35,903 1,623,218 
Canadian National Railway Co. 31,059 1,968,945 
Cara Operations Ltd. 50,559 1,186,480 
CCL Industries, Inc. Class B 8,166 1,461,643 
Constellation Software, Inc. 3,782 1,539,594 
Imperial Oil Ltd. 66,026 2,031,375 
McCoy Global, Inc. (a) 15,800 21,782 
New Look Vision Group, Inc. 3,100 67,430 
Pason Systems, Inc. 91,878 1,230,763 
Potash Corp. of Saskatchewan, Inc. 117,526 1,831,773 
ShawCor Ltd. Class A 1,900 43,336 
Tesco Corp. 6,300 41,643 
TOTAL CANADA  13,047,982 
Cayman Islands - 3.2%   
58.com, Inc. ADR (a) 10,300 535,703 
Alibaba Group Holding Ltd. sponsored ADR (a) 29,400 2,424,912 
Baidu.com, Inc. sponsored ADR (a) 7,100 1,133,160 
Ctrip.com International Ltd. ADR (a) 13,300 580,811 
ENN Energy Holdings Ltd. 78,000 371,481 
Fu Shou Yuan International Group Ltd. 449,000 300,938 
International Housewares Retail Co. Ltd. 300,000 57,228 
NetEase, Inc. sponsored ADR 2,200 449,394 
New Oriental Education & Technology Group, Inc. sponsored ADR 9,200 405,352 
Shenzhou International Group Holdings Ltd. 72,000 379,563 
Sino Biopharmaceutical Ltd. 515,000 343,847 
TAL Education Group ADR (a) 5,700 343,197 
Tencent Holdings Ltd. 117,000 2,825,916 
Value Partners Group Ltd. 60,000 50,500 
TOTAL CAYMAN ISLANDS  10,202,002 
Chile - 0.1%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 13,300 329,574 
China - 0.4%   
Inner Mongoli Yili Industries Co. Ltd. 130,500 364,523 
Jiangsu Hengrui Medicine Co. Ltd. 51,416 338,366 
Kweichow Moutai Co. Ltd. 7,440 351,019 
Shanghai International Airport Co. Ltd. 69,400 291,513 
TOTAL CHINA  1,345,421 
Denmark - 1.3%   
Jyske Bank A/S (Reg.) 14,354 596,937 
Novo Nordisk A/S Series B sponsored ADR 56,160 3,199,435 
Scandinavian Tobacco Group A/S 3,110 54,922 
Spar Nord Bank A/S 11,631 96,145 
TOTAL DENMARK  3,947,439 
Finland - 0.5%   
Sampo Oyj (A Shares) 25,353 1,050,736 
Tikkurila Oyj 26,280 505,648 
TOTAL FINLAND  1,556,384 
France - 6.3%   
Atos Origin SA 15,094 1,479,439 
AXA SA 70,706 1,439,033 
Capgemini SA 15,702 1,508,838 
Dassault Systemes SA 4,200 346,864 
Elis SA 6,000 108,334 
Essilor International SA 9,685 1,240,328 
Havas SA 73,304 617,604 
Laurent-Perrier Group SA 759 60,239 
Orange SA 53,800 825,671 
Renault SA 8,311 727,075 
Sanofi SA 25,828 2,199,855 
Societe Generale Series A 35,300 1,203,508 
SR Teleperformance SA 6,300 585,940 
Total SA 67,147 3,229,356 
Unibail-Rodamco 4,400 1,210,861 
Vetoquinol SA 1,700 75,264 
VINCI SA 22,600 1,715,363 
Virbac SA 730 143,804 
Vivendi SA 50,652 994,588 
TOTAL FRANCE  19,711,964 
Germany - 3.7%   
adidas AG 2,200 361,398 
alstria office REIT-AG 4,200 58,460 
Axel Springer Verlag AG 9,700 531,494 
BASF AG 22,781 1,789,483 
Bayer AG 15,212 1,635,258 
CompuGroup Medical AG 7,646 330,133 
Continental AG 2,683 562,424 
CTS Eventim AG 8,480 295,132 
Fielmann AG 2,558 197,672 
Fresenius SE & Co. KGaA 16,100 1,202,207 
GEA Group AG 15,343 818,821 
Nexus AG 4,000 75,711 
ProSiebenSat.1 Media AG 9,200 421,422 
SAP AG 34,448 3,015,006 
Wirecard AG (b) 7,500 348,732 
TOTAL GERMANY  11,643,353 
Hong Kong - 1.6%   
AIA Group Ltd. 512,800 3,175,918 
CSPC Pharmaceutical Group Ltd. 400,000 345,948 
Guangdong Investment Ltd. 288,000 441,741 
Power Assets Holdings Ltd. 85,000 832,098 
Techtronic Industries Co. Ltd. 88,500 374,720 
TOTAL HONG KONG  5,170,425 
India - 3.2%   
Amara Raja Batteries Ltd. 25,114 353,077 
Asian Paints India Ltd. 26,222 438,305 
Bharti Infratel Ltd. 69,450 411,980 
Colgate-Palmolive (India) 26,340 368,831 
Divi's Laboratories Ltd. 1,150 20,678 
GlaxoSmithKline Consumer Healthcare Ltd. (a) 3,939 374,124 
Godrej Consumer Products Ltd. 16,575 395,582 
HDFC Bank Ltd. 19,066 423,925 
Hindustan Unilever Ltd. 35,417 490,195 
Housing Development Finance Corp. Ltd. 82,271 1,696,519 
IndusInd Bank Ltd. 20,579 362,969 
Infosys Ltd. 52,609 846,977 
ITC Ltd. 159,838 605,372 
Jyothy Laboratories Ltd. 16,417 70,934 
LIC Housing Finance Ltd. 49,301 384,615 
Lupin Ltd. 16,930 441,912 
Power Grid Corp. of India Ltd. 150,441 397,234 
Sun Pharmaceutical Industries Ltd. 42,915 534,353 
Tata Consultancy Services Ltd. 17,174 674,876 
Titan Co. Ltd. 52,860 334,187 
Zee Entertainment Enterprises Ltd. 51,357 383,165 
TOTAL INDIA  10,009,810 
Indonesia - 1.1%   
PT ACE Hardware Indonesia Tbk 4,534,100 335,770 
PT Bank Central Asia Tbk 540,800 596,600 
PT Bank Rakyat Indonesia Tbk 1,072,700 943,838 
PT Kalbe Farma Tbk 3,083,900 394,361 
PT Matahari Department Store Tbk 254,500 387,137 
PT Surya Citra Media Tbk 1,450,700 349,980 
PT Tower Bersama Infrastructure Tbk 680,400 296,086 
TOTAL INDONESIA  3,303,772 
Ireland - 1.8%   
Allergan PLC (a) 1,900 480,605 
CRH PLC 18,700 570,634 
CRH PLC sponsored ADR 57,729 1,775,744 
FBD Holdings PLC (a) 5,372 37,122 
James Hardie Industries PLC:   
CDI 12,845 212,802 
sponsored ADR 106,725 1,772,702 
Medtronic PLC 9,700 850,011 
TOTAL IRELAND  5,699,620 
Isle of Man - 0.2%   
Playtech Ltd. 48,516 558,293 
Israel - 0.8%   
Azrieli Group 9,396 412,239 
Check Point Software Technologies Ltd. (a) 1,492 114,705 
Frutarom Industries Ltd. 7,300 365,268 
Ituran Location & Control Ltd. 5,061 121,262 
Strauss Group Ltd. 6,859 109,832 
Teva Pharmaceutical Industries Ltd. sponsored ADR 26,409 1,412,882 
TOTAL ISRAEL  2,536,188 
Italy - 1.2%   
Azimut Holding SpA 23,314 366,475 
Beni Stabili SpA SIIQ 155,426 101,740 
Eni SpA 90,100 1,382,136 
Interpump Group SpA 46,991 760,720 
Intesa Sanpaolo SpA 280,300 618,526 
Telecom Italia SpA (a) 609,100 520,470 
TOTAL ITALY  3,750,067 
Japan - 13.1%   
Aoki Super Co. Ltd. 6,000 76,791 
Artnature, Inc. 13,200 106,291 
Asahi Co. Ltd. 5,300 75,093 
Astellas Pharma, Inc. 182,700 3,044,099 
Autobacs Seven Co. Ltd. 5,800 84,040 
Azbil Corp. 8,700 262,578 
Broadleaf Co. Ltd. 2,700 27,101 
Central Automotive Products Ltd. 8,000 70,490 
Century21 Real Estate Japan Ltd. 4,000 51,372 
Coca-Cola Central Japan Co. Ltd. 1,400 27,017 
Daiichikosho Co. Ltd. 3,300 150,649 
Daikokutenbussan Co. Ltd. 5,000 217,474 
Daito Trust Construction Co. Ltd. 4,600 772,431 
DENSO Corp. 38,600 1,494,579 
Dentsu, Inc. 20,000 955,493 
East Japan Railway Co. 17,300 1,586,924 
Fuji Heavy Industries Ltd. 19,800 756,455 
Funai Soken Holdings, Inc. 3,300 45,806 
GCA Savvian Group Corp. 6,800 58,839 
Glory Ltd. 3,600 99,902 
Goldcrest Co. Ltd. 7,960 125,346 
Hokuriku Electrical Construction Co. Ltd. 6,000 45,950 
Hoya Corp. 45,300 1,607,283 
Hub Co. Ltd. 2,500 43,520 
Itochu Corp. 81,000 918,366 
Iwatsuka Confectionary Co. Ltd. 800 27,439 
Japan Digital Laboratory Co. 6,600 91,005 
Japan Tobacco, Inc. 66,100 2,577,882 
KDDI Corp. 30,000 920,614 
Keyence Corp. 2,521 1,778,247 
Kobayashi Pharmaceutical Co. Ltd. 4,000 188,783 
Koshidaka Holdings Co. Ltd. 4,000 80,319 
Lasertec Corp. 6,300 88,205 
Makita Corp. 10,900 766,876 
Medikit Co. Ltd. 2,200 84,701 
Meiko Network Japan Co. Ltd. 2,700 28,851 
Misumi Group, Inc. 21,400 393,052 
Mitsubishi UFJ Financial Group, Inc. 453,500 2,292,681 
Mitsui Fudosan Co. Ltd. 46,000 995,703 
Nagaileben Co. Ltd. 8,400 199,304 
Nakano Refrigerators Co. Ltd. 2,000 52,786 
ND Software Co. Ltd. 6,000 48,582 
Nihon Parkerizing Co. Ltd. 21,200 255,174 
Nintendo Co. Ltd. 1,800 373,622 
Nippon Prologis REIT, Inc. 251 627,693 
Nippon Telegraph & Telephone Corp. 37,500 1,781,991 
NS Tool Co. Ltd. 3,800 66,589 
OBIC Co. Ltd. 16,300 948,866 
Olympus Corp. 50,200 1,732,293 
ORIX Corp. 75,600 1,060,938 
OSG Corp. 37,000 616,397 
Paramount Bed Holdings Co. Ltd. 3,200 121,516 
ProNexus, Inc. 8,400 88,771 
San-Ai Oil Co. Ltd. 11,000 73,853 
Seven & i Holdings Co. Ltd. 23,900 992,402 
Seven Bank Ltd. 282,900 966,436 
Shinsei Bank Ltd. 266,000 399,044 
SHO-BOND Holdings Co. Ltd. 22,100 1,113,806 
Shoei Co. Ltd. 5,800 96,014 
SK Kaken Co. Ltd. 1,100 111,472 
Software Service, Inc. 1,600 66,816 
Sony Corp. 28,600 938,850 
Sony Financial Holdings, Inc. 26,200 328,217 
Techno Medica Co. Ltd. 1,800 27,846 
The Monogatari Corp. 1,500 78,422 
The Nippon Synthetic Chemical Industry Co. Ltd. 8,000 49,746 
TKC Corp. 3,300 93,427 
Tocalo Co. Ltd. 2,800 55,347 
Toyota Motor Corp. 49,700 2,784,932 
Tsutsumi Jewelry Co. Ltd. 2,400 46,933 
USS Co. Ltd. 105,600 1,791,155 
Workman Co. Ltd. 3,800 127,615 
Yamada Consulting Group Co. Ltd. 2,000 85,009 
Yamato Kogyo Co. Ltd. 1,700 48,001 
TOTAL JAPAN  41,268,112 
Kenya - 0.2%   
Safaricom Ltd. 4,137,300 777,274 
Korea (South) - 1.5%   
AMOREPACIFIC Corp. 1,791 624,468 
AMOREPACIFIC Group, Inc. 3,357 435,915 
BGFretail Co. Ltd. 5,239 939,235 
Coway Co. Ltd. 4,593 353,720 
Hanssem Co. Ltd. 2,223 343,598 
KT&G Corp. 5,024 546,283 
Leeno Industrial, Inc. 959 36,238 
LG Household & Health Care Ltd. 661 598,749 
NAVER Corp. 1,060 676,312 
TOTAL KOREA (SOUTH)  4,554,518 
Luxembourg - 0.3%   
Eurofins Scientific SA 1,000 375,033 
RTL Group SA 6,027 513,921 
TOTAL LUXEMBOURG  888,954 
Malta - 0.1%   
Brait SA 42,000 377,482 
Mexico - 1.9%   
Banregio Grupo Financiero S.A.B. de CV 57,000 326,557 
Consorcio ARA S.A.B. de CV 254,355 93,874 
El Puerto de Liverpool S.A.B. de CV Class C 32,700 316,937 
Fomento Economico Mexicano S.A.B. de CV:   
unit 66,700 596,743 
sponsored ADR 6,733 602,604 
Gruma S.A.B. de CV Series B 26,000 373,942 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 40,600 399,439 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 25,345 389,502 
Grupo Aeroportuario Norte S.A.B. de CV 60,300 375,018 
Grupo Financiero Banorte S.A.B. de CV Series O 104,100 570,135 
Infraestructura Energetica Nova S.A.B. de CV 78,400 316,694 
Kimberly-Clark de Mexico SA de CV Series A 175,900 397,862 
Megacable Holdings S.A.B. de CV unit 76,700 307,414 
Promotora y Operadora de Infraestructura S.A.B. de CV 32,100 374,346 
Tenedora Nemak SA de CV 13,595 15,451 
Wal-Mart de Mexico SA de CV Series V 241,000 550,765 
TOTAL MEXICO  6,007,283 
Netherlands - 1.9%   
Aalberts Industries NV 6,100 202,514 
ASML Holding NV (Netherlands) 9,000 988,206 
Heijmans NV (Certificaten Van Aandelen) (a) 4,481 41,656 
ING Groep NV (Certificaten Van Aandelen) 131,176 1,466,548 
Mylan N.V. (a) 9,000 421,110 
PostNL NV (a) 74,300 285,420 
RELX NV 88,752 1,599,257 
VastNed Retail NV 4,191 175,848 
Wolters Kluwer NV 17,900 752,959 
TOTAL NETHERLANDS  5,933,518 
New Zealand - 0.0%   
Auckland International Airport Ltd. 4,980 26,543 
Norway - 0.0%   
Kongsberg Gruppen ASA 4,700 70,190 
Philippines - 1.1%   
Ayala Corp. 23,750 438,462 
Ayala Land, Inc. 536,100 449,357 
D&L Industries, Inc. 1,552,100 327,053 
GT Capital Holdings, Inc. 11,865 387,737 
International Container Terminal Services, Inc. 177,130 240,559 
Jollibee Food Corp. 16,980 91,881 
Security Bank Corp. 71,540 332,462 
SM Investments Corp. 28,350 414,497 
SM Prime Holdings, Inc. 750,000 464,721 
Universal Robina Corp. 92,530 393,486 
TOTAL PHILIPPINES  3,540,215 
Russia - 0.3%   
Magnit OJSC 3,371 521,563 
NOVATEK OAO GDR (Reg. S) 4,800 479,040 
TOTAL RUSSIA  1,000,603 
South Africa - 2.6%   
Aspen Pharmacare Holdings Ltd. 20,300 548,402 
Bidcorp Ltd. (a) 22,732 424,172 
Capitec Bank Holdings Ltd. 8,600 381,327 
Clicks Group Ltd. 60,693 543,302 
Discovery Ltd. 43,967 395,889 
FirstRand Ltd. 165,800 580,367 
Mondi Ltd. 19,500 394,980 
Mr Price Group Ltd. 27,900 460,067 
Naspers Ltd. Class N 17,900 2,808,927 
Remgro Ltd. 26,800 502,358 
Sanlam Ltd. 97,800 460,774 
Shoprite Holdings Ltd. 36,300 531,637 
TOTAL SOUTH AFRICA  8,032,202 
Spain - 2.7%   
Amadeus IT Holding SA Class A 38,900 1,826,371 
Hispania Activos Inmobiliarios SA 50,395 674,409 
Iberdrola SA 5,648 38,802 
Iberdrola SA 231,072 1,587,490 
Inditex SA 84,736 2,930,488 
Mediaset Espana Comunicacion SA 35,700 410,302 
Merlin Properties Socimi SA 33,300 381,229 
Prosegur Compania de Seguridad SA (Reg.) 92,376 627,920 
TOTAL SPAIN  8,477,011 
Sweden - 2.6%   
Addlife AB (a) 3,000 44,087 
AddTech AB (B Shares) 5,000 72,309 
ASSA ABLOY AB (B Shares) 123,700 2,713,739 
Fagerhult AB 37,655 862,496 
Intrum Justitia AB 9,563 306,883 
Loomis AB (B Shares) 3,300 95,217 
Nordea Bank AB 154,067 1,372,865 
Saab AB (B Shares) 3,600 123,604 
Svenska Cellulosa AB (SCA) (B Shares) 25,700 764,028 
Svenska Handelsbanken AB (A Shares) 57,945 696,674 
Swedbank AB (A Shares) 50,100 1,052,703 
TOTAL SWEDEN  8,104,605 
Switzerland - 7.1%   
ABB Ltd. (Reg.) 36,540 776,186 
Credit Suisse Group AG 41,017 471,684 
Lafargeholcim Ltd. (Reg.) 15,200 723,302 
Nestle SA 88,162 7,064,651 
Novartis AG 59,453 4,931,223 
Roche Holding AG (participation certificate) 13,377 3,414,720 
Schindler Holding AG:   
(participation certificate) 6,506 1,247,901 
(Reg.) 1,121 216,520 
Sika AG 90 422,142 
Syngenta AG (Switzerland) 821 322,887 
Tecan Group AG 600 96,451 
UBS Group AG 90,289 1,244,182 
Zurich Insurance Group AG 5,922 1,421,831 
TOTAL SWITZERLAND  22,353,680 
Taiwan - 1.6%   
Addcn Technology Co. Ltd. 8,500 68,253 
Advantech Co. Ltd. 45,000 350,734 
ECLAT Textile Co. Ltd. 35,643 400,464 
Largan Precision Co. Ltd. 4,870 523,442 
Taiwan Semiconductor Manufacturing Co. Ltd. 672,035 3,641,988 
TOTAL TAIWAN  4,984,881 
Thailand - 0.3%   
Airports of Thailand PCL (For. Reg.) 34,200 387,855 
Bangkok Dusit Medical Services PCL (For. Reg.) 502,400 324,548 
Thai Beverage PCL 487,900 376,651 
TOTAL THAILAND  1,089,054 
Turkey - 0.4%   
Bim Birlesik Magazalar A/S JSC 22,000 406,501 
Tofas Turk Otomobil Fabrikasi A/S 41,462 327,538 
Tupras Turkiye Petrol Rafinelleri A/S 20,000 427,455 
TOTAL TURKEY  1,161,494 
United Arab Emirates - 0.2%   
DP World Ltd. 21,409 363,739 
First Gulf Bank PJSC 108,142 356,263 
TOTAL UNITED ARAB EMIRATES  720,002 
United Kingdom - 11.3%   
AA PLC 16,973 55,686 
Alliance Pharma PLC 68,814 41,665 
Associated British Foods PLC 17,600 626,807 
AstraZeneca PLC (United Kingdom) 34,691 2,322,500 
Aviva PLC 180,979 931,958 
BAE Systems PLC 294,021 2,075,959 
Bellway PLC 6,128 169,988 
Berendsen PLC 62,955 1,063,968 
British American Tobacco PLC (United Kingdom) 5,300 338,272 
Britvic PLC 8,617 71,276 
Bunzl PLC 37,495 1,173,578 
Compass Group PLC 63,407 1,204,595 
Dechra Pharmaceuticals PLC 9,600 168,978 
DP Poland PLC (a) 200,000 128,375 
Elementis PLC 47,708 139,790 
Great Portland Estates PLC 14,372 130,006 
Hikma Pharmaceuticals PLC 10,011 348,980 
Hilton Food Group PLC 5,400 42,665 
Howden Joinery Group PLC 73,700 421,365 
HSBC Holdings PLC sponsored ADR 60,517 1,981,932 
Imperial Tobacco Group PLC 34,446 1,815,980 
Informa PLC 205,467 1,941,547 
InterContinental Hotel Group PLC ADR 55,712 2,256,336 
ITE Group PLC 44,000 95,355 
ITV PLC 197,619 512,616 
JUST EAT Ltd. (a) 9,740 69,221 
Lloyds Banking Group PLC 1,759,000 1,237,193 
Micro Focus International PLC 36,100 924,954 
National Grid PLC 101,865 1,460,624 
NMC Health PLC 21,600 315,881 
Prudential PLC 76,137 1,342,179 
Reckitt Benckiser Group PLC 34,951 3,388,855 
Rightmove PLC 7,500 402,097 
Rio Tinto PLC 60,003 1,947,232 
Royal Dutch Shell PLC Class B (United Kingdom) 35,346 940,159 
Shaftesbury PLC 38,037 470,176 
Spectris PLC 8,370 208,142 
Spirax-Sarco Engineering PLC 5,999 316,225 
Taylor Wimpey PLC 20,400 41,766 
Ted Baker PLC 3,075 95,717 
Topps Tiles PLC 45,500 72,260 
Ultra Electronics Holdings PLC 5,901 133,624 
Unite Group PLC 22,251 186,554 
Vodafone Group PLC sponsored ADR 60,426 1,867,163 
TOTAL UNITED KINGDOM  35,480,199 
United States of America - 10.6%   
A.O. Smith Corp. 3,800 352,982 
Alphabet, Inc.:   
Class A 1,930 1,527,286 
Class C (a) 448 344,418 
Altria Group, Inc. 7,400 500,980 
Amazon.com, Inc. (a) 480 364,229 
American Tower Corp. 2,600 301,002 
ANSYS, Inc. (a) 500 44,680 
Autoliv, Inc. 10,954 1,158,933 
Berkshire Hathaway, Inc. Class B (a) 7,716 1,113,187 
Broadridge Financial Solutions, Inc. 1,340 90,691 
Chevron Corp. 7,900 809,592 
China Biologic Products, Inc. (a) 9,400 1,122,172 
ConocoPhillips Co. 14,900 608,218 
Constellation Brands, Inc. Class A (sub. vtg.) 6,100 1,004,243 
Domino's Pizza, Inc. 7,900 1,163,670 
Ecolab, Inc. 2,600 307,788 
Edgewell Personal Care Co. (a) 5,000 423,050 
Energizer Holdings, Inc. 800 41,224 
Facebook, Inc. Class A (a) 2,500 309,850 
Gartner, Inc. Class A (a) 3,200 320,800 
International Flavors & Fragrances, Inc. 2,700 359,775 
Kennedy-Wilson Holdings, Inc. 6,673 140,467 
Martin Marietta Materials, Inc. 4,470 905,846 
MasterCard, Inc. Class A 23,540 2,241,950 
McGraw Hill Financial, Inc. 18,900 2,309,580 
MercadoLibre, Inc. 2,100 321,468 
Mettler-Toledo International, Inc. (a) 900 370,089 
Mohawk Industries, Inc. (a) 8,165 1,705,995 
Molson Coors Brewing Co. Class B 11,900 1,215,704 
Monsanto Co. 3,400 363,018 
Moody's Corp. 9,400 996,494 
MSCI, Inc. Class A 11,500 989,460 
NIKE, Inc. Class B 6,800 377,400 
Philip Morris International, Inc. 18,300 1,834,758 
PPG Industries, Inc. 3,600 376,956 
PriceSmart, Inc. 7,585 590,720 
ResMed, Inc. 12,020 827,938 
Reynolds American, Inc. 24,600 1,231,476 
Sherwin-Williams Co. 2,400 719,352 
SS&C Technologies Holdings, Inc. 20,208 651,102 
TransDigm Group, Inc. (a) 1,300 363,376 
Visa, Inc. Class A 33,277 2,597,270 
TOTAL UNITED STATES OF AMERICA  33,399,189 
TOTAL COMMON STOCKS   
(Cost $258,535,226)  305,887,889 
Preferred Stocks - 1.0%   
Convertible Preferred Stocks - 0.2%   
India - 0.2%   
PC Jeweller Ltd. 13.00% (c)(d) 3,557,622 537,825 
Nonconvertible Preferred Stocks - 0.8%   
Brazil - 0.6%   
Ambev SA sponsored ADR 150,600 870,468 
Itau Unibanco Holding SA 89,300 930,621 
  1,801,089 
Germany - 0.2%   
Sartorius AG (non-vtg.) 3,800 303,676 
Volkswagen AG 2,790 392,398 
  696,074 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  2,497,163 
TOTAL PREFERRED STOCKS   
(Cost $2,861,820)  3,034,988 
Money Market Funds - 1.1%   
Fidelity Cash Central Fund, 0.42% (e) 3,570,865 3,570,865 
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) 78,480 78,480 
TOTAL MONEY MARKET FUNDS   
(Cost $3,649,345)  3,649,345 
TOTAL INVESTMENT PORTFOLIO - 99.4%   
(Cost $265,046,391)  312,572,222 
NET OTHER ASSETS (LIABILITIES) - 0.6%  1,898,823 
NET ASSETS - 100%  $314,471,045 

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

Legend

 (a) Non-income producing

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

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $537,825 or 0.2% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
PC Jeweller Ltd. 13.00% 7/28/16 $530,934 

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 $9,722 
Fidelity Securities Lending Cash Central Fund 63,694 
Total $73,416 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $44,816,265 $24,354,355 $20,461,910 $-- 
Consumer Staples 44,402,913 23,947,098 20,455,815 -- 
Energy 11,843,912 6,218,408 5,625,504 -- 
Financials 56,819,982 36,871,550 19,948,432 -- 
Health Care 42,968,099 21,532,103 21,435,996 -- 
Industrials 34,066,755 22,049,413 12,017,342 -- 
Information Technology 40,646,248 25,665,104 14,981,144 -- 
Materials 19,728,713 14,634,084 5,094,629 -- 
Telecommunication Services 7,401,249 3,352,503 4,048,746 -- 
Utilities 6,228,741 4,768,117 1,460,624 -- 
Money Market Funds 3,649,345 3,649,345 -- -- 
Total Investments in Securities: $312,572,222 $187,042,080 $125,530,142 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $11,773,756 
Level 2 to Level 1 $30,928,300 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $267,467,604. Net unrealized appreciation aggregated $45,104,618, of which $59,369,888 related to appreciated investment securities and $14,265,270 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® International Growth Fund

July 31, 2016







IGF-QTLY-0916
1.863103.108





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
Australia - 4.6%   
CSL Ltd. 640,976 $57,478,946 
Sydney Airport unit 1,169,545 6,719,296 
Transurban Group unit 1,481,213 14,138,137 
TOTAL AUSTRALIA  78,336,379 
Austria - 1.5%   
Andritz AG 378,721 19,307,500 
Buwog-Gemeinnuetzige Wohnung 280,559 6,803,393 
TOTAL AUSTRIA  26,110,893 
Belgium - 4.2%   
Anheuser-Busch InBev SA NV 500,591 64,672,447 
KBC Groep NV (a) 152,232 7,911,532 
TOTAL BELGIUM  72,583,979 
Canada - 0.4%   
Pason Systems, Inc. 515,500 6,905,446 
Cayman Islands - 1.0%   
58.com, Inc. ADR (a)(b) 139,970 7,279,840 
Alibaba Group Holding Ltd. sponsored ADR (a) 109,100 8,998,568 
TOTAL CAYMAN ISLANDS  16,278,408 
Denmark - 3.1%   
Jyske Bank A/S (Reg.) 182,600 7,593,754 
Novo Nordisk A/S Series B sponsored ADR 811,700 46,242,549 
TOTAL DENMARK  53,836,303 
Finland - 0.3%   
Tikkurila Oyj 283,000 5,445,141 
France - 1.1%   
Essilor International SA (b) 152,171 19,488,068 
Germany - 3.4%   
Bayer AG 190,700 20,499,844 
SAP AG 427,032 37,375,296 
TOTAL GERMANY  57,875,140 
Hong Kong - 2.0%   
AIA Group Ltd. 5,506,800 34,105,194 
India - 0.7%   
Housing Development Finance Corp. Ltd. 586,036 12,084,712 
Ireland - 3.3%   
CRH PLC sponsored ADR (b) 946,466 29,113,294 
James Hardie Industries PLC:   
CDI 1,201,255 19,901,084 
sponsored ADR 501,500 8,329,915 
TOTAL IRELAND  57,344,293 
Isle of Man - 0.4%   
Playtech Ltd. 648,066 7,457,553 
Israel - 0.3%   
Azrieli Group 118,800 5,212,221 
Italy - 0.7%   
Azimut Holding SpA 234,600 3,687,696 
Interpump Group SpA 532,426 8,619,253 
TOTAL ITALY  12,306,949 
Japan - 14.0%   
Astellas Pharma, Inc. 2,097,000 34,939,660 
DENSO Corp. 633,400 24,525,027 
East Japan Railway Co. 176,500 16,190,291 
Hoya Corp. 406,300 14,415,870 
Japan Tobacco, Inc. 665,200 25,942,616 
Keyence Corp. 41,662 29,387,282 
Misumi Group, Inc. 252,500 4,637,649 
Mitsui Fudosan Co. Ltd. 758,000 16,407,456 
Nintendo Co. Ltd. 28,000 5,811,893 
Olympus Corp. 380,300 13,123,326 
OSG Corp. 418,600 6,973,615 
Seven Bank Ltd. 2,301,600 7,862,669 
Shinsei Bank Ltd. 4,366,000 6,549,719 
SHO-BOND Holdings Co. Ltd. 207,600 10,462,720 
USS Co. Ltd. 1,364,600 23,145,925 
TOTAL JAPAN  240,375,718 
Kenya - 0.4%   
Safaricom Ltd. 35,969,100 6,757,508 
Korea (South) - 0.7%   
BGFretail Co. Ltd. 63,188 11,328,187 
Mexico - 0.6%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 110,755 9,912,573 
Netherlands - 0.9%   
ASML Holding NV (Netherlands) 140,300 15,405,034 
South Africa - 1.6%   
Clicks Group Ltd. 786,670 7,041,989 
Naspers Ltd. Class N 129,700 20,352,955 
TOTAL SOUTH AFRICA  27,394,944 
Spain - 5.2%   
Amadeus IT Holding SA Class A 515,600 24,207,631 
Hispania Activos Inmobiliarios SA 322,524 4,316,165 
Inditex SA 1,417,243 49,013,567 
Merlin Properties Socimi SA 395,600 4,528,955 
Prosegur Compania de Seguridad SA (Reg.) 1,089,149 7,403,425 
TOTAL SPAIN  89,469,743 
Sweden - 4.7%   
ASSA ABLOY AB (B Shares) 2,036,683 44,680,887 
Fagerhult AB 380,544 8,716,445 
Intrum Justitia AB 107,100 3,436,912 
Svenska Cellulosa AB (SCA) (B Shares) 397,600 11,820,132 
Svenska Handelsbanken AB (A Shares) 950,020 11,422,119 
TOTAL SWEDEN  80,076,495 
Switzerland - 13.3%   
Nestle SA 1,215,765 97,422,459 
Novartis AG 615,183 51,025,255 
Roche Holding AG (participation certificate) 219,236 55,963,942 
Schindler Holding AG:   
(participation certificate) 106,632 20,452,836 
(Reg.) 18,350 3,544,284 
TOTAL SWITZERLAND  228,408,776 
Taiwan - 0.8%   
Taiwan Semiconductor Manufacturing Co. Ltd. 2,527,000 13,694,680 
United Kingdom - 10.8%   
Associated British Foods PLC 287,900 10,253,282 
BAE Systems PLC 1,793,000 12,659,621 
Berendsen PLC 747,873 12,639,395 
Howden Joinery Group PLC 775,100 4,431,482 
Informa PLC 1,454,317 13,742,471 
InterContinental Hotel Group PLC ADR 865,446 35,050,563 
Prudential PLC 1,247,824 21,997,235 
Reckitt Benckiser Group PLC 565,145 54,796,557 
Rightmove PLC 81,100 4,348,011 
SABMiller PLC 192,366 11,237,461 
Shaftesbury PLC 362,533 4,481,279 
TOTAL UNITED KINGDOM  185,637,357 
United States of America - 19.0%   
Alphabet, Inc. Class A 31,436 24,876,564 
Autoliv, Inc. (b) 167,169 17,686,480 
Berkshire Hathaway, Inc. Class B (a) 125,784 18,146,858 
China Biologic Products, Inc. (a) 80,566 9,617,969 
Domino's Pizza, Inc. 112,790 16,613,967 
Martin Marietta Materials, Inc. 66,100 13,395,165 
MasterCard, Inc. Class A 323,500 30,810,140 
McGraw Hill Financial, Inc. 121,900 14,896,180 
Mohawk Industries, Inc. (a) 122,200 25,532,468 
Molson Coors Brewing Co. Class B 119,900 12,248,984 
Moody's Corp. 100,200 10,622,202 
MSCI, Inc. Class A 114,400 9,842,976 
Philip Morris International, Inc. 238,308 23,892,760 
PriceSmart, Inc. 89,600 6,978,048 
ResMed, Inc. 177,700 12,239,976 
Reynolds American, Inc. 402,900 20,169,174 
Sherwin-Williams Co. 40,100 12,019,173 
SS&C Technologies Holdings, Inc. 273,000 8,796,060 
Visa, Inc. Class A 473,760 36,976,968 
TOTAL UNITED STATES OF AMERICA  325,362,112 
TOTAL COMMON STOCKS   
(Cost $1,514,301,969)  1,699,193,806 
Money Market Funds - 3.0%   
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d)   
(Cost $51,982,120) 51,982,120 51,982,120 
TOTAL INVESTMENT PORTFOLIO - 102.0%   
(Cost $1,566,284,089)  1,751,175,926 
NET OTHER ASSETS (LIABILITIES) - (2.0)%  (33,909,787) 
NET ASSETS - 100%  $1,717,266,139 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $112,488 
Fidelity Securities Lending Cash Central Fund 464,539 
Total $577,027 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $225,663,423 $108,625,949 $117,037,474 $-- 
Consumer Staples 367,716,669 113,062,458 254,654,211 -- 
Energy 6,905,446 6,905,446 -- -- 
Financials 208,472,315 144,233,117 64,239,198 -- 
Health Care 335,035,405 145,067,508 189,967,897 -- 
Industrials 205,013,748 109,408,965 95,604,783 -- 
Information Technology 255,425,520 153,751,335 101,674,185 -- 
Materials 88,203,772 88,203,772 -- -- 
Telecommunication Services 6,757,508 6,757,508 -- -- 
Money Market Funds 51,982,120 51,982,120 -- -- 
Total Investments in Securities: $1,751,175,926 $927,998,178 $823,177,748 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $75,455,279 
Level 2 to Level 1 $99,720,508 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $1,570,514,561. Net unrealized appreciation aggregated $180,661,365, of which $238,891,801 related to appreciated investment securities and $58,230,436 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Global Commodity Stock Fund

July 31, 2016







GCS-QTLY-0916
1.879385.107





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
Aerospace & Defense - 0.5%   
Aerospace & Defense - 0.5%   
Rolls-Royce Group PLC 161,220 $1,686,943 
Chemicals - 25.5%   
Commodity Chemicals - 0.9%   
Essentra PLC 29,300 188,069 
LyondellBasell Industries NV Class A 26,600 2,001,916 
Westlake Chemical Corp. 19,100 873,634 
  3,063,619 
Diversified Chemicals - 1.5%   
E.I. du Pont de Nemours & Co. 36,800 2,545,456 
Eastman Chemical Co. 14,400 939,312 
The Dow Chemical Co. 33,000 1,771,110 
  5,255,878 
Fertilizers & Agricultural Chemicals - 22.6%   
Agrium, Inc. 87,000 7,896,067 
CF Industries Holdings, Inc. 314,460 7,760,873 
FMC Corp. 35,200 1,673,408 
Monsanto Co. 188,400 20,115,464 
OCI NV (a) 60,800 928,530 
Potash Corp. of Saskatchewan, Inc. 525,700 8,193,616 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 191,200 4,737,936 
Syngenta AG (Switzerland) 38,398 15,101,367 
The Mosaic Co. 273,761 7,391,547 
Yara International ASA 106,300 3,455,917 
  77,254,725 
Specialty Chemicals - 0.5%   
W.R. Grace & Co. 22,100 1,654,627 
TOTAL CHEMICALS  87,228,849 
Containers & Packaging - 1.0%   
Metal & Glass Containers - 0.2%   
Ball Corp. 12,400 876,308 
Paper Packaging - 0.8%   
Graphic Packaging Holding Co. 78,700 1,073,468 
Smurfit Kappa Group PLC 36,800 863,990 
WestRock Co. 17,259 740,584 
  2,678,042 
TOTAL CONTAINERS & PACKAGING  3,554,350 
Electrical Equipment - 0.7%   
Electrical Components & Equipment - 0.7%   
Regal Beloit Corp. 27,100 1,653,371 
Zumtobel AG 48,100 730,006 
  2,383,377 
Energy Equipment & Services - 0.2%   
Oil & Gas Equipment & Services - 0.2%   
Amec Foster Wheeler PLC 111,400 657,401 
Dril-Quip, Inc. (a) 2,607 141,899 
  799,300 
Food & Staples Retailing - 0.1%   
Food Distributors - 0.1%   
Andersons, Inc. 9,100 336,518 
Food Products - 4.3%   
Agricultural Products - 4.0%   
Archer Daniels Midland Co. 71,600 3,227,728 
Bunge Ltd. 74,700 4,918,248 
Darling International, Inc. (a) 23,500 370,830 
First Resources Ltd. 1,458,300 1,756,660 
Golden Agri-Resources Ltd. 2,492,100 669,170 
Ingredion, Inc. 7,300 972,652 
SLC Agricola SA 370,900 1,715,859 
  13,631,147 
Packaged Foods & Meats - 0.3%   
Adecoagro SA (a) 84,600 927,216 
TOTAL FOOD PRODUCTS  14,558,363 
Household Products - 0.2%   
Household Products - 0.2%   
Svenska Cellulosa AB (SCA) (B Shares) 22,800 677,814 
Independent Power and Renewable Electricity Producers - 1.2%   
Independent Power Producers & Energy Traders - 0.2%   
China Resources Power Holdings Co. Ltd. 548,000 873,025 
Renewable Electricity - 1.0%   
Huaneng Renewables Corp. Ltd. (H Shares) 3,314,000 1,059,332 
NextEra Energy Partners LP 71,500 2,232,945 
  3,292,277 
TOTAL INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS  4,165,302 
Machinery - 2.0%   
Agricultural & Farm Machinery - 1.0%   
AGCO Corp. 14,000 674,240 
Deere & Co. 8,500 660,535 
Jain Irrigation Systems Ltd. (a) 1,131,194 1,203,235 
Kubota Corp. 72,400 1,048,869 
  3,586,879 
Construction Machinery & Heavy Trucks - 0.4%   
Allison Transmission Holdings, Inc. 24,600 708,972 
Caterpillar, Inc. 8,600 711,736 
  1,420,708 
Industrial Machinery - 0.6%   
Andritz AG 24,300 1,238,833 
Rexnord Corp. (a) 33,700 717,473 
  1,956,306 
TOTAL MACHINERY  6,963,893 
Metals & Mining - 27.1%   
Aluminum - 0.3%   
Alcoa, Inc. 101,000 1,072,620 
Diversified Metals & Mining - 11.6%   
Anglo American PLC (United Kingdom) 145,451 1,598,689 
BHP Billiton PLC 920,583 11,607,199 
First Quantum Minerals Ltd. 170,924 1,477,986 
Freeport-McMoRan, Inc. 119,800 1,552,608 
Glencore Xstrata PLC 2,399,569 5,930,638 
Grupo Mexico SA de CV Series B 632,811 1,527,184 
Ivanhoe Mines Ltd. (a) 1,007,300 1,103,235 
MMC Norilsk Nickel PJSC sponsored ADR 57,400 839,188 
Rio Tinto PLC 368,187 11,948,494 
South32 Ltd. (a) 526,378 734,038 
Teck Resources Ltd. Class B (sub. vtg.) 50,300 801,703 
Turquoise Hill Resources Ltd. (a) 169,600 604,021 
  39,724,983 
Gold - 9.9%   
Agnico Eagle Mines Ltd. (Canada) 44,900 2,612,876 
AngloGold Ashanti Ltd. sponsored ADR (a) 43,900 961,849 
Argonaut Gold, Inc. (a) 193,700 531,112 
B2Gold Corp. (a) 861,680 2,699,247 
Barrick Gold Corp. 249,800 5,454,600 
Compania de Minas Buenaventura SA sponsored ADR (a) 54,600 799,890 
Continental Gold, Inc. (a) 381,300 1,127,268 
Detour Gold Corp. (a) 29,500 771,363 
Franco-Nevada Corp. 29,700 2,289,970 
Goldcorp, Inc. 136,110 2,432,081 
Newcrest Mining Ltd. (a) 116,347 2,266,039 
Newmont Mining Corp. 124,600 5,482,400 
Premier Gold Mines Ltd. (a) 360,500 1,369,494 
Randgold Resources Ltd. sponsored ADR 21,400 2,516,854 
Sibanye Gold Ltd. ADR (b) 53,800 1,003,370 
Tahoe Resources, Inc. 46,300 718,800 
Torex Gold Resources, Inc. (a) 38,870 806,188 
  33,843,401 
Precious Metals & Minerals - 0.4%   
Impala Platinum Holdings Ltd. (a) 67,400 296,184 
Industrias Penoles SA de CV 45,015 1,158,242 
  1,454,426 
Silver - 0.8%   
Silver Wheaton Corp. 89,700 2,504,167 
Steel - 4.1%   
ArcelorMittal SA Class A unit (a)(b) 326,110 2,126,237 
Hitachi Metals Ltd. 77,100 857,181 
Hyundai Steel Co. 25,252 1,148,231 
JFE Holdings, Inc. 59,900 780,673 
Nippon Steel & Sumitomo Metal Corp. 129,300 2,430,787 
Nucor Corp. 31,392 1,683,867 
POSCO 15,862 3,235,294 
Thyssenkrupp AG 80,800 1,851,855 
  14,114,125 
TOTAL METALS & MINING  92,713,722 
Oil, Gas & Consumable Fuels - 28.8%   
Coal & Consumable Fuels - 0.3%   
Cameco Corp. 104,000 994,080 
Integrated Oil & Gas - 14.8%   
BP PLC 422,900 2,392,621 
Cenovus Energy, Inc. 217,700 3,116,312 
Chevron Corp. 126,600 12,973,968 
China Petroleum & Chemical Corp. (H Shares) 1,130,000 810,405 
Eni SpA 88,100 1,351,456 
Exxon Mobil Corp. 60,600 5,390,370 
Imperial Oil Ltd. 69,000 2,122,874 
Lukoil PJSC sponsored ADR 48,400 2,069,100 
Occidental Petroleum Corp. 9,500 709,935 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 74,200 1,915,860 
Class B (United Kingdom) 44,393 1,180,797 
Statoil ASA 84,300 1,340,156 
Suncor Energy, Inc. 295,732 7,959,271 
Total SA 151,200 7,271,786 
  50,604,911 
Oil & Gas Exploration & Production - 13.4%   
Anadarko Petroleum Corp. 133,500 7,279,755 
Apache Corp. 24,100 1,265,250 
Cabot Oil & Gas Corp. 59,900 1,477,733 
Canadian Natural Resources Ltd. 22,000 666,243 
Cimarex Energy Co. 5,800 696,116 
CNOOC Ltd. sponsored ADR 14,800 1,781,772 
Cobalt International Energy, Inc. (a)(b) 479,500 714,455 
ConocoPhillips Co. 136,700 5,580,094 
Continental Resources, Inc. (a) 18,400 810,520 
Devon Energy Corp. 36,100 1,381,908 
Diamondback Energy, Inc. 7,800 684,762 
EOG Resources, Inc. 36,600 2,990,220 
EQT Corp. 45,201 3,293,345 
Hess Corp. 14,900 799,385 
INPEX Corp. 80,600 640,756 
Marathon Oil Corp. 65,400 892,056 
Newfield Exploration Co. (a) 15,700 679,810 
Noble Energy, Inc. 73,200 2,614,704 
NOVATEK OAO GDR (Reg. S) 13,400 1,337,320 
Oil Search Ltd. ADR 71,312 384,232 
Parsley Energy, Inc. Class A (a) 24,600 701,346 
PDC Energy, Inc. (a) 12,900 706,533 
Pioneer Natural Resources Co. 13,410 2,180,064 
PrairieSky Royalty Ltd. 91,398 1,778,749 
SM Energy Co. 55,300 1,500,289 
Southwestern Energy Co. (a) 51,300 747,954 
Tullow Oil PLC (a) 165,400 432,763 
Whiting Petroleum Corp. (a) 97,600 719,312 
Woodside Petroleum Ltd. 58,911 1,187,733 
  45,925,179 
Oil & Gas Refining & Marketing - 0.3%   
HollyFrontier Corp. 12,600 320,292 
Phillips 66 Co. 9,000 684,540 
  1,004,832 
TOTAL OIL, GAS & CONSUMABLE FUELS  98,529,002 
Paper & Forest Products - 4.7%   
Forest Products - 0.7%   
TFS Corp. Ltd. 829,147 1,027,080 
West Fraser Timber Co. Ltd. 39,900 1,370,899 
  2,397,979 
Paper Products - 4.0%   
Empresas CMPC SA 667,079 1,399,679 
Fibria Celulose SA 262,200 1,600,339 
Mondi PLC 191,700 3,881,692 
Oji Holdings Corp. 224,000 934,157 
Sappi Ltd. (a) 186,961 951,153 
Stora Enso Oyj (R Shares) 242,200 2,198,730 
UPM-Kymmene Corp. 135,000 2,781,640 
  13,747,390 
TOTAL PAPER & FOREST PRODUCTS  16,145,369 
Real Estate Investment Trusts - 0.5%   
Specialized REITs - 0.5%   
Potlatch Corp. 41,500 1,587,375 
Semiconductors & Semiconductor Equipment - 0.2%   
Semiconductor Equipment - 0.2%   
SolarEdge Technologies, Inc. (a)(b) 35,700 639,030 
TOTAL COMMON STOCKS   
(Cost $401,595,947)  331,969,207 
Nonconvertible Preferred Stocks - 1.1%   
Aerospace & Defense - 0.0%   
Aerospace & Defense - 0.0%   
Rolls-Royce Group PLC 8,542,720 11,306 
Metals & Mining - 0.8%   
Steel - 0.8%   
Vale SA (PN-A) sponsored ADR 607,400 2,800,114 
Oil, Gas & Consumable Fuels - 0.3%   
Integrated Oil & Gas - 0.3%   
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 137,600 1,003,104 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $5,933,841)  3,814,524 
Money Market Funds - 1.9%   
Fidelity Cash Central Fund, 0.42% (c) 5,206,423 5,206,423 
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) 1,098,825 1,098,825 
TOTAL MONEY MARKET FUNDS   
(Cost $6,305,248)  6,305,248 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $413,835,036)  342,088,979 
NET OTHER ASSETS (LIABILITIES) - 0.0%  14,762 
NET ASSETS - 100%  $342,103,741 

