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, 2017


Item 1.

Schedule of Investments




Quarterly Holdings Report
for

Fidelity® Canada Fund

July 31, 2017







CAN-QTLY-0917
1.804819.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
CONSUMER DISCRETIONARY - 3.6%   
Auto Components - 0.2%   
Magna International, Inc. Class A (sub. vtg.) 62,900 $2,999,827 
Diversified Consumer Services - 0.0%   
Park Lawn Corp. 24,850 378,705 
Hotels, Restaurants & Leisure - 0.9%   
Cara Operations Ltd. 138,900 2,612,557 
Freshii, Inc. (a) 352,608 2,850,843 
Paddy Power Betfair PLC (Ireland) 55,700 5,580,964 
  11,044,364 
Media - 2.0%   
Cogeco Communications, Inc. 125,700 8,781,608 
Corus Entertainment, Inc. Class B (non-vtg.) 588,000 6,527,307 
Quebecor, Inc. Class B (sub. vtg.) 312,400 10,827,194 
  26,136,109 
Specialty Retail - 0.5%   
AutoCanada, Inc. (a) 81,500 1,312,629 
Sleep Country Canada Holdings, Inc. 162,600 4,946,796 
  6,259,425 
TOTAL CONSUMER DISCRETIONARY  46,818,430 
CONSUMER STAPLES - 7.2%   
Food & Staples Retailing - 6.8%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 705,900 33,473,277 
George Weston Ltd. 301,700 26,350,201 
Jean Coutu Group, Inc. Class A (sub. vtg.) 395,700 6,595,264 
Metro, Inc. Class A (sub. vtg.) 375,295 12,712,018 
North West Co., Inc. 429,400 10,518,449 
  89,649,209 
Tobacco - 0.4%   
Imperial Tobacco Group PLC 122,586 5,046,287 
TOTAL CONSUMER STAPLES  94,695,496 
ENERGY - 20.2%   
Energy Equipment & Services - 1.5%   
Canadian Energy Services & Technology Corp. 1,845,500 9,429,184 
Pason Systems, Inc. 261,800 3,821,745 
ShawCor Ltd. Class A 308,900 6,922,531 
  20,173,460 
Oil, Gas & Consumable Fuels - 18.7%   
ARC Resources Ltd. 772,800 10,655,249 
Canadian Natural Resources Ltd. 916,098 28,017,499 
Cenovus Energy, Inc. 1,504,100 12,631,183 
Enbridge, Inc. 1,385,700 57,439,724 
Imperial Oil Ltd. 345,200 9,906,762 
NuVista Energy Ltd. (b) 1,083,200 5,551,753 
Parkland Fuel Corp. (c) 81,300 1,657,138 
Peyto Exploration & Development Corp. (a) 346,700 6,162,320 
PrairieSky Royalty Ltd. 1,102,918 27,388,283 
Raging River Exploration, Inc. (b) 1,083,500 6,943,786 
Suncor Energy, Inc. 2,425,100 79,108,736 
  245,462,433 
TOTAL ENERGY  265,635,893 
FINANCIALS - 32.6%   
Banks - 21.1%   
Bank of Nova Scotia 468,400 29,180,371 
Royal Bank of Canada 1,739,700 129,785,035 
The Toronto-Dominion Bank 2,282,600 117,668,099 
  276,633,505 
Capital Markets - 3.5%   
Amundi SA 85,880 6,638,708 
Brookfield Asset Management, Inc. Class A 350,600 13,635,929 
CI Financial Corp. 575,700 12,541,417 
Fairfax India Holdings Corp. (b) 102,000 1,728,900 
TMX Group Ltd. 208,000 11,027,712 
  45,572,666 
Consumer Finance - 0.0%   
Trisura Group Ltd. (b) 1,469 30,270 
Insurance - 8.0%   
Intact Financial Corp. 205,325 15,950,051 
Manulife Financial Corp. 2,781,700 57,296,215 
Power Corp. of Canada (sub. vtg.) 1,303,300 31,695,252 
  104,941,518 
TOTAL FINANCIALS  427,177,959 
HEALTH CARE - 0.6%   
Pharmaceuticals - 0.6%   
Bayer AG 66,400 8,422,453 
INDUSTRIALS - 8.4%   
Professional Services - 0.7%   
Stantec, Inc. 359,200 9,138,820 
Road & Rail - 7.1%   
Canadian National Railway Co. 553,900 43,769,984 
Canadian Pacific Railway Ltd. 265,400 41,550,773 
TransForce, Inc. 313,300 7,365,408 
  92,686,165 
Trading Companies & Distributors - 0.6%   
Toromont Industries Ltd. 229,600 8,524,711 
TOTAL INDUSTRIALS  110,349,696 
INFORMATION TECHNOLOGY - 4.5%   
IT Services - 2.0%   
CGI Group, Inc. Class A (sub. vtg.) (b) 488,100 25,772,306 
Software - 2.5%   
Constellation Software, Inc. 32,100 17,292,934 
Open Text Corp. 484,728 16,212,679 
  33,505,613 
TOTAL INFORMATION TECHNOLOGY  59,277,919 
MATERIALS - 13.0%   
Chemicals - 2.6%   
Agrium, Inc. 340,400 34,063,208 
Construction Materials - 0.5%   
CRH PLC 206,300 7,241,309 
Containers & Packaging - 1.0%   
CCL Industries, Inc. Class B 279,000 13,375,440 
Metals & Mining - 7.9%   
Agnico Eagle Mines Ltd. (Canada) 323,600 15,108,687 
Barrick Gold Corp. 475,300 8,036,354 
Detour Gold Corp. (b) 444,400 5,589,085 
Franco-Nevada Corp. 299,000 21,663,260 
Labrador Iron Ore Royalty Corp. 252,600 3,488,889 
Lundin Mining Corp. 2,199,300 15,823,317 
Premier Gold Mines Ltd. (b) 1,998,600 5,434,332 
Randgold Resources Ltd. 96,264 8,960,650 
Torex Gold Resources, Inc. (b) 298,370 5,439,703 
Wheaton Precious Metals Corp. 672,200 13,630,011 
  103,174,288 
Paper & Forest Products - 1.0%   
Western Forest Products, Inc. 6,487,200 12,904,156 
TOTAL MATERIALS  170,758,401 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
Allied Properties (REIT) 326,900 10,002,996 
TELECOMMUNICATION SERVICES - 6.2%   
Diversified Telecommunication Services - 2.9%   
TELUS Corp. 1,034,300 37,356,751 
Wireless Telecommunication Services - 3.3%   
Rogers Communications, Inc. Class B (non-vtg.) 835,700 43,455,730 
TOTAL TELECOMMUNICATION SERVICES  80,812,481 
UTILITIES - 0.8%   
Electric Utilities - 0.8%   
Hydro One Ltd. 593,500 10,644,203 
TOTAL COMMON STOCKS   
(Cost $954,363,115)  1,284,595,927 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund, 1.11% (d) 19,842,253 19,846,222 
Fidelity Securities Lending Cash Central Fund 1.11% (d)(e) 7,027,350 7,028,053 
TOTAL MONEY MARKET FUNDS   
(Cost $26,870,237)  26,874,275 
TOTAL INVESTMENT PORTFOLIO - 99.9%   
(Cost $981,233,352)  1,311,470,202 
NET OTHER ASSETS (LIABILITIES) - 0.1%  975,234 
NET ASSETS - 100%  $1,312,445,436 

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 $1,657,138 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.


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 $169,154 
Fidelity Securities Lending Cash Central Fund 556,823 
Total $725,977 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $46,818,430 $46,818,430 $-- $-- 
Consumer Staples 94,695,496 94,695,496 -- -- 
Energy 265,635,893 263,978,755 1,657,138 -- 
Financials 427,177,959 427,177,959 -- -- 
Health Care 8,422,453 8,422,453 -- -- 
Industrials 110,349,696 110,349,696 -- -- 
Information Technology 59,277,919 59,277,919 -- -- 
Materials 170,758,401 154,556,442 16,201,959 -- 
Real Estate 10,002,996 10,002,996 -- -- 
Telecommunication Services 80,812,481 80,812,481 -- -- 
Utilities 10,644,203 10,644,203 -- -- 
Money Market Funds 26,874,275 26,874,275 -- -- 
Total Investments in Securities: $1,311,470,202 $1,293,611,105 $17,859,097 $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $987,033,017. Net unrealized appreciation aggregated $324,437,185, of which $358,502,996 related to appreciated investment securities and $34,065,811 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, 2017







HKC-QTLY-0917
1.804836.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%   
 Shares Value 
CONSUMER DISCRETIONARY - 9.5%   
Diversified Consumer Services - 1.5%   
New Oriental Education & Technology Group, Inc. sponsored ADR 229,800 $18,305,868 
Hotels, Restaurants & Leisure - 0.4%   
China Travel International Investment HK Ltd. 17,560,000 5,215,753 
Huangshan Tourism Development Co. Ltd. 14 22 
  5,215,775 
Household Durables - 3.0%   
Hangzhou Robam Appliances Co. Ltd. Class A 991,851 5,943,837 
Midea Group Co. Ltd. Class A 2,288,400 14,016,410 
Nien Made Enterprise Co. Ltd. 432,000 5,268,729 
Sundart Holdings Ltd. 20,000,000 12,546,730 
  37,775,706 
Internet & Direct Marketing Retail - 3.8%   
Ctrip.com International Ltd. ADR (a) 99,400 5,937,162 
JD.com, Inc. sponsored ADR (a) 911,500 41,172,455 
  47,109,617 
Specialty Retail - 0.4%   
Chow Tai Fook Jewellery Group Ltd. 5,333,800 5,538,116 
Textiles, Apparel & Luxury Goods - 0.4%   
JNBY Design Ltd. 6,510,000 5,317,483 
TOTAL CONSUMER DISCRETIONARY  119,262,565 
CONSUMER STAPLES - 6.2%   
Beverages - 5.4%   
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A 1,648,489 21,909,436 
Kweichow Moutai Co. Ltd. (A Shares) 314,832 22,523,204 
Wuliangye Yibin Co. Ltd. Class A 2,801,656 23,224,437 
  67,657,077 
Food & Staples Retailing - 0.8%   
COFCO Meat Holdings Ltd. (b) 30,491,000 6,323,990 
Zhou Hei Ya International Holdings Co. Ltd. 3,442,000 3,357,920 
  9,681,910 
TOTAL CONSUMER STAPLES  77,338,987 
ENERGY - 4.1%   
Energy Equipment & Services - 1.5%   
China Oilfield Services Ltd. (H Shares) 22,508,000 19,191,796 
Oil, Gas & Consumable Fuels - 2.6%   
CNOOC Ltd. 15,768,000 17,648,564 
PetroChina Co. Ltd. (H Shares) 22,126,000 14,234,979 
  31,883,543 
TOTAL ENERGY  51,075,339 
FINANCIALS - 14.0%   
Banks - 4.4%   
China Construction Bank Corp. (H Shares) 37,614,000 31,301,659 
Industrial & Commercial Bank of China Ltd. (H Shares) 33,821,000 23,685,265 
  54,986,924 
Capital Markets - 0.7%   
CITIC Securities Co. Ltd. (H Shares) 1,156,000 2,347,283 
Shanghai International Airport Co. Ltd. ELS (UBS Warrant Programme) warrants 5/11/18 (a)(c) 1,119,000 6,230,021 
  8,577,304 
Diversified Financial Services - 0.2%   
GDS Holdings Ltd. ADR 237,800 2,225,808 
Insurance - 8.7%   
AIA Group Ltd. 5,945,600 46,852,010 
China Life Insurance Co. Ltd. (H Shares) 5,682,000 17,957,709 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 5,009,600 22,127,208 
Ping An Insurance (Group) Co. of China Ltd. (H Shares) 3,041,500 22,565,541 
  109,502,468 
TOTAL FINANCIALS  175,292,504 
HEALTH CARE - 5.3%   
Health Care Providers & Services - 0.7%   
China Resources Phoenix Health (b) 7,070,000 8,933,899 
Life Sciences Tools & Services - 0.7%   
JHL Biotech, Inc. (a) 3,976,696 8,269,401 
Pharmaceuticals - 3.9%   
China Resources Pharmaceutical Group Ltd. 4,485,000 5,380,300 
CSPC Pharmaceutical Group Ltd. 10,938,000 17,056,491 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 959,932 7,306,646 
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A 1,396,003 3,557,171 
YiChang HEC ChangJiang Pharmaceutical Co. Ltd. 3,291,400 8,090,705 
Yunnan Baiyao Group Co. Ltd. 559,400 7,322,501 
  48,713,814 
TOTAL HEALTH CARE  65,917,114 
INDUSTRIALS - 6.2%   
Commercial Services & Supplies - 0.2%   
Focused Photonics Hangzhou, Inc. 561,697 2,271,322 
Construction & Engineering - 4.0%   
Beijing Urban Consolidated & Development Group Ltd. (H Shares) 20,963,000 13,821,817 
China Communications Construction Co. Ltd. (H Shares) 12,960,000 17,289,292 
China Energy Engineering Corp. Ltd. 27,132,000 4,967,322 
China State Construction International Holdings Ltd. 8,562,000 13,833,723 
  49,912,154 
Machinery - 0.8%   
Sany Heavy Industry Co. Ltd. Class A 7,886,277 9,977,212 
Road & Rail - 0.6%   
Daqin Railway Co. Ltd. (A Shares) 6,192,097 8,054,775 
Trading Companies & Distributors - 0.6%   
Summit Ascent Holdings Ltd. (a)(b) 31,652,000 7,172,638 
TOTAL INDUSTRIALS  77,388,101 
INFORMATION TECHNOLOGY - 41.8%   
Electronic Equipment & Components - 8.2%   
AVIC Jonhon OptronicTechnology Co. Ltd. 3,263,166 16,683,185 
Chroma ATE, Inc. 3,145,000 9,940,509 
General Interface Solution Holding Ltd. 1,097,100 10,530,010 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 3,655,950 16,305,313 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 8,856,400 34,441,311 
Lens Technology Co. Ltd. Class A 1,006,855 4,533,920 
Sunny Optical Technology Group Co. Ltd. 903,000 10,751,652 
  103,185,900 
Internet Software & Services - 22.4%   
58.com, Inc. ADR (a) 114,600 5,850,330 
Alibaba Group Holding Ltd. sponsored ADR (a) 715,300 110,835,735 
NetEase, Inc. ADR 88,300 27,486,024 
Tencent Holdings Ltd. 3,405,300 135,919,082 
Weibo Corp. sponsored ADR (a)(b) 9,970 767,192 
  280,858,363 
Semiconductors & Semiconductor Equipment - 9.5%   
Advanced Semiconductor Engineering, Inc. 9,595,000 12,864,917 
ASM Pacific Technology Ltd. 341,100 4,419,435 
GlobalWafers Co. Ltd. 738,500 5,829,395 
Silergy Corp. 310,000 6,053,385 
Sino-American Silicon Products, Inc. 3,751,000 7,535,643 
Taiwan Semiconductor Manufacturing Co. Ltd. 10,627,000 75,074,015 
Win Semiconductors Corp. 1,130,000 6,619,669 
  118,396,459 
Software - 0.5%   
China City Railway Transportation Technology Holdings Co. Ltd. (a) 48,540,000 6,711,630 
Technology Hardware, Storage & Peripherals - 1.2%   
ADLINK Technology, Inc. 3,682,844 7,813,146 
Advantech Co. Ltd. 380,587 2,878,225 
Axiomtek Co. Ltd. 2,000,000 3,653,875 
  14,345,246 
TOTAL INFORMATION TECHNOLOGY  523,497,598 
MATERIALS - 4.4%   
Construction Materials - 2.3%   
BBMG Corp. (H Shares) 33,657,000 16,977,593 
West China Cement Ltd. (a) 85,964,000 12,326,481 
  29,304,074 
Metals & Mining - 2.1%   
Jiangxi Copper Co. Ltd. (H Shares) 4,214,000 7,693,404 
Zhaojin Mining Industry Co. Ltd. (H Shares) 8,844,000 7,257,904 
Zijin Mng Group Co. Ltd. (H Shares) 29,330,000 10,626,812 
  25,578,120 
TOTAL MATERIALS  54,882,194 
REAL ESTATE - 1.1%   
Real Estate Management & Development - 1.1%   
Beijing Capital Land Ltd. (H Shares) 27,000,000 14,241,819 
TELECOMMUNICATION SERVICES - 0.6%   
Diversified Telecommunication Services - 0.6%   
China Unicom Ltd. (a) 4,694,000 6,803,116 
UTILITIES - 1.5%   
Independent Power and Renewable Electricity Producers - 1.5%   
Canvest Environmental Protection Group Co. Ltd. (b) 16,700,000 9,129,539 
Huaneng Renewables Corp. Ltd. (H Shares) 31,944,000 9,733,538 
  18,863,077 
TOTAL COMMON STOCKS   
(Cost $906,441,188)  1,184,562,414 
Convertible Preferred Stocks - 0.9%   
CONSUMER DISCRETIONARY - 0.9%   
Internet & Direct Marketing Retail - 0.9%   
China Internet Plus Holdings Ltd. Series A-11 (a)(d)   
(Cost $6,268,244) 1,983,088 11,224,278 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 1.11% (e) 51,165,175 51,175,408 
Fidelity Securities Lending Cash Central Fund 1.11% (e)(f) 6,718,846 6,719,518 
TOTAL MONEY MARKET FUNDS   
(Cost $57,894,551)  57,894,926 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $970,603,983)  1,253,681,618 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (1,941,801) 
NET ASSETS - 100%  $1,251,739,817 

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 $6,230,021 or 0.5% 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 $11,224,278 or 0.9% 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 $220,783 
Fidelity Securities Lending Cash Central Fund 420,682 
Total $641,465 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $130,486,843 $119,262,565 $-- $11,224,278 
Consumer Staples 77,338,987 77,338,987 -- -- 
Energy 51,075,339 19,191,796 31,883,543 -- 
Financials 175,292,504 151,104,774 24,187,730 -- 
Health Care 65,917,114 65,917,114 -- -- 
Industrials 77,388,101 77,388,101 -- -- 
Information Technology 523,497,598 299,639,584 223,858,014 -- 
Materials 54,882,194 54,882,194 -- -- 
Real Estate 14,241,819 14,241,819 -- -- 
Telecommunication Services 6,803,116 -- 6,803,116 -- 
Utilities 18,863,077 18,863,077 -- -- 
Money Market Funds 57,894,926 57,894,926 -- -- 
Total Investments in Securities: $1,253,681,618 $955,724,937 $286,732,403 $11,224,278 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $20,300,707 

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

Investments in Securities:  
Beginning Balance $16,032,916 
Net Realized Gain (Loss) on Investment Securities 3,052,744 
Net Unrealized Gain (Loss) on Investment Securities 9,685,819 
Cost of Purchases -- 
Proceeds of Sales (17,547,201) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $11,224,278 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2017 $3,568,170 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges.

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.

Other Information

Income Tax Information

At July 31, 2017, the cost of investment securities for income tax purposes was $972,234,132. Net unrealized appreciation aggregated $281,447,486, of which $319,394,129 related to appreciated investment securities and $37,946,643 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, 2017







DIF-QTLY-0917
1.804871.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.0%   
 Shares Value 
Australia - 1.5%   
Amcor Ltd. 2,402,507 $29,483,566 
Australia & New Zealand Banking Group Ltd. 4,970,736 117,826,326 
Bapcor Ltd. 859,389 3,884,438 
CSL Ltd. 475,635 47,944,008 
Magellan Financial Group Ltd. 2,986,414 63,096,955 
Ramsay Health Care Ltd. 586,121 33,094,736 
TOTAL AUSTRALIA  295,330,029 
Austria - 0.1%   
Andritz AG 415,100 25,439,539 
Bailiwick of Jersey - 2.3%   
Shire PLC 3,187,287 178,177,039 
Wolseley PLC 2,887,514 172,407,370 
WPP PLC 5,008,809 102,148,565 
TOTAL BAILIWICK OF JERSEY  452,732,974 
Belgium - 2.2%   
Anheuser-Busch InBev SA NV 1,728,930 208,565,223 
KBC Groep NV 2,683,209 222,346,796 
TOTAL BELGIUM  430,912,019 
Bermuda - 0.8%   
Credicorp Ltd. (United States) 379,400 70,242,116 
IHS Markit Ltd. (a) 1,959,000 91,387,350 
TOTAL BERMUDA  161,629,466 
Canada - 3.7%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 3,974,581 188,471,810 
Cenovus Energy, Inc. 9,846,000 82,685,077 
CGI Group, Inc. Class A (sub. vtg.) (a) 974,200 51,439,010 
Constellation Software, Inc. 59,938 32,289,840 
Fairfax India Holdings Corp. (a) 5,569,700 94,406,415 
Imperial Oil Ltd. 2,512,800 72,113,883 
PrairieSky Royalty Ltd. 816,998 20,288,156 
Suncor Energy, Inc. 5,962,500 194,501,604 
TOTAL CANADA  736,195,795 
Cayman Islands - 1.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 1,107,600 171,622,620 
JD.com, Inc. sponsored ADR (a) 1,460,992 65,993,009 
Melco Crown Entertainment Ltd. sponsored ADR 263,000 5,312,600 
Yihai International Holding Ltd. 15,592,000 10,020,976 
TOTAL CAYMAN ISLANDS  252,949,205 
China - 0.7%   
Kweichow Moutai Co. Ltd. (A Shares) 1,595,310 114,129,097 
Qingdao Haier Co. Ltd. 7,304,877 15,247,114 
Shanghai International Airport Co. Ltd. (A Shares) 2,182,300 12,149,933 
TOTAL CHINA  141,526,144 
Curacao - 0.6%   
Schlumberger Ltd. 1,738,525 119,262,815 
Denmark - 0.4%   
A.P. Moller - Maersk A/S Series B 14,745 32,202,061 
NNIT A/S 582,546 18,638,505 
Novo Nordisk A/S Series B 669,895 28,490,268 
TOTAL DENMARK  79,330,834 
Finland - 0.3%   
Sampo Oyj (A Shares) 1,270,000 69,503,384 
France - 5.7%   
Amundi SA 2,536,213 196,054,692 
AXA SA 4,008,400 118,382,012 
BNP Paribas SA 1,778,900 138,081,359 
Compagnie de St. Gobain 993,900 55,169,781 
Elis SA 453,500 10,970,597 
Kering SA 56,200 19,659,485 
LVMH Moet Hennessy - Louis Vuitton SA 426,299 107,081,446 
Maisons du Monde SA 885,400 32,822,395 
Rubis 397,000 25,265,512 
Sanofi SA 2,286,728 217,900,063 
Societe Generale Series A 1,850,900 108,527,009 
VINCI SA 1,315,600 117,807,159 
TOTAL FRANCE  1,147,721,510 
Germany - 7.4%   
adidas AG 644,614 147,277,152 
Aumann AG 330,200 21,948,516 
Axel Springer Verlag AG 864,100 54,971,805 
Bayer AG 3,431,362 435,248,265 
Deutsche Post AG 2,009,443 78,023,939 
Fresenius Medical Care AG & Co. KGaA 214,900 20,265,172 
Fresenius SE & Co. KGaA 2,388,400 201,960,318 
Linde AG 347,400 66,270,265 
ProSiebenSat.1 Media AG 1,861,290 74,366,025 
Rational AG 34,316 21,572,993 
Rheinmetall AG 117,900 11,779,710 
SAP AG 2,512,608 266,048,069 
Symrise AG 984,700 69,043,692 
TOTAL GERMANY  1,468,775,921 
Hong Kong - 1.2%   
AIA Group Ltd. 24,865,000 195,939,052 
Techtronic Industries Co. Ltd. 8,157,500 36,292,457 
TOTAL HONG KONG  232,231,509 
India - 4.2%   
Adani Ports & Special Economic Zone Ltd.  3,390,156 20,912,477 
Axis Bank Ltd. 4,081,804 33,058,924 
Godrej Consumer Products Ltd. 677,284 10,945,977 
HDFC Bank Ltd. 9,236,583 264,416,184 
Housing Development Finance Corp. Ltd. 6,856,267 191,143,280 
ICICI Bank Ltd. 10,484,648 49,314,880 
ITC Ltd. 20,903,933 92,908,178 
Kotak Mahindra Bank Ltd. 2,387,505 38,005,523 
LIC Housing Finance Ltd. 3,151,798 33,907,119 
Reliance Industries Ltd. 4,310,157 108,472,508 
TOTAL INDIA  843,085,050 
Indonesia - 0.8%   
PT Bank Central Asia Tbk 48,721,300 68,379,489 
PT Bank Rakyat Indonesia Tbk 88,783,000 98,451,578 
TOTAL INDONESIA  166,831,067 
Ireland - 3.7%   
Allergan PLC 415,000 104,716,950 
CRH PLC 1,925,700 67,457,785 
DCC PLC (United Kingdom) 760,289 66,858,301 
Kerry Group PLC Class A 887,000 80,169,836 
Kingspan Group PLC (Ireland) 1,240,600 41,297,658 
Medtronic PLC 691,400 58,056,858 
Paddy Power Betfair PLC (Ireland) 303,800 30,439,797 
Ryanair Holdings PLC sponsored ADR (a) 2,245,432 254,474,809 
Weatherford International PLC (a) 8,700,400 38,803,784 
TOTAL IRELAND  742,275,778 
Isle of Man - 0.5%   
Paysafe Group PLC (a) 12,078,988 94,028,399 
Israel - 1.5%   
Check Point Software Technologies Ltd. (a) 1,280,600 135,461,868 
Elbit Systems Ltd. (Israel) 286,693 36,242,664 
SodaStream International Ltd. (a) 414,560 23,348,019 
Teva Pharmaceutical Industries Ltd. sponsored ADR 3,446,000 110,857,820 
TOTAL ISRAEL  305,910,371 
Italy - 0.8%   
Buzzi Unicem SpA 290,000 7,346,663 
Intesa Sanpaolo SpA 33,237,500 114,417,703 
Prada SpA 8,856,800 31,409,505 
TOTAL ITALY  153,173,871 
Japan - 15.6%   
Astellas Pharma, Inc. 6,220,100 79,216,283 
Bridgestone Corp. 2,448,700 103,438,668 
Daikin Industries Ltd. 221,700 23,528,414 
Daito Trust Construction Co. Ltd. 361,300 61,087,868 
Dentsu, Inc. 1,277,700 59,802,549 
Don Quijote Holdings Co. Ltd. 1,276,700 46,495,991 
Hoya Corp. 5,842,100 329,928,020 
Itochu Corp. 668,300 10,490,210 
Japan Tobacco, Inc. 2,343,000 81,482,716 
Kao Corp. 316,800 19,293,348 
KDDI Corp. 6,321,600 167,503,290 
Keyence Corp. 558,620 258,522,313 
Minebea Mitsumi, Inc. 5,527,500 91,402,172 
Misumi Group, Inc. 2,201,900 54,645,548 
Morinaga & Co. Ltd. 1,002,900 57,493,111 
Nabtesco Corp. 1,234,200 40,134,310 
Nidec Corp. 279,100 30,784,671 
Nippon Telegraph & Telephone Corp. 1,199,800 58,716,062 
Nitori Holdings Co. Ltd. 1,035,800 146,193,006 
Olympus Corp. 3,155,000 114,758,492 
ORIX Corp. 19,139,400 304,074,190 
Outsourcing, Inc. 499,100 24,944,814 
PALTAC Corp. 456,200 16,552,225 
Panasonic Corp. 3,153,900 43,439,575 
Recruit Holdings Co. Ltd. 6,847,400 118,569,428 
Renesas Electronics Corp. (a) 5,520,200 52,024,924 
Seria Co. Ltd. 275,500 13,669,418 
Seven & i Holdings Co. Ltd. 1,620,400 65,309,705 
Shin-Etsu Chemical Co. Ltd. 213,200 19,551,472 
Shinsei Bank Ltd. 23,226,000 38,343,072 
SMC Corp. 135,500 43,153,023 
SoftBank Corp. 1,543,700 124,418,451 
Sohgo Security Services Co., Ltd. 346,900 14,710,486 
Sony Corp. 2,289,900 94,078,968 
Start Today Co. Ltd. 1,595,500 45,081,251 
Sundrug Co. Ltd. 519,900 19,382,185 
Tsuruha Holdings, Inc. 1,486,700 156,161,150 
Welcia Holdings Co. Ltd. 2,244,100 85,391,623 
TOTAL JAPAN  3,113,773,002 
Luxembourg - 1.5%   
B&M European Value Retail S.A. 35,909,180 170,562,859 
Eurofins Scientific SA 221,300 123,233,011 
TOTAL LUXEMBOURG  293,795,870 
Netherlands - 6.2%   
AerCap Holdings NV (a) 561,700 27,579,470 
Altice NV:   
Class A (a) 6,360,092 157,018,898 
Class B (a) 1,018,300 25,194,188 
ASML Holding NV 755,000 113,499,150 
IMCD Group BV 1,496,347 83,848,063 
ING Groep NV (Certificaten Van Aandelen) 8,010,500 149,666,843 
Koninklijke Philips Electronics NV 3,228,500 123,380,520 
LyondellBasell Industries NV Class A 791,600 71,315,244 
RELX NV 6,879,779 144,505,666 
Unilever NV (Certificaten Van Aandelen) (Bearer) 4,822,157 281,023,807 
Wolters Kluwer NV 1,195,300 53,225,080 
TOTAL NETHERLANDS  1,230,256,929 
New Zealand - 0.2%   
Ryman Healthcare Group Ltd. 5,051,021 33,457,054 
Norway - 0.8%   
Schibsted ASA (A Shares) 529,800 13,523,196 
Statoil ASA 8,301,100 156,011,551 
TOTAL NORWAY  169,534,747 
Philippines - 0.1%   
Alliance Global Group, Inc. 61,259,456 17,445,084 
Singapore - 0.4%   
Broadcom Ltd. 345,200 85,147,032 
South Africa - 1.2%   
Capitec Bank Holdings Ltd. 324,400 21,164,062 
Naspers Ltd. Class N 958,279 211,831,903 
TOTAL SOUTH AFRICA  232,995,965 
Spain - 2.9%   
Amadeus IT Holding SA Class A 2,619,300 161,423,865 
CaixaBank SA 25,662,300 133,665,869 
Hispania Activos Inmobiliarios SA 600,080 10,826,110 
Inditex SA 4,036,231 160,215,793 
Neinor Homes SLU 2,247,000 52,029,572 
Prosegur Cash SA 21,496,700 58,529,925 
TOTAL SPAIN  576,691,134 
Sweden - 3.0%   
Alfa Laval AB 394,400 8,812,425 
ASSA ABLOY AB (B Shares) 5,324,600 114,091,977 
Coor Service Management Holding AB (b) 4,907,500 35,254,155 
Essity AB Class B (a) 5,424,000 157,268,994 
HEXPOL AB (B Shares) 2,821,400 28,882,151 
Nordea Bank AB 15,704,200 198,203,817 
Svenska Cellulosa AB (SCA) (B Shares) 2,616,200 21,661,791 
Svenska Handelsbanken AB (A Shares) 1,326,000 19,741,039 
Telefonaktiebolaget LM Ericsson (B Shares) 1,338,500 8,663,324 
TOTAL SWEDEN  592,579,673 
Switzerland - 2.5%   
Credit Suisse Group AG 9,219,251 141,715,484 
Dufry AG (a) 13,990 2,229,545 
Forbo Holding AG (Reg.) 2,420 3,671,483 
Julius Baer Group Ltd. 884,880 50,090,424 
Sika AG 25,161 173,429,924 
UBS Group AG 7,821,707 136,057,823 
TOTAL SWITZERLAND  507,194,683 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 5,492,000 197,492,320 
Tripod Technology Corp. 2,474,000 8,073,488 
TOTAL TAIWAN  205,565,808 
Thailand - 0.2%   
Kasikornbank PCL (For. Reg.) 8,552,800 50,890,400 
United Kingdom - 13.0%   
Ascential PLC 5,750,215 27,236,733 
Booker Group PLC 31,620,600 80,311,422 
Bunzl PLC 2,075,970 62,669,116 
Close Brothers Group PLC 363,000 7,375,710 
Coca-Cola European Partners PLC 1,585,000 68,519,550 
Compass Group PLC 5,560,388 118,629,198 
Dialog Semiconductor PLC (a) 696,500 30,428,789 
Dignity PLC 1,093,472 36,746,255 
Essentra PLC 12,865,520 90,899,877 
GlaxoSmithKline PLC 6,437,500 128,151,143 
Halma PLC 2,150,956 31,189,305 
Hastings Group Holdings PLC 6,888,153 27,891,775 
Ibstock PLC 6,847,700 23,038,881 
IMI PLC 1,387,835 22,028,247 
Imperial Tobacco Group PLC 1,738,378 71,560,817 
Indivior PLC 7,061,400 35,776,555 
Informa PLC 4,004,374 36,745,846 
ITV PLC 5,946,000 13,572,114 
John Wood Group PLC 5,990,600 48,253,905 
Liberty Global PLC Class A (a) 632,900 21,429,994 
LivaNova PLC (a) 200,300 12,206,282 
Lloyds Banking Group PLC 138,358,200 119,615,902 
London Stock Exchange Group PLC 2,279,100 112,704,029 
Melrose Industries PLC 45,191,561 138,570,232 
Micro Focus International PLC 3,918,583 115,450,083 
Next PLC 406,100 21,164,429 
Polypipe Group PLC 2,961,200 15,674,913 
Prudential PLC 12,638,132 308,376,695 
Reckitt Benckiser Group PLC 2,187,087 212,644,660 
Rentokil Initial PLC 1,584,000 6,073,335 
Softcat PLC 3,770,200 19,897,607 
Spectris PLC 1,941,200 63,005,994 
St. James's Place Capital PLC 11,556,100 185,557,429 
Standard Chartered PLC (United Kingdom) (a) 8,299,801 92,720,063 
Standard Life PLC 12,681,614 73,018,978 
Tesco PLC (a) 21,855,100 50,231,648 
Vodafone Group PLC sponsored ADR 2,036,700 60,449,256 
Zpg PLC 370,500 1,773,992 
TOTAL UNITED KINGDOM  2,591,590,759 
United States of America - 6.7%   
Activision Blizzard, Inc. 552,300 34,121,094 
Alphabet, Inc. Class C (a) 175,103 162,933,342 
Amgen, Inc. 663,800 115,839,738 
Bio-Rad Laboratories, Inc. Class A (a) 92,300 21,748,649 
British American Tobacco PLC sponsored ADR 3,630,100 226,953,852 
Coty, Inc. Class A 7,758,900 158,902,272 
MasterCard, Inc. Class A 1,079,000 137,896,200 
Middleby Corp. (a) 76,900 10,049,292 
Molson Coors Brewing Co. Class B 445,300 39,622,794 
Oceaneering International, Inc. 1,238,500 31,767,525 
Qualcomm, Inc. 1,225,900 65,205,621 
Quintiles Transnational Holdings, Inc. (a) 545,800 49,422,190 
S&P Global, Inc. 932,200 143,176,598 
Visa, Inc. Class A 1,410,900 140,469,204 
TOTAL UNITED STATES OF AMERICA  1,338,108,371 
TOTAL COMMON STOCKS   
(Cost $13,464,772,722)  18,957,872,191 
Nonconvertible Preferred Stocks - 1.1%   
Brazil - 0.1%   
Itau Unibanco Holding SA 1,554,050 18,598,665 
Germany - 1.0%   
Henkel AG & Co. KGaA 1,056,400 149,755,316 
Jungheinrich AG 412,700 16,405,652 
Sartorius AG (non-vtg.) 364,184 34,468,125 
TOTAL GERMANY  200,629,093 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $132,049,340)  219,227,758 
 Principal Amount Value 
Government Obligations - 0.1%   
Japan - 0.1%   
Japan Government 0.1% 4/15/19
(Cost $18,340,026) 
JPY2,001,540,000 18,222,375 
 Shares Value 
Money Market Funds - 3.7%   
Fidelity Cash Central Fund, 1.11% (c)   
(Cost $740,885,067) 740,783,801 740,931,958 
TOTAL INVESTMENT PORTFOLIO - 99.9%   
(Cost $14,356,047,155)  19,936,254,282 
NET OTHER ASSETS (LIABILITIES) - 0.1%  22,353,837 
NET ASSETS - 100%  $19,958,608,119 

Currency Abbreviations

JPY – Japanese yen

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

Legend

 (a) Non-income producing

 (b) Affiliated company

 (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 $3,365,770 
Fidelity Securities Lending Cash Central Fund 7,285,761 
Total $10,651,531 