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $11,286 
Fidelity Securities Lending Cash Central Fund 148,178 
Total $159,464 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Common Stocks $331,969,207 $262,490,553 $69,478,654 $-- 
Nonconvertible Preferred Stocks 3,814,524 3,814,524 -- -- 
Money Market Funds 6,305,248 6,305,248 -- -- 
Total Investments in Securities: $342,088,979 $272,610,325 $69,478,654 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $5,370,335 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $419,326,725. Net unrealized depreciation aggregated $77,237,746, of which $19,955,390 related to appreciated investment securities and $97,193,136 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® International Value Fund

July 31, 2016







FIV-QTLY-0916
1.834741.110





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
Australia - 4.1%   
Ansell Ltd. 101,524 $1,494,457 
Macquarie Group Ltd. 43,380 2,452,388 
Transurban Group unit 181,994 1,737,128 
Westpac Banking Corp. 331,464 7,843,216 
TOTAL AUSTRALIA  13,527,189 
Bailiwick of Jersey - 0.5%   
Wolseley PLC 29,337 1,635,784 
Belgium - 0.4%   
Anheuser-Busch InBev SA NV 10,070 1,300,965 
Canada - 0.8%   
Imperial Oil Ltd. 54,100 1,664,456 
Potash Corp. of Saskatchewan, Inc. 66,000 1,028,683 
TOTAL CANADA  2,693,139 
Finland - 1.0%   
Sampo Oyj (A Shares) 80,434 3,333,528 
France - 17.1%   
Atos Origin SA 47,862 4,691,197 
AXA SA 224,121 4,561,388 
Capgemini SA 49,893 4,794,323 
Havas SA 232,403 1,958,053 
Orange SA 170,700 2,619,739 
Renault SA 26,245 2,296,004 
Sanofi SA 81,896 6,975,348 
Societe Generale Series A 111,900 3,815,086 
SR Teleperformance SA 20,000 1,860,128 
Total SA (a) 212,921 10,240,184 
Unibail-Rodamco 14,000 3,852,740 
VINCI SA 71,700 5,442,103 
Vivendi SA 160,492 3,151,374 
TOTAL FRANCE  56,257,667 
Germany - 6.2%   
Axel Springer Verlag AG 30,600 1,676,671 
BASF AG 72,237 5,674,330 
Bayer AG 11,603 1,247,298 
Continental AG 8,666 1,816,610 
Fresenius SE & Co. KGaA 51,200 3,823,166 
GEA Group AG 48,651 2,596,393 
ProSiebenSat.1 Media AG 29,200 1,337,557 
SAP AG 26,610 2,328,998 
TOTAL GERMANY  20,501,023 
Hong Kong - 1.5%   
AIA Group Ltd. 373,200 2,311,335 
Power Assets Holdings Ltd. 270,000 2,643,135 
TOTAL HONG KONG  4,954,470 
Indonesia - 0.1%   
PT Bank Rakyat Indonesia Tbk 537,700 473,107 
Ireland - 1.8%   
Allergan PLC (b) 6,180 1,563,231 
CRH PLC 59,200 1,806,500 
Medtronic PLC 30,700 2,690,241 
TOTAL IRELAND  6,059,972 
Israel - 1.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 83,799 4,483,247 
Italy - 2.4%   
Eni SpA 285,600 4,381,109 
Intesa Sanpaolo SpA 837,200 1,847,414 
Telecom Italia SpA (b) 1,931,300 1,650,276 
TOTAL ITALY  7,878,799 
Japan - 20.2%   
Astellas Pharma, Inc. 173,300 2,887,479 
Daito Trust Construction Co. Ltd. 14,600 2,451,627 
Dentsu, Inc. 63,500 3,033,690 
East Japan Railway Co. 20,600 1,889,632 
Fuji Heavy Industries Ltd. 62,700 2,395,441 
Hoya Corp. 61,500 2,182,072 
Itochu Corp. 256,700 2,910,428 
Japan Tobacco, Inc. 80,800 3,151,178 
KDDI Corp. 95,200 2,921,414 
Makita Corp. 34,700 2,441,340 
Mitsubishi UFJ Financial Group, Inc. 1,437,900 7,269,340 
Nippon Prologis REIT, Inc. 795 1,988,111 
Nippon Telegraph & Telephone Corp. 118,900 5,650,101 
OBIC Co. Ltd. 36,100 2,101,477 
Olympus Corp. 85,700 2,957,321 
ORIX Corp. 239,700 3,363,847 
Seven & i Holdings Co. Ltd. 75,700 3,143,298 
Seven Bank Ltd. 344,700 1,177,556 
Sony Corp. 90,800 2,980,684 
Sony Financial Holdings, Inc. 78,300 980,891 
Toyota Motor Corp. 157,600 8,831,092 
TOTAL JAPAN  66,708,019 
Luxembourg - 0.5%   
RTL Group SA 19,239 1,640,507 
Netherlands - 4.0%   
ING Groep NV (Certificaten Van Aandelen) 391,890 4,381,330 
Mylan N.V. (b) 28,600 1,338,194 
PostNL NV (b) 92,431 355,069 
RELX NV 281,422 5,071,053 
Wolters Kluwer NV 51,500 2,166,335 
TOTAL NETHERLANDS  13,311,981 
New Zealand - 0.0%   
Auckland International Airport Ltd. 5,195 27,689 
Spain - 2.0%   
Iberdrola SA 732,576 5,032,878 
Iberdrola SA 16,937 116,359 
Mediaset Espana Comunicacion SA 113,300 1,302,161 
TOTAL SPAIN  6,451,398 
Sweden - 2.3%   
Nordea Bank AB 488,600 4,353,833 
Swedbank AB (A Shares) 151,900 3,191,728 
TOTAL SWEDEN  7,545,561 
Switzerland - 7.5%   
ABB Ltd. (Reg.) 115,400 2,451,338 
Credit Suisse Group AG 122,407 1,407,647 
Lafargeholcim Ltd. (Reg.) 48,190 2,293,152 
Nestle SA 44,331 3,552,360 
Novartis AG 69,744 5,784,792 
Syngenta AG (Switzerland) 2,453 964,729 
UBS Group AG 286,258 3,944,635 
Zurich Insurance Group AG 17,916 4,301,507 
TOTAL SWITZERLAND  24,700,160 
United Kingdom - 19.2%   
AstraZeneca PLC (United Kingdom) 110,002 7,364,437 
Aviva PLC 540,420 2,782,914 
BAE Systems PLC 585,329 4,132,763 
Bunzl PLC 118,934 3,722,586 
Compass Group PLC 201,139 3,821,202 
HSBC Holdings PLC sponsored ADR (c) 180,771 5,920,250 
Imperial Tobacco Group PLC 109,223 5,758,196 
Informa PLC 297,199 2,808,362 
ITV PLC 626,496 1,625,107 
Lloyds Banking Group PLC 5,577,700 3,923,076 
Micro Focus International PLC 70,200 1,798,664 
National Grid PLC 323,050 4,632,158 
Rio Tinto PLC 190,226 6,173,260 
Royal Dutch Shell PLC Class B (United Kingdom) 112,078 2,981,132 
Vodafone Group PLC sponsored ADR 191,658 5,922,232 
TOTAL UNITED KINGDOM  63,366,339 
United States of America - 5.0%   
Altria Group, Inc. 23,500 1,590,950 
Chevron Corp. 24,900 2,551,752 
ConocoPhillips Co. 47,400 1,934,868 
Constellation Brands, Inc. Class A (sub. vtg.) 19,300 3,177,359 
Edgewell Personal Care Co. (b) 15,900 1,345,299 
McGraw Hill Financial, Inc. 25,200 3,079,440 
Molson Coors Brewing Co. Class B 14,800 1,511,968 
Monsanto Co. 10,700 1,142,439 
TOTAL UNITED STATES OF AMERICA  16,334,075 
TOTAL COMMON STOCKS   
(Cost $338,148,137)  323,184,619 
Nonconvertible Preferred Stocks - 0.4%   
Germany - 0.4%   
Volkswagen AG   
(Cost $1,940,159) 8,731 1,227,966 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund, 0.42% (d) 1,344,062 1,344,062 
Fidelity Securities Lending Cash Central Fund, 0.45% (a)(d) 4,821,250 4,821,250 
TOTAL MONEY MARKET FUNDS   
(Cost $6,165,312)  6,165,312 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $346,253,608)  330,577,897 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (806,240) 
NET ASSETS - 100%  $329,771,657 

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

Legend

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

 (b) Non-income producing

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

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


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 $10,106 
Fidelity Securities Lending Cash Central Fund 213,305 
Total $223,411 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $49,139,869 $18,517,776 $30,622,093 $-- 
Consumer Staples 24,531,573 13,383,772 11,147,801 -- 
Energy 23,753,501 6,151,076 17,602,425 -- 
Financials 85,007,934 37,294,314 47,713,620 -- 
Health Care 44,791,283 15,392,536 29,398,747 -- 
Industrials 31,202,381 15,741,096 15,461,285 -- 
Information Technology 15,714,659 11,284,184 4,430,475 -- 
Materials 19,083,093 4,464,274 14,618,819 -- 
Telecommunication Services 18,763,762 5,922,232 12,841,530 -- 
Utilities 12,424,530 7,792,372 4,632,158 -- 
Money Market Funds 6,165,312 6,165,312 -- -- 
Total Investments in Securities: $330,577,897 $142,108,944 $188,468,953 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $8,635,467 
Level 2 to Level 1 $8,647,357 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $347,205,181. Net unrealized depreciation aggregated $16,627,284, of which $20,988,428 related to appreciated investment securities and $37,615,712 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Global Equity Income Fund

July 31, 2016







GED-QTLY-0916
1.938167.104





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%   
 Shares Value 
Australia - 0.1%   
Asaleo Care Ltd. 32,461 $33,549 
Bailiwick of Jersey - 0.9%   
Wolseley PLC 12,057 672,279 
Belgium - 0.7%   
Anheuser-Busch InBev SA NV 4,200 542,607 
Canada - 4.3%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 7,200 325,521 
Constellation Software, Inc. 1,100 447,793 
Fairfax Financial Holdings Ltd. (sub. vtg.) 741 397,279 
Imperial Oil Ltd. 28,200 867,609 
PrairieSky Royalty Ltd. 5,200 101,200 
Suncor Energy, Inc. 43,600 1,173,442 
TOTAL CANADA  3,312,844 
Cayman Islands - 0.4%   
SITC International Holdings Co. Ltd. 551,000 325,981 
Chile - 0.5%   
Vina San Pedro SA 37,219,054 386,603 
France - 3.5%   
Bouygues SA 7,382 218,376 
Cegedim SA (a) 6,000 175,347 
Maisons du Monde SA 7,700 164,424 
Renault SA 6,400 559,894 
Sanofi SA 13,297 1,132,549 
VINCI SA 5,400 409,866 
TOTAL FRANCE  2,660,456 
Germany - 2.5%   
adidas AG 5,100 837,786 
AURELIUS AG 8,099 493,390 
SAP AG 6,168 539,844 
TOTAL GERMANY  1,871,020 
Hong Kong - 1.8%   
HKT Trust/HKT Ltd. unit 284,600 449,731 
Techtronic Industries Co. Ltd. 220,500 933,624 
TOTAL HONG KONG  1,383,355 
Ireland - 4.0%   
Accenture PLC Class A 11,940 1,346,951 
Greencore Group PLC 75,086 325,545 
Medtronic PLC 16,000 1,402,080 
TOTAL IRELAND  3,074,576 
Isle of Man - 1.2%   
Paysafe Group PLC (a) 103,000 526,177 
Playtech Ltd. 32,778 377,189 
TOTAL ISLE OF MAN  903,366 
Israel - 3.3%   
Bezeq The Israel Telecommunication Corp. Ltd. 251,000 496,313 
Cellcom Israel Ltd. (Israel) (a) 51,780 373,698 
Partner Communications Co. Ltd. (a) 69,481 331,808 
Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. 4,496 174,030 
Teva Pharmaceutical Industries Ltd. sponsored ADR 21,850 1,168,975 
TOTAL ISRAEL  2,544,824 
Italy - 0.2%   
Astaldi SpA 37,353 163,368 
Japan - 12.1%   
A/S One Corp. 11,200 462,193 
Astellas Pharma, Inc. 89,500 1,491,225 
Broadleaf Co. Ltd. 9,000 90,338 
Casio Computer Co. Ltd. 10,700 152,312 
Daiichikosho Co. Ltd. 21,800 995,195 
Daito Trust Construction Co. Ltd. 4,600 772,431 
Hoya Corp. 25,000 887,021 
Inaba Denki Sangyo Co. Ltd. 4,700 170,201 
Japan Meat Co. Ltd. 8,300 118,600 
Japan Tobacco, Inc. 10,600 413,397 
KDDI Corp. 26,600 816,277 
Nippon Telegraph & Telephone Corp. 13,100 622,509 
Olympus Corp. 16,300 562,478 
ORIX Corp. 17,400 244,184 
Shinsei Bank Ltd. 365,000 547,560 
Sony Corp. 11,800 387,358 
Tsuruha Holdings, Inc. 3,200 363,882 
USS Co. Ltd. 6,800 115,340 
TOTAL JAPAN  9,212,501 
Netherlands - 1.1%   
Altice NV Class A (a) 19,531 289,868 
LyondellBasell Industries NV Class A 7,700 579,502 
TOTAL NETHERLANDS  869,370 
Singapore - 0.4%   
United Overseas Bank Ltd. 21,591 296,257 
South Africa - 1.2%   
Capitec Bank Holdings Ltd. 11,300 501,046 
EOH Holdings Ltd. 19,400 198,035 
Lewis Group Ltd. 60,900 190,844 
TOTAL SOUTH AFRICA  889,925 
Spain - 0.9%   
Amadeus IT Holding SA Class A 14,700 690,171 
Sweden - 0.5%   
Loomis AB (B Shares) 13,000 375,096 
Switzerland - 1.5%   
Banque Cantonale Vaudoise 570 385,803 
Chubb Ltd. 6,000 751,560 
TOTAL SWITZERLAND  1,137,363 
Taiwan - 2.5%   
ECLAT Textile Co. Ltd. 38,298 430,294 
King's Town Bank 120,000 88,249 
Taiwan Semiconductor Manufacturing Co. Ltd. 261,000 1,414,449 
TOTAL TAIWAN  1,932,992 
United Kingdom - 9.7%   
British American Tobacco PLC (United Kingdom) 11,100 708,456 
BT Group PLC 55,200 301,582 
Hilton Food Group PLC 56,200 444,036 
Howden Joinery Group PLC 51,800 296,156 
Imperial Tobacco Group PLC 7,649 403,252 
ITV PLC 299,000 775,595 
Lloyds Banking Group PLC 863,000 606,991 
Mears Group PLC 16,500 86,420 
Micro Focus International PLC 50,000 1,281,100 
Reckitt Benckiser Group PLC 4,515 437,775 
SABMiller PLC 7,200 420,603 
St. James's Place Capital PLC 29,905 366,490 
The Restaurant Group PLC 21,900 102,660 
WH Smith PLC 36,152 731,556 
Whitbread PLC 6,160 314,603 
Wuliangye Yibin Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 3/7/19 (a)(b) 27,300 148,770 
TOTAL UNITED KINGDOM  7,426,045 
United States of America - 42.3%   
American Tower Corp. 7,660 886,798 
Amgen, Inc. 4,220 725,967 
Apple, Inc. 18,750 1,953,938 
Bank of America Corp. 66,580 964,744 
BWX Technologies, Inc. 11,500 423,315 
Chevron Corp. 15,865 1,625,845 
Comcast Corp. Class A 12,000 807,000 
ConocoPhillips Co. 16,900 689,858 
CVS Health Corp. 14,400 1,335,168 
Danaher Corp. 8,400 684,096 
Deluxe Corp. 2,700 182,493 
Diamond Hill Investment Group, Inc. 2,900 553,871 
Dr. Pepper Snapple Group, Inc. 6,241 614,801 
E.I. du Pont de Nemours & Co. 8,300 574,111 
EMC Corp. 24,700 698,516 
Exxon Mobil Corp. 13,630 1,212,389 
First NBC Bank Holding Co. (a) 2,200 41,866 
Fortive Corp. (a) 4,200 202,482 
General Electric Co. 38,600 1,202,004 
H&R Block, Inc. 20,100 478,179 
IBM Corp. 3,370 541,289 
Johnson & Johnson 13,100 1,640,513 
JPMorgan Chase & Co. 17,730 1,134,188 
L Brands, Inc. 5,600 413,840 
McDonald's Corp. 4,400 517,660 
McGraw Hill Financial, Inc. 8,140 994,708 
Microsoft Corp. 23,564 1,335,608 
Molson Coors Brewing Co. Class B 4,300 439,288 
Monsanto Co. 1,800 192,186 
MSCI, Inc. Class A 7,400 636,696 
Oracle Corp. 17,326 711,059 
PepsiCo, Inc. 8,500 925,820 
Procter & Gamble Co. 12,200 1,044,198 
Roper Technologies, Inc. 2,300 391,828 
SunTrust Banks, Inc. 14,900 630,121 
Target Corp. 7,300 549,909 
The Coca-Cola Co. 20,700 903,141 
U.S. Bancorp 23,180 977,501 
United Technologies Corp. 6,100 656,665 
VF Corp. 4,220 263,455 
W.R. Grace & Co. 4,200 314,454 
Wells Fargo & Co. 26,257 1,259,548 
TOTAL UNITED STATES OF AMERICA  32,331,116 
TOTAL COMMON STOCKS   
(Cost $65,956,511)  73,035,664 
 Principal Amount(c) Value 
Nonconvertible Bonds - 0.0%   
Canada - 0.0%   
Constellation Software, Inc. 7.6% 3/31/40
(Cost $2,060)(d) 
CAD2,400 2,095 
 Shares Value 
Money Market Funds - 4.3%   
Fidelity Cash Central Fund, 0.42% (e)   
(Cost $3,291,837) 3,291,837 3,291,837 
TOTAL INVESTMENT PORTFOLIO - 99.9%   
(Cost $69,250,408)  76,329,596 
NET OTHER ASSETS (LIABILITIES) - 0.1%  49,349 
NET ASSETS - 100%  $76,378,945 

Currency Abbreviations

CAD – Canadian dollar

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $148,770 or 0.2% of net assets.

 (c) Amount is stated in United States dollars unless otherwise noted.

 (d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


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 $11,674 
Fidelity Securities Lending Cash Central Fund 3,965 
Total $15,639 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $10,011,396 $7,523,405 $2,487,991 $-- 
Consumer Staples 10,360,272 7,775,555 2,584,717 -- 
Energy 5,670,343 5,670,343 -- -- 
Financials 13,680,051 11,063,858 2,616,193 -- 
Health Care 10,332,444 5,796,978 4,535,466 -- 
Industrials 5,776,530 4,934,050 842,480 -- 
Information Technology 12,152,457 10,107,826 2,044,631 -- 
Materials 1,660,253 1,660,253 -- -- 
Telecommunication Services 3,391,918 1,651,550 1,740,368 -- 
Corporate Bonds 2,095 -- 2,095 -- 
Money Market Funds 3,291,837 3,291,837 -- -- 
Total Investments in Securities: $76,329,596 $59,475,655 $16,853,941 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $1,508,625 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $69,588,607. Net unrealized appreciation aggregated $6,740,989, of which $10,442,548 related to appreciated investment securities and $3,701,559 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Nordic Fund

July 31, 2016







NOR-QTLY-0916
1.804855.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.5%   
 Shares Value 
Bermuda - 1.5%   
Vostok Emerging Finance Ltd. (depository receipt) (a) 9,489,995 $1,330,840 
Vostok New Ventures Ltd. SDR (a) 919,054 5,665,549 
TOTAL BERMUDA  6,996,389 
Denmark - 20.2%   
Alm. Brand A/S 1,265,654 8,579,029 
Carlsberg A/S Series B 91,900 9,122,942 
DONG Energy A/S (b) 375,900 15,310,458 
DSV de Sammensluttede Vognmaend A/S 312,400 13,907,295 
Jyske Bank A/S (Reg.) 107,400 4,466,425 
NNIT A/S 138,748 5,724,211 
Novo Nordisk A/S Series B 384,005 21,836,939 
Novozymes A/S Series B 175,700 8,621,871 
Scandinavian Tobacco Group A/S 445,507 7,867,540 
TOTAL DENMARK  95,436,710 
Finland - 14.3%   
Amer Group PLC (A Shares) 264,700 7,510,820 
Cramo Oyj (B Shares) 455,600 10,752,607 
Olvi PLC (A Shares) 320,546 9,339,133 
Raisio Group PLC (V Shares) 1,784,000 8,217,389 
Sampo Oyj (A Shares) 28,500 1,181,161 
Vaisala Oyj 455,400 16,501,137 
Valmet Corp. 1,062,585 13,875,490 
TOTAL FINLAND  67,377,737 
Malta - 7.2%   
Kambi Group PLC (a) 1,373,411 19,059,548 
Unibet Group PLC unit 1,470,698 14,987,129 
TOTAL MALTA  34,046,677 
Norway - 4.1%   
Schibsted ASA (B Shares) 291,854 8,595,997 
TGS Nopec Geophysical Co. ASA (b) 226,058 3,753,723 
Zalaris ASA (A Shares) (c) 1,912,400 7,026,591 
TOTAL NORWAY  19,376,311 
Sweden - 52.2%   
AcadeMedia AB 350,000 2,372,327 
Addlife AB (a) 227,375 3,341,405 
AddTech AB (B Shares) 667,000 9,646,050 
Bravida AB 2,631,700 17,453,427 
Coor Service Management Holding AB 711,900 4,118,155 
Dometic Group AB 2,180,500 15,289,237 
Dustin Group AB (b) 837,188 5,454,392 
East Capital Explorer AB (c) 1,420,992 10,710,995 
Eltel AB 1,620,600 17,092,340 
Getinge AB (B Shares) 907,800 18,406,369 
H&M Hennes & Mauritz AB (B Shares) 921,472 27,826,649 
Hemfosa Fastigheter AB 1,624,989 17,423,483 
Mekonomen AB (b) 411,100 9,512,423 
Nobia AB 1,554,000 14,592,018 
Nordea Bank AB 2,096,000 18,677,106 
Pandox AB 271,300 4,632,106 
Svenska Cellulosa AB (SCA) (B Shares) 780,700 23,209,198 
Svenska Handelsbanken AB (A Shares) 1,739,000 20,908,049 
Systemair AB (b) 482,379 5,848,641 
TOTAL SWEDEN  246,514,370 
TOTAL COMMON STOCKS   
(Cost $425,410,310)  469,748,194 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 0.42% (d) 115,202 115,202 
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) 10,945,059 10,945,059 
TOTAL MONEY MARKET FUNDS   
(Cost $11,060,261)  11,060,261 
TOTAL INVESTMENT PORTFOLIO - 101.9%   
(Cost $436,470,571)  480,808,455 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (8,881,333) 
NET ASSETS - 100%  $471,927,122 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $29,399 
Fidelity Securities Lending Cash Central Fund 476,011 
Total $505,410 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
East Capital Explorer AB $5,881,630 $2,469,905 $-- $116,274 $10,710,995 
Zalaris ASA (A Shares) 7,941,931 347,140 -- 195,500 7,026,591 
Total $13,823,561 $2,817,045 $-- $311,774 $17,737,586 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $129,832,646 $102,005,997 $27,826,649 $-- 
Consumer Staples 49,888,662 26,679,464 23,209,198 -- 
Energy 3,753,723 3,753,723 -- -- 
Financials 96,810,177 75,902,128 20,908,049 -- 
Health Care 49,308,924 27,471,985 21,836,939 -- 
Industrials 99,720,596 99,720,596 -- -- 
Information Technology 16,501,137 16,501,137 -- -- 
Materials 8,621,871 8,621,871 -- -- 
Utilities 15,310,458 15,310,458 -- -- 
Money Market Funds 11,060,261 11,060,261 -- -- 
Total Investments in Securities: $480,808,455 $387,027,620 $93,780,835 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $16,730,070 
Level 2 to Level 1 $0 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $438,966,190. Net unrealized appreciation aggregated $41,842,265, of which $62,285,073 related to appreciated investment securities and $20,442,808 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® International Discovery Fund

July 31, 2016







IGI-QTLY-0916
1.804822.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value (000s) 
Australia - 2.4%   
1-Page Ltd. (a)(b) 2,531,460 $770 
Australia & New Zealand Banking Group Ltd. 2,945,060 57,832 
Bapcor Ltd. 7,454,296 32,403 
Magellan Financial Group Ltd. 1,204,177 20,901 
Ramsay Health Care Ltd. 1,164,235 69,710 
Spark Infrastructure Group unit 28,900,918 57,544 
TOTAL AUSTRALIA  239,160 
Austria - 0.6%   
Erste Group Bank AG 995,900 26,394 
Wienerberger AG 2,226,200 34,347 
TOTAL AUSTRIA  60,741 
Bailiwick of Jersey - 1.7%   
Integrated Diagnostics Holdings PLC 4,086,300 16,059 
Randgold Resources Ltd. sponsored ADR (b) 241,314 28,381 
Regus PLC 11,055,488 44,670 
Shire PLC 788,000 50,907 
Wolseley PLC 514,260 28,674 
TOTAL BAILIWICK OF JERSEY  168,691 
Belgium - 1.9%   
Anheuser-Busch InBev SA NV 872,627 112,737 
KBC Groep NV (a) 1,471,256 76,462 
TOTAL BELGIUM  189,199 
Bermuda - 0.2%   
PAX Global Technology Ltd. 16,959,000 14,012 
Canada - 1.9%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 547,900 24,771 
Cenovus Energy, Inc. 2,806,100 40,169 
Constellation Software, Inc. 107,800 43,884 
Franco-Nevada Corp. 297,300 22,901 
PrairieSky Royalty Ltd. (b) 1,734,473 33,756 
Suncor Energy, Inc. 676,200 18,199 
TOTAL CANADA  183,680 
Cayman Islands - 1.4%   
Alibaba Group Holding Ltd. sponsored ADR (a) 453,700 37,421 
Ctrip.com International Ltd. ADR (a) 744,000 32,490 
New Oriental Education & Technology Group, Inc. sponsored ADR 1,446,000 63,711 
TOTAL CAYMAN ISLANDS  133,622 
China - 0.3%   
Kweichow Moutai Co. Ltd. 663,582 31,308 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 517,230 103 
Denmark - 1.9%   
DONG Energy A/S 775,800 31,598 
Novo Nordisk A/S Series B 2,342,745 133,223 
Pandora A/S 205,700 26,773 
TOTAL DENMARK  191,594 
Finland - 0.7%   
Sampo Oyj (A Shares) 1,653,500 68,528 
France - 8.9%   
Accor SA 1,251,036 52,345 
ALTEN 608,659 42,203 
Altran Technologies SA 2,384,000 34,596 
Amundi SA 516,400 22,571 
Atos Origin SA 450,682 44,174 
AXA SA 3,749,100 76,303 
Capgemini SA 855,800 82,236 
Cegedim SA (a) 536,390 15,676 
Dassault Aviation SA 18,200 19,301 
Havas SA 4,911,881 41,384 
Maisons du Monde SA 965,200 20,611 
Sodexo SA 431,200 50,498 
SR Teleperformance SA 290,100 26,981 
Total SA 4,400,671 211,636 
VINCI SA 1,901,400 144,318 
TOTAL FRANCE  884,833 
Germany - 9.3%   
adidas AG 269,200 44,222 
Axel Springer Verlag AG 625,002 34,246 
Beiersdorf AG 242,900 22,809 
Deutsche Borse AG  759,594 63,522 
Deutsche Post AG 1,715,798 51,198 
Deutsche Telekom AG 3,793,800 64,542 
Fresenius SE & Co. KGaA 468,700 34,998 
GEA Group AG 878,941 46,907 
Henkel AG & Co. KGaA 364,600 39,580 
KION Group AG 1,369,149 75,051 
LEG Immobilien AG 314,266 31,548 
Nexus AG 614,500 11,631 
ProSiebenSat.1 Media AG 1,170,000 53,594 
Rational AG 104,405 50,507 
SAP AG 1,936,053 169,450 
Siemens AG 685,498 74,408 
Symrise AG 637,700 44,944 
United Internet AG 244,148 10,793 
TOTAL GERMANY  923,950 
Hong Kong - 3.5%   
AIA Group Ltd. 24,402,600 151,132 
China Resources Beer Holdings Co. Ltd. 16,944,000 32,803 
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) 5,648,000 2,271 
Techtronic Industries Co. Ltd. 38,444,000 162,777 
TOTAL HONG KONG  348,983 
India - 3.0%   
Bharti Infratel Ltd. 12,647,734 75,027 
Dr Lal Pathlabs Ltd. 798,016 11,643 
HDFC Bank Ltd. sponsored ADR 1,433,184 99,277 
Housing Development Finance Corp. Ltd. 5,581,896 115,105 
TOTAL INDIA  301,052 
Indonesia - 0.3%   
PT Bank Rakyat Indonesia Tbk 33,710,000 29,660 
Ireland - 2.9%   
Cairn Homes PLC (a) 17,549,270 18,737 
CRH PLC 2,551,000 77,844 
Dalata Hotel Group PLC (a) 5,126,600 22,181 
Green REIT PLC 9,492,200 15,579 
Irish Continental Group PLC unit 101,800 537 
James Hardie Industries PLC CDI 1,790,532 29,664 
Kerry Group PLC Class A 916,300 78,420 
Ryanair Holdings PLC sponsored ADR 685,066 48,482 
TOTAL IRELAND  291,444 
Isle of Man - 0.7%   
Paysafe Group PLC (a) 11,752,725 60,039 
Playtech Ltd. 954,924 10,989 
TOTAL ISLE OF MAN  71,028 
Israel - 1.4%   
Frutarom Industries Ltd. 1,032,000 51,638 
Partner Communications Co. Ltd. (a) 1,242,009 5,931 
Teva Pharmaceutical Industries Ltd. sponsored ADR 1,526,500 81,668 
TOTAL ISRAEL  139,237 
Italy - 0.8%   
De Longhi SpA 1,518,600 37,946 
Intesa Sanpaolo SpA 14,664,500 32,360 
Mediaset SpA 3,440,200 10,415 
TOTAL ITALY  80,721 
Japan - 16.6%   
ACOM Co. Ltd. (a) 3,246,300 15,357 
Aozora Bank Ltd. 9,464,000 34,727 
Astellas Pharma, Inc. 6,868,900 114,448 
Casio Computer Co. Ltd. (b) 2,015,200 28,686 
Daito Trust Construction Co. Ltd. 484,800 81,407 
Dentsu, Inc. 1,274,300 60,879 
Don Quijote Holdings Co. Ltd. 1,060,100 41,606 
Hoya Corp. 1,146,200 40,668 
Japan Tobacco, Inc. 2,290,300 89,321 
KDDI Corp. 4,671,200 143,346 
Keyence Corp. 95,360 67,264 
LINE Corp. sponsored ADR 47,048 1,728 
Misumi Group, Inc. 3,181,300 58,431 
Mitsubishi UFJ Financial Group, Inc. 11,142,500 56,331 
Monex Group, Inc. 12,156,649 29,896 
Nidec Corp. 324,300 29,427 
Nintendo Co. Ltd. 170,000 35,286 
Nippon Telegraph & Telephone Corp. 904,500 42,982 
Olympus Corp. 2,480,700 85,604 
ORIX Corp. 8,336,700 116,994 
Seven & i Holdings Co. Ltd. 1,034,700 42,964 
Seven Bank Ltd. 6,915,800 23,626 
Shionogi & Co. Ltd. 856,200 44,409 
Sony Corp. 3,550,700 116,559 
Sundrug Co. Ltd. 622,500 54,000 
Tsuruha Holdings, Inc. 653,500 74,311 
United Arrows Ltd. 827,700 23,069 
VT Holdings Co. Ltd. 3,872,500 20,475 
Welcia Holdings Co. Ltd. 1,150,800 75,929 
TOTAL JAPAN  1,649,730 
Luxembourg - 1.1%   
Eurofins Scientific SA 171,419 64,288 
Grand City Properties SA 1,528,397 34,004 
Senvion SA 598,599 7,425 
TOTAL LUXEMBOURG  105,717 
Marshall Islands - 0.2%   
Hoegh LNG Partners LP (c) 715,655 13,655 
Netherlands - 3.9%   
Basic-Fit NV 579,100 9,553 
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit 223,700 3,754 
IMCD Group BV 1,926,800 81,697 
ING Groep NV (Certificaten Van Aandelen) 5,842,000 65,314 
RELX NV 2,922,034 52,653 
Unilever NV (Certificaten Van Aandelen) (Bearer) 3,767,600 174,532 
TOTAL NETHERLANDS  387,503 
New Zealand - 0.9%   
EBOS Group Ltd. 3,154,998 37,596 
Ryman Healthcare Group Ltd. 7,137,434 49,124 
TOTAL NEW ZEALAND  86,720 
Norway - 1.5%   
Statoil ASA (b) 9,044,100 143,778 
Philippines - 0.3%   
SM Investments Corp. 2,110,335 30,855 
Romania - 0.2%   
Banca Transilvania SA 37,524,529 21,490 
South Africa - 1.4%   
EOH Holdings Ltd. 2,855,067 29,145 
Naspers Ltd. Class N 711,700 111,682 
TOTAL SOUTH AFRICA  140,827 
Spain - 2.6%   
Amadeus IT Holding SA Class A 1,825,700 85,717 
Atresmedia Corporacion de Medios de Comunicacion SA 1,719,200 18,010 
Grifols SA ADR 1,060,876 17,971 
Hispania Activos Inmobiliarios SA 1,424,325 19,061 
Inditex SA 2,288,877 79,158 
Mediaset Espana Comunicacion SA 2,931,000 33,686 
TOTAL SPAIN  253,603 
Sweden - 3.6%   
ASSA ABLOY AB (B Shares) 3,682,800 80,794 
Getinge AB (B Shares) 280,678 5,691 
HEXPOL AB (B Shares) 2,967,500 26,408 
Indutrade AB (b) 864,300 18,262 
Nordea Bank AB 5,749,200 51,230 
Saab AB (B Shares) 980,200 33,655 
Sandvik AB 2,242,600 24,033 
Svenska Cellulosa AB (SCA) (B Shares) 2,997,500 89,112 
Svenska Handelsbanken AB (A Shares) 2,567,100 30,864 
TOTAL SWEDEN  360,049 
Switzerland - 4.7%   
ABB Ltd. (Reg.) 2,419,860 51,403 
GAM Holding Ltd. 1,405,187 15,441 
Julius Baer Group Ltd. 949,640 38,939 
Kaba Holding AG (B Shares) (Reg.) 34,511 25,228 
Novartis AG 1,012,874 84,011 
Partners Group Holding AG 247,326 113,175 
Schindler Holding AG (participation certificate) 181,273 34,770 
Syngenta AG (Switzerland) 139,722 54,951 
UBS Group AG 3,690,490 50,834 
TOTAL SWITZERLAND  468,752 
Taiwan - 0.1%   
JHL Biotech, Inc. (a) 4,654,560 10,386 
United Kingdom - 13.2%   
AA PLC 3,830,868 12,568 
B&M European Value Retail S.A. 9,180,129 31,261 
BAE Systems PLC 4,147,100 29,281 
BCA Marketplace PLC 7,762,300 18,568 
BHP Billiton PLC 2,881,014 36,325 
Booker Group PLC 10,000,100 23,028 
British American Tobacco PLC (United Kingdom) 1,266,500 80,834 
BT Group PLC 6,133,600 33,511 
Bunzl PLC 2,075,300 64,956 
Cineworld Group PLC 2,055,200 15,980 
CMC Markets PLC 12,479,500 45,947 
Compass Group PLC 2,013,000 38,243 
Countryside Properties PLC (a) 3,312,793 9,944 
Dialog Semiconductor PLC (a) 5,246 172 
Diploma PLC 2,312,600 26,122 
GlaxoSmithKline PLC 5,512,900 123,120 
Howden Joinery Group PLC 7,427,100 42,463 
Imperial Tobacco Group PLC 1,848,336 97,444 
London Stock Exchange Group PLC 1,031,436 37,880 
McCarthy & Stone PLC 3,908,855 8,836 
Melrose Industries PLC (b) 1,586,476 14,372 
Micro Focus International PLC 3,632,054 93,060 
Moneysupermarket.com Group PLC 5,210,600 20,584 
NCC Group Ltd. 4,411,380 18,980 
Reckitt Benckiser Group PLC 900,800 87,342 
Rex Bionics PLC (a)(c) 1,297,286 558 
Rio Tinto PLC 1,185,200 38,462 
SABMiller PLC 719,300 42,019 
Softcat PLC 3,518,800 16,174 
Spirax-Sarco Engineering PLC 539,500 28,439 
St. James's Place Capital PLC 2,354,900 28,860 
Standard Chartered PLC (United Kingdom) 6,529,771 52,248 
Virgin Money Holdings Uk PLC 61,489 215 
Vodafone Group PLC 30,823,796 93,639 
TOTAL UNITED KINGDOM  1,311,435 
United States of America - 3.1%   
Constellation Brands, Inc. Class A (sub. vtg.) 213,200 35,099 
Coty, Inc. Class A 400,372 10,758 
Global Payments, Inc. 590,800 44,109 
McGraw Hill Financial, Inc. 462,400 56,505 
Monsanto Co. 305,900 32,661 
MSCI, Inc. Class A 586,700 50,480 
Visa, Inc. Class A 1,007,700 78,651 
TOTAL UNITED STATES OF AMERICA  308,263 
TOTAL COMMON STOCKS   
(Cost $8,374,056)  9,644,309 
Nonconvertible Preferred Stocks - 0.3%   
Cayman Islands - 0.3%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $18,833) 5,958,244 23,003 
 Principal Amount (000s) Value (000s) 
Government Obligations - 0.1%   
United States of America - 0.1%   
U.S. Treasury Bills, yield at date of purchase 0.2% to 0.35% 8/4/16 to 10/27/16 (e)   
(Cost $12,104) 12,110 12,105 
 Shares Value (000s) 
Money Market Funds - 3.7%   
Fidelity Cash Central Fund, 0.42% (f) 243,242,606 243,243 
Fidelity Securities Lending Cash Central Fund, 0.45% (f)(g) 125,143,364 125,143 
TOTAL MONEY MARKET FUNDS   
(Cost $368,386)  368,386 
TOTAL INVESTMENT PORTFOLIO - 101.3%   
(Cost $8,773,379)  10,047,803 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (126,056) 
NET ASSETS - 100%  $9,921,747 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
2,009 CME Yen Denominated Nikkei 225 Contracts (United States) Sept. 2016 160,665 $(7,249) 

The face value of futures purchased as a percentage of Net Assets is 1.6%

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $23,003,000 or 0.3% of net assets.

 (e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $12,105,000.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $18,833 

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $790 
Fidelity Securities Lending Cash Central Fund 3,525 
Total $4,315 

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Hoegh LNG Partners LP $11,465 $-- $-- $832 $13,655 
Rex Bionics PLC 976 -- -- 558 
Total $12,441 $-- $4 $832 $14,213 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Consumer Discretionary $1,449,916 $756,087 $670,826 $23,003 
Consumer Staples 1,321,392 614,842 706,550 -- 
Energy 461,193 105,779 355,414 -- 
Financials 1,961,856 1,425,052 536,804 -- 
Health Care 1,112,225 435,835 676,390 -- 
Industrials 1,285,222 932,804 352,418 -- 
Information Technology 1,041,437 769,437 272,000 -- 
Materials 478,526 270,944 207,582 -- 
Telecommunication Services 458,978 80,958 378,020 -- 
Utilities 96,567 96,567 -- -- 
Government Obligations 12,105 -- 12,105 -- 
Money Market Funds 368,386 368,386 -- -- 
Total Investments in Securities: $10,047,803 $5,856,691 $4,168,109 $23,003 
Derivative Instruments:     
Liabilities     
Futures Contracts $(7,249) $(7,249) $-- $-- 
Total Liabilities $(7,249) $(7,249) $-- $-- 
Total Derivative Instruments: $(7,249) $(7,249) $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total (000s) 
Level 1 to Level 2 $325,085 
Level 2 to Level 1 $817,177 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $8,784,000,000. Net unrealized appreciation aggregated $1,263,803,000, of which $1,723,217,000 related to appreciated investment securities and $459,414,000 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Series Emerging Markets Fund

July 31, 2016







ILF-QTLY-0916
1.873106.107





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.4%   
 Shares Value 
Argentina - 0.4%   
Grupo Superveille SA sponsored ADR  630,952 $8,549,400 
Telecom Argentina SA Class B sponsored ADR (a) 1,326,073 25,076,040 
YPF SA Class D sponsored ADR 1,779,100 32,859,977 
TOTAL ARGENTINA  66,485,417 
Austria - 0.4%   
Erste Group Bank AG 2,097,140 55,578,803 
Bermuda - 1.4%   
AGTech Holdings Ltd. (b) 74,748,000 18,594,509 
Credicorp Ltd. (United States) 299,240 47,977,149 
GP Investments Ltd. Class A (depositary receipt) (b)(c) 7,978,637 15,871,641 
PAX Global Technology Ltd. 42,386,000 35,019,367 
Shangri-La Asia Ltd. 74,510,000 79,999,523 
VimpelCom Ltd. sponsored ADR 2,559,344 10,442,124 
TOTAL BERMUDA  207,904,313 
Brazil - 3.1%   
B2W Companhia Global do Varejo (b) 11,962,294 47,961,332 
BB Seguridade Participacoes SA 5,610,300 52,151,012 
Cielo SA 5,083,625 57,618,807 
Companhia de Saneamento de Minas Gerais 4,101,070 41,739,239 
Cosan SA Industria e Comercio 3,298,000 34,633,882 
Direcional Engenharia SA (c) 13,592,100 26,828,719 
FPC Par Corretora de Seguros (c) 9,576,300 38,424,520 
Metalurgica Gerdau SA rights 8/9/16(b) 191,156 952,125 
Minerva SA (b)(c) 12,847,500 38,038,490 
Smiles SA (c) 7,533,600 120,727,195 
TOTAL BRAZIL  459,075,321 
British Virgin Islands - 0.2%   
Mail.Ru Group Ltd. GDR (Reg. S) (b) 1,528,901 29,507,789 
Canada - 0.6%   
Pan American Silver Corp. 3,200,800 62,415,600 
Torex Gold Resources, Inc. (b) 1,079,590 22,391,374 
TOTAL CANADA  84,806,974 
Cayman Islands - 12.2%   
51job, Inc. sponsored ADR (a)(b) 900,100 28,641,182 
58.com, Inc. ADR (a)(b) 3,401,122 176,892,355 
AAC Technology Holdings, Inc. 3,969,500 37,042,663 
Alibaba Group Holding Ltd. sponsored ADR (b) 5,573,906 459,735,767 
Autohome, Inc. ADR Class A (b) 585,900 12,714,030 
Bitauto Holdings Ltd. ADR (a)(b) 2,306,460 63,427,650 
BizLink Holding, Inc. 1,471,000 9,061,127 
China State Construction International Holdings Ltd. 31,906,000 42,687,188 
CK Hutchison Holdings Ltd. 2,784,270 32,585,548 
Ctrip.com International Ltd. ADR (b) 1,177,600 51,425,792 
Haitian International Holdings Ltd. 15,980,000 26,776,139 
Himax Technologies, Inc. sponsored ADR (a) 1,203,200 10,768,640 
JD.com, Inc. sponsored ADR (b) 4,362,000 94,437,300 
Sino Biopharmaceutical Ltd. 73,576,000 49,124,005 
SouFun Holdings Ltd. ADR (a)(b) 5,558,200 28,457,984 
Sunny Optical Technology Group Co. Ltd. 4,761,000 18,962,015 
Tencent Holdings Ltd. 19,365,900 467,747,050 
Uni-President China Holdings Ltd. 110,383,000 84,653,904 
Vipshop Holdings Ltd. ADR (b) 8,194,900 116,613,427 
TOTAL CAYMAN ISLANDS  1,811,753,766 
Chile - 1.7%   
Compania Cervecerias Unidas SA sponsored ADR 2,722,400 62,261,288 
CorpBanca SA 3,748,503,074 32,638,001 
Enersis SA 178,103,396 31,284,059 
Inversiones La Construccion SA 2,702,822 30,964,890 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 1,492,200 36,976,716 
Vina Concha y Toro SA 34,096,719 58,094,372 
TOTAL CHILE  252,219,326 
China - 7.8%   
Anhui Conch Cement Co. Ltd. (H Shares) 15,521,500 40,838,341 
BBMG Corp. (H Shares) 156,886,500 57,429,065 
China Life Insurance Co. Ltd. (H Shares) 36,820,900 83,520,360 
China Longyuan Power Grid Corp. Ltd. (H Shares) 50,041,410 40,118,784 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 31,219,694 110,257,220 
China Petroleum & Chemical Corp. (H Shares) 61,076,000 43,802,018 
China Shenhua Energy Co. Ltd. (H Shares) 22,475,000 42,931,468 
China Suntien Green Energy Corp. Ltd. (H Shares) 70,530,500 8,090,862 
China Telecom Corp. Ltd. (H Shares) 88,048,882 43,352,589 
Industrial & Commercial Bank of China Ltd. (H Shares) 390,191,400 222,600,541 
Inner Mongoli Yili Industries Co. Ltd. 18,403,379 51,405,854 
Kweichow Moutai Co. Ltd. 2,206,529 104,103,981 
Maanshan Iron & Steel Ltd. (H Shares) (b) 72,204,000 16,100,345 
PetroChina Co. Ltd. (H Shares) 45,452,000 31,156,703 
PICC Property & Casualty Co. Ltd. (H Shares) 34,964,500 54,170,098 
Qingdao Haier Co. Ltd. 53,518,837 88,212,325 
Shanghai International Airport Co. Ltd. 7,726,398 32,454,515 
Zhengzhou Yutong Bus Co. Ltd. 11,518,554 39,862,473 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 7,925,500 43,721,824 
TOTAL CHINA  1,154,129,366 
Colombia - 0.2%   
Bancolombia SA sponsored ADR 864,511 29,531,696 
Czech Republic - 0.2%   
MONETA Money Bank A/S 10,087,900 31,108,898 
Egypt - 0.1%   
Citadel Capital Corp. (b) 54,615,500 6,211,933 
Global Telecom Holding GDR (b) 6,032,799 10,678,054 
TOTAL EGYPT  16,889,987 
Greece - 0.5%   
Hellenic Telecommunications Organization SA 1,792,380 17,433,763 
Titan Cement Co. SA (Reg.) 2,474,800 56,553,932 
TOTAL GREECE  73,987,695 
Hong Kong - 5.6%   
AIA Group Ltd. 11,894,920 73,668,657 
China Mobile Ltd. 6,027,795 74,645,350 
China Mobile Ltd. sponsored ADR 3,733,670 231,823,570 
China Resources Beer Holdings Co. Ltd. (a) 38,474,000 74,484,363 
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (b) 12,160,666 4,890,348 
China Resources Power Holdings Co. Ltd. 22,347,397 35,601,906 
CNOOC Ltd. 132,184,000 159,312,575 
CNOOC Ltd. sponsored ADR 16,626 2,001,604 
Far East Horizon Ltd. 121,017,750 95,149,551 
Sinotruk Hong Kong Ltd. 42,356,000 18,889,431 
Techtronic Industries Co. Ltd. 16,341,000 69,189,762 
TOTAL HONG KONG  839,657,117 
India - 9.5%   
Adani Ports & Special Economic Zone 15,288,386 53,304,642 
Axis Bank Ltd. 6,364,422 52,148,062 
Bharti Infratel Ltd. 7,959,095 47,213,655 
Coal India Ltd. 18,216,545 89,641,089 
Edelweiss Financial Services Ltd. 19,647,922 27,900,020 
Eicher Motors Ltd. 123,870 41,740,687 
Grasim Industries Ltd. 1,070,523 78,608,879 
Housing Development Finance Corp. Ltd. 3,811,126 78,589,643 
ICICI Bank Ltd. 6,155,085 24,000,920 
ICICI Bank Ltd. sponsored ADR 2,029,400 15,382,852 
ITC Ltd. 23,667,964 89,640,350 
JK Cement Ltd. 3,180,810 34,041,419 
Larsen & Toubro Ltd. 2,501,041 58,491,452 
LIC Housing Finance Ltd. 5,456,295 42,566,550 
Lupin Ltd. 4,182,662 109,177,173 
Oil & Natural Gas Corp. Ltd. 13,822,227 45,642,070 
Petronet LNG Ltd. 7,752,511 34,659,790 
Phoenix Mills Ltd. 6,598,413 35,776,258 
Power Grid Corp. of India Ltd. 41,549,640 109,710,249 
SREI Infrastructure Finance Ltd. (c) 41,882,982 47,063,766 
State Bank of India 19,684,364 67,745,752 
Sun Pharmaceutical Industries Ltd. 9,194,697 114,487,117 
Tata Consultancy Services Ltd. 3,034,412 119,241,398 
TOTAL INDIA  1,416,773,793 
Indonesia - 1.5%   
Link Net Tbk PT 52,028,841 17,358,173 
PT Astra International Tbk 145,034,900 85,536,100 
PT Bank Mandiri (Persero) Tbk 53,282,800 41,362,999 
PT Bank Rakyat Indonesia Tbk 64,251,900 56,533,431 
PT Kalbe Farma Tbk 164,657,800 21,055,985 
TOTAL INDONESIA  221,846,688 
Israel - 0.6%   
Bezeq The Israel Telecommunication Corp. Ltd. 43,899,815 86,804,942 
Japan - 0.8%   
Rakuten, Inc. 1,317,600 14,910,798 
Sony Corp. 878,700 28,845,008 
Suzuki Motor Corp. 2,628,900 80,508,295 
TOTAL JAPAN  124,264,101 
Korea (South) - 10.7%   
AMOREPACIFIC Group, Inc. 545,938 70,891,482 
Daou Technology, Inc. 2,180,287 52,116,853 
Duk San Neolux Co. Ltd. (b) 319,937 8,754,567 
E-Mart Co. Ltd. 5,099 749,179 
EO Technics Co. Ltd. 129,790 12,573,115 
Fila Korea Ltd. (c) 670,598 53,271,804 
Hanon Systems 3,488,604 35,895,503 
Hyundai Fire & Marine Insurance Co. Ltd. 816,317 22,227,179 
Hyundai Glovis Co. Ltd. 266,616 40,251,157 
Hyundai Industrial Development & Construction Co. 857,741 34,146,231 
Hyundai Mobis 509,337 116,715,434 
InterPark INT Corp. (c) 2,050,320 27,545,187 
Kakao Corp. 219,868 17,960,102 
KB Financial Group, Inc. 3,759,221 120,154,321 
KEPCO Plant Service & Engineering Co. Ltd. 482,369 29,736,263 
Korea Electric Power Corp. 1,475,025 81,289,229 
Korea Express Co. Ltd. (b) 110,546 19,917,751 
Korean Reinsurance Co. (c) 6,846,178 74,441,727 
KT Corp. 571,148 16,293,472 
KT Corp. sponsored ADR (a) 234,100 3,572,366 
LG Chemical Ltd. 295,262 64,608,462 
NAVER Corp. 29,505 18,825,081 
NCSOFT Corp. 213,191 48,086,755 
Samsung Electronics Co. Ltd. 144,020 199,179,349 
Samsung Fire & Marine Insurance Co. Ltd. 125,558 30,069,381 
Samsung SDI Co. Ltd. 384,432 36,446,420 
Shinhan Financial Group Co. Ltd. 3,749,944 134,889,791 
Shinhan Financial Group Co. Ltd. sponsored ADR 22,600 806,594 
SK Hynix, Inc. 5,490,855 169,738,868 
SK Telecom Co. Ltd. 9,914 2,050,727 
SK Telecom Co. Ltd. sponsored ADR (a) 1,205,200 27,611,132 
Viatron Technologies, Inc. 593,068 14,602,861 
TOTAL KOREA (SOUTH)  1,585,418,343 
Mauritius - 0.2%   
MakeMyTrip Ltd. (a)(b) 1,314,096 24,744,428 
Mexico - 4.5%   
America Movil S.A.B. de CV Series L sponsored ADR 3,254,120 37,520,004 
Banregio Grupo Financiero S.A.B. de CV 3,999,971 22,916,101 
CEMEX S.A.B. de CV sponsored ADR 5,915,412 45,252,902 
El Puerto de Liverpool S.A.B. de CV Class C 5,200,400 50,403,664 
Fibra Uno Administracion SA de CV 29,174,400 59,500,216 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 4,478,000 44,056,355 
Grupo Comercial Chedraui S.A.B. de CV 12,170,788 27,613,084 
Grupo Financiero Banorte S.A.B. de CV Series O 33,258,400 182,149,605 
Infraestructura Energetica Nova S.A.B. de CV (a) 4,022,500 16,248,755 
Macquarie Mexican (REIT) (c) 70,878,513 90,686,695 
Promotora y Operadora de Infraestructura S.A.B. de CV 2,386,446 27,830,415 
Tenedora Nemak SA de CV 2,136,698 2,428,429 
Wal-Mart de Mexico SA de CV Series V 25,831,500 59,033,588 
TOTAL MEXICO  665,639,813 
Netherlands - 0.9%   
Cnova NV (a)(b) 1,636,108 8,016,929 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (b)(d) 10,192,900 39,697,540 
Yandex NV (b) 4,010,380 86,824,727 
TOTAL NETHERLANDS  134,539,196 
Nigeria - 0.4%   
Guaranty Trust Bank PLC 12,996,925 982,171 
Guaranty Trust Bank PLC GDR (Reg. S) 4,534,017 19,496,273 
Transnational Corp. of Nigeria PLC 1,224,931,252 5,042,137 
Zenith Bank PLC 552,038,821 29,332,212 
TOTAL NIGERIA  54,852,793 
Pakistan - 0.4%   
Habib Bank Ltd. 30,750,600 63,812,812 
Panama - 0.3%   
Copa Holdings SA Class A 645,900 43,275,300 
Philippines - 1.4%   
Alliance Global Group, Inc. 146,064,250 50,088,027 
Metro Pacific Investments Corp. 54,507,156 8,674,879 
Metropolitan Bank & Trust Co. 35,447,717 71,421,978 
Robinsons Land Corp. 106,658,970 72,426,250 
TOTAL PHILIPPINES  202,611,134 
Romania - 0.1%   
Banca Transilvania SA 39,141,391 22,415,666 
Russia - 5.4%   
E.ON Russia JSC 565,259,400 25,697,503 
Lukoil PJSC sponsored ADR 3,761,900 160,821,225 
Magnit OJSC GDR (Reg. S) 2,636,800 101,174,016 
MegaFon PJSC (b) 1,324,400 13,446,704 
MegaFon PJSC GDR 405,200 4,003,376 
MMC Norilsk Nickel PJSC sponsored ADR 5,671,700 82,920,254 
Mobile TeleSystems OJSC 10,321,880 39,452,865 
NOVATEK OAO GDR (Reg. S) 887,100 88,532,580 
Rosneft Oil Co. OJSC (b) 16,656,000 82,156,812 
Sberbank of Russia 25,641,770 54,166,078 
Sberbank of Russia sponsored ADR 13,333,631 116,015,923 
Sistema JSFC 69,711,100 24,355,045 
Sistema JSFC sponsored GDR 846,300 6,888,882 
TOTAL RUSSIA  799,631,263 
Singapore - 0.8%   
Ascendas Real Estate Investment Trust 36,950,600 67,523,659 
CapitaMall Trust 13,259,400 21,164,404 
First Resources Ltd. 28,640,700 34,500,433 
TOTAL SINGAPORE  123,188,496 
South Africa - 7.5%   
Alexander Forbes Group Holdings Ltd. 45,711,992 20,614,647 
Aspen Pharmacare Holdings Ltd. 2,117,682 57,208,879 
Barclays Africa Group Ltd. 5,408,915 59,808,329 
Bidcorp Ltd. (b) 2,411,145 44,991,249 
Bidvest Group Ltd. 2,411,145 27,704,827 
Imperial Holdings Ltd. 7,010,400 83,703,103 
JSE Ltd. 1,905,292 23,321,254 
Life Healthcare Group Holdings Ltd. 15,883,300 43,194,566 
MTN Group Ltd. 3,355,900 33,921,464 
Naspers Ltd. Class N 3,379,600 530,338,059 
Nedbank Group Ltd. 2,307,300 33,077,187 
Sasol Ltd. 1,198,900 31,901,299 
Shoprite Holdings Ltd. 6,320,700 92,570,792 
Telkom SA Ltd. 8,269,100 38,375,177 
TOTAL SOUTH AFRICA  1,120,730,832 
Spain - 0.3%   
Banco Bilbao Vizcaya Argentaria SA 7,867,200 45,928,319 
Taiwan - 7.3%   
Advanced Semiconductor Engineering, Inc. 28,769,000 34,072,547 
Advantech Co. Ltd. 7,924,000 61,760,332 
Boardtek Electronics Corp. 10,592,000 13,564,977 
E.SUN Financial Holdings Co. Ltd. 76,004,420 42,517,951 
Hermes Microvision, Inc. 438,000 18,652,063 
HTC Corp. 6,577,000 19,657,208 
Inotera Memories, Inc. (b) 8,383,000 6,849,932 
King's Town Bank 28,696,000 21,103,316 
Largan Precision Co. Ltd. 512,000 55,031,271 
MediaTek, Inc. 3,608,000 27,610,799 
Siliconware Precision Industries Co. Ltd. 8,664,000 13,084,078 
Taiwan Cement Corp. 66,350,000 70,689,368 
Taiwan Fertilizer Co. Ltd. 15,211,000 21,273,123 
Taiwan Semiconductor Manufacturing Co. Ltd. 104,891,284 568,441,837 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 469,801 13,051,072 
Universal Cement Corp. 25,285,914 17,045,880 
Vanguard International Semiconductor Corp. 11,379,000 20,670,235 
Wistron NeWeb Corp. 5,660,000 15,155,473 
Yuanta Financial Holding Co. Ltd. 137,901,206 48,539,976 
TOTAL TAIWAN  1,088,771,438 
Thailand - 2.3%   
Intouch Holdings PCL NVDR 8,776,870 15,119,500 
Jasmine Broadband Internet Infrastructure Fund 71,462,900 24,415,978 
Kasikornbank PCL (For. Reg.) 23,812,304 136,392,611 
PTT Global Chemical PCL (For. Reg.) 16,269,400 28,376,860 
PTT PCL (For. Reg.) 7,695,900 72,915,504 
Star Petroleum Refining PCL 75,862,700 20,038,382 
Thai Union Frozen Products PCL (For. Reg.) 73,828,300 46,208,927 
TOTAL THAILAND  343,467,762 
Turkey - 0.9%   
Aselsan A/S 8,562,000 27,083,600 
Enka Insaat ve Sanayi A/S 14,312,550 21,079,924 
Tupras Turkiye Petrol Rafinelleri A/S 2,510,796 53,662,597 
Turkiye Garanti Bankasi A/S 15,312,500 37,665,969 
TOTAL TURKEY  139,492,090 
United Arab Emirates - 1.1%   
DP World Ltd. 2,410,405 40,952,781 
Emaar Properties PJSC 33,798,843 63,311,291 
First Gulf Bank PJSC 16,703,434 55,027,785 
TOTAL UNITED ARAB EMIRATES  159,291,857 
United Kingdom - 0.3%   
Fresnillo PLC 1,999,500 51,098,861 
United States of America - 0.8%   
Cognizant Technology Solutions Corp. Class A (b) 693,672 39,879,203 
First Cash Financial Services, Inc. 701,300 35,983,703 
Micron Technology, Inc. (b) 3,051,300 41,924,862 
TOTAL UNITED STATES OF AMERICA  117,787,768 
TOTAL COMMON STOCKS   
(Cost $12,368,542,879)  13,749,024,163 
Nonconvertible Preferred Stocks - 6.4%   
Brazil - 4.8%   
Ambev SA sponsored ADR 27,431,000 158,551,180 
Banco do Estado Rio Grande do Sul SA 8,741,136 29,061,635 
Companhia Paranaense de Energia-Copel:   
(PN-B) 165,000 1,636,057 
(PN-B) sponsored ADR 5,581,813 55,259,949 
Itau Unibanco Holding SA sponsored ADR 19,309,586 201,785,174 
Metalurgica Gerdau SA (PN) (c) 37,824,122 31,730,080 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (b) 12,589,400 91,776,726 
Telefonica Brasil SA 3,462,600 52,573,340 
Vale SA (PN-A) sponsored ADR 19,026,000 87,709,860 
TOTAL BRAZIL  710,084,001 
Cayman Islands - 0.2%   
China Internet Plus Holdings Ltd. Series A-11 (e) 7,577,282 29,253,613 
Korea (South) - 1.4%   
Hyundai Motor Co. Series 2 907,125 81,924,930 
Samsung Electronics Co. Ltd. 86,671 98,525,175 
Samsung Fire & Marine Insurance Co. Ltd. 191,001 29,350,441 
TOTAL KOREA (SOUTH)  209,800,546 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $894,080,267)  949,138,160 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.25% to 0.28% 9/15/16 to 10/13/16(f)   
(Cost $1,639,331) 1,640,000 1,639,436 
 Shares Value 
Money Market Funds - 1.9%   
Fidelity Cash Central Fund, 0.42% (g) 193,868,720 193,868,720 
Fidelity Securities Lending Cash Central Fund, 0.45% (g)(h) 94,249,944 94,249,944 
TOTAL MONEY MARKET FUNDS   
(Cost $288,118,664)  288,118,664 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $13,552,381,141)  14,987,920,423 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (109,004,513) 
NET ASSETS - 100%  $14,878,915,910 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
690 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Sept. 2016 30,411,750 $771,284 

The face value of futures purchased as a percentage of Net Assets is 0.2%

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

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

 (b) Non-income producing

 (c) Affiliated company

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $39,697,540 or 0.3% of net assets.

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $29,253,613 or 0.2% of net assets.

 (f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,639,436.

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
China Internet Plus Holdings Ltd. Series A-11 1/26/15 $23,950,652 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,733,232 
Fidelity Securities Lending Cash Central Fund 529,702 
Total $2,262,934 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Aquarius Platinum Ltd. (Australia) $15,805,131 $-- $- $-- $-- 
China Suntien Green Energy Corp. Ltd. (H Shares) 18,471,705 1,654,608 5,089,894 187,935 -- 
Direcional Engenharia SA 12,974,783 201,995 1,042,837 1,118,109 26,828,719 
Fila Korea Ltd. 57,918,933 4,383,793 3,491,849 112,515 53,271,804 
FPC Par Corretora de Seguros 21,739,477 5,222,561 -- 1,479,594 38,424,520 
GP Investments Ltd. Class A (depositary receipt) 17,741,993 -- 3,249,032 -- 15,871,641 
InterPark INT Corp. -- 35,193,348 -- 160,455 27,545,187 
Korean Reinsurance Co. 75,545,757 10,144,986 4,560,300 1,474,511 74,441,727 
Macquarie Mexican (REIT) 99,884,761 465,178 1,786,051 5,452,197 90,686,695 
Metalurgica Gerdau SA (PN) -- 18,809,798 1,386,192 -- 31,730,080 
Minerva SA 40,386,125 2,654,775 595,203 -- 38,038,490 
Smiles SA 23,204,758 62,995,986 15,124,164 5,283,471 120,727,195 
SREI Infrastructure Finance Ltd. 30,184,892 -- 2,264,636 312,244 47,063,766 
Total $413,858,315 $141,727,028 $38,590,158 $15,581,031 $564,629,824 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,949,436,659 $1,265,580,886 $654,602,160 $29,253,613 
Consumer Staples 1,203,856,880 1,203,856,880 -- -- 
Energy 1,126,537,163 860,364,568 266,172,595 -- 
Financials 3,710,321,644 2,906,334,806 803,986,838 -- 
Health Care 394,247,725 394,247,725 -- -- 
Industrials 834,338,839 834,338,839 -- -- 
Information Technology 3,240,015,219 2,156,669,707 1,083,345,512 -- 
Materials 915,768,013 796,320,793 119,447,220 -- 
Telecommunication Services 880,012,314 713,648,436 166,363,878 -- 
Utilities 443,627,867 362,338,638 81,289,229 -- 
Government Obligations 1,639,436 -- 1,639,436 -- 
Money Market Funds 288,118,664 288,118,664 -- -- 
Total Investments in Securities: $14,987,920,423 $11,781,819,942 $3,176,846,868 $29,253,613 
Derivative Instruments:     
Assets     
Futures Contracts $771,284 $771,284 $-- $-- 
Total Assets $771,284 $771,284 $-- $-- 
Total Derivative Instruments: $771,284 $771,284 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $238,746,297 
Level 2 to Level 1 $2,646,596,104 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $13,634,623,144. Net unrealized appreciation aggregated $1,353,297,279, of which $2,313,324,972 related to appreciated investment securities and $960,027,693 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® International Small Cap Opportunities Fund

July 31, 2016







ILS-QTLY-0916
1.834743.110





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%   
 Shares Value 
Australia - 2.4%   
Beacon Lighting Group Ltd. 2,695,741 $2,868,080 
DuluxGroup Ltd. 1,736,117 8,760,564 
Imdex Ltd. (a) 2,434,488 721,535 
RCG Corp. Ltd. (b) 6,879,148 9,776,002 
TFS Corp. Ltd. (b) 4,654,304 5,765,372 
TOTAL AUSTRALIA  27,891,553 
Austria - 1.8%   
Andritz AG 178,500 9,100,073 
Buwog-Gemeinnuetzige Wohnung 263,444 6,388,364 
Zumtobel AG (b) 316,081 4,797,114 
TOTAL AUSTRIA  20,285,551 
Bailiwick of Jersey - 0.4%   
Integrated Diagnostics Holdings PLC 1,112,779 4,373,221 
Belgium - 1.1%   
Gimv NV 56,688 3,078,864 
KBC Ancora (a) 304,448 9,404,502 
TOTAL BELGIUM  12,483,366 
Bermuda - 0.4%   
Vostok New Ventures Ltd. SDR (a) 712,589 4,392,786 
Canada - 2.1%   
Cara Operations Ltd. 287,000 6,735,097 
McCoy Global, Inc. (a) 636,215 877,101 
New Look Vision Group, Inc. 206,400 4,489,534 
Pason Systems, Inc. 427,700 5,729,310 
ShawCor Ltd. Class A 135,600 3,092,841 
Tesco Corp. 430,047 2,842,611 
TOTAL CANADA  23,766,494 
Cayman Islands - 0.6%   
58.com, Inc. ADR (a) 67,900 3,531,479 
Value Partners Group Ltd. 4,233,000 3,562,782 
TOTAL CAYMAN ISLANDS  7,094,261 
Denmark - 1.7%   
Jyske Bank A/S (Reg.) 213,127 8,863,275 
Scandinavian Tobacco Group A/S 207,610 3,666,340 
Spar Nord Bank A/S 816,369 6,748,322 
TOTAL DENMARK  19,277,937 
Finland - 0.7%   
Tikkurila Oyj 432,646 8,324,447 
France - 2.3%   
Elis SA 414,962 7,492,429 
Laurent-Perrier Group SA 51,163 4,060,645 
Vetoquinol SA 121,184 5,365,155 
Virbac SA (b) 49,252 9,702,230 
TOTAL FRANCE  26,620,459 
Germany - 5.3%   
alstria office REIT-AG 268,700 3,740,062 
CompuGroup Medical AG 486,478 21,004,739 
CTS Eventim AG 578,280 20,126,076 
Fielmann AG 151,773 11,728,435 
Nexus AG 278,558 5,272,473 
TOTAL GERMANY  61,871,785 
India - 0.4%   
Jyothy Laboratories Ltd. 1,189,354 5,138,909 
Ireland - 1.5%   
FBD Holdings PLC (a) 240,328 1,660,753 
James Hardie Industries PLC:   
CDI 405,775 6,722,438 
sponsored ADR 564,575 9,377,591 
TOTAL IRELAND  17,760,782 
Isle of Man - 0.7%   
Playtech Ltd. 655,514 7,543,260 
Israel - 2.0%   
Azrieli Group 155,005 6,800,676 
Ituran Location & Control Ltd. 347,108 8,316,708 
Strauss Group Ltd. 484,244 7,754,101 
TOTAL ISRAEL  22,871,485 
Italy - 3.1%   
Azimut Holding SpA 710,097 11,162,072 
Banco di Desio e della Brianza SpA 510,000 969,306 
Beni Stabili SpA SIIQ 10,671,275 6,985,299 
Interpump Group SpA 1,027,943 16,640,999 
TOTAL ITALY  35,757,676 
Japan - 27.8%   
Aoki Super Co. Ltd. 273,000 3,493,978 
Artnature, Inc. 950,500 7,653,791 
Asahi Co. Ltd. 398,900 5,651,840 
Autobacs Seven Co. Ltd. 400,300 5,800,241 
Azbil Corp. 591,900 17,864,379 
Broadleaf Co. Ltd. 90,700 910,404 
Central Automotive Products Ltd. 134,000 1,180,709 
Century21 Real Estate Japan Ltd. 72,900 936,253 
Coca-Cola Central Japan Co. Ltd. 258,700 4,992,309 
Daiichikosho Co. Ltd. 232,300 10,604,759 
Daikokutenbussan Co. Ltd. 169,500 7,372,376 
Funai Soken Holdings, Inc. 235,700 3,271,633 
GCA Savvian Group Corp. 527,761 4,566,619 
Glory Ltd. 245,500 6,812,775 
Goldcrest Co. Ltd. 522,130 8,221,998 
Iwatsuka Confectionary Co. Ltd. 50,400 1,728,659 
Japan Digital Laboratory Co. 499,100 6,881,909 
Kobayashi Pharmaceutical Co. Ltd. 272,000 12,837,260 
Koshidaka Holdings Co. Ltd. 166,900 3,351,310 
Lasertec Corp. 391,136 5,476,200 
Medikit Co. Ltd. 130,000 5,005,078 
Meiko Network Japan Co. Ltd. 112,600 1,203,198 
Miraial Co. Ltd. 20,900 148,931 
Misumi Group, Inc. 353,900 6,500,056 
Nagaileben Co. Ltd. 568,400 13,486,265 
Nakano Refrigerators Co. Ltd. 140,000 3,694,986 
ND Software Co. Ltd. 84,343 682,927 
Nihon Parkerizing Co. Ltd. 1,392,500 16,760,843 
NS Tool Co. Ltd. (b) 35,600 623,830 
OBIC Co. Ltd. 336,500 19,588,555 
OSG Corp. (b) 800,000 13,327,501 
Paramount Bed Holdings Co. Ltd. 224,600 8,528,928 
ProNexus, Inc. 592,800 6,264,670 
San-Ai Oil Co. Ltd. 631,000 4,236,492 
Seven Bank Ltd. 1,903,600 6,503,031 
SHO-BOND Holdings Co. Ltd. (b) 293,700 14,802,028 
Shoei Co. Ltd. 309,926 5,130,544 
SK Kaken Co. Ltd. 82,000 8,309,732 
Software Service, Inc. 62,900 2,626,697 
Techno Medica Co. Ltd. 79,491 1,229,710 
The Monogatari Corp. 109,300 5,714,332 
The Nippon Synthetic Chemical Industry Co. Ltd. 466,000 2,897,713 
TKC Corp. 247,400 7,004,207 
Tocalo Co. Ltd. 117,000 2,312,696 
Tsutsumi Jewelry Co. Ltd. 156,100 3,052,589 
USS Co. Ltd. 1,531,500 25,976,830 
Workman Co. Ltd. 222,500 7,472,221 
Yamada Consulting Group Co. Ltd. 135,700 5,767,844 
Yamato Kogyo Co. Ltd. 124,100 3,504,060 
TOTAL JAPAN  321,965,896 
Korea (South) - 1.6%   
BGFretail Co. Ltd. 93,633 16,786,290 
Leeno Industrial, Inc. 57,500 2,172,785 
TOTAL KOREA (SOUTH)  18,959,075 
Mexico - 0.6%   
Consorcio ARA S.A.B. de CV 17,546,078 6,475,673 
Netherlands - 2.2%   
Aalberts Industries NV 319,501 10,607,117 
Heijmans NV (Certificaten Van Aandelen) (a) 304,192 2,827,821 
VastNed Retail NV 292,355 12,266,789 
TOTAL NETHERLANDS  25,701,727 
Norway - 0.4%   
Kongsberg Gruppen ASA 335,600 5,011,835 
Philippines - 0.5%   
Jollibee Food Corp. 1,026,090 5,552,317 
South Africa - 0.7%   
Clicks Group Ltd. 944,913 8,458,524 
Spain - 2.1%   
Hispania Activos Inmobiliarios SA (b) 359,031 4,804,718 
Merlin Properties Socimi SA 680,300 7,788,292 
Prosegur Compania de Seguridad SA (Reg.) 1,793,190 12,189,101 
TOTAL SPAIN  24,782,111 
Sweden - 3.9%   
Addlife AB (a) 37,600 552,553 
AddTech AB (B Shares) 325,943 4,713,737 
Fagerhult AB 783,159 17,938,432 
Intrum Justitia AB 203,934 6,544,382 
Loomis AB (B Shares) 224,700 6,483,397 
Saab AB (B Shares) 251,900 8,648,851 
TOTAL SWEDEN  44,881,352 
Switzerland - 0.4%   
Tecan Group AG 26,000 4,179,530 
Taiwan - 0.4%   
Addcn Technology Co. Ltd. 546,900 4,391,494 
United Kingdom - 19.2%   
AA PLC 1,241,400 4,072,826 
Alliance Pharma PLC 4,548,400 2,753,958 
Bellway PLC 427,372 11,855,091 
Berendsen PLC 1,188,163 20,080,497 
Britvic PLC 583,571 4,827,044 
Dechra Pharmaceuticals PLC 659,609 11,610,362 
DP Poland PLC (a)(c) 8,208,000 5,268,496 
Elementis PLC 3,262,010 9,558,075 
Great Portland Estates PLC 1,015,989 9,190,414 
Hilton Food Group PLC 223,887 1,768,930 
Howden Joinery Group PLC 1,795,300 10,264,276 
Informa PLC 1,613,965 15,251,054 
InterContinental Hotel Group PLC ADR 180,775 7,321,388 
ITE Group PLC 3,080,234 6,675,327 
JUST EAT Ltd. (a) 720,770 5,122,459 
Rightmove PLC 182,147 9,765,440 
Shaftesbury PLC 1,139,573 14,086,288 
Spectris PLC 592,778 14,740,981 
Spirax-Sarco Engineering PLC 420,291 22,154,805 
Taylor Wimpey PLC 1,386,800 2,839,303 
Ted Baker PLC 211,200 6,574,137 
Topps Tiles PLC 3,130,908 4,972,320 
Ultra Electronics Holdings PLC 392,558 8,889,173 
Unite Group PLC 1,546,423 12,965,297 
TOTAL UNITED KINGDOM  222,607,941 
United States of America - 7.5%   
ANSYS, Inc. (a) 36,085 3,224,556 
Autoliv, Inc. 53,800 5,692,040 
Broadridge Financial Solutions, Inc. 93,905 6,355,490 
China Biologic Products, Inc. (a) 102,280 12,210,186 
Domino's Pizza, Inc. 44,000 6,481,200 
Energizer Holdings, Inc. 51,409 2,649,106 
Kennedy-Wilson Holdings, Inc. 460,229 9,687,820 
Martin Marietta Materials, Inc. 34,720 7,036,008 
Mohawk Industries, Inc. (a) 42,600 8,900,844 
PriceSmart, Inc. 139,799 10,887,546 
ResMed, Inc. 86,095 5,930,224 
SS&C Technologies Holdings, Inc. 238,116 7,672,098 
TOTAL UNITED STATES OF AMERICA  86,727,118 
TOTAL COMMON STOCKS   
(Cost $965,246,979)  1,085,148,565 
Nonconvertible Preferred Stocks - 1.8%   
Germany - 1.8%   
Sartorius AG (non-vtg.)   
(Cost $9,231,224) 262,080 20,944,029 
Money Market Funds - 4.5%   
Fidelity Cash Central Fund, 0.42% (d) 48,021,369 48,021,369 
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) 3,441,480 3,441,480 
TOTAL MONEY MARKET FUNDS   
(Cost $51,462,849)  51,462,849 
TOTAL INVESTMENT PORTFOLIO - 100.1%   
(Cost $1,025,941,052)  1,157,555,443 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (1,049,186) 
NET ASSETS - 100%  $1,156,506,257 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $244,670 
Fidelity Securities Lending Cash Central Fund 86,786 
Total $331,456 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
DP Poland PLC $2,507,081 $321,456 $-- $-- $5,268,496 
Total $2,507,081 $321,456 $-- $-- $5,268,496 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $228,793,813 $153,655,240 $75,138,573 $-- 
Consumer Staples 100,409,468 62,331,095 38,078,373 -- 
Energy 16,778,355 12,541,863 4,236,492 -- 
Financials 168,440,922 148,213,021 20,227,901 -- 
Health Care 135,458,265 103,898,660 31,559,605 -- 
Industrials 237,762,058 174,384,039 63,378,019 -- 
Information Technology 130,711,335 72,836,750 57,874,585 -- 
Materials 87,738,378 56,266,030 31,472,348 -- 
Money Market Funds 51,462,849 51,462,849 -- -- 
Total Investments in Securities: $1,157,555,443 $835,589,547 $321,965,896 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $29,416,696 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $1,032,038,902. Net unrealized appreciation aggregated $125,516,541, of which $202,585,130 related to appreciated investment securities and $77,068,589 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® China Region Fund