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 $30,536,334 $-- $2,038,451 $1,432,658 $35,254,155 
Essentra PLC 88,602,878 1,804,660 10,259,406 2,457,025 -- 
Total $119,139,212 $1,804,660 $12,297,857 $3,889,683 $35,254,155 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $2,390,807,469 $1,597,645,194 $793,162,275 $-- 
Consumer Staples 2,676,499,091 1,908,955,696 767,543,395 -- 
Energy 872,160,808 716,149,257 156,011,551 -- 
Financials 4,686,700,564 3,128,511,559 1,558,189,005 -- 
Health Care 2,533,555,544 1,881,355,576 652,199,968 -- 
Industrials 2,402,621,160 1,844,520,445 558,100,715 -- 
Information Technology 2,438,107,453 2,163,396,060 274,711,393 -- 
Materials 668,381,311 534,653,261 133,728,050 -- 
Real Estate 71,913,978 71,913,978 -- -- 
Telecommunication Services 411,087,059 60,449,256 350,637,803 -- 
Utilities 25,265,512 25,265,512 -- -- 
Government Obligations 18,222,375 -- 18,222,375 -- 
Money Market Funds 740,931,958 740,931,958 -- -- 
Total Investments in Securities: $19,936,254,282 $14,673,747,752 $5,262,506,530 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $1,277,992,432 
Level 2 to Level 1 $878,159,089 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. Foreign 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, 2017, the cost of investment securities for income tax purposes was $14,553,520,853. Net unrealized appreciation aggregated $5,382,733,429, of which $5,847,290,407 related to appreciated investment securities and $464,556,978 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 K6 Fund

July 31, 2017







DIFK6-QTLY-0917
1.9883984.100





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%   
 Shares Value 
Australia - 1.6%   
Amcor Ltd. 16,168 $198,414 
Australia & New Zealand Banking Group Ltd. 33,471 793,397 
Bapcor Ltd. 5,787 26,157 
CSL Ltd. 3,203 322,862 
Magellan Financial Group Ltd. 20,109 424,863 
Ramsay Health Care Ltd. 3,947 222,863 
TOTAL AUSTRALIA  1,988,556 
Austria - 0.1%   
Andritz AG 2,833 173,621 
Bailiwick of Jersey - 2.4%   
Shire PLC 21,427 1,197,821 
Wolseley PLC 19,443 1,160,901 
WPP PLC 33,735 687,984 
TOTAL BAILIWICK OF JERSEY  3,046,706 
Belgium - 2.3%   
Anheuser-Busch InBev SA NV 11,677 1,408,626 
KBC Groep NV 18,067 1,497,140 
TOTAL BELGIUM  2,905,766 
Bermuda - 0.8%   
Credicorp Ltd. (United States) 2,539 470,070 
IHS Markit Ltd. (a) 13,190 615,314 
TOTAL BERMUDA  1,085,384 
Canada - 3.9%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 26,724 1,267,233 
Cenovus Energy, Inc. 66,198 555,920 
CGI Group, Inc. Class A (sub. vtg.) (a) 6,604 348,700 
Constellation Software, Inc. 406 218,721 
Fairfax India Holdings Corp. (a) 37,495 635,540 
Imperial Oil Ltd. 16,968 486,958 
PrairieSky Royalty Ltd. 5,487 136,256 
Suncor Energy, Inc. 40,137 1,309,302 
TOTAL CANADA  4,958,630 
Cayman Islands - 1.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 7,420 1,149,729 
JD.com, Inc. sponsored ADR (a) 9,860 445,376 
Melco Crown Entertainment Ltd. sponsored ADR 1,746 35,269 
Yihai International Holding Ltd. 104,601 67,227 
TOTAL CAYMAN ISLANDS  1,697,601 
China - 0.0%   
Kweichow Moutai Co. Ltd. (A Shares) 163 11,661 
Shanghai International Airport Co. Ltd. (A Shares) 200 1,114 
TOTAL CHINA  12,775 
Curacao - 0.6%   
Schlumberger Ltd. 11,686 801,660 
Denmark - 0.4%   
A.P. Moller - Maersk A/S Series B 100 218,393 
NNIT A/S 3,922 125,484 
Novo Nordisk A/S Series B 4,469 190,064 
TOTAL DENMARK  533,941 
Finland - 0.4%   
Sampo Oyj (A Shares) 8,500 465,180 
France - 6.1%   
Amundi SA 17,066 1,319,238 
AXA SA 27,028 798,231 
BNP Paribas SA 11,983 930,142 
Compagnie de St. Gobain 6,702 372,017 
Elis SA 3,028 73,250 
Kering SA 406 142,024 
LVMH Moet Hennessy - Louis Vuitton SA 2,871 721,162 
Maisons du Monde SA 5,900 218,717 
Rubis 2,642 168,140 
Sanofi SA 15,398 1,467,260 
Societe Generale Series A 12,498 732,817 
VINCI SA 8,835 791,142 
TOTAL FRANCE  7,734,140 
Germany - 7.7%   
adidas AG 4,338 991,118 
Aumann AG 2,235 148,561 
Axel Springer Verlag AG 5,792 368,472 
Bayer AG 23,066 2,925,794 
Deutsche Post AG 13,531 525,390 
Fresenius Medical Care AG & Co. KGaA 1,423 134,190 
Fresenius SE & Co. KGaA 16,055 1,357,592 
Linde AG 2,322 442,946 
ProSiebenSat.1 Media AG 12,491 499,066 
Rational AG 204 128,246 
Rheinmetall AG 812 81,129 
SAP AG 16,909 1,790,413 
Symrise AG 6,611 463,540 
TOTAL GERMANY  9,856,457 
Hong Kong - 1.2%   
AIA Group Ltd. 167,400 1,319,131 
Techtronic Industries Co. Ltd. 55,000 244,693 
TOTAL HONG KONG  1,563,824 
Indonesia - 0.9%   
PT Bank Central Asia Tbk 328,100 460,483 
PT Bank Rakyat Indonesia Tbk 597,422 662,482 
TOTAL INDONESIA  1,122,965 
Ireland - 3.9%   
Allergan PLC 2,744 692,394 
CRH PLC 13,006 455,604 
DCC PLC (United Kingdom) 5,000 439,690 
Kerry Group PLC Class A 6,000 542,299 
Kingspan Group PLC (Ireland) 8,300 276,294 
Medtronic PLC 4,671 392,224 
Paddy Power Betfair PLC (Ireland) 2,031 203,500 
Ryanair Holdings PLC sponsored ADR (a) 15,131 1,714,796 
Weatherford International PLC (a) 58,627 261,476 
TOTAL IRELAND  4,978,277 
Isle of Man - 0.5%   
Paysafe Group PLC (a) 81,235 632,371 
Israel - 1.6%   
Check Point Software Technologies Ltd. (a) 8,637 913,622 
Elbit Systems Ltd. (Israel) 1,931 244,110 
SodaStream International Ltd. (a) 2,700 152,064 
Teva Pharmaceutical Industries Ltd. sponsored ADR 23,154 744,864 
TOTAL ISRAEL  2,054,660 
Italy - 0.8%   
Buzzi Unicem SpA 1,931 48,919 
Intesa Sanpaolo SpA 223,713 770,116 
Prada SpA 59,600 211,364 
TOTAL ITALY  1,030,399 
Japan - 16.5%   
Astellas Pharma, Inc. 41,839 532,842 
Bridgestone Corp. 16,452 694,970 
Daikin Industries Ltd. 1,523 161,632 
Daito Trust Construction Co. Ltd. 2,437 412,043 
Dentsu, Inc. 8,647 404,721 
Don Quijote Holdings Co. Ltd. 8,600 313,202 
Hoya Corp. 39,300 2,219,437 
Itochu Corp. 4,469 70,149 
Japan Tobacco, Inc. 15,741 547,426 
Kao Corp. 2,132 129,840 
KDDI Corp. 42,615 1,129,169 
Keyence Corp. 3,757 1,738,692 
Minebea Mitsumi, Inc. 37,167 614,590 
Misumi Group, Inc. 14,826 367,944 
Morinaga & Co. Ltd. 6,703 384,262 
Nabtesco Corp. 8,327 270,781 
Nidec Corp. 1,829 201,738 
Nippon Telegraph & Telephone Corp. 8,123 397,525 
Nitori Holdings Co. Ltd. 7,000 987,981 
Olympus Corp. 21,224 771,992 
ORIX Corp. 128,766 2,045,749 
Outsourcing, Inc. 3,400 169,931 
PALTAC Corp. 3,035 110,118 
Panasonic Corp. 21,232 292,434 
Recruit Holdings Co. Ltd. 46,103 798,319 
Renesas Electronics Corp. (a) 37,167 350,279 
Seria Co. Ltd. 1,828 90,699 
Seven & i Holdings Co. Ltd. 10,866 437,951 
Shin-Etsu Chemical Co. Ltd. 1,422 130,404 
Shinsei Bank Ltd. 156,386 258,173 
SMC Corp. 900 286,625 
SoftBank Corp. 10,359 834,910 
Sohgo Security Services Co., Ltd. 2,300 97,533 
Sony Corp. 15,435 634,136 
Start Today Co. Ltd. 10,800 305,157 
Sundrug Co. Ltd. 3,500 130,482 
Tsuruha Holdings, Inc. 10,100 1,060,892 
Welcia Holdings Co. Ltd. 15,130 575,721 
TOTAL JAPAN  20,960,449 
Luxembourg - 1.6%   
B&M European Value Retail S.A. 241,797 1,148,497 
Eurofins Scientific SA 1,523 848,097 
TOTAL LUXEMBOURG  1,996,594 
Netherlands - 6.5%   
AerCap Holdings NV (a) 3,769 185,058 
Altice NV:   
Class A (a) 42,799 1,056,628 
Class B (a) 6,852 169,528 
ASML Holding NV 5,078 763,376 
IMCD Group BV 9,900 554,748 
ING Groep NV (Certificaten Van Aandelen) 54,000 1,008,927 
Koninklijke Philips Electronics NV 21,732 830,511 
LyondellBasell Industries NV Class A 5,281 475,765 
NXP Semiconductors NV (a) 71 7,833 
RELX NV 46,326 973,050 
Unilever NV (Certificaten Van Aandelen) (Bearer) 32,496 1,893,789 
Wolters Kluwer NV 8,023 357,253 
TOTAL NETHERLANDS  8,276,466 
New Zealand - 0.2%   
Ryman Healthcare Group Ltd. 34,088 225,793 
Norway - 0.9%   
Schibsted ASA (A Shares) 3,239 82,676 
Statoil ASA 55,886 1,050,326 
TOTAL NORWAY  1,133,002 
Philippines - 0.1%   
Alliance Global Group, Inc. 412,600 117,498 
Singapore - 0.5%   
Broadcom Ltd. 2,337 576,444 
South Africa - 1.2%   
Capitec Bank Holdings Ltd. 2,135 139,289 
Naspers Ltd. Class N 6,499 1,436,633 
TOTAL SOUTH AFRICA  1,575,922 
Spain - 3.0%   
Amadeus IT Holding SA Class A 17,669 1,088,916 
CaixaBank SA 172,735 899,716 
Hispania Activos Inmobiliarios SA 4,062 73,283 
Inditex SA 27,162 1,078,179 
Neinor Homes SLU 15,100 349,642 
Prosegur Cash SA 144,707 394,000 
TOTAL SPAIN  3,883,736 
Sweden - 3.1%   
Alfa Laval AB 2,641 59,010 
ASSA ABLOY AB (B Shares) 35,800 767,099 
Coor Service Management Holding AB 32,500 233,471 
Essity AB Class B (a) 36,500 1,058,318 
HEXPOL AB (B Shares) 18,990 194,397 
Nordea Bank AB 101,217 1,277,467 
Svenska Cellulosa AB (SCA) (B Shares) 17,569 145,469 
Svenska Handelsbanken AB (A Shares) 11,237 167,293 
Telefonaktiebolaget LM Ericsson (B Shares) 9,037 58,491 
TOTAL SWEDEN  3,961,015 
Switzerland - 2.7%   
Credit Suisse Group AG 62,077 954,229 
Dufry AG (a) 91 14,502 
Forbo Holding AG (Reg.) 20 30,343 
Julius Baer Group Ltd. 5,954 337,038 
Sika AG 173 1,192,456 
UBS Group AG 52,665 916,102 
TOTAL SWITZERLAND  3,444,670 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 36,986 1,330,017 
Thailand - 0.3%   
Kasikornbank PCL (For. Reg.) 57,600 342,728 
United Kingdom - 13.7%   
Ascential PLC 38,720 183,403 
Booker Group PLC 212,756 540,367 
Bunzl PLC 14,022 423,294 
Close Brothers Group PLC 2,439 49,557 
Coca-Cola European Partners PLC 10,669 461,221 
Compass Group PLC 37,393 797,768 
Dialog Semiconductor PLC (a) 4,671 204,067 
Dignity PLC 7,317 245,889 
Essentra PLC 86,674 612,385 
GlaxoSmithKline PLC 43,361 863,186 
Halma PLC 14,521 210,557 
Hastings Group Holdings PLC 46,382 187,812 
Ibstock PLC 46,131 155,206 
IMI PLC 9,348 148,375 
Imperial Tobacco Group PLC 11,698 481,551 
Indivior PLC 47,554 240,932 
Informa PLC 26,964 247,433 
ITV PLC 40,011 91,328 
John Wood Group PLC 40,271 324,380 
Liberty Global PLC Class A (a) 4,265 144,413 
LivaNova PLC (a) 1,300 79,222 
Lloyds Banking Group PLC 941,779 814,204 
London Stock Exchange Group PLC 15,334 758,283 
Melrose Industries PLC 304,301 933,074 
Micro Focus International PLC 26,402 777,861 
Next PLC 2,700 140,714 
Polypipe Group PLC 19,916 105,424 
Prudential PLC 85,100 2,076,482 
Reckitt Benckiser Group PLC 14,734 1,432,548 
Rentokil Initial PLC 10,500 40,259 
Softcat PLC 25,403 134,067 
Spectris PLC 13,107 425,417 
St. James's Place Capital PLC 77,787 1,249,033 
Standard Chartered PLC (United Kingdom) (a) 55,853 623,954 
Standard Life PLC 85,173 490,414 
Tesco PLC (a) 147,043 337,963 
Vodafone Group PLC sponsored ADR 13,709 406,883 
Zpg PLC 2,540 12,162 
TOTAL UNITED KINGDOM  17,451,088 
United States of America - 7.1%   
Activision Blizzard, Inc. 3,757 232,107 
Alphabet, Inc. Class C (a) 1,218 1,133,349 
Amgen, Inc. 4,471 780,234 
Bio-Rad Laboratories, Inc. Class A (a) 610 143,734 
British American Tobacco PLC sponsored ADR 24,488 1,530,990 
Coty, Inc. Class A 52,228 1,069,629 
MasterCard, Inc. Class A 7,211 921,566 
Middleby Corp. (a) 500 65,340 
Molson Coors Brewing Co. Class B 3,046 271,033 
Oceaneering International, Inc. 8,200 210,330 
Qualcomm, Inc. 8,250 438,818 
Quintiles Transnational Holdings, Inc. (a) 3,656 331,051 
S&P Global, Inc. 6,300 967,617 
Visa, Inc. Class A 9,445 940,344 
TOTAL UNITED STATES OF AMERICA  9,036,142 
TOTAL COMMON STOCKS   
(Cost $120,772,016)  120,954,477 
Nonconvertible Preferred Stocks - 1.1%   
Brazil - 0.0%   
Itau Unibanco Holding SA 200 2,394 
Germany - 1.1%   
Henkel AG & Co. KGaA 7,109 1,007,772 
Jungheinrich AG 2,744 109,080 
Sartorius AG (non-vtg.) 2,437 230,649 
TOTAL GERMANY  1,347,501 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,341,846)  1,349,895 
Investment Companies - 0.1%   
iShares MSCI India ETF   
(Cost $76,623) 2,392 82,189 
 Principal Amount Value 
Government Obligations - 0.1%   
Japan - 0.1%   
Japan Government 0.1% 4/15/19
(Cost $120,350) 
JPY13,260,000 120,721 
 Shares Value 
Money Market Funds - 3.8%   
Fidelity Cash Central Fund, 1.11% (b)   
(Cost $4,884,367) 4,883,390 4,884,367 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $127,195,202)  127,391,649 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (17,143) 
NET ASSETS - 100%  $127,374,506 

Currency Abbreviations

JPY – Japanese yen

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

Legend

 (a) Non-income producing

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


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 $423 
Total $423 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $15,997,960 $10,648,366 $5,349,594 $-- 
Consumer Staples 16,581,574 11,408,660 5,172,914 -- 
Energy 5,136,608 4,086,282 1,050,326 -- 
Financials 27,306,518 18,914,758 8,391,760 -- 
Health Care 17,040,581 12,655,218 4,385,363 -- 
Industrials 15,905,754 12,150,150 3,755,604 -- 
Information Technology 16,397,919 14,549,015 1,848,904 -- 
Materials 4,515,505 3,616,955 898,550 -- 
Real Estate 485,326 485,326 -- -- 
Telecommunication Services 2,768,487 406,883 2,361,604 -- 
Utilities 168,140 168,140 -- -- 
Investment Companies 82,189 82,189 -- -- 
Government Obligations 120,721 -- 120,721 -- 
Money Market Funds 4,884,367 4,884,367 -- -- 
Total Investments in Securities: $127,391,649 $94,056,309 $33,335,340 $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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. Foreign 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.

Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Other Information

Income Tax Information

At July 31, 2017, the cost of investment securities for income tax purposes was $127,195,242. Net unrealized appreciation aggregated $196,407, of which $693,086 related to appreciated investment securities and $496,679 related to depreciated investment securities.

During the period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $125,191,045 in exchange for 12,201,856 shares of the Fund. The Fund recognized no gain or loss for federal income tax purposes.





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.

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, 2017







SEA-QTLY-0917
1.804844.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.8%   
 Shares Value 
Australia - 0.7%   
SpeedCast International Ltd. 1,415,117 $3,905,723 
Woodside Petroleum Ltd. 199,127 4,646,828 
TOTAL AUSTRALIA  8,552,551 
Bermuda - 3.2%   
Cheung Kong Infrastructure Holdings Ltd. 1,253,000 11,686,517 
Hongkong Land Holdings Ltd. 1,084,500 8,155,440 
Man Wah Holdings Ltd. 6,344,800 5,483,100 
PAX Global Technology Ltd. 1,980,000 1,313,105 
Tai Cheung Holdings Ltd. 3,323,000 3,620,465 
Vtech Holdings Ltd. 458,800 6,637,528 
TOTAL BERMUDA  36,896,155 
Cayman Islands - 18.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 393,900 61,034,805 
China Biologic Products Holdings, Inc. (a) 60,200 5,989,900 
China State Construction International Holdings Ltd. 3,004,000 4,853,598 
Cogobuy Group (a) 1,181,000 704,596 
Ctrip.com International Ltd. ADR (a) 151,800 9,067,014 
Haitian International Holdings Ltd. 1,227,000 3,518,820 
International Housewares Retail Co. Ltd. 11,015,000 2,073,033 
JD.com, Inc. sponsored ADR (a) 269,000 12,150,730 
Lee's Pharmaceutical Holdings Ltd. 3,187,500 2,526,070 
NetEase, Inc. ADR 32,900 10,241,112 
Silergy Corp. 431,000 8,416,158 
SITC International Holdings Co. Ltd. 5,435,000 4,522,904 
Tencent Holdings Ltd. 1,928,600 76,978,108 
Value Partners Group Ltd. 3,607,000 3,357,260 
Xinyi Glass Holdings Ltd. 4,476,000 4,630,266 
TOTAL CAYMAN ISLANDS  210,064,374 
China - 14.2%   
China Construction Bank Corp. (H Shares) 26,073,000 21,697,457 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 1,887,800 8,338,339 
China Telecom Corp. Ltd. (H Shares) 12,038,000 5,733,262 
Gree Electric Appliances, Inc. of Zhuhai Class A 2,064,000 12,040,550 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 2,782,800 12,411,117 
Huaneng Renewables Corp. Ltd. (H Shares) 14,026,000 4,273,811 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 1,783,500 5,469,907 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 1,771,201 13,481,724 
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A 975,758 12,968,426 
Kweichow Moutai Co. Ltd. (A Shares) 202,281 14,471,261 
PICC Property & Casualty Co. Ltd. (H Shares) 3,151,120 5,873,957 
Shanghai International Airport Co. Ltd. (A Shares) 1,383,200 7,700,952 
Shenzhen Expressway Co. (H Shares) 6,308,000 5,637,046 
Shenzhen Inovance Technology Co. Ltd. Class A 1,594,214 5,887,160 
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A 2,333,000 5,944,744 
Weifu High-Technology Co. Ltd. (B Shares) 1,333,439 3,089,984 
Yunnan Baiyao Group Co. Ltd. 889,091 11,638,130 
Zhengzhou Yutong Bus Co. Ltd. 1,959,277 6,440,094 
TOTAL CHINA  163,097,921 
Hong Kong - 7.4%   
AIA Group Ltd. 3,990,400 31,444,810 
China Resources Beer Holdings Co. Ltd. 2,082,666 5,263,459 
CNOOC Ltd. sponsored ADR 47,800 5,375,110 
CSPC Pharmaceutical Group Ltd. 7,778,000 12,128,852 
Dah Sing Banking Group Ltd. 2,178,400 4,668,717 
Power Assets Holdings Ltd. 1,128,000 11,177,754 
Sino Land Ltd. 3,030,000 5,004,225 
Techtronic Industries Co. Ltd. 2,277,500 10,132,525 
TOTAL HONG KONG  85,195,452 
India - 16.0%   
Adani Ports & Special Economic Zone Ltd. 927,483 5,721,261 
Amara Raja Batteries Ltd. 485,607 6,313,345 
Asian Paints Ltd. 469,009 8,489,370 
Axis Bank Ltd. 1,455,934 11,791,750 
Bajaj Corp. Ltd. 511,162 3,200,935 
Bharat Petroleum Corp. Ltd. 1,194,238 8,766,987 
Bharti Infratel Ltd. 1,089,875 6,816,389 
CCL Products (India) Ltd. (a) 470,945 2,080,655 
Gujarat Gas Ltd. (a) 398,651 4,712,939 
Havells India Ltd. 913,651 6,730,667 
HCL Technologies Ltd. 308,509 4,292,111 
HDFC Bank Ltd. 486,715 13,933,218 
Housing Development Finance Corp. Ltd. 699,567 19,502,964 
Indian Oil Corp. Ltd. 508,321 2,911,876 
Indraprastha Gas Ltd. 535,728 9,842,270 
Petronet LNG Ltd. 2,366,786 7,521,128 
Power Grid Corp. of India Ltd. 2,385,167 8,298,657 
Redington India Ltd. 533,540 1,239,080 
Reliance Industries Ltd. 897,441 22,585,645 
Sterlite Optical Technologies Ltd. (a) 1,400,909 4,618,765 
Sun Pharmaceutical Industries Ltd. 979,051 8,110,197 
Torrent Pharmaceuticals Ltd. 164,827 3,385,014 
UPL Ltd. 589,420 8,055,621 
Vakrangee Ltd. (a) 566,046 3,891,677 
VST Industries Ltd. 31,444 1,519,042 
TOTAL INDIA  184,331,563 
Indonesia - 2.9%   
PT Bank Central Asia Tbk 9,522,400 13,364,521 
PT Bank Rakyat Indonesia Tbk 11,183,600 12,401,508 
PT Gudang Garam Tbk 1,287,800 7,355,267 
TOTAL INDONESIA  33,121,296 
Israel - 0.3%   
Sarine Technologies Ltd. 3,165,100 3,550,125 
Japan - 1.7%   
Disco Corp. 49,700 8,822,432 
KDDI Corp. 139,900 3,706,927 
Olympus Corp. 140,600 5,114,119 
Welcia Holdings Co. Ltd. 50,600 1,925,412 
TOTAL JAPAN  19,568,890 
Korea (South) - 11.1%   
Coway Co. Ltd. 72,737 6,436,299 
Hanon Systems 512,277 4,688,521 
Hyundai Fire & Marine Insurance Co. Ltd. 141,576 5,739,217 
Hyundai Mipo Dockyard Co. Ltd. (a) 48,138 4,620,657 
KB Financial Group, Inc. 201,905 10,726,848 
Korea Zinc Co. Ltd. 11,200 4,935,286 
LG Household & Health Care Ltd. 9,023 7,984,207 
Loen Entertainment, Inc. 96,402 7,712,608 
LS Industrial Systems Ltd. 104,541 5,395,375 
Osstem Implant Co. Ltd. (a) 101,643 5,454,553 
Samsung Electronics Co. Ltd. 29,945 64,438,963 
TOTAL KOREA (SOUTH)  128,132,534 
Malaysia - 0.2%   
Bursa Malaysia Bhd 885,900 2,143,624 
Multi-National - 1.2%   
HKT Trust/HKT Ltd. unit 10,110,300 13,254,657 
Philippines - 1.4%   
Ayala Land, Inc. 6,077,100 5,061,639 
Bank of the Philippine Islands (BPI) 3,649,780 7,570,836 
Robinsons Land Corp. 5,896,700 3,005,299 
TOTAL PHILIPPINES  15,637,774 
Singapore - 1.1%   
UOL Group Ltd. 1,297,100 7,552,019 
Wing Tai Holdings Ltd. 3,092,300 4,655,051 
TOTAL SINGAPORE  12,207,070 
Taiwan - 12.9%   
Advanced Semiconductor Engineering, Inc. 5,108,013 6,848,792 
CTCI Corp. 3,928,000 6,402,687 
E.SUN Financial Holdings Co. Ltd. 10,983,137 6,997,481 
ECLAT Textile Co. Ltd. 317,220 3,648,379 
Fubon Financial Holding Co. Ltd. 4,497,000 6,980,400 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 4,992,460 19,414,985 
Largan Precision Co. Ltd. 59,000 10,759,404 
Micro-Star International Co. Ltd. 2,108,000 5,469,798 
Nien Made Enterprise Co. Ltd. 693,000 8,451,919 
PChome Online, Inc. 332,377 2,332,123 
Taiwan Semiconductor Manufacturing Co. Ltd. 8,569,192 60,536,713 
United Microelectronics Corp. 5,191,000 2,381,118 
Voltronic Power Technology Corp. 477,000 8,177,729 
TOTAL TAIWAN  148,401,528 
Thailand - 2.2%   
Bangkok Bank PCL (For. Reg.) 900,500 4,992,780 
Delta Electronics PCL (For. Reg.) 454,500 1,212,173 
Kasikornbank PCL (For. Reg.) 1,710,100 10,175,343 
PTT Global Chemical PCL (For. Reg.) 1,577,200 3,400,721 
Thai Beverage PCL 7,837,900 5,523,517 
TOTAL THAILAND  25,304,534 
TOTAL COMMON STOCKS   
(Cost $832,343,596)  1,089,460,048 
Nonconvertible Preferred Stocks - 0.6%   
Korea (South) - 0.6%   
Samsung Electronics Co. Ltd.   
(Cost $7,833,290) 4,432 7,641,686 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund, 1.11% (b)   
(Cost $52,582,200) 52,571,368 52,581,882 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $892,759,086)  1,149,683,616 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (348,651) 
NET ASSETS - 100%  $1,149,334,965 

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

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 $165,291 
Fidelity Securities Lending Cash Central Fund 3,829 
Total $169,120 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $90,309,524 $90,309,524 $-- $-- 
Consumer Staples 67,762,088 67,762,088 -- -- 
Energy 51,807,574 51,807,574 -- -- 
Financials 201,701,030 177,040,964 24,660,066 -- 
Health Care 73,773,303 73,773,303 -- -- 
Industrials 85,472,420 85,472,420 -- -- 
Information Technology 380,931,753 234,187,022 146,744,731 -- 
Materials 24,880,998 24,880,998 -- -- 
Real Estate 37,054,138 37,054,138 -- -- 
Telecommunication Services 33,416,958 29,710,031 3,706,927 -- 
Utilities 49,991,948 40,149,678 9,842,270 -- 
Money Market Funds 52,581,882 52,581,882 -- -- 
Total Investments in Securities: $1,149,683,616 $964,729,622 $184,953,994 $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $892,869,029. Net unrealized appreciation aggregated $256,814,587, of which $278,488,233 related to appreciated investment securities and $21,673,646 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 Discovery Fund