July 31, 2016







HKC-QTLY-0916
1.804836.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 17.4%   
Auto Components - 0.7%   
Weifu High-Technology Co. Ltd. (B Shares) 3,297,936 $6,890,537 
Automobiles - 1.4%   
Chongqing Changan Automobile Co. Ltd. (B Shares) 9,000,741 14,930,854 
Diversified Consumer Services - 1.5%   
New Oriental Education & Technology Group, Inc. sponsored ADR 297,200 13,094,632 
TAL Education Group ADR (a) 51,000 3,070,710 
  16,165,342 
Hotels, Restaurants & Leisure - 2.3%   
China CYTS Tours Holding Co. Ltd. 887,536 2,723,844 
China International Travel Service Corp. Ltd. (A Shares) 753,281 5,105,970 
Huangshan Tourism Development Co. Ltd. 7,381,914 10,054,167 
Shanghai Jin Jiang International Hotel Co. Ltd. (H Shares) 18,324,000 5,999,041 
  23,883,022 
Household Durables - 4.5%   
Haier Electronics Group Co. Ltd. 5,492,000 9,202,413 
Nien Made Enterprise Co. Ltd. 800,000 8,372,356 
Qingdao Haier Co. Ltd. 3,099,822 5,109,276 
Sundart Holdings Ltd. 20,000,000 11,755,001 
Techtronic Industries Co. Ltd. 3,218,500 13,627,517 
  48,066,563 
Internet & Catalog Retail - 2.9%   
Ctrip.com International Ltd. ADR (a)(b) 286,000 12,489,620 
JD.com, Inc. sponsored ADR (a) 390,500 8,454,325 
Qunar Cayman Islands Ltd. sponsored ADR (a)(b) 109,500 3,292,665 
Vipshop Holdings Ltd. ADR (a) 420,300 5,980,869 
  30,217,479 
Multiline Retail - 0.0%   
Lifestyle China Group Ltd. (a) 339,000 67,727 
Lifestyle International Holdings Ltd. 339,000 478,019 
  545,746 
Specialty Retail - 1.8%   
Chow Tai Fook Jewellery Group Ltd. (b) 14,980,800 11,546,863 
Luk Fook Holdings International Ltd. 2,830,000 7,185,889 
  18,732,752 
Textiles, Apparel & Luxury Goods - 2.3%   
Anta Sports Products Ltd. 582,000 1,296,267 
ECLAT Textile Co. Ltd. 110,000 1,235,897 
Lao Feng Xiang Co. Ltd. (B Shares) 2,499,988 8,982,457 
Pacific Textile Holdings Ltd. 4,000,000 5,671,272 
Toung Loong Textile Manufacturing Co. Ltd. 2,375,000 6,605,723 
  23,791,616 
TOTAL CONSUMER DISCRETIONARY  183,223,911 
CONSUMER STAPLES - 3.3%   
Beverages - 2.0%   
Kweichow Moutai Co. Ltd. 446,346 21,058,593 
Food Products - 1.3%   
China Modern Dairy Holdings Ltd. (a)(b) 34,000,000 4,469,994 
Unified-President Enterprises Corp. 4,611,000 9,448,355 
  13,918,349 
TOTAL CONSUMER STAPLES  34,976,942 
ENERGY - 1.0%   
Energy Equipment & Services - 0.1%   
China Oilfield Services Ltd. (H Shares) 1,024,000 798,515 
Oil, Gas & Consumable Fuels - 0.9%   
China Coal Energy Co. Ltd. (H Shares) 9,113,000 4,804,105 
China Shenhua Energy Co. Ltd. (H Shares) 2,747,500 5,248,241 
  10,052,346 
TOTAL ENERGY  10,850,861 
FINANCIALS - 21.1%   
Banks - 6.9%   
China Construction Bank Corp. (H Shares) 38,839,000 26,031,501 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) 3,196,700 12,449,953 
Industrial & Commercial Bank of China Ltd. (H Shares) 40,529,000 23,121,415 
Midea Group Co. Ltd. ELS (A Shares) (BNP Paribas Arbitrage Warrant Program) warrants 2/10/17 (a)(c) 2,559,400 10,874,081 
  72,476,950 
Capital Markets - 3.9%   
CITIC Securities Co. Ltd. (H Shares) 2,307,000 4,906,360 
Hangzhou Robam Appliances Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 1/15/18 (a)(c) 1,330,500 8,172,612 
Tai Fook Securities Group Ltd. 8,368,000 5,047,721 
Wuliangye Yibin Co. Ltd. ELS (A Shares):   
(Deutsche Bank Warrant Program) warrants 3/5/17 (a)(c) 2,108,594 11,490,707 
(UBS Warrant Programme) warrants 3/7/19 (a)(c) 1,071,282 5,837,913 
Yunnan Baiyao Group Co. Ltd. ELS (A Shares) (UBS Warrant Programme) warrants 2/17/17 (a)(c) 559,455 5,835,321 
  41,290,634 
Insurance - 6.3%   
AIA Group Ltd. 3,432,400 21,257,839 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 5,143,600 18,165,426 
PICC Property & Casualty Co. Ltd. (H Shares) 2,656,000 4,114,910 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 4,994,500 23,303,890 
  66,842,065 
Real Estate Management & Development - 4.0%   
Beijing Capital Land Ltd. (H Shares) 35,170,000 13,418,127 
Cheung Kong Property Holdings Ltd. 2,338,500 16,698,404 
Longfor Properties Co. Ltd. 4,000,000 5,465,044 
Sun Hung Kai Properties Ltd. 456,000 6,524,026 
  42,105,601 
TOTAL FINANCIALS  222,715,250 
HEALTH CARE - 3.4%   
Health Care Providers & Services - 1.0%   
Phoenix Healthcare Group Ltd. 6,945,000 10,258,520 
Life Sciences Tools & Services - 0.8%   
JHL Biotech, Inc. (a) 3,976,696 8,873,485 
Pharmaceuticals - 1.6%   
Livzon Pharmaceutical Group, Inc. 2,485,700 12,318,927 
Sino Biopharmaceutical Ltd. 7,242,000 4,835,219 
  17,154,146 
TOTAL HEALTH CARE  36,286,151 
INDUSTRIALS - 8.4%   
Air Freight & Logistics - 0.0%   
Sinotrans Air Transportation Development Co. Ltd. (A Shares) 30 84 
Airlines - 2.9%   
Air China Ltd. (H Shares) 6,648,000 5,081,285 
China Eastern Airlines Corp. Ltd. (H Shares) (a) 20,908,000 11,722,752 
China Southern Airlines Ltd. (H Shares) 20,194,000 13,326,624 
  30,130,661 
Construction & Engineering - 1.4%   
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 20,963,000 11,294,254 
China Energy Engineering Corp. Ltd. 27,132,000 3,951,737 
  15,245,991 
Electrical Equipment - 1.4%   
Harbin Electric Machinery Co. Ltd.(H Shares) 21,974,000 10,111,257 
Jiangnan Group Ltd. 25,552,000 4,479,109 
  14,590,366 
Machinery - 0.7%   
EVA Precision Industrial Holdings Ltd. 36,000,000 3,108,888 
Lonking Holdings Ltd. 28,600,000 4,239,276 
  7,348,164 
Marine - 1.0%   
China Shipping Development Co. Ltd. (H Shares) 18,762,000 10,616,259 
Sinotrans Shipping Ltd. (a) 1,345,000 206,299 
  10,822,558 
Trading Companies & Distributors - 1.0%   
Summit Ascent Holdings Ltd. (a)(b) 48,136,000 10,113,126 
TOTAL INDUSTRIALS  88,250,950 
INFORMATION TECHNOLOGY - 31.1%   
Electronic Equipment & Components - 2.8%   
Chroma ATE, Inc. 2,228,000 5,636,695 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 4,464,000 12,331,802 
Largan Precision Co. Ltd. 58,000 6,234,011 
Tongda Group Holdings Ltd. 29,030,000 5,837,131 
  30,039,639 
Internet Software & Services - 15.1%   
58.com, Inc. ADR (a) 141,178 7,342,668 
Alibaba Group Holding Ltd. sponsored ADR (a) 606,200 49,999,376 
SINA Corp. (a) 99,700 5,371,836 
Tencent Holdings Ltd. 3,859,700 93,223,827 
YY, Inc. ADR (a)(b) 91,000 3,566,290 
  159,503,997 
Semiconductors & Semiconductor Equipment - 10.9%   
Advanced Semiconductor Engineering, Inc. 13,995,000 16,574,970 
Himax Technologies, Inc. sponsored ADR (b) 400,000 3,580,000 
Taiwan Semiconductor Manufacturing Co. Ltd. 15,873,000 86,021,230 
Vanguard International Semiconductor Corp. 4,668,000 8,479,537 
  114,655,737 
Software - 0.8%   
China City Railway Transportation Technology Holdings Co. Ltd. (a) 48,540,000 8,508,765 
Technology Hardware, Storage & Peripherals - 1.5%   
ADLINK Technology, Inc. 3,682,844 7,534,905 
Axiomtek Co. Ltd. 2,000,000 4,381,030 
HTC Corp. 1,410,000 4,214,180 
  16,130,115 
TOTAL INFORMATION TECHNOLOGY  328,838,253 
MATERIALS - 5.9%   
Construction Materials - 2.8%   
BBMG Corp. (H Shares) 49,643,000 18,172,061 
China Shanshui Cement Group Ltd. (a)(b) 20,656,000 8,880,176 
TCC International Holdings Ltd. 15,608,000 2,715,869 
  29,768,106 
Metals & Mining - 3.1%   
Angang Steel Co. Ltd. (H Shares) 10,712,000 5,232,842 
Jiangxi Copper Co. Ltd. (H Shares) 4,214,000 4,828,632 
Zhaojin Mining Industry Co. Ltd. (H Shares) 9,357,000 10,733,824 
Zijin Mining Group Co. Ltd. (H Shares) 31,580,000 11,478,604 
  32,273,902 
TOTAL MATERIALS  62,042,008 
TELECOMMUNICATION SERVICES - 3.8%   
Diversified Telecommunication Services - 3.8%   
China Telecom Corp. Ltd. (H Shares) 13,024,000 6,412,621 
China Unicom Ltd. 11,762,000 12,530,172 
Chunghwa Telecom Co. Ltd. 4,980,000 17,854,287 
CITIC 1616 Holdings Ltd. 9,294,000 3,497,948 
  40,295,028 
UTILITIES - 3.3%   
Independent Power and Renewable Electricity Producers - 2.5%   
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) 29,330,000 8,846,180 
Canvest Environmental Protection Group Co. Ltd. (a) 16,700,000 7,662,920 
Huaneng Renewables Corp. Ltd. (H Shares) 31,944,000 10,211,013 
  26,720,113 
Water Utilities - 0.8%   
Beijing Enterprises Water Group Ltd. 13,838,000 8,400,827 
TOTAL UTILITIES  35,120,940 
TOTAL COMMON STOCKS   
(Cost $1,012,515,594)  1,042,600,294 
Nonconvertible Preferred Stocks - 0.8%   
CONSUMER DISCRETIONARY - 0.8%   
Internet & Catalog Retail - 0.8%   
China Internet Plus Holdings Ltd. Series A-11 (d)   
(Cost $6,268,244) 1,983,088 7,656,108 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund, 0.42% (e) 2,573,063 2,573,063 
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) 31,462,125 31,462,125 
TOTAL MONEY MARKET FUNDS   
(Cost $34,035,188)  34,035,188 
TOTAL INVESTMENT PORTFOLIO - 102.7%   
(Cost $1,052,819,026)  1,084,291,590 
NET OTHER ASSETS (LIABILITIES) - (2.7)%  (28,061,192) 
NET ASSETS - 100%  $1,056,230,398 

Security Type Abbreviations

ELS – Equity-Linked Security

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $54,660,587 or 5.2% of net assets.

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $7,656,108 or 0.7% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $52,710 
Fidelity Securities Lending Cash Central Fund 1,085,595 
Total $1,138,305 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Beijing Urban Consolidated & Development Group Ltd. (H Shares) $12,897,334 $-- $-- $240,422 $-- 
Poly Culture Group Corp. Ltd. (H Shares) 11,968,205 -- 11,659,847 -- -- 
Total $24,865,539 $-- $11,659,847 $240,422 $-- 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $190,880,019 $183,223,911 $-- $7,656,108 
Consumer Staples 34,976,942 34,976,942 -- -- 
Energy 10,850,861 10,850,861 -- -- 
Financials 222,715,250 144,933,248 71,946,681 5,835,321 
Health Care 36,286,151 36,286,151 -- -- 
Industrials 88,250,950 88,250,950 -- -- 
Information Technology 328,838,253 133,018,226 195,820,027 -- 
Materials 62,042,008 53,161,832 -- 8,880,176 
Telecommunication Services 40,295,028 9,910,569 30,384,459 -- 
Utilities 35,120,940 35,120,940 -- -- 
Money Market Funds 34,035,188 34,035,188 -- -- 
Total Investments in Securities: $1,084,291,590 $763,768,818 $298,151,167 $22,371,605 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $523,495,707 

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

Investments in Securities:  
Equities - Consumer Discretionary  
Beginning Balance $12,373,756 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities 1,388 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (4,719,036) 
Ending Balance $7,656,108 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 $1,388 
Equities - Health Care  
Beginning Balance $14,369,442 
Net Realized Gain (Loss) on Investment Securities (2,338,033) 
Net Unrealized Gain (Loss) on Investment Securities 2,825,119 
Cost of Purchases -- 
Proceeds of Sales (6,769,445) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (8,087,083) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 $-- 
Equities - Industrials  
Beginning Balance $15,897,809 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (15,897,809) 
Ending Balance $-- 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 $-- 
Equities - Materials  
Beginning Balance $14,440,021 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities (5,559,845) 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $8,880,176 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 $(5,559,845) 
Other Investments in Securities  
Beginning Balance $-- 
Net Realized Gain (Loss) on Investment Securities 45,691 
Net Unrealized Gain (Loss) on Investment Securities (551,303) 
Cost of Purchases 6,340,933 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $5,835,321 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2016 $(551,303) 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. Utilizing these techniques may result in transfers between Level 1 and Level 2. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Equity securities, including restricted securities, for which observable inputs are not available, are valued using alternate valuation approaches, including the market approach and the income approach and are categorized as Level 3 in the hierarchy. The market approach generally consists of using comparable market transactions while the income approach generally consists of using the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

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

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

Asset Type Fair Value at 07/31/16 Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $16,536,284 Market approach Transaction price $3.86 Increase 
  Market comparable Proxy based discount 58.9% Decrease 

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


Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $1,056,371,778. Net unrealized appreciation aggregated $27,919,812, of which $136,903,576 related to appreciated investment securities and $108,983,764 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Japan Fund

July 31, 2016







JPN-QTLY-0916
1.804854.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 100.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 20.6%   
Auto Components - 3.3%   
Bridgestone Corp. 143,900 $4,983,394 
DaikyoNishikawa Corp. 90,600 1,285,560 
Hi-Lex Corp. 17,200 456,320 
NGK Spark Plug Co. Ltd. 214,300 3,497,309 
Sumitomo Electric Industries Ltd. 249,000 3,430,448 
  13,653,031 
Automobiles - 5.7%   
Fuji Heavy Industries Ltd. 47,300 1,807,087 
Honda Motor Co. Ltd. 352,800 9,556,584 
Isuzu Motors Ltd. 255,600 3,308,776 
Suzuki Motor Corp. 284,700 8,718,746 
  23,391,193 
Hotels, Restaurants & Leisure - 0.7%   
Skylark Co. Ltd. 230,600 3,071,913 
Household Durables - 5.4%   
Casio Computer Co. Ltd. 189,200 2,693,226 
Rinnai Corp. 43,300 4,239,895 
Sony Corp. 457,600 15,021,595 
  21,954,716 
Internet & Catalog Retail - 1.4%   
Rakuten, Inc. 317,600 3,594,163 
Start Today Co. Ltd. 41,300 1,968,155 
  5,562,318 
Media - 1.1%   
Dentsu, Inc. 36,200 1,729,442 
NEXT Co. Ltd. 155,700 1,500,149 
Proto Corp. 105,300 1,195,519 
  4,425,110 
Multiline Retail - 0.5%   
Don Quijote Holdings Co. Ltd. 50,700 1,989,827 
Specialty Retail - 2.5%   
Fast Retailing Co. Ltd. 11,500 3,711,133 
Nitori Holdings Co. Ltd. 15,600 1,940,213 
USS Co. Ltd. 179,400 3,042,928 
Xebio Holdings Co. Ltd. 106,100 1,528,429 
  10,222,703 
TOTAL CONSUMER DISCRETIONARY  84,270,811 
CONSUMER STAPLES - 10.6%   
Beverages - 1.4%   
Asahi Group Holdings 166,200 5,642,040 
Food & Staples Retailing - 5.9%   
Ain Holdings, Inc. 35,100 2,416,815 
San-A Co. Ltd. 49,600 2,476,671 
Seven & i Holdings Co. Ltd. 182,500 7,577,963 
Sundrug Co. Ltd. 48,200 4,181,186 
Tsuruha Holdings, Inc. 22,800 2,592,656 
Welcia Holdings Co. Ltd. 74,700 4,928,683 
  24,173,974 
Personal Products - 0.9%   
Kao Corp. 69,500 3,742,798 
Tobacco - 2.4%   
Japan Tobacco, Inc. 249,700 9,738,231 
TOTAL CONSUMER STAPLES  43,297,043 
FINANCIALS - 14.6%   
Banks - 4.8%   
Mitsubishi UFJ Financial Group, Inc. 2,552,000 12,901,701 
Seven Bank Ltd. 753,500 2,574,088 
Shinsei Bank Ltd. 2,594,000 3,891,427 
  19,367,216 
Capital Markets - 0.7%   
Monex Group, Inc. 1,092,900 2,687,655 
Diversified Financial Services - 3.1%   
ORIX Corp. 912,300 12,802,827 
Insurance - 2.7%   
Sony Financial Holdings, Inc. (a) 214,600 2,688,369 
Tokio Marine Holdings, Inc. 217,800 8,430,437 
  11,118,806 
Real Estate Investment Trusts - 1.2%   
Invincible Investment Corp. 2,530 1,704,303 
LaSalle Logiport REIT 881 920,575 
Mitsui Fudosan Logistics Park, Inc. 170 449,846 
Nippon Prologis REIT, Inc. 771 1,928,092 
  5,002,816 
Real Estate Management & Development - 2.1%   
Mitsui Fudosan Co. Ltd. 401,000 8,679,934 
TOTAL FINANCIALS  59,659,254 
HEALTH CARE - 13.0%   
Biotechnology - 0.5%   
PeptiDream, Inc. (a)(b) 34,800 1,931,854 
Health Care Equipment & Supplies - 4.9%   
Hoya Corp. 310,500 11,016,805 
Olympus Corp. 259,300 8,947,879 
  19,964,684 
Health Care Providers & Services - 1.9%   
Miraca Holdings, Inc. 67,400 3,104,433 
Ship Healthcare Holdings, Inc. 140,300 4,243,608 
Solasto Corp. 45,300 480,260 
  7,828,301 
Pharmaceuticals - 5.7%   
Astellas Pharma, Inc. 1,360,600 22,669,957 
Ono Pharmaceutical Co. Ltd. 16,700 600,663 
  23,270,620 
TOTAL HEALTH CARE  52,995,459 
INDUSTRIALS - 14.5%   
Building Products - 1.4%   
Daikin Industries Ltd. 64,500 5,593,657 
Construction & Engineering - 1.3%   
Toshiba Plant Systems & Services Corp. 304,100 5,371,406 
Electrical Equipment - 3.3%   
Mitsubishi Electric Corp. 447,000 5,211,332 
Nidec Corp. 91,200 8,275,585 
  13,486,917 
Machinery - 2.4%   
Kubota Corp. 300,700 4,356,283 
Makita Corp. 76,900 5,410,348 
  9,766,631 
Professional Services - 0.4%   
Outsourcing, Inc. 45,100 1,692,218 
Road & Rail - 4.3%   
East Japan Railway Co. 189,200 17,355,259 
Trading Companies & Distributors - 1.4%   
Misumi Group, Inc. 321,800 5,910,477 
TOTAL INDUSTRIALS  59,176,565 
INFORMATION TECHNOLOGY - 12.2%   
Electronic Equipment & Components - 7.0%   
Alps Electric Co. Ltd. 20,600 458,831 
Azbil Corp. 162,900 4,916,552 
Hitachi Ltd. 1,350,000 6,168,317 
OMRON Corp. 69,200 2,294,851 
Shimadzu Corp. 613,000 8,871,784 
TDK Corp. 55,400 3,399,140 
Topcon Corp. 245,900 2,352,094 
  28,461,569 
Internet Software & Services - 4.1%   
Alibaba Group Holding Ltd. sponsored ADR (b) 47,000 3,876,560 
DeNA Co. Ltd. 163,400 4,177,861 
Kakaku.com, Inc. 411,900 8,545,565 
  16,599,986 
Semiconductors & Semiconductor Equipment - 0.7%   
Sumco Corp. 367,100 2,726,607 
Software - 0.4%   
COLOPL, Inc. (a) 117,000 1,748,893 
LINE Corp. sponsored ADR 3,944 144,824 
  1,893,717 
TOTAL INFORMATION TECHNOLOGY  49,681,879 
MATERIALS - 4.8%   
Chemicals - 4.8%   
Daicel Chemical Industries Ltd. 208,300 2,335,957 
Hitachi Chemical Co. Ltd. 143,200 2,986,957 
Kansai Paint Co. Ltd. 172,100 3,604,083 
Shin-Etsu Chemical Co. Ltd. 87,600 5,977,743 
Toray Industries, Inc. 524,000 4,773,586 
  19,678,326 
TELECOMMUNICATION SERVICES - 9.7%   
Diversified Telecommunication Services - 2.1%   
Nippon Telegraph & Telephone Corp. 179,200 8,515,543 
Wireless Telecommunication Services - 7.6%   
KDDI Corp. 587,600 18,031,753 
SoftBank Corp. 234,000 12,880,397 
  30,912,150 
TOTAL TELECOMMUNICATION SERVICES  39,427,693 
TOTAL COMMON STOCKS   
(Cost $383,064,368)  408,187,030 
Money Market Funds - 1.1%   
Fidelity Cash Central Fund, 0.42% (c) 661,876 661,876 
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) 3,786,178 3,786,178 
TOTAL MONEY MARKET FUNDS   
(Cost $4,448,054)  4,448,054 
TOTAL INVESTMENT PORTFOLIO - 101.1%   
(Cost $387,512,422)  412,635,084 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (4,491,514) 
NET ASSETS - 100%  $408,143,570 

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $4,651 
Fidelity Securities Lending Cash Central Fund 88,520 
Total $93,171 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $84,270,811 $-- $84,270,811 $-- 
Consumer Staples 43,297,043 -- 43,297,043 -- 
Financials 59,659,254 -- 59,659,254 -- 
Health Care 52,995,459 -- 52,995,459 -- 
Industrials 59,176,565 -- 59,176,565 -- 
Information Technology 49,681,879 4,021,384 45,660,495 -- 
Materials 19,678,326 -- 19,678,326 -- 
Telecommunication Services 39,427,693 -- 39,427,693 -- 
Money Market Funds 4,448,054 4,448,054 -- -- 
Total Investments in Securities: $412,635,084 $8,469,438 $404,165,646 $-- 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $391,040,568. Net unrealized appreciation aggregated $21,594,516, of which $62,240,643 related to appreciated investment securities and $40,646,127 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Diversified International Fund

July 31, 2016







DIF-QTLY-0916
1.804871.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.0%   
 Shares Value 
Australia - 1.2%   
Ansell Ltd. 599,714 $8,827,929 
Australia & New Zealand Banking Group Ltd. 4,836,745 94,979,684 
CSL Ltd. 467,456 41,918,696 
Magellan Financial Group Ltd. 2,973,705 51,615,365 
Ramsay Health Care Ltd. 865,228 51,806,790 
TOTAL AUSTRALIA  249,148,464 
Austria - 0.1%   
Andritz AG 476,000 24,266,861 
Bailiwick of Jersey - 2.3%   
Shire PLC 2,826,800 182,618,263 
Shire PLC sponsored ADR 189,029 36,694,309 
Wolseley PLC 2,598,481 144,887,100 
WPP PLC 4,949,809 111,061,505 
TOTAL BAILIWICK OF JERSEY  475,261,177 
Belgium - 2.6%   
Anheuser-Busch InBev SA NV 2,837,330 366,560,874 
KBC Groep NV (a) 3,037,673 157,868,565 
TOTAL BELGIUM  524,429,439 
Canada - 4.0%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 4,653,581 210,393,970 
Cenovus Energy, Inc. 3,364,800 48,166,133 
CGI Group, Inc. Class A (sub. vtg.) (a) 3,099,600 150,487,224 
Constellation Software, Inc. 67,738 27,575,096 
Fairfax India Holdings Corp. (a) 5,962,400 59,981,744 
Imperial Oil Ltd. 1,873,800 57,649,865 
Keyera Corp. 1,173,000 33,672,148 
PrairieSky Royalty Ltd. (b) 938,398 18,262,699 
Suncor Energy, Inc. 5,252,100 141,353,957 
Tourmaline Oil Corp. (a) 2,158,400 55,296,963 
TOTAL CANADA  802,839,799 
Cayman Islands - 1.0%   
Alibaba Group Holding Ltd. sponsored ADR (a) 2,157,000 177,909,360 
Regina Miracle International Holdings Ltd. (b) 3,195,271 3,508,933 
Yihai International Holding Ltd. 31,911,000 13,367,544 
TOTAL CAYMAN ISLANDS  194,785,837 
China - 0.9%   
Kweichow Moutai Co. Ltd. 2,165,610 102,173,423 
Qingdao Haier Co. Ltd. 44,831,078 73,892,742 
Weifu High-Technology Co. Ltd. (B Shares) 2,886,629 6,031,173 
TOTAL CHINA  182,097,338 
Curacao - 0.8%   
Schlumberger Ltd. 2,047,225 164,842,557 
Denmark - 3.0%   
DONG Energy A/S 609,500 24,825,018 
Genmab A/S (a) 562,476 101,952,500 
NNIT A/S 762,332 31,450,900 
Novo Nordisk A/S Series B 8,051,595 457,864,318 
TOTAL DENMARK  616,092,736 
Finland - 0.3%   
Sampo Oyj (A Shares) 1,310,100 54,296,125 
France - 4.5%   
Accor SA 2,083,881 87,191,978 
ALTEN 383,800 26,612,063 
Amundi SA 2,160,384 94,426,518 
AXA SA 5,481,800 111,567,477 
Capgemini SA 794,084 76,305,199 
Danone SA 1,344,634 103,124,928 
Publicis Groupe SA 609,116 45,354,047 
Sanofi SA 3,391,434 288,859,439 
VINCI SA 568,000 43,111,780 
Worldline SA (a)(c) 1,531,200 45,801,392 
TOTAL FRANCE  922,354,821 
Germany - 7.5%   
adidas AG 1,022,500 167,967,946 
Axel Springer Verlag AG 557,400 30,541,719 
Bayer AG 3,033,862 326,133,713 
Brenntag AG 491,200 24,388,267 
Continental AG 471,300 98,796,263 
Deutsche Borse AG 478,900 40,048,683 
Deutsche Post AG 685,155 20,444,628 
Fresenius SE & Co. KGaA 3,930,700 293,510,165 
KION Group AG 1,136,000 62,270,454 
ProSiebenSat.1 Media AG 2,818,190 129,092,156 
Rational AG 15,894 7,688,859 
SAP AG 2,777,652 243,109,572 
Symrise AG 1,235,800 87,097,602 
TOTAL GERMANY  1,531,090,027 
Hong Kong - 2.2%   
AIA Group Ltd. 55,429,000 343,287,720 
China Resources Beer Holdings Co. Ltd. 12,430,000 24,064,060 
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) 4,143,333 1,666,220 
Hang Seng Bank Ltd. 656,000 11,710,662 
Techtronic Industries Co. Ltd. 16,945,000 71,747,171 
TOTAL HONG KONG  452,475,833 
India - 3.4%   
Apollo Hospitals Enterprise Ltd. 680,208 13,898,061 
Axis Bank Ltd. 5,980,583 49,003,007 
Bharti Infratel Ltd. 15,702,404 93,147,259 
HCL Technologies Ltd. 1,893,633 21,390,908 
HDFC Bank Ltd. 10,285,876 228,702,537 
Housing Development Finance Corp. Ltd. 8,188,299 168,851,804 
ITC Ltd. 24,591,186 93,136,973 
LIC Housing Finance Ltd. 3,164,765 24,689,488 
TOTAL INDIA  692,820,037 
Indonesia - 0.6%   
PT Bank Central Asia Tbk 49,239,700 54,320,240 
PT Bank Rakyat Indonesia Tbk 72,808,300 64,061,966 
TOTAL INDONESIA  118,382,206 
Ireland - 3.4%   
Allergan PLC (a) 538,600 136,238,870 
DCC PLC (United Kingdom) 813,689 72,635,334 
Greencore Group PLC 7,481,900 32,438,692 
Horizon Pharma PLC (a) 2,254,500 43,489,305 
Jazz Pharmaceuticals PLC (a) 68,300 10,311,251 
Kerry Group PLC Class A 1,004,300 85,950,907 
Medtronic PLC 1,435,900 125,827,917 
Paddy Power PLC (Ireland) 172,153 20,209,041 
Ryanair Holdings PLC sponsored ADR 2,330,732 164,945,904 
TOTAL IRELAND  692,047,221 
Isle of Man - 0.6%   
Paysafe Group PLC (a) 12,193,160 62,288,965 
Playtech Ltd. 4,680,572 53,861,204 
TOTAL ISLE OF MAN  116,150,169 
Israel - 2.0%   
Check Point Software Technologies Ltd. (a) 1,448,900 111,391,432 
Teva Pharmaceutical Industries Ltd. sponsored ADR 5,510,700 294,822,450 
TOTAL ISRAEL  406,213,882 
Italy - 0.5%   
Intesa Sanpaolo SpA 38,137,500 84,156,424 
Mediaset SpA 8,342,700 25,257,891 
TOTAL ITALY  109,414,315 
Japan - 14.8%   
Astellas Pharma, Inc. 16,332,900 272,134,468 
Casio Computer Co. Ltd. (b) 2,451,800 34,900,901 
Daito Trust Construction Co. Ltd. 194,500 32,660,380 
Dentsu, Inc. 1,850,400 88,402,209 
Don Quijote Holdings Co. Ltd. 1,972,500 77,414,886 
Hoya Corp. 7,574,500 268,749,719 
Japan Exchange Group, Inc. 6,545,500 92,246,931 
Japan Tobacco, Inc. 5,209,100 203,153,459 
Kaken Pharmaceutical Co. Ltd. 218,400 14,442,047 
KDDI Corp. 7,411,400 227,434,531 
Keyence Corp. 403,010 284,272,684 
Kubota Corp. 1,445,300 20,938,264 
Minebea Mitsumi, Inc. 3,205,000 25,416,785 
Misumi Group, Inc. 2,453,400 45,061,421 
Mitsubishi UFJ Financial Group, Inc. 10,487,500 53,019,825 
NGK Spark Plug Co. Ltd. 1,017,300 16,602,020 
Nippon Paint Holdings Co. Ltd. 206,100 5,630,454 
Nitori Holdings Co. Ltd. 881,000 109,572,264 
Olympus Corp. 2,319,000 80,023,646 
ORIX Corp. 27,420,500 384,807,533 
Rakuten, Inc. 8,886,100 100,560,748 
Seven & i Holdings Co. Ltd. 2,572,800 106,830,600 
SHIMANO, Inc. 368,400 57,614,344 
Shinsei Bank Ltd. 26,430,000 39,649,353 
SoftBank Corp. 1,604,500 88,318,792 
Sony Corp. 469,100 15,399,105 
Suzuki Motor Corp. 1,187,500 36,366,389 
Tsuruha Holdings, Inc. 1,504,100 171,035,694 
Welcia Holdings Co. Ltd. 769,800 50,791,164 
TOTAL JAPAN  3,003,450,616 
Korea (South) - 0.3%   
Orion Corp. 69,839 57,801,689 
Luxembourg - 0.4%   
Eurofins Scientific SA 224,700 84,269,938 
Netherlands - 4.3%   
AerCap Holdings NV (a) 1,668,900 60,931,539 
Altice NV:   
Class A (a) 6,910,639 102,563,904 
Class B (a) 2,794,227 41,314,183 
Gree Electric Appliances, Inc. of Zhuhai ELS (A Shares)(BNP Paribas Warrants Program) warrants 11/24/16 (a)(c) 1,832,000 4,890,964 
IMCD Group BV 1,601,847 67,918,553 
ING Groep NV (Certificaten Van Aandelen) 10,276,800 114,894,624 
NXP Semiconductors NV (a) 893,600 75,142,824 
RELX NV 7,594,689 136,851,675 
Unilever NV (Certificaten Van Aandelen) (Bearer) 5,618,157 260,257,360 
Wolters Kluwer NV 419,800 17,658,782 
TOTAL NETHERLANDS  882,424,408 
New Zealand - 0.1%   
Ryman Healthcare Group Ltd. 2,758,170 18,983,287 
Norway - 0.4%   
Statoil ASA 5,162,400 82,069,060 
Philippines - 0.2%   
Alliance Global Group, Inc. 141,122,356 48,393,364 
Singapore - 0.5%   
Broadcom Ltd. 410,400 66,476,592 
United Overseas Bank Ltd. 1,886,000 25,878,425 
TOTAL SINGAPORE  92,355,017 
South Africa - 1.1%   
Naspers Ltd. Class N 1,480,999 232,403,283 
Spain - 2.3%   
Amadeus IT Holding SA Class A (b) 3,580,400 168,101,249 
Hispania Activos Inmobiliarios SA 3,226,880 43,183,593 
Inditex SA 7,236,945 250,280,642 
Telepizza Group SAU 2,468,900 14,861,079 
TOTAL SPAIN  476,426,563 
Sweden - 2.7%   
ASSA ABLOY AB (B Shares) 4,414,000 96,834,625 
Coor Service Management Holding AB (d) 5,253,500 30,390,119 
HEXPOL AB (B Shares) 1,617,700 14,396,150 
Nordea Bank AB 15,420,200 137,406,831 
Svenska Cellulosa AB (SCA) (B Shares) 6,513,800 193,646,820 
Svenska Handelsbanken AB (A Shares) 6,610,300 79,475,834 
TOTAL SWEDEN  552,150,379 
Switzerland - 3.6%   
Actelion Ltd. 578,304 102,569,601 
Credit Suisse Group AG 6,034,466 69,394,719 
GAM Holding Ltd. 988,705 10,864,330 
Julius Baer Group Ltd. 1,001,770 41,076,629 
Sika AG 27,801 130,399,655 
Syngenta AG (Switzerland) 688,053 270,601,097 
UBS Group AG 7,874,577 108,466,367 
TOTAL SWITZERLAND  733,372,398 
Taiwan - 1.2%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 8,476,000 235,463,280 
Thailand - 0.3%   
Kasikornbank PCL (For. Reg.) 9,071,900 51,962,218 
United Kingdom - 14.0%   
AA PLC 5,859,908 19,225,377 
Associated British Foods PLC 1,432,400 51,013,550 
B&M European Value Retail S.A. 26,764,516 91,139,516 
Booker Group PLC 3,099,818 7,138,270 
British American Tobacco PLC sponsored ADR 814,300 103,977,967 
BT Group PLC 23,995,400 131,097,299 
Bunzl PLC 1,822,570 57,045,698 
Capita Group PLC 3,212,100 40,810,116 
Coca-Cola European Partners PLC 667,800 24,928,974 
Compass Group PLC 6,546,576 124,370,651 
Dialog Semiconductor PLC (a) 182,100 5,964,105 
Dignity PLC 357,200 12,759,154 
Essentra PLC (d) 13,949,812 89,540,112 
Halma PLC 1,398,656 19,417,528 
Howden Joinery Group PLC 7,816,700 44,690,450 
IMI PLC 1,826,035 25,906,660 
Imperial Tobacco Group PLC 2,862,366 150,902,879 
Indivior PLC 10,319,000 40,437,431 
ITV PLC 44,087,300 114,360,781 
Liberty Global PLC:   
Class A (a) 1,677,700 53,199,867 
Class C (a) 222,800 6,895,660 
Lloyds Banking Group PLC 316,704,500 222,754,162 
London Stock Exchange Group PLC 2,483,500 91,208,369 
Melrose Industries PLC (b) 3,744,966 33,925,704 
Micro Focus International PLC 4,246,219 108,796,589 
Next PLC 1,900,400 126,382,990 
Poundland Group PLC 3,388,364 10,168,219 
Prudential PLC 12,671,086 223,371,933 
Reckitt Benckiser Group PLC 2,240,687 217,257,398 
Rio Tinto PLC 1,204,600 39,091,972 
Rolls-Royce Group PLC 4,990,500 52,218,631 
SABMiller PLC 1,347,200 78,699,494 
Schroders PLC 1,299,700 45,031,903 
Softcat PLC 5,257,000 24,162,969 
Spectris PLC 1,712,500 42,585,809 
St. James's Place Capital PLC 13,058,800 160,037,514 
The Restaurant Group PLC 6,202,808 29,076,654 
Virgin Money Holdings Uk PLC 10,883,682 37,983,372 
Whitbread PLC 1,811,761 92,530,141 
TOTAL UNITED KINGDOM  2,850,105,868 
United States of America - 8.9%   
Activision Blizzard, Inc. 589,200 23,662,272 
Alexion Pharmaceuticals, Inc. (a) 76,300 9,812,180 
Alphabet, Inc.:   
Class A 107,205 84,835,605 
Class C (a) 207,903 159,833,747 
Amgen, Inc. 693,200 119,251,196 
Celgene Corp. (a) 558,600 62,669,334 
Coach, Inc. 518,800 22,365,468 
Cognizant Technology Solutions Corp. Class A (a) 1,090,000 62,664,100 
Coty, Inc. Class A (b) 3,938,700 105,832,869 
Fidelity National Information Services, Inc. 523,100 41,602,143 
Las Vegas Sands Corp. 1,575,900 79,819,335 
MasterCard, Inc. Class A 1,612,900 153,612,596 
McGraw Hill Financial, Inc. 2,236,300 273,275,860 
Mead Johnson Nutrition Co. Class A 180,400 16,091,680 
Molson Coors Brewing Co. Class B 627,700 64,125,832 
MSCI, Inc. Class A 489,900 42,150,996 
NJOY, Inc. (a)(e) 9,361,812 375,409 
Oceaneering International, Inc. 1,244,200 34,688,296 
Phillips 66 Co. 532,400 40,494,344 
Qualcomm, Inc. 1,701,200 106,461,096 
Regeneron Pharmaceuticals, Inc. (a) 138,100 58,709,072 
Spectrum Brands Holdings, Inc. 249,200 32,089,484 
Verisk Analytics, Inc. (a) 274,300 23,392,304 
Vertex Pharmaceuticals, Inc. (a) 313,600 30,419,200 
Visa, Inc. Class A 2,159,800 168,572,390 
TOTAL UNITED STATES OF AMERICA  1,816,806,808 
TOTAL COMMON STOCKS   
(Cost $15,611,846,534)  19,547,447,020 
Nonconvertible Preferred Stocks - 1.8%   
Brazil - 0.6%   
Itau Unibanco Holding SA 10,593,600 110,399,008 
Germany - 1.2%   
Henkel AG & Co. KGaA 1,838,100 228,926,533 
Jungheinrich AG 532,400 16,234,713 
TOTAL GERMANY  245,161,246 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $262,144,149)  355,560,254 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.26% to 0.35% 8/25/16 to 9/8/16
(Cost $2,479,336) 
2,480,000 2,479,579 
 Shares Value 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund, 0.42% (f) 395,512,936 395,512,936 
Fidelity Securities Lending Cash Central Fund, 0.45% (f)(g) 224,562,079 224,562,079 
TOTAL MONEY MARKET FUNDS   
(Cost $620,075,015)  620,075,015 
TOTAL INVESTMENT PORTFOLIO - 100.8%   
(Cost $16,496,545,034)  20,525,561,868 
NET OTHER ASSETS (LIABILITIES) - (0.8)%  (161,478,071) 
NET ASSETS - 100%  $20,364,083,797 

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $50,692,356 or 0.2% of net assets.

 (d) Affiliated company

 (e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $375,409 or 0.0% of net assets.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $1,154,016 
Fidelity Securities Lending Cash Central Fund 4,638,883 
Total $5,792,899 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Coor Service Management Holding AB $22,025,249 $-- $615,431 $1,114,274 $30,390,119 
Essentra PLC 176,517,577 5,955,440 3,907,199 2,787,249 89,540,112 
Fairfax India Holdings Corp. 64,252,650 -- 1,613,900 -- -- 
Poundland Group PLC 60,695,655 2,415,927 34,671,979 347,496 -- 
Total $323,491,131 $8,371,367 $40,808,509 $4,249,019 $119,930,231 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $2,986,088,201 $1,296,852,068 $1,688,860,724 $375,409 
Consumer Staples 3,144,011,763 1,731,610,826 1,412,400,937 -- 
Energy 676,496,022 594,426,962 82,069,060 -- 
Financials 4,269,503,818 2,575,850,692 1,688,762,162 4,890,964 
Health Care 3,608,695,995 1,717,870,382 1,890,825,613 -- 
Industrials 1,254,748,133 869,391,307 385,356,826 -- 
Information Technology 2,761,883,401 2,234,501,145 527,382,256 -- 
Materials 636,757,042 321,433,519 315,323,523 -- 
Telecommunication Services 539,997,881 93,147,259 446,850,622 -- 
Utilities 24,825,018 24,825,018 -- -- 
Government Obligations 2,479,579 -- 2,479,579 -- 
Money Market Funds 620,075,015 620,075,015 -- -- 
Total Investments in Securities: $20,525,561,868 $12,079,984,193 $8,440,311,302 $5,266,373 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $1,313,679,376 
Level 2 to Level 1 $1,784,507,569 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Directors (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $16,682,511,402. Net unrealized appreciation aggregated $3,843,050,466, of which $5,013,420,053 related to appreciated investment securities and $1,170,369,587 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Series International Small Cap Fund

July 31, 2016







SCF-S-QTLY-0916
1.907962.106





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 92.8%   
 Shares Value 
Australia - 2.6%   
Austal Ltd. 1,269,600 $1,119,206 
Beacon Lighting Group Ltd. 6,173,255 6,567,911 
Credit Corp. Group Ltd. 148,931 1,506,427 
DuluxGroup Ltd. 4,194,853 21,167,514 
Imdex Ltd. (a) 8,978,319 2,660,999 
John Fairfax Holdings Ltd. 3,021,388 2,410,909 
Nanosonics Ltd. (a) 273,826 570,178 
RCG Corp. Ltd. (b) 16,803,658 23,879,788 
SAI Global Ltd. 261,024 706,180 
SomnoMed Ltd. (a) 108,980 285,727 
TFS Corp. Ltd. (b) 11,922,378 14,768,470 
TOTAL AUSTRALIA  75,643,309 
Austria - 1.7%   
Andritz AG 428,024 21,821,006 
Buwog-Gemeinnuetzige Wohnung 617,695 14,978,746 
IMMOFINANZ Immobilien Anlagen AG (a) 1,100,706 2,397,188 
Wienerberger AG 79,500 1,226,558 
Zumtobel AG (b) 732,919 11,123,402 
TOTAL AUSTRIA  51,546,900 
Bailiwick of Jersey - 0.4%   
Integrated Diagnostics Holdings PLC 2,654,532 10,432,311 
Regus PLC 328,400 1,326,898 
TOTAL BAILIWICK OF JERSEY  11,759,209 
Belgium - 1.1%   
Econocom Group SA 58,186 762,084 
Gimv NV 140,309 7,620,524 
KBC Ancora (a) 730,073 22,552,203 
Van de Velde 8,733 636,580 
TOTAL BELGIUM  31,571,391 
Bermuda - 0.4%   
APT Satellite Holdings Ltd. 695,000 478,359 
Vostok New Ventures Ltd. SDR (a) 1,820,942 11,225,276 
TOTAL BERMUDA  11,703,635 
Brazil - 0.0%   
Banco ABC Brasil SA rights 8/2/16(a) 29,195 40,762 
Canada - 2.1%   
Cara Operations Ltd. 670,000 15,723,050 
McCoy Global, Inc. (a) 1,111,450 1,532,271 
New Look Vision Group, Inc. 518,800 11,284,739 
Pason Systems, Inc. 1,175,300 15,743,880 
ShawCor Ltd. Class A 375,300 8,560,054 
Tesco Corp. 1,129,193 7,463,966 
Total Energy Services, Inc. 71,480 700,757 
Whitecap Resources, Inc. 160,000 1,187,455 
ZCL Composites, Inc. 170,000 1,169,226 
TOTAL CANADA  63,365,398 
Cayman Islands - 0.7%   
58.com, Inc. ADR (a) 195,500 10,167,955 
SITC International Holdings Co. Ltd. 2,819,000 1,667,768 
Value Partners Group Ltd. (b) 11,826,000 9,953,570 
TOTAL CAYMAN ISLANDS  21,789,293 
Denmark - 1.8%   
Jyske Bank A/S (Reg.) 531,719 22,112,503 
NNIT A/S 16,221 669,216 
Royal Unibrew A/S 39,400 1,812,025 
Scandinavian Tobacco Group A/S 604,739 10,679,537 
Spar Nord Bank A/S 2,163,323 17,882,599 
TOTAL DENMARK  53,155,880 
Finland - 0.7%   
Olvi PLC (A Shares) 42,172 1,228,685 
Tikkurila Oyj 947,630 18,233,140 
TOTAL FINLAND  19,461,825 
France - 2.3%   
Elis SA 1,018,400 18,387,925 
Ipsen SA 14,000 913,294 
Laurent-Perrier Group SA 126,224 10,017,998 
Parrot SA (a)(b) 126,480 1,966,939 
Vetoquinol SA 286,927 12,703,062 
Virbac SA (b) 118,600 23,363,204 
TOTAL FRANCE  67,352,422 
Germany - 5.3%   
alstria office REIT-AG 631,129 8,784,748 
CompuGroup Medical AG 1,178,415 50,880,613 
CTS Eventim AG 1,405,124 48,903,008 
EDAG Engineering Group AG 16,500 302,531 
Fielmann AG 403,190 31,156,975 
MLP AG 598,745 2,316,113 
Nexus AG 519,508 9,833,112 
Scout24 Holding GmbH (a) 25,000 1,028,560 
SMA Solar Technology AG (b) 44,572 2,238,929 
TOTAL GERMANY  155,444,589 
Greece - 0.1%   
Motor Oil (HELLAS) Corinth Refineries SA 106,800 1,247,755 
Mytilineos Holdings SA 280,800 1,224,344 
TOTAL GREECE  2,472,099 
India - 0.5%   
Jyothy Laboratories Ltd. 3,501,337 15,128,423 
Torrent Pharmaceuticals Ltd. 27,296 589,881 
TOTAL INDIA  15,718,304 
Ireland - 1.8%   
FBD Holdings PLC (a) 1,298,400 8,972,409 
James Hardie Industries PLC CDI 2,576,486 42,684,412 
United Drug PLC (United Kingdom) 123,300 948,900 
TOTAL IRELAND  52,605,721 
Isle of Man - 0.6%   
Playtech Ltd. 1,555,433 17,898,986 
Israel - 2.1%   
Azrieli Group 364,179 15,977,957 
Ituran Location & Control Ltd. 898,507 21,528,228 
Sarine Technologies Ltd. 4,483,800 6,019,870 
Strauss Group Ltd. 1,129,555 18,087,336 
TOTAL ISRAEL  61,613,391 
Italy - 2.8%   
Astm SpA 54,000 602,513 
Azimut Holding SpA 1,586,764 24,942,470 
Beni Stabili SpA SIIQ 24,951,120 16,332,729 
Cerved Information Solutions SpA 262,926 2,204,635 
Interpump Group SpA 2,418,666 39,154,913 
TOTAL ITALY  83,237,260 
Japan - 26.8%   
Ain Holdings, Inc. 29,700 2,044,997 
Aoki Super Co. Ltd. 87,000 1,113,466 
Arcland Service Holdings Co. Ltd. 35,400 1,008,195 
Artnature, Inc. (c) 2,190,700 17,640,357 
Asahi Co. Ltd. 926,600 13,128,591 
Autobacs Seven Co. Ltd. 928,700 13,456,618 
Azbil Corp. 1,358,200 40,992,397 
Broadleaf Co. Ltd. 300,300 3,014,271 
Central Automotive Products Ltd. 119,000 1,048,540 
Chugoku Marine Paints Ltd. 182,000 1,228,534 
Coca-Cola Central Japan Co. Ltd. 635,200 12,257,885 
Daiichikosho Co. Ltd. 550,100 25,112,691 
Daikokutenbussan Co. Ltd. 568,400 24,722,468 
Fukuda Denshi Co. Ltd. 4,200 255,827 
Funai Soken Holdings, Inc. 534,000 7,412,184 
GCA Savvian Group Corp. 1,354,987 11,724,455 
Glory Ltd. 572,500 15,887,225 
GMO Internet, Inc. 233,200 3,019,572 
Goldcrest Co. Ltd. 1,246,210 19,624,108 
Iwatsuka Confectionary Co. Ltd. 158,600 5,439,789 
Japan Digital Laboratory Co. 1,296,200 17,872,832 
Kaken Pharmaceutical Co. Ltd. 13,200 872,871 
Kamigumi Co. Ltd. 129,000 1,160,912 
Kobayashi Pharmaceutical Co. Ltd. 621,600 29,336,914 
Konoike Transport Co. Ltd. 124,200 1,436,861 
Koshidaka Holdings Co. Ltd. 384,200 7,714,640 
Lasertec Corp. (b) 942,200 13,191,513 
Leopalace21 Corp. 367,400 2,632,635 
Mandom Corp. 28,900 1,274,454 
Medikit Co. Ltd. 294,400 11,334,576 
Meiko Network Japan Co. Ltd. 514,400 5,496,668 
Miraca Holdings, Inc. 11,400 525,082 
Miraial Co. Ltd. 281,300 2,004,515 
Mirait Holdings Corp. 151,300 1,611,287 
Misumi Group, Inc. 840,900 15,444,750 
Mitsuboshi Belting Ltd. 125,000 1,053,258 
Monex Group, Inc. 719,396 1,769,135 
Nagaileben Co. Ltd. 1,336,100 31,701,265 
Nakanishi, Inc. 19,400 669,549 
Nakano Refrigerators Co. Ltd. 15,000 395,891 
ND Software Co. Ltd. 222,536 1,801,878 
Nihon Parkerizing Co. Ltd. 3,384,800 40,741,185 
Nippon Kanzai Co. Ltd. 75,600 1,257,269 
Nitto Kohki Co. Ltd. 43,400 1,007,991 
NOF Corp. 180,000 1,552,661 
NS Tool Co. Ltd. 2,000 35,047 
OBIC Co. Ltd. 808,400 47,059,103 
OSG Corp. (b) 1,901,500 31,677,803 
Paramount Bed Holdings Co. Ltd. 540,760 20,534,743 
ProNexus, Inc. 1,241,000 13,114,804 
Sacs Bar Holdings, Inc. 121,500 1,294,819 
Sakai Moving Service Co. Ltd. 13,100 318,754 
San-A Co. Ltd. 37,400 1,867,490 
San-Ai Oil Co. Ltd. 1,783,000 11,970,942 
Sekisui Jushi Corp. 89,400 1,457,877 
Seven Bank Ltd. 4,464,500 15,251,514 
Shinko Plantech Co. Ltd. 138,200 1,000,311 
Shinsei Bank Ltd. 1,546,000 2,319,255 
Ship Healthcare Holdings, Inc. 17,400 526,292 
SHO-BOND Holdings Co. Ltd. (b) 778,800 39,250,321 
Shoei Co. Ltd. (c) 733,100 12,135,806 
SK Kaken Co. Ltd. 186,000 18,848,905 
Software Service, Inc. 175,900 7,345,564 
St. Marc Holdings Co. Ltd. 19,300 580,691 
Techno Medica Co. Ltd. 283,000 4,377,954 
The Monogatari Corp. 189,000 9,881,141 
The Nippon Synthetic Chemical Industry Co. Ltd. 1,095,000 6,809,004 
TKC Corp. 684,400 19,376,231 
Tocalo Co. Ltd. 458,400 9,061,024 
Toshiba Plant Systems & Services Corp. 68,000 1,201,104 
Tsuruha Holdings, Inc. 3,900 443,481 
Tsutsumi Jewelry Co. Ltd. 359,100 7,022,323 
USS Co. Ltd. 3,630,000 61,570,938 
Welcia Holdings Co. Ltd. 48,100 3,173,623 
Workman Co. Ltd. 517,600 17,382,570 
Yamato Kogyo Co. Ltd. 270,100 7,626,484 
Yuasa Trading Co. Ltd. 47,000 1,032,166 
Yusen Logistics Co. Ltd. 111,500 1,226,918 
TOTAL JAPAN  790,767,764 
Korea (South) - 1.5%   
BGFretail Co. Ltd. 222,172 39,830,440 
iMarketKorea, Inc. 68,442 771,879 
Leeno Industrial, Inc. 139,988 5,289,805 
TOTAL KOREA (SOUTH)  45,892,124 
Marshall Islands - 0.0%   
StealthGas, Inc. (a) 62,954 224,116 
Mexico - 0.5%   
Consorcio ARA S.A.B. de CV 39,884,127 14,719,902 
Netherlands - 2.5%   
Aalberts Industries NV 984,900 32,697,705 
Arcadis NV 58,718 786,120 
BinckBank NV (b) 472,550 2,638,385 
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit 108,000 1,812,367 
Heijmans NV (Certificaten Van Aandelen) (a)(b) 729,571 6,782,216 
VastNed Retail NV 706,428 29,640,688 
TOTAL NETHERLANDS  74,357,481 
New Zealand - 0.1%   
EBOS Group Ltd. 63,180 752,872 
Trade Maine Group Ltd. 639,139 2,363,321 
TOTAL NEW ZEALAND  3,116,193 
Norway - 0.6%   
ABG Sundal Collier ASA 2,918,049 1,770,789 
Borregaard ASA 221,800 1,787,618 
Kongsberg Gruppen ASA 820,848 12,258,505 
Spectrum ASA (a) 314,300 1,005,802 
TOTAL NORWAY  16,822,714 
Philippines - 0.5%   
Jollibee Food Corp. 2,720,820 14,722,740 
Singapore - 0.1%   
Boustead Singapore Ltd. 2,441,300 1,456,732 
Hour Glass Ltd. 1,558,300 929,843 
TOTAL SINGAPORE  2,386,575 
South Africa - 0.7%   
Clicks Group Ltd. 2,170,481 19,429,372 
Spain - 2.2%   
Baron de Ley SA (a) 20,300 2,344,435 
Hispania Activos Inmobiliarios SA 1,078,350 14,430,976 
Merlin Properties Socimi SA 1,540,500 17,636,137 
Prosegur Compania de Seguridad SA (Reg.) 4,470,586 30,388,540 
TOTAL SPAIN  64,800,088 
Sweden - 3.4%   
Addlife AB (a) 147,500 2,167,597 
Fagerhult AB 1,808,495 41,423,983 
Granges AB 186,500 1,896,167 
Intrum Justitia AB 486,603 15,615,424 
Loomis AB (B Shares) 532,000 15,350,099 
Mekonomen AB 65,800 1,522,543 
Ratos AB (B Shares) (b) 460,752 2,328,798 
Saab AB (B Shares) 596,600 20,483,941 
Swedish Orphan Biovitrum AB (a) 58,000 740,844 
TOTAL SWEDEN  101,529,396 
Switzerland - 0.1%   
Vontobel Holdings AG 51,162 2,356,978 
Taiwan - 0.3%   
Addcn Technology Co. Ltd. 1,266,400 10,168,931 
United Kingdom - 19.0%   
AA PLC 3,419,255 11,218,003 
Alliance Pharma PLC 11,775,896 7,130,050 
BCA Marketplace PLC 196,500 470,055 
Bellway PLC 1,007,800 27,955,880 
Berendsen PLC 3,005,409 50,792,784 
Britvic PLC 1,397,212 11,557,126 
Cineworld Group PLC 112,000 870,830 
Countrywide PLC 645,647 2,119,114 
Dechra Pharmaceuticals PLC 1,652,163 29,081,183 
Dignity PLC 11,007 393,169 
Elementis PLC 7,625,382 22,343,271 
Great Portland Estates PLC 2,404,000 21,746,057 
H&T Group PLC 1,481,559 5,568,585 
Hill & Smith Holdings PLC 97,563 1,385,455 
Hilton Food Group PLC 911,038 7,198,108 
Howden Joinery Group PLC 4,693,100 26,831,879 
Informa PLC 4,050,785 38,277,622 
InterContinental Hotel Group PLC ADR 499,621 20,234,651 
ITE Group PLC 7,089,572 15,364,162 
John David Group PLC 58,100 967,307 
Joules Group PLC 141,550 315,658 
JUST EAT Ltd. (a) 1,643,325 11,678,990 
Luxfer Holdings PLC sponsored ADR 145,800 1,764,180 
Mears Group PLC 426,812 2,235,451 
Mitie Group PLC 449,200 1,478,506 
PayPoint PLC 94,400 1,233,095 
Rightmove PLC 447,100 23,970,354 
Shaftesbury PLC 2,672,755 33,037,986 
Sinclair Pharma PLC (a) 1,299,976 524,738 
Spectris PLC 1,364,016 33,919,839 
Spirax-Sarco Engineering PLC 1,016,628 53,589,526 
Taylor Wimpey PLC 3,480,800 7,126,510 
Ted Baker PLC 492,167 15,319,950 
Topps Tiles PLC 7,826,050 12,428,863 
Tullett Prebon PLC 461,016 2,026,857 
Ultra Electronics Holdings PLC 969,010 21,942,485 
Unite Group PLC 4,204,163 35,247,937 
Zoopla Property Group PLC 217,325 845,599 
TOTAL UNITED KINGDOM  560,191,815 
United States of America - 7.5%   
ANSYS, Inc. (a) 87,715 7,838,212 
Autoliv, Inc. 133,100 14,081,980 
Broadridge Financial Solutions, Inc. 221,895 15,017,854 
China Biologic Products, Inc. (a) 241,308 28,807,349 
Compass Minerals International, Inc. 20,000 1,391,800 
Domino's Pizza, Inc. 151,000 22,242,300 
Energizer Holdings, Inc. 119,832 6,174,943 
Kennedy-Wilson Holdings, Inc. 1,102,688 23,211,582 
Martin Marietta Materials, Inc. 85,080 17,241,462 
Mohawk Industries, Inc. (a) 106,362 22,223,276 
PriceSmart, Inc. 333,761 25,993,307 
ResMed, Inc. 229,700 15,821,736 
Resources Connection, Inc. 69,500 1,035,550 
SS&C Technologies Holdings, Inc. 570,176 18,371,071 
Utah Medical Products, Inc. 8,900 579,123 
TOTAL UNITED STATES OF AMERICA  220,031,545 
TOTAL COMMON STOCKS   
(Cost $2,137,095,521)  2,737,898,108 
Nonconvertible Preferred Stocks - 1.7%   
Brazil - 0.1%   
Banco ABC Brasil SA 522,300 2,271,290 
Germany - 1.6%   
Sartorius AG (non-vtg.) 613,172 49,001,420 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $18,611,654)  51,272,710 
Money Market Funds - 5.7%   
Fidelity Cash Central Fund, 0.42% (d) 141,186,535 141,186,535 
Fidelity Securities Lending Cash Central Fund, 0.45%(d)(e) 26,594,316 26,594,316 
TOTAL MONEY MARKET FUNDS   
(Cost $167,780,851)  167,780,851 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $2,323,488,026)  2,956,951,669 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (5,504,851) 
NET ASSETS - 100%  $2,951,446,818 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $338,027 
Fidelity Securities Lending Cash Central Fund 270,453 
Total $608,480 

Other Affiliated Issuers

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

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Value, end of period 
Artnature, Inc. $17,350,955 $3,671,344 $311,286 $210,401 $17,640,357 
Cara Operations Ltd. 15,755,782 1,659,870 -- 126,542 -- 
Fagerhult AB 37,911,673 -- 9,496,197 787,067 -- 
Shoei Co. Ltd. 12,037,779 597,793 -- 40,749  12,135,806 
Total $83,056,189 $5,929,007 $9,807,483 $1,164,759  $29,776,163 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $561,448,287 $384,614,056 $176,834,231 $-- 
Consumer Staples 258,117,122 158,802,198 99,314,924 -- 
Energy 53,263,267 40,292,014 12,971,253 -- 
Financials 450,139,597 396,777,733 53,361,864 -- 
Health Care 325,742,011 245,796,410 79,945,601 -- 
Industrials 587,165,766 442,122,320 145,043,446 -- 
Information Technology 329,222,770 182,692,336 146,530,434 -- 
Materials 223,593,639 146,786,866 76,806,773 -- 
Telecommunication Services 478,359 478,359 -- -- 
Money Market Funds 167,780,851 167,780,851 -- -- 
Total Investments in Securities: $2,956,951,669 $2,166,143,143 $790,808,526 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $122,860,362 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $2,347,608,699. Net unrealized appreciation aggregated $609,342,970, of which $766,824,815 related to appreciated investment securities and $157,481,845 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Emerging Asia Fund

July 31, 2016







SEA-QTLY-0916
1.804844.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%   
 Shares Value 
Australia - 0.2%   
Beacon Lighting Group Ltd. 438,521 $466,556 
Woodside Petroleum Ltd. 43,963 886,359 
TOTAL AUSTRALIA  1,352,915 
Bermuda - 3.2%   
Brilliance China Automotive Holdings Ltd. 2,752,000 3,054,073 
BW LPG Ltd. 33,694 119,846 
Cheung Kong Infrastructure Holdings Ltd. 231,000 2,042,509 
CSI Properties Ltd. 24,250,000 922,065 
Digital China Holdings Ltd. (H Shares) 1,686,000 1,310,396 
Great Eagle Holdings Ltd. 99,655 450,210 
Haier Electronics Group Co. Ltd. 886,000 1,484,584 
Hongkong Land Holdings Ltd. 804,300 5,147,520 
Jardine Strategic Holdings Ltd. 30,100 921,060 
Joy City Property Ltd. 2,692,000 437,193 
Kerry Logistics Network Ltd. 1,607,000 2,295,004 
PAX Global Technology Ltd. (a) 2,775,000 2,292,709 
Shenzhen International Holdings Ltd. 1,894,000 2,753,702 
Skyworth Digital Holdings Ltd. 5,769,200 4,305,484 
Tai Cheung Holdings Ltd. 244,000 201,908 
Vtech Holdings Ltd. 161,300 1,753,668 
TOTAL BERMUDA  29,491,931 
Cayman Islands - 15.2%   
58.com, Inc. ADR (b) 56,000 2,912,560 
Alibaba Group Holding Ltd. sponsored ADR (b) 344,200 28,389,616 
Bitauto Holdings Ltd. ADR (b) 32,200 885,500 
Cheung Kong Property Holdings Ltd. 1,382,500 9,871,945 
China Modern Dairy Holdings Ltd. (b) 6,486,000 852,717 
China Resources Cement Holdings Ltd. 2,515,706 914,401 
China State Construction International Holdings Ltd. 2,734,000 3,657,832 
ChinaCache International Holdings Ltd. sponsored ADR (a)(b) 63,600 380,328 
Ctrip.com International Ltd. ADR (b) 184,900 8,074,583 
Daqo New Energy Corp. ADR (a)(b) 24,933 569,968 
ENN Energy Holdings Ltd. 654,000 3,114,727 
Haitian International Holdings Ltd. 444,000 743,968 
Hilong Holding Ltd. 1,640,000 221,953 
HKBN Ltd. 777,000 927,385 
International Housewares Retail Co. Ltd. 6,982,000 1,331,893 
JD.com, Inc. sponsored ADR (b) 253,300 5,483,945 
KWG Property Holding Ltd. 1,486,000 919,365 
Lee & Man Paper Manufacturing Ltd. 4,725,000 3,641,924 
Lee's Pharmaceutical Holdings Ltd. 360,000 282,120 
Longfor Properties Co. Ltd. 4,225,000 5,772,453 
MGM China Holdings Ltd. 3,386,000 4,905,475 
New Oriental Education & Technology Group, Inc. sponsored ADR 66,500 2,929,990 
Pico Far East Holdings Ltd. 1,598,000 494,329 
Samson Holding Ltd. 2,744,000 293,555 
SINA Corp. (b) 17,300 932,124 
Sino Biopharmaceutical Ltd. 2,488,000 1,661,147 
SITC International Holdings Co. Ltd. 2,318,000 1,371,368 
Sitoy Group Holdings Ltd. 1,640,000 536,915 
TCC International Holdings Ltd. 2,680,000 466,333 
Tencent Holdings Ltd. 1,717,600 41,485,412 
Uni-President China Holdings Ltd. 2,347,000 1,799,939 
Xingda International Holdings Ltd. 1,652,000 425,861 
Xinyi Glass Holdings Ltd. 1,748,000 1,333,801 
Zhen Ding Technology Holding Ltd. 282,000 580,502 
TOTAL CAYMAN ISLANDS  138,165,934 
China - 13.9%   
Aluminum Corp. of China Ltd. (H Shares) (b) 6,398,000 2,061,636 
Anhui Conch Cement Co. Ltd. (H Shares) 918,500 2,416,649 
BBMG Corp. (H Shares) 17,937,000 6,565,926 
Beijing Jingneng Clean Energy Co. Ltd. (H Shares) 3,018,000 910,255 
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 1,574,000 848,025 
China Communications Construction Co. Ltd. (H Shares) 3,626,000 3,963,250 
China Construction Bank Corp. (H Shares) 31,430,000 21,065,684 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 2,466,800 8,711,889 
China Petroleum & Chemical Corp. (H Shares) 9,958,000 7,141,602 
China Railway Construction Corp. Ltd. (H Shares) 3,510,000 4,207,440 
China Railway Group Ltd. (H Shares) 3,389,000 2,551,011 
China Telecom Corp. Ltd. (H Shares) 17,468,000 8,600,711 
China Vanke Co. Ltd. (H Shares) 2,174,000 4,914,926 
Huadian Fuxin Energy Corp. Ltd. (H Shares) 5,808,000 1,347,494 
Huadian Power International Corp. Ltd. (H Shares) 5,378,000 2,543,986 
Huaneng Renewables Corp. Ltd. (H Shares) 18,080,000 5,779,336 
Huangshan Tourism Development Co. Ltd. 427,380 582,092 
Jiangling Motors Corp. Ltd. (B Shares) 141,494 326,452 
Jiangsu Hengrui Medicine Co. Ltd. 420,651 2,768,279 
Kweichow Moutai Co. Ltd. 58,345 2,752,716 
People's Insurance Co. of China Group (H Shares) 13,389,000 5,142,712 
PICC Property & Casualty Co. Ltd. (H Shares) 4,901,120 7,593,249 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 2,368,500 11,051,209 
Qingdao Haier Co. Ltd. 287,900 474,531 
SAIC Motor Corp. Ltd. 425,958 1,490,806 
Shenzhen Expressway Co. (H Shares) 3,484,000 3,282,641 
Sinopec Engineering Group Co. Ltd. (H Shares) (c) 1,335,500 1,163,639 
Sinotrans Ltd. (H Shares) 2,477,000 1,133,397 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 548,000 864,549 
TravelSky Technology Ltd. (H Shares) 900,000 1,723,809 
Yanzhou Coal Mining Co. Ltd. (H Shares) 1,210,000 743,929 
Zhengzhou Yutong Bus Co. Ltd. 272,800 944,084 
ZTE Corp. (H Shares) 522,800 703,500 
TOTAL CHINA  126,371,414 
Hong Kong - 9.4%   
AIA Group Ltd. 3,691,600 22,863,139 
Cathay Pacific Airways Ltd. 1,446,000 2,348,371 
China Everbright Ltd. 1,632,000 3,113,219 
China Mobile Ltd. 853,400 10,568,100 
China Resources Beer Holdings Co. Ltd. 1,364,000 2,640,658 
China Resources Beer Holdings Co. Ltd. rights 8/9/16(b) 454,666 182,842 
China Resources Power Holdings Co. Ltd. 628,000 1,000,474 
China Taiping Insurance Group Ltd. (b) 1,330,000 2,605,692 
CNOOC Ltd. sponsored ADR (a) 98,300 11,834,337 
Dah Sing Banking Group Ltd. 566,400 1,060,029 
Dah Sing Financial Holdings Ltd. 130,800 876,676 
Fosun International Ltd. 1,038,000 1,356,635 
HKT Trust/HKT Ltd. unit 2,751,300 4,347,667 
Hysan Development Co. Ltd. 652,000 3,000,155 
Magnificent Hotel Investment Ltd. 6,930,000 154,528 
PCCW Ltd. 3,117,000 2,269,933 
Sino Land Ltd. 2,824,000 5,037,657 
Techtronic Industries Co. Ltd. 1,312,500 5,557,283 
Wheelock and Co. Ltd. 922,000 4,937,758 
TOTAL HONG KONG  85,755,153 
India - 9.3%   
Adani Ports & Special Economic Zone 493,321 1,720,018 
Adani Power Ltd. (b) 1,065,042 446,597 
Apollo Tyres Ltd. 1,338,550 3,279,352 
Bajaj Finserv Ltd. 46,299 1,892,039 
Bharat Petroleum Corp. Ltd. 308,889 2,746,427 
Bharti Airtel Ltd. 431,817 2,345,501 
Bharti Infratel Ltd. 397,798 2,359,753 
CCL Products (India) Ltd. (b) 80,347 311,118 
Coal India Ltd. 548,355 2,698,379 
Cox & Kings India Ltd. (b) 581,986 1,664,626 
Edelweiss Financial Services Ltd. 724,511 1,028,805 
Exide Industries Ltd. 172,930 464,658 
Havells India Ltd. 101,037 590,639 
HCL Technologies Ltd. 321,191 3,628,246 
Idea Cellular Ltd. (b) 913,985 1,435,665 
Indian Oil Corp. Ltd. (b) 532,764 4,351,312 
JK Tyre & Industries Ltd. (b) 1,350,961 1,827,157 
Just Dial Ltd. 57,855 482,161 
LIC Housing Finance Ltd. 151,373 1,180,916 
McLeod Russel India Ltd. (b) 296,819 909,984 
NTPC Ltd. 1,792,798 4,259,089 
Petronet LNG Ltd. 412,981 1,846,348 
Power Finance Corp. Ltd. 1,250,499 4,090,785 
Power Grid Corp. of India Ltd. 929,047 2,453,113 
Redington India Ltd.  533,540 824,464 
Reliance Capital Ltd. (b) 73,076 491,266 
Reliance Industries Ltd. 747,167 11,376,488 
Rural Electrification Corp. Ltd. 303,685 966,799 
Sun Pharmaceutical Industries Ltd. 338,023 4,208,869 
Suzlon Energy Ltd. (b) 3,336,287 873,426 
Tata Motors Ltd. (b) 990,372 7,512,525 
The Jammu & Kashmir Bank Ltd. 412,719 416,403 
Torrent Pharmaceuticals Ltd. 125,427 2,710,544 
UPL Ltd. 296,415 2,778,710 
Vakrangee Ltd. (b) 172,201 481,429 
VST Industries Ltd. (b) 31,444 961,105 
Yes Bank Ltd. (b) 133,299 2,433,699 
TOTAL INDIA  84,048,415 
Indonesia - 2.7%   
PT ACE Hardware Indonesia Tbk 12,337,500 913,645 
PT Adaro Energy Tbk 14,982,200 1,189,563 
PT Bank Mandiri (Persero) Tbk 6,090,600 4,728,083 
PT Bank Rakyat Indonesia Tbk 9,459,300 8,322,971 
PT Bank Tabungan Pensiunan Nasional Tbk (b) 989,200 178,227 
PT Gudang Garam Tbk 680,100 3,506,031 
PT Indo Tambangraya Megah Tbk 499,900 479,921 
PT Indofood Sukses Makmur Tbk 4,342,900 2,760,212 
PT Media Nusantara Citra Tbk 3,964,000 650,655 
PT Perusahaan Gas Negara Tbk Series B 7,068,500 1,775,422 
TOTAL INDONESIA  24,504,730 
Israel - 0.0%   
Sarine Technologies Ltd. 316,300 424,659 
Japan - 1.0%   
KDDI Corp. 121,200 3,719,279 
NGK Insulators Ltd. 144,000 3,437,862 
Olympus Corp. 48,400 1,670,179 
TOTAL JAPAN  8,827,320 
Korea (South) - 20.1%   
AMOREPACIFIC Corp. 15,241 5,314,080 
AMOREPACIFIC Group, Inc. 33,709 4,377,202 
BGFretail Co. Ltd. 5,318 953,398 
Com2uS Corp. 4,421 459,263 
Daelim Industrial Co. 20,579 1,553,411 
DGB Financial Group Co. Ltd. 277,359 2,245,691 
Dongbu Insurance Co. Ltd. 61,469 3,507,622 
Duksan Hi-Metal Co. Ltd. (b) 29,546 228,870 
Hana Financial Group, Inc. 99,707 2,468,483 
Hyosung Corp. 24,749 3,091,401 
Hyundai Fire & Marine Insurance Co. Ltd. 97,819 2,663,476 
Hyundai Mobis 44,043 10,092,528 
Hyundai Motor Co. 97,802 11,601,244 
Hyundai Steel Co. 106,581 4,846,332 
KB Financial Group, Inc. 306,660 9,801,638 
Kia Motors Corp. 121,185 4,590,176 
Kiwoom Securities Co. Ltd. 21,065 1,497,341 
Korea Electric Power Corp. 119,351 6,577,482 
Korea Petro Chemical Industries Co. Ltd. 16,499 3,484,242 
Korea Power Engineering Co., Inc. 58,251 1,643,675 
Korea Zinc Co. Ltd. 10,137 4,636,712 
KT Corp. 2,900 82,730 
LG Chemical Ltd. 22,799 4,988,818 
LG Display Co. Ltd. 96,921 2,704,917 
LG Household & Health Care Ltd. 7,601 6,885,162 
LG Innotek Co. Ltd. 9,355 751,561 
LG Telecom Ltd. 443,347 4,362,554 
LS Industrial Systems Ltd. 70,383 2,741,825 
Poongsan Corp. 34,005 948,828 
Samsung Card Co. Ltd. 34,113 1,322,768 
Samsung Electronics Co. Ltd. 36,630 50,659,205 
Shinhan Financial Group Co. Ltd. 256,793 9,237,139 
Shinsegae Co. Ltd. 4,718 771,636 
Silicon Works Co. Ltd. 31,741 901,344 
SK Hynix, Inc. 254,492 7,867,114 
SK Telecom Co. Ltd. 14,549 3,009,484 
SL Corp. 6,418 83,339 
TOTAL KOREA (SOUTH)  182,952,691 
Malaysia - 1.6%   
AEON Credit Service Bhd 136,100 474,787 
Bursa Malaysia Bhd 408,400 863,856 
Cahya Mata Sarawak Bhd 973,500 860,975 
Glomac Bhd 1,592,200 305,102 
Media Prima Bhd 2,785,700 992,327 
Padini Holdings Bhd 698,200 454,546 
Sunway Bhd 1,219,300 877,668 
Tenaga Nasional Bhd 1,931,600 6,823,832 
YTL Power International Bhd 8,024,300 2,819,002 
TOTAL MALAYSIA  14,472,095 
Mauritius - 0.1%   
MakeMyTrip Ltd. (b) 27,200 512,176 
Netherlands - 0.2%   
Gree Electric Appliances, Inc. of Zhuhai ELS (A Shares)(BNP Paribas Warrants Program) warrants 11/24/16 (b)(c) 577,300 1,541,241 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/27/17 (b)(c) 155,700 606,393 
TOTAL NETHERLANDS  2,147,634 
Philippines - 1.3%   
ABS CBN Broadcasting Corp. (depositary receipt) 357,700 374,209 
Alliance Global Group, Inc. 3,156,200 1,082,317 
LT Group, Inc. 234,700 77,694 
Metro Pacific Investments Corp. 9,411,000 1,497,772 
Metropolitan Bank & Trust Co. 2,415,411 4,866,701 
Robinsons Land Corp. 1,085,000 736,764 
Robinsons Retail Holdings, Inc. 487,890 891,402 
Security Bank Corp. 467,698 2,173,493 
TOTAL PHILIPPINES  11,700,352 
Singapore - 3.3%   
Boustead Singapore Ltd. 630,288 376,095 
CapitaLand Ltd. 1,535,600 3,630,829 
Centurion Corp. Ltd. 927,500 245,590 
CWT Ltd. 422,000 660,998 
Frasers Centrepoint Ltd. 438,000 494,943 
Hyflux Ltd. 1,003,300 434,037 
Mapletree Industrial (REIT) 2,480,251 3,348,441 
Sheng Siong Group Ltd. 638,100 468,806 
Singapore Telecommunications Ltd. 2,442,500 7,615,164 
United Overseas Bank Ltd. 704,500 9,666,676 
UOL Group Ltd. 344,000 1,480,480 
Wing Tai Holdings Ltd. 1,041,800 1,352,079 
Yoma Strategic Holdings Ltd. 1,015,700 439,402 
TOTAL SINGAPORE  30,213,540 
Taiwan - 13.8%   
Advanced Semiconductor Engineering, Inc. 4,835,000 5,726,329 
Cathay Financial Holding Co. Ltd. 5,342,000 6,018,753 
China Life Insurance Co. Ltd. 2,620,544 2,170,129 
Chinatrust Financial Holding Co. Ltd. 9,138,000 5,054,489 
E.SUN Financial Holdings Co. Ltd. 11,935,343 6,676,800 
Everlight Electronics Co. Ltd. 517,000 843,279 
Formosa Chemicals & Fibre Corp. 1,559,000 4,071,558 
Fubon Financial Holding Co. Ltd. 5,765,000 7,183,829 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 5,828,600 16,101,510 
Innolux Corp. 4,775,000 1,770,797 
Mega Financial Holding Co. Ltd. 4,106,000 3,226,060 
Micro-Star International Co. Ltd. 211,000 461,536 
Nanya Technology Corp. 547,000 648,100 
PChome Online, Inc. 85,053 956,943 
Pegatron Corp. 2,417,000 5,947,739 
Pou Chen Corp. 3,843,000 5,253,795 
Powertech Technology, Inc. 577,000 1,472,466 
Taiwan Semiconductor Manufacturing Co. Ltd. 7,785,192 42,190,625 
Unified-President Enterprises Corp. 2,822,000 5,782,532 
Vanguard International Semiconductor Corp. 751,000 1,364,210 
Yuanta Financial Holding Co. Ltd. 7,690,560 2,707,008 
TOTAL TAIWAN  125,628,487 
Thailand - 2.4%   
Asian Property Development PCL (For. Reg.) 10,756,700 2,285,374 
Delta Electronics PCL (For. Reg.) 124,500 254,683 
Indorama Ventures PCL (For. Reg.) 1,389,100 1,326,086 
Intouch Holdings PCL NVDR 1,312,000 2,260,121 
Kasikornbank PCL (For. Reg.) 1,148,500 6,578,402 
Preuksa Real Estate PCL (For. Reg.) 2,332,500 1,841,624 
PTT Global Chemical PCL (For. Reg.) 1,577,200 2,750,930 
Thai Beverage PCL 4,779,800 3,689,933 
TISCO Financial Group PCL 625,800 970,233 
TOTAL THAILAND  21,957,386 
United States of America - 0.8%   
China Biologic Products, Inc. (b) 12,300 1,468,374 
Cognizant Technology Solutions Corp. Class A (b) 92,500 5,317,825 
TOTAL UNITED STATES OF AMERICA  6,786,199 
TOTAL COMMON STOCKS   
(Cost $877,836,500)  895,313,031 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.1%   
India - 0.1%   
NTPC Ltd. 8.49% 3/25/25
(Cost $449,651) 
INR2,245,016 434,712 
 Shares Value 
Money Market Funds - 1.9%   
Fidelity Cash Central Fund, 0.42% (e) 6,070,701 6,070,701 
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) 11,147,650 11,147,650 
TOTAL MONEY MARKET FUNDS   
(Cost $17,218,351)  17,218,351 
TOTAL INVESTMENT PORTFOLIO - 100.5%   
(Cost $895,504,502)  912,966,094 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (4,376,549) 
NET ASSETS - 100%  $908,589,545 

Currency Abbreviations

INR – Indian rupee

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

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

 (b) Non-income producing

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,311,273 or 0.4% of net assets.

 (d) Amount is stated in United States dollars unless otherwise noted.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $38,626 
Fidelity Securities Lending Cash Central Fund 40,499 
Total $79,125 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $94,990,920 $87,478,395 $7,512,525 $-- 
Consumer Staples 45,039,837 45,039,837 -- -- 
Energy 46,012,559 38,870,957 7,141,602 -- 
Financials 263,240,132 227,658,962 34,039,929 1,541,241 
Health Care 15,634,061 13,963,882 1,670,179 -- 
Industrials 48,347,951 44,910,089 3,437,862 -- 
Information Technology 235,964,708 143,857,425 92,107,283 -- 
Materials 49,851,461 47,434,812 2,416,649 -- 
Telecommunication Services 53,904,047 36,524,454 17,379,593 -- 
Utilities 42,327,355 35,749,873 6,577,482 -- 
Corporate Bonds 434,712 -- 434,712 -- 
Money Market Funds 17,218,351 17,218,351 -- -- 
Total Investments in Securities: $912,966,094 $738,707,037 $172,717,816 $1,541,241 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $0 
Level 2 to Level 1 $365,888,875 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $895,715,106. Net unrealized appreciation aggregated $17,250,988, of which $103,943,447 related to appreciated investment securities and $86,692,459 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Total Emerging Markets Fund