July 31, 2017







EMD-QTLY-0917
1.931230.105





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 89.1%   
 Shares Value 
Argentina - 0.8%   
BBVA Banco Frances SA sponsored ADR (a) 72,800 $1,140,776 
Grupo Superveille SA sponsored ADR 33,300 596,736 
Inversiones y Representaciones SA ADR (b) 34,410 765,967 
TOTAL ARGENTINA  2,503,479 
Bailiwick of Guernsey - 0.5%   
Etalon Group Ltd. GDR (Reg. S) 505,300 1,806,448 
Bailiwick of Jersey - 0.3%   
Atrium European Real Estate Ltd. 209,040 977,473 
Bangladesh - 0.2%   
BRAC Bank Ltd. 539,359 581,944 
Bermuda - 2.6%   
Joy City Property Ltd. 10,525,000 1,549,617 
PAX Global Technology Ltd. (a) 2,197,000 1,457,016 
Shangri-La Asia Ltd. 2,678,000 4,354,304 
Tai Cheung Holdings Ltd. 456,000 496,820 
VimpelCom Ltd. sponsored ADR 135,400 553,786 
TOTAL BERMUDA  8,411,543 
Brazil - 8.8%   
AES Tiete Energia SA unit 145,800 657,382 
Arezzo Industria e Comercio SA 239,200 2,838,168 
Banco ABC Brasil SA rights 8/3/17 (b) 8,635 8,296 
BR Malls Participacoes SA 342,270 1,448,832 
BTG Pactual Participations Ltd. unit 112,200 563,096 
Cia. Hering SA 413,700 2,850,999 
Companhia de Saneamento de Minas Gerais 83,020 1,128,285 
Construtora Tenda SA (b) 183,200 922,360 
Cosan SA Industria e Comercio 220,100 2,548,017 
Direcional Engenharia SA 361,000 656,395 
Fibria Celulose SA 197,600 2,096,175 
Hypermarcas SA 275,938 2,476,792 
Localiza Rent A Car SA 158,995 2,646,220 
LPS Brasil Consultoria de Imoveis SA (b) 361,100 507,197 
Minerva SA 260,900 1,037,459 
QGEP Participacoes SA 1,050,800 2,453,164 
Smiles SA 122,900 2,565,319 
Tegma Gestao Logistica SA 333,700 1,568,792 
TOTAL BRAZIL  28,972,948 
British Virgin Islands - 0.8%   
Dolphin Capital Investors Ltd. (b) 7,451,157 646,392 
Mail.Ru Group Ltd. GDR (Reg. S) (b) 72,764 2,009,014 
TOTAL BRITISH VIRGIN ISLANDS  2,655,406 
Canada - 1.1%   
Pan American Silver Corp. 104,900 1,767,565 
Torex Gold Resources, Inc. (b) 111,170 2,026,785 
TOTAL CANADA  3,794,350 
Cayman Islands - 9.1%   
58.com, Inc. ADR (b) 22,900 1,169,045 
ASM Pacific Technology Ltd. 124,200 1,609,187 
Boyaa Interactive International Ltd. (b) 992,000 407,682 
Changyou.com Ltd. (A Shares) ADR (a)(b) 45,200 1,913,316 
Cheetah Mobile, Inc. ADR (a)(b) 43,900 484,656 
China Medical System Holdings Ltd. 1,360,000 2,322,733 
Goodbaby International Holdings Ltd. 1,014,000 497,212 
Haitian International Holdings Ltd. 1,049,000 3,008,347 
IGG, Inc. 258,000 434,690 
JA Solar Holdings Co. Ltd. ADR (a)(b) 48,000 301,440 
JinkoSolar Holdings Co. Ltd. ADR (a)(b) 44,800 1,237,376 
Lee's Pharmaceutical Holdings Ltd. 1,039,000 823,400 
Longfor Properties Co. Ltd. 282,000 708,358 
Pico Far East Holdings Ltd. 2,824,000 1,164,193 
Silicon Motion Technology Corp. sponsored ADR 9,000 369,990 
Sinosoft Tech Group Ltd. 1,413,000 425,123 
SITC International Holdings Co. Ltd. 3,247,000 2,702,092 
SOHO China Ltd. 1,309,500 714,200 
Sunny Optical Technology Group Co. Ltd. 328,000 3,905,362 
TPK Holding Co. Ltd. (b) 104,000 349,369 
Uni-President China Holdings Ltd. 2,595,000 2,016,650 
Vinda International Holdings Ltd. 1,024,000 1,932,422 
Yirendai Ltd. sponsored ADR 12,900 493,554 
YY, Inc. ADR (b) 13,600 972,400 
TOTAL CAYMAN ISLANDS  29,962,797 
Chile - 1.3%   
Compania Cervecerias Unidas SA sponsored ADR (a) 68,500 1,822,785 
Enersis SA 2,764,451 558,259 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 37,400 1,537,514 
Vina Concha y Toro SA 173,612 279,739 
TOTAL CHILE  4,198,297 
China - 4.6%   
BBMG Corp. (H Shares) 2,231,000 1,125,383 
China Longyuan Power Grid Corp. Ltd. (H Shares) 2,884,200 2,112,155 
Huangshan Tourism Development Co. Ltd. 567,200 883,130 
Qingdao Haier Co. Ltd. 2,301,454 4,803,713 
Shanghai International Airport Co. Ltd. (A Shares) 156,780 872,871 
TravelSky Technology Ltd. (H Shares) 581,000 1,539,753 
Tsingtao Brewery Co. Ltd. (H Shares) 320,000 1,372,459 
Zhengzhou Yutong Bus Co. Ltd. 686,144 2,255,338 
TOTAL CHINA  14,964,802 
Colombia - 0.2%   
Organizacion Terpel SA 136,619 562,739 
Cyprus - 0.4%   
Globaltrans Investment PLC GDR (Reg. S) 187,300 1,444,083 
Czech Republic - 0.4%   
MONETA Money Bank A/S 402,900 1,451,905 
Egypt - 1.0%   
Credit Agricole Egypt 330,380 848,864 
Egyptian Kuwaiti Holding 1,482,100 874,439 
Six of October Development & Investment Co. (b) 2,004,500 1,547,431 
TOTAL EGYPT  3,270,734 
Greece - 1.2%   
National Bank of Greece SA (b) 2,389,900 966,141 
Titan Cement Co. SA (Reg.) 102,800 2,868,343 
TOTAL GREECE  3,834,484 
Hong Kong - 2.7%   
China Resources Beer Holdings Co. Ltd. 720,000 1,819,634 
CSPC Pharmaceutical Group Ltd. 2,192,000 3,418,159 
Far East Horizon Ltd. 1,739,584 1,483,283 
Winteam Pharmaceutical Group Ltd. 4,026,000 2,139,077 
TOTAL HONG KONG  8,860,153 
India - 9.0%   
Adani Ports & Special Economic Zone Ltd. 447,449 2,760,129 
Arvind Mills Ltd. 806,225 4,596,412 
Bharat Petroleum Corp. Ltd. 166,370 1,221,334 
Deccan Cements Ltd. 73,023 1,314,425 
EIH Ltd.  1,532,226 3,312,502 
Federal Bank Ltd. 598,090 1,074,009 
Gujarat Gas Ltd. (b) 1,008 11,917 
JK Cement Ltd. 89,326 1,416,857 
LIC Housing Finance Ltd. 104,272 1,121,761 
Manappuram General Finance & Leasing Ltd. 573,259 953,496 
Phoenix Mills Ltd. (b) 240,453 1,826,064 
Power Grid Corp. of India Ltd. 157,386 547,590 
Solar Industries India Ltd. 181,735 2,542,393 
South Indian Bank Ltd. 2,270,523 1,066,629 
Steel Authority of India Ltd. (b) 1,070,207 1,054,699 
The Ramco Cements Ltd. 139,077 1,470,732 
Torrent Pharmaceuticals Ltd. 138,603 2,846,458 
VST Industries Ltd. 10,013 483,722 
TOTAL INDIA  29,621,129 
Indonesia - 2.3%   
PT Bank Danamon Indonesia Tbk Series A 2,604,500 1,114,204 
PT Cikarang Listrindo Tbk 6,438,700 521,900 
PT Lippo Karawaci Tbk 28,281,700 1,517,669 
PT Media Nusantara Citra Tbk 3,170,900 428,371 
PT Pakuwon Jati Tbk 30,622,300 1,631,780 
PT Panin Life Tbk (b) 34,110,800 640,026 
PT Semen Gresik (Persero) Tbk 2,454,900 1,833,252 
TOTAL INDONESIA  7,687,202 
Israel - 0.1%   
Bezeq The Israel Telecommunication Corp. Ltd. 249,400 370,117 
Japan - 0.1%   
Rakuten, Inc. 39,300 480,533 
Kenya - 0.1%   
KCB Group Ltd. 1,143,000 447,944 
Korea (South) - 9.4%   
AMOREPACIFIC Group, Inc. 21,763 2,361,034 
BS Financial Group, Inc. 223,839 2,258,507 
Byucksan Corp. 283,329 910,753 
Com2uS Corp. 11,029 1,129,553 
Daou Technology, Inc. 44,357 881,250 
Dong A Eltek Co. Ltd. 14,971 260,003 
DOUBLEUGAMES Co. Ltd. 23,730 1,334,890 
Fila Korea Ltd. 26,183 1,730,049 
Hanon Systems 163,903 1,500,092 
Hyundai Fire & Marine Insurance Co. Ltd. 25,159 1,019,897 
Hyundai Glovis Co. Ltd. 12,704 1,780,932 
Hyundai Industrial Development & Construction Co. 30,401 1,157,748 
Hyundai Mipo Dockyard Co. Ltd. (b) 16,000 1,535,803 
Hyundai Wia Corp. 24,332 1,499,112 
KEPCO Plant Service & Engineering Co. Ltd. 33,912 1,362,615 
Korea Express Co. Ltd. (b) 10,656 1,774,517 
Korean Reinsurance Co. 80,426 926,389 
Minwise Co. Ltd. 46,066 837,051 
MK Electron Co. Ltd. 68,395 683,990 
NCSOFT Corp. 7,910 2,549,710 
Nice Information & Telecom, Inc. 9,861 215,722 
Samjin Pharmaceutical Co. Ltd. 66,916 1,995,647 
Silicon Works Co. Ltd. 25,790 820,953 
SundayToz Corp. (b) 11,886 192,628 
TOTAL KOREA (SOUTH)  30,718,845 
Malaysia - 1.1%   
Matrix Concepts Holdings Bhd 1,131,000 721,156 
Top Glove Corp. Bhd 2,172,300 2,912,298 
TOTAL MALAYSIA  3,633,454 
Mexico - 3.5%   
Compartamos S.A.B. de CV 547,965 833,221 
Credito Real S.A.B. de CV 626,100 1,109,589 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 208,300 2,385,285 
Grupo Comercial Chedraui S.A.B. de CV 483,400 1,010,110 
Industrias Penoles SA de CV 93,235 2,292,159 
Macquarie Mexican (REIT) 1,157,307 1,429,528 
Qualitas Controladora S.A.B. de CV 411,600 683,900 
Tenedora Nemak SA de CV 1,826,270 1,654,697 
TOTAL MEXICO  11,398,489 
Netherlands - 1.7%   
X5 Retail Group NV GDR (Reg. S) (b) 47,100 1,821,828 
Yandex NV Series A (b) 133,040 3,855,499 
TOTAL NETHERLANDS  5,677,327 
Pakistan - 0.3%   
Habib Bank Ltd. 392,000 878,690 
Panama - 0.8%   
Copa Holdings SA Class A 19,800 2,484,108 
Philippines - 1.1%   
Metro Pacific Investments Corp. 12,835,300 1,728,309 
Metropolitan Bank & Trust Co. 661,030 1,140,475 
Pilipinas Shell Petroleum Corp. 486,900 639,210 
TOTAL PHILIPPINES  3,507,994 
Poland - 0.1%   
Asseco Poland SA 22,200 279,186 
Romania - 0.2%   
Banca Transilvania SA 711,410 535,533 
Russia - 2.1%   
Bank St. Petersburg PJSC (b) 900,000 835,424 
Inter Rao Ues JSC 17,779,723 1,124,057 
LSR Group OJSC 45,564 552,499 
PhosAgro OJSC GDR (Reg. S) 130,500 1,800,900 
RusHydro PJSC 191,619,400 2,456,856 
TOTAL RUSSIA  6,769,736 
Singapore - 0.6%   
First Resources Ltd. 1,340,100 1,849,232 
South Africa - 2.8%   
Bidvest Group Ltd. 178,000 2,264,920 
EOH Holdings Ltd. 86,900 710,498 
Imperial Holdings Ltd. 230,900 3,045,786 
Pick 'n Pay Stores Ltd. 110,100 529,750 
Reunert Ltd. 245,900 1,341,943 
Sanlam Ltd. 121,500 611,706 
Tiger Brands Ltd. 18,178 551,047 
TOTAL SOUTH AFRICA  9,055,650 
Sri Lanka - 0.5%   
Dialog Axiata PLC 8,714,824 652,690 
Hatton National Bank PLC 594,135 897,684 
TOTAL SRI LANKA  1,550,374 
Taiwan - 8.2%   
Addcn Technology Co. Ltd. 45,000 376,806 
Advantech Co. Ltd. 197,693 1,495,072 
Alpha Networks, Inc. 968,000 791,329 
Chipbond Technology Corp. 327,000 538,966 
Cleanaway Co. Ltd. 256,000 1,470,023 
CTCI Corp. 970,000 1,581,112 
Elite Advanced Laser Corp. 193,200 792,891 
eMemory Technology, Inc. 77,000 1,130,235 
Everlight Electronics Co. Ltd. 561,000 853,165 
FLEXium Interconnect, Inc. 240,356 1,121,653 
Hu Lane Associate, Inc. 271,000 1,614,457 
Inventec Corp. 1,514,000 1,210,118 
Largan Precision Co. Ltd. 2,000 364,726 
Lite-On Technology Corp. 1,174,220 1,898,448 
Powertech Technology, Inc. 303,000 981,770 
Radiant Opto-Electronics Corp. 811,000 1,927,214 
Soft-World International Corp. 251,000 666,243 
St.Shine Optical Co. Ltd. 33,000 679,343 
Sunrex Technology Corp. 811,000 546,223 
Synnex Technology International Corp. 1,022,100 1,136,625 
TCI Co. Ltd. 182,851 1,119,576 
Tong Hsing Electronics Industries Ltd. 163,000 674,345 
Tripod Technology Corp. 342,000 1,116,060 
Universal Cement Corp. 537,215 401,829 
Vanguard International Semiconductor Corp. 694,000 1,300,051 
Yuanta Financial Holding Co. Ltd. 2,438,000 1,044,932 
TOTAL TAIWAN  26,833,212 
Thailand - 2.3%   
Delta Electronics PCL (For. Reg.) 596,400 1,590,627 
LPN Development PCL (For. Reg.) 1,460,000 508,948 
PTT Global Chemical PCL (For. Reg.) 1,321,300 2,848,956 
Star Petroleum Refining PCL 5,760,700 2,665,989 
TOTAL THAILAND  7,614,520 
Turkey - 3.2%   
Aksa Akrilik Kimya Sanayii 1,123,000 4,444,966 
Bim Birlesik Magazalar A/S JSC 94,000 1,832,270 
Tupras Turkiye Petrol Rafinelleri A/S 88,828 2,736,004 
Turkcell Iletisim Hizmet A/S 235,000 858,710 
Turkiye Garanti Bankasi A/S 272,000 814,605 
TOTAL TURKEY  10,686,555 
United Arab Emirates - 0.8%   
Emaar Properties PJSC 1,187,988 2,665,093 
United Kingdom - 2.2%   
BGEO Group PLC 10,940 497,548 
Mondi PLC 104,900 2,761,181 
NMC Health PLC 68,100 2,033,331 
Shanghai International Airport Co. Ltd. ELS (UBS Warrant Programme) warrants 5/11/18 (b)(c) 181,300 1,009,386 
TBC Bank Group PLC 49,653 1,097,329 
TOTAL UNITED KINGDOM  7,398,775 
United States of America - 0.5%   
Net 1 UEPS Technologies, Inc. (b) 57,700 558,536 
The AES Corp. 100,400 1,122,472 
TOTAL UNITED STATES OF AMERICA  1,681,008 
Vietnam - 0.1%   
FTP Corp. 188,588 401,216 
TOTAL COMMON STOCKS   
(Cost $265,822,955)  292,479,507 
Nonconvertible Preferred Stocks - 4.6%   
Brazil - 1.3%   
Banco ABC Brasil SA 299,650 1,573,034 
Banco do Estado Rio Grande do Sul SA 181,500 851,522 
Companhia Paranaense de Energia-Copel (PN-B) sponsored ADR (a) 154,800 1,281,744 
Metalurgica Gerdau SA (PN) (b) 337,800 569,797 
TOTAL BRAZIL  4,276,097 
Korea (South) - 2.9%   
Hyundai Motor Co. Series 2 71,679 6,784,294 
LG Chemical Ltd. 9,989 2,046,972 
Samsung Fire & Marine Insurance Co. Ltd. 4,066 698,884 
TOTAL KOREA (SOUTH)  9,530,150 
Russia - 0.4%   
Sberbank of Russia 475,800 1,074,231 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $13,648,283)  14,880,478 
 Principal Amount Value 
Government Obligations - 0.2%   
United States of America - 0.2%   
U.S. Treasury Bills, yield at date of purchase 0.86% to 1.04% 8/10/17 to 10/19/17(d)   
(Cost $758,853) 760,000 758,808 
 Shares Value 
Money Market Funds - 8.2%   
Fidelity Cash Central Fund, 1.11% (e) 19,379,001 19,382,877 
Fidelity Securities Lending Cash Central Fund 1.11% (e)(f) 7,426,966 7,427,708 
TOTAL MONEY MARKET FUNDS   
(Cost $26,809,511)  26,810,585 
TOTAL INVESTMENT PORTFOLIO - 102.1%   
(Cost $307,039,602)  334,929,378 
NET OTHER ASSETS (LIABILITIES) - (2.1)%  (6,757,585) 
NET ASSETS - 100%  $328,171,793 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
187 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Sept. 2017 9,953,075 $296,612 

The face value of futures purchased as a percentage of Net Assets is 3%

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 $1,009,386 or 0.3% of net assets.

 (d) 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 $367,381.

 (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 $106,982 
Fidelity Securities Lending Cash Central Fund 46,010 
Total $152,992 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $53,189,803 $53,189,803 $-- $-- 
Consumer Staples 21,839,717 21,839,717 -- -- 
Energy 12,263,718 12,263,718 -- -- 
Financials 37,935,594 35,951,771 1,983,823 -- 
Health Care 21,647,238 21,647,238 -- -- 
Industrials 37,307,631 37,307,631 -- -- 
Information Technology 53,420,975 53,420,975 -- -- 
Materials 33,775,917 33,775,917 -- -- 
Real Estate 22,021,472 22,021,472 -- -- 
Telecommunication Services 2,435,303 2,435,303 -- -- 
Utilities 11,522,617 11,522,617 -- -- 
Government Obligations 758,808 -- 758,808 -- 
Money Market Funds 26,810,585 26,810,585 -- -- 
Total Investments in Securities: $334,929,378 $332,186,747 $2,742,631 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $296,612 $296,612 $-- $-- 
Total Assets $296,612 $296,612 $-- $-- 
Total Derivative Instruments: $296,612 $296,612 $-- $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $307,556,618. Net unrealized appreciation aggregated $27,372,760, of which $35,950,638 related to appreciated investment securities and $8,577,878 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, 2017







EMF-QTLY-0917
1.804872.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
Argentina - 0.9%   
Banco Macro SA sponsored ADR 260,449 $22,609,578 
Telecom Argentina SA Class B sponsored ADR 676,253 17,846,317 
TOTAL ARGENTINA  40,455,895 
Australia - 0.5%   
Amcor Ltd. 1,811,154 22,226,482 
Bermuda - 0.8%   
Credicorp Ltd. (United States) 188,532 34,904,814 
Brazil - 6.4%   
BB Seguridade Participacoes SA 2,996,420 26,376,683 
BM&F BOVESPA SA 4,804,000 31,566,040 
Drogasil SA 916,948 20,289,388 
Equatorial Energia SA 1,366,500 24,846,650 
Estacio Participacoes SA 4,375,700 28,625,485 
IRB Brasil Resseguros SA 2,492,900 23,415,281 
Kroton Educacional SA 5,815,660 28,123,897 
Qualicorp SA 2,518,200 26,487,392 
Smiles SA 1,125,000 23,482,370 
Ultrapar Participacoes SA 1,099,300 26,086,937 
Weg SA 3,840,590 23,326,687 
TOTAL BRAZIL  282,626,810 
Cayman Islands - 16.5%   
Alibaba Group Holding Ltd. sponsored ADR (a) 1,157,300 179,323,635 
Baidu.com, Inc. sponsored ADR (a) 309,600 70,077,960 
China Biologic Products Holdings, Inc. (a) 214,078 21,300,761 
Ctrip.com International Ltd. ADR (a) 674,100 40,263,993 
JD.com, Inc. sponsored ADR (a) 1,091,700 49,312,089 
Momo, Inc. ADR (a) 560,900 24,640,337 
NetEase, Inc. ADR 140,900 43,859,352 
New Oriental Education & Technology Group, Inc. sponsored ADR 383,283 30,532,324 
Shenzhou International Group Holdings Ltd. 3,413,000 22,831,112 
SINA Corp. 241,700 22,915,577 
Tencent Holdings Ltd. 5,678,100 226,635,584 
TOTAL CAYMAN ISLANDS  731,692,724 
Chile - 0.6%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 682,000 28,037,020 
China - 6.1%   
Gree Electric Appliances, Inc. of Zhuhai Class A 3,889,667 22,690,760 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 4,192,950 18,700,300 
Hangzhou Robam Appliances Co. Ltd. Class A 3,808,526 22,823,243 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 7,586,408 23,267,142 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 3,011,401 22,921,666 
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A 1,775,100 23,592,174 
Kweichow Moutai Co. Ltd. (A Shares) 337,498 24,144,738 
Midea Group Co. Ltd. Class A 3,834,400 23,485,632 
Shanghai International Airport Co. Ltd. (A Shares) 3,753,400 20,897,017 
Shenzhen Inovance Technology Co. Ltd. Class A 6,005,700 22,178,024 
Wuliangye Yibin Co. Ltd. Class A 2,948,500 24,441,706 
Yunnan Baiyao Group Co. Ltd. 1,622,097 21,233,120 
TOTAL CHINA  270,375,522 
France - 1.5%   
Dassault Systemes SA 233,262 22,888,876 
Kering SA 58,875 20,595,234 
LVMH Moet Hennessy - Louis Vuitton SA 82,633 20,756,467 
TOTAL FRANCE  64,240,577 
Germany - 0.6%   
adidas AG 107,989 24,672,614 
Greece - 0.5%   
Titan Cement Co. SA (Reg.) 787,641 21,976,890 
Hong Kong - 2.1%   
AIA Group Ltd. 3,055,400 24,076,902 
CSPC Pharmaceutical Group Ltd. 18,398,000 28,689,461 
Guangdong Investment Ltd. 15,475,000 21,793,542 
Techtronic Industries Co. Ltd. 4,546,000 20,225,009 
TOTAL HONG KONG  94,784,914 
India - 11.7%   
Adani Ports & Special Economic Zone Ltd. 4,369,614 26,954,350 
Amara Raja Batteries Ltd. 1,512,943 19,669,673 
Asian Paints Ltd. 1,470,916 26,624,542 
Bharat Petroleum Corp. Ltd. 3,476,726 25,522,896 
Eicher Motors Ltd. 55,786 26,146,928 
Godrej Consumer Products Ltd. 1,650,348 26,672,226 
HDFC Bank Ltd. 859,110 24,593,791 
Hero Motocorp Ltd. 390,337 22,233,943 
Housing Development Finance Corp. Ltd. 2,202,317 61,397,565 
Indraprastha Gas Ltd. 1,247,530 22,919,330 
IndusInd Bank Ltd. 1,000,481 25,655,058 
ITC Ltd. 8,061,822 35,831,018 
Kotak Mahindra Bank Ltd. 1,425,513 22,692,044 
LIC Housing Finance Ltd. 2,076,576 22,339,855 
Maruti Suzuki India Ltd. 280,710 33,897,110 
Power Grid Corp. of India Ltd. 6,252,312 21,753,526 
Reliance Industries Ltd. 1,979,845 49,826,202 
UPL Ltd. 1,785,984 24,409,097 
TOTAL INDIA  519,139,154 
Indonesia - 2.4%   
PT Bank Central Asia Tbk 26,341,700 36,970,113 
PT Bank Rakyat Indonesia Tbk 29,558,600 32,777,568 
PT Telkomunikasi Indonesia Tbk Series B 102,943,700 36,181,519 
TOTAL INDONESIA  105,929,200 
Israel - 1.8%   
Check Point Software Technologies Ltd. (a) 209,600 22,171,488 
Elbit Systems Ltd. (Israel) 166,100 20,997,745 
Frutarom Industries Ltd. 329,600 23,341,557 
NICE Systems Ltd. 196,900 14,629,622 
TOTAL ISRAEL  81,140,412 
Kenya - 0.5%   
Safaricom Ltd. 102,041,600 24,043,270 
Korea (South) - 7.1%   
Coway Co. Ltd. 137,979 12,209,386 
LG Household & Health Care Ltd. 33,647 29,773,315 
NAVER Corp. 52,107 37,361,026 
Samsung Electronics Co. Ltd. 109,752 236,176,488 
TOTAL KOREA (SOUTH)  315,520,215 
Luxembourg - 0.5%   
Eurofins Scientific SA 39,460 21,973,677 
Mexico - 5.5%   
CEMEX S.A.B. de CV sponsored ADR 3,629,220 35,239,726 
Embotelladoras Arca S.A.B. de CV 3,279,700 24,314,271 
Fomento Economico Mexicano S.A.B. de CV unit 3,850,767 38,887,285 
Gruma S.A.B. de CV Series B 1,728,635 23,876,088 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 2,252,457 25,793,337 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 1,273,070 27,191,960 
Grupo Aeroportuario Norte S.A.B. de CV 3,473,400 21,986,656 
Grupo Cementos de Chihuahua S.A.B. de CV 4,681,290 24,444,472 
Promotora y Operadora de Infraestructura S.A.B. de CV 2,119,245 23,270,328 
TOTAL MEXICO  245,004,123 
Netherlands - 1.5%   
ASML Holding NV (Netherlands) 142,100 21,428,837 
X5 Retail Group NV GDR (Reg. S) (a) 577,400 22,333,832 
Yandex NV Series A (a) 748,300 21,685,734 
TOTAL NETHERLANDS  65,448,403 
Panama - 0.5%   
Copa Holdings SA Class A 167,900 21,064,734 
Philippines - 2.8%   
Ayala Corp. 1,556,880 26,706,485 
Ayala Land, Inc. 32,887,700 27,392,286 
D&L Industries, Inc. 78,984,400 19,203,362 
SM Investments Corp. 1,580,383 25,291,895 
SM Prime Holdings, Inc. 38,201,700 26,439,522 
TOTAL PHILIPPINES  125,033,550 
Russia - 1.8%   
NOVATEK OAO GDR (Reg. S) 264,600 27,677,160 
Sberbank of Russia 18,195,100 50,118,953 
TOTAL RUSSIA  77,796,113 
South Africa - 6.2%   
Bidcorp Ltd. 1,183,898 28,418,044 
Capitec Bank Holdings Ltd. 394,300 25,724,382 
Discovery Ltd. 2,291,785 24,399,913 
FirstRand Ltd. 8,597,200 33,831,038 
Mondi Ltd. 926,666 24,061,850 
Naspers Ltd. Class N 505,912 111,834,134 
Sanlam Ltd. 5,403,700 27,205,577 
TOTAL SOUTH AFRICA  275,474,938 
Spain - 0.5%   
Amadeus IT Holding SA Class A 351,200 21,643,974 
Switzerland - 1.0%   
Nestle SA (Reg. S) 243,125 20,522,071 
Sika AG 3,260 22,470,552 
TOTAL SWITZERLAND  42,992,623 
Taiwan - 5.3%   
Advantech Co. Ltd. 2,889,402 21,851,375 
Largan Precision Co. Ltd. 209,000 38,113,820 
Taiwan Semiconductor Manufacturing Co. Ltd. 24,895,000 175,869,728 
TOTAL TAIWAN  235,834,923 
Thailand - 1.2%   
Airports of Thailand PCL (For. Reg.) 18,995,500 29,398,171 
Thai Beverage PCL 31,055,900 21,885,684 
TOTAL THAILAND  51,283,855 
Turkey - 1.4%   
Koc Holding A/S 5,145,000 23,946,212 
Tofas Turk Otomobil Fabrikasi A/S 2,544,980 22,345,002 
Turkcell Iletisim Hizmet A/S 4,372,000 15,975,655 
TOTAL TURKEY  62,266,869 
United Kingdom - 2.9%   
British American Tobacco PLC (United Kingdom) 360,100 22,400,287 
InterContinental Hotel Group PLC 242,397 13,723,416 
NMC Health PLC 757,500 22,617,452 
Prudential PLC 943,567 23,023,503 
Reckitt Benckiser Group PLC 227,300 22,099,775 
Unilever PLC 386,800 22,060,266 
TOTAL UNITED KINGDOM  125,924,699 
United States of America - 6.8%   
A.O. Smith Corp. 350,200 18,753,210 
Alphabet, Inc. Class C (a) 21,345 19,861,523 
Amazon.com, Inc. (a) 21,080 20,822,402 
Amphenol Corp. Class A 261,100 20,005,482 
Apple, Inc. 140,200 20,851,946 
Facebook, Inc. Class A (a) 135,600 22,950,300 
MasterCard, Inc. Class A 166,500 21,278,700 
MercadoLibre, Inc. 59,900 17,276,358 
Mettler-Toledo International, Inc. (a) 9,971 5,714,181 
Moody's Corp. 178,300 23,469,629 
MSCI, Inc. 209,600 22,835,920 
Philip Morris International, Inc. 187,000 21,824,770 
S&P Global, Inc. 152,300 23,391,757 
Sherwin-Williams Co. 66,800 22,529,636 
Visa, Inc. Class A 211,400 21,046,984 
TOTAL UNITED STATES OF AMERICA  302,612,798 
TOTAL COMMON STOCKS   
(Cost $3,000,091,721)  4,336,121,792 
Preferred Stocks - 2.1%   
Convertible Preferred Stocks - 0.8%   
India - 0.8%   
PC Jeweller Ltd. 13.00% (b) 169,426,966 33,447,993 
Nonconvertible Preferred Stocks - 1.3%   
Brazil - 1.3%   
Itau Unibanco Holding SA 4,838,310 57,904,254 
TOTAL PREFERRED STOCKS   
(Cost $63,839,087)  91,352,247 
Money Market Funds - 0.0%   
Fidelity Cash Central Fund, 1.11% (c)   
(Cost $6,851) 6,850 6,851 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $3,063,937,659)  4,427,480,890 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (859,803) 
NET ASSETS - 100%  $4,426,621,087 

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

Legend

 (a) Non-income producing

 (b) 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 $33,447,993 or 0.8% 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.


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 $219,813 
Fidelity Securities Lending Cash Central Fund 130,241 
Total $350,054 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $648,933,615 $482,895,021 $166,038,594 $-- 
Consumer Staples 476,634,080 389,551,681 87,082,399 -- 
Energy 129,113,195 129,113,195 -- -- 
Financials 727,986,703 630,250,456 97,736,247 -- 
Health Care 170,937,710 170,937,710 -- -- 
Industrials 376,866,927 376,866,927 -- -- 
Information Technology 1,363,245,006 939,310,857 423,934,149 -- 
Materials 294,565,186 294,565,186 -- -- 
Real Estate 53,831,808 53,831,808 -- -- 
Telecommunication Services 94,046,761 57,865,242 36,181,519 -- 
Utilities 91,313,048 68,393,718 22,919,330 -- 
Money Market Funds 6,851 6,851 -- -- 
Total Investments in Securities: $4,427,480,890 $3,593,588,652 $833,892,238 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $86,434,230 
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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $3,071,014,949. Net unrealized appreciation aggregated $1,356,465,941, of which $1,368,723,973 related to appreciated investment securities and $12,258,032 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, 2017







EUR-QTLY-0913
1.804873.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.7%   
 Shares Value 
Bermuda - 3.2%   
Vostok Emerging Finance Ltd. (depository receipt) (a)(b)(c) 53,380,307 $12,297,477 
Vostok New Ventures Ltd. (depositary receipt) (a)(b) 3,850,361 30,879,001 
TOTAL BERMUDA  43,176,478 
Denmark - 3.5%   
A.P. Moller - Maersk A/S Series B 13,284 29,011,338 
Novozymes A/S Series B 381,000 17,599,777 
TOTAL DENMARK  46,611,115 
France - 8.2%   
Capgemini SA 248,700 27,085,817 
Rubis 376,800 23,979,962 
Thales SA 224,000 24,817,373 
The Vicat Group 158,300 11,562,305 
Wendel SA 157,200 23,671,075 
TOTAL FRANCE  111,116,532 
Germany - 12.8%   
Bertrandt AG (b) 98,600 9,402,012 
CompuGroup Medical AG 184,500 10,999,183 
CTS Eventim AG 447,001 20,711,314 
Fresenius Medical Care AG & Co. KGaA 160,500 15,135,226 
LEG Immobilien AG 280,268 26,970,498 
MTU Aero Engines Holdings AG 143,000 20,982,677 
SAP AG 514,639 54,492,666 
Vonovia SE 371,900 15,080,943 
TOTAL GERMANY  173,774,519 
Ireland - 4.2%   
Allied Irish Banks PLC 304,287 1,783,064 
DCC PLC (United Kingdom) 154,100 13,551,247 
Paddy Power Betfair PLC (Ireland) 81,214 8,137,385 
Ryanair Holdings PLC sponsored ADR (a) 152,667 17,301,751 
United Drug PLC (United Kingdom) 1,420,241 15,871,645 
TOTAL IRELAND  56,645,092 
Italy - 7.1%   
Banca Generali SpA 418,800 14,873,263 
Buzzi Unicem SpA 490,500 12,425,993 
Intesa Sanpaolo SpA 3,296,600 11,348,308 
Prada SpA 5,160,300 18,300,342 
UniCredit SpA (a) 2,009,000 39,574,150 
TOTAL ITALY  96,522,056 
Luxembourg - 1.2%   
B&M European Value Retail S.A. 3,334,636 15,838,987 
Malta - 0.6%   
Kambi Group PLC (a)(b) 975,208 8,364,482 
Netherlands - 4.5%   
Intertrust NV 847,425 14,551,151 
Koninklijke Philips Electronics NV 419,700 16,039,277 
Unilever NV (Certificaten Van Aandelen) (Bearer) 528,100 30,776,408 
TOTAL NETHERLANDS  61,366,836 
Norway - 3.7%   
Orkla ASA 1,414,600 14,572,655 
Schibsted ASA (A Shares) 1,405,250 35,869,141 
TOTAL NORWAY  50,441,796 
Spain - 3.9%   
Amadeus IT Holding SA Class A 296,800 18,291,377 
Grifols SA 499,300 14,040,900 
Prosegur Cash SA 7,417,400 20,195,652 
TOTAL SPAIN  52,527,929 
Sweden - 17.9%   
AF AB (B Shares) 132,500 2,903,125 
Dometic Group AB 2,927,400 24,746,098 
Essity AB Class B (a) 798,700 23,158,323 
Getinge AB (B Shares) 2,281,500 39,617,813 
Indutrade AB 1,080,500 26,671,908 
Investor AB (B Shares) 727,072 34,490,398 
Nobia AB 637,800 6,552,740 
Pandox AB 676,069 12,166,864 
Securitas AB (B Shares) 2,580,200 42,983,093 
Svenska Cellulosa AB (SCA) (B Shares) 3,538,300 29,296,658 
TOTAL SWEDEN  242,587,020 
Switzerland - 3.2%   
ABB Ltd. (Reg.) 470,960 11,032,869 
EDAG Engineering Group AG (b) 297,000 4,711,287 
Swatch Group AG (Bearer) 69,820 27,720,046 
TOTAL SWITZERLAND  43,464,202 
United Kingdom - 18.0%   
British American Tobacco PLC (United Kingdom) 442,500 27,526,040 
Bunzl PLC 379,058 11,442,954 
Dechra Pharmaceuticals PLC 881,600 20,646,499 
Diploma PLC 1,206,600 17,193,471 
Essentra PLC 1,724,000 12,180,727 
International Personal Finance PLC 4,931,872 12,363,513 
Micro Focus International PLC 560,463 16,512,474 
NCC Group Ltd. (b) 11,931,824 30,541,126 
Prudential PLC 1,636,678 39,935,756 
Rolls-Royce Holdings PLC 2,252,300 26,390,019 
Standard Chartered PLC (United Kingdom) (a) 2,594,366 28,982,596 
TOTAL UNITED KINGDOM  243,715,175 
United States of America - 2.7%   
Autoliv, Inc. (depositary receipt) (b) 342,700 37,118,971 
TOTAL COMMON STOCKS   
(Cost $1,106,532,117)  1,283,271,190 
Nonconvertible Preferred Stocks - 2.3%   
Italy - 1.0%   
Buzzi Unicem SpA (Risparmio Shares) 889,200 12,705,304 
Spain - 1.3%   
Grifols SA Class B 850,250 18,011,782 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $23,543,530)  30,717,086 
Money Market Funds - 4.4%   
Fidelity Cash Central Fund, 1.11% (d) 37,190,973 37,198,412 
Fidelity Securities Lending Cash Central Fund 1.11% (d)(e) 22,958,568 22,960,864 
TOTAL MONEY MARKET FUNDS   
(Cost $60,161,534)  60,159,276 
TOTAL INVESTMENT PORTFOLIO - 101.4%   
(Cost $1,190,237,181)  1,374,147,552 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (19,244,345) 
NET ASSETS - 100%  $1,354,903,207 

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 $109,615 
Fidelity Securities Lending Cash Central Fund 359,895 
Total $469,510 

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) $8,746,849 $-- $-- $-- $12,297,477 
Total $8,746,849 $-- $-- $-- $12,297,477 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $220,237,657 $220,237,657 $-- $-- 
Consumer Staples 96,033,426 37,730,978 58,302,448 -- 
Financials 270,394,253 219,110,189 51,284,064 -- 
Health Care 134,323,048 119,187,822 15,135,226 -- 
Industrials 284,274,265 230,812,100 53,462,165 -- 
Information Technology 146,923,460 92,430,794 54,492,666 -- 
Materials 95,770,764 95,770,764 -- -- 
Real Estate 42,051,441 42,051,441 -- -- 
Utilities 23,979,962 23,979,962 -- -- 
Money Market Funds 60,159,276 60,159,276 -- -- 
Total Investments in Securities: $1,374,147,552 $1,141,470,983 $232,676,569 $-- 

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 Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $1,197,769,633. Net unrealized appreciation aggregated $176,377,919, of which $222,605,602 related to appreciated investment securities and $46,227,683 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 Flex℠ Funds

Fidelity Flex℠ International Fund

July 31, 2017







ZNL-QTLY-0917
1.9881584.100





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.4%   
 Shares Value 
Argentina - 0.3%   
Banco Macro SA sponsored ADR 121 $10,504 
Telecom Argentina SA Class B sponsored ADR 390 10,292 
TOTAL ARGENTINA  20,796 
Australia - 2.8%   
Adelaide Brighton Ltd. 493 2,217 
Amcor Ltd. 916 11,241 
Australia & New Zealand Banking Group Ltd. 2,332 55,278 
Beacon Lighting Group Ltd. 1,228 1,336 
CSL Ltd. 801 80,741 
DuluxGroup Ltd. 795 4,191 
Imdex Ltd. (a) 2,583 1,508 
Insurance Australia Group Ltd. 3,862 20,608 
Macquarie Group Ltd. 349 23,964 
Magellan Financial Group Ltd. 499 10,543 
RCG Corp. Ltd. 3,081 2,255 
Transurban Group unit 2,051 18,722 
TOTAL AUSTRALIA  232,604 
Austria - 0.9%   
Andritz AG 667 40,877 
BUWOG-Gemeinnuetzige Wohnung 704 20,697 
Erste Group Bank AG 373 15,505 
TOTAL AUSTRIA  77,079 
Bailiwick of Jersey - 0.3%   
Integrated Diagnostics Holdings PLC 500 1,979 
Shire PLC 185 10,342 
Wolseley PLC 280 16,718 
TOTAL BAILIWICK OF JERSEY  29,039 
Belgium - 1.9%   
Anheuser-Busch InBev SA NV 810 97,712 
KBC Ancora 70 3,719 
KBC Groep NV 751 62,232 
TOTAL BELGIUM  163,663 
Bermuda - 0.2%   
Credicorp Ltd. (United States) 94 17,403 
Vostok New Ventures Ltd. (depositary receipt) (a) 321 2,574 
TOTAL BERMUDA  19,977 
Brazil - 1.7%   
BB Seguridade Participacoes SA 1,400 12,324 
BM&F BOVESPA SA 2,300 15,113 
Equatorial Energia SA 700 12,728 
Estacio Participacoes SA 2,200 14,392 
IRB Brasil Resseguros SA 1,200 11,271 
Itau Unibanco Holding SA 800 8,487 
Kroton Educacional SA 3,000 14,508 
Qualicorp SA 1,300 13,674 
Smiles SA 600 12,524 
Ultrapar Participacoes SA 600 14,238 
Weg SA 2,000 12,147 
TOTAL BRAZIL  141,406 
Canada - 5.1%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 1,487 70,512 
Canadian National Railway Co. 754 59,582 
Canadian Pacific Railway Ltd. 143 22,388 
CCL Industries, Inc. Class B 996 47,749 
Constellation Software, Inc. 89 47,946 
Franco-Nevada Corp. 530 38,400 
Imperial Oil Ltd. 1,473 42,273 
McCoy Global, Inc. (a) 50 81 
New Look Vision Group, Inc. 95 2,591 
Pason Systems, Inc. 1,426 20,817 
Potash Corp. of Saskatchewan, Inc. 2,966 53,051 
PrairieSky Royalty Ltd. 945 23,467 
ShawCor Ltd. Class A 74 1,658 
Tesco Corp. (a) 92 423 
TOTAL CANADA  430,938 
Cayman Islands - 4.8%   
58.com, Inc. ADR (a) 120 6,126 
Alibaba Group Holding Ltd. sponsored ADR (a) 788 122,101 
Baidu.com, Inc. sponsored ADR (a) 100 22,635 
China Biologic Products Holdings, Inc. (a) 233 23,184 
Ctrip.com International Ltd. ADR (a) 341 20,368 
JD.com, Inc. sponsored ADR (a) 551 24,889 
Momo, Inc. ADR (a) 286 12,564 
NetEase, Inc. ADR 71 22,101 
New Oriental Education & Technology Group, Inc. sponsored ADR 195 15,534 
Shenzhou International Group Holdings Ltd. 2,000 13,379 
SINA Corp. 111 10,524 
Tencent Holdings Ltd. 2,800 111,759 
TOTAL CAYMAN ISLANDS  405,164 
Chile - 0.2%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 347 14,265 
China - 1.6%   
Gree Electric Appliances, Inc. of Zhuhai Class A 1,800 10,500 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 2,125 9,477 
Hangzhou Robam Appliances Co. Ltd. Class A 1,800 10,787 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 3,800 11,654 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 1,500 11,417 
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A 900 11,962 
Kweichow Moutai Co. Ltd. (A Shares) 200 14,308 
Midea Group Co. Ltd. Class A 1,800 11,025 
Shanghai International Airport Co. Ltd. (A Shares) 1,900 10,578 
Shenzhen Inovance Technology Co. Ltd. Class A 3,000 11,078 
Wuliangye Yibin Co. Ltd. Class A 1,500 12,434 
Yunnan Baiyao Group Co. Ltd. 800 10,472 
TOTAL CHINA  135,692 
Denmark - 0.6%   
Jyske Bank A/S (Reg.) 349 21,871 
Novo Nordisk A/S Series B sponsored ADR 499 21,158 
Scandinavian Tobacco Group A/S 165 2,663 
Spar Nord Bank A/S 298 4,008 
TOTAL DENMARK  49,700 
Finland - 0.5%   
Sampo Oyj (A Shares) 574 31,413 
Tikkurila Oyj 651 13,895 
TOTAL FINLAND  45,308 
France - 5.3%   
Atos Origin SA 243 36,950 
AXA SA 1,456 43,001 
Bouygues SA 295 12,658 
Capgemini SA 200 21,782 
Compagnie de St. Gobain 270 14,987 
Dassault Systemes SA 118 11,579 
Elis SA 209 5,056 
Essilor International SA 181 22,948 
Kering SA 30 10,494 
Laurent-Perrier Group SA 23 2,083 
LVMH Moet Hennessy - Louis Vuitton SA 42 10,550 
Natixis SA 1,687 12,268 
Sanofi SA 261 24,870 
Societe Generale Series A 747 43,800 
SR Teleperformance SA 154 21,448 
Total SA 1,635 83,146 
Vetoquinol SA 46 2,859 
VINCI SA 416 37,251 
Virbac SA (a) 15 2,677 
Vivendi SA 1,005 23,229 
TOTAL FRANCE  443,636 
Germany - 4.5%   
adidas AG 55 12,566 
BASF AG 472 45,030 
Bayer AG 458 58,095 
Brenntag AG 208 11,806 
CompuGroup Medical AG 180 10,731 
CTS Eventim AG 165 7,645 
Deutsche Post AG 349 13,551 
Deutsche Telekom AG 1,556 28,426 
Fielmann AG 32 2,571 
Fresenius SE & Co. KGaA 246 20,801 
HeidelbergCement Finance AG 216 21,433 
Linde AG 77 14,689 
Nexus AG 80 2,462 
SAP AG 981 103,873 
Vonovia SE 698 28,305 
TOTAL GERMANY  381,984 
Greece - 0.1%   
Titan Cement Co. SA (Reg.) 400 11,161 
Hong Kong - 1.5%   
AIA Group Ltd. 11,960 94,246 
CSPC Pharmaceutical Group Ltd. 8,000 12,475 
Guangdong Investment Ltd. 8,000 11,266 
Techtronic Industries Co. Ltd. 2,500 11,122 
TOTAL HONG KONG  129,109 
India - 0.1%   
HDFC Bank Ltd. sponsored ADR 99 9,581 
Indonesia - 0.8%   
PT Bank Central Asia Tbk 13,400 18,807 
PT Bank Rakyat Indonesia Tbk 29,734 32,972 
PT Telkomunikasi Indonesia Tbk Series B 52,200 18,347 
TOTAL INDONESIA  70,126 
Ireland - 1.6%   
Allergan PLC 54 13,626 
CRH PLC 435 15,269 
CRH PLC sponsored ADR 1,474 51,693 
James Hardie Industries PLC CDI 2,707 41,493 
Medtronic PLC 162 13,603 
TOTAL IRELAND  135,684 
Isle of Man - 0.3%   
Playtech Ltd. 1,645 20,847 
Israel - 0.8%   
Azrieli Group 174 9,503 
Check Point Software Technologies Ltd. (a) 100 10,578 
Elbit Systems Ltd. (Israel) 100 12,642 
Frutarom Industries Ltd. 200 14,164 
Ituran Location & Control Ltd. 138 4,209 
Strauss Group Ltd. 221 4,232 
Teva Pharmaceutical Industries Ltd. sponsored ADR 340 10,938 
TOTAL ISRAEL  66,266 
Italy - 1.0%   
Azimut Holding SpA 534 11,973 
Beni Stabili SpA SIIQ 3,026 2,418 
Interpump Group SpA 1,094 33,322 
Intesa Sanpaolo SpA 10,538 36,276 
TOTAL ITALY  83,989 
Japan - 12.5%   
AEON Financial Service Co. Ltd. 539 11,739 
Ai Holdings Corp. 100 2,757 
Artnature, Inc. 200 1,290 
Asahi Co. Ltd. 200 2,407 
Astellas Pharma, Inc. 1,300 16,556 
Azbil Corp. 300 11,851 
Broadleaf Co. Ltd. 100 673 
Central Automotive Products Ltd. 100 1,411 
Coca-Cola West Co. Ltd. 100 3,021 
Daiichikosho Co. Ltd. 100 4,817 
Daikokutenbussan Co. Ltd. 100 4,962 
DENSO Corp. 580 27,915 
East Japan Railway Co. 446 41,871 
Funai Soken Holdings, Inc. 100 2,607 
GCA Savvian Group Corp. 300 2,664 
Goldcrest Co. Ltd. 200 4,459 
Hoya Corp. 1,070 60,427 
Itochu Corp. 1,957 30,719 
Japan Tobacco, Inc. 695 24,170 
Kao Corp. 270 16,443 
KDDI Corp. 1,078 28,564 
Keyence Corp. 100 46,279 
Kobayashi Pharmaceutical Co. Ltd. 100 6,223 
Komatsu Ltd. 900 24,136 
Koshidaka Holdings Co. Ltd. 100 2,716 
Kusuri No Aoki Holdings Co. Ltd. 100 5,506 
Lasertec Corp. 300 4,485 
Makita Corp. 470 18,396 
Miroku Jyoho Service Co., Ltd. 100 2,110 
Misumi Group, Inc. 1,300 32,263 
Mitsubishi UFJ Financial Group, Inc. 9,498 60,256 
Mitsui Fudosan Co. Ltd. 1,000 22,990 
Nabtesco Corp. 100 3,252 
Nagaileben Co. Ltd. 200 4,987 
Nakano Refrigerators Co. Ltd. 100 3,161 
ND Software Co. Ltd. 100 1,039 
Nihon Parkerizing Co. Ltd. 600 8,615 
Nintendo Co. Ltd. 46 15,622 
Nippon Telegraph & Telephone Corp. 516 25,252 
Nomura Holdings, Inc. 2,180 12,952 
NS Tool Co. Ltd. 100 1,811 
OBIC Co. Ltd. 485 30,311 
Olympus Corp. 1,131 41,138 
Oracle Corp. Japan 100 6,721 
ORIX Corp. 1,702 27,040 
OSG Corp. 1,000 21,126 
Panasonic Corp. 1,078 14,848 
Paramount Bed Holdings Co. Ltd. 100 4,563 
ProNexus, Inc. 187 2,120 
Recruit Holdings Co. Ltd. 832 14,407 
San-Ai Oil Co. Ltd. 400 4,067 
Seven & i Holdings Co. Ltd. 431 17,371 
Shin-Etsu Chemical Co. Ltd. 246 22,559 
Shinsei Bank Ltd. 8,473 13,988 
SHO-BOND Holdings Co. Ltd. 360 19,038 
Shoei Co. Ltd. 100 2,866 
Sony Corp. 493 20,255 
Sony Financial Holdings, Inc. 924 16,017 
Subaru Corp. 347 12,571 
Taiheiyo Cement Corp. 3,389 12,757 
TKC Corp. 100 2,912 
Tokio Marine Holdings, Inc. 555 23,384 
Toyota Motor Corp. 1,040 58,614 
USS Co. Ltd. 2,400 48,481 
Welcia Holdings Co. Ltd. 100 3,805 
Workman Co. Ltd. 100 3,039 
Yamada Consulting Group Co. Ltd. 100 6,304 
Yamato Kogyo Co. Ltd. 100 2,807 
TOTAL JAPAN  1,056,483 
Kenya - 0.3%   
Safaricom Ltd. 116,900 27,544 
Korea (South) - 2.3%   
BGFretail Co. Ltd. 360 29,702 
Leeno Industrial, Inc. 29 1,284 
LG Household & Health Care Ltd. 17 15,043 
NAVER Corp. 42 30,114 
Samsung Electronics Co. Ltd. 55 118,355 
TOTAL KOREA (SOUTH)  194,498 
Luxembourg - 0.1%   
Eurofins Scientific SA 20 11,137 
Mexico - 1.7%   
CEMEX S.A.B. de CV sponsored ADR 1,841 17,876 
Consorcio ARA S.A.B. de CV 5,300 1,780 
Embotelladoras Arca S.A.B. de CV 1,700 12,603 
Fomento Economico Mexicano S.A.B. de CV:   
unit 1,800 18,177 
sponsored ADR 139 14,022 
Gruma S.A.B. de CV Series B 880 12,155 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 1,100 12,596 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 650 13,884 
Grupo Aeroportuario Norte S.A.B. de CV 1,800 11,394 
Grupo Cementos de Chihuahua S.A.B. de CV 2,400 12,532 
Promotora y Operadora de Infraestructura S.A.B. de CV 1,080 11,859 
TOTAL MEXICO  138,878 
Netherlands - 2.4%   
ASML Holding NV (Netherlands) 507 76,456 
ING Groep NV (Certificaten Van Aandelen) 2,371 44,299 
Koninklijke Philips Electronics NV 400 15,286 
RELX NV 1,207 25,352 
Takeaway.com Holding BV (b) 34 1,553 
VastNed Retail NV 59 2,696 
Wolters Kluwer NV 268 11,934 
X5 Retail Group NV GDR (Reg. S) (a) 292 11,295 
Yandex NV Series A (a) 378 10,954 
TOTAL NETHERLANDS  199,825 
New Zealand - 0.1%   
Auckland International Airport Ltd. 1,873 9,790 
Norway - 0.5%   
Kongsberg Gruppen ASA 152 2,581 
Skandiabanken ASA 200 2,251 
Statoil ASA 2,039 38,321 
TOTAL NORWAY  43,153 
Panama - 0.2%   
Copa Holdings SA Class A 100 12,546 
Philippines - 0.8%   
Ayala Corp. 690 11,836 
Ayala Land, Inc. 16,700 13,909 
D&L Industries, Inc. 40,000 9,725 
Jollibee Food Corp. 600 2,677 
SM Investments Corp. 800 12,803 
SM Prime Holdings, Inc. 19,400 13,427 
TOTAL PHILIPPINES  64,377 
Russia - 0.5%   
NOVATEK OAO GDR (Reg. S) 135 14,121 
Sberbank of Russia 9,180 25,287 
TOTAL RUSSIA  39,408 
South Africa - 2.6%   
Bidcorp Ltd. 600 14,402 
Capitec Bank Holdings Ltd. 200 13,048 
Clicks Group Ltd. 1,739 19,696 
Discovery Ltd. 1,200 12,776 
FirstRand Ltd. 4,400 17,315 
Mondi Ltd. 500 12,983 
Naspers Ltd. Class N 525 116,054 
Sanlam Ltd. 2,700 13,593 
TOTAL SOUTH AFRICA  219,867 
Spain - 3.3%   
Amadeus IT Holding SA Class A 894 55,096 
Banco Santander SA (Spain) 6,134 41,928 
CaixaBank SA 5,547 28,892 
Hispania Activos Inmobiliarios SA 679 12,250 
Iberdrola SA 5,257 41,472 
Inditex SA 1,542 61,209 
Merlin Properties Socimi SA 837 11,276 
Prosegur Compania de Seguridad SA (Reg.) 2,978 20,412 
Unicaja Banco SA 6,286 9,145 
TOTAL SPAIN  281,680 
Sweden - 3.4%   
Addlife AB 60 1,237 
AddTech AB (B Shares) 197 3,843 
ASSA ABLOY AB (B Shares) 2,663 57,061 
Atlas Copco AB (A Shares) 1,014 36,674 
Essity AB Class B (a) 539 15,628 
Fagerhult AB 2,144 28,215 
Investor AB (B Shares) 534 25,332 
Lagercrantz Group AB (B Shares) 314 3,549 
Loomis AB (B Shares) 103 3,827 
Nordea Bank AB 3,610 45,562 
Saab AB (B Shares) 97 4,502 
Svenska Cellulosa AB (SCA) (B Shares) 539 4,463 
Svenska Handelsbanken AB (A Shares) 1,556 23,165 
Swedbank AB (A Shares) 1,078 28,111 
Telefonaktiebolaget LM Ericsson (B Shares) 1,155 7,476 
TOTAL SWEDEN  288,645 
Switzerland - 6.6%   
ABB Ltd. (Reg.) 939 21,997 
Credit Suisse Group AG 1,876 28,837 
Lafargeholcim Ltd. (Reg.) 293 17,529 
Nestle SA (Reg. S) 2,464 207,985 
Novartis AG 1,034 88,074 
Roche Holding AG (participation certificate) 262 66,330 
Schindler Holding AG:   
(participation certificate) 112 24,162 
(Reg.) 26 5,469 
Sika AG 13,786 
Tecan Group AG 16 2,985 
UBS Group AG 2,518 43,889 
Zurich Insurance Group AG 126 38,414 
TOTAL SWITZERLAND  559,457 
Thailand - 0.3%   
Airports of Thailand PCL (For. Reg.) 9,700 15,012 
Thai Beverage PCL 15,700 11,064 
TOTAL THAILAND  26,076 
Turkey - 0.4%   
Koc Holding A/S 3,000 13,963 
Tofas Turk Otomobil Fabrikasi A/S 1,286 11,291 
Tupras Turkiye Petrol Rafinelleri A/S 241 7,423 
Turkcell Iletisim Hizmet A/S 1,000 3,654 
TOTAL TURKEY  36,331 
United Kingdom - 10.9%   
Alliance Pharma PLC 1,187 807 
AstraZeneca PLC (United Kingdom) 514 30,636 
Aviva PLC 4,535 32,235 
Avon Rubber PLC 86 1,135 
BAE Systems PLC 5,919 46,974 
Berendsen PLC 1,434 24,123 
BHP Billiton PLC 2,113 38,528 
BP PLC 10,547 61,950 
British American Tobacco PLC (United Kingdom) 1,390 86,466 
Bunzl PLC 758 22,882 
Compass Group PLC 1,195 25,495 
Dechra Pharmaceuticals PLC 282 6,604 
DP Poland PLC (a) 3,231 1,838 
Elementis PLC 3,179 12,432 
GlaxoSmithKline PLC 2,650 52,753 
Great Portland Estates PLC 505 4,011 
Hilton Food Group PLC 100 891 
Howden Joinery Group PLC 2,017 11,308 
HSBC Holdings PLC sponsored ADR 577 28,902 
Imperial Tobacco Group PLC 495 20,377 
Informa PLC 5,860 53,774 
InterContinental Hotel Group PLC ADR 878 49,835 
Micro Focus International PLC 500 14,731 
NMC Health PLC 383 11,436 
Prudential PLC 2,520 61,489 
Reckitt Benckiser Group PLC 778 75,643 
Rightmove PLC 218 12,103 
Rio Tinto PLC 408 19,122 
Shaftesbury PLC 963 12,490 
Spectris PLC 547 17,754 
Spirax-Sarco Engineering PLC 155 11,371 
Standard Chartered PLC (United Kingdom) (a) 2,687 30,017 
Standard Life PLC 2,970 17,101 
Ultra Electronics Holdings PLC 176 4,870 
Unilever PLC 196 11,178 
Unite Group PLC 309 2,736 
TOTAL UNITED KINGDOM  915,997 
United States of America - 8.6%   
A.O. Smith Corp. 178 9,532 
Alphabet, Inc.:   
Class A (a) 47 44,439 
Class C (a) 11 10,236 
Amazon.com, Inc. (a) 11 10,866 
Amgen, Inc. 54 9,424 
Amphenol Corp. Class A 132 10,114 
Apple, Inc. 71 10,560 
Autoliv, Inc. 274 29,699 
Berkshire Hathaway, Inc. Class B (a) 194 33,944 
ConocoPhillips Co. 547 24,817 
Domino's Pizza, Inc. 36 6,714 
Edgewell Personal Care Co. (a) 92 6,642 
Facebook, Inc. Class A (a) 68 11,509 
Martin Marietta Materials, Inc. 132 29,889 
MasterCard, Inc. Class A 545 69,651 
MercadoLibre, Inc. 30 8,653 
Mohawk Industries, Inc. (a) 119 29,630 
Molson Coors Brewing Co. Class B 284 25,270 
Moody's Corp. 219 28,827 
MSCI, Inc. 299 32,576 
Philip Morris International, Inc. 464 54,153 
PPG Industries, Inc. 113 11,893 
PriceSmart, Inc. 159 13,396 
ResMed, Inc. 307 23,676 
S&P Global, Inc. 377 57,903 
Sherwin-Williams Co. 102 34,402 
Visa, Inc. Class A 827 82,336 
TOTAL UNITED STATES OF AMERICA  720,751 
TOTAL COMMON STOCKS   
(Cost $7,331,035)  7,964,457 
Nonconvertible Preferred Stocks - 0.7%   
Brazil - 0.4%   
Itau Unibanco Holding SA 3,300 39,494 
Germany - 0.1%   
Sartorius AG (non-vtg.) 99 9,370 
Spain - 0.2%   
Grifols SA Class B 693 14,681 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $60,817)  63,545 
Investment Companies - 3.1%   
United States of America - 3.1%   
WisdomTree India Earnings ETF   
(Cost $236,762) 9,823 259,824 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund, 1.11% (c)   
(Cost $100,242) 100,222 100,242 
TOTAL INVESTMENT PORTFOLIO - 99.4%   
(Cost $7,728,856)  8,388,068 
NET OTHER ASSETS (LIABILITIES) - 0.6%  47,423 
NET ASSETS - 100%  $8,435,491 

Security Type Abbreviations

ETF – Exchange-Traded Fund

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 $1,553 or 0.0% 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 $963 
Total $963 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $834,620 $529,861 $304,759 $-- 
Consumer Staples 983,476 487,121 496,355 -- 
Energy 336,802 153,385 183,417 -- 
Financials 1,616,612 1,171,177 445,435 -- 
Health Care 826,912 537,351 289,561 -- 
Industrials 1,083,379 905,965 177,414 -- 
Information Technology 1,294,142 978,956 315,186 -- 
Materials 683,347 595,739 87,608 -- 
Real Estate 161,167 161,167 -- -- 
Telecommunication Services 142,079 41,490 100,589 -- 
Utilities 65,466 65,466 -- -- 
Investment Companies 259,824 259,824 -- -- 
Money Market Funds 100,242 100,242 -- -- 
Total Investments in Securities: $8,388,068 $5,987,744 $2,400,324 $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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.

ETFs are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

Other Information

Income Tax Information

At July 31, 2017, the cost of investment securities for income tax purposes was $7,731,395. Net unrealized appreciation aggregated $656,673, of which $720,737 related to appreciated investment securities and $64,064 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.

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, 2017







GCS-QTLY-0917
1.879385.108





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.6%   
 Shares Value 
Chemicals - 21.2%   
Commodity Chemicals - 1.2%   
LyondellBasell Industries NV Class A 35,100 $3,162,159 
Olin Corp. 26,400 778,272 
Westlake Chemical Corp. 14,100 992,076 
  4,932,507 
Diversified Chemicals - 0.6%   
E.I. du Pont de Nemours & Co. 9,300 764,553 
The Chemours Co. LLC 17,000 809,370 
The Dow Chemical Co. 15,200 976,448 
  2,550,371 
Fertilizers & Agricultural Chemicals - 19.0%   
Agrium, Inc. 103,200 10,327,036 
CF Industries Holdings, Inc. 294,160 8,633,596 
FMC Corp. 91,400 6,981,132 
K&S AG (a) 107,300 2,793,843 
Monsanto Co. 212,400 24,812,564 
Potash Corp. of Saskatchewan, Inc. 687,000 12,288,029 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 35,400 1,455,294 
The Mosaic Co. 249,261 6,017,161 
UPL Ltd. 60,800 830,955 
Yara International ASA 98,000 3,904,869 
  78,044,479 
Specialty Chemicals - 0.4%   
Platform Specialty Products Corp. (b) 63,000 882,630 
W.R. Grace & Co. 11,100 765,456 
  1,648,086 
TOTAL CHEMICALS  87,175,443 
Construction & Engineering - 0.3%   
Construction & Engineering - 0.3%   
KBR, Inc. 88,600 1,321,912 
Construction Materials - 0.2%   
Construction Materials - 0.2%   
Eagle Materials, Inc. 10,600 997,460 
Containers & Packaging - 0.0%   
Paper Packaging - 0.0%   
WestRock Co. 359 20,614 
Energy Equipment & Services - 0.5%   
Oil & Gas Equipment & Services - 0.5%   
Baker Hughes, a GE Co. Class A 26,100 962,829 
John Wood Group PLC 125,900 1,014,117 
  1,976,946 
Food Products - 7.5%   
Agricultural Products - 7.2%   
Archer Daniels Midland Co. 233,600 9,853,248 
Bunge Ltd. 94,100 7,376,499 
Darling International, Inc. (b) 189,500 3,083,165 
First Resources Ltd. 1,505,600 2,077,609 
Ingredion, Inc. 42,000 5,179,440 
SLC Agricola SA 87,900 613,371 
Wilmar International Ltd. 625,800 1,542,392 
  29,725,724 
Packaged Foods & Meats - 0.3%   
Adecoagro SA (b) 96,100 977,337 
TOTAL FOOD PRODUCTS  30,703,061 
Independent Power and Renewable Electricity Producers - 0.4%   
Independent Power Producers & Energy Traders - 0.4%   
China Resources Power Holdings Co. Ltd. 416,000 793,568 
The AES Corp. 82,400 921,232 
  1,714,800 
Machinery - 0.6%   
Agricultural & Farm Machinery - 0.3%   
AGCO Corp. 600 43,284 
Deere & Co. 300 38,484 
Jain Irrigation Systems Ltd. 617,859 1,020,940 
  1,102,708 
Construction Machinery & Heavy Trucks - 0.3%   
Allison Transmission Holdings, Inc. 32,300 1,220,940 
Caterpillar, Inc. 400 45,580 
  1,266,520 
TOTAL MACHINERY  2,369,228 
Metals & Mining - 33.3%   
Copper - 2.6%   
First Quantum Minerals Ltd. 601,324 6,646,276 
Freeport-McMoRan, Inc. (b) 282,800 4,134,536 
  10,780,812 
Diversified Metals & Mining - 16.5%   
Anglo American PLC (United Kingdom) 263,151 4,348,698 
Arizona Mining, Inc. (b) 625,900 1,676,764 
BHP Billiton PLC 1,144,604 20,870,726 
Boliden AB 47,000 1,476,281 
Glencore Xstrata PLC 2,977,435 13,126,841 
Grupo Mexico SA de CV Series B 260,111 847,288 
Ivanhoe Mines Ltd. (b) 546,300 2,155,842 
Korea Zinc Co. Ltd. 1,892 833,711 
MMC Norilsk Nickel PJSC sponsored ADR 51,300 761,036 
Rio Tinto PLC 338,887 15,882,616 
South32 Ltd. 680,278 1,583,687 
Sumitomo Metal Mining Co. Ltd. 59,000 892,934 
Teck Resources Ltd. Class B (sub. vtg.) 119,700 2,598,020 
Turquoise Hill Resources Ltd. (b) 311,400 1,024,055 
  68,078,499 
Gold - 7.3%   
Agnico Eagle Mines Ltd. (Canada) 54,000 2,521,227 
AngloGold Ashanti Ltd. sponsored ADR 81,300 814,626 
B2Gold Corp. (b) 788,780 1,980,254 
Barrick Gold Corp. 329,500 5,571,173 
Compania de Minas Buenaventura SA sponsored ADR 63,900 782,136 
Continental Gold, Inc. (b) 456,200 1,240,440 
Eldorado Gold Corp. 169,600 359,129 
Franco-Nevada Corp. 11,300 818,712 
Goldcorp, Inc. 80,510 1,057,107 
Guyana Goldfields, Inc. (b) 193,500 746,529 
Newcrest Mining Ltd. 50,542 816,759 
Newmont Mining Corp. 134,400 4,995,648 
Premier Gold Mines Ltd. (b) 1,543,000 4,195,524 
Randgold Resources Ltd. sponsored ADR 20,200 1,877,388 
SEMAFO, Inc. (b) 441,100 1,064,938 
Tahoe Resources, Inc. 75,500 413,002 
Torex Gold Resources, Inc. (b) 45,870 836,274 
  30,090,866 
Precious Metals & Minerals - 0.6%   
Alrosa Co. Ltd. 125,000 174,883 
Fresnillo PLC 40,700 824,826 
Gold Standard Ventures Corp. (b) 598,400 1,017,282 
Impala Platinum Holdings Ltd. (b) 67,400 180,074 
Osisko Mining, Inc. (b) 103,000 371,767 
  2,568,832 
Silver - 0.7%   
Wheaton Precious Metals Corp. 139,400 2,826,575 
Steel - 5.6%   
ArcelorMittal SA Class A unit (a)(b) 172,102 4,502,188 
BlueScope Steel Ltd. 71,600 754,950 
Fortescue Metals Group Ltd. 258,456 1,186,830 
Hyundai Steel Co. 14,552 814,699 
JFE Holdings, Inc. 106,300 2,056,191 
Nippon Steel & Sumitomo Metal Corp. 89,600 2,204,138 
Nucor Corp. 64,092 3,696,186 
POSCO 15,312 4,571,837 
Steel Dynamics, Inc. 49,300 1,745,713 
Thyssenkrupp AG 45,500 1,351,151 
  22,883,883 
TOTAL METALS & MINING  137,229,467 
Oil, Gas & Consumable Fuels - 29.7%   
Integrated Oil & Gas - 14.3%   
BP PLC 743,100 4,364,785 
Cenovus Energy, Inc. 496,600 4,170,365 
Chevron Corp. 146,700 16,018,173 
China Petroleum & Chemical Corp. (H Shares) 2,272,000 1,722,330 
Exxon Mobil Corp. 71,400 5,714,856 
Imperial Oil Ltd. 26,900 771,993 
Lukoil PJSC sponsored ADR 42,200 1,965,254 
Occidental Petroleum Corp. 13,400 829,862 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 132,000 3,727,867 
Class B (United Kingdom) 44,393 1,264,655 
Statoil ASA 126,700 2,381,210 
Suncor Energy, Inc. 230,732 7,526,666 
Total SA 166,000 8,441,714 
  58,899,730 
Oil & Gas Exploration & Production - 14.1%   
Anadarko Petroleum Corp. 200,300 9,147,701 
Apache Corp. 58,000 2,869,840 
Cabot Oil & Gas Corp. 40,200 999,774 
Canadian Natural Resources Ltd. 90,500 2,767,808 
Centennial Resource Development, Inc. Class A 2,500 41,950 
Cimarex Energy Co. 8,400 831,852 
CNOOC Ltd. sponsored ADR (a) 21,400 2,406,430 
ConocoPhillips Co. 103,200 4,682,184 
Continental Resources, Inc. (b) 68,192 2,279,659 
Devon Energy Corp. 80,600 2,684,786 
Diamondback Energy, Inc. (b) 16,700 1,601,196 
EOG Resources, Inc. 43,100 4,100,534 
EQT Corp. (a) 51,001 3,248,764 
Hess Corp. 38,000 1,692,520 
INPEX Corp. 84,600 823,401 
Marathon Oil Corp. 120,700 1,476,161 
Murphy Oil Corp. 26,600 707,028 
Newfield Exploration Co. (b) 29,600 850,408 
Noble Energy, Inc. 131,100 3,790,101 
NOVATEK OAO GDR (Reg. S) 13,400 1,401,640 
Pioneer Natural Resources Co. 17,410 2,839,571 
PrairieSky Royalty Ltd. (a) 75,198 1,867,359 
Range Resources Corp. 103,200 2,178,552 
RSP Permian, Inc. (b) 25,950 891,642 
Southwestern Energy Co. (b) 174,300 993,510 
Woodside Petroleum Ltd. 33,711 786,680 
  57,961,051 
Oil & Gas Storage & Transport - 1.3%   
Boardwalk Pipeline Partners, LP 58,500 979,290 
Cheniere Energy Partners LP 6,600 193,710 
Cheniere Energy, Inc. (b) 17,200 777,440 
Golar LNG Ltd. 33,600 800,016 
Kinder Morgan, Inc. 50,600 1,033,758 
Plains All American Pipeline LP 29,800 785,826 
Scorpio Tankers, Inc. 214,800 796,908 
  5,366,948 
TOTAL OIL, GAS & CONSUMABLE FUELS  122,227,729 
Paper & Forest Products - 2.5%   
Forest Products - 0.0%   
Quintis Ltd. 413,280 97,534 
Svenska Cellulosa AB (SCA) (B Shares) 5,200 43,055 
  140,589 
Paper Products - 2.5%   
Mondi PLC 152,100 4,003,581 
Nine Dragons Paper (Holdings) Ltd. 554,000 825,595 
Sappi Ltd. 220,361 1,459,905 
Stora Enso Oyj (R Shares) 60,200 805,292 
UPM-Kymmene Corp. 115,300 3,140,684 
  10,235,057 
TOTAL PAPER & FOREST PRODUCTS  10,375,646 
Pharmaceuticals - 0.2%   
Pharmaceuticals - 0.2%   
Bayer AG 7,800 989,385 
Trading Companies & Distributors - 0.2%   
Trading Companies & Distributors - 0.2%   
Univar, Inc. (b) 26,600 825,664 
TOTAL COMMON STOCKS   
(Cost $449,692,076)  397,927,355 
Nonconvertible Preferred Stocks - 1.9%   
Metals & Mining - 0.8%   
Steel - 0.8%   
Gerdau SA:   
(PN) 52,000 177,761 
sponsored ADR 496,600 1,673,542 
Vale SA (PN-A) sponsored ADR 163,500 1,535,265 
  3,386,568 
Oil, Gas & Consumable Fuels - 0.7%   
Integrated Oil & Gas - 0.7%   
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (b) 342,100 2,907,850 
Paper & Forest Products - 0.4%   
Paper Products - 0.4%   
Suzano Papel e Celulose SA 311,900 1,402,292 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $9,054,683)  7,696,710 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund, 1.11% (c) 4,978,111 4,979,107 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 12,421,553 12,422,795 
TOTAL MONEY MARKET FUNDS   
(Cost $17,402,494)  17,401,902 
TOTAL INVESTMENT PORTFOLIO - 102.7%   
(Cost $476,149,253)  423,025,967 
NET OTHER ASSETS (LIABILITIES) - (2.7)%  (11,036,721) 
NET ASSETS - 100%  $411,989,246 

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 $29,749 
Fidelity Securities Lending Cash Central Fund 106,881 
Total $136,630 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $397,927,355 $334,602,081 $63,227,740 $97,534 
Nonconvertible Preferred Stocks 7,696,710 7,696,710 -- -- 
Money Market Funds 17,401,902 17,401,902 -- -- 
Total Investments in Securities: $423,025,967 $359,700,693 $63,227,740 $97,534 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $482,272,020. Net unrealized depreciation aggregated $59,246,053, of which $22,780,349 related to appreciated investment securities and $82,026,402 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, 2017







GED-QTLY-0917
1.938167.105





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%   
 Shares Value 
Austria - 0.2%   
Andritz AG 3,000 $183,856 
Bailiwick of Jersey - 0.9%   
Wolseley PLC 12,146 725,212 
Belgium - 1.7%   
Anheuser-Busch InBev SA NV 6,500 784,112 
KBC Groep NV 6,461 535,397 
TOTAL BELGIUM  1,319,509 
Bermuda - 0.3%   
IHS Markit Ltd. (a) 5,000 233,250 
Canada - 5.0%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 7,200 341,419 
Constellation Software, Inc. 1,300 700,337 
Fairfax Financial Holdings Ltd. (sub. vtg.) 541 257,975 
Hydro One Ltd. 22,900 410,703 
Imperial Oil Ltd. 22,800 654,328 
PrairieSky Royalty Ltd. 5,100 126,646 
Suncor Energy, Inc. 42,500 1,386,385 
TOTAL CANADA  3,877,793 
Cayman Islands - 0.6%   
SITC International Holdings Co. Ltd. 551,000 458,532 
Chile - 0.5%   
Vina San Pedro SA 37,219,054 416,415 
China - 0.3%   
Shanghai International Airport Co. Ltd. (A Shares) 37,168 206,932 
France - 1.6%   
Cegedim SA (a) 6,000 229,420 
Compagnie de St. Gobain 5,000 277,542 
Maisons du Monde SA 6,400 237,252 
VINCI SA 5,700 510,414 
TOTAL FRANCE  1,254,628 
Germany - 1.9%   
adidas AG 1,131 258,403 
AURELIUS AG (b) 3,399 200,302 
Deutsche Post AG 5,000 194,143 
SAP AG 7,519 796,151 
TOTAL GERMANY  1,448,999 
Hong Kong - 0.8%   
Techtronic Industries Co. Ltd. 140,500 625,080 
Ireland - 2.7%   
Accenture PLC Class A 7,640 984,185 
Allergan PLC 2,100 529,893 
Medtronic PLC 6,800 570,996 
TOTAL IRELAND  2,085,074 
Isle of Man - 1.6%   
Paysafe Group PLC (a) 104,700 815,033 
Playtech Ltd. 32,778 415,390 
TOTAL ISLE OF MAN  1,230,423 
Israel - 0.8%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 19,950 641,792 
Italy - 0.5%   
Prada SpA 103,200 365,986 
Japan - 8.8%   
A/S One Corp. 11,200 559,771 
Aucnet, Inc. 5,000 64,175 
Bridgestone Corp. 5,500 232,333 
Broadleaf Co. Ltd. 21,600 145,378 
Daiichikosho Co. Ltd. 21,800 1,050,007 
Hoya Corp. 16,400 926,177 
Inaba Denki Sangyo Co. Ltd. 8,000 315,298 
Japan Meat Co. Ltd. 18,600 306,049 
KDDI Corp. 20,900 553,787 
Morinaga & Co. Ltd. 7,300 418,486 
Nippon Telegraph & Telephone Corp. 13,100 641,091 
Olympus Corp. 11,000 400,109 
Recruit Holdings Co. Ltd. 13,100 226,839 
Sacs Bar Holdings, Inc. 3,500 38,510 
Sony Corp. 11,700 480,686 
Tsuruha Holdings, Inc. 3,800 399,147 
TOTAL JAPAN  6,757,843 
Kenya - 0.5%   
Safaricom Ltd. 1,783,700 420,279 
Korea (South) - 0.3%   
Coway Co. Ltd. 2,626 232,368 
Luxembourg - 0.8%   
B&M European Value Retail S.A. 124,446 591,099 
Multi-National - 0.6%   
HKT Trust/HKT Ltd. unit 351,600 460,949 
Netherlands - 3.8%   
Koninklijke Philips Electronics NV 17,454 667,023 
LyondellBasell Industries NV Class A 9,900 891,891 
Unilever NV (Certificaten Van Aandelen) (Bearer) 23,095 1,345,922 
TOTAL NETHERLANDS  2,904,836 
Norway - 0.6%   
Statoil ASA 25,000 469,852 
South Africa - 1.0%   
Capitec Bank Holdings Ltd. 8,000 521,925 
EOH Holdings Ltd. 26,000 212,577 
TOTAL SOUTH AFRICA  734,502 
Spain - 0.9%   
Amadeus IT Holding SA Class A 6,800 419,075 
Prosegur Cash SA 112,800 307,125 
TOTAL SPAIN  726,200 
Sweden - 1.2%   
Essity AB Class B (a) 15,000 434,925 
Loomis AB (B Shares) 13,000 483,044 
TOTAL SWEDEN  917,969 
Switzerland - 3.0%   
Banque Cantonale Vaudoise 570 412,343 
Chubb Ltd. 4,300 629,778 
Galenica Sante Ltd. 970 45,092 
Nestle SA (Reg. S) 14,447 1,219,465 
TOTAL SWITZERLAND  2,306,678 
Taiwan - 1.4%   
ECLAT Textile Co. Ltd. 65 748 
Taiwan Semiconductor Manufacturing Co. Ltd. 149,000 1,052,605 
TOTAL TAIWAN  1,053,353 
United Kingdom - 11.2%   
BAE Systems PLC 44,209 350,851 
Booker Group PLC 268,100 680,932 
British American Tobacco PLC (United Kingdom) 22,608 1,406,347 
Cineworld Group PLC 15,000 136,459 
GlaxoSmithKline PLC 61,517 1,224,617 
Hilton Food Group PLC 58,600 522,275 
Imperial Tobacco Group PLC 9,501 391,111 
ITV PLC 123,026 280,814 
Jiangsu Yanghe Brewery JSC Ltd. ELS (UBS Warrant Programme) warrants 10/23/17 (a)(c) 7,672 101,966 
John Wood Group PLC 25,000 201,373 
London Stock Exchange Group PLC 2,500 123,628 
Mears Group PLC 25,900 168,812 
Micro Focus International PLC 56,200 1,655,776 
Moneysupermarket.com Group PLC 84,210 368,985 
St. James's Place Capital PLC 30,814 494,783 
Ultra Electronics Holdings PLC 4,000 110,671 
Victrex PLC 15,400 400,483 
TOTAL UNITED KINGDOM  8,619,883 
United States of America - 42.6%   
American Tower Corp. 8,760 1,194,251 
AMETEK, Inc. 12,900 794,382 
Amgen, Inc. 7,920 1,382,119 
Apple, Inc. 14,650 2,178,895 
AutoZone, Inc. (a) 800 431,856 
Ball Corp. 7,800 326,820 
Bank of America Corp. 53,380 1,287,526 
Becton, Dickinson & Co. 2,500 503,500 
Bristol-Myers Squibb Co. 6,100 347,090 
Capital One Financial Corp. 5,600 482,608 
Caterpillar, Inc. 2,400 273,480 
Cedar Fair LP (depositary unit) 4,100 284,704 
Charter Communications, Inc. Class A (a) 1,000 391,910 
Chevron Corp. 14,465 1,579,433 
Citigroup, Inc. 14,300 978,835 
Comcast Corp. Class A 18,700 756,415 
ConocoPhillips Co. 21,600 979,992 
Danaher Corp. 6,000 488,940 
Deluxe Corp. 1,700 122,740 
Diamond Hill Investment Group, Inc. 2,100 414,750 
Dr. Pepper Snapple Group, Inc. 4,841 441,306 
E.I. du Pont de Nemours & Co. 8,300 682,343 
Exxon Mobil Corp. 11,030 882,841 
Fortive Corp. 4,200 271,908 
Johnson & Johnson 9,600 1,274,112 
JPMorgan Chase & Co. 15,630 1,434,834 
L Brands, Inc. 8,800 408,232 
Microsoft Corp. 21,664 1,574,973 
Molson Coors Brewing Co. Class B 8,200 729,636 
Monsanto Co. 3,200 373,824 
MSCI, Inc. 5,500 599,225 
PepsiCo, Inc. 6,300 734,643 
Phillips 66 Co. 3,500 293,125 
PPG Industries, Inc. 2,700 284,175 
Procter & Gamble Co. 8,159 741,000 
Qualcomm, Inc. 6,100 324,459 
S&P Global, Inc. 4,340 666,581 
Stock Yards Bancorp, Inc. 3,000 107,550 
SunTrust Banks, Inc. 13,600 779,144 
The Coca-Cola Co. 16,400 751,776 
The J.M. Smucker Co. 2,500 304,750 
Total System Services, Inc. 5,700 361,722 
Tupperware Brands Corp. 1,500 91,065 
U.S. Bancorp 17,580 927,872 
Verizon Communications, Inc. 21,000 1,016,400 
VF Corp. 5,800 360,702 
Wells Fargo & Co. 23,757 1,281,453 
TOTAL UNITED STATES OF AMERICA  32,899,897 
TOTAL COMMON STOCKS   
(Cost $60,698,355)  74,169,189 
Nonconvertible Preferred Stocks - 0.7%   
Spain - 0.7%   
Grifols SA Class B   
(Cost $420,916) 25,200 533,839 
 Principal Amount(d) Value 
Nonconvertible Bonds - 0.0%   
Canada - 0.0%   
Constellation Software, Inc. 7.9% 3/31/40 (e) CAD  

(Cost $2,060) 
CAD 2,400 2,757 
 Shares Value 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund, 1.11% (f) 2,629,932 2,630,458 
Fidelity Securities Lending Cash Central Fund 1.11% (f)(g) 87,371 87,380 
TOTAL MONEY MARKET FUNDS   
(Cost $2,717,780)  2,717,838 
TOTAL INVESTMENT PORTFOLIO - 100.3%   
(Cost $63,839,111)  77,423,123 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (197,385) 
NET ASSETS - 100%  $77,225,738 

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 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 $101,966 or 0.1% of net assets.