July 31, 2016







TEK-QTLY-0916
1.931233.104





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 57.4%   
 Shares Value 
Argentina - 0.3%   
Grupo Superveille SA sponsored ADR 3,400 $46,070 
Telecom Argentina SA Class B sponsored ADR 5,534 104,648 
YPF SA Class D sponsored ADR 7,300 134,831 
TOTAL ARGENTINA  285,549 
Austria - 0.2%   
Erste Group Bank AG 8,675 229,907 
Bermuda - 0.9%   
AGTech Holdings Ltd. (a) 308,000 76,619 
Credicorp Ltd. (United States) 1,250 200,413 
GP Investments Ltd. Class A (depositary receipt) (a) 22,922 45,598 
PAX Global Technology Ltd. 176,460 145,791 
Shangri-La Asia Ltd. 320,000 343,576 
VimpelCom Ltd. sponsored ADR 11,300 46,104 
TOTAL BERMUDA  858,101 
Brazil - 1.9%   
B2W Companhia Global do Varejo (a) 49,640 199,025 
BB Seguridade Participacoes SA 23,270 216,308 
Cielo SA 21,036 238,426 
Companhia de Saneamento de Minas Gerais 14,556 148,146 
Cosan SA Industria e Comercio 13,161 138,210 
Direcional Engenharia SA 56,500 111,522 
FPC Par Corretora de Seguros 33,600 134,819 
Metalurgica Gerdau SA rights 8/9/16 (a) 702 3,497 
Minerva SA (a) 47,700 141,229 
Smiles SA 31,800 509,600 
TOTAL BRAZIL  1,840,782 
British Virgin Islands - 0.1%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 6,196 119,583 
Canada - 0.3%   
Pacific Exploration and Production Corp. warrants (a) 450 1,440 
Pan American Silver Corp. 12,700 247,650 
Torex Gold Resources, Inc.(a) 4,530 93,955 
TOTAL CANADA  343,045 
Cayman Islands - 7.6%   
51job, Inc. sponsored ADR (a) 3,600 114,552 
58.com, Inc. ADR (a) 14,550 756,746 
AAC Technology Holdings, Inc. 16,500 153,975 
Alibaba Group Holding Ltd. sponsored ADR (a) 23,000 1,897,040 
Autohome, Inc. ADR Class A (a) 2,400 52,080 
Bitauto Holdings Ltd. ADR (a) 9,500 261,250 
BizLink Holding, Inc. 6,000 36,959 
China State Construction International Holdings Ltd. 128,000 171,252 
CK Hutchison Holdings Ltd. 11,670 136,579 
Ctrip.com International Ltd. ADR (a) 4,900 213,983 
Haitian International Holdings Ltd. 64,000 107,239 
Himax Technologies, Inc. sponsored ADR 5,000 44,750 
JD.com, Inc. sponsored ADR (a) 18,500 400,525 
Sino Biopharmaceutical Ltd. 308,000 205,640 
SouFun Holdings Ltd. ADR (a) 23,000 117,760 
Sunny Optical Technology Group Co. Ltd. 20,000 79,656 
Tencent Holdings Ltd. 80,050 1,933,458 
Uni-President China Holdings Ltd. 484,600 371,645 
Vipshop Holdings Ltd. ADR (a) 33,900 482,397 
TOTAL CAYMAN ISLANDS  7,537,486 
Chile - 1.0%   
Compania Cervecerias Unidas SA sponsored ADR 12,000 274,440 
CorpBanca SA 15,572,496 135,589 
Enersis SA 713,694 125,361 
Inversiones La Construccion SA 10,587 121,290 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 6,200 153,636 
Vina Concha y Toro SA 93,580 159,443 
TOTAL CHILE  969,759 
China - 4.8%   
Anhui Conch Cement Co. Ltd. (H Shares) 65,000 171,020 
BBMG Corp. (H Shares) 655,000 239,766 
China Life Insurance Co. Ltd. (H Shares) 153,034 347,125 
China Longyuan Power Grid Corp. Ltd. (H Shares) 200,360 160,631 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 129,306 456,664 
China Petroleum & Chemical Corp. (H Shares) 252,000 180,727 
China Shenhua Energy Co. Ltd. (H Shares) 100,000 191,019 
China Suntien Green Energy Corp. Ltd. (H Shares) 163,250 18,727 
China Telecom Corp. Ltd. (H Shares) 364,449 179,444 
Industrial & Commercial Bank of China Ltd. (H Shares) 1,591,660 908,027 
Inner Mongoli Yili Industries Co. Ltd. 80,871 225,896 
Kweichow Moutai Co. Ltd. 8,940 421,789 
Maanshan Iron & Steel Ltd. (H Shares) (a) 296,000 66,003 
PetroChina Co. Ltd. (H Shares) 188,000 128,871 
PICC Property & Casualty Co. Ltd. (H Shares) 138,580 214,700 
Qingdao Haier Co. Ltd. 229,652 378,523 
Shanghai International Airport Co. Ltd. 31,100 130,635 
Zhengzhou Yutong Bus Co. Ltd. 46,300 160,231 
Zhuzhou CSR Times Electric Co. Ltd. (H Shares) 32,000 176,531 
TOTAL CHINA  4,756,329 
Colombia - 0.1%   
Bancolombia SA sponsored ADR 3,555 121,439 
Czech Republic - 0.1%   
MONETA Money Bank A/S 41,900 129,211 
Egypt - 0.2%   
Citadel Capital Corp. (a) 226,900 25,807 
Commercial International Bank SAE sponsored GDR 33,800 128,102 
Global Telecom Holding GDR (a) 25,160 44,533 
TOTAL EGYPT  198,442 
Greece - 0.3%   
Hellenic Telecommunications Organization SA 7,468 72,638 
Titan Cement Co. SA (Reg.) 10,700 244,516 
TOTAL GREECE  317,154 
Hong Kong - 3.5%   
AIA Group Ltd. 49,420 306,072 
China Mobile Ltd. 25,310 313,427 
China Mobile Ltd. sponsored ADR 15,557 965,934 
China Resources Beer Holdings Co. Ltd. 170,000 329,114 
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) 50,666 20,375 
China Resources Power Holdings Co. Ltd. 88,549 141,068 
CNOOC Ltd. 544,000 655,647 
CNOOC Ltd. sponsored ADR 44 5,297 
Far East Horizon Ltd. 474,980 373,450 
Sinotruk Hong Kong Ltd. 154,000 68,679 
Techtronic Industries Co. Ltd. 70,000 296,388 
TOTAL HONG KONG  3,475,451 
India - 5.8%   
Adani Ports & Special Economic Zone 61,501 214,430 
Axis Bank Ltd. 26,440 216,641 
Bharti Infratel Ltd. 30,770 182,529 
Coal India Ltd. 74,947 368,804 
Edelweiss Financial Services Ltd. 85,459 121,352 
Eicher Motors Ltd. 525 176,910 
Grasim Industries Ltd. 4,149 304,663 
Housing Development Finance Corp. Ltd. 15,833 326,494 
ICICI Bank Ltd. 25,570 99,707 
ICICI Bank Ltd. sponsored ADR 8,400 63,672 
ITC Ltd. 103,963 393,751 
JK Cement Ltd. 13,817 147,871 
Larsen & Toubro Ltd. 10,061 235,295 
LIC Housing Finance Ltd. 22,667 176,834 
Lupin Ltd. 17,485 456,399 
Oil & Natural Gas Corp. Ltd. 56,868 187,783 
Petronet LNG Ltd. 31,896 142,600 
Phoenix Mills Ltd. 27,412 148,626 
Power Grid Corp. of India Ltd. 154,757 408,630 
SREI Infrastructure Finance Ltd. 116,223 130,599 
State Bank of India 81,675 281,093 
Sun Pharmaceutical Industries Ltd. 38,438 478,608 
Tata Consultancy Services Ltd. 12,548 493,091 
TOTAL INDIA  5,756,382 
Indonesia - 0.9%   
Link Net Tbk PT 216,800 72,330 
PT Astra International Tbk 622,300 367,009 
PT Bank Mandiri (Persero) Tbk 221,150 171,677 
PT Bank Rakyat Indonesia Tbk 266,900 234,838 
PT Kalbe Farma Tbk 688,300 88,018 
TOTAL INDONESIA  933,872 
Israel - 0.4%   
Bezeq The Israel Telecommunication Corp. Ltd. 182,855 361,567 
Japan - 0.5%   
Rakuten, Inc. 5,400 61,110 
Sony Corp. 3,700 121,460 
Suzuki Motor Corp. 11,300 346,055 
TOTAL JAPAN  528,625 
Korea (South) - 6.5%   
AMOREPACIFIC Group, Inc. 2,398 311,387 
Daou Technology, Inc. 9,155 218,838 
Duk San Neolux Co. Ltd. (a) 1,826 49,966 
EO Technics Co. Ltd. 537 52,021 
Fila Korea Ltd. 2,845 226,005 
Hanon Systems 14,034 144,401 
Hyundai Fire & Marine Insurance Co. Ltd. 4,139 112,699 
Hyundai Glovis Co. Ltd. 1,073 161,991 
Hyundai Industrial Development & Construction Co. 3,639 144,867 
Hyundai Mobis 1,265 289,877 
InterPark INT Corp. 8,479 113,912 
Kakao Corp. 909 74,252 
KB Financial Group, Inc. 15,554 497,146 
KEPCO Plant Service & Engineering Co. Ltd. 1,940 119,594 
Korea Electric Power Corp. 6,596 363,508 
Korea Express Co. Ltd. (a) 445 80,178 
Korean Reinsurance Co. 28,465 309,513 
KT Corp. 2,380 67,896 
KT Corp. sponsored ADR 1,010 15,413 
LG Chemical Ltd. 1,233 269,802 
NAVER Corp. 122 77,840 
NCSOFT Corp. 882 198,941 
Samsung Electronics Co. Ltd. 596 824,267 
Samsung Fire & Marine Insurance Co. Ltd. 522 125,012 
Samsung SDI Co. Ltd. 1,590 150,741 
Shinhan Financial Group Co. Ltd. 15,578 560,359 
Shinhan Financial Group Co. Ltd. sponsored ADR 200 7,138 
SK Hynix, Inc. 22,707 701,942 
SK Telecom Co. Ltd. 38 7,860 
SK Telecom Co. Ltd. sponsored ADR 5,062 115,970 
Viatron Technologies, Inc. 2,453 60,399 
TOTAL KOREA (SOUTH)  6,453,735 
Mauritius - 0.1%   
MakeMyTrip Ltd. (a) 7,200 135,576 
Mexico - 2.8%   
America Movil S.A.B. de CV Series L sponsored ADR 12,573 144,967 
Banregio Grupo Financiero S.A.B. de CV 16,580 94,988 
CEMEX S.A.B. de CV sponsored ADR 24,488 187,333 
El Puerto de Liverpool S.A.B. de CV Class C 22,100 214,199 
Fibra Uno Administracion SA de CV 121,160 247,102 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 18,000 177,091 
Grupo Comercial Chedraui S.A.B. de CV 49,076 111,344 
Grupo Financiero Banorte S.A.B. de CV Series O 138,169 756,724 
Infraestructura Energetica Nova S.A.B. de CV 16,500 66,651 
Macquarie Mexican (REIT) 294,470 376,765 
Promotora y Operadora de Infraestructura S.A.B. de CV 10,800 125,948 
Wal-Mart de Mexico SA de CV Series V 113,500 259,385 
TOTAL MEXICO  2,762,497 
Netherlands - 0.6%   
Cnova NV (a) 6,850 33,565 
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Arbitrage Warrant Program) warrants 10/21/16 (a)(b) 37,850 147,412 
Yandex NV (a) 17,067 369,501 
TOTAL NETHERLANDS  550,478 
Nigeria - 0.3%   
Guaranty Trust Bank PLC 134,150 10,138 
Guaranty Trust Bank PLC GDR (Reg. S) 23,480 100,964 
Transnational Corp. of Nigeria PLC 5,628,516 23,168 
Zenith Bank PLC 2,293,348 121,856 
TOTAL NIGERIA  256,126 
Pakistan - 0.3%   
Habib Bank Ltd. 127,700 265,000 
Panama - 0.2%   
Copa Holdings SA Class A 2,200 147,400 
Philippines - 0.8%   
Alliance Global Group, Inc. 581,650 199,458 
Metro Pacific Investments Corp. 218,300 34,743 
Metropolitan Bank & Trust Co. 147,261 296,709 
Robinsons Land Corp. 443,080 300,871 
TOTAL PHILIPPINES  831,781 
Romania - 0.1%   
Banca Transilvania SA 108,076 61,893 
Russia - 3.4%   
E.ON Russia JSC 2,527,700 114,913 
Lukoil PJSC sponsored ADR 15,500 662,625 
Magnit OJSC GDR (Reg. S) 11,600 445,092 
MegaFon PJSC (a) 5,500 55,842 
MegaFon PJSC GDR 1,700 16,796 
MMC Norilsk Nickel PJSC sponsored ADR 23,700 346,494 
Mobile TeleSystems OJSC 43,012 164,403 
NOVATEK OAO GDR (Reg. S) 3,600 359,280 
Rosneft Oil Co. OJSC (a) 68,500 337,881 
Sberbank of Russia 106,400 224,761 
Sberbank of Russia sponsored ADR 55,384 481,896 
Sistema JSFC 290,500 101,492 
Sistema JSFC sponsored GDR 3,560 28,978 
TOTAL RUSSIA  3,340,453 
Singapore - 0.5%   
Ascendas Real Estate Investment Trust 153,310 280,159 
CapitaMall Trust 55,100 87,950 
First Resources Ltd. 125,800 151,538 
TOTAL SINGAPORE  519,647 
South Africa - 4.8%   
Alexander Forbes Group Holdings Ltd. 179,578 80,984 
Aspen Pharmacare Holdings Ltd. 8,853 239,163 
Barclays Africa Group Ltd. 21,403 236,661 
Bidcorp Ltd. (a) 9,656 180,178 
Bidvest Group Ltd. 9,656 110,951 
Imperial Holdings Ltd. 30,100 359,389 
JSE Ltd. 7,910 96,820 
Life Healthcare Group Holdings Ltd. 66,400 180,575 
MTN Group Ltd. 13,950 141,007 
Naspers Ltd. Class N 14,250 2,236,157 
Nedbank Group Ltd. 9,580 137,338 
Sasol Ltd. 4,900 130,383 
Shoprite Holdings Ltd. 27,800 407,149 
Telkom SA Ltd. 34,502 160,117 
TOTAL SOUTH AFRICA  4,696,872 
Spain - 0.2%   
Banco Bilbao Vizcaya Argentaria SA 32,681 190,790 
Taiwan - 4.5%   
Advanced Semiconductor Engineering, Inc. 119,000 140,938 
Advantech Co. Ltd. 32,000 249,411 
Boardtek Electronics Corp. 44,000 56,350 
E.SUN Financial Holdings Co. Ltd. 315,200 176,327 
Hermes Microvision, Inc. 2,000 85,169 
HTC Corp. 27,000 80,697 
Inotera Memories, Inc. (a) 35,000 28,599 
King's Town Bank 99,600 73,247 
Largan Precision Co. Ltd. 1,833 197,016 
MediaTek, Inc. 15,000 114,790 
Siliconware Precision Industries Co. Ltd. 36,000 54,366 
Taiwan Cement Corp. 277,000 295,116 
Taiwan Fertilizer Co. Ltd. 64,000 89,506 
Taiwan Semiconductor Manufacturing Co. Ltd. 434,000 2,351,983 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,942 53,949 
Universal Cement Corp. 67,320 45,382 
Vanguard International Semiconductor Corp. 47,000 85,377 
Wistron NeWeb Corp. 23,000 61,586 
Yuanta Financial Holding Co. Ltd. 573,231 201,772 
TOTAL TAIWAN  4,441,581 
Thailand - 1.4%   
Intouch Holdings PCL NVDR 33,950 58,484 
Jasmine Broadband Internet Infrastructure Fund 297,790 101,743 
Kasikornbank PCL (For. Reg.) 98,780 565,794 
PTT Global Chemical PCL (For. Reg.) 72,200 125,930 
PTT PCL (For. Reg.) 31,700 300,345 
Star Petroleum Refining PCL 312,100 82,438 
Thai Union Frozen Products PCL (For. Reg.) 298,000 186,517 
TOTAL THAILAND  1,421,251 
Turkey - 0.6%   
Aselsan A/S 34,000 107,550 
Enka Insaat ve Sanayi A/S 57,550 84,761 
Tupras Turkiye Petrol Rafinelleri A/S 10,300 220,139 
Turkiye Garanti Bankasi A/S 63,074 155,151 
TOTAL TURKEY  567,601 
United Arab Emirates - 0.7%   
DP World Ltd. 9,696 164,735 
Emaar Properties PJSC 140,411 263,015 
First Gulf Bank PJSC 69,391 228,602 
TOTAL UNITED ARAB EMIRATES  656,352 
United Kingdom - 0.2%   
Fresnillo PLC 8,300 212,113 
United States of America - 0.5%   
Cognizant Technology Solutions Corp. Class A (a) 2,820 162,122 
First Cash Financial Services, Inc. 2,949 151,313 
Micron Technology, Inc. (a) 12,600 173,124 
TOTAL UNITED STATES OF AMERICA  486,559 
TOTAL COMMON STOCKS   
(Cost $50,422,715)  56,760,389 
Nonconvertible Preferred Stocks - 3.9%   
Brazil - 3.0%   
Ambev SA sponsored ADR 120,500 696,490 
Banco do Estado Rio Grande do Sul SA 36,320 120,753 
Companhia Paranaense de Energia-Copel:   
(PN-B) 615 6,098 
(PN-B) sponsored ADR 22,452 222,275 
Itau Unibanco Holding SA sponsored ADR 80,238 838,487 
Metalurgica Gerdau SA (PN) 157,970 132,519 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 51,806 377,666 
Telefonica Brasil SA 14,397 218,593 
Vale SA (PN-A) sponsored ADR 82,600 380,786 
TOTAL BRAZIL  2,993,667 
Korea (South) - 0.9%   
Hyundai Motor Co. Series 2 3,876 350,052 
Samsung Electronics Co. Ltd. 358 406,964 
Samsung Fire & Marine Insurance Co. Ltd. 793 121,857 
TOTAL KOREA (SOUTH)  878,873 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $3,477,348)  3,872,540 
 Principal Amount Value 
Nonconvertible Bonds - 11.3%   
Azerbaijan - 1.0%   
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) 200,000 196,216 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 200,000 219,200 
State Oil Co. of Azerbaijan Republic:   
4.75% 3/13/23 (Reg. S) 325,000 305,935 
6.95% 3/18/30 (Reg. S) 275,000 285,423 
TOTAL AZERBAIJAN  1,006,774 
Canada - 0.3%   
First Quantum Minerals Ltd. 7% 2/15/21 (b) 250,000 223,075 
Pacific Exploration and Production Corp. 12% 12/22/16 18,000 15,840 
Pacific Rubiales Energy Corp. 5.125% 3/28/23 (b)(c) 100,000 16,500 
TOTAL CANADA  255,415 
Georgia - 0.7%   
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 250,000 260,050 
JSC BGEO Group 6% 7/26/23 (b) 200,000 201,300 
JSC Georgian Railway 7.75% 7/11/22 (b) 200,000 222,000 
TOTAL GEORGIA  683,350 
Indonesia - 1.8%   
PT Pertamina Persero:   
4.875% 5/3/22 (b) 275,000 293,012 
5.625% 5/20/43 (b) 200,000 206,791 
6% 5/3/42 (b) 400,000 430,568 
6.5% 5/27/41 (b) 700,000 799,319 
TOTAL INDONESIA  1,729,690 
Ireland - 0.1%   
Vnesheconombank Via VEB Finance PLC 6.8% 11/22/25 (b) 100,000 107,156 
Kazakhstan - 0.7%   
Kazagro National Management Holding JSC 4.625% 5/24/23 (b) 400,000 370,080 
KazMunaiGaz Finance Sub BV 9.125% 7/2/18 (b) 300,000 330,030 
TOTAL KAZAKHSTAN  700,110 
Luxembourg - 0.7%   
Petrobras International Finance Co. Ltd. 8.375% 12/10/18 300,000 328,500 
RSHB Capital SA 5.1% 7/25/18 (b) 400,000 410,828 
TOTAL LUXEMBOURG  739,328 
Mexico - 1.6%   
Pemex Project Funding Master Trust 6.625% 6/15/35 825,000 853,009 
Petroleos Mexicanos:   
6.5% 6/2/41 600,000 600,900 
6.625% (b)(d) 165,000 161,906 
TOTAL MEXICO  1,615,815 
Netherlands - 1.2%   
Petrobras Global Finance BV:   
6.85% 6/5/2115 215,000 164,153 
7.25% 3/17/44 205,000 174,906 
8.375% 5/23/21 175,000 185,019 
8.75% 5/23/26 675,000 701,798 
TOTAL NETHERLANDS  1,225,876 
South Africa - 0.3%   
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (b) 300,000 305,862 
Trinidad & Tobago - 0.6%   
Petroleum Co. of Trinidad & Tobago Ltd.:   
6% 5/8/22 (b) 242,500 236,438 
9.75% 8/14/19 (b) 300,000 326,625 
TOTAL TRINIDAD & TOBAGO  563,063 
United Arab Emirates - 0.1%   
DP World Ltd. 6.85% 7/2/37 (Reg. S) 100,000 115,000 
United Kingdom - 0.6%   
Biz Finance PLC 9.625% 4/27/22 (b) 600,000 594,000 
Venezuela - 1.6%   
Petroleos de Venezuela SA:   
5.25% 4/12/17 300,000 209,550 
5.5% 4/12/37 500,000 177,500 
6% 11/15/26 (Reg. S) 1,200,000 438,000 
8.5% 11/2/17 (b) 166,667 129,750 
9% 11/17/21 (Reg. S) 550,000 270,749 
12.75% 2/17/22 (b) 600,000 326,700 
TOTAL VENEZUELA  1,552,249 
TOTAL NONCONVERTIBLE BONDS   
(Cost $11,144,505)  11,193,688 
Government Obligations - 14.8%   
Angola - 0.2%   
Angola Republic 9.5% 11/12/25 (b) 200,000 190,540 
Argentina - 1.3%   
Argentine Republic:   
6.25% 4/22/19 (b) 150,000 159,000 
6.875% 4/22/21 (b) 170,000 182,920 
7% 4/17/17 225,000 230,123 
7.125% 7/6/36 (b) 150,000 152,400 
7.5% 4/22/26 (b) 185,000 200,910 
8.28% 12/31/33 315,459 354,102 
TOTAL ARGENTINA  1,279,455 
Armenia - 0.3%   
Republic of Armenia 6% 9/30/20 (b) 325,000 332,313 
Bahrain - 0.2%   
Bahrain Kingdom 6% 9/19/44 (Reg. S) 200,000 165,000 
Barbados - 0.2%   
Barbados Government 7% 8/4/22 (b) 250,000 247,188 
Brazil - 0.8%   
Brazilian Federative Republic:   
5% 1/27/45 200,000 182,800 
5.625% 2/21/47 200,000 192,500 
8.25% 1/20/34 200,000 251,500 
12.25% 3/6/30 100,000 167,750 
TOTAL BRAZIL  794,550 
Cameroon - 0.2%   
Cameroon Republic 9.5% 11/19/25 (b) 200,000 211,124 
Colombia - 0.4%   
Colombian Republic:   
6.125% 1/18/41 100,000 114,750 
7.375% 9/18/37 250,000 321,875 
TOTAL COLOMBIA  436,625 
Congo - 0.2%   
Congo Republic 4% 6/30/29 (e) 268,090 189,057 
Costa Rica - 0.6%   
Costa Rican Republic:   
4.375% 4/30/25 (b) 225,000 216,000 
7.158% 3/12/45 (b) 400,000 427,000 
TOTAL COSTA RICA  643,000 
Croatia - 0.5%   
Croatia Republic 6% 1/26/24 (b) 450,000 498,038 
Dominican Republic - 0.4%   
Dominican Republic 6.6% 1/28/24 (b) 375,000 413,438 
Ecuador - 0.4%   
Ecuador Republic:   
7.95% 6/20/24 (b) 200,000 173,500 
10.75% 3/28/22 (b) 200,000 199,300 
TOTAL ECUADOR  372,800 
El Salvador - 0.5%   
El Salvador Republic 7.625% 2/1/41 (b) 450,000 461,813 
Ethiopia - 0.2%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 200,000 190,500 
Gabon - 0.2%   
Gabonese Republic 6.375% 12/12/24 (b) 200,000 179,900 
Ghana - 0.8%   
Ghana Republic:   
7.875% 8/7/23 (Reg.S) 400,000 347,040 
10.75% 10/14/30 (b) 400,000 435,200 
TOTAL GHANA  782,240 
Iraq - 0.4%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 500,000 375,000 
Ivory Coast - 0.4%   
Ivory Coast 5.375% 7/23/24 (b) 400,000 382,000 
Jamaica - 0.2%   
Jamaican Government 8% 6/24/19 150,000 162,188 
Jordan - 0.2%   
Jordanian Kingdom 6.125% 1/29/26 (b) 200,000 215,520 
Kenya - 0.2%   
Republic of Kenya 6.875% 6/24/24 (b) 200,000 189,700 
Lebanon - 0.8%   
Lebanese Republic:   
5.45% 11/28/19 500,000 495,950 
6.1% 10/4/22 300,000 296,772 
TOTAL LEBANON  792,722 
Mongolia - 0.2%   
Mongolian People's Republic 5.125% 12/5/22 (Reg. S) 200,000 180,587 
Mozambique - 0.1%   
Mozambique Republic 10.5% 1/18/23 (b) 200,000 141,000 
Netherlands - 0.2%   
Republic of Angola 7% 8/16/19 (Issued by Northern Lights III BV for Republic of Angola) (Reg. S) 203,125 198,341 
Oman - 0.2%   
Sultanate of Oman 4.75% 6/15/26 (b) 200,000 205,232 
Pakistan - 0.2%   
Islamic Republic of Pakistan 7.25% 4/15/19 (b) 200,000 213,894 
Russia - 1.0%   
Russian Federation:   
5.625% 4/4/42 (b) 200,000 219,500 
12.75% 6/24/28 (Reg. S) 425,000 756,315 
TOTAL RUSSIA  975,815 
Rwanda - 0.2%   
Republic of Rwanda 6.625% 5/2/23 (b) 225,000 221,877 
Senegal - 0.2%   
Republic of Senegal 8.75% 5/13/21 (b) 200,000 220,540 
Tanzania - 0.2%   
United Republic of Tanzania 6.8921% 3/9/20 (f) 177,778 182,222 
Turkey - 0.9%   
Turkish Republic:   
6.875% 3/17/36 250,000 293,750 
7% 6/5/20 250,000 276,820 
11.875% 1/15/30 165,000 277,664 
TOTAL TURKEY  848,234 
Ukraine - 0.4%   
Ukraine Government:   
0% 5/31/40 (b)(f) 430,000 145,211 
7.75% 9/1/19 (b) 100,000 99,270 
7.75% 9/1/20 (b) 200,000 197,040 
TOTAL UKRAINE  441,521 
United States of America - 0.3%   
U.S. Treasury Bills, yield at date of purchase 0.28% to 0.32% 9/15/16 to 10/20/16 (g) 250,000 249,913 
Venezuela - 0.9%   
Venezuelan Republic:   
7% 3/31/38 650,000 265,688 
9% 5/7/23 (Reg. S) 300,000 133,125 
9.25% 9/15/27 650,000 312,813 
12.75% 8/23/22 325,000 171,031 
TOTAL VENEZUELA  882,657 
Zambia - 0.2%   
Republic of Zambia 8.97% 7/30/27 (b) 200,000 175,500 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $14,533,903)  14,642,044 
Preferred Securities - 0.1%   
Colombia - 0.1%   
Colombia Telecomunicacines SA 8.5%
(Cost $90,831)(b)(d)(f) 
100,000 96,114 
 Shares Value 
Money Market Funds - 5.3%   
Fidelity Cash Central Fund, 0.42% (h)   
(Cost $5,219,403) 5,219,403 5,219,403 
TOTAL INVESTMENT PORTFOLIO - 92.8%   
(Cost $84,888,705)  91,784,178 
NET OTHER ASSETS (LIABILITIES) - 7.2%  7,127,754 
NET ASSETS - 100%  $98,911,932 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
206 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Sept. 2016 9,079,450 $160,489 

The face value of futures purchased as a percentage of Net Assets is 9.2%

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $13,912,084 or 14.1% of net assets.

 (c) Non-income producing - Security is in default.

 (d) Security is perpetual in nature with no stated maturity date.

 (e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

 (f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $249,913.

 (h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $8,201 
Fidelity Securities Lending Cash Central Fund 51 
Total $8,252 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $7,934,306 $5,169,524 $2,764,782 $-- 
Consumer Staples 5,086,762 5,086,762 -- -- 
Energy 4,624,713 3,527,645 1,095,628 1,440 
Financials 15,354,576 12,052,421 3,302,155 -- 
Health Care 1,648,403 1,648,403 -- -- 
Industrials 3,353,816 3,353,816 -- -- 
Information Technology 13,401,408 8,920,663 4,480,745 -- 
Materials 3,807,524 3,331,841 475,683 -- 
Telecommunication Services 3,640,972 2,946,379 694,593 -- 
Utilities 1,780,449 1,416,941 363,508 -- 
Corporate Bonds 11,193,688 -- 11,177,848 15,840 
Government Obligations 14,642,044 -- 14,642,044 -- 
Preferred Securities 96,114 -- 96,114 -- 
Money Market Funds 5,219,403 5,219,403 -- -- 
Total Investments in Securities: $91,784,178 $52,673,798 $39,093,100 $17,280 
Derivative Instruments:     
Assets     
Futures Contracts $160,489 $160,489 $-- $-- 
Total Assets $160,489 $160,489 $-- $-- 
Total Derivative Instruments: $160,489 $160,489 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $761,645 
Level 2 to Level 1 $8,353,528 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, foreign government and government agency obligations, preferred securities and U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

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

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $85,388,103. Net unrealized appreciation aggregated $6,396,075, of which $10,534,150 related to appreciated investment securities and $4,138,075 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Overseas Fund

July 31, 2016







OVE-QTLY-0916
1.804876.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.0%   
 Shares Value 
Australia - 2.0%   
Amcor Ltd. 3,956,685 $45,163,379 
Ansell Ltd. 527,656 7,767,219 
Aub Group Ltd. 2,948,275 22,831,119 
Australia & New Zealand Banking Group Ltd. 1,452,585 28,524,569 
Life Healthcare Group Ltd. 1,672,012 2,325,281 
TOTAL AUSTRALIA  106,611,567 
Austria - 0.4%   
Andritz AG 378,900 19,316,625 
Bailiwick of Jersey - 2.2%   
Regus PLC 5,936,170 23,985,052 
Sanne Group PLC 2,222,700 11,170,849 
Wolseley PLC 605,653 33,770,232 
WPP PLC 2,228,133 49,993,809 
TOTAL BAILIWICK OF JERSEY  118,919,942 
Belgium - 2.3%   
Anheuser-Busch InBev SA NV 562,012 72,607,561 
KBC Groep NV (a) 942,375 48,975,446 
TOTAL BELGIUM  121,583,007 
Bermuda - 0.5%   
IHS Markit Ltd. (a) 715,100 24,842,574 
Canada - 0.5%   
Constellation Software, Inc. 64,400 26,216,248 
Cayman Islands - 0.1%   
Lifestyle China Group Ltd. (a) 5,835,500 1,165,836 
Lifestyle International Holdings Ltd. 2,387,000 3,365,872 
TOTAL CAYMAN ISLANDS  4,531,708 
Denmark - 0.6%   
NNIT A/S 836,084 34,493,625 
France - 8.3%   
ALTEN 396,500 27,492,660 
Amundi SA 693,600 30,316,015 
AXA SA 1,569,900 31,951,144 
Capgemini SA 406,900 39,099,876 
Christian Dior SA 137,297 24,828,309 
Ipsen SA 344,600 22,480,084 
Maisons du Monde SA 812,900 17,358,504 
Publicis Groupe SA 604,300 44,995,453 
Sanofi SA 945,019 80,490,335 
Sodexo SA 370,700 43,412,862 
Total SA 1,618,300 77,830,236 
TOTAL FRANCE  440,255,478 
Germany - 8.3%   
adidas AG 350,600 57,593,704 
Axel Springer Verlag AG 597,900 32,760,842 
Bayer AG 594,897 63,950,162 
CompuGroup Medical AG 466,300 20,133,510 
Continental AG 148,000 31,024,500 
Deutsche Post AG 1,581,850 47,201,487 
Fresenius SE & Co. KGaA 777,800 58,079,275 
mutares AG 422,100 6,366,036 
ProSiebenSat.1 Media AG 641,800 29,398,779 
SAP AG 849,155 74,320,940 
Wirecard AG (b) 389,600 18,115,473 
TOTAL GERMANY  438,944,708 
Hong Kong - 1.7%   
AIA Group Ltd. 9,619,800 59,578,185 
Techtronic Industries Co. Ltd. 7,906,000 33,474,956 
TOTAL HONG KONG  93,053,141 
Indonesia - 0.5%   
PT Bank Rakyat Indonesia Tbk 30,415,300 26,761,563 
Ireland - 3.1%   
Allergan PLC (a) 100,500 25,421,475 
DCC PLC (United Kingdom) 307,600 27,458,438 
Kerry Group PLC Class A 436,664 37,370,972 
Kingspan Group PLC (Ireland) 733,400 16,853,891 
Medtronic PLC 445,800 39,065,454 
United Drug PLC (United Kingdom) 2,288,996 17,615,797 
TOTAL IRELAND  163,786,027 
Isle of Man - 0.3%   
Playtech Ltd. 1,545,370 17,783,187 
Israel - 0.6%   
Frutarom Industries Ltd. 614,172 30,731,149 
Italy - 2.1%   
DiaSorin S.p.A. 420,800 26,486,583 
Mediaset SpA 5,244,600 15,878,257 
OVS 3,316,500 19,503,275 
Recordati SpA 933,500 30,276,374 
Reply SpA 125,622 17,977,011 
TOTAL ITALY  110,121,500 
Japan - 19.6%   
Ai Holdings Corp. 1,147,100 28,127,381 
Arc Land Sakamoto Co. Ltd. 1,049,000 11,646,904 
Astellas Pharma, Inc. 3,555,200 59,235,804 
Bridgestone Corp. 910,500 31,531,484 
Broadleaf Co. Ltd. 514,300 5,162,302 
Daiichikosho Co. Ltd. 594,700 27,148,732 
Daito Trust Construction Co. Ltd. 291,800 48,998,966 
Dentsu, Inc. 670,100 32,013,792 
Fukuda Denshi Co. Ltd. 135,600 8,259,551 
GMO Internet, Inc. 1,509,000 19,539,170 
Hoya Corp. 789,300 28,005,037 
Iriso Electronics Co. Ltd. (b) 333,600 19,499,168 
Japan Tobacco, Inc. 1,212,000 47,267,665 
Kaken Pharmaceutical Co. Ltd. 356,400 23,567,516 
KDDI Corp. 1,687,600 51,787,586 
Keyence Corp. 58,490 41,257,312 
KOMEDA Holdings Co. Ltd. 1,137,900 20,869,422 
Leopalace21 Corp. 1,802,900 12,918,831 
Makita Corp. 496,500 34,931,567 
Miraca Holdings, Inc. 492,300 22,675,257 
Miroku Jyoho Service Co., Ltd. 150,400 1,991,565 
Misumi Group, Inc. 1,906,900 35,023,895 
Nakanishi, Inc. 718,200 24,787,128 
NGK Spark Plug Co. Ltd. 1,224,200 19,978,564 
Nippon Paint Holdings Co. Ltd. 888,400 24,270,233 
Nitori Holdings Co. Ltd. 322,200 40,072,853 
NOF Corp. 1,463,000 12,619,685 
OBIC Co. Ltd. 431,900 25,142,042 
Olympus Corp. 1,584,800 54,688,001 
ORIX Corp. 3,380,800 47,444,697 
Shinsei Bank Ltd. 18,066,000 27,101,976 
Ship Healthcare Holdings, Inc. 855,300 25,869,978 
Software Service, Inc. 108,400 4,526,772 
Sundrug Co. Ltd. 208,300 18,069,315 
The Suruga Bank Ltd. 829,300 18,909,145 
Tsuruha Holdings, Inc. 336,600 38,275,789 
VT Holdings Co. Ltd. 3,332,400 17,619,271 
Welcia Holdings Co. Ltd. 413,900 27,308,993 
TOTAL JAPAN  1,038,143,349 
Luxembourg - 0.4%   
Eurofins Scientific SA 52,259 19,598,855 
Netherlands - 2.9%   
Arcadis NV 575,500 7,704,823 
IMCD Group BV 1,012,578 42,933,459 
ING Groep NV (Certificaten Van Aandelen) 4,332,000 48,431,760 
Intertrust NV 500,000 11,358,880 
Koninklijke Philips Electronics NV 1,643,200 43,703,810 
TOTAL NETHERLANDS  154,132,732 
New Zealand - 0.9%   
EBOS Group Ltd. 2,276,701 27,129,852 
Trade Maine Group Ltd. 5,669,499 20,963,902 
TOTAL NEW ZEALAND  48,093,754 
Panama - 0.3%   
Copa Holdings SA Class A 241,400 16,173,800 
Portugal - 0.6%   
NOS SGPS SA 4,688,900 31,405,962 
Spain - 1.6%   
Amadeus IT Holding SA Class A 1,159,600 54,443,696 
Grifols SA ADR (b) 1,729,300 29,294,342 
TOTAL SPAIN  83,738,038 
Sweden - 4.5%   
Addlife AB (a) 396,232 5,822,855 
Alfa Laval AB 1,157,800 18,252,567 
HEXPOL AB (B Shares) 3,192,100 28,406,967 
Nordea Bank AB 6,696,200 59,668,722 
Svenska Cellulosa AB (SCA) (B Shares) 1,690,300 50,250,425 
Svenska Handelsbanken AB (A Shares) 2,850,400 34,270,444 
Swedbank AB (A Shares) 2,014,600 42,330,850 
TOTAL SWEDEN  239,002,830 
Switzerland - 7.9%   
Credit Suisse Group AG 1,947,844 22,399,677 
Julius Baer Group Ltd. 782,920 32,102,892 
Nestle SA 1,613,561 129,298,896 
Novartis AG 1,301,514 107,951,754 
Sika AG 8,220 38,555,634 
Syngenta AG (Switzerland) 88,162 34,672,814 
UBS Group AG 3,899,056 53,706,560 
TOTAL SWITZERLAND  418,688,227 
Taiwan - 0.4%   
Taiwan Semiconductor Manufacturing Co. Ltd. 4,310,000 23,357,368 
United Kingdom - 18.9%   
Aon PLC 226,200 24,219,234 
Ashmore Group PLC (b) 1,731,078 7,629,014 
Booker Group PLC 8,322,600 19,165,308 
British American Tobacco PLC (United Kingdom) 814,400 51,978,972 
BT Group PLC 9,179,300 50,150,505 
Cineworld Group PLC 4,230,000 32,889,387 
Close Brothers Group PLC 1,445,021 24,096,404 
Coca-Cola European Partners PLC 591,100 22,065,763 
Compass Group PLC 1,932,000 36,703,782 
Dechra Pharmaceuticals PLC 474,295 8,348,486 
Diageo PLC 1,880,800 53,897,483 
Diploma PLC 2,151,303 24,300,357 
Essentra PLC 3,528,543 22,648,774 
Exova Group Ltd. PLC 8,056,935 21,379,216 
Hikma Pharmaceuticals PLC 589,972 20,566,231 
Hilton Food Group PLC 1,138,579 8,995,909 
Howden Joinery Group PLC 4,019,500 22,980,703 
IMI PLC 1,164,999 16,528,288 
Intertek Group PLC 556,400 26,693,325 
James Fisher and Sons PLC 956,986 18,947,186 
Jardine Lloyd Thompson Group PLC 1,681,799 21,812,614 
John Wood Group PLC 2,056,996 17,953,775 
London Stock Exchange Group PLC 747,345 27,446,796 
Melrose Industries PLC (b) 965,385 8,745,437 
Micro Focus International PLC 1,261,900 32,332,392 
Next PLC 240,300 15,980,758 
Prudential PLC 2,801,633 49,388,520 
Reckitt Benckiser Group PLC 548,300 53,163,262 
Rio Tinto PLC 1,347,700 43,735,888 
Rolls-Royce Group PLC 1,834,566 19,196,178 
Rotork PLC 3,702,547 10,662,696 
Schroders PLC 835,100 28,934,479 
Shawbrook Group PLC (a) 3,077,686 7,657,547 
Sinclair Pharma PLC (a) 10,370,587 4,186,111 
Softcat PLC 4,743,200 21,801,369 
Spectris PLC 724,800 18,024,055 
Spirax-Sarco Engineering PLC 399,510 21,059,376 
St. James's Place Capital PLC 2,706,605 33,169,842 
Standard Life PLC 6,256,976 25,082,528 
The Restaurant Group PLC 2,659,400 12,466,363 
Victrex PLC 776,800 15,194,667 
Volution Group PLC 47,067 96,551 
TOTAL UNITED KINGDOM  1,002,275,531 
United States of America - 6.5%   
Alphabet, Inc. Class C (a) 56,893 43,738,769 
Cognizant Technology Solutions Corp. Class A (a) 586,300 33,706,387 
Fidelity National Information Services, Inc. 489,600 38,937,888 
McGraw Hill Financial, Inc. 495,300 60,525,660 
McKesson Corp. 153,117 29,790,444 
Moody's Corp. 232,400 24,636,724 
MSCI, Inc. Class A 518,700 44,628,948 
PPG Industries, Inc. 316,700 33,161,657 
Verisk Analytics, Inc. (a) 388,700 33,148,336 
TOTAL UNITED STATES OF AMERICA  342,274,813 
TOTAL COMMON STOCKS   
(Cost $4,726,577,568)  5,194,837,308 
Nonconvertible Preferred Stocks - 1.1%   
Germany - 1.1%   
Henkel AG & Co. KGaA   
(Cost $44,826,786) 468,900 58,399,244 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 0.42% (c) 43,642,897 43,642,897 
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) 28,158,698 28,158,698 
TOTAL MONEY MARKET FUNDS   
(Cost $71,801,595)  71,801,595 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $4,843,205,949)  5,325,038,147 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (23,359,238) 
NET ASSETS - 100%  $5,301,678,909 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $326,281 
Fidelity Securities Lending Cash Central Fund 2,911,477 
Total $3,237,758 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $756,046,134 $381,475,038 $374,571,096 $-- 
Consumer Staples 688,115,557 145,997,196 542,118,361 -- 
Energy 114,731,197 36,900,961 77,830,236 -- 
Financials 1,105,346,636 779,860,344 325,486,292 -- 
Health Care 932,889,148 428,881,853 504,007,295 -- 
Industrials 596,942,683 430,317,001 166,625,682 -- 
Information Technology 628,066,259 389,669,011 238,397,248 -- 
Materials 329,160,847 213,862,227 115,298,620 -- 
Telecommunication Services 101,938,091 -- 101,938,091 -- 
Money Market Funds 71,801,595 71,801,595 -- -- 
Total Investments in Securities: $5,325,038,147 $2,878,765,226 $2,446,272,921 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $69,202,894 
Level 2 to Level 1 $283,870,269 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $4,844,074,133. Net unrealized appreciation aggregated $480,964,014, of which $820,331,274 related to appreciated investment securities and $339,367,260 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Worldwide Fund