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

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

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

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $17,100 
Fidelity Securities Lending Cash Central Fund 3,824 
Total $20,924 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $7,254,629 $6,773,943 $480,686 $-- 
Consumer Staples 12,414,808 7,658,962 4,755,846 -- 
Energy 6,573,975 6,104,123 469,852 -- 
Financials 12,545,600 12,443,634 101,966 -- 
Health Care 9,612,375 8,387,758 1,224,617 -- 
Industrials 6,574,929 4,672,280 1,902,649 -- 
Information Technology 12,069,716 10,220,960 1,848,756 -- 
Materials 2,959,536 2,959,536 -- -- 
Real Estate 1,194,251 1,194,251 -- -- 
Telecommunication Services 3,092,506 1,897,628 1,194,878 -- 
Utilities 410,703 410,703 -- -- 
Corporate Bonds 2,257 -- 2,257 -- 
Money Market Funds 2,717,838 2,717,838 -- -- 
Total Investments in Securities: $77,423,123 $65,441,616 $11,981,507 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $1,201,202 
Level 2 to Level 1 $837,899 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $63,910,862. Net unrealized appreciation aggregated $13,512,261, of which $15,266,051 related to appreciated investment securities and $1,753,790 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, 2017







IVF-QTLY-0917
1.804818.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
Australia - 1.8%   
Amcor Ltd. 846,162 $10,384,100 
CSL Ltd. 130,382 13,142,506 
realestate.com.au Ltd. 176,606 9,751,477 
TOTAL AUSTRALIA  33,278,083 
Belgium - 1.0%   
Anheuser-Busch InBev SA NV 150,900 18,203,451 
Bermuda - 1.1%   
Credicorp Ltd. (United States) 54,100 10,016,074 
Hiscox Ltd. 546,312 9,356,037 
TOTAL BERMUDA  19,372,111 
Canada - 4.0%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 226,700 10,749,953 
Canadian National Railway Co. 178,500 14,105,330 
CCL Industries, Inc. Class B 196,100 9,401,161 
Constellation Software, Inc. 18,480 9,955,558 
Descartes Systems Group, Inc. (a) 379,500 9,521,364 
Open Text Corp. 300,600 10,054,157 
Waste Connection, Inc. (Canada) 144,200 9,371,988 
TOTAL CANADA  73,159,511 
Cayman Islands - 3.5%   
Alibaba Group Holding Ltd. sponsored ADR (a) 159,030 24,641,699 
NetEase, Inc. ADR 35,800 11,143,824 
Tencent Holdings Ltd. 745,200 29,743,900 
TOTAL CAYMAN ISLANDS  65,529,423 
Denmark - 1.1%   
Coloplast A/S Series B 118,800 10,205,959 
DSV de Sammensluttede Vognmaend A/S 161,000 10,394,620 
TOTAL DENMARK  20,600,579 
France - 9.0%   
ALTEN 106,900 9,231,693 
Dassault Systemes SA 113,500 11,137,208 
Eiffage SA 104,800 10,154,494 
Essilor International SA 88,674 11,242,531 
Hermes International SCA 20,200 10,234,661 
Kering SA 35,160 12,299,422 
L'Oreal SA 64,600 13,390,506 
Legrand SA 151,000 10,439,222 
LVMH Moet Hennessy - Louis Vuitton SA 62,187 15,620,665 
Orpea 81,000 9,291,528 
Rubis 156,716 9,973,577 
Sartorius Stedim Biotech 138,700 9,887,706 
SR Teleperformance SA 72,700 10,125,225 
Thales SA 92,300 10,226,087 
VINCI SA 152,000 13,611,043 
TOTAL FRANCE  166,865,568 
Germany - 8.9%   
adidas AG 63,028 14,400,221 
Deutsche Wohnen AG (Bearer) 262,100 10,389,524 
Fraport AG Frankfurt Airport Services Worldwide 93,836 9,399,848 
Fresenius Medical Care AG & Co. KGaA 114,200 10,769,114 
Fresenius SE & Co. KGaA 141,520 11,966,766 
HeidelbergCement Finance AG 104,400 10,359,206 
Henkel AG & Co. KGaA 100,189 12,619,438 
KION Group AG 112,200 9,739,864 
MTU Aero Engines Holdings AG 41,270 6,055,630 
Nemetschek Se 130,500 10,146,634 
Rheinmetall AG 95,800 9,571,639 
SAP AG 174,474 18,474,219 
Symrise AG 145,400 10,194,935 
United Internet AG 166,575 10,153,390 
Wirecard AG (b) 125,511 9,611,635 
TOTAL GERMANY  163,852,063 
Hong Kong - 1.5%   
AIA Group Ltd. 2,274,200 17,920,957 
Techtronic Industries Co. Ltd. 2,071,500 9,216,037 
TOTAL HONG KONG  27,136,994 
India - 6.1%   
Adani Ports & Special Economic Zone Ltd. 1,855,643 11,446,698 
Asian Paints Ltd. 588,166 10,646,190 
HDFC Bank Ltd. 387,625 11,096,563 
Housing Development Finance Corp. Ltd. 534,906 14,912,443 
IndusInd Bank Ltd. 436,109 11,183,023 
ITC Ltd. 2,694,495 11,975,767 
Kotak Mahindra Bank Ltd. 643,977 10,251,155 
LIC Housing Finance Ltd. 901,599 9,699,424 
Maruti Suzuki India Ltd. 96,439 11,645,483 
Power Grid Corp. of India Ltd. 2,943,852 10,242,477 
TOTAL INDIA  113,099,223 
Indonesia - 1.7%   
PT Bank Central Asia Tbk 7,367,200 10,339,736 
PT Bank Rakyat Indonesia Tbk 8,873,500 9,839,835 
PT Telkomunikasi Indonesia Tbk Series B 31,506,500 11,073,558 
TOTAL INDONESIA  31,253,129 
Ireland - 2.3%   
CRH PLC 329,400 11,538,970 
DCC PLC (United Kingdom) 112,500 9,893,026 
Kerry Group PLC Class A 115,700 10,457,328 
Kingspan Group PLC (Ireland) 290,508 9,670,563 
TOTAL IRELAND  41,559,887 
Israel - 1.6%   
Check Point Software Technologies Ltd. (a) 98,000 10,366,440 
Elbit Systems Ltd. 74,600 9,401,092 
Frutarom Industries Ltd. 137,900 9,765,779 
TOTAL ISRAEL  29,533,311 
Italy - 2.6%   
Amplifon SpA 661,700 9,509,510 
Buzzi Unicem SpA 375,000 9,499,995 
Davide Campari-Milano SpA 1,280,900 9,484,640 
Industria Macchine Automatiche SpA (IMA) 101,100 10,023,383 
Interpump Group SpA 319,400 9,728,660 
TOTAL ITALY  48,246,188 
Japan - 8.5%   
Benefit One, Inc. 207,700 8,440,256 
Cosmos Pharmaceutical Corp. 44,330 9,441,411 
Daikin Industries Ltd. 106,400 11,291,941 
Daito Trust Construction Co. Ltd. 62,600 10,584,280 
Hoya Corp. 216,500 12,226,668 
Kansai Paint Co. Ltd. 422,700 9,704,329 
Kao Corp. 199,600 12,155,784 
Keyence Corp. 28,720 13,291,255 
Misumi Group, Inc. 411,900 10,222,308 
Nippon Paint Holdings Co. Ltd. 253,400 9,780,190 
Nitori Holdings Co. Ltd. 77,600 10,952,479 
Recruit Holdings Co. Ltd. 633,700 10,973,135 
Relo Holdings Corp. 474,300 9,520,848 
Sundrug Co. Ltd. 249,900 9,316,423 
Tsuruha Holdings, Inc. 89,200 9,369,459 
TOTAL JAPAN  157,270,766 
Kenya - 0.6%   
Safaricom Ltd. 46,312,000 10,912,137 
Luxembourg - 0.5%   
Eurofins Scientific SA 16,900 9,410,926 
Mexico - 1.0%   
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 844,000 9,664,813 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 440,100 9,400,254 
TOTAL MEXICO  19,065,067 
Netherlands - 2.1%   
ASML Holding NV (Netherlands) 95,500 14,401,505 
Heineken NV (Bearer) 113,100 11,804,886 
RELX NV 617,097 12,961,755 
TOTAL NETHERLANDS  39,168,146 
New Zealand - 0.5%   
Auckland International Airport Ltd. 1,898,208 9,921,857 
Philippines - 1.6%   
Ayala Land, Inc. 11,764,200 9,798,445 
SM Investments Corp. 592,024 9,474,544 
SM Prime Holdings, Inc. 14,321,500 9,911,957 
TOTAL PHILIPPINES  29,184,946 
Russia - 0.6%   
Sberbank of Russia 4,238,340 11,674,636 
South Africa - 2.1%   
Capitec Bank Holdings Ltd. 159,621 10,413,775 
FirstRand Ltd. 2,673,200 10,519,370 
Naspers Ltd. Class N 84,077 18,585,601 
TOTAL SOUTH AFRICA  39,518,746 
Spain - 1.7%   
Aena SA 52,030 10,178,262 
Amadeus IT Holding SA Class A 187,800 11,573,856 
Grifols SA 360,000 10,123,621 
TOTAL SPAIN  31,875,739 
Sweden - 2.3%   
ASSA ABLOY AB (B Shares) 540,962 11,591,373 
Essity AB Class B (a) 362,600 10,513,595 
Hexagon AB (B Shares) 217,000 10,723,947 
Indutrade AB 396,060 9,776,655 
TOTAL SWEDEN  42,605,570 
Switzerland - 5.1%   
Geberit AG (Reg.) 21,510 10,348,469 
Kaba Holding AG (B Shares) (Reg.) 10,630 9,476,250 
Lonza Group AG 45,092 10,725,642 
Nestle SA (Reg. S) 383,009 32,329,609 
Partners Group Holding AG 15,200 9,871,865 
Schindler Holding AG (participation certificate) 47,895 10,332,382 
Sika AG 1,610 11,097,420 
TOTAL SWITZERLAND  94,181,637 
Taiwan - 1.3%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 674,800 24,265,808 
Thailand - 0.6%   
Airports of Thailand PCL (For. Reg.) 6,815,000 10,547,158 
Turkey - 0.5%   
Koc Holding A/S 1,945,000 9,052,552 
United Kingdom - 13.0%   
Beazley PLC 1,414,000 9,561,362 
British American Tobacco PLC (United Kingdom) 379,500 23,607,078 
Bunzl PLC 350,542 10,582,117 
Compass Group PLC 571,088 12,183,990 
Cranswick PLC 247,900 9,491,840 
Diageo PLC 545,078 17,604,361 
Halma PLC 652,100 9,455,584 
Imperial Tobacco Group PLC 352,353 14,504,710 
InterContinental Hotel Group PLC 172,727 9,779,017 
Intertek Group PLC 176,500 10,015,915 
London Stock Exchange Group PLC 215,000 10,631,989 
Mondi PLC 380,100 10,005,004 
Prudential PLC 628,080 15,325,464 
Reckitt Benckiser Group PLC 155,580 15,126,630 
Rentokil Initial PLC 2,565,900 9,838,113 
Rightmove PLC 168,354 9,347,073 
Sage Group PLC 1,085,900 9,656,644 
St. James's Place Capital PLC 632,000 10,148,086 
Unilever PLC 428,200 24,421,422 
TOTAL UNITED KINGDOM  241,286,399 
United States of America - 10.7%   
A.O. Smith Corp. 169,160 9,058,518 
Adobe Systems, Inc. (a) 64,900 9,507,201 
Alphabet, Inc. Class C (a) 10,003 9,307,792 
Amazon.com, Inc. (a) 8,897 8,788,279 
American Tower Corp. 66,620 9,082,305 
Amphenol Corp. Class A 124,178 9,514,518 
Apple, Inc. 62,230 9,255,468 
Equinix, Inc. 21,160 9,537,447 
Facebook, Inc. Class A (a) 54,940 9,298,595 
Fiserv, Inc. (a) 73,205 9,406,843 
Henry Schein, Inc. (a) 50,850 9,265,379 
Home Depot, Inc. 63,600 9,514,560 
MasterCard, Inc. Class A 73,830 9,435,474 
Moody's Corp. 71,630 9,428,657 
MSCI, Inc. 86,030 9,372,969 
PayPal Holdings, Inc. (a) 159,200 9,321,160 
Philip Morris International, Inc. 84,270 9,835,152 
Priceline Group, Inc. (a) 4,710 9,554,235 
S&P Global, Inc. 65,093 9,997,634 
Sherwin-Williams Co. 27,790 9,372,733 
Visa, Inc. Class A 94,868 9,445,058 
TOTAL UNITED STATES OF AMERICA  197,299,977 
TOTAL COMMON STOCKS   
(Cost $1,447,060,380)  1,828,931,588 
Nonconvertible Preferred Stocks - 0.7%   
Brazil - 0.7%   
Itau Unibanco Holding SA sponsored ADR 1,060,900 12,635,319 
Germany - 0.0%   
Jungheinrich AG 10,212 405,947 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $11,506,397)  13,041,266 
Money Market Funds - 0.8%   
Fidelity Cash Central Fund, 1.11% (c) 4,583,995 4,584,912 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 9,986,000 9,986,998 
TOTAL MONEY MARKET FUNDS   
(Cost $14,571,910)  14,571,910 
TOTAL INVESTMENT PORTFOLIO - 100.4%   
(Cost $1,473,138,687)  1,856,544,764 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (6,797,071) 
NET ASSETS - 100%  $1,849,747,693 

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 $97,694 
Fidelity Securities Lending Cash Central Fund 220,173 
Total $317,867 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $162,526,127 $128,319,861 $34,206,266 $-- 
Consumer Staples 296,403,443 165,110,892 131,292,551 -- 
Financials 244,196,373 206,099,710 38,096,663 -- 
Health Care 137,767,856 116,792,783 20,975,073 -- 
Industrials 396,912,986 370,340,188 26,572,798 -- 
Information Technology 361,389,502 298,769,878 62,619,624 -- 
Materials 131,750,012 120,211,042 11,538,970 -- 
Real Estate 68,824,806 68,824,806 -- -- 
Telecommunication Services 21,985,695 10,912,137 11,073,558 -- 
Utilities 20,216,054 20,216,054 -- -- 
Money Market Funds 14,571,910 14,571,910 -- -- 
Total Investments in Securities: $1,856,544,764 $1,520,169,261 $336,375,503 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $68,087,717 
Level 2 to Level 1 $22,598,823 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $1,480,108,580. Net unrealized appreciation aggregated $376,436,184, of which $384,021,818 related to appreciated investment securities and $7,585,634 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 K6 Fund

July 31, 2017







IVFK6-QTLY-0917
1.9883988.100





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
Australia - 1.9%   
Amcor Ltd. 81,765 $1,003,420 
CSL Ltd. 12,593 1,269,374 
realestate.com.au Ltd. 17,051 941,488 
TOTAL AUSTRALIA  3,214,282 
Belgium - 0.9%   
Anheuser-Busch InBev SA NV 13,000 1,568,223 
Bermuda - 1.1%   
Credicorp Ltd. (United States) 5,264 974,577 
Hiscox Ltd. 52,762 903,592 
TOTAL BERMUDA  1,878,169 
Canada - 4.2%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 22,071 1,046,591 
Canadian National Railway Co. 17,417 1,376,317 
CCL Industries, Inc. Class B 19,135 917,344 
Constellation Software, Inc. 1,822 981,549 
Descartes Systems Group, Inc. (a) 36,649 919,495 
Open Text Corp. 29,359 981,969 
Waste Connection, Inc. (Canada) 14,072 914,581 
TOTAL CANADA  7,137,846 
Cayman Islands - 3.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 15,490 2,400,176 
NetEase, Inc. ADR 3,544 1,103,176 
Tencent Holdings Ltd. 72,000 2,873,807 
TOTAL CAYMAN ISLANDS  6,377,159 
Denmark - 1.2%   
Coloplast A/S Series B 11,432 982,109 
DSV de Sammensluttede Vognmaend A/S 15,600 1,007,181 
TOTAL DENMARK  1,989,290 
France - 9.6%   
ALTEN 10,326 891,735 
Dassault Systemes SA 11,032 1,082,517 
Eiffage SA 10,225 990,741 
Essilor International SA 8,649 1,096,563 
Hermes International SCA 2,024 1,025,493 
Kering SA 3,139 1,098,063 
L'Oreal SA 6,277 1,301,118 
Legrand SA 14,683 1,015,093 
LVMH Moet Hennessy - Louis Vuitton SA 6,063 1,522,956 
Orpea 7,800 894,740 
Rubis 15,192 966,835 
Sartorius Stedim Biotech 13,562 966,814 
SR Teleperformance SA 7,089 987,314 
Thales SA 9,010 998,234 
VINCI SA 14,882 1,332,629 
TOTAL FRANCE  16,170,845 
Germany - 9.4%   
adidas AG 6,149 1,404,883 
Deutsche Wohnen AG (Bearer) 25,606 1,015,010 
Fraport AG Frankfurt Airport Services Worldwide 9,063 907,869 
Fresenius Medical Care AG & Co. KGaA 11,133 1,049,847 
Fresenius SE & Co. KGaA 13,765 1,163,952 
HeidelbergCement Finance AG 10,226 1,014,686 
Henkel AG & Co. KGaA 9,820 1,236,891 
KION Group AG 10,947 950,288 
MTU Aero Engines Holdings AG 4,075 597,933 
Nemetschek Se 11,643 905,266 
Rheinmetall AG 9,314 930,587 
SAP AG 16,991 1,799,096 
Symrise AG 14,170 993,550 
United Internet AG 14,295 871,335 
Wirecard AG 12,266 939,331 
TOTAL GERMANY  15,780,524 
Hong Kong - 1.6%   
AIA Group Ltd. 219,600 1,730,473 
Techtronic Industries Co. Ltd. 200,000 889,794 
TOTAL HONG KONG  2,620,267 
Indonesia - 1.8%   
PT Bank Central Asia Tbk 711,800 998,999 
PT Bank Rakyat Indonesia Tbk 857,300 950,661 
PT Telkomunikasi Indonesia Tbk Series B 3,043,000 1,069,520 
TOTAL INDONESIA  3,019,180 
Ireland - 2.4%   
CRH PLC 32,089 1,124,086 
DCC PLC (United Kingdom) 10,931 961,250 
Kerry Group PLC Class A 11,200 1,012,291 
Kingspan Group PLC (Ireland) 28,300 942,063 
TOTAL IRELAND  4,039,690 
Israel - 1.7%   
Check Point Software Technologies Ltd. (a) 9,514 1,006,391 
Elbit Systems Ltd. 7,186 905,580 
Frutarom Industries Ltd. 13,400 948,959 
TOTAL ISRAEL  2,860,930 
Italy - 2.8%   
Amplifon SpA 63,835 917,394 
Buzzi Unicem SpA 36,233 917,902 
Davide Campari-Milano SpA 123,805 916,735 
Industria Macchine Automatiche SpA (IMA) 9,821 973,686 
Interpump Group SpA 31,199 950,296 
TOTAL ITALY  4,676,013 
Japan - 9.0%   
Benefit One, Inc. 20,100 816,799 
Cosmos Pharmaceutical Corp. 4,248 904,740 
Daikin Industries Ltd. 10,326 1,095,870 
Daito Trust Construction Co. Ltd. 6,100 1,031,376 
Hoya Corp. 20,939 1,182,514 
Kansai Paint Co. Ltd. 40,800 936,685 
Kao Corp. 19,218 1,170,390 
Keyence Corp. 2,732 1,264,335 
Misumi Group, Inc. 39,800 987,735 
Nippon Paint Holdings Co. Ltd. 24,500 945,598 
Nitori Holdings Co. Ltd. 7,500 1,058,551 
Recruit Holdings Co. Ltd. 61,212 1,059,946 
Relo Holdings Corp. 45,830 919,967 
Sundrug Co. Ltd. 24,100 898,463 
Tsuruha Holdings, Inc. 8,605 903,859 
TOTAL JAPAN  15,176,828 
Kenya - 0.0%   
Safaricom Ltd. 53,000 12,488 
Luxembourg - 0.5%   
Eurofins Scientific SA 1,623 903,783 
Mexico - 1.1%   
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 82,400 943,579 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 43,000 918,452 
TOTAL MEXICO  1,862,031 
Netherlands - 2.3%   
ASML Holding NV (Netherlands) 9,300 1,402,450 
Heineken NV (Bearer) 11,000 1,148,132 
RELX NV 60,199 1,264,444 
TOTAL NETHERLANDS  3,815,026 
New Zealand - 0.6%   
Auckland International Airport Ltd. 183,367 958,452 
Philippines - 1.7%   
Ayala Land, Inc. 1,135,900 946,095 
SM Investments Corp. 57,190 915,249 
SM Prime Holdings, Inc. 1,383,300 957,386 
TOTAL PHILIPPINES  2,818,730 
Russia - 0.7%   
Sberbank of Russia 413,500 1,138,998 
South Africa - 2.3%   
Capitec Bank Holdings Ltd. 15,387 1,003,858 
FirstRand Ltd. 258,262 1,016,293 
Naspers Ltd. Class N 8,103 1,791,205 
TOTAL SOUTH AFRICA  3,811,356 
Spain - 1.9%   
Aena SA 5,100 997,677 
Amadeus IT Holding SA Class A 18,324 1,129,283 
Grifols SA 35,100 987,053 
TOTAL SPAIN  3,114,013 
Sweden - 2.5%   
ASSA ABLOY AB (B Shares) 52,800 1,131,363 
Essity AB Class B (a) 35,433 1,027,381 
Hexagon AB (B Shares) 21,159 1,045,659 
Indutrade AB 38,700 955,301 
TOTAL SWEDEN  4,159,704 
Switzerland - 5.4%   
Geberit AG (Reg.) 2,096 1,008,386 
Kaba Holding AG (B Shares) (Reg.) 1,023 911,966 
Lonza Group AG 3,870 920,523 
Nestle SA (Reg. S) 37,170 3,137,502 
Partners Group Holding AG 1,488 966,404 
Schindler Holding AG (participation certificate) 4,671 1,007,674 
Sika AG 152 1,047,707 
TOTAL SWITZERLAND  9,000,162 
Taiwan - 1.4%   
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 65,587 2,358,509 
Thailand - 0.6%   
Airports of Thailand PCL (For. Reg.) 659,400 1,020,513 
Turkey - 0.5%   
Koc Holding A/S 188,000 875,002 
United Kingdom - 13.7%   
Beazley PLC 137,979 933,004 
British American Tobacco PLC (United Kingdom) 33,501 2,083,954 
Bunzl PLC 34,209 1,032,697 
Compass Group PLC 55,682 1,187,959 
Cranswick PLC 24,196 926,440 
Diageo PLC 46,778 1,510,787 
Halma PLC 63,571 921,793 
Imperial Tobacco Group PLC 30,238 1,244,756 
InterContinental Hotel Group PLC 16,802 951,253 
Intertek Group PLC 17,210 976,623 
London Stock Exchange Group PLC 20,959 1,036,446 
Mondi PLC 37,054 975,337 
Prudential PLC 61,260 1,494,774 
Reckitt Benckiser Group PLC 15,182 1,476,106 
Rentokil Initial PLC 250,504 960,477 
Rightmove PLC 16,297 904,815 
Sage Group PLC 105,984 942,490 
St. James's Place Capital PLC 61,654 989,984 
Unilever PLC 41,610 2,373,133 
TOTAL UNITED KINGDOM  22,922,828 
United States of America - 11.5%   
A.O. Smith Corp. 16,295 872,597 
Adobe Systems, Inc. (a) 6,377 934,167 
Alphabet, Inc. Class C (a) 1,012 941,666 
Amazon.com, Inc. (a) 911 899,868 
American Tower Corp. 6,478 883,146 
Amphenol Corp. Class A 11,943 915,073 
Apple, Inc. 5,974 888,513 
Equinix, Inc. 2,025 912,728 
Facebook, Inc. Class A (a) 5,272 892,286 
Fiserv, Inc. (a) 7,085 910,423 
Henry Schein, Inc. (a) 4,959 903,579 
Home Depot, Inc. 6,174 923,630 
MasterCard, Inc. Class A 7,086 905,591 
Moody's Corp. 6,891 907,062 
MSCI, Inc. 8,402 915,398 
PayPal Holdings, Inc. (a) 15,400 901,670 
Philip Morris International, Inc. 7,894 921,309 
Priceline Group, Inc. (a) 506 1,026,421 
S&P Global, Inc. 6,377 979,443 
Sherwin-Williams Co. 2,632 887,695 
Visa, Inc. Class A 9,111 907,091 
TOTAL UNITED STATES OF AMERICA  19,229,356 
TOTAL COMMON STOCKS   
(Cost $164,461,159)  164,510,197 
Nonconvertible Preferred Stocks - 0.8%   
Brazil - 0.7%   
Itau Unibanco Holding SA sponsored ADR 103,467 1,232,292 
Germany - 0.1%   
Jungheinrich AG 1,500 59,628 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,278,042)  1,291,920 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund, 1.11% (b)   
(Cost $2,266,929) 2,266,475 2,266,929 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $168,006,130)  168,069,046 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (364,694) 
NET ASSETS - 100%  $167,704,352 

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

Legend

 (a) Non-income producing

 (b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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 $291 
Total $291 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $14,721,564 $11,407,403 $3,314,161 $-- 
Consumer Staples 26,808,801 14,659,096 12,149,705 -- 
Financials 18,172,258 15,538,486 2,633,772 -- 
Health Care 13,238,245 11,206,289 2,031,956 -- 
Industrials 37,512,072 34,914,999 2,597,073 -- 
Information Technology 34,921,657 28,846,304 6,075,353 -- 
Materials 11,712,969 10,588,883 1,124,086 -- 
Real Estate 6,665,708 6,665,708 -- -- 
Telecommunication Services 1,082,008 12,488 1,069,520 -- 
Utilities 966,835 966,835 -- -- 
Money Market Funds 2,266,929 2,266,929 -- -- 
Total Investments in Securities: $168,069,046 $137,073,420 $30,995,626 $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $168,006,868. Net unrealized appreciation aggregated $62,178, of which $949,421 related to appreciated investment securities and $887,243 related to depreciated investment securities.

During the period, an affiliated entity completed an exchange in-kind with the Fund. The affiliated entity delivered investments and cash valued at $165,479,456 in exchange for 16,003,816 shares of the Fund. The Fund recognized no gain or loss for federal income tax purposes.





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.