July 31, 2016







WLD-QTLY-0916
1.804829.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value 
Australia - 1.0%   
1-Page Ltd. (a) 188,555 $57,317 
Australia & New Zealand Banking Group Ltd. 176,219 3,460,432 
Bapcor Ltd. 486,326 2,114,017 
Magellan Financial Group Ltd. 81,493 1,414,495 
Ramsay Health Care Ltd. 73,742 4,415,410 
Spark Infrastructure Group unit 1,722,821 3,430,256 
TOTAL AUSTRALIA  14,891,927 
Austria - 0.2%   
Erste Group Bank AG 65,200 1,727,943 
Wienerberger AG 142,700 2,201,633 
TOTAL AUSTRIA  3,929,576 
Bailiwick of Jersey - 0.7%   
Integrated Diagnostics Holdings PLC 275,899 1,084,283 
Randgold Resources Ltd. sponsored ADR 16,310 1,918,219 
Regus PLC 695,121 2,808,631 
Shire PLC 50,600 3,268,885 
Wizz Air Holdings PLC (a) 34,000 697,008 
Wolseley PLC 34,027 1,897,291 
TOTAL BAILIWICK OF JERSEY  11,674,317 
Belgium - 0.7%   
Anheuser-Busch InBev SA NV 43,311 5,595,443 
KBC Groep NV (a) 94,515 4,911,966 
TOTAL BELGIUM  10,507,409 
Bermuda - 0.2%   
Credicorp Ltd. (United States) 6,000 961,980 
IHS Markit Ltd. (a) 48,700 1,691,838 
PAX Global Technology Ltd. 1,108,000 915,431 
TOTAL BERMUDA  3,569,249 
Canada - 2.4%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 37,000 1,672,814 
Canadian Pacific Railway Ltd. 29,000 4,344,725 
Cenovus Energy, Inc. 576,300 8,249,567 
Constellation Software, Inc. 6,100 2,483,216 
Franco-Nevada Corp. 19,800 1,525,194 
PrairieSky Royalty Ltd. (b) 898,799 17,492,040 
Suncor Energy, Inc. 39,400 1,060,404 
TOTAL CANADA  36,827,960 
Cayman Islands - 0.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 31,400 2,589,872 
Ctrip.com International Ltd. ADR (a) 47,600 2,078,692 
Goodbaby International Holdings Ltd. 5,171,000 2,346,092 
New Oriental Education & Technology Group, Inc. sponsored ADR 94,500 4,163,670 
Tencent Holdings Ltd. 41,000 990,278 
TOTAL CAYMAN ISLANDS  12,168,604 
Chile - 0.2%   
Vina San Pedro SA 333,695,828 3,466,175 
China - 0.1%   
Kweichow Moutai Co. Ltd. 41,800 1,972,123 
Cyprus - 0.0%   
SPDI Secure Property Development & Investment PLC (a) 31,822 6,317 
Denmark - 1.1%   
DONG Energy A/S 79,700 3,246,192 
NNIT A/S 115,550 4,767,151 
Novo Nordisk A/S Series B 117,880 6,703,398 
Pandora A/S 13,200 1,718,060 
TOTAL DENMARK  16,434,801 
Finland - 0.2%   
Sampo Oyj (A Shares) 90,700 3,758,994 
France - 3.4%   
Accor SA (b) 70,980 2,969,885 
ALTEN 40,600 2,815,137 
Altran Technologies SA 155,600 2,258,011 
Amundi SA 38,700 1,691,508 
Atos Origin SA 28,717 2,814,698 
AXA SA 215,400 4,383,895 
Capgemini SA 48,700 4,679,685 
Cegedim SA (a) 35,010 1,023,150 
Dassault Aviation SA 1,400 1,484,670 
Havas SA 315,012 2,654,054 
Maisons du Monde SA 74,200 1,584,452 
Sodexo SA 25,800 3,021,451 
SR Teleperformance SA 18,900 1,757,821 
Total SA 248,577 11,955,019 
VINCI SA 111,900 8,493,324 
TOTAL FRANCE  53,586,760 
Germany - 4.6%   
adidas AG 102,200 16,788,581 
Axel Springer Verlag AG 43,237 2,369,093 
Beiersdorf AG 15,300 1,436,683 
Deutsche Borse AG  47,400 3,963,891 
Deutsche Post AG 110,688 3,302,866 
Deutsche Telekom AG 224,400 3,817,620 
Fresenius SE & Co. KGaA 29,600 2,210,268 
GEA Group AG 48,856 2,607,334 
Henkel AG & Co. KGaA 23,400 2,540,253 
KION Group AG 84,789 4,647,755 
LEG Immobilien AG 27,743 2,784,987 
Nexus AG 47,000 889,604 
ProSiebenSat.1 Media AG 70,700 3,238,538 
Rational AG 6,700 3,241,183 
SAP AG 115,316 10,092,849 
Siemens AG 40,980 4,448,233 
Symrise AG 39,500 2,783,909 
United Internet AG 15,957 705,391 
TOTAL GERMANY  71,869,038 
Greece - 0.1%   
Ff Group 59,300 1,458,543 
Hong Kong - 1.2%   
AIA Group Ltd. 1,319,800 8,173,901 
China Resources Beer Holdings Co. Ltd. 1,100,000 2,129,563 
China Resources Beer Holdings Co. Ltd. rights 8/9/16(a) 366,666 147,453 
Techtronic Industries Co. Ltd. 2,080,500 8,809,088 
TOTAL HONG KONG  19,260,005 
India - 1.5%   
Bharti Infratel Ltd. 667,227 3,958,016 
Dr Lal Pathlabs Ltd. 46,973 685,339 
HDFC Bank Ltd. 176,187 3,917,451 
HDFC Bank Ltd. sponsored ADR 120,593 8,353,477 
Housing Development Finance Corp. Ltd. 331,422 6,834,289 
Lupin Ltd. 1,335 34,847 
TOTAL INDIA  23,783,419 
Indonesia - 0.1%   
PT Bank Rakyat Indonesia Tbk 2,121,200 1,866,384 
PT Kino Indonesia Tbk 234,500 113,683 
TOTAL INDONESIA  1,980,067 
Ireland - 3.5%   
Accenture PLC Class A 93,000 10,491,330 
Alkermes PLC (a) 160,695 8,018,681 
Cairn Homes PLC (a) 1,347,939 1,439,181 
CRH PLC 166,200 5,071,626 
Dalata Hotel Group PLC (a) 328,100 1,419,577 
Green REIT PLC 621,300 1,019,692 
Greencore Group PLC 788,541 3,418,816 
Irish Continental Group PLC unit 7,900 41,688 
James Hardie Industries PLC CDI 119,520 1,980,077 
Kerry Group PLC Class A 49,000 4,193,562 
Medtronic PLC 62,000 5,433,060 
Pentair PLC 125,000 7,977,500 
Ryanair Holdings PLC sponsored ADR 43,870 3,104,680 
TOTAL IRELAND  53,609,470 
Isle of Man - 0.3%   
Paysafe Group PLC (a) 794,588 4,059,166 
Playtech Ltd. 63,981 736,255 
TOTAL ISLE OF MAN  4,795,421 
Israel - 0.8%   
Bezeq The Israel Telecommunication Corp. Ltd. 2,004,600 3,963,780 
Frutarom Industries Ltd. 62,800 3,142,306 
Partner Communications Co. Ltd. (a) 95,779 457,394 
Teva Pharmaceutical Industries Ltd. sponsored ADR 85,700 4,584,950 
TOTAL ISRAEL  12,148,430 
Italy - 0.3%   
De Longhi SpA 94,700 2,366,297 
Intesa Sanpaolo SpA 833,000 1,838,146 
Mediaset SpA 189,800 574,628 
TOTAL ITALY  4,779,071 
Japan - 6.8%   
A/S One Corp. 67,300 2,777,288 
ACOM Co. Ltd. (a) 186,100 880,371 
Ain Holdings, Inc. 37,900 2,609,609 
Aozora Bank Ltd. 577,000 2,117,247 
Astellas Pharma, Inc. 384,500 6,406,438 
Broadleaf Co. Ltd. 104,700 1,050,930 
Casio Computer Co. Ltd. 134,100 1,908,888 
Daiichikosho Co. Ltd. 46,200 2,109,083 
Daito Trust Construction Co. Ltd. 31,700 5,323,054 
Dentsu, Inc. 75,700 3,616,541 
Don Quijote Holdings Co. Ltd. 53,200 2,087,945 
Hoya Corp. 62,600 2,221,101 
Japan Tobacco, Inc. 111,400 4,344,569 
KDDI Corp. 262,300 8,049,232 
Keyence Corp. 4,060 2,863,818 
LINE Corp. sponsored ADR 1,502 55,153 
Misumi Group, Inc. 191,700 3,520,940 
Mitsubishi UFJ Financial Group, Inc. 507,500 2,565,679 
Monex Group, Inc. 840,700 2,067,446 
Nidec Corp. 19,300 1,751,303 
Nintendo Co. Ltd. 11,700 2,428,541 
Nippon Kanzai Co. Ltd. 107,000 1,779,468 
Nippon Telegraph & Telephone Corp. 60,300 2,865,442 
Olympus Corp. 143,400 4,948,422 
ORIX Corp. 350,100 4,913,153 
Seven & i Holdings Co. Ltd. 64,400 2,674,087 
Seven Bank Ltd. 335,400 1,145,785 
Shionogi & Co. Ltd. 57,900 3,003,147 
Sony Corp. 222,800 7,313,836 
Sundrug Co. Ltd. 37,800 3,279,021 
Tsuruha Holdings, Inc. 42,400 4,821,430 
United Arrows Ltd. 52,600 1,466,023 
VT Holdings Co. Ltd. 280,200 1,481,491 
Welcia Holdings Co. Ltd. 71,700 4,730,744 
TOTAL JAPAN  105,177,225 
Kenya - 0.1%   
Safaricom Ltd. 6,251,600 1,174,487 
Luxembourg - 0.4%   
Eurofins Scientific SA 11,200 4,200,371 
Grand City Properties SA 100,234 2,230,026 
Senvion SA 46,500 576,796 
TOTAL LUXEMBOURG  7,007,193 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP 49,800 950,184 
Netherlands - 1.7%   
Basic-Fit NV 37,100 612,005 
F Van Lanschot Bankiers NV (Certificaten Van Aandelen) unit 17,200 288,636 
IMCD Group BV 127,200 5,393,299 
ING Groep NV (Certificaten Van Aandelen) 371,400 4,152,252 
RELX NV 180,224 3,247,527 
Unilever NV:   
(Certificaten Van Aandelen) (Bearer) 217,800 10,089,439 
(NY Reg.) 46,000 2,121,520 
TOTAL NETHERLANDS  25,904,678 
New Zealand - 0.4%   
EBOS Group Ltd. 210,137 2,504,056 
Ryman Healthcare Group Ltd. 436,814 3,006,401 
TOTAL NEW ZEALAND  5,510,457 
Norway - 0.6%   
Statoil ASA 579,600 9,214,169 
Philippines - 0.2%   
D&L Industries, Inc. 8,349,900 1,759,459 
SM Investments Corp. 137,205 2,006,032 
TOTAL PHILIPPINES  3,765,491 
South Africa - 0.7%   
Distell Group Ltd. 126,410 1,516,328 
EOH Holdings Ltd. 184,122 1,879,520 
Naspers Ltd. Class N 47,700 7,485,242 
TOTAL SOUTH AFRICA  10,881,090 
Spain - 1.0%   
Amadeus IT Holding SA Class A 102,800 4,826,502 
Atresmedia Corporacion de Medios de Comunicacion SA 108,300 1,134,514 
Grifols SA ADR 72,900 1,234,926 
Hispania Activos Inmobiliarios SA 99,880 1,336,640 
Inditex SA 121,914 4,216,242 
Mediaset Espana Comunicacion SA 183,300 2,106,674 
TOTAL SPAIN  14,855,498 
Sweden - 1.4%   
ASSA ABLOY AB (B Shares) 200,000 4,387,613 
Getinge AB (B Shares) 17,412 353,042 
HEXPOL AB (B Shares) 189,000 1,681,939 
Indutrade AB 56,400 1,191,670 
Nordea Bank AB 314,800 2,805,130 
Saab AB (B Shares) 65,000 2,231,740 
Sandvik AB 142,700 1,529,226 
Svenska Cellulosa AB (SCA) (B Shares) 176,300 5,241,170 
Svenska Handelsbanken AB (A Shares) 154,000 1,851,547 
TOTAL SWEDEN  21,273,077 
Switzerland - 2.0%   
ABB Ltd. (Reg.) 155,150 3,295,711 
Chubb Ltd. 11,000 1,377,860 
GAM Holding Ltd. 88,177 968,928 
Julius Baer Group Ltd. 59,790 2,451,632 
Kaba Holding AG (B Shares) (Reg.) 2,620 1,915,260 
Novartis AG 56,627 4,696,825 
Partners Group Holding AG 15,318 7,009,423 
Schindler Holding AG (participation certificate) 10,829 2,077,085 
Syngenta AG (Switzerland) 8,303 3,265,447 
UBS Group AG 246,320 3,392,872 
TOTAL SWITZERLAND  30,451,043 
Taiwan - 0.0%   
JHL Biotech, Inc. (a) 266,104 593,777 
United Kingdom - 6.0%   
AA PLC 246,910 810,070 
AstraZeneca PLC sponsored ADR (b) 80,000 2,731,200 
B&M European Value Retail S.A. 583,765 1,987,858 
BAE Systems PLC 275,100 1,942,366 
BCA Marketplace PLC 511,600 1,223,817 
BHP Billiton PLC 192,312 2,424,772 
Booker Group PLC 642,000 1,478,400 
British American Tobacco PLC (United Kingdom) 81,200 5,182,579 
BT Group PLC 385,900 2,108,339 
Bunzl PLC 122,700 3,840,460 
Cineworld Group PLC 138,500 1,076,875 
CMC Markets PLC 899,700 3,312,550 
Compass Group PLC 131,200 2,492,514 
Countryside Properties PLC (a) 256,100 768,706 
Dialog Semiconductor PLC (a) 600 19,651 
Diploma PLC 147,500 1,666,108 
GlaxoSmithKline PLC 355,700 7,943,859 
GlaxoSmithKline PLC sponsored ADR 106,000 4,777,420 
Hilton Food Group PLC 350,100 2,766,139 
Howden Joinery Group PLC 438,900 2,509,325 
Imperial Tobacco Group PLC 106,278 5,602,937 
London Stock Exchange Group PLC 46,681 1,714,394 
McCarthy & Stone PLC 291,100 658,018 
Melrose Industries PLC 98,908 896,009 
Micro Focus International PLC 241,800 6,195,398 
Moneysupermarket.com Group PLC 393,500 1,554,521 
NCC Group Ltd. 347,583 1,495,488 
Reckitt Benckiser Group PLC 50,800 4,925,577 
Rex Bionics PLC (a) 100,000 43,012 
Rio Tinto PLC 79,100 2,566,972 
SABMiller PLC 44,000 2,570,352 
Softcat PLC 241,800 1,111,395 
Spirax-Sarco Engineering PLC 33,846 1,784,125 
St. James's Place Capital PLC 123,700 1,515,962 
Standard Chartered PLC (United Kingdom) 431,492 3,452,617 
Virgin Money Holdings Uk PLC 29,552 103,135 
Vodafone Group PLC 1,752,509 5,323,919 
TOTAL UNITED KINGDOM  92,576,839 
United States of America - 54.5%   
AAON, Inc. 67,000 1,774,160 
Activision Blizzard, Inc. 167,000 6,706,720 
Acuity Brands, Inc. 4,000 1,049,720 
Adobe Systems, Inc. (a) 453,224 44,352,501 
Advance Auto Parts, Inc. 24,000 4,076,640 
Allison Transmission Holdings, Inc. 82,000 2,363,240 
Alphabet, Inc. Class A 63,000 49,854,418 
Amazon.com, Inc. (a) 37,500 28,455,375 
American Tower Corp. 237,000 27,437,490 
American Water Works Co., Inc. 42,000 3,468,360 
AT&T, Inc. 705,000 30,519,450 
AutoZone, Inc. (a) 27,700 22,546,969 
Ball Corp. 71,000 5,017,570 
BlackRock, Inc. Class A 2,000 732,500 
Boston Scientific Corp. (a) 680,000 16,510,400 
Bristol-Myers Squibb Co. 379,900 28,420,319 
Burlington Stores, Inc. (a) 22,000 1,683,220 
Charter Communications, Inc. Class A (a) 47,000 11,038,890 
Cloud Peak Energy, Inc. (a) 150,000 511,500 
CME Group, Inc. 113,000 11,553,120 
ConocoPhillips Co. 88,000 3,592,160 
Constellation Brands, Inc. Class A (sub. vtg.) 90,900 14,964,867 
Costco Wholesale Corp. 56,000 9,364,320 
Coty, Inc. Class A 63,556 1,707,750 
Danaher Corp. 81,000 6,596,640 
Deere & Co. 3,900 303,069 
Dollar General Corp. 94,000 8,905,560 
Dun & Bradstreet Corp. 18,000 2,326,500 
Edwards Lifesciences Corp. (a) 22,000 2,519,440 
Electronic Arts, Inc. (a) 145,000 11,066,400 
EOG Resources, Inc. 17,000 1,388,900 
Equifax, Inc. 26,000 3,443,960 
Estee Lauder Companies, Inc. Class A 225,000 20,902,500 
Exelon Corp. 35,000 1,304,800 
Extra Space Storage, Inc. 83,000 7,139,660 
Facebook, Inc. Class A (a) 177,500 21,999,350 
Fidelity National Information Services, Inc. 39,000 3,101,670 
FMC Corp. 30,000 1,426,200 
Fortive Corp. (a) 51,500 2,482,815 
Global Payments, Inc. 104,300 7,787,038 
HealthSouth Corp. warrants 1/17/17 (a) 341 1,149 
Home Depot, Inc. 54,000 7,464,960 
Illumina, Inc. (a) 21,000 3,493,350 
Intercept Pharmaceuticals, Inc. (a) 45,100 7,803,653 
Kansas City Southern 245,000 23,546,950 
Kinder Morgan, Inc. 108,000 2,195,640 
Liberty Interactive Corp. QVC Group Series A (a) 7,000 187,670 
Lockheed Martin Corp. 41,000 10,361,930 
lululemon athletica, Inc. (a) 48,000 3,727,200 
Marsh & McLennan Companies, Inc. 47,000 3,090,250 
MasterCard, Inc. Class A 51,000 4,857,240 
McGraw Hill Financial, Inc. 381,349 46,600,848 
Medivation, Inc. (a) 199,582 12,771,252 
Molson Coors Brewing Co. Class B 154,300 15,763,288 
Monsanto Co. 19,700 2,103,369 
Monster Beverage Corp. (a) 28,000 4,497,640 
MSCI, Inc. Class A 362,300 31,172,292 
Newell Brands, Inc. 245,000 12,852,700 
NextEra Energy, Inc. 54,000 6,927,660 
NIKE, Inc. Class B 58,000 3,219,000 
Norfolk Southern Corp. 206,000 18,494,680 
Northrop Grumman Corp. 51,000 11,048,130 
NVIDIA Corp. 85,000 4,853,500 
O'Reilly Automotive, Inc. (a) 22,000 6,393,860 
Parsley Energy, Inc. Class A (a) 24,000 684,240 
PayPal Holdings, Inc. (a) 401,000 14,933,240 
Pfizer, Inc. 213,000 7,857,570 
Pioneer Natural Resources Co. 18,000 2,926,260 
Post Holdings, Inc. (a) 104,800 9,083,016 
Prestige Brands Holdings, Inc. (a) 195,000 10,432,500 
Priceline Group, Inc. (a) 2,200 2,971,782 
PulteGroup, Inc. 65,000 1,376,700 
Range Resources Corp. 89,000 3,587,590 
Raytheon Co. 21,000 2,930,130 
Reynolds American, Inc. 546,000 27,332,760 
Salesforce.com, Inc. (a) 112,300 9,186,140 
Skechers U.S.A., Inc. Class A (sub. vtg.) (a) 31,200 749,424 
SLM Corp. (a) 725,000 5,212,750 
SM Energy Co. 43,066 1,168,381 
Spectrum Brands Holdings, Inc. 17,000 2,189,090 
Tempur Sealy International, Inc. (a) 8,000 605,040 
The Dow Chemical Co. 172,000 9,231,240 
The NASDAQ OMX Group, Inc. 77,000 5,448,520 
The Williams Companies, Inc. 17,000 407,490 
Tractor Supply Co. 10,000 916,500 
Union Pacific Corp. 29,000 2,698,450 
UnitedHealth Group, Inc. 132,000 18,902,400 
Visa, Inc. Class A 285,300 22,267,665 
Xylem, Inc. 185,000 8,844,850 
TOTAL UNITED STATES OF AMERICA  845,768,100 
TOTAL COMMON STOCKS   
(Cost $1,292,271,218)  1,541,580,984 
Nonconvertible Preferred Stocks - 0.2%   
Brazil - 0.1%   
Petroleo Brasileiro SA - Petrobras sponsored ADR (a)(b) 109,000 946,120 
Cayman Islands - 0.1%   
China Internet Plus Holdings Ltd. Series A-11 (c) 369,166 1,425,239 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $2,066,154)  2,371,359 
Money Market Funds - 0.7%   
Fidelity Cash Central Fund, 0.42% (d) 7,979,882 7,979,882 
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) 3,301,590 3,301,590 
TOTAL MONEY MARKET FUNDS   
(Cost $11,281,472)  11,281,472 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $1,305,618,844)  1,555,233,815 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (3,080,198) 
NET ASSETS - 100%  $1,552,153,617 

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

Legend

 (a) Non-income producing

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $1,425,239 or 0.1% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $64,191 
Fidelity Securities Lending Cash Central Fund 154,037 
Total $218,228 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $226,856,479 $167,978,789 $57,452,451 $1,425,239 
Consumer Staples 196,445,700 153,041,471 43,404,229 -- 
Energy 66,329,664 45,160,476 21,169,188 -- 
Financials 256,433,517 222,978,111 33,455,406 -- 
Health Care 210,527,002 168,557,639 41,969,363 -- 
Industrials 187,932,871 164,909,946 23,022,925 -- 
Information Technology 270,135,435 252,709,019 17,426,416 -- 
Materials 48,099,932 34,771,115 13,328,817 -- 
Telecommunication Services 62,237,679 40,073,127 22,164,552 -- 
Utilities 18,954,064 18,954,064 -- -- 
Money Market Funds 11,281,472 11,281,472 -- -- 
Total Investments in Securities: $1,555,233,815 $1,280,415,229 $273,393,347 $1,425,239 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $24,682,236 
Level 2 to Level 1 $52,608,457 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $1,307,628,799. Net unrealized appreciation aggregated $247,605,016, of which $284,220,850 related to appreciated investment securities and $36,615,834 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Latin America Fund

July 31, 2016







LAF-QTLY-0916
1.804841.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 82.4%   
 Shares Value 
Argentina - 2.1%   
Grupo Financiero Galicia SA sponsored ADR 202,608 $6,013,405 
Grupo Superveille SA sponsored ADR 475,000 6,436,250 
TOTAL ARGENTINA  12,449,655 
Bermuda - 4.9%   
Credicorp Ltd. (United States) 140,908 22,591,780 
PAX Global Technology Ltd. (a) 7,561,967 6,247,707 
TOTAL BERMUDA  28,839,487 
Brazil - 36.5%   
Ambev SA 6,243,802 36,202,652 
BB Seguridade Participacoes SA 1,602,114 14,892,584 
CCR SA 2,130,502 12,307,026 
Cielo SA 2,117,948 24,005,240 
CVC Brasil Operadora e Agencia de Viagens SA 1,341,033 8,933,603 
Equatorial Energia SA 668,406 11,447,257 
Estacio Participacoes SA 2,421,505 13,181,459 
Fibria Celulose SA 1,110,422 6,777,465 
FPC Par Corretora de Seguros 1,667,889 6,692,338 
Grendene SA 1,169,731 6,201,479 
Kroton Educacional SA 3,718,837 16,561,808 
MAHLE Metal Leve SA 764,763 6,297,549 
Multiplus SA 621,812 8,202,227 
Qualicorp SA 2,460,713 16,316,719 
Smiles SA 814,156 13,046,985 
Tegma Gestao Logistica SA 2,562,627 6,741,675 
Valid Solucoes SA 659,175 5,968,843 
TOTAL BRAZIL  213,776,909 
Chile - 3.2%   
Banmedica SA 3,100,772 6,086,446 
Forus SA 1,878,297 6,741,096 
Vina San Pedro SA 574,573,084 5,968,223 
TOTAL CHILE  18,795,765 
France - 1.5%   
Edenred SA 389,832 8,840,856 
Mexico - 25.4%   
Compartamos S.A.B. de CV 5,797,311 10,772,177 
Credito Real S.A.B. de CV 3,856,371 7,200,616 
Fomento Economico Mexicano S.A.B. de CV unit 2,628,295 23,514,479 
Genomma Lab Internacional SA de CV (b) 9,725,099 11,151,447 
Gruma S.A.B. de CV Series B 638,008 9,176,086 
Grupo Aeroportuario Norte S.A.B. de CV 1,070,525 6,657,809 
Grupo Financiero Banorte S.A.B. de CV Series O 5,233,321 28,661,852 
Grupo GICSA SA de CV (b) 9,351,392 6,483,632 
Kimberly-Clark de Mexico SA de CV Series A 4,494,876 10,166,810 
Megacable Holdings S.A.B. de CV unit 1,796,523 7,200,464 
Promotora y Operadora de Infraestructura S.A.B. de CV 894,909 8,369,189 
Qualitas Controladora S.A.B. de CV 4,954,982 6,955,473 
Tenedora Nemak SA de CV 4,643,936 5,277,988 
Unifin Financiera SAPI de CV 2,590,123 6,795,101 
TOTAL MEXICO  148,383,123 
Panama - 2.9%   
Copa Holdings SA Class A 102,338 6,856,646 
Intergroup Financial Services Corp. 314,911 10,234,608 
TOTAL PANAMA  17,091,254 
United Kingdom - 1.5%   
British American Tobacco PLC (United Kingdom) 139,101 8,878,103 
United States of America - 4.4%   
First Cash Financial Services, Inc. 120,864 6,201,532 
MercadoLibre, Inc. 46,959 7,188,484 
Monsanto Co. 112,070 11,965,714 
TOTAL UNITED STATES OF AMERICA  25,355,730 
TOTAL COMMON STOCKS   
(Cost $388,606,404)  482,410,882 
Nonconvertible Preferred Stocks - 15.7%   
Brazil - 15.7%   
Alpargatas SA (PN) 2,325,383 8,247,565 
Itau Unibanco Holding SA 4,473,142 46,615,923 
Itausa-Investimentos Itau SA (PN) 8,599,551 22,172,541 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (b) 4,099,671 15,008,356 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $48,941,847)  92,044,385 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund, 0.42% (c) 11,062,898 11,062,898 
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) 3,570,000 3,570,000 
TOTAL MONEY MARKET FUNDS   
(Cost $14,632,898)  14,632,898 
TOTAL INVESTMENT PORTFOLIO - 100.6%   
(Cost $452,181,149)  589,088,165 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (3,477,145) 
NET ASSETS - 100%  $585,611,020 

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

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $28,406 
Fidelity Securities Lending Cash Central Fund 28,531 
Total $56,937 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $99,892,223 $99,892,223 $-- $-- 
Consumer Staples 93,906,353 85,028,250 8,878,103 -- 
Energy 15,008,356 15,008,356 -- -- 
Financials 208,719,812 208,719,812 -- -- 
Health Care 33,554,612 33,554,612 -- -- 
Industrials 55,742,044 55,742,044 -- -- 
Information Technology 37,441,431 37,441,431 -- -- 
Materials 18,743,179 18,743,179 -- -- 
Utilities 11,447,257 11,447,257 -- -- 
Money Market Funds 14,632,898 14,632,898 -- -- 
Total Investments in Securities: $589,088,165 $580,210,062 $8,878,103 $-- 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $455,590,405. Net unrealized appreciation aggregated $133,497,760, of which $153,460,087 related to appreciated investment securities and $19,962,327 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

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

July 31, 2016







EME-QTLY-0916
1.861977.108





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Austria - 1.2%   
Buwog-Gemeinnuetzige Wohnung 28,835 $699,232 
Wienerberger AG 28,200 435,081 
TOTAL AUSTRIA  1,134,313 
Bailiwick of Jersey - 0.3%   
Wizz Air Holdings PLC (a) 13,888 284,707 
Bermuda - 0.4%   
Central European Media Enterprises Ltd.:   
Class A (a) 50,000 115,500 
Class A (Czech Republic) (a) 125,000 290,591 
TOTAL BERMUDA  406,091 
Botswana - 0.3%   
First National Bank of Botswana Ltd. 990,388 300,286 
British Virgin Islands - 0.5%   
Lenta Ltd. GDR (a) 62,600 470,126 
Canada - 1.2%   
Detour Gold Corp. (a) 29,300 766,133 
OceanaGold Corp. 57,000 206,058 
Potash Corp. of Saskatchewan, Inc. 12,000 187,033 
TOTAL CANADA  1,159,224 
Czech Republic - 0.4%   
MONETA Money Bank A/S 121,300 374,063 
Estonia - 0.5%   
Tallinna Kaubamaja AS 64,300 510,401 
Germany - 0.4%   
UNIWHEELS AG 9,302 365,692 
Greece - 1.7%   
Aegean Airlines SA 28,300 225,273 
Jumbo SA 26,536 313,583 
Motor Oil (HELLAS) Corinth Refineries SA 58,400 682,293 
Sarantis SA 37,800 373,582 
TOTAL GREECE  1,594,731 
Hungary - 2.0%   
OTP Bank PLC 76,900 1,872,796 
Israel - 0.8%   
Elbit Systems Ltd. (Israel) 7,100 714,618 
Kenya - 1.5%   
British American Tobacco Kenya Ltd. 31,700 263,229 
Kcb Group Ltd. 1,269,000 400,473 
Safaricom Ltd. 3,777,844 709,743 
TOTAL KENYA  1,373,445 
Lithuania - 0.4%   
Apranga AB (a) 142,966 401,188 
Netherlands - 0.5%   
AmRest Holdings NV (a) 7,800 495,194 
Nigeria - 1.3%   
Dangote Cement PLC 502,167 284,022 
Nigerian Breweries PLC 850,000 368,551 
Zenith Bank PLC 10,502,168 558,026 
TOTAL NIGERIA  1,210,599 
Pakistan - 1.6%   
Engro Corp. Ltd. 135,000 430,789 
Indus Motor Co. Ltd. 22,000 249,005 
Millat Tractors Ltd. 77,000 420,270 
United Bank Ltd. 246,500 435,928 
TOTAL PAKISTAN  1,535,992 
Poland - 1.5%   
Kruk SA 8,900 478,470 
NG2 SA 12,100 551,919 
Orbis SA 24,200 378,193 
TOTAL POLAND  1,408,582 
Qatar - 2.2%   
Al Meera Consumer Goods Co. (a) 6,671 401,200 
Qatar National Bank SAQ 40,945 1,720,355 
TOTAL QATAR  2,121,555 
Romania - 3.4%   
Banca Transilvania SA 2,656,052 1,521,080 
BRD-Groupe Societe Generale 521,241 1,280,436 
Fondul Propietatea SA GDR 40,900 407,773 
TOTAL ROMANIA  3,209,289 
Russia - 17.9%   
Gazprom OAO 2,068,165 4,312,364 
Lukoil PJSC (a) 14,300 622,121 
Lukoil PJSC sponsored ADR 81,695 3,492,461 
Magnit OJSC 6,622 1,024,559 
MegaFon PJSC GDR 11,100 109,668 
Moscow Exchange MICEX-RTS OAO (a) 612,000 1,052,707 
NOVATEK OAO (a) 161,200 1,583,175 
Sberbank of Russia 2,259,220 4,772,412 
TOTAL RUSSIA  16,969,467 
South Africa - 45.2%   
African Rainbow Minerals Ltd. 131,200 932,778 
AngloGold Ashanti Ltd. (a) 109,800 2,397,708 
Aveng Ltd. (a) 1,320,000 378,467 
Barloworld Ltd. 176,200 1,045,554 
Cashbuild Ltd. 15,200 412,816 
City Lodge Hotels Ltd. 43,000 489,437 
Clicks Group Ltd. 129,167 1,156,257 
DRDGOLD Ltd. 1,931,114 1,583,127 
Exxaro Resources Ltd. 101,000 603,908 
FirstRand Ltd. 784,200 2,745,018 
Grindrod Ltd. 367,700 306,212 
Holdsport Ltd. 149,400 634,893 
Hulamin Ltd. 1,042,200 436,964 
Imperial Holdings Ltd. 86,900 1,037,573 
KAP Industrial Holdings Ltd. 1,172,600 548,234 
Kumba Iron Ore Ltd. (a) 80,000 780,967 
Life Healthcare Group Holdings Ltd. 246,100 669,268 
Mr Price Group Ltd. 78,200 1,289,508 
MTN Group Ltd. 110,850 1,120,473 
Murray & Roberts Holdings Ltd. 531,100 493,175 
Nampak Ltd. 897,800 1,371,803 
Naspers Ltd. Class N 43,000 6,747,702 
Northam Platinum Ltd. (a) 337,000 1,247,370 
Pioneer Foods Ltd. 114,500 1,476,488 
PSG Group Ltd. 110,600 1,579,414 
Remgro Ltd. 146,400 2,744,225 
RMB Holdings Ltd. 211,800 949,047 
Sasol Ltd. 49,700 1,322,458 
Shoprite Holdings Ltd. 146,100 2,139,730 
Spar Group Ltd. 83,900 1,251,617 
Spur Corp. Ltd. 100,000 226,925 
Steinhoff International Holdings NV (South Africa) 303,400 1,918,373 
Super Group Ltd. (a) 153,000 447,937 
Telkom SA Ltd. 92,000 426,953 
TOTAL SOUTH AFRICA  42,912,379 
Turkey - 2.8%   
Aselsan A/S 136,000 430,200 
Koc Holding A/S 217,850 933,398 
Turk Traktor ve Ziraat Makinalari A/S 18,000 502,502 
Turkiye Garanti Bankasi A/S 323,000 794,521 
TOTAL TURKEY  2,660,621 
United Arab Emirates - 5.3%   
Agthia Group PJSC 201,093 424,864 
Aldar Properties PJSC (a) 1,635,877 1,282,726 
Dubai Islamic Bank Pakistan Ltd. (a) 611,421 900,593 
Dubai Parks and Resorts PJSC (a) 670,000 302,812 
Emaar Malls Group PJSC (a) 904,599 714,241 
First Gulf Bank PJSC 359,351 1,183,846 
SHUAA Capital PSC (a) 983,913 176,536 
TOTAL UNITED ARAB EMIRATES  4,985,618 
United Kingdom - 2.9%   
Bupa Arabia ELS (HSBC Warrant Program) warrants 10/10/16 (a)(b) 9,800 357,841 
Georgia Healthcare Group PLC (a) 43,600 176,569 
Mediclinic International PLC 26,500 374,174 
NMC Health PLC 30,500 446,036 
Saudi Dairy & Foodstuff Co. ELS (HSBC Warrant Program) warrants 6/4/18 (a)(b) 14,000 550,772 
Savola Group ELS (HSBC Warrant Program) warrants 2/6/17 (a)(b) 52,800 506,839 
United International Transportation Co. ELS (HSBC Warrant Program) warrants 7/31/17 (a)(b) 40,361 350,844 
TOTAL UNITED KINGDOM  2,763,075 
TOTAL COMMON STOCKS   
(Cost $76,120,483)  91,234,052 
Nonconvertible Preferred Stocks - 2.8%   
Russia - 2.8%   
Surgutneftegas OJSC (a) 2,989,300 1,477,400 
Tatneft PAO (a) 464,500 1,189,582 
TOTAL RUSSIA   
(Cost $3,085,550)  2,666,982 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 0.42% (c)   
(Cost $1,246,355) 1,246,355 1,246,355 
TOTAL INVESTMENT PORTFOLIO - 100.3%   
(Cost $80,452,388)  95,147,389 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (252,719) 
NET ASSETS - 100%  $94,894,670 

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,766,296 or 1.9% of net assets.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $3,823 
Fidelity Securities Lending Cash Central Fund 79 
Total $3,902 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $16,668,841 $9,921,139 $6,747,702 $-- 
Consumer Staples 9,860,604 9,860,604 -- -- 
Energy 15,285,762 7,551,419 7,734,343 -- 
Financials 30,710,500 23,377,271 7,333,229 -- 
Health Care 1,666,047 1,666,047 -- -- 
Industrials 6,282,610 6,282,610 -- -- 
Materials 11,059,833 7,078,998 3,980,835 -- 
Telecommunication Services 2,366,837 1,246,364 1,120,473 -- 
Money Market Funds 1,246,355 1,246,355 -- -- 
Total Investments in Securities: $95,147,389 $68,230,807 $26,916,582 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $6,958,763 
Level 2 to Level 1 $852,918 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $81,186,427. Net unrealized appreciation aggregated $13,960,962, of which $20,004,475 related to appreciated investment securities and $6,043,513 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Japan Smaller Companies Fund

July 31, 2016







JSC-QTLY-0916
1.804823.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 20.0%   
Auto Components - 3.8%   
Bridgestone Corp. 197,000 $6,822,298 
Hi-Lex Corp. 187,200 4,966,461 
Kinugawa Rubber Industrial Co. Ltd. 1,369,884 10,373,916 
  22,162,675 
Distributors - 2.4%   
Central Automotive Products Ltd. 885,000 7,797,966 
Chori Co. Ltd. 406,100 6,073,753 
  13,871,719 
Diversified Consumer Services - 1.4%   
Asante, Inc. 572,500 8,576,391 
Hotels, Restaurants & Leisure - 1.5%   
KOMEDA Holdings Co. Ltd. 180,200 3,304,921 
Koshidaka Holdings Co. Ltd. 286,600 5,754,857 
  9,059,778 
Media - 2.4%   
Daiichikosho Co. Ltd. 237,400 10,837,580 
Proto Corp. 281,500 3,195,997 
  14,033,577 
Specialty Retail - 7.3%   
Arc Land Sakamoto Co. Ltd. 611,700 6,791,622 
Asahi Co. Ltd. 687,600 9,742,304 
Fuji Corp. 303,300 5,010,214 
Nitori Holdings Co. Ltd. 108,100 13,444,678 
VT Holdings Co. Ltd. 1,487,400 7,864,273 
  42,853,091 
Textiles, Apparel & Luxury Goods - 1.2%   
Hagihara Industries, Inc. 276,400 6,885,133 
TOTAL CONSUMER DISCRETIONARY  117,442,364 
CONSUMER STAPLES - 13.5%   
Food & Staples Retailing - 5.7%   
Kato Sangyo 311,600 7,516,723 
Mitsubishi Shokuhin Co. Ltd. 314,600 8,707,067 
San-A Co. Ltd. 179,900 8,982,926 
Sogo Medical Co. Ltd. 218,700 8,367,879 
  33,574,595 
Food Products - 6.7%   
Japan Meat Co. Ltd. 413,000 5,901,444 
Kotobuki Spirits Co. Ltd. 434,000 13,147,194 
Rokko Butter Co. Ltd. 259,500 5,861,342 
S Foods, Inc. (a) 276,300 7,429,798 
Toyo Suisan Kaisha Ltd. 154,000 6,839,628 
  39,179,406 
Tobacco - 1.1%   
Japan Tobacco, Inc. 158,300 6,173,656 
TOTAL CONSUMER STAPLES  78,927,657 
ENERGY - 1.8%   
Energy Equipment & Services - 0.9%   
Shinko Plantech Co. Ltd. 722,900 5,232,454 
Oil, Gas & Consumable Fuels - 0.9%   
San-Ai Oil Co. Ltd. 808,000 5,424,858 
TOTAL ENERGY  10,657,312 
FINANCIALS - 9.2%   
Banks - 1.9%   
Fukuoka Financial Group, Inc. 1,178,000 4,500,703 
Shinsei Bank Ltd. 4,382,000 6,573,722 
  11,074,425 
Diversified Financial Services - 2.9%   
Fuyo General Lease Co. Ltd. 166,000 7,533,269 
ORIX Corp. 660,300 9,266,367 
  16,799,636 
Insurance - 1.8%   
Tokio Marine Holdings, Inc. 268,300 10,385,152 
Real Estate Management & Development - 2.6%   
Century21 Real Estate Japan Ltd. 198,700 2,551,899 
Daito Trust Construction Co. Ltd. 77,600 13,030,568 
  15,582,467 
TOTAL FINANCIALS  53,841,680 
HEALTH CARE - 8.0%   
Health Care Equipment & Supplies - 3.5%   
Fukuda Denshi Co. Ltd. 118,400 7,211,879 
Medikit Co. Ltd. 208,200 8,015,825 
Paramount Bed Holdings Co. Ltd. 138,900 5,274,569 
  20,502,273 
Health Care Providers & Services - 3.1%   
A/S One Corp. 235,600 9,722,570 
Miraca Holdings, Inc. 182,800 8,419,738 
  18,142,308 
Pharmaceuticals - 1.4%   
Astellas Pharma, Inc. 476,100 7,932,653 
TOTAL HEALTH CARE  46,577,234 
INDUSTRIALS - 24.3%   
Air Freight & Logistics - 0.8%   
AIT Corp. 525,400 4,410,841 
Building Products - 3.7%   
Bunka Shutter Co. Ltd. 695,700 5,697,676 
Sekisui Jushi Corp. 558,200 9,102,762 
Sinko Industries Ltd. 577,300 6,658,986 
  21,459,424 
Commercial Services & Supplies - 2.9%   
Aeon Delight Co. Ltd. 275,000 8,361,377 
ProNexus, Inc. 830,700 8,778,781 
  17,140,158 
Construction & Engineering - 2.9%   
Hokuriku Electrical Construction Co. Ltd. 829,900 6,355,598 
Toshiba Plant Systems & Services Corp. 587,900 10,384,247 
  16,739,845 
Electrical Equipment - 1.1%   
Aichi Electric Co. Ltd. 919,000 2,957,552 
Denyo Co. Ltd. 345,900 3,601,325 
  6,558,877 
Machinery - 2.3%   
Daiwa Industries Ltd. 689,500 6,276,803 
Oiles Corp. 404,580 7,218,241 
  13,495,044 
Marine - 0.5%   
Nippon Concept Corp. 322,100 3,009,818 
Professional Services - 4.0%   
Funai Soken Holdings, Inc. 405,020 5,621,878 
Meitec Corp. 79,100 2,632,946 
Weathernews, Inc. 238,900 7,368,401 
Yamada Consulting Group Co. Ltd. 186,300 7,918,566 
  23,541,791 
Trading Companies & Distributors - 4.8%   
Inaba Denki Sangyo Co. Ltd. 196,600 7,119,473 
Mitani Shoji Co. Ltd. 299,900 9,238,945 
Yamazen Co. Ltd. 823,900 7,076,212 
Yuasa Trading Co. Ltd. 215,800 4,739,178 
  28,173,808 
Transportation Infrastructure - 1.3%   
Kamigumi Co. Ltd. 863,000 7,766,412 
TOTAL INDUSTRIALS  142,296,018 
INFORMATION TECHNOLOGY - 9.6%   
Electronic Equipment & Components - 2.7%   
Amano Corp. 663,400 10,731,755 
Macnica Fuji Electronics Holdings, Inc. 529,100 5,126,675 
  15,858,430 
IT Services - 1.1%   
TKC Corp. 232,800 6,590,863 
Software - 3.1%   
Broadleaf Co. Ltd. 312,000 3,131,710 
Oracle Corp. Japan 102,600 6,241,790 
SRA Holdings, Inc. 416,500 8,926,191 
  18,299,691 
Technology Hardware, Storage & Peripherals - 2.7%   
Elecom Co. Ltd. 677,900 15,617,392 
TOTAL INFORMATION TECHNOLOGY  56,366,376 
MATERIALS - 6.6%   
Chemicals - 6.6%   
C. Uyemura & Co. Ltd. 128,400 5,634,870 
Kuraray Co. Ltd. 705,400 8,896,539 
Lintec Corp. 412,700 8,736,790 
Sakata INX Corp. 570,800 7,264,096 
SK Kaken Co. Ltd. 81,000 8,208,394 
  38,740,689 
TELECOMMUNICATION SERVICES - 1.6%   
Wireless Telecommunication Services - 1.6%   
KDDI Corp. 303,200 9,304,335 
UTILITIES - 3.5%   
Electric Utilities - 2.1%   
Hokuriku Electric Power Co., Inc. 375,900 4,458,894 
The Okinawa Electric Power Co., Inc. 391,875 7,891,137 
  12,350,031 
Gas Utilities - 1.4%   
Tokyo Gas Co. Ltd. 1,936,000 8,241,370 
TOTAL UTILITIES  20,591,401 
TOTAL COMMON STOCKS   
(Cost $459,102,107)  574,745,066 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund, 0.42% (b) 11,882,282 11,882,282 
Fidelity Securities Lending Cash Central Fund, 0.45% (b)(c) 3,131,766 3,131,766 
TOTAL MONEY MARKET FUNDS   
(Cost $15,014,048)  15,014,048 
TOTAL INVESTMENT PORTFOLIO - 100.6%   
(Cost $474,116,155)  589,759,114 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (3,783,324) 
NET ASSETS - 100%  $585,975,790 

Legend

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

 (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 are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $57,500 
Fidelity Securities Lending Cash Central Fund 38,788 
Total $96,288 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $117,442,364 $-- $117,442,364 $-- 
Consumer Staples 78,927,657 -- 78,927,657 -- 
Energy 10,657,312 -- 10,657,312 -- 
Financials 53,841,680 -- 53,841,680 -- 
Health Care 46,577,234 -- 46,577,234 -- 
Industrials 142,296,018 -- 142,296,018 -- 
Information Technology 56,366,376 -- 56,366,376 -- 
Materials 38,740,689 -- 38,740,689 -- 
Telecommunication Services 9,304,335 -- 9,304,335 -- 
Utilities 20,591,401 -- 20,591,401 -- 
Money Market Funds 15,014,048 15,014,048 -- -- 
Total Investments in Securities: $589,759,114 $15,014,048 $574,745,066 $-- 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $480,083,978. Net unrealized appreciation aggregated $109,675,136, of which $124,512,559 related to appreciated investment securities and $14,837,423 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Canada Fund