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, 2017







IGI-QTLY-0917
1.804822.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value (000s) 
Australia - 2.2%   
Altium Ltd. 1,569,213 $10,984 
Australia & New Zealand Banking Group Ltd. 2,498,457 59,223 
Bapcor Ltd. 8,624,274 38,982 
Magellan Financial Group Ltd. 1,204,177 25,442 
Ramsay Health Care Ltd. 1,002,986 56,633 
Spark Infrastructure Group unit 18,522,715 37,045 
TOTAL AUSTRALIA  228,309 
Austria - 1.0%   
Erste Group Bank AG 1,238,700 51,492 
Wienerberger AG 2,081,200 47,895 
TOTAL AUSTRIA  99,387 
Bailiwick of Jersey - 1.6%   
Glencore Xstrata PLC 19,596,828 86,398 
Randgold Resources Ltd. sponsored ADR (a) 189,614 17,623 
Shire PLC 552,000 30,858 
Wolseley PLC 503,038 30,035 
TOTAL BAILIWICK OF JERSEY  164,914 
Belgium - 1.6%   
Anheuser-Busch InBev SA NV 423,027 51,031 
KBC Groep NV 1,297,261 107,499 
TOTAL BELGIUM  158,530 
Canada - 1.9%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 725,100 34,384 
Cenovus Energy, Inc. 3,404,200 28,588 
Constellation Software, Inc. 94,700 51,017 
Franco-Nevada Corp. 227,700 16,499 
PrairieSky Royalty Ltd. (a) 1,763,973 43,804 
Suncor Energy, Inc. 676,200 22,058 
TOTAL CANADA  196,350 
Cayman Islands - 2.5%   
Alibaba Group Holding Ltd. sponsored ADR (b) 588,500 91,188 
ASM Pacific Technology Ltd. 742,500 9,620 
Ctrip.com International Ltd. ADR (b) 254,000 15,171 
FIT Hon Teng Ltd. 28,583,000 14,235 
JD.com, Inc. sponsored ADR (b) 1,254,600 56,670 
New Oriental Education & Technology Group, Inc. sponsored ADR 883,400 70,372 
TOTAL CAYMAN ISLANDS  257,256 
China - 1.2%   
Kweichow Moutai Co. Ltd. (A Shares) 607,482 43,459 
Qingdao Port International Co. Ltd. 11,154,000 6,312 
Shanghai International Airport Co. Ltd. (A Shares) 5,861,900 32,636 
Wuliangye Yibin Co. Ltd. Class A 5,069,000 42,020 
TOTAL CHINA  124,427 
Denmark - 1.1%   
Nets A/S (c) 1,621,800 39,085 
Novo Nordisk A/S Series B 966,145 41,090 
Novozymes A/S Series B 595,300 27,499 
TOTAL DENMARK  107,674 
Finland - 0.5%   
Sampo Oyj (A Shares) (a) 929,800 50,885 
France - 8.5%   
ALTEN 336,259 29,039 
Altran Technologies SA 1,492,300 26,243 
Amundi SA 893,458 69,066 
Atos Origin SA 252,720 38,428 
AXA SA 1,278,800 37,767 
BNP Paribas SA 774,100 60,087 
Capgemini SA 486,200 52,952 
Cegedim SA (b) 536,390 20,510 
Havas SA 34,661 379 
Kaufman & Broad SA 454,247 19,703 
Maisons du Monde SA 1,122,200 41,601 
Rexel SA 1,540,100 24,403 
Rubis (a) 750,258 47,747 
Societe Generale Series A 793,400 46,521 
Sodexo SA 386,500 45,676 
Total SA (a) 3,838,695 195,218 
VINCI SA 1,321,700 118,353 
TOTAL FRANCE  873,693 
Germany - 6.8%   
adidas AG 360,212 82,299 
Aumann AG 133,851 8,897 
Axel Springer Verlag AG 604,902 38,482 
Deutsche Borse AG 164,581 17,225 
Deutsche Post AG 2,254,367 87,534 
Deutsche Telekom AG 1,845,500 33,715 
Fresenius SE & Co. KGaA 429,100 36,284 
Henkel AG & Co. KGaA 333,900 42,057 
MTU Aero Engines Holdings AG 198,800 29,170 
Nexus AG 614,500 18,914 
Rational AG 91,805 57,714 
Rheinmetall AG 313,900 31,363 
SAP AG 1,619,106 171,439 
Wirecard AG (a) 579,300 44,363 
TOTAL GERMANY  699,456 
Hong Kong - 1.2%   
AIA Group Ltd. 9,260,800 72,976 
Techtronic Industries Co. Ltd. 10,229,000 45,508 
TOTAL HONG KONG  118,484 
India - 4.0%   
Avenue Supermarts Ltd. 595,148 8,528 
Bharat Petroleum Corp. Ltd. 2,346,111 17,223 
Bharti Infratel Ltd. 10,494,112 65,633 
HDFC Bank Ltd. 1,034,409 29,612 
HDFC Bank Ltd. sponsored ADR 960,784 92,985 
Housing Development Finance Corp. Ltd. 4,668,096 130,140 
Kotak Mahindra Bank Ltd. 1,211,049 19,278 
Petronet LNG Ltd. 6,098,248 19,379 
PNB Housing Finance Ltd. 838,105 19,610 
PVR Ltd.  442,801 9,249 
TOTAL INDIA  411,637 
Indonesia - 0.6%   
PT Bank Central Asia Tbk 16,688,600 23,422 
PT Bank Rakyat Indonesia Tbk 32,624,300 36,177 
TOTAL INDONESIA  59,599 
Ireland - 2.9%   
Allied Irish Banks PLC 2,202,142 12,904 
Cairn Homes PLC (b) 19,161,470 35,499 
CRH PLC 2,162,910 75,920 
DCC PLC (United Kingdom) 366,900 32,264 
Green REIT PLC 9,492,200 16,563 
James Hardie Industries PLC CDI 1,790,532 27,445 
Kerry Group PLC Class A 571,300 51,636 
Ryanair Holdings PLC sponsored ADR (b) 355,466 40,285 
TOTAL IRELAND  292,516 
Isle of Man - 0.8%   
Paysafe Group PLC (b) 10,788,425 83,982 
Israel - 0.6%   
Frutarom Industries Ltd. 888,900 62,950 
Italy - 0.9%   
De Longhi SpA 734,500 24,155 
Intesa Sanpaolo SpA 19,086,200 65,703 
TOTAL ITALY  89,858 
Japan - 17.1%   
ACOM Co. Ltd. (a)(b) 2,209,000 9,417 
AEON Financial Service Co. Ltd. 952,400 20,742 
Aozora Bank Ltd. 3,692,000 14,199 
Daito Trust Construction Co. Ltd. 240,300 40,629 
Hoya Corp. 1,466,200 82,802 
Investors Cloud Co. Ltd. (a) 276,000 14,145 
KDDI Corp. 3,906,500 103,510 
Keyence Corp. 196,720 91,040 
Komatsu Ltd. 1,572,500 42,171 
Misumi Group, Inc. 2,740,700 68,017 
Mitsubishi UFJ Financial Group, Inc. 13,323,000 84,523 
Monex Group, Inc. 12,015,949 34,006 
Morinaga & Co. Ltd. 578,200 33,146 
Nidec Corp. 324,300 35,770 
Nintendo Co. Ltd. 119,100 40,448 
Nitori Holdings Co. Ltd. 490,500 69,229 
Olympus Corp. 2,074,600 75,461 
OMRON Corp. 669,400 33,456 
ORIX Corp. 6,971,900 110,765 
Panasonic Corp. 6,185,200 85,191 
Recruit Holdings Co. Ltd. 951,600 16,478 
Relo Holdings Corp. 2,808,700 56,380 
Renesas Electronics Corp. (b) 6,360,600 59,945 
SMC Corp. 135,700 43,217 
SMS Co., Ltd. 1,148,500 36,358 
SoftBank Corp. 816,200 65,784 
Sony Corp. 2,969,500 122,000 
Start Today Co. Ltd. 2,481,900 70,127 
Sundrug Co. Ltd. 992,900 37,016 
Tsuruha Holdings, Inc. 554,900 58,286 
VT Holdings Co. Ltd. 3,872,500 19,811 
Welcia Holdings Co. Ltd. 1,924,800 73,242 
TOTAL JAPAN  1,747,311 
Luxembourg - 0.8%   
Eurofins Scientific SA 144,039 80,209 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP 715,655 14,063 
Netherlands - 5.8%   
ASML Holding NV (Netherlands) 628,800 94,824 
Basic-Fit NV (b) 579,100 10,859 
IMCD Group BV 1,603,400 89,847 
ING Groep NV (Certificaten Van Aandelen) 4,861,400 90,830 
Intertrust NV 1,562,660 26,832 
Koninklijke Philips Electronics NV 3,380,026 129,171 
Takeaway.com Holding BV (c) 378,700 17,302 
Unilever NV (Certificaten Van Aandelen) (Bearer) 2,239,451 130,510 
Van Lanschot NV (Bearer) 223,700 6,638 
TOTAL NETHERLANDS  596,813 
New Zealand - 0.9%   
EBOS Group Ltd. 3,154,998 42,863 
Fisher & Paykel Healthcare Corp. 1,309,267 10,786 
Ryman Healthcare Group Ltd. 6,393,204 42,347 
TOTAL NEW ZEALAND  95,996 
Norway - 1.8%   
Schibsted ASA (A Shares) (a) 1,355,900 34,609 
Statoil ASA 7,740,552 145,477 
TOTAL NORWAY  180,086 
Philippines - 0.3%   
SM Investments Corp. 2,042,375 32,685 
Romania - 0.3%   
Banca Transilvania SA 37,524,532 28,248 
South Africa - 1.6%   
Aspen Pharmacare Holdings Ltd. 656,700 13,766 
EOH Holdings Ltd. 3,062,767 25,041 
Naspers Ltd. Class N 582,900 128,853 
TOTAL SOUTH AFRICA  167,660 
Spain - 4.4%   
Amadeus IT Holding SA Class A 790,100 48,693 
Atresmedia Corporacion de Medios de Comunicacion SA 1,719,200 20,189 
CaixaBank SA 18,391,133 95,793 
Grifols SA ADR 2,461,958 51,578 
Hispania Activos Inmobiliarios SA 1,424,325 25,696 
Inditex SA 1,914,170 75,982 
Masmovil Ibercom SA (a)(b) 151,637 13,463 
Mediaset Espana Comunicacion SA 2,836,600 35,762 
Neinor Homes SLU 2,130,500 49,332 
Prosegur Cash SA 12,570,400 34,226 
TOTAL SPAIN  450,714 
Sweden - 3.7%   
ASSA ABLOY AB (B Shares) 3,079,800 65,992 
Com Hem Holding AB 847,200 12,382 
Essity AB Class B (b) 2,669,400 77,399 
HEXPOL AB (B Shares) 1,872,700 19,170 
Indutrade AB 1,342,200 33,132 
Nordea Bank AB 4,487,200 56,633 
Saab AB (B Shares) 974,400 45,221 
Svenska Cellulosa AB (SCA) (B Shares) 4,118,900 34,104 
Svenska Handelsbanken AB (A Shares) 2,492,700 37,110 
TOTAL SWEDEN  381,143 
Switzerland - 5.2%   
ABB Ltd. (Reg.) 3,695,570 86,574 
Credit Suisse Group AG 3,492,359 53,683 
Forbo Holding AG (Reg.) 18,320 27,794 
Julius Baer Group Ltd. 868,620 49,170 
Kaba Holding AG (B Shares) (Reg.) 41,400 36,907 
Nestle SA (Reg. S) 821,706 69,360 
Partners Group Holding AG 108,016 70,153 
Schindler Holding AG (participation certificate) 170,348 36,749 
Swatch Group AG (Bearer) 102,720 40,782 
UBS Group AG 3,179,340 55,304 
TOTAL SWITZERLAND  526,476 
Taiwan - 0.9%   
Largan Precision Co. Ltd. 301,000 54,891 
Taiwan Semiconductor Manufacturing Co. Ltd. 5,743,000 40,571 
TOTAL TAIWAN  95,462 
United Kingdom - 13.1%   
BAE Systems PLC 4,102,004 32,554 
Barclays PLC 11,768,888 31,555 
BCA Marketplace PLC 7,762,300 19,869 
BHP Billiton PLC 1,495,802 27,274 
Booker Group PLC 17,550,700 44,576 
British American Tobacco PLC (United Kingdom) 1,205,329 74,978 
Bunzl PLC 1,648,472 49,764 
Cineworld Group PLC 2,055,200 18,697 
CMC Markets PLC 12,077,600 25,337 
Compass Group PLC 1,853,606 39,546 
Countryside Properties PLC 3,344,076 15,871 
Cranswick PLC 891,546 34,136 
Diploma PLC 2,312,600 32,953 
GlaxoSmithKline PLC 3,541,775 70,506 
Hastings Group Holdings PLC 3,610,729 14,621 
Imperial Tobacco Group PLC 858,381 35,335 
Jiangsu Yanghe Brewery JSC Ltd. ELS (HSBC Warrant Program) warrants 9/19/19 (b)(c) 2,466,200 32,777 
John Wood Group PLC 2,221,100 17,891 
LivaNova PLC (b) 607,800 37,039 
London Stock Exchange Group PLC 1,147,436 56,742 
Melrose Industries PLC 31,351,830 96,134 
Micro Focus International PLC 3,845,400 113,294 
Moneysupermarket.com Group PLC 5,210,600 22,831 
NCC Group Ltd. (a) 9,151,300 23,424 
Reckitt Benckiser Group PLC 762,421 74,128 
Rex Bionics PLC (b)(d) 1,297,286 30 
Rio Tinto PLC 1,095,700 51,352 
Senior Engineering Group PLC 7,132,100 23,375 
Softcat PLC 465,233 2,455 
Spirax-Sarco Engineering PLC 522,100 38,301 
St. James's Place Capital PLC 2,395,598 38,466 
Standard Chartered PLC (United Kingdom) (b) 9,043,920 101,033 
Zpg PLC 8,675,409 41,539 
TOTAL UNITED KINGDOM  1,338,383 
United States of America - 1.4%   
British American Tobacco PLC sponsored ADR 423,000 26,446 
Global Payments, Inc. 378,000 35,672 
Monsanto Co. 287,400 33,574 
MSCI, Inc. 401,800 43,776 
TOTAL UNITED STATES OF AMERICA  139,468 
TOTAL COMMON STOCKS   
(Cost $7,687,052)  9,954,624 
Convertible Preferred Stocks - 0.4%   
Cayman Islands - 0.4%   
China Internet Plus Holdings Ltd. Series A-11 (b)(e)   
(Cost $18,833) 5,958,244 33,724 
 Principal Amount (000s) Value (000s) 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.96% to 0.99% 8/31/17 to 9/14/17 (f)   
(Cost $1,699) 1,700 1,699 
 Shares Value (000s) 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund, 1.11% (g) 247,965,079 248,015 
Fidelity Securities Lending Cash Central Fund 1.11% (g)(h) 60,724,011 60,730 
TOTAL MONEY MARKET FUNDS   
(Cost $308,753)  308,745 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $8,016,337)  10,298,792 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (67,391) 
NET ASSETS - 100%  $10,231,401 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value (000s) Unrealized Appreciation/(Depreciation) (000s) 
Purchased    
Equity Index Contracts    
335 TSE TOPIX Index Contracts (Japan) Sept. 2017 49,212 $427 

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

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) 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 $89,164,000 or 0.9% 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 $33,724,000 or 0.4% 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 $1,699,000.

 (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 (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 $964 
Fidelity Securities Lending Cash Central Fund 3,320 
Total $4,284 

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 $12,739 $-- $-- $898 $-- 
Rex Bionics PLC 357 -- -- -- 30 
Total $13,096 $-- $-- $898 $30 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $1,467,803 $1,022,053 $412,026 $33,724 
Consumer Staples 1,033,145 633,138 400,007 -- 
Energy 503,701 163,006 340,695 -- 
Financials 2,223,761 1,605,827 617,934 -- 
Health Care 711,676 569,192 142,454 30 
Industrials 1,560,810 1,154,506 406,304 -- 
Information Technology 1,427,057 1,079,775 347,282 -- 
Materials 527,703 373,157 154,546 -- 
Real Estate 153,413 153,413 -- -- 
Telecommunication Services 294,487 91,478 203,009 -- 
Utilities 84,792 84,792 -- -- 
Government Obligations 1,699 -- 1,699 -- 
Money Market Funds 308,745 308,745 -- -- 
Total Investments in Securities: $10,298,792 $7,239,082 $3,025,956 $33,754 
Derivative Instruments:     
Assets     
Futures Contracts $427 $427 $-- $-- 
Total Assets $427 $427 $-- $-- 
Total Derivative Instruments: $427 $427 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $583,224 
Level 2 to Level 1 $249,104 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $8,020,024,000. Net unrealized appreciation aggregated $2,278,768,000, of which $2,437,462,000 related to appreciated investment securities and $158,694,000 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® International Growth Fund

July 31, 2017







IGF-QTLY-0917
1.863103.109





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
Australia - 3.6%   
CSL Ltd. 622,718 $62,769,974 
Transurban Group unit 1,592,833 14,539,380 
TOTAL AUSTRALIA  77,309,354 
Austria - 1.8%   
Andritz AG 459,121 28,137,380 
BUWOG-Gemeinnuetzige Wohnung 402,871 11,844,276 
TOTAL AUSTRIA  39,981,656 
Belgium - 4.1%   
Anheuser-Busch InBev SA NV 611,591 73,777,778 
KBC Groep NV 191,133 15,838,427 
TOTAL BELGIUM  89,616,205 
Brazil - 0.1%   
Itau Unibanco Holding SA 167,700 1,778,991 
Canada - 1.3%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 195,200 9,256,245 
Franco-Nevada Corp. 149,600 10,838,875 
Pason Systems, Inc. 280,500 4,094,726 
PrairieSky Royalty Ltd. 194,500 4,829,934 
TOTAL CANADA  29,019,780 
Cayman Islands - 1.9%   
58.com, Inc. ADR (a) 150,570 7,686,599 
Alibaba Group Holding Ltd. sponsored ADR (a) 162,700 25,210,365 
China Biologic Products Holdings, Inc. (a) 73,166 7,280,017 
TOTAL CAYMAN ISLANDS  40,176,981 
Denmark - 1.3%   
Jyske Bank A/S (Reg.) 209,100 13,104,011 
Novo Nordisk A/S Series B sponsored ADR 361,200 15,314,880 
TOTAL DENMARK  28,418,891 
Finland - 0.3%   
Tikkurila Oyj 298,300 6,366,890 
France - 0.8%   
Essilor International SA 142,220 18,031,360 
Germany - 5.0%   
Bayer AG 357,500 45,346,791 
SAP AG 605,929 64,158,930 
TOTAL GERMANY  109,505,721 
Hong Kong - 2.4%   
AIA Group Ltd. 6,658,800 52,472,108 
India - 1.1%   
Housing Development Finance Corp. Ltd. 863,429 24,071,211 
Ireland - 3.1%   
CRH PLC sponsored ADR 1,147,666 40,248,647 
James Hardie Industries PLC CDI 1,785,702 27,371,240 
TOTAL IRELAND  67,619,887 
Isle of Man - 0.6%   
Playtech Ltd. 973,978 12,343,064 
Israel - 0.2%   
Azrieli Group 91,600 5,002,794 
Italy - 1.1%   
Azimut Holding SpA 234,600 5,260,007 
Interpump Group SpA 570,526 17,377,751 
TOTAL ITALY  22,637,758 
Japan - 12.4%   
Astellas Pharma, Inc. 1,026,500 13,073,024 
DENSO Corp. 421,200 20,272,005 
East Japan Railway Co. 230,000 21,592,816 
Hoya Corp. 461,800 26,079,793 
Keyence Corp. 111,924 51,797,020 
Komatsu Ltd. 716,800 19,222,820 
Misumi Group, Inc. 888,200 22,042,861 
Mitsui Fudosan Co. Ltd. 622,300 14,306,493 
Nintendo Co. Ltd. 29,900 10,154,477 
Olympus Corp. 475,800 17,306,526 
OSG Corp. 519,300 10,970,563 
SHO-BOND Holdings Co. Ltd. 207,600 10,978,348 
USS Co. Ltd. 1,551,300 31,336,978 
TOTAL JAPAN  269,133,724 
Kenya - 0.6%   
Safaricom Ltd. 50,523,700 11,904,507 
Korea (South) - 1.2%   
BGFretail Co. Ltd. 199,889 16,491,800 
NAVER Corp. 12,167 8,723,811 
TOTAL KOREA (SOUTH)  25,215,611 
Mexico - 0.5%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 107,455 10,840,060 
Netherlands - 2.3%   
ASML Holding NV (Netherlands) 332,700 50,171,527 
New Zealand - 0.3%   
Auckland International Airport Ltd. 1,415,434 7,398,417 
South Africa - 2.3%   
Clicks Group Ltd. 1,035,738 11,730,570 
Naspers Ltd. Class N 173,400 38,330,854 
TOTAL SOUTH AFRICA  50,061,424 
Spain - 4.7%   
Amadeus IT Holding SA Class A 553,300 34,099,120 
Hispania Activos Inmobiliarios SA 381,324 6,879,509 
Inditex SA 1,149,695 45,636,460 
Merlin Properties Socimi SA 429,900 5,791,460 
Prosegur Compania de Seguridad SA (Reg.) 1,524,549 10,449,567 
TOTAL SPAIN  102,856,116 
Sweden - 5.5%   
ASSA ABLOY AB (B Shares) 2,069,083 44,334,930 
Atlas Copco AB (A Shares) 788,000 28,500,180 
Essity AB Class B (a) 404,700 11,734,285 
Fagerhult AB 1,081,632 14,234,115 
Svenska Cellulosa AB (SCA) (B Shares) 393,600 3,258,956 
Svenska Handelsbanken AB (A Shares) 1,191,020 17,731,502 
TOTAL SWEDEN  119,793,968 
Switzerland - 8.3%   
Nestle SA (Reg. S) 1,285,495 108,508,049 
Roche Holding AG (participation certificate) 195,991 49,618,901 
Schindler Holding AG:   
(participation certificate) 86,706 18,705,074 
(Reg.) 18,350 3,859,962 
TOTAL SWITZERLAND  180,691,986 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. 3,051,000 21,553,667 
Turkey - 0.2%   
Tupras Turkiye Petrol Rafinelleri A/S 143,012 4,404,933 
United Kingdom - 11.6%   
BAE Systems PLC 2,314,000 18,364,346 
Berendsen PLC 715,473 12,035,937 
British American Tobacco PLC (United Kingdom) 728,900 45,341,764 
Elementis PLC 1,307,100 5,111,678 
Howden Joinery Group PLC 844,500 4,734,377 
Informa PLC 2,346,377 21,531,357 
InterContinental Hotel Group PLC ADR 635,622 36,077,905 
Prudential PLC 1,614,504 39,394,699 
Reckitt Benckiser Group PLC 535,645 52,079,341 
Rightmove PLC 93,000 5,163,393 
Shaftesbury PLC 393,933 5,109,194 
Spectris PLC 186,300 6,046,784 
TOTAL UNITED KINGDOM  250,990,775 
United States of America - 17.4%   
Alphabet, Inc. Class A (a) 36,736 34,733,888 
Autoliv, Inc. (b) 193,169 20,937,588 
Berkshire Hathaway, Inc. Class B (a) 150,284 26,295,191 
Domino's Pizza, Inc. 23,590 4,399,535 
Martin Marietta Materials, Inc. 95,100 21,533,493 
MasterCard, Inc. Class A 358,400 45,803,520 
Mohawk Industries, Inc. (a) 87,200 21,711,928 
Molson Coors Brewing Co. Class B 122,000 10,855,560 
Moody's Corp. 98,000 12,899,740 
MSCI, Inc. 153,000 16,669,350 
Philip Morris International, Inc. 296,708 34,628,791 
PPG Industries, Inc. 89,100 9,377,775 
PriceSmart, Inc. 88,800 7,481,400 
ResMed, Inc. 212,800 16,411,136 
S&P Global, Inc. 123,400 18,953,006 
Sherwin-Williams Co. 61,000 20,573,470 
Visa, Inc. Class A 559,860 55,739,662 
TOTAL UNITED STATES OF AMERICA  379,005,033 
TOTAL COMMON STOCKS   
(Cost $1,672,109,793)  2,108,374,399 
Nonconvertible Preferred Stocks - 0.4%   
Brazil - 0.4%   
Itau Unibanco Holding SA   
(Cost $9,036,706) 709,300 8,488,809 
Money Market Funds - 3.3%   
Fidelity Cash Central Fund, 1.11% (c) 49,751,006 49,760,956 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 20,695,268 20,697,338 
TOTAL MONEY MARKET FUNDS   
(Cost $70,456,803)  70,458,294 
TOTAL INVESTMENT PORTFOLIO - 100.7%   
(Cost $1,751,603,302)  2,187,321,502 
NET OTHER ASSETS (LIABILITIES) - (0.7)%  (14,226,659) 
NET ASSETS - 100%  $2,173,094,843 

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 $282,107 
Fidelity Securities Lending Cash Central Fund 277,474 
Total $559,581 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $240,234,610 $156,267,296 $83,967,314 $-- 
Consumer Staples 392,725,643 113,018,711 279,706,932 -- 
Energy 13,329,593 13,329,593 -- -- 
Financials 252,957,052 213,562,353 39,394,699 -- 
Health Care 271,232,402 208,540,477 62,691,925 -- 
Industrials 307,478,824 259,755,824 47,723,000 -- 
Information Technology 433,385,827 287,347,226 146,038,601 -- 
Materials 144,681,024 144,681,024 -- -- 
Real Estate 48,933,726 48,933,726 -- -- 
Telecommunication Services 11,904,507 11,904,507 -- -- 
Money Market Funds 70,458,294 70,458,294 -- -- 
Total Investments in Securities: $2,187,321,502 $1,527,799,031 $659,522,471 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $130,109,549 
Level 2 to Level 1 $90,408,237 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $1,756,253,532. Net unrealized appreciation aggregated $431,067,970, of which $449,892,301 related to appreciated investment securities and $18,824,331 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, 2017







ISC-QTLY-0917
1.804839.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%   
 Shares Value 
Australia - 5.4%   
Aub Group Ltd. 631,614 $6,518,256 
Austal Ltd. 3,859,766 5,573,502 
Challenger Ltd. 517,919 5,324,207 
GUD Holdings Ltd. 848,169 8,108,496 
Imdex Ltd. (a) 15,714,880 9,177,490 
Life Healthcare Group Ltd. 2,135,290 3,997,263 
Nanosonics Ltd. (a) 2,627,326 4,960,391 
Pact Group Holdings Ltd. 1,904,963 8,732,350 
Programmed Maintenance Services Ltd. 3,809,140 9,080,990 
Reckon Ltd. 3,766,918 4,520,302 
Servcorp Ltd. 1,226,106 5,865,691 
Sigma Healthcare Ltd. 10,572,099 8,119,372 
SomnoMed Ltd. (a)(b) 1,146,916 2,862,702 
TOTAL AUSTRALIA  82,841,012 
Austria - 3.2%   
Andritz AG 157,932 9,678,914 
BUWOG-Gemeinnuetzige Wohnung 389,366 11,447,233 
IMMOFINANZ Immobilien Anlagen AG (b) 4,244,143 10,329,789 
RHI AG 268,710 10,153,717 
Wienerberger AG 340,300 7,831,348 
TOTAL AUSTRIA  49,441,001 
Bailiwick of Jersey - 0.6%   
IWG PLC 2,272,700 9,835,409 
Belgium - 0.5%   
Barco NV 82,783 8,291,654 
Bermuda - 1.4%   
BW Offshore Ltd. (a) 1,659,938 5,108,898 
Hiscox Ltd. 517,516 8,862,882 
Petra Diamonds Ltd. (a) 5,990,374 7,548,033 
TOTAL BERMUDA  21,519,813 
Brazil - 0.9%   
Banco ABC Brasil SA rights 8/3/17 52,926 50,849 
Estacio Participacoes SA 1,776,100 11,619,106 
MAHLE Metal Leve SA 327,973 1,789,030 
TOTAL BRAZIL  13,458,985 
British Virgin Islands - 0.3%   
Gem Diamonds Ltd. (a) 3,867,985 4,210,321 
Canada - 5.0%   
AutoCanada, Inc. (b) 534,084 8,601,890 
Dorel Industries, Inc. Class B (sub. vtg.) 289,803 7,656,796 
Genesis Land Development Corp. 2,038,722 5,903,177 
Lassonde Industries, Inc. Class A (sub. vtg.) 47,069 9,053,255 
McCoy Global, Inc. (a) 1,341,670 2,163,029 
North West Co., Inc. 310,000 7,593,664 
Open Text Corp. 272,096 9,100,785 
TransForce, Inc. 293,800 6,906,981 
Western Forest Products, Inc. 4,692,600 9,334,388 
Whitecap Resources, Inc. 1,419,853 10,488,748 
TOTAL CANADA  76,802,713 
Cayman Islands - 3.6%   
AMVIG Holdings Ltd. 17,384,000 5,052,194 
Best Pacific International Holdings Ltd. 11,670,000 6,379,743 
China High Precision Automation Group Ltd. (a) 712,000 
China Metal Recycling (Holdings) Ltd. (a) 436,800 
Haitian International Holdings Ltd. 2,192,000 6,286,270 
Pico Far East Holdings Ltd. 18,482,000 7,619,199 
SITC International Holdings Co. Ltd. 14,902,000 12,401,162 
Value Partners Group Ltd. (b) 8,445,000 7,860,290 
Xingda International Holdings Ltd. 21,546,629 9,323,962 
TOTAL CAYMAN ISLANDS  54,922,822 
Chile - 0.7%   
Quinenco SA 2,209,618 6,290,265 
Vina San Pedro SA 394,698,308 4,415,975 
TOTAL CHILE  10,706,240 
China - 0.5%   
Qingdao Port International Co. Ltd. 14,182,000 8,025,355 
Denmark - 1.2%   
Jyske Bank A/S (Reg.) 156,703 9,820,362 
Scandinavian Tobacco Group A/S 572,280 9,237,008 
TOTAL DENMARK  19,057,370 
Finland - 3.2%   
Amer Group PLC (A Shares) 410,145 11,021,523 
Asiakastieto Group Oyj 388,223 10,069,362 
Cramo Oyj (B Shares) 249,810 7,156,547 
Olvi PLC (A Shares) 188,838 6,646,035 
Oriola-KD Oyj 1,846,700 7,913,767 
Tikkurila Oyj 290,965 6,210,332 
TOTAL FINLAND  49,017,566 
France - 3.8%   
Altarea SCA 45,330 10,249,376 
Elis SA (b) 347,500 8,406,356 
Maisons du Monde SA 175,000 6,487,372 
Rexel SA 434,400 6,883,139 
The Vicat Group 132,456 9,674,647 
Thermador Groupe SA 58,474 6,437,601 
Wendel SA 69,635 10,485,594 
TOTAL FRANCE  58,624,085 
Germany - 0.7%   
Axel Springer Verlag AG 73,200 4,656,795 
mutares AG 13,692 213,386 
SHW Group 143,839 6,058,442 
TOTAL GERMANY  10,928,623 
Greece - 0.6%   
Mytilineos Holdings SA (a) 977,916 9,724,318 
Hong Kong - 2.4%   
Dah Sing Banking Group Ltd. 4,432,800 9,500,316 
Far East Horizon Ltd. 7,468,000 6,367,706 
Magnificent Hotel Investment Ltd. 182,038,000 5,290,447 
Sino Land Ltd. 5,906,440 9,754,836 
Techtronic Industries Co. Ltd. 1,517,000 6,749,085 
TOTAL HONG KONG  37,662,390 
India - 0.4%   
Torrent Pharmaceuticals Ltd. 300,063 6,162,325 
Indonesia - 0.7%   
PT ACE Hardware Indonesia Tbk 71,443,900 5,951,871 
PT Media Nusantara Citra Tbk 38,452,100 5,194,670 
TOTAL INDONESIA  11,146,541 
Ireland - 1.8%   
C&C Group PLC 964,293 3,493,082 
Mincon Group PLC 5,972,545 7,070,299 
Origin Enterprises PLC 920,300 7,168,588 
United Drug PLC (United Kingdom) 872,449 9,749,895 
TOTAL IRELAND  27,481,864 
Isle of Man - 0.9%   
Paysafe Group PLC (a) 1,738,800 13,535,619 
Israel - 0.8%   
Frutarom Industries Ltd. 173,789 12,307,360 
Italy - 1.0%   
Banca Generali SpA 275,700 9,791,210 
Banco di Desio e della Brianza SpA 2,030,745 5,990,758 
TOTAL ITALY  15,781,968 
Japan - 20.4%   
A/S One Corp. 148,300 7,411,973 
Aeon Delight Co. Ltd. 275,900 9,222,110 
Arc Land Sakamoto Co. Ltd. 629,500 8,627,824 
Aucnet, Inc. 298,900 3,836,396 
Broadleaf Co. Ltd. 819,600 5,516,288 
Central Automotive Products Ltd. 339,100 4,786,064 
Daiwa Industries Ltd. 509,000 5,812,790 
Dexerials Corp. 882,500 10,678,534 
Fuji Corp. 149,100 2,754,925 
Funai Soken Holdings, Inc. 198,120 5,164,832 
GMO Internet, Inc. 727,900 9,395,453 
Iida Group Holdings Co. Ltd. 730,451 12,489,457 
Isuzu Motors Ltd. 611,200 8,404,728 
Japan Meat Co. Ltd. 389,600 6,410,580 
JSR Corp. 870,300 15,377,974 
Kaken Pharmaceutical Co. Ltd. 101,500 5,413,579 
Kirindo Holdings Co. Ltd. 301,900 3,094,444 
Kotobuki Spirits Co. Ltd. (b) 137,000 5,057,735 
Meitec Corp. 198,300 9,299,388 
Minebea Mitsumi, Inc. 348,900 5,769,375 
Mitani Shoji Co. Ltd. 251,100 9,896,408 
Morinaga & Co. Ltd. 169,000 9,688,240 
Nihon Parkerizing Co. Ltd. 638,500 9,168,175 
Nitori Holdings Co. Ltd. 33,800 4,770,538 
Otsuka Corp. 106,000 6,951,608 
PALTAC Corp. 306,800 11,131,571 
Paramount Bed Holdings Co. Ltd. 257,100 11,730,355 
Renesas Electronics Corp. (a) 710,500 6,696,081 
Ricoh Leasing Co. Ltd. 186,900 6,535,439 
S Foods, Inc. 383,000 14,278,471 
San-Ai Oil Co. Ltd. 631,700 6,423,291 
Shinsei Bank Ltd. 6,033,000 9,959,690 
Ship Healthcare Holdings, Inc. 321,500 9,886,027 
TKC Corp. 242,200 7,052,129 
Toshiba Plant Systems & Services Corp. 710,900 11,581,264 
Tsuruha Holdings, Inc. 95,100 9,989,188 
VT Holdings Co. Ltd. 1,312,400 6,714,079 
Welcia Holdings Co. Ltd. 212,300 8,078,357 
Yamada Consulting Group Co. Ltd. 170,395 10,741,941 
TOTAL JAPAN  315,797,301 
Korea (South) - 1.9%   
BGFretail Co. Ltd. 60,181 4,965,221 
Hy-Lok Corp. 132,477 2,726,582 
Hyundai Fire & Marine Insurance Co. Ltd. 213,001 8,634,649 
Hyundai Mipo Dockyard Co. Ltd. (a) 63,919 6,135,439 
NS Shopping Co. Ltd. 429,528 6,404,941 
TOTAL KOREA (SOUTH)  28,866,832 
Luxembourg - 0.3%   
SAF-Holland SA 285,100 5,042,271 
Mexico - 1.0%   
Credito Real S.A.B. de CV 4,347,400 7,704,562 
Genomma Lab Internacional SA de CV (a) 6,441,800 8,282,702 
TOTAL MEXICO  15,987,264 
Netherlands - 2.8%   
Amsterdam Commodities NV 276,455 8,214,412 
Arcadis NV 238,489 4,879,958 
Basic-Fit NV (a) 360,300 6,756,127 
BinckBank NV (b) 1,059,659 5,834,328 
IMCD Group BV 142,000 7,956,995 
Philips Lighting NV 266,300 10,119,395 
TOTAL NETHERLANDS  43,761,215 
New Zealand - 1.2%   
Air New Zealand Ltd. 3,193,132 8,033,441 
EBOS Group Ltd. 708,252 9,622,021 
TOTAL NEW ZEALAND  17,655,462 
Norway - 0.8%   
ABG Sundal Collier ASA 9,028,610 6,258,027 
Ekornes A/S 441,497 6,401,071 
TOTAL NORWAY  12,659,098 
Philippines - 0.3%   
Century Pacific Food, Inc. 10,595,200 3,878,701 
Romania - 0.4%   
Banca Transilvania SA 8,666,544 6,523,979 
Singapore - 1.5%   
Boustead Singapore Ltd. 4,866,005 3,411,213 
Hour Glass Ltd. 8,087,500 3,998,543 
Mapletree Industrial (REIT) 4,875,994 6,674,515 
Wing Tai Holdings Ltd. 6,127,200 9,223,693 
TOTAL SINGAPORE  23,307,964 
South Africa - 0.5%   
Clicks Group Ltd. 726,051 8,223,115 
Spain - 0.7%   
Hispania Activos Inmobiliarios SA 585,285 10,559,192 
Sweden - 1.5%   
Addlife AB 99,154 2,044,780 
AddTech AB (B Shares) 281,419 5,489,793 
Coor Service Management Holding AB 631,700 4,537,962 
Granges AB 979,621 10,828,999 
TOTAL SWEDEN  22,901,534 
Switzerland - 0.8%   
Daetwyler Holdings AG 15,235 2,490,980 
Vontobel Holdings AG 145,334 9,671,899 
TOTAL SWITZERLAND  12,162,879 
Taiwan - 3.2%   
King's Town Bank 5,243,000 5,414,010 
Lumax International Corp. Ltd. 3,315,000 5,847,838 
Makalot Industrial Co. Ltd. 1,782,540 7,964,484 
Test Research, Inc. 3,328,000 3,965,248 
Tripod Technology Corp. 2,903,000 9,473,458 
United Microelectronics Corp. 6,636,000 3,043,941 
Yageo Corp. 2,411,000 9,176,554 
Yung Chi Paint & Varnish Manufacturing Co. Ltd. 1,624,000 4,423,545 
TOTAL TAIWAN  49,309,078 
Thailand - 1.6%   
Delta Electronics PCL (For. Reg.) 2,858,000 7,622,421 
Star Petroleum Refining PCL 19,548,000 9,046,600 
TISCO Financial Group PCL 3,290,000 7,291,557 
TOTAL THAILAND  23,960,578 
Turkey - 0.3%   
Aygaz A/S 1,055,000 4,832,313 
United Kingdom - 15.0%   
AEW UK REIT PLC (b) 3,009,468 4,064,996 
Alliance Pharma PLC 8,752,010 5,946,912 
Ashmore Group PLC 1,267,607 6,020,930 
Bond International Software PLC (a) 899,666 12 
Cineworld Group PLC 545,576 4,963,248 
Close Brothers Group PLC 364,080 7,397,654 
Countrywide PLC 3,842,145 7,832,109 
Diploma PLC 327,051 4,660,320 
Elementis PLC 1,724,700 6,744,787 
Empiric Student Property PLC 3,829,310 5,545,000 
Essentra PLC 1,112,800 7,862,363 
Informa PLC 1,167,898 10,717,131 
ITE Group PLC 3,190,157 7,586,890 
James Fisher and Sons PLC 203,600 4,217,488 
Jardine Lloyd Thompson Group PLC 402,000 6,295,834 
John Wood Group PLC 1,684,400 13,567,736 
LivaNova PLC (a) 220,900 13,461,646 
Luxfer Holdings PLC sponsored ADR 883,709 11,223,104 
McColl's Retail Group PLC 3,704,481 11,412,761 
Mears Group PLC 1,724,310 11,238,770 
Melrose Industries PLC 2,191,441 6,719,584 
Micro Focus International PLC 497,544 14,658,742 
PayPoint PLC 400,111 4,730,042 
Sinclair Pharma PLC (a) 14,973,382 5,803,290 
Spectris PLC 230,090 7,468,086 
Ten Entertainment Group PLC 2,581,000 5,278,326 
The Restaurant Group PLC 761,100 3,358,029 
Topps Tiles PLC 5,533,808 6,060,084 
Tullett Prebon PLC 1,576,100 10,125,116 
Ultra Electronics Holdings PLC 345,725 9,565,456 
Volution Group PLC 2,883,400 7,237,791 
TOTAL UNITED KINGDOM  231,764,237 
United States of America - 0.0%   
Seven Stars Cloud Group, Inc. warrants 8/30/17 (a)(c) 27,500 
TOTAL COMMON STOCKS   
(Cost $1,201,944,326)  1,448,678,367 
Preferred Stocks - 1.4%   
Convertible Preferred Stocks - 0.3%   
India - 0.3%   
PC Jeweller Ltd. 13.00% (c) 20,810,176 4,108,311 
Nonconvertible Preferred Stocks - 1.1%   
Brazil - 1.1%   
Alpargatas SA (PN) 1,979,200 9,450,603 
Banco ABC Brasil SA 1,560,419 8,191,530 
  17,642,133 
TOTAL PREFERRED STOCKS   
(Cost $15,359,164)  21,750,444 
Money Market Funds - 5.4%   
Fidelity Cash Central Fund, 1.11% (d) 69,293,241 69,307,099 
Fidelity Securities Lending Cash Central Fund 1.11% (d)(e) 14,291,913 14,293,342 
TOTAL MONEY MARKET FUNDS   
(Cost $83,591,578)  83,600,441 
TOTAL INVESTMENT PORTFOLIO - 100.6%   
(Cost $1,300,895,068)  1,554,029,252 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (8,897,261) 
NET ASSETS - 100%  $1,545,131,991 

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 $4,108,311 or 0.3% 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 
PC Jeweller Ltd. 13.00% 7/28/16 $3,105,681 
Seven Stars Cloud Group, 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 $333,129 
Fidelity Securities Lending Cash Central Fund 194,246 
Total $527,375 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $260,277,672 $256,169,361 $4,108,311 $-- 
Consumer Staples 131,661,824 131,661,824 -- -- 
Energy 51,015,790 51,015,790 -- -- 
Financials 201,882,028 201,831,179 50,849 -- 
Health Care 123,369,000 123,369,000 -- -- 
Industrials 304,199,846 304,199,846 -- -- 
Information Technology 151,102,707 148,058,753 3,043,941 13 
Materials 144,638,024 144,638,023 -- 
Real Estate 97,449,607 97,449,607 -- -- 
Utilities 4,832,313 4,832,313 -- -- 
Money Market Funds 83,600,441 83,600,441 -- -- 
Total Investments in Securities: $1,554,029,252 $1,546,826,137 $7,203,101 $14 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $1,307,287,413. Net unrealized appreciation aggregated $246,741,839, of which $309,265,052 related to appreciated investment securities and $62,523,213 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, 2017







ILS-QTLY-0917
1.834743.111





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 93.8%   
 Shares Value 
Australia - 2.2%   
Adelaide Brighton Ltd. 1,077,412 $4,844,044 
Beacon Lighting Group Ltd. 2,681,235 2,917,184 
DuluxGroup Ltd. 1,736,117 9,152,809 
Imdex Ltd. (a) 3,940,102 2,301,020 
Quintis Ltd. (b) 2,011,191 474,641 
RCG Corp. Ltd. (b) 6,728,942 4,925,586 
TOTAL AUSTRALIA  24,615,284 
Austria - 1.8%   
Andritz AG 172,500 10,571,719 
BUWOG-Gemeinnuetzige Wohnung 318,874 9,374,791 
TOTAL AUSTRIA  19,946,510 
Bailiwick of Jersey - 0.5%   
Integrated Diagnostics Holdings PLC 1,483,779 5,872,055 
Belgium - 1.2%   
KBC Ancora 257,848 13,697,666 
Bermuda - 0.5%   
Vostok New Ventures Ltd. (depositary receipt) (a) 701,789 5,628,185 
Canada - 1.8%   
McCoy Global, Inc. (a) 637,015 1,026,990 
New Look Vision Group, Inc. 207,200 5,650,531 
Pason Systems, Inc. 365,800 5,339,932 
PrairieSky Royalty Ltd. 107,800 2,676,950 
ShawCor Ltd. Class A 162,500 3,641,668 
Tesco Corp. (a) 312,047 1,435,416 
TOTAL CANADA  19,771,487 
Cayman Islands - 1.1%   
58.com, Inc. ADR (a) 87,900 4,487,295 
China Biologic Products Holdings, Inc. (a)(b) 80,480 8,007,760 
TOTAL CAYMAN ISLANDS  12,495,055 
Denmark - 2.3%   
Jyske Bank A/S (Reg.) 183,127 11,476,318 
Scandinavian Tobacco Group A/S 359,393 5,800,860 
Spar Nord Bank A/S 651,369 8,761,301 
TOTAL DENMARK  26,038,479 
Finland - 0.8%   
Tikkurila Oyj 401,746 8,574,832 
France - 2.5%   
Elis SA (b) 456,162 11,034,993 
Laurent-Perrier Group SA 51,163 4,633,357 
Vetoquinol SA 101,184 6,288,535 
Virbac SA (a) 32,652 5,827,006 
TOTAL FRANCE  27,783,891 
Germany - 4.8%   
CompuGroup Medical AG 392,521 23,400,598 
CTS Eventim AG 360,354 16,696,618 
Fielmann AG 68,873 5,534,382 
Nexus AG 281,358 8,659,862 
TOTAL GERMANY  54,291,460 
India - 0.6%   
Jyothy Laboratories Ltd. 1,189,354 6,867,787 
Ireland - 1.4%   
FBD Holdings PLC (a) 240,328 2,404,027 
James Hardie Industries PLC CDI 894,067 13,704,259 
TOTAL IRELAND  16,108,286 
Isle of Man - 1.0%   
Playtech Ltd. 844,387 10,700,779 
Israel - 2.1%   
Azrieli Group 96,505 5,270,684 
Ituran Location & Control Ltd. 300,908 9,177,694 
Strauss Group Ltd. 483,344 9,256,318 
TOTAL ISRAEL  23,704,696 
Italy - 3.3%   
Azimut Holding SpA 427,797 9,591,710 
Beni Stabili SpA SIIQ 6,607,875 5,280,122 
Interpump Group SpA 738,443 22,492,364 
TOTAL ITALY  37,364,196 
Japan - 31.4%   
Ai Holdings Corp. 202,400 5,581,169 
Aoki Super Co. Ltd. 318,000 3,917,130 
Artnature, Inc. 535,800 3,455,520 
Asahi Co. Ltd. 345,700 4,161,131 
Aucnet, Inc. 14,300 183,541 
Azbil Corp. 621,200 24,539,217 
Broadleaf Co. Ltd. 287,300 1,933,662 
Central Automotive Products Ltd. 135,400 1,911,038 
Century21 Real Estate Japan Ltd. 66,500 844,483 
Coca-Cola West Co. Ltd. 175,275 5,294,261 
Daiichikosho Co. Ltd. 222,300 10,707,179 
Daikokutenbussan Co. Ltd. 174,500 8,658,125 
Funai Soken Holdings, Inc. 235,700 6,144,513 
GCA Savvian Group Corp. 555,461 4,932,617 
Goldcrest Co. Ltd. 534,130 11,908,853 
Iwatsuka Confectionary Co. Ltd. 21,400 895,832 
Kobayashi Pharmaceutical Co. Ltd. 221,900 13,807,737 
Koshidaka Holdings Co. Ltd. 210,000 5,703,116 
Kusuri No Aoki Holdings Co. Ltd. 132,800 7,311,860 
Lasertec Corp. 702,272 10,497,930 
Medikit Co. Ltd. 96,100 4,619,983 
Miroku Jyoho Service Co., Ltd. 164,800 3,477,027 
Misumi Group, Inc. 481,400 11,947,121 
Nabtesco Corp. 266,300 8,659,672 
Nagaileben Co. Ltd. 500,800 12,487,634 
Nakano Refrigerators Co. Ltd. 141,500 4,473,015 
ND Software Co. Ltd. 95,882 995,826 
Nihon Parkerizing Co. Ltd. 1,243,000 17,848,147 
NS Tool Co. Ltd. (b) 77,600 1,405,662 
OBIC Co. Ltd. 336,500 21,030,296 
OSG Corp. (b) 745,200 15,742,853 
Paramount Bed Holdings Co. Ltd. 257,200 11,734,918 
ProNexus, Inc. 502,400 5,696,403 
San-Ai Oil Co. Ltd. 766,200 7,790,922 
SHO-BOND Holdings Co. Ltd. 254,200 13,442,660 
Shoei Co. Ltd. 314,026 9,001,063 
SK Kaken Co. Ltd. 83,000 7,528,686 
Software Service, Inc. 67,000 3,044,764 
Techno Medica Co. Ltd. 80,791 1,431,220 
The Monogatari Corp. 84,300 4,404,445 
TKC Corp. 223,200 6,498,907 
Tocalo Co. Ltd. 117,000 4,473,264 
USS Co. Ltd. 966,500 19,523,747 
Welcia Holdings Co. Ltd. 172,500 6,563,903 
Workman Co. Ltd. 229,500 6,973,786 
Yamada Consulting Group Co. Ltd. 135,700 8,554,719 
Yamato Kogyo Co. Ltd. 113,000 3,172,343 
TOTAL JAPAN  354,911,900 
Korea (South) - 1.8%   
BGFretail Co. Ltd. 213,473 17,612,545 
Leeno Industrial, Inc. 63,110 2,795,034 
TOTAL KOREA (SOUTH)  20,407,579 
Mexico - 0.3%   
Consorcio ARA S.A.B. de CV 11,546,078 3,878,419 
Netherlands - 2.1%   
Aalberts Industries NV 319,501 13,956,513 
Takeaway.com Holding BV (c) 74,887 3,421,494 
VastNed Retail NV 129,002 5,894,705 
TOTAL NETHERLANDS  23,272,712 
Norway - 0.9%   
Kongsberg Gruppen ASA (b) 331,100 5,621,607 
Skandiabanken ASA 436,200 4,909,632 
TOTAL NORWAY  10,531,239 
Philippines - 0.5%   
Jollibee Food Corp. 1,309,740 5,844,039 
South Africa - 0.9%   
Clicks Group Ltd. 884,913 10,022,355 
Spain - 2.6%   
Hispania Activos Inmobiliarios SA 366,631 6,614,431 
Merlin Properties Socimi SA 545,300 7,346,087 
Prosegur Compania de Seguridad SA (Reg.) 2,217,090 15,196,383 
TOTAL SPAIN  29,156,901 
Sweden - 4.9%   
Addlife AB 173,500 3,577,962 
AddTech AB (B Shares) 430,143 8,391,033 
Fagerhult AB 1,325,439 17,442,579 
Lagercrantz Group AB (B Shares) 684,707 7,738,551 
Loomis AB (B Shares) 224,700 8,349,228 
Saab AB (B Shares) 211,100 9,797,019 
TOTAL SWEDEN  55,296,372 
Switzerland - 0.6%   
Tecan Group AG 34,420 6,421,602 
Taiwan - 0.4%   
Addcn Technology Co. Ltd. 588,435 4,927,239 
United Kingdom - 17.0%   
Alliance Pharma PLC 4,048,400 2,750,851 
Avon Rubber PLC 186,800 2,464,639 
Berendsen PLC 965,863 16,248,085 
Dechra Pharmaceuticals PLC 615,409 14,412,479 
DP Poland PLC (a) 7,057,200 4,015,485 
Elementis PLC 3,059,010 11,962,875 
Great Portland Estates PLC 1,103,789 8,767,162 
Hilton Food Group PLC 279,688 2,492,732 
Howden Joinery Group PLC 1,999,300 11,208,337 
Informa PLC 1,684,956 15,461,876 
InterContinental Hotel Group PLC ADR 100,195 5,687,068 
ITE Group PLC 3,080,234 7,325,469 
Rightmove PLC 195,147 10,834,630 
Shaftesbury PLC 974,573 12,639,921 
Spectris PLC 634,278 20,586,913 
Spirax-Sarco Engineering PLC 339,491 24,904,597 
Topps Tiles PLC 3,398,615 3,721,830 
Ultra Electronics Holdings PLC 383,858 10,620,513 
Unite Group PLC 674,423 5,970,784 
TOTAL UNITED KINGDOM  192,076,246 
United States of America - 2.5%   
Autoliv, Inc. (b) 52,200 5,657,958 
Martin Marietta Materials, Inc. 24,820 5,619,993 
Mohawk Industries, Inc. (a) 18,300 4,556,517 
PriceSmart, Inc. 84,074 7,083,235 
ResMed, Inc. 75,095 5,791,326 
TOTAL UNITED STATES OF AMERICA  28,709,029 
TOTAL COMMON STOCKS   
(Cost $830,826,954)  1,058,916,280 
Nonconvertible Preferred Stocks - 1.8%   
Germany - 1.8%   
Sartorius AG (non-vtg.)   
(Cost $8,387,461) 215,280 20,375,135 
Money Market Funds - 6.4%   
Fidelity Cash Central Fund, 1.11% (d) 50,176,760 50,186,795 
Fidelity Securities Lending Cash Central Fund 1.11% (d)(e) 22,444,048 22,446,292 
TOTAL MONEY MARKET FUNDS   
(Cost $72,634,133)  72,633,087 
TOTAL INVESTMENT PORTFOLIO - 102.0%   
(Cost $911,848,548)  1,151,924,502 
NET OTHER ASSETS (LIABILITIES) - (2.0)%  (22,608,457) 
NET ASSETS - 100%  $1,129,316,045 

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 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 $3,421,494 or 0.3% 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 $173,585 
Fidelity Securities Lending Cash Central Fund 159,069 
Total $332,654 

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 $5,450,276 $64,232 $907,568 $-- $-- 
Total $5,450,276 $64,232 $907,568 $-- $-- 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $157,679,961 $157,679,961 $-- $-- 
Consumer Staples 107,872,697 107,872,697 -- -- 
Energy 21,911,878 21,911,878 -- -- 
Financials 67,202,316 67,202,316 -- -- 
Health Care 145,699,516 145,699,516 -- -- 
Industrials 268,839,491 268,839,491 -- -- 
Information Technology 144,989,884 144,989,884 -- -- 
Materials 85,183,649 84,709,008 -- 474,641 
Real Estate 79,912,023 79,912,023 -- -- 
Money Market Funds 72,633,087 72,633,087 -- -- 
Total Investments in Securities: $1,151,924,502 $1,151,449,861 $-- $474,641 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $917,628,641. Net unrealized appreciation aggregated $234,295,861 of which $273,538,063 related to appreciated investment securities and $39,242,202 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, 2017







FIV-QTLY-0917
1.834741.111





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.8%   
 Shares Value 
Australia - 4.0%   
Australia & New Zealand Banking Group Ltd. 314,052 $7,444,289 
Insurance Australia Group Ltd. 513,326 2,739,108 
Macquarie Group Ltd. 46,668 3,204,412 
Magellan Financial Group Ltd. 68,954 1,456,860 
TOTAL AUSTRALIA  14,844,669 
Austria - 0.6%   
Erste Group Bank AG 56,200 2,336,185 
Bailiwick of Jersey - 1.0%   
Shire PLC 26,400 1,475,824 
Wolseley PLC 37,702 2,251,107 
TOTAL BAILIWICK OF JERSEY  3,726,931 
Belgium - 1.5%   
KBC Groep NV 68,291 5,659,002 
Canada - 0.7%   
Imperial Oil Ltd. 43,100 1,236,910 
Potash Corp. of Saskatchewan, Inc. 85,600 1,531,085 
TOTAL CANADA  2,767,995 
Finland - 1.2%   
Sampo Oyj (A Shares) 79,334 4,341,718 
France - 13.7%   
Atos Origin SA 32,195 4,895,543 
AXA SA 198,521 5,863,017 
Bouygues SA 39,880 1,711,124 
Capgemini SA 28,193 3,070,488 
Compagnie de St. Gobain 36,400 2,020,505 
Natixis SA 234,900 1,708,212 
Sanofi SA 35,215 3,355,603 
Societe Generale Series A 101,400 5,945,561 
SR Teleperformance SA 20,600 2,869,046 
Total SA 221,062 11,241,820 
VINCI SA 54,500 4,880,275 
Vivendi SA 138,492 3,201,083 
TOTAL FRANCE  50,762,277 
Germany - 7.4%   
BASF AG 62,315 5,945,003 
Brenntag AG 27,300 1,549,474 
Deutsche Post AG 46,716 1,813,919 
Deutsche Telekom AG 205,700 3,757,880 
Fresenius SE & Co. KGaA 32,900 2,781,986 
HeidelbergCement Finance AG 27,600 2,738,641 
Linde AG 11,100 2,117,444 
SAP AG 27,883 2,952,398 
Vonovia SE 92,465 3,749,555 
TOTAL GERMANY  27,406,300 
Hong Kong - 0.5%   
AIA Group Ltd. 238,000 1,875,467 
Indonesia - 0.6%   
PT Bank Rakyat Indonesia Tbk 1,989,100 2,205,715 
Ireland - 1.6%   
Allergan PLC 7,280 1,836,962 
CRH PLC 63,071 2,213,847 
Medtronic PLC 21,300 1,788,561 
TOTAL IRELAND  5,839,370 
Israel - 0.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 45,999 1,479,788 
Italy - 1.3%   
Intesa Sanpaolo SpA 1,419,100 4,885,150 
Japan - 20.9%   
AEON Financial Service Co. Ltd. 72,600 1,581,138 
East Japan Railway Co. 19,700 1,849,472 
Hoya Corp. 64,900 3,665,177 
Itochu Corp. 259,800 4,078,043 
Japan Tobacco, Inc. 94,600 3,289,912 
Kao Corp. 36,400 2,216,786 
KDDI Corp. 142,000 3,762,571 
Makita Corp. 62,700 2,454,084 
Mitsubishi UFJ Financial Group, Inc. 1,274,400 8,084,937 
Nintendo Co. Ltd. 5,700 1,935,803 
Nippon Telegraph & Telephone Corp. 69,400 3,396,312 
Nomura Holdings, Inc. 292,100 1,735,431 
OBIC Co. Ltd. 39,500 2,468,638 
Olympus Corp. 60,000 2,182,412 
Oracle Corp. Japan 2,600 174,756 
ORIX Corp. 229,100 3,639,790 
Panasonic Corp. 149,000 2,052,220 
Recruit Holdings Co. Ltd. 109,800 1,901,294 
Seven & i Holdings Co. Ltd. 60,200 2,426,342 
Shin-Etsu Chemical Co. Ltd. 34,100 3,127,135 
Shinsei Bank Ltd. 1,148,000 1,895,197 
Sony Corp. 67,200 2,760,866 
Sony Financial Holdings, Inc. 122,700 2,126,896 
Subaru Corp. 46,700 1,691,866 
Taiheiyo Cement Corp. 458,000 1,724,069 
Tokio Marine Holdings, Inc. 74,500 3,138,941 
Toyota Motor Corp. 137,800 7,766,387 
TOTAL JAPAN  77,126,475 
Netherlands - 3.6%   
ING Groep NV (Certificaten Van Aandelen) 316,390 5,911,378 
Koninklijke Philips Electronics NV 58,400 2,231,817 
RELX NV 165,576 3,477,825 
Wolters Kluwer NV 37,272 1,659,671 
TOTAL NETHERLANDS  13,280,691 
Norway - 1.4%   
Statoil ASA 271,241 5,097,725 
Spain - 4.4%   
Banco Santander SA (Spain) 847,330 5,791,722 
CaixaBank SA 765,897 3,989,287 
Iberdrola SA 694,762 5,480,868 
Unicaja Banco SA 743,300 1,081,420 
TOTAL SPAIN  16,343,297 
Sweden - 3.9%   
Investor AB (B Shares) 72,128 3,421,564 
Nordea Bank AB 478,000 6,032,872 
Swedbank AB (A Shares) 147,042 3,834,470 
Telefonaktiebolaget LM Ericsson (B Shares) 155,300 1,005,166 
TOTAL SWEDEN  14,294,072 
Switzerland - 10.5%   
ABB Ltd. (Reg.) 125,550 2,941,177 
Credit Suisse Group AG 252,792 3,885,841 
Lafargeholcim Ltd. (Reg.) 40,520 2,424,202 
Nestle SA (Reg. S) 77,203 6,516,670 
Novartis AG 137,400 11,703,429 
UBS Group AG 339,158 5,911,524 
Zurich Insurance Group AG 17,430 5,313,991 
TOTAL SWITZERLAND  38,696,834 
United Kingdom - 16.9%   
AstraZeneca PLC (United Kingdom) 67,924 4,048,480 
Aviva PLC 608,542 4,325,533 
BAE Systems PLC 397,078 3,151,287 
BHP Billiton PLC 285,203 5,200,396 
BP PLC 1,428,903 8,393,022 
British American Tobacco PLC (United Kingdom) 39,182 2,437,345 
Bunzl PLC 104,556 3,156,323 
Compass Group PLC 166,391 3,549,902 
GlaxoSmithKline PLC 348,000 6,927,627 
HSBC Holdings PLC sponsored ADR (a) 77,933 3,903,664 
Imperial Tobacco Group PLC 68,368 2,814,388 
Informa PLC 289,526 2,656,814 
Lloyds Banking Group PLC 1,356,348 1,172,614 
Micro Focus International PLC 89,500 2,636,867 
Rio Tinto PLC 51,560 2,416,462 
Standard Chartered PLC (United Kingdom) (b) 371,353 4,148,518 
Standard Life PLC 275,438 1,585,934 
TOTAL UNITED KINGDOM  62,525,176 
United States of America - 2.7%   
Amgen, Inc. 8,000 1,396,080 
ConocoPhillips Co. 73,900 3,352,843 
Edgewell Personal Care Co. (b) 12,500 902,500 
Molson Coors Brewing Co. Class B 16,300 1,450,374 
S&P Global, Inc. 18,400 2,826,056 
TOTAL UNITED STATES OF AMERICA  9,927,853 
TOTAL COMMON STOCKS   
(Cost $339,505,384)  365,422,690 
Nonconvertible Preferred Stocks - 0.6%   
Spain - 0.6%   
Grifols SA Class B   
(Cost $1,619,008) 100,900 2,137,476 
Money Market Funds - 0.6%   
Fidelity Cash Central Fund, 1.11% (c) 1,440,171 1,440,459 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 814,919 815,000 
TOTAL MONEY MARKET FUNDS   
(Cost $2,255,459)  2,255,459 
TOTAL INVESTMENT PORTFOLIO - 100.0%   
(Cost $343,379,851)  369,815,625 
NET OTHER ASSETS (LIABILITIES) - 0.0%  (156,016) 
NET ASSETS - 100%  $369,659,609 

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 $9,532 
Fidelity Securities Lending Cash Central Fund 154,514 
Total $164,046 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $23,679,138 $7,898,582 $15,780,556 $-- 
Consumer Staples 22,054,317 10,673,960 11,380,357 -- 
Energy 29,322,320 4,589,753 24,732,567 -- 
Financials 135,003,414 85,370,195 49,633,219 -- 
Health Care 44,779,405 17,268,442 27,510,963 -- 
Industrials 43,996,443 28,214,242 15,782,201 -- 
Information Technology 19,139,659 13,246,292 5,893,367 -- 
Materials 29,438,284 17,490,135 11,948,149 -- 
Real Estate 3,749,555 3,749,555 -- -- 
Telecommunication Services 10,916,763 -- 10,916,763 -- 
Utilities 5,480,868 5,480,868 -- -- 
Money Market Funds 2,255,459 2,255,459 -- -- 
Total Investments in Securities: $369,815,625 $196,237,483 $173,578,142 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $15,791,317 
Level 2 to Level 1 $13,236,981 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $343,994,935. Net unrealized appreciation aggregated $25,820,690, of which $39,882,339 related to appreciated investment securities and $14,061,649 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, 2017







JPN-QTLY-0917
1.804854.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value 
CONSUMER DISCRETIONARY - 19.2%   
Auto Components - 2.7%   
Bridgestone Corp. 143,900 $6,078,664 
DaikyoNishikawa Corp. 109,000 1,632,355 
Sumitomo Electric Industries Ltd. 249,000 4,037,258 
  11,748,277 
Automobiles - 5.3%   
Honda Motor Co. Ltd. 278,800 7,804,127 
Subaru Corp. 127,900 4,633,612 
Suzuki Motor Corp. 223,300 10,593,306 
  23,031,045 
Household Durables - 7.9%   
Panasonic Corp. 399,400 5,501,051 
Rinnai Corp. 38,600 3,606,331 
Sekisui Chemical Co. Ltd. 123,500 2,276,312 
Sekisui House Ltd. 121,100 2,099,711 
Sony Corp. 445,200 18,290,736 
Techtronic Industries Co. Ltd. 543,500 2,418,014 
  34,192,155 
Media - 1.6%   
Dentsu, Inc. 79,000 3,697,583 
LIFULL Co. Ltd. (a) 388,900 3,107,814 
  6,805,397 
Multiline Retail - 0.4%   
Don Quijote Holdings Co. Ltd. 50,700 1,846,437 
Specialty Retail - 1.3%   
Nitori Holdings Co. Ltd. 15,600 2,201,787 
USS Co. Ltd. 179,400 3,623,963 
  5,825,750 
TOTAL CONSUMER DISCRETIONARY  83,449,061 
CONSUMER STAPLES - 10.0%   
Food & Staples Retailing - 5.5%   
Ain Holdings, Inc. 39,300 2,834,006 
San-A Co. Ltd. 49,600 2,215,792 
Seven & i Holdings Co. Ltd. 192,700 7,766,712 
Sundrug Co. Ltd. 101,600 3,787,709 
Tsuruha Holdings, Inc. 22,800 2,394,884 
Welcia Holdings Co. Ltd. 126,400 4,809,724 
  23,808,827 
Food Products - 0.9%   
Japan Meat Co. Ltd. 79,000 1,299,887 
Morinaga & Co. Ltd. 46,300 2,654,234 
  3,954,121 
Personal Products - 2.0%   
Kao Corp. 85,500 5,207,012 
Kose Corp. 29,700 3,308,232 
  8,515,244 
Tobacco - 1.6%   
Japan Tobacco, Inc. 205,800 7,157,125 
TOTAL CONSUMER STAPLES  43,435,317 
FINANCIALS - 11.9%   
Banks - 4.7%   
Mitsubishi UFJ Financial Group, Inc. 2,551,400 16,186,369 
Shinsei Bank Ltd. 2,594,000 4,282,353 
  20,468,722 
Capital Markets - 0.5%   
Monex Group, Inc. 824,100 2,332,253 
Consumer Finance - 0.8%   
AEON Financial Service Co. Ltd. 149,300 3,251,570 
Diversified Financial Services - 3.3%   
ORIX Corp. 912,300 14,494,022 
Insurance - 2.6%   
Sony Financial Holdings, Inc. 201,600 3,494,558 
Tokio Marine Holdings, Inc. 187,900 7,916,872 
  11,411,430 
TOTAL FINANCIALS  51,957,997 
HEALTH CARE - 9.7%   
Biotechnology - 0.7%   
PeptiDream, Inc. (a)(b) 88,600 2,788,716 
Health Care Equipment & Supplies - 7.1%   
Hoya Corp. 291,000 16,433,997 
Nakanishi, Inc. 26,500 1,111,728 
Olympus Corp. 259,300 9,431,657 
Paramount Bed Holdings Co. Ltd. 88,800 4,051,558 
  31,028,940 
Health Care Providers & Services - 1.0%   
Ship Healthcare Holdings, Inc. 140,300 4,314,182 
Pharmaceuticals - 0.9%   
Shionogi & Co. Ltd. 75,600 4,043,155 
TOTAL HEALTH CARE  42,174,993 
INDUSTRIALS - 18.0%   
Building Products - 2.2%   
Daikin Industries Ltd. 64,500 6,845,208 
Toto Ltd. 71,800 2,894,925 
  9,740,133 
Commercial Services & Supplies - 0.8%   
Sohgo Security Services Co., Ltd. 86,500 3,668,080 
Construction & Engineering - 0.9%   
Toshiba Plant Systems & Services Corp. 252,800 4,118,362 
Electrical Equipment - 3.9%   
Mitsubishi Electric Corp. 447,000 6,935,403 
Nidec Corp. 88,900 9,805,651 
  16,741,054 
Machinery - 3.2%   
Komatsu Ltd. 78,800 2,113,223 
Kubota Corp. 196,600 3,423,046 
Minebea Mitsumi, Inc. 101,500 1,678,394 
SMC Corp. 20,400 6,496,839 
  13,711,502 
Professional Services - 2.1%   
Benefit One, Inc. 79,300 3,222,495 
Outsourcing, Inc. (a) 64,600 3,228,682 
Recruit Holdings Co. Ltd. 141,900 2,457,137 
  8,908,314 
Road & Rail - 2.7%   
East Japan Railway Co. 127,300 11,951,154 
Trading Companies & Distributors - 2.2%   
Misumi Group, Inc. 310,600 7,708,301 
Trusco Nakayama Corp. 74,300 1,906,614 
  9,614,915 
TOTAL INDUSTRIALS  78,453,514 
INFORMATION TECHNOLOGY - 15.0%   
Electronic Equipment & Components - 8.2%   
Azbil Corp. 162,900 6,435,027 
Iriso Electronics Co. Ltd. 18,100 1,559,708 
Murata Manufacturing Co. Ltd. 26,500 4,129,620 
OMRON Corp. 60,600 3,028,763 
Shimadzu Corp. 613,000 12,077,065 
TDK Corp. 55,400 3,995,011 
Topcon Corp. 248,400 4,258,479 
  35,483,673 
Internet Software & Services - 3.4%   
DeNA Co. Ltd. 143,800 3,163,091 
Kakaku.com, Inc. 411,900 5,817,301 
SMS Co., Ltd. 83,700 2,649,671 
Yahoo! Japan Corp. 742,400 3,367,046 
  14,997,109 
IT Services - 0.4%   
Otsuka Corp. 25,900 1,698,553 
Semiconductors & Semiconductor Equipment - 1.6%   
Renesas Electronics Corp. (b) 121,600 1,146,015 
Sumco Corp. 367,100 5,980,422 
  7,126,437 
Software - 1.4%   
Nintendo Co. Ltd. 17,600 5,977,217 
TOTAL INFORMATION TECHNOLOGY  65,282,989 
MATERIALS - 7.5%   
Chemicals - 7.5%   
Daicel Chemical Industries Ltd. 208,300 2,718,887 
Hitachi Chemical Co. Ltd. 134,900 3,848,342 
JSR Corp. 245,000 4,329,085 
Kansai Paint Co. Ltd. 172,100 3,951,064 
Okamoto Industries, Inc. 131,000 1,434,233 
Shin-Etsu Chemical Co. Ltd. 87,600 8,033,344 
Sumitomo Chemical Co. Ltd. 602,000 3,538,446 
Toray Industries, Inc. 524,000 4,738,791 
  32,592,192 
REAL ESTATE - 0.5%   
Real Estate Management & Development - 0.5%   
Investors Cloud Co. Ltd. (a) 44,500 2,280,602 
TELECOMMUNICATION SERVICES - 8.0%   
Wireless Telecommunication Services - 8.0%   
KDDI Corp. 580,800 15,389,444 
SoftBank Corp. 240,400 19,375,653 
  34,765,097 
TOTAL COMMON STOCKS   
(Cost $345,228,455)  434,391,762 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund, 1.11% (c) 275,798 275,853 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 9,214,445 9,215,367 
TOTAL MONEY MARKET FUNDS   
(Cost $9,491,738)  9,491,220 
TOTAL INVESTMENT PORTFOLIO - 102.0%   
(Cost $354,720,193)  443,882,982 
NET OTHER ASSETS (LIABILITIES) - (2.0)%  (8,658,622) 
NET ASSETS - 100%  $435,224,360 

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 $10,372 
Fidelity Securities Lending Cash Central Fund 105,426 
Total $115,798 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $83,449,061 $51,853,147 $31,595,914 $-- 
Consumer Staples 43,435,317 35,668,605 7,766,712 -- 
Financials 51,957,997 35,771,628 16,186,369 -- 
Health Care 42,174,993 42,174,993 -- -- 
Industrials 78,453,514 76,340,291 2,113,223 -- 
Information Technology 65,282,989 59,305,772 5,977,217 -- 
Materials 32,592,192 32,592,192 -- -- 
Real Estate 2,280,602 2,280,602 -- -- 
Telecommunication Services 34,765,097 -- 34,765,097 -- 
Money Market Funds 9,491,220 9,491,220 -- -- 
Total Investments in Securities: $443,882,982 $345,478,450 $98,404,532 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $7,627,515 
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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $359,091,377. Net unrealized appreciation aggregated $84,791,605, of which $96,186,803 related to appreciated investment securities and $11,395,202 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, 2017







JSC-QTLY-0917
1.804823.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.0%   
 Shares Value 
CONSUMER DISCRETIONARY - 20.5%   
Auto Components - 4.0%   
Bridgestone Corp. 224,900 $9,500,288 
Hi-Lex Corp. 271,100 7,087,035 
Sumitomo Electric Industries Ltd. 644,500 10,449,850 
  27,037,173 
Automobiles - 2.0%   
Isuzu Motors Ltd. 606,000 8,333,221 
Subaru Corp. 149,000 5,398,032 
  13,731,253 
Distributors - 3.1%   
Central Automotive Products Ltd. 885,000 12,490,907 
Chori Co. Ltd. 196,100 3,637,575 
PALTAC Corp. 140,000 5,079,595 
  21,208,077 
Diversified Consumer Services - 0.5%   
Asante, Inc. 207,500 3,611,887 
Hotels, Restaurants & Leisure - 2.1%   
KOMEDA Holdings Co. Ltd. (a) 189,500 3,159,336 
Koshidaka Holdings Co. Ltd. (a) 411,600 11,178,107 
  14,337,443 
Household Durables - 0.9%   
Panasonic Corp. 445,000 6,129,113 
Media - 1.3%   
Daiichikosho Co. Ltd. 187,900 9,050,288 
Specialty Retail - 5.4%   
Arc Land Sakamoto Co. Ltd. 466,700 6,396,514 
Fuji Corp. (a) 303,300 5,604,083 
Nitori Holdings Co. Ltd. 68,600 9,682,217 
VT Holdings Co. Ltd. 1,487,400 7,609,357 
Workman Co. Ltd. 244,000 7,414,395 
  36,706,566 
Textiles, Apparel & Luxury Goods - 1.2%   
Hagihara Industries, Inc. 282,800 8,118,844 
TOTAL CONSUMER DISCRETIONARY  139,930,644 
CONSUMER STAPLES - 9.1%   
Food & Staples Retailing - 2.7%   
Kirindo Holdings Co. Ltd. 9,000 92,249 
Mitsubishi Shokuhin Co. Ltd. 342,300 9,904,640 
San-A Co. Ltd. 184,000 8,219,874 
  18,216,763 
Food Products - 6.0%   
Japan Meat Co. Ltd. 487,400 8,019,807 
Kotobuki Spirits Co. Ltd. (a) 365,000 13,474,988 
Morinaga & Co. Ltd. 154,700 8,868,466 
S Foods, Inc. 282,700 10,539,226 
  40,902,487 
Tobacco - 0.4%   
Japan Tobacco, Inc. 90,000 3,129,938 
TOTAL CONSUMER STAPLES  62,249,188 
ENERGY - 2.2%   
Energy Equipment & Services - 1.0%   
Shinko Plantech Co. Ltd. 798,000 6,825,833 
Oil, Gas & Consumable Fuels - 1.2%   
San-Ai Oil Co. Ltd. 820,800 8,346,109 
TOTAL ENERGY  15,171,942 
FINANCIALS - 9.4%   
Banks - 3.1%   
Fukuoka Financial Group, Inc. 1,272,000 5,872,811 
Mitsubishi UFJ Financial Group, Inc. 1,224,600 7,769,000 
Shinsei Bank Ltd. 4,483,000 7,400,844 
  21,042,655 
Consumer Finance - 0.9%   
AEON Financial Service Co. Ltd. 291,600 6,350,688 
Diversified Financial Services - 2.8%   
Fuyo General Lease Co. Ltd. 135,300 7,940,415 
ORIX Corp. 731,800 11,626,357 
  19,566,772 
Insurance - 2.6%   
T&D Holdings, Inc. 618,000 9,148,497 
Tokio Marine Holdings, Inc. 199,500 8,405,619 
  17,554,116 
TOTAL FINANCIALS  64,514,231 
HEALTH CARE - 5.2%   
Health Care Equipment & Supplies - 2.4%   
Medikit Co. Ltd. 216,100 10,388,952 
Paramount Bed Holdings Co. Ltd. 138,900 6,337,403 
  16,726,355 
Health Care Providers & Services - 1.8%   
A/S One Corp. 241,000 12,045,081 
Pharmaceuticals - 1.0%   
Astellas Pharma, Inc. 543,500 6,921,762 
TOTAL HEALTH CARE  35,693,198 
INDUSTRIALS - 23.3%   
Air Freight & Logistics - 0.8%   
AIT Corp. 525,400 5,132,712 
Airlines - 1.1%   
Japan Airlines Co. Ltd. 239,600 7,754,481 
Building Products - 2.8%   
Sekisui Jushi Corp. 581,300 10,577,240 
Sinko Industries Ltd. 553,800 8,469,380 
  19,046,620 
Commercial Services & Supplies - 2.4%   
Aeon Delight Co. Ltd. 281,300 9,402,608 
ProNexus, Inc. 594,900 6,745,204 
  16,147,812 
Construction & Engineering - 2.1%   
Hokuriku Electrical Construction Co. Ltd. 859,300 7,396,940 
Toshiba Plant Systems & Services Corp. 431,500 7,029,561 
  14,426,501 
Electrical Equipment - 2.1%   
Aichi Electric Co. Ltd. 175,100 4,844,256 
Denyo Co. Ltd. 543,100 9,557,023 
  14,401,279 
Machinery - 2.2%   
Mitsubishi Heavy Industries Ltd. 1,787,000 7,120,768 
NGK Insulators Ltd. 399,000 8,041,889 
  15,162,657 
Marine - 0.9%   
Nippon Concept Corp. 560,000 6,329,176 
Professional Services - 3.4%   
Funai Soken Holdings, Inc. 294,320 7,672,690 
Meitec Corp. 80,900 3,793,850 
Yamada Consulting Group Co. Ltd. 190,600 12,015,692 
  23,482,232 
Trading Companies & Distributors - 4.0%   
Inaba Denki Sangyo Co. Ltd. 228,800 9,017,516 
Mitani Shoji Co. Ltd. 98,100 3,866,339 
Trusco Nakayama Corp. 295,500 7,582,834 
Yuasa Trading Co. Ltd. 220,800 7,079,940 
  27,546,629 
Transportation Infrastructure - 1.5%   
Kamigumi Co. Ltd. 924,000 9,906,735 
TOTAL INDUSTRIALS  159,336,834 
INFORMATION TECHNOLOGY - 11.5%   
Electronic Equipment & Components - 3.0%   
Amano Corp. 503,200 11,470,285 
Dexerials Corp. 731,500 8,851,386 
  20,321,671 
Internet Software & Services - 0.5%   
Aucnet, Inc. 275,000 3,529,639 
IT Services - 4.3%   
Fujitsu Ltd. 1,820,000 13,598,204 
Otsuka Corp. 131,000 8,591,138 
TKC Corp. 238,200 6,935,661 
  29,125,003 
Semiconductors & Semiconductor Equipment - 0.3%   
Renesas Electronics Corp. (b) 184,900 1,742,583 
Software - 1.7%   
Broadleaf Co. Ltd. 624,000 4,199,810 
Oracle Corp. Japan 114,200 7,675,831 
  11,875,641 
Technology Hardware, Storage & Peripherals - 1.7%   
Elecom Co. Ltd. 543,500 11,738,160 
TOTAL INFORMATION TECHNOLOGY  78,332,697 
MATERIALS - 10.3%   
Chemicals - 7.2%   
C. Uyemura & Co. Ltd. 131,400 7,544,669 
Lintec Corp. 458,000 11,129,593 
Mitsubishi Chemical Holdings Corp. 1,479,800 12,469,810 
Sakata INX Corp. 584,000 10,583,990 
SK Kaken Co. Ltd. 83,000 7,528,686 
  49,256,748 
Construction Materials - 1.5%   
Taiheiyo Cement Corp. 2,745,000 10,333,122 
Metals & Mining - 1.6%   
JFE Holdings, Inc. 572,000 11,064,357 
TOTAL MATERIALS  70,654,227 
REAL ESTATE - 1.6%   
Real Estate Management & Development - 1.6%   
Century21 Real Estate Japan Ltd. 275,400 3,497,301 
Daito Trust Construction Co. Ltd. 42,400 7,168,906 
  10,666,207 
TELECOMMUNICATION SERVICES - 0.4%   
Wireless Telecommunication Services - 0.4%   
KDDI Corp. 107,900 2,859,024 
UTILITIES - 3.5%   
Electric Utilities - 1.8%   
Hokuriku Electric Power Co., Inc. 384,600 3,561,854 
The Okinawa Electric Power Co., Inc. 356,592 8,413,042 
  11,974,896 
Gas Utilities - 1.7%   
Tokyo Gas Co. Ltd. 2,211,000 11,734,374 
TOTAL UTILITIES  23,709,270 
TOTAL COMMON STOCKS   
(Cost $487,910,913)  663,117,462 
Money Market Funds - 3.5%   
Fidelity Cash Central Fund, 1.11% (c) 19,217,830 19,221,673 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 4,939,281 4,939,774 
TOTAL MONEY MARKET FUNDS   
(Cost $24,161,187)  24,161,447 
TOTAL INVESTMENT PORTFOLIO - 100.5%   
(Cost $512,072,100)  687,278,909 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (3,443,960) 
NET ASSETS - 100%  $683,834,949 