July 31, 2016







CAN-QTLY-0916
1.804819.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.1%   
 Shares Value 
CONSUMER DISCRETIONARY - 3.3%   
Auto Components - 0.3%   
Magna International, Inc. Class A (sub. vtg.) 90,900 $3,501,911 
Media - 2.0%   
Cogeco Communications, Inc. 163,200 8,032,192 
Corus Entertainment, Inc. Class B (non-vtg.) 528,700 5,223,628 
DHX Media Ltd. 773,000 4,156,137 
Quebecor, Inc. Class B (sub. vtg.) 355,400 10,947,948 
  28,359,905 
Specialty Retail - 0.7%   
AutoCanada, Inc. (a) 239,900 3,904,473 
Sleep Country Canada Holdings, Inc. 241,600 5,588,266 
  9,492,739 
Textiles, Apparel & Luxury Goods - 0.3%   
Gildan Activewear, Inc. 157,690 4,626,894 
TOTAL CONSUMER DISCRETIONARY  45,981,449 
CONSUMER STAPLES - 8.0%   
Beverages - 0.5%   
Molson Coors Brewing Co. Class B 63,000 6,436,080 
Food & Staples Retailing - 6.8%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 640,800 28,971,335 
George Weston Ltd. 369,500 32,816,773 
Jean Coutu Group, Inc. Class A (sub. vtg.) 395,700 5,731,005 
Metro, Inc. Class A (sub. vtg.) 471,795 17,153,225 
North West Co., Inc. 467,300 10,916,134 
  95,588,472 
Food Products - 0.2%   
AGT Food & Ingredients, Inc. 103,100 2,500,806 
Tobacco - 0.5%   
Imperial Tobacco Group PLC 138,463 7,299,718 
TOTAL CONSUMER STAPLES  111,825,076 
ENERGY - 19.8%   
Energy Equipment & Services - 1.4%   
Canadian Energy Services & Technology Corp. 2,099,800 5,661,009 
Pason Systems, Inc. 482,500 6,463,390 
ZCL Composites, Inc. 988,700 6,800,081 
  18,924,480 
Oil, Gas & Consumable Fuels - 18.4%   
ARC Resources Ltd. 788,100 13,864,862 
Canadian Natural Resources Ltd. 849,898 25,738,113 
Cenovus Energy, Inc. 1,259,000 18,022,219 
Enbridge, Inc. 1,238,400 50,943,564 
Imperial Oil Ltd. 602,200 18,527,457 
Keyera Corp. 207,404 5,953,741 
Painted Pony Petroleum Ltd. (b) 740,200 4,892,526 
Parkland Fuel Corp. 394,400 6,999,003 
Peyto Exploration & Development Corp. 445,000 12,644,660 
PrairieSky Royalty Ltd. 617,618 12,019,816 
Raging River Exploration, Inc. (b) 865,700 6,862,478 
Seven Generations Energy Ltd. rights (b) 184,700 3,860,501 
Spartan Energy Corp. (b) 2,184,800 5,488,564 
Suncor Energy, Inc. 2,400,700 64,611,954 
Whitecap Resources, Inc. 931,400 6,912,470 
  257,341,928 
TOTAL ENERGY  276,266,408 
FINANCIALS - 31.0%   
Banks - 19.6%   
Bank of Nova Scotia 780,100 39,618,911 
Royal Bank of Canada 2,002,700 122,080,875 
The Toronto-Dominion Bank 2,571,100 112,028,399 
  273,728,185 
Capital Markets - 0.9%   
Amundi SA 139,100 6,079,812 
Ashmore Group PLC (a) 1,088,600 4,797,557 
Uranium Participation Corp. (b) 624,800 1,918,928 
  12,796,297 
Consumer Finance - 0.2%   
International Personal Finance PLC 739,300 2,623,162 
Diversified Financial Services - 0.6%   
Element Financial Corp. 709,500 7,618,573 
Insurance - 7.9%   
Fairfax Financial Holdings Ltd. (sub. vtg.) 31,300 16,781,153 
Intact Financial Corp. 317,325 22,746,101 
Manulife Financial Corp. 249,600 3,402,811 
Power Corp. of Canada (sub. vtg.) 1,049,000 22,849,585 
Sun Life Financial, Inc. 1,328,800 43,782,772 
  109,562,422 
Real Estate Investment Trusts - 1.8%   
Allied Properties (REIT) 396,700 12,037,877 
H&R REIT/H&R Finance Trust 759,600 13,526,366 
  25,564,243 
TOTAL FINANCIALS  431,892,882 
HEALTH CARE - 0.4%   
Pharmaceuticals - 0.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 116,000 6,206,000 
INDUSTRIALS - 6.6%   
Airlines - 0.5%   
WestJet Airlines Ltd. 400,400 7,053,345 
Professional Services - 0.6%   
Stantec, Inc. 330,300 8,406,440 
Road & Rail - 5.4%   
Canadian National Railway Co. 1,082,700 68,636,372 
TransForce, Inc. 307,400 6,024,866 
  74,661,238 
Trading Companies & Distributors - 0.1%   
Toromont Industries Ltd. 44,600 1,339,042 
TOTAL INDUSTRIALS  91,460,065 
INFORMATION TECHNOLOGY - 4.1%   
IT Services - 1.7%   
CGI Group, Inc. Class A (sub. vtg.) (b) 494,500 24,008,237 
Software - 2.4%   
Constellation Software, Inc. 41,000 16,690,468 
Open Text Corp. 271,814 16,563,031 
  33,253,499 
TOTAL INFORMATION TECHNOLOGY  57,261,736 
MATERIALS - 16.0%   
Chemicals - 2.7%   
Agrium, Inc. 261,200 23,706,353 
Monsanto Co. 55,600 5,936,412 
Potash Corp. of Saskatchewan, Inc. 497,500 7,754,088 
  37,396,853 
Construction Materials - 0.4%   
CRH PLC 215,700 6,582,128 
Containers & Packaging - 1.0%   
CCL Industries, Inc. Class B 76,300 13,657,037 
Metals & Mining - 11.2%   
Agnico Eagle Mines Ltd. (Canada) 431,900 25,133,659 
Barrick Gold Corp. 639,200 13,957,486 
Detour Gold Corp. (b) 514,500 13,453,092 
Franco-Nevada Corp. 237,700 18,327,468 
Goldcorp, Inc. 232,500 4,154,425 
Labrador Iron Ore Royalty Corp. (a) 514,200 5,891,649 
Lundin Mining Corp. (b) 2,411,600 10,084,890 
Randgold Resources Ltd. 115,164 13,552,289 
Silver Wheaton Corp. 807,900 22,554,249 
Tahoe Resources, Inc. 825,200 12,811,093 
Teck Resources Ltd. Class B (sub. vtg.) 592,400 9,441,921 
Torex Gold Resources, Inc. (b) 319,870 6,634,304 
  155,996,525 
Paper & Forest Products - 0.7%   
Stella-Jones, Inc. 95,800 3,415,532 
Western Forest Products, Inc. 4,134,900 6,777,227 
  10,192,759 
TOTAL MATERIALS  223,825,302 
TELECOMMUNICATION SERVICES - 7.3%   
Diversified Telecommunication Services - 3.4%   
TELUS Corp. 1,403,800 46,974,321 
Wireless Telecommunication Services - 3.9%   
Rogers Communications, Inc. Class B (non-vtg.) 1,237,000 54,637,759 
TOTAL TELECOMMUNICATION SERVICES  101,612,080 
UTILITIES - 0.6%   
Electric Utilities - 0.6%   
Hydro One Ltd. 437,200 8,682,722 
TOTAL COMMON STOCKS   
(Cost $1,096,619,312)  1,355,013,720 
Money Market Funds - 2.4%   
Fidelity Cash Central Fund, 0.42% (c) 28,200,392 28,200,392 
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) 4,890,297 4,890,297 
TOTAL MONEY MARKET FUNDS   
(Cost $33,090,689)  33,090,689 
TOTAL INVESTMENT PORTFOLIO - 99.5%   
(Cost $1,129,710,001)  1,388,104,409 
NET OTHER ASSETS (LIABILITIES) - 0.5%  6,541,535 
NET ASSETS - 100%  $1,394,645,944 

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $77,382 
Fidelity Securities Lending Cash Central Fund 1,252,438 
Total $1,329,820 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $45,981,449 $45,981,449 $-- $-- 
Consumer Staples 111,825,076 111,825,076 -- -- 
Energy 276,266,408 276,266,408 -- -- 
Financials 431,892,882 431,892,882 -- -- 
Health Care 6,206,000 6,206,000 -- -- 
Industrials 91,460,065 91,460,065 -- -- 
Information Technology 57,261,736 57,261,736 -- -- 
Materials 223,825,302 203,690,885 20,134,417 -- 
Telecommunication Services 101,612,080 101,612,080 -- -- 
Utilities 8,682,722 8,682,722 -- -- 
Money Market Funds 33,090,689 33,090,689 -- -- 
Total Investments in Securities: $1,388,104,409 $1,367,969,992 $20,134,417 $-- 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $1,139,482,777. Net unrealized appreciation aggregated $248,621,632, of which $323,449,454 related to appreciated investment securities and $74,827,822 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Pacific Basin Fund

July 31, 2016







PAF-QTLY-0916
1.804825.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Australia - 14.1%   
1-Page Ltd. (a)(b) 872,167 $265,121 
Aconex Ltd. (a) 909,243 5,541,653 
ALS Ltd. 815,324 3,159,988 
Amcor Ltd. 447,130 5,103,743 
Ansell Ltd. 231,725 3,411,046 
ARB Corp. Ltd. (b) 114,454 1,578,675 
Arena (REIT) unit 2,192,142 3,814,953 
Asaleo Care Ltd. 3,476,847 3,593,433 
Australia & New Zealand Banking Group Ltd. 517,822 10,168,527 
Blue Sky Alternative Investments Ltd. 812,543 4,785,563 
Commonwealth Bank of Australia 240,378 14,129,931 
CSL Ltd. 106,723 9,570,289 
Hansen Technologies Ltd. 683,174 2,154,589 
HUB24 Ltd. (a) 220,633 751,162 
Magellan Financial Group Ltd. 251,802 4,370,592 
NIB Holdings Ltd. 1,403,041 4,936,696 
realestate.com.au Ltd. 111,201 5,515,785 
Sydney Airport unit 1,171,376 6,729,815 
Woodside Petroleum Ltd. 309,417 6,238,303 
TOTAL AUSTRALIA  95,819,864 
Bermuda - 4.4%   
Brilliance China Automotive Holdings Ltd. 2,248,000 2,494,752 
Cheung Kong Infrastructure Holdings Ltd. 1,211,000 10,707,697 
Dairy Farm International Holdings Ltd. 970,900 6,485,612 
Hongkong Land Holdings Ltd. 982,000 6,284,800 
PAX Global Technology Ltd. (b) 4,667,000 3,855,881 
TOTAL BERMUDA  29,828,742 
Cayman Islands - 2.7%   
Alibaba Group Holding Ltd. sponsored ADR (a) 140,200 11,563,696 
China High Precision Automation Group Ltd. (a) 1,875,000 
China Metal Recycling (Holdings) Ltd. (a) 2,572,200 
ENN Energy Holdings Ltd. 778,000 3,705,287 
International Housewares Retail Co. Ltd. 17,378,000 3,315,044 
TOTAL CAYMAN ISLANDS  18,584,032 
China - 5.3%   
Industrial & Commercial Bank of China Ltd. (H Shares) 13,110,000 7,479,132 
Jiangsu Hengrui Medicine Co. Ltd. 1,381,079 9,088,798 
Kweichow Moutai Co. Ltd. 261,750 12,349,358 
Shenzhen Expressway Co. (H Shares) 4,216,000 3,972,335 
Weifu High-Technology Co. Ltd. (B Shares) 1,382,213 2,887,924 
TOTAL CHINA  35,777,547 
Hong Kong - 5.4%   
AIA Group Ltd. 2,311,200 14,313,926 
China Resources Beer Holdings Co. Ltd. 1,538,000 2,977,516 
China Resources Beer Holdings Co. Ltd. rights 8/9/16 (a) 512,666 206,166 
Hang Seng Bank Ltd. 394,400 7,040,678 
Magnificent Hotel Investment Ltd. 90,048,000 2,007,927 
Techtronic Industries Co. Ltd. 2,367,000 10,022,163 
TOTAL HONG KONG  36,568,376 
India - 6.5%   
Asian Paints India Ltd. 433,057 7,238,624 
Bharti Infratel Ltd. 1,673,826 9,929,200 
Housing Development Finance Corp. Ltd. 332,256 6,851,487 
Page Industries Ltd. 18,365 3,951,609 
Petronet LNG Ltd. 1,596,517 7,137,680 
Sun Pharmaceutical Industries Ltd. 709,144 8,829,856 
TOTAL INDIA  43,938,456 
Indonesia - 3.0%   
PT Bank Central Asia Tbk 7,964,500 8,786,275 
PT Bank Rakyat Indonesia Tbk 8,236,100 7,246,712 
PT Gudang Garam Tbk 886,300 4,569,028 
TOTAL INDONESIA  20,602,015 
Israel - 1.0%   
Sarine Technologies Ltd. 4,978,000 6,683,374 
Japan - 35.4%   
Arcland Service Holdings Co. Ltd. 191,500 5,453,935 
Asahi Group Holdings 227,600 7,726,404 
Astellas Pharma, Inc. 876,300 14,600,679 
Broadleaf Co. Ltd. 146,951 1,475,025 
Century Tokyo Leasing Corp. 91,500 3,170,388 
Create SD Holdings Co. Ltd. 211,800 5,163,079 
Daito Trust Construction Co. Ltd. 57,400 9,638,590 
East Japan Railway Co. 78,300 7,182,435 
Fuji Heavy Industries Ltd. 251,300 9,600,867 
Harmonic Drive Systems, Inc. (b) 115,100 3,585,797 
Hoya Corp. 175,200 6,216,245 
Japan Tobacco, Inc. 233,400 9,102,535 
Kakaku.com, Inc. 304,100 6,309,071 
Kao Corp. 138,300 7,447,900 
KDDI Corp. 367,800 11,286,723 
Keyence Corp. 10,800 7,618,037 
Misumi Group, Inc. 300,900 5,526,609 
Mitsubishi Pencil Co. Ltd. 96,200 4,690,155 
Mitsui Fudosan Co. Ltd. 196,000 4,242,561 
Nakanishi, Inc. 138,400 4,776,578 
Nidec Corp. 78,300 7,105,025 
Nihon M&A Center, Inc. 56,800 3,481,992 
Nihon Parkerizing Co. Ltd. 426,800 5,137,183 
Nitori Holdings Co. Ltd. 61,400 7,636,478 
Olympus Corp. 135,500 4,675,810 
Open House Co. Ltd. 191,800 5,446,426 
ORIX Corp. 413,100 5,797,268 
ProNexus, Inc. 276,400 2,920,976 
Rakuten, Inc. 432,400 4,893,313 
Seven Bank Ltd. 1,743,900 5,957,468 
Shionogi & Co. Ltd. 141,900 7,360,045 
SK Kaken Co. Ltd. 41,000 4,154,866 
SoftBank Corp. 181,300 9,979,556 
Sosei Group Corp. (a)(b) 27,300 4,335,168 
Start Today Co. Ltd. 108,600 5,175,343 
Sysmex Corp. 85,000 5,888,101 
The Suruga Bank Ltd. 223,500 5,096,098 
Toshiba Plant Systems & Services Corp. 355,900 6,286,364 
Welcia Holdings Co. Ltd. 65,800 4,341,463 
TOTAL JAPAN  240,482,556 
Korea (South) - 2.6%   
BGFretail Co. Ltd. 26,620 4,772,367 
KEPCO Plant Service & Engineering Co. Ltd. 88,695 5,467,718 
LG Household & Health Care Ltd. 3,593 3,254,623 
Medy-Tox, Inc. 10,750 4,189,679 
TOTAL KOREA (SOUTH)  17,684,387 
Netherlands - 0.5%   
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (A Shares) (BNP Paribas Warrant Program) warrants 11/27/17 (a)(c) 900,000 3,505,164 
New Zealand - 2.1%   
EBOS Group Ltd. 495,076 5,899,474 
Ryman Healthcare Group Ltd. 1,223,906 8,423,614 
TOTAL NEW ZEALAND  14,323,088 
Philippines - 1.4%   
Bank of the Philippine Islands (BPI) 2,604,550 5,305,821 
D&L Industries, Inc. 20,046,200 4,224,059 
TOTAL PHILIPPINES  9,529,880 
South Africa - 2.7%   
Naspers Ltd. Class N 118,300 18,564,029 
Taiwan - 7.1%   
Advantech Co. Ltd. 743,000 5,791,005 
CTCI Corp. 3,183,000 4,501,556 
ECLAT Textile Co. Ltd. 418,000 4,696,408 
eMemory Technology, Inc. 205,000 2,064,883 
Merida Industry Co. Ltd. 674,750 3,127,868 
Nien Made Enterprise Co. Ltd. 589,000 6,164,147 
Taiwan Semiconductor Manufacturing Co. Ltd. 4,007,000 21,715,307 
TOTAL TAIWAN  48,061,174 
Thailand - 1.2%   
Thai Beverage PCL 10,071,600 7,775,122 
United States of America - 3.0%   
China Biologic Products, Inc. (a) 41,600 4,966,208 
Cognizant Technology Solutions Corp. Class A (a) 147,300 8,468,277 
GI Dynamics, Inc. CDI (a) 5,561,290 147,921 
ResMed, Inc. CDI 923,110 6,453,961 
TOTAL UNITED STATES OF AMERICA  20,036,367 
TOTAL COMMON STOCKS   
(Cost $548,070,626)  667,764,173 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund, 0.42% (d) 8,573,022 8,573,022 
Fidelity Securities Lending Cash Central Fund, 0.45% (d)(e) 8,745,363 8,745,363 
TOTAL MONEY MARKET FUNDS   
(Cost $17,318,385)  17,318,385 
TOTAL INVESTMENT PORTFOLIO - 100.9%   
(Cost $565,389,011)  685,082,558 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (6,151,337) 
NET ASSETS - 100%  $678,931,221 

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,505,164 or 0.5% of net assets.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $20,620 
Fidelity Securities Lending Cash Central Fund 319,379 
Total $339,999 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $97,086,267 $45,762,302 $51,323,965 $-- 
Consumer Staples 79,764,606 45,983,225 33,781,381 -- 
Energy 13,375,983 13,375,983 -- -- 
Financials 152,602,210 98,787,123 53,815,087 -- 
Health Care 108,833,472 60,980,846 47,852,626 -- 
Industrials 67,812,147 30,514,786 37,297,361 -- 
Information Technology 76,822,547 39,705,105 37,117,440 
Materials 25,858,478 16,566,426 9,292,049 
Telecommunication Services 31,195,479 9,929,200 21,266,279 -- 
Utilities 14,412,984 14,412,984 -- -- 
Money Market Funds 17,318,385 17,318,385 -- -- 
Total Investments in Securities: $685,082,558 $393,336,365 $291,746,188 $5 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $14,544,483 
Level 2 to Level 1 $219,750,781 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $570,537,893. Net unrealized appreciation aggregated $114,544,665, of which $159,529,264 related to appreciated investment securities and $44,984,599 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Emerging Markets Fund

July 31, 2016







EMF-QTLY-0916
1.804872.112





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
Argentina - 1.0%   
Banco Macro SA sponsored ADR 239,000 $17,956,070 
Grupo Financiero Galicia SA sponsored ADR (a) 557,900 16,558,472 
TOTAL ARGENTINA  34,514,542 
Australia - 0.9%   
Amcor Ltd. 1,368,120 15,616,336 
Sydney Airport unit 3,172,638 18,227,510 
TOTAL AUSTRALIA  33,843,846 
Belgium - 0.4%   
Anheuser-Busch InBev SA NV 123,200 15,916,478 
Bermuda - 2.3%   
Axalta Coating Systems (b) 604,600 17,261,330 
China Gas Holdings Ltd. 12,714,000 20,090,952 
China Resource Gas Group Ltd. 6,481,000 19,004,273 
Credicorp Ltd. (United States) 169,132 27,116,934 
TOTAL BERMUDA  83,473,489 
Brazil - 5.7%   
BB Seguridade Participacoes SA 2,546,520 23,671,389 
CCR SA 4,291,700 24,791,371 
Cielo SA 2,586,354 29,314,245 
Kroton Educacional SA 5,197,060 23,145,061 
Odontoprev SA 4,131,194 16,563,509 
Qualicorp SA 3,145,800 20,859,456 
Smiles SA 1,166,000 18,685,344 
Ultrapar Participacoes SA 1,152,900 26,326,399 
Weg SA 4,644,690 21,874,049 
TOTAL BRAZIL  205,230,823 
British Virgin Islands - 0.4%   
Mail.Ru Group Ltd. GDR (Reg. S) (b) 802,100 15,480,530 
Cayman Islands - 12.5%   
Alibaba Group Holding Ltd. sponsored ADR (b) 1,140,800 94,093,184 
Baidu.com, Inc. sponsored ADR (b) 353,400 56,402,640 
Ctrip.com International Ltd. ADR (a)(b) 666,400 29,101,688 
ENN Energy Holdings Ltd. 3,864,000 18,402,609 
Fu Shou Yuan International Group Ltd. 22,504,000 15,083,110 
NetEase, Inc. sponsored ADR 111,500 22,776,105 
New Oriental Education & Technology Group, Inc. sponsored ADR 460,400 20,285,224 
Shenzhou International Group Holdings Ltd. 3,623,000 19,099,389 
Sino Biopharmaceutical Ltd. 25,812,000 17,233,729 
TAL Education Group ADR (a)(b) 287,300 17,298,333 
Tencent Holdings Ltd. 5,860,400 141,546,985 
TOTAL CAYMAN ISLANDS  451,322,996 
Chile - 0.5%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 664,800 16,473,744 
China - 1.9%   
Inner Mongoli Yili Industries Co. Ltd. 6,538,508 18,263,906 
Jiangsu Hengrui Medicine Co. Ltd. 2,576,125 16,953,323 
Kweichow Moutai Co. Ltd. 373,592 17,626,061 
Shanghai International Airport Co. Ltd. 3,477,900 14,608,820 
TOTAL CHINA  67,452,110 
Denmark - 0.5%   
Novo Nordisk A/S Series B sponsored ADR 334,100 19,033,677 
France - 0.5%   
Dassault Systemes SA 210,062 17,348,319 
Germany - 1.0%   
adidas AG 111,600 18,332,736 
Wirecard AG (a) 373,363 17,360,491 
TOTAL GERMANY  35,693,227 
Hong Kong - 2.1%   
AIA Group Ltd. 2,969,600 18,391,586 
CSPC Pharmaceutical Group Ltd. 20,038,000 17,330,246 
Guangdong Investment Ltd. 14,407,000 22,097,765 
Techtronic Industries Co. Ltd. 4,445,500 18,822,782 
TOTAL HONG KONG  76,642,379 
India - 12.6%   
Amara Raja Batteries Ltd. 1,258,458 17,692,611 
Asian Paints India Ltd. 1,314,003 21,963,790 
Bharti Infratel Ltd. 3,348,324 19,862,386 
Colgate-Palmolive (India) 1,319,906 18,482,248 
Divi's Laboratories Ltd. 20,443 367,578 
GlaxoSmithKline Consumer Healthcare Ltd. (b) 197,387 18,747,693 
Godrej Consumer Products Ltd. 830,563 19,822,363 
HDFC Bank Ltd. 855,782 19,027,987 
Hindustan Unilever Ltd. 1,774,748 24,563,705 
Housing Development Finance Corp. Ltd. 2,330,814 48,063,969 
IndusInd Bank Ltd. 1,031,214 18,188,384 
Infosys Ltd. 2,636,240 42,442,052 
ITC Ltd. 8,009,487 30,335,234 
LIC Housing Finance Ltd. 2,470,464 19,272,992 
Lupin Ltd. 848,383 22,144,763 
Power Grid Corp. of India Ltd. 7,538,579 19,905,332 
Sun Pharmaceutical Industries Ltd. 2,150,462 26,776,325 
Tata Consultancy Services Ltd. 860,603 33,818,580 
Titan Co. Ltd. 2,648,804 16,746,021 
Zee Entertainment Enterprises Ltd. 2,573,509 19,200,450 
TOTAL INDIA  457,424,463 
Indonesia - 3.9%   
PT ACE Hardware Indonesia Tbk 227,204,900 16,825,496 
PT Bank Central Asia Tbk 27,097,900 29,893,855 
PT Bank Rakyat Indonesia Tbk 27,918,900 24,565,051 
PT Kalbe Farma Tbk 154,531,500 19,761,061 
PT Matahari Department Store Tbk 12,751,900 19,397,764 
PT Surya Citra Media Tbk 72,695,600 17,537,741 
PT Tower Bersama Infrastructure Tbk 34,094,700 14,836,797 
TOTAL INDONESIA  142,817,765 
Israel - 0.7%   
Check Point Software Technologies Ltd. (b) 78,200 6,012,016 
Frutarom Industries Ltd. 366,000 18,313,438 
TOTAL ISRAEL  24,325,454 
Kenya - 0.5%   
Safaricom Ltd. 97,344,900 18,288,169 
Korea (South) - 4.8%   
AMOREPACIFIC Corp. 85,262 29,728,303 
AMOREPACIFIC Group, Inc. 159,881 20,760,967 
Coway Co. Ltd. 230,135 17,723,373 
Hanssem Co. Ltd. 111,396 17,217,930 
KT&G Corp. 251,744 27,373,314 
LG Household & Health Care Ltd. 31,452 28,489,950 
NAVER Corp. 53,099 33,878,765 
TOTAL KOREA (SOUTH)  175,172,602 
Luxembourg - 0.5%   
Eurofins Scientific SA 45,580 17,094,009 
Malta - 0.5%   
Brait SA 2,002,400 17,996,897 
Mexico - 7.3%   
Banregio Grupo Financiero S.A.B. de CV 2,857,515 16,370,894 
El Puerto de Liverpool S.A.B. de CV Class C 1,638,500 15,880,779 
Fomento Economico Mexicano S.A.B. de CV unit 3,341,267 29,893,202 
Gruma S.A.B. de CV Series B 1,304,200 18,757,526 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 2,031,957 19,991,206 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 1,269,940 19,516,438 
Grupo Aeroportuario Norte S.A.B. de CV 3,019,300 18,777,631 
Grupo Financiero Banorte S.A.B. de CV Series O 5,218,500 28,580,681 
Infraestructura Energetica Nova S.A.B. de CV (a) 3,930,500 15,877,124 
Kimberly-Clark de Mexico SA de CV Series A 8,378,000 18,949,919 
Megacable Holdings S.A.B. de CV unit 3,842,652 15,401,349 
Promotora y Operadora de Infraestructura S.A.B. de CV 1,606,500 18,734,789 
Tenedora Nemak SA de CV 1,402,711 1,594,228 
Wal-Mart de Mexico SA de CV Series V 11,476,300 26,227,171 
TOTAL MEXICO  264,552,937 
Philippines - 4.8%   
Ayala Corp. 1,189,860 21,966,646 
Ayala Land, Inc. 26,863,100 22,516,551 
D&L Industries, Inc. 77,778,100 16,389,104 
GT Capital Holdings, Inc. 594,605 19,431,124 
International Container Terminal Services, Inc. 8,846,580 12,014,453 
Security Bank Corp. 3,584,920 16,659,893 
SM Investments Corp. 1,396,713 20,420,907 
SM Prime Holdings, Inc. 37,580,800 23,286,140 
Universal Robina Corp. 4,636,420 19,716,468 
TOTAL PHILIPPINES  172,401,286 
Russia - 1.4%   
Magnit OJSC 168,901 26,132,432 
NOVATEK OAO GDR (Reg. S) 241,100 24,061,780 
TOTAL RUSSIA  50,194,212 
South Africa - 8.6%   
Aspen Pharmacare Holdings Ltd. 1,017,090 27,476,542 
Bidcorp Ltd. (b) 1,141,398 21,298,148 
Capitec Bank Holdings Ltd. 428,700 19,008,724 
Discovery Ltd. 2,203,285 19,838,890 
FirstRand Ltd. 8,309,300 29,085,917 
Mondi Ltd. 976,466 19,778,690 
Mr Price Group Ltd. 1,326,288 21,870,316 
Naspers Ltd. Class N 501,112 78,636,160 
Remgro Ltd. 1,342,800 25,170,396 
Sanlam Ltd. 4,901,000 23,090,529 
Shoprite Holdings Ltd. 1,730,900 25,350,164 
TOTAL SOUTH AFRICA  310,604,476 
Spain - 0.5%   
Amadeus IT Holding SA Class A 369,000 17,324,701 
Switzerland - 0.5%   
Sika AG 3,880 18,199,009 
Taiwan - 5.7%   
Advantech Co. Ltd. 2,254,000 17,567,868 
ECLAT Textile Co. Ltd. 1,784,288 20,047,235 
Largan Precision Co. Ltd. 251,000 26,978,221 
Taiwan Semiconductor Manufacturing Co. Ltd. 25,950,000 140,631,949 
TOTAL TAIWAN  205,225,273 
Thailand - 1.5%   
Airports of Thailand PCL (For. Reg.) 1,715,500 19,455,139 
Bangkok Dusit Medical Services PCL (For. Reg.) 25,174,800 16,262,791 
Thai Beverage PCL 24,450,900 18,875,723 
TOTAL THAILAND  54,593,653 
Turkey - 1.6%   
Bim Birlesik Magazalar A/S JSC 1,079,000 19,937,003 
Tofas Turk Otomobil Fabrikasi A/S 2,077,673 16,413,022 
Tupras Turkiye Petrol Rafinelleri A/S 1,002,000 21,415,488 
TOTAL TURKEY  57,765,513 
United Arab Emirates - 0.9%   
DP World Ltd. 1,028,956 17,481,962 
First Gulf Bank PJSC 5,161,926 17,005,447 
TOTAL UNITED ARAB EMIRATES  34,487,409 
United Kingdom - 1.4%   
British American Tobacco PLC (United Kingdom) 267,500 17,073,152 
Hikma Pharmaceuticals PLC 501,648 17,487,285 
NMC Health PLC 1,083,100 15,839,387 
TOTAL UNITED KINGDOM  50,399,824 
United States of America - 9.6%   
A.O. Smith Corp. 190,100 17,658,389 
Alphabet, Inc. Class C (b) 22,445 17,255,492 
Amazon.com, Inc. (b) 23,480 17,816,859 
American Tower Corp. 128,800 14,911,176 
China Biologic Products, Inc. (b) 149,278 17,820,808 
Ecolab, Inc. 130,100 15,401,238 
Facebook, Inc. Class A (b) 127,700 15,827,138 
Gartner, Inc. Class A (b) 159,800 16,019,950 
International Flavors & Fragrances, Inc. 134,310 17,896,808 
MasterCard, Inc. Class A 192,800 18,362,272 
McGraw Hill Financial, Inc. 156,600 19,136,520 
MercadoLibre, Inc. 105,100 16,088,708 
Mettler-Toledo International, Inc. (b) 43,380 17,838,290 
Moody's Corp. 165,500 17,544,655 
MSCI, Inc. Class A 223,300 19,212,732 
NIKE, Inc. Class B 325,100 18,043,050 
Philip Morris International, Inc. 179,200 17,966,592 
PPG Industries, Inc. 170,956 17,900,803 
TransDigm Group, Inc. (b) 63,200 17,665,664 
Visa, Inc. Class A 223,000 17,405,150 
TOTAL UNITED STATES OF AMERICA  347,772,294 
TOTAL COMMON STOCKS   
(Cost $2,912,811,721)  3,509,066,106 
Preferred Stocks - 3.1%   
Convertible Preferred Stocks - 0.7%   
India - 0.7%   
PC Jeweller Ltd. 13.00% (c)(d) 169,426,966 25,613,182 
Nonconvertible Preferred Stocks - 2.4%   
Brazil - 2.4%   
Ambev SA sponsored ADR 7,167,380 41,427,456 
Itau Unibanco Holding SA 4,473,400 46,618,612 
  88,046,068 
TOTAL PREFERRED STOCKS   
(Cost $112,333,143)  113,659,250 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund, 0.42% (e) 32,817,983 32,817,983 
Fidelity Securities Lending Cash Central Fund, 0.45% (e)(f) 37,813,783 37,813,783 
TOTAL MONEY MARKET FUNDS   
(Cost $70,631,766)  70,631,766 
TOTAL INVESTMENT PORTFOLIO - 102.1%   
(Cost $3,095,776,630)  3,693,357,122 
NET OTHER ASSETS (LIABILITIES) - (2.1)%  (74,541,372) 
NET ASSETS - 100%  $3,618,815,750 

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

Legend

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

 (b) Non-income producing

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,613,182 or 0.7% of net assets.

 (e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
PC Jeweller Ltd. 13.00% 7/28/16 $25,285,041 

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 $130,507 
Fidelity Securities Lending Cash Central Fund 1,059,531 
Total $1,190,038 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $535,818,622 $413,236,544 $122,582,078 $-- 
Consumer Staples 571,715,178 538,725,548 32,989,630 -- 
Energy 71,803,667 71,803,667 -- -- 
Financials 680,139,113 661,111,126 19,027,987 -- 
Health Care 306,842,779 306,842,779 -- -- 
Industrials 278,910,939 278,910,939 -- -- 
Information Technology 813,935,361 489,314,375 324,620,986 -- 
Materials 195,194,290 195,194,290 -- -- 
Telecommunication Services 52,987,352 52,987,352 -- -- 
Utilities 115,378,055 115,378,055 -- -- 
Money Market Funds 70,631,766 70,631,766 -- -- 
Total Investments in Securities: $3,693,357,122 $3,194,136,441 $499,220,681 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $70,541,768 
Level 2 to Level 1 $803,937,739 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $3,124,679,238. Net unrealized appreciation aggregated $568,677,884, of which $663,935,331 related to appreciated investment securities and $95,257,447 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.


Quarterly Holdings Report
for

Fidelity® Series International Value Fund

July 31, 2016







VSF-S-QTLY-0916
1.907975.106





Investments July 31, 2016 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value 
Australia - 4.0%   
Ansell Ltd. 3,944,416 $58,062,717 
Macquarie Group Ltd. 1,656,484 93,645,481 
Transurban Group unit 7,227,051 68,982,000 
Westpac Banking Corp. 12,687,509 300,216,244 
TOTAL AUSTRALIA  520,906,442 
Bailiwick of Jersey - 0.5%   
Wolseley PLC 1,175,033 65,517,940 
Belgium - 0.4%   
Anheuser-Busch InBev SA NV 384,030 49,613,676 
Canada - 0.8%   
Imperial Oil Ltd. 2,066,000 63,563,145 
Potash Corp. of Saskatchewan, Inc. 2,520,800 39,289,457 
TOTAL CANADA  102,852,602 
Finland - 1.0%   
Sampo Oyj (A Shares) 3,197,813 132,530,994 
France - 17.2%   
Atos Origin SA 1,829,506 179,319,141 
AXA SA 8,903,673 181,210,612 
Capgemini SA 1,907,205 183,267,334 
Havas SA 9,394,531 79,151,254 
Orange SA 6,739,300 103,428,287 
Renault SA 1,052,492 92,075,684 
Sanofi SA 3,261,780 277,816,387 
Societe Generale Series A 4,443,800 151,505,627 
SR Teleperformance SA 771,600 71,763,754 
Total SA 8,405,963 404,274,905 
Unibail-Rodamco 554,000 152,458,418 
VINCI SA 2,830,800 214,860,608 
Vivendi SA 6,376,781 125,212,589 
TOTAL FRANCE  2,216,344,600 
Germany - 6.2%   
Axel Springer Verlag AG (a) 1,168,400 64,020,352 
BASF AG 2,870,431 225,476,878 
Bayer AG 432,314 46,472,836 
Continental AG 344,533 72,222,730 
Fresenius SE & Co. KGaA 2,022,600 151,030,010 
GEA Group AG 1,857,760 99,144,434 
ProSiebenSat.1 Media AG 1,116,700 51,152,410 
SAP AG 1,016,069 88,929,823 
TOTAL GERMANY  798,449,473 
Hong Kong - 1.5%   
AIA Group Ltd. 15,090,200 93,457,944 
Power Assets Holdings Ltd. 10,732,050 105,060,218 
TOTAL HONG KONG  198,518,162 
Indonesia - 0.1%   
PT Bank Rakyat Indonesia Tbk 20,563,200 18,092,979 
Ireland - 1.8%   
Allergan PLC (b) 230,400 58,279,680 
CRH PLC 2,261,300 69,004,020 
Medtronic PLC 1,210,500 106,076,115 
TOTAL IRELAND  233,359,815 
Israel - 1.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 3,337,892 178,577,222 
Italy - 2.4%   
Eni SpA 10,937,500 167,781,455 
Intesa Sanpaolo SpA 31,979,100 70,566,941 
Telecom Italia SpA (b) 75,035,000 64,116,628 
TOTAL ITALY  302,465,024 
Japan - 20.4%   
Astellas Pharma, Inc. 7,043,300 117,353,605 
Daito Trust Construction Co. Ltd. 581,900 97,712,468 
Dentsu, Inc. 2,525,500 120,654,874 
East Japan Railway Co. 817,500 74,989,027 
Fuji Heavy Industries Ltd. 2,394,600 91,485,218 
Hoya Corp. 2,443,200 86,686,819 
Itochu Corp. 10,202,600 115,675,611 
Japan Tobacco, Inc. 3,214,200 125,352,911 
KDDI Corp. 3,850,200 118,151,555 
Makita Corp. 1,402,600 98,680,799 
Mitsubishi UFJ Financial Group, Inc. 57,140,400 288,874,756 
Nippon Prologis REIT, Inc. 31,814 79,559,444 
Nippon Telegraph & Telephone Corp. 4,735,100 225,010,874 
OBIC Co. Ltd. 1,460,800 85,037,033 
Olympus Corp. 3,406,400 117,547,454 
ORIX Corp. 9,519,700 133,595,386 
Seven & i Holdings Co. Ltd. 2,871,700 119,241,851 
Seven Bank Ltd. 13,304,000 45,448,794 
Sony Corp. 3,671,500 120,524,009 
Sony Financial Holdings, Inc. (a) 2,989,200 37,446,751 
Toyota Motor Corp. 6,026,400 337,688,387 
TOTAL JAPAN  2,636,717,626 
Luxembourg - 0.5%   
RTL Group SA 747,439 63,734,019 
Netherlands - 4.1%   
ING Groep NV (Certificaten Van Aandelen) 14,966,134 167,321,379 
Mylan N.V. (b) 1,067,100 49,929,609 
PostNL NV (b) 5,580,449 21,437,005 
RELX NV 11,208,563 201,971,486 
Wolters Kluwer NV 2,043,900 85,976,143 
TOTAL NETHERLANDS  526,635,622 
New Zealand - 0.0%   
Auckland International Airport Ltd. 198,659 1,058,820 
Spain - 2.0%   
Iberdrola SA 658,047 4,520,855 
Iberdrola SA 29,175,540 200,439,170 
Mediaset Espana Comunicacion SA 4,360,400 50,114,252 
TOTAL SPAIN  255,074,277 
Sweden - 2.3%   
Nordea Bank AB 19,569,333 174,379,063 
Swedbank AB (A Shares) 5,763,300 121,098,672 
TOTAL SWEDEN  295,477,735 
Switzerland - 7.5%   
ABB Ltd. (Reg.) 4,526,510 96,152,562 
Credit Suisse Group AG 4,681,100 53,831,378 
Lafargeholcim Ltd. (Reg.) 1,914,930 91,123,165 
Nestle SA 1,774,898 142,227,260 
Novartis AG 2,727,035 226,189,047 
Syngenta AG (Switzerland) 94,409 37,129,667 
UBS Group AG 10,935,771 150,694,924 
Zurich Insurance Group AG 679,963 163,254,380 
TOTAL SWITZERLAND  960,602,383 
United Kingdom - 19.2%   
AstraZeneca PLC (United Kingdom) 4,053,947 271,404,506 
Aviva PLC 20,798,072 107,100,487 
BAE Systems PLC 22,354,950 157,838,925 
Bunzl PLC 4,695,236 146,958,974 
Compass Group PLC 7,939,917 150,841,088 
HSBC Holdings PLC sponsored ADR (a) 6,903,311 226,083,435 
Imperial Tobacco Group PLC 4,312,361 227,346,080 
Informa PLC 11,734,063 110,880,242 
ITV PLC 24,897,885 64,584,168 
Lloyds Banking Group PLC 221,640,700 155,891,023 
Micro Focus International PLC 3,419,700 87,619,526 
National Grid PLC 12,867,615 184,506,489 
Rio Tinto PLC 7,560,137 245,343,402 
Royal Dutch Shell PLC Class B (United Kingdom) 4,453,663 118,461,767 
Vodafone Group PLC sponsored ADR 7,320,266 226,196,219 
TOTAL UNITED KINGDOM  2,481,056,331 
United States of America - 4.9%   
Altria Group, Inc. 898,100 60,801,370 
Chevron Corp. 982,800 100,717,344 
ConocoPhillips Co. 1,883,100 76,868,142 
Constellation Brands, Inc. Class A (sub. vtg.) 766,700 126,221,821 
Edgewell Personal Care Co. (b) 610,900 51,688,249 
McGraw Hill Financial, Inc. 957,000 116,945,400 
Molson Coors Brewing Co. Class B 563,400 57,556,944 
Monsanto Co. 412,900 44,085,333 
TOTAL UNITED STATES OF AMERICA  634,884,603 
TOTAL COMMON STOCKS   
(Cost $12,186,014,102)  12,672,470,345 
Nonconvertible Preferred Stocks - 0.4%   
Germany - 0.4%   
Volkswagen AG   
(Cost $65,583,102) 324,190 45,595,508 
Money Market Funds - 0.5%   
Fidelity Cash Central Fund, 0.42% (c) 38,584,553 38,584,553 
Fidelity Securities Lending Cash Central Fund, 0.45% (c)(d) 31,591,771 31,591,771 
TOTAL MONEY MARKET FUNDS   
(Cost $70,176,324)  70,176,324 
TOTAL INVESTMENT PORTFOLIO - 99.1%   
(Cost $12,321,773,528)  12,788,242,177 
NET OTHER ASSETS (LIABILITIES) - 0.9%  111,059,787 
NET ASSETS - 100%  $12,899,301,964 

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

Legend

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

 (b) Non-income producing

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $272,610 
Fidelity Securities Lending Cash Central Fund 7,607,620 
Total $7,880,230 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2016, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. Additional information on valuation inputs, and their aggregation into the levels used below, is provided later in this section.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,927,884,413 $728,354,352 $1,199,530,061 $-- 
Consumer Staples 960,050,162 523,614,464 436,435,698 -- 
Energy 931,666,758 241,148,631 690,518,127 -- 
Financials 3,312,922,980 1,446,708,689 1,866,214,291 -- 
Health Care 1,745,426,007 601,955,353 1,143,470,654 -- 
Industrials 1,233,060,459 624,205,595 608,854,864 -- 
Information Technology 624,172,857 450,206,001 173,966,856 -- 
Materials 751,451,922 174,497,955 576,953,967 -- 
Telecommunication Services 736,903,563 226,196,219 510,707,344 -- 
Utilities 494,526,732 310,020,243 184,506,489 -- 
Money Market Funds 70,176,324 70,176,324 -- -- 
Total Investments in Securities: $12,788,242,177 $5,397,083,826 $7,391,158,351 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2016. Transfers are assumed to have occurred at the beginning of the period, and are primarily attributable to the valuation techniques used for foreign equity securities, as discussed at the end of this section:

Transfers Total 
Level 1 to Level 2 $361,938,250 
Level 2 to Level 1 $381,962,718 

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee). In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

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

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

Other Information

Income Tax Information

At July 31, 2016, the cost of investment securities for income tax purposes was $12,437,370,420. Net unrealized appreciation aggregated $350,871,757, of which $1,452,610,574 related to appreciated investment securities and $1,101,738,817 related to depreciated investment securities.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.





Item 2.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Investment Trusts (the Trust) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trusts last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 3.

Exhibits


Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Investment Trust



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

September 28, 2016


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith


Stacie M. Smith


President and Treasurer



Date:

September 28, 2016



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

September 28, 2016

 





EX-99.CERT 2 ex99cert.htm EX99CERT.HTM Converted by EDGARwiz

Exhibit EX-99.CERT

     

I, Stacie M. Smith, certify that:

1.

I have reviewed this report on Form N-Q of Fidelity Investment Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

September 28, 2016

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer




 

     

I, Howard J. Galligan III, certify that:

1.

I have reviewed this report on Form N-Q of Fidelity Investment Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

5.

The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):



a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:

September 28, 2016

/s/Howard J. Galligan III

Howard J. Galligan III

Chief Financial Officer