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 $51,976 
Fidelity Securities Lending Cash Central Fund 121,219 
Total $173,195 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $139,930,644 $133,801,531 $6,129,113 $-- 
Consumer Staples 62,249,188 62,249,188 -- -- 
Energy 15,171,942 15,171,942 -- -- 
Financials 64,514,231 56,745,231 7,769,000 -- 
Health Care 35,693,198 28,771,436 6,921,762 -- 
Industrials 159,336,834 159,336,834 -- -- 
Information Technology 78,332,697 78,332,697 -- -- 
Materials 70,654,227 70,654,227 -- -- 
Real Estate 10,666,207 10,666,207 -- -- 
Telecommunication Services 2,859,024 -- 2,859,024 -- 
Utilities 23,709,270 23,709,270 -- -- 
Money Market Funds 24,161,447 24,161,447 -- -- 
Total Investments in Securities: $687,278,909 $663,600,010 $23,678,899 $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $522,778,462. Net unrealized appreciation aggregated $164,500,447, of which $171,368,212 related to appreciated investment securities and $6,867,765 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, 2017







LAF-QTLY-0917
1.804841.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 75.0%   
 Shares Value 
Bermuda - 4.9%   
Credicorp Ltd. (United States) 111,536 $20,649,775 
PAX Global Technology Ltd. (a) 13,526,721 8,970,709 
TOTAL BERMUDA  29,620,484 
Brazil - 39.3%   
Alliar Medicos a Frente SA 1,138,238 6,223,470 
Banco ABC Brasil SA rights 8/3/17 60,280 57,915 
Banco do Brasil SA 1,795,488 16,524,927 
BB Seguridade Participacoes SA 1,358,121 11,955,175 
Cielo SA 2,052,307 17,177,422 
CVC Brasil Operadora e Agencia de Viagens SA 935,727 10,697,538 
Equatorial Energia SA 664,993 12,091,363 
Estacio Participacoes SA 3,243,974 21,221,822 
Grendene SA 1,250,608 10,603,709 
Hypermarcas SA 939,684 8,434,510 
Instituto Hermes Pardini SA 980,941 8,902,346 
IRB Brasil Resseguros SA 877,000 8,237,475 
Kroton Educacional SA 4,457,759 21,557,236 
Localiza Rent A Car SA 697,327 11,605,904 
Movida Participacoes SA (b) 2,147,112 6,823,442 
Multiplus SA 578,074 7,376,197 
Qualicorp SA 1,763,379 18,547,896 
Rumo SA (b) 3,535,286 11,722,500 
Ser Educacional SA 1,190,076 9,766,077 
Smiles SA 860,158 17,954,266 
Tegma Gestao Logistica SA 493,900 2,321,925 
TOTAL BRAZIL  239,803,115 
Chile - 1.1%   
Vina San Pedro SA 574,573,084 6,428,456 
Luxembourg - 1.0%   
Biotoscana Investments SA unit 723,889 6,325,773 
Mexico - 21.9%   
Banco del Bajio SA 3,500,000 7,262,463 
Compartamos S.A.B. de CV 10,877,852 16,540,568 
Credito Real S.A.B. de CV 7,465,314 13,230,201 
Genomma Lab Internacional SA de CV (b) 8,383,634 10,779,463 
Gruma S.A.B. de CV Series B 814,612 11,251,507 
Grupo Aeroportuario Norte S.A.B. de CV 1,233,859 7,810,340 
Grupo Cementos de Chihuahua S.A.B. de CV 1,735,190 9,060,708 
Grupo GICSA SA de CV (b) 10,743,831 7,350,645 
Grupo Mexico SA de CV Series B 1,725,831 5,621,735 
Megacable Holdings S.A.B. de CV unit 1,617,095 6,680,935 
Promotora y Operadora de Infraestructura S.A.B. de CV 2,191,429 19,292,946 
Qualitas Controladora S.A.B. de CV 5,446,845 9,050,284 
Unifin Financiera SAPI de CV 2,918,439 9,506,546 
TOTAL MEXICO  133,438,341 
Panama - 4.1%   
Copa Holdings SA Class A 123,611 15,508,236 
Intergroup Financial Services Corp. 281,654 9,717,063 
TOTAL PANAMA  25,225,299 
Peru - 0.0%   
Fossal SAA 508,745 62,798 
Spain - 1.4%   
Prosegur Cash SA 3,174,382 8,643,017 
United Kingdom - 1.3%   
British American Tobacco PLC (United Kingdom) 131,537 8,182,356 
TOTAL COMMON STOCKS   
(Cost $344,405,160)  457,729,639 
Nonconvertible Preferred Stocks - 24.7%   
Brazil - 24.7%   
Alpargatas SA (PN) 2,143,076 10,233,105 
Banco ABC Brasil SA 1,711,972 8,987,119 
Itau Unibanco Holding SA 4,548,917 54,440,834 
Itausa-Investimentos Itau SA (PN) 15,270,181 45,296,126 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) (b) 6,099,786 25,996,490 
Vale SA (PN-A) 627,509 5,869,911 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $90,180,571)  150,823,585 
Money Market Funds - 1.4%   
Fidelity Cash Central Fund, 1.11% (c) 7,846,335 7,847,904 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 718,389 718,461 
TOTAL MONEY MARKET FUNDS   
(Cost $8,566,350)  8,566,365 
TOTAL INVESTMENT PORTFOLIO - 101.1%   
(Cost $443,152,081)  617,119,589 
NET OTHER ASSETS (LIABILITIES) - (1.1)%  (6,713,617) 
NET ASSETS - 100%  $610,405,972 

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 $30,368 
Fidelity Securities Lending Cash Central Fund 26,498 
Total $56,866 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $123,353,348 $123,353,348 $-- $-- 
Consumer Staples 25,862,319 17,679,963 8,182,356 -- 
Energy 25,996,490 25,996,490 -- -- 
Financials 232,899,823 232,841,908 57,915 -- 
Health Care 59,213,458 59,213,458 -- -- 
Industrials 75,085,293 75,085,293 -- -- 
Information Technology 26,148,131 26,148,131 -- -- 
Materials 20,552,354 20,552,354 -- -- 
Real Estate 7,350,645 7,350,645 -- -- 
Utilities 12,091,363 12,091,363 -- -- 
Money Market Funds 8,566,365 8,566,365 -- -- 
Total Investments in Securities: $617,119,589 $608,879,318 $8,240,271 $-- 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $444,043,150. Net unrealized appreciation aggregated $173,076,439, of which $192,963,895 related to appreciated investment securities and $19,887,456 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, 2017







NOR-QTLY-0917
1.804855.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value 
Bermuda - 2.7%   
Vostok Emerging Finance Ltd. (depository receipt) (a) 9,489,995 $2,186,256 
Vostok New Ventures Ltd. (depositary receipt) (a) 1,015,554 8,144,507 
TOTAL BERMUDA  10,330,763 
Denmark - 5.2%   
A.P. Moller - Maersk A/S Series B 3,834 8,373,191 
Novo Nordisk A/S Series B 35,005 1,488,744 
Novozymes A/S Series B 210,900 9,742,239 
TOTAL DENMARK  19,604,174 
Finland - 17.5%   
Amer Group PLC (A Shares) 488,400 13,124,412 
Kamux Corp. (b) 1,100,000 10,834,138 
Nokian Tyres PLC 276,200 11,273,772 
Olvi PLC (A Shares) 289,146 10,176,312 
Vaisala Oyj 298,200 14,325,112 
Wartsila Corp. 91,000 6,048,804 
TOTAL FINLAND  65,782,550 
Malta - 8.3%   
Kambi Group PLC (a)(b) 1,440,211 12,352,871 
Kindred Group PLC (depositary receipt) 1,678,698 18,681,538 
TOTAL MALTA  31,034,409 
Norway - 10.7%   
Orkla ASA 932,600 9,607,280 
Schibsted ASA:   
(A Shares) 311,400 7,948,515 
(B Shares) 262,847 6,150,931 
Skandiabanken ASA 582,300 6,554,055 
Zalaris ASA (A Shares) (c) 1,688,300 10,091,773 
TOTAL NORWAY  40,352,554 
Sweden - 50.4%   
Addlife AB 227,375 4,688,986 
AddTech AB (B Shares) 623,800 12,168,805 
AF AB (B Shares) 545,300 11,947,728 
Alimak Group AB 706,500 12,250,737 
Coor Service Management Holding AB 565,300 4,060,963 
Dometic Group AB 1,889,300 15,970,760 
Eltel AB (a)(b) 4,479,450 14,258,697 
Essity AB Class B (a) 461,700 13,387,001 
Getinge AB (B Shares) 924,000 16,045,084 
Investor AB (B Shares) 345,663 16,397,351 
Medicover AB Class B 1,000,000 7,926,875 
Mekonomen AB (b) 133,405 2,808,944 
Momentum Group AB Class B (a) 667,254 6,880,143 
Nobia AB 1,118,000 11,486,301 
Securitas AB (B Shares) 702,300 11,699,491 
Svenska Cellulosa AB (SCA) (B Shares) 1,521,600 12,598,647 
Systemair AB 670,479 11,397,761 
Telefonaktiebolaget LM Ericsson (B Shares) 585,300 3,788,303 
TOTAL SWEDEN  189,762,577 
United States of America - 2.4%   
Autoliv, Inc. (depositary receipt) 84,800 9,184,969 
TOTAL COMMON STOCKS   
(Cost $316,141,153)  366,051,996 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund, 1.11% (d) 10,140,116 10,142,144 
Fidelity Securities Lending Cash Central Fund 1.11% (d)(e) 7,450,461 7,451,206 
TOTAL MONEY MARKET FUNDS   
(Cost $17,593,757)  17,593,350 
TOTAL INVESTMENT PORTFOLIO - 101.9%   
(Cost $333,734,910)  383,645,346 
NET OTHER ASSETS (LIABILITIES) - (1.9)%  (7,261,478) 
NET ASSETS - 100%  $376,383,868 

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 $19,395 
Fidelity Securities Lending Cash Central Fund 254,615 
Total $274,010 

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 $9,439,560 $-- $10,988,626 $-- $-- 
Zalaris ASA (A Shares) 7,059,517 -- 908,065 173,291 10,091,773 
Total $16,499,077 $-- $11,896,691 $173,291 $10,091,773 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $119,817,151 $119,817,151 $-- $-- 
Consumer Staples 33,170,593 33,170,593 -- -- 
Financials 33,282,169 33,282,169 -- -- 
Health Care 30,149,689 28,660,945 1,488,744 -- 
Industrials 109,178,093 109,178,093 -- -- 
Information Technology 18,113,415 14,325,112 3,788,303 -- 
Materials 22,340,886 22,340,886 -- -- 
Money Market Funds 17,593,350 17,593,350 -- -- 
Total Investments in Securities: $383,645,346 $378,368,299 $5,277,047 $-- 

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 Fair Value Committee (the Committee), established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $336,326,364. Net unrealized appreciation aggregated $47,318,982, of which $60,612,330 related to appreciated investment securities and $13,293,348 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, 2017







OVE-QTLY-0917
1.804876.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.9%   
 Shares Value 
Australia - 1.9%   
Adelaide Brighton Ltd. 6,018,417 $27,058,803 
Amcor Ltd. 4,888,996 59,997,759 
Aub Group Ltd. 3,049,934 31,475,319 
Life Healthcare Group Ltd. 1,672,012 3,130,006 
Pact Group Holdings Ltd. 5,157,502 23,641,989 
TOTAL AUSTRALIA  145,303,876 
Austria - 0.4%   
Andritz AG 508,744 31,178,542 
Bailiwick of Guernsey - 0.3%   
Burford Capital Ltd. 1,758,969 25,226,919 
Bailiwick of Jersey - 2.1%   
IWG PLC 6,945,529 30,057,693 
Sanne Group PLC 2,875,354 26,214,758 
Wolseley PLC 790,473 47,197,475 
WPP PLC 2,508,139 51,150,443 
TOTAL BAILIWICK OF JERSEY  154,620,369 
Belgium - 2.0%   
Anheuser-Busch InBev SA NV 611,848 73,808,780 
KBC Groep NV 898,827 74,482,198 
TOTAL BELGIUM  148,290,978 
Bermuda - 1.1%   
Credicorp Ltd. (United States) 165,400 30,622,156 
IHS Markit Ltd. (a) 1,197,200 55,849,380 
TOTAL BERMUDA  86,471,536 
Canada - 0.6%   
Constellation Software, Inc. 78,900 42,505,061 
Denmark - 0.8%   
DSV de Sammensluttede Vognmaend A/S 597,200 38,556,937 
NNIT A/S (b) 654,809 20,950,553 
TOTAL DENMARK  59,507,490 
France - 8.1%   
ALTEN 380,135 32,827,778 
Amundi SA 731,706 56,562,439 
AXA SA 1,596,230 47,142,231 
Capgemini SA 518,533 56,473,221 
Compagnie de St. Gobain 1,021,318 56,691,709 
Edenred SA 346,800 9,114,029 
Elis SA (b) 1,328,714 32,142,858 
Maisons du Monde SA 994,900 36,881,636 
Publicis Groupe SA 709,466 53,675,826 
Sanofi SA 962,876 91,751,507 
Sodexo SA 365,454 43,188,898 
Total SA 1,794,060 91,234,586 
TOTAL FRANCE  607,686,718 
Germany - 7.6%   
adidas AG 295,152 67,434,381 
Axel Springer Verlag AG 764,542 48,638,183 
Bayer AG 888,086 112,648,531 
CompuGroup Medical AG 315,800 18,826,786 
Deutsche Post AG 2,003,094 77,777,416 
Fresenius Medical Care AG & Co. KGaA 448,136 42,259,438 
Fresenius SE & Co. KGaA 867,696 73,371,362 
SAP AG 934,069 98,904,108 
Wirecard AG (b) 435,838 33,376,484 
TOTAL GERMANY  573,236,689 
Hong Kong - 1.1%   
AIA Group Ltd. 10,393,000 81,898,032 
India - 0.3%   
Axis Bank Ltd. 2,892,838 23,429,374 
Indonesia - 0.5%   
PT Bank Rakyat Indonesia Tbk 36,191,000 40,132,244 
Ireland - 3.1%   
DCC PLC (United Kingdom) 307,600 27,049,732 
Kerry Group PLC Class A 486,048 43,930,539 
Kingspan Group PLC:   
(Ireland) 1,139,866 37,944,379 
(United Kingdom) 38,514 1,285,719 
Medtronic PLC 574,700 48,257,559 
Paddy Power Betfair PLC (Ireland) 386,400 38,716,056 
United Drug PLC (United Kingdom) 3,424,003 38,264,322 
TOTAL IRELAND  235,448,306 
Israel - 0.7%   
Frutarom Industries Ltd. 715,416 50,664,209 
Italy - 2.3%   
Banca Generali SpA 1,353,177 48,056,728 
Intesa Sanpaolo SpA 18,482,336 63,624,112 
Prada SpA 8,858,100 31,414,115 
Reply SpA 138,745 29,350,819 
TOTAL ITALY  172,445,774 
Japan - 17.3%   
AEON Financial Service Co. Ltd. 1,524,800 33,208,262 
Ai Holdings Corp. 1,500,000 41,362,420 
Arc Land Sakamoto Co. Ltd. 1,073,700 14,715,957 
Astellas Pharma, Inc. 3,758,400 47,865,224 
Bridgestone Corp. 1,235,400 52,186,111 
Broadleaf Co. Ltd. 1,028,600 6,922,955 
Daiichikosho Co. Ltd. 633,400 30,507,996 
Daikin Industries Ltd. 395,700 41,994,558 
Daito Trust Construction Co. Ltd. 232,300 39,276,811 
Dentsu, Inc. 841,200 39,372,235 
GMO Internet, Inc. 1,789,000 23,091,723 
Hoya Corp. 1,326,900 74,935,638 
Iriso Electronics Co. Ltd. 226,500 19,517,892 
KDDI Corp. 2,053,900 54,422,141 
Keyence Corp. 123,580 57,191,270 
KH Neochem Co. Ltd. 249,400 5,101,338 
KOMEDA Holdings Co. Ltd. 1,050,700 17,517,226 
Miroku Jyoho Service Co., Ltd. 896,800 18,921,101 
Misumi Group, Inc. 1,551,500 38,504,277 
Morinaga & Co. Ltd. 527,400 30,234,187 
Nabtesco Corp. 1,391,900 45,262,474 
Nakanishi, Inc. 794,800 33,343,462 
Nitori Holdings Co. Ltd. 340,600 48,072,348 
NOF Corp. 1,714,000 23,320,786 
OBIC Co. Ltd. 517,900 32,367,282 
Olympus Corp. 1,814,400 65,996,136 
ORIX Corp. 3,635,600 57,760,020 
Otsuka Corp. 492,300 32,285,627 
Outsourcing, Inc. (b) 578,200 28,898,199 
Recruit Holdings Co. Ltd. 2,084,700 36,098,619 
S Foods, Inc. 379,900 14,162,901 
SMC Corp. 124,900 39,777,214 
Software Service, Inc. 108,400 4,926,155 
Sundrug Co. Ltd. 785,100 29,269,001 
The Suruga Bank Ltd. 1,488,200 35,934,404 
Tsuruha Holdings, Inc. 356,200 37,414,812 
VT Holdings Co. Ltd. 3,332,400 17,048,153 
Welcia Holdings Co. Ltd. 958,300 36,464,860 
TOTAL JAPAN  1,305,251,775 
Kenya - 0.3%   
Safaricom Ltd. 99,577,600 23,462,697 
Netherlands - 4.4%   
IMCD Group BV 1,012,578 56,739,983 
ING Groep NV (Certificaten Van Aandelen) 3,737,654 69,833,703 
Intertrust NV 1,210,936 20,793,005 
Koninklijke Philips Electronics NV 1,864,945 71,270,833 
Unilever NV (NY Reg.) (b) 1,928,474 112,179,333 
TOTAL NETHERLANDS  330,816,857 
New Zealand - 0.8%   
EBOS Group Ltd. 2,276,701 30,930,326 
Trade Maine Group Ltd. 6,464,241 26,554,908 
TOTAL NEW ZEALAND  57,485,234 
Norway - 0.9%   
Schibsted ASA (A Shares) 1,266,500 32,327,534 
Statoil ASA 1,899,459 35,698,587 
TOTAL NORWAY  68,026,121 
Panama - 0.4%   
Copa Holdings SA Class A 231,200 29,006,352 
Portugal - 0.5%   
NOS SGPS SA 5,397,280 34,374,434 
Spain - 3.1%   
Amadeus IT Holding SA Class A 1,270,330 78,288,695 
CaixaBank SA 10,950,416 57,036,854 
Grifols SA ADR 2,588,000 54,218,600 
Prosegur Cash SA 14,984,668 40,799,355 
TOTAL SPAIN  230,343,504 
Sweden - 4.2%   
Addlife AB 838,800 17,297,951 
Alfa Laval AB 1,515,850 33,869,967 
Essity AB Class B (a) 1,810,864 52,506,040 
HEXPOL AB (B Shares) 3,782,062 38,716,270 
Indutrade AB 1,478,923 36,506,893 
Nordea Bank AB 6,165,667 77,817,319 
Svenska Cellulosa AB (SCA) (B Shares) 1,540,664 12,756,495 
Swedbank AB (A Shares) 1,895,123 49,419,845 
TOTAL SWEDEN  318,890,780 
Switzerland - 5.1%   
Credit Suisse Group AG 4,008,121 61,611,600 
Julius Baer Group Ltd. 964,499 54,597,418 
Nestle SA (Reg. S) 1,862,486 157,211,601 
Sika AG 5,472 37,717,441 
UBS Group AG 4,133,897 71,908,731 
TOTAL SWITZERLAND  383,046,791 
Taiwan - 0.7%   
Taiwan Semiconductor Manufacturing Co. Ltd. 4,879,000 34,467,500 
United Microelectronics Corp. 37,915,000 17,391,658 
TOTAL TAIWAN  51,859,158 
United Kingdom - 20.5%   
Aon PLC 266,800 36,863,756 
Ascential PLC 8,174,899 38,721,602 
Booker Group PLC 12,742,128 32,363,030 
British American Tobacco PLC (United Kingdom) 1,379,160 85,791,668 
Cineworld Group PLC 5,015,077 45,623,474 
Close Brothers Group PLC 1,157,680 23,522,622 
Coca-Cola European Partners PLC 752,300 32,521,929 
Compass Group PLC 2,541,294 54,217,740 
ConvaTec Group PLC 11,367,505 46,599,675 
Cranswick PLC 554,380 21,226,649 
Dechra Pharmaceuticals PLC 512,595 12,004,642 
Diploma PLC 2,215,803 31,574,129 
Equiniti Group PLC 7,141,964 24,782,772 
Essentra PLC 3,729,083 26,347,414 
Halma PLC 2,755,870 39,960,683 
Hastings Group Holdings PLC 8,221,503 33,290,827 
Hikma Pharmaceuticals PLC (b) 926,139 17,253,903 
Hilton Food Group PLC 1,138,579 10,147,639 
Howden Joinery Group PLC 5,679,317 31,838,993 
IMI PLC 2,220,895 35,250,894 
Intertek Group PLC 811,845 46,070,088 
James Fisher and Sons PLC 1,018,958 21,107,287 
Jardine Lloyd Thompson Group PLC 2,065,210 32,343,828 
John Wood Group PLC 4,404,192 35,475,489 
London Stock Exchange Group PLC 843,730 41,723,387 
Melrose Industries PLC 16,834,652 51,619,851 
Micro Focus International PLC 1,261,900 37,178,353 
Next PLC 236,500 12,325,505 
Prudential PLC 3,304,581 80,633,417 
Reckitt Benckiser Group PLC 886,224 86,165,206 
Rio Tinto PLC 1,425,854 66,825,494 
Rolls-Royce Holdings PLC 3,101,192 36,336,418 
Rotork PLC 7,873,506 24,048,923 
Schroders PLC 972,382 44,198,000 
Sinclair Pharma PLC (a) 10,640,281 4,123,894 
Spectris PLC 1,148,944 37,291,551 
St. James's Place Capital PLC 3,662,163 58,803,710 
Standard Life PLC 9,378,697 54,001,239 
Ultra Electronics Holdings PLC 1,382,194 38,242,292 
Victrex PLC 1,201,788 31,252,946 
Volution Group PLC 9,401,867 23,600,176 
TOTAL UNITED KINGDOM  1,543,271,095 
United States of America - 3.8%   
Alphabet, Inc. Class C (a) 61,593 57,312,287 
Middleby Corp. (a) 284,700 37,204,596 
Moody's Corp. 282,600 37,198,638 
PPG Industries, Inc. 141,693 14,913,188 
S&P Global, Inc. 449,200 68,992,628 
Sherwin-Williams Co. 105,300 35,514,531 
Total System Services, Inc. 534,800 33,938,408 
TOTAL UNITED STATES OF AMERICA  285,074,276 
TOTAL COMMON STOCKS   
(Cost $5,805,415,337)  7,138,955,191 
Nonconvertible Preferred Stocks - 1.0%   
Germany - 1.0%   
Henkel AG & Co. KGaA   
(Cost $51,372,693) 514,944 72,998,487 
Money Market Funds - 5.7%   
Fidelity Cash Central Fund, 1.11% (c) 319,302,901 319,366,762 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 113,524,094 113,535,447 
TOTAL MONEY MARKET FUNDS   
(Cost $432,909,101)  432,902,209 
TOTAL INVESTMENT PORTFOLIO - 101.6%   
(Cost $6,289,697,131)  7,644,855,887 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (120,436,552) 
NET ASSETS - 100%  $7,524,419,335 

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 $804,409 
Fidelity Securities Lending Cash Central Fund 2,019,593 
Total $2,824,002 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $834,664,761 $783,514,318 $51,150,443 $-- 
Consumer Staples 928,396,662 525,419,407 402,977,255 -- 
Energy 183,515,949 56,582,776 126,933,173 -- 
Financials 1,670,366,073 1,186,466,893 483,899,180 -- 
Health Care 858,955,670 677,079,501 181,876,169 -- 
Industrials 1,279,354,603 1,124,549,877 154,804,726 -- 
Information Technology 885,709,648 734,946,382 150,763,266 -- 
Materials 453,828,663 387,003,169 66,825,494 -- 
Real Estate 39,276,811 39,276,811 -- -- 
Telecommunication Services 77,884,838 23,462,697 54,422,141 -- 
Money Market Funds 432,902,209 432,902,209 -- -- 
Total Investments in Securities: $7,644,855,887 $5,971,204,040 $1,673,651,847 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $143,212,353 
Level 2 to Level 1 $135,574,993 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $6,291,256,120. Net unrealized appreciation aggregated $1,353,599,767, of which $1,484,980,980 related to appreciated investment securities and $131,381,213 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, 2017







PAF-QTLY-0917
1.804825.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
Australia - 12.7%   
1-Page Ltd. (a) 872,167 $115,126 
Aconex Ltd. (a)(b) 1,056,194 3,219,279 
Amcor Ltd. 527,187 6,469,639 
Arena (REIT) unit 2,567,715 4,231,594 
Australia & New Zealand Banking Group Ltd. 402,514 9,541,192 
Blue Sky Alternative Investments Ltd. 1,304,870 9,781,306 
Commonwealth Bank of Australia 281,412 18,850,101 
CSL Ltd. 120,544 12,150,835 
Hansen Technologies Ltd. 1,848,148 5,633,155 
HUB24 Ltd. (a) 1,203,719 6,211,190 
Magellan Financial Group Ltd. 227,615 4,809,050 
NIB Holdings Ltd. 1,269,267 5,828,474 
realestate.com.au Ltd. 149,995 8,282,124 
Reliance Worldwide Corp. Ltd. (b) 1,334,827 3,566,658 
SpeedCast International Ltd. 1,171,597 3,233,608 
Sydney Airport unit 791,380 4,260,790 
Woodside Petroleum Ltd. 347,268 8,103,846 
TOTAL AUSTRALIA  114,287,967 
Bermuda - 2.3%   
Cheung Kong Infrastructure Holdings Ltd. 1,211,000 11,294,791 
Hongkong Land Holdings Ltd. 875,100 6,580,752 
PAX Global Technology Ltd. (b) 4,667,000 3,095,081 
TOTAL BERMUDA  20,970,624 
Cayman Islands - 5.9%   
Alibaba Group Holding Ltd. sponsored ADR (a) 176,700 27,379,665 
China Biologic Products Holdings, Inc. (a)(b) 41,600 4,139,200 
China High Precision Automation Group Ltd. (a) 1,875,000 
China Metal Recycling (Holdings) Ltd. (a) 2,572,200 
International Housewares Retail Co. Ltd. 17,378,000 3,270,556 
NetEase, Inc. ADR 21,600 6,723,648 
Silergy Corp. 368,000 7,185,954 
SITC International Holdings Co. Ltd. 5,566,000 4,631,920 
TOTAL CAYMAN ISLANDS  53,330,948 
China - 9.9%   
Gree Electric Appliances, Inc. of Zhuhai Class A 1,470,794 8,580,023 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 2,023,016 9,022,527 
Industrial & Commercial Bank of China Ltd. (H Shares) 13,110,000 9,181,095 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 1,657,294 12,614,706 
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A 556,654 7,398,275 
Kweichow Moutai Co. Ltd. (A Shares) 235,450 16,844,184 
Shanghai International Airport Co. Ltd. (A Shares) 1,106,113 6,158,273 
Shenzhen Expressway Co. (H Shares) 4,216,000 3,767,563 
Shenzhen Inovance Technology Co. Ltd. Class A 739,800 2,731,955 
Tonghua Dongbao Pharmaceutical Co. Ltd. Class A 1,889,600 4,814,912 
Weifu High-Technology Co. Ltd. (B Shares) 1,382,213 3,203,008 
Yunnan Baiyao Group Co. Ltd. 388,532 5,085,853 
TOTAL CHINA  89,402,374 
Hong Kong - 4.8%   
AIA Group Ltd. 2,325,600 18,325,995 
CSPC Pharmaceutical Group Ltd. 2,992,000 4,665,663 
Hang Seng Bank Ltd. 471,800 10,268,602 
Magnificent Hotel Investment Ltd. 90,048,000 2,617,004 
Techtronic Industries Co. Ltd. 1,635,500 7,276,287 
TOTAL HONG KONG  43,153,551 
India - 7.0%   
Asian Paints Ltd. 364,050 6,589,543 
Bharti Infratel Ltd. 1,673,826 10,468,585 
CCL Products (India) Ltd. (a) 209,785 926,839 
HDFC Bank Ltd. 394,066 11,280,950 
Housing Development Finance Corp. Ltd. 291,623 8,130,048 
Indraprastha Gas Ltd. 370,196 6,801,155 
Petronet LNG Ltd. 2,476,772 7,870,640 
Power Grid Corp. of India Ltd. 1,697,850 5,907,291 
Reliance Industries Ltd. 193,102 4,859,744 
TOTAL INDIA  62,834,795 
Indonesia - 3.1%   
PT Bank Central Asia Tbk 9,167,900 12,866,987 
PT Bank Rakyat Indonesia Tbk 8,236,100 9,133,021 
PT Gudang Garam Tbk 1,112,900 6,356,326 
TOTAL INDONESIA  28,356,334 
Israel - 0.6%   
Sarine Technologies Ltd. 4,391,400 4,925,601 
Japan - 34.1%   
Arcland Service Holdings Co. Ltd. 383,000 6,663,286 
Bank of Kyoto Ltd. 722,000 6,928,895 
Broadleaf Co. Ltd. 293,902 1,978,097 
Create SD Holdings Co. Ltd. 211,800 5,362,001 
Daito Trust Construction Co. Ltd. 43,200 7,304,168 
Dentsu, Inc. 102,100 4,778,775 
Disco Corp. 37,000 6,568,008 
East Japan Railway Co. 78,300 7,350,946 
Eiken Chemical Co. Ltd. 170,700 5,659,291 
Fanuc Corp. 39,200 8,014,630 
Harmonic Drive Systems, Inc. (b) 96,500 4,170,915 
Hoya Corp. 176,600 9,973,347 
Kakaku.com, Inc. 304,100 4,294,832 
Kao Corp. 149,000 9,074,207 
KDDI Corp. 355,000 9,406,427 
Keyence Corp. 21,800 10,088,766 
Misumi Group, Inc. 262,700 6,519,545 
Mitsubishi Pencil Co. Ltd. 142,600 3,886,916 
Mitsui Fudosan Co. Ltd. 227,000 5,218,663 
Morinaga & Co. Ltd. 94,600 5,423,121 
Murata Manufacturing Co. Ltd. 36,400 5,672,384 
Nakanishi, Inc. 143,500 6,020,114 
Nidec Corp. 70,700 7,798,195 
Nifco, Inc. 102,900 5,936,269 
Nihon M&A Center, Inc. 113,600 4,559,663 
Nihon Parkerizing Co. Ltd. 223,200 3,204,913 
Nitori Holdings Co. Ltd. 56,500 7,974,421 
Olympus Corp. 151,600 5,514,227 
Open House Co. Ltd. 147,500 4,883,441 
ORIX Corp. 565,400 8,982,703 
PALTAC Corp. 95,500 3,465,010 
PeptiDream, Inc. (a)(b) 102,000 3,210,486 
ProNexus, Inc. 276,400 3,133,929 
Rakuten, Inc. 432,400 5,287,090 
Santen Pharmaceutical Co. Ltd. 391,000 5,522,128 
Seven & i Holdings Co. Ltd. 220,700 8,895,243 
Shionogi & Co. Ltd. 170,700 9,129,187 
SK Kaken Co. Ltd. 59,000 5,351,717 
SMC Corp. 17,800 5,668,810 
SMS Co., Ltd. 210,300 6,657,418 
SoftBank Corp. 175,900 14,177,111 
Sosei Group Corp. (a)(b) 22,700 2,361,731 
Start Today Co. Ltd. 320,500 9,055,808 
Subaru Corp. 256,700 9,299,830 
Sundrug Co. Ltd. 144,600 5,390,775 
The Suruga Bank Ltd. 313,800 7,577,084 
Tokyo Century Corp. 111,800 4,766,293 
Toshiba Plant Systems & Services Corp. 274,800 4,476,764 
Welcia Holdings Co. Ltd. 135,200 5,144,578 
TOTAL JAPAN  307,782,158 
Korea (South) - 2.5%   
Coway Co. Ltd. 53,773 4,758,226 
Hanon Systems 411,900 3,769,839 
Hyundai Mipo Dockyard Co. Ltd. (a) 38,273 3,673,738 
LG Household & Health Care Ltd. 4,883 4,320,834 
Loen Entertainment, Inc. 78,154 6,252,683 
TOTAL KOREA (SOUTH)  22,775,320 
New Zealand - 1.3%   
EBOS Group Ltd. 408,279 5,546,711 
Ryman Healthcare Group Ltd. 925,540 6,130,610 
TOTAL NEW ZEALAND  11,677,321 
Philippines - 0.9%   
Ayala Land, Inc. 5,832,700 4,858,077 
D&L Industries, Inc. 13,974,600 3,397,624 
TOTAL PHILIPPINES  8,255,701 
Singapore - 0.3%   
Wing Tai Holdings Ltd. 1,890,100 2,845,297 
South Africa - 3.8%   
Naspers Ltd. Class N 154,400 34,130,813 
Taiwan - 5.8%   
Advantech Co. Ltd. 58,978 446,027 
CTCI Corp. 3,474,000 5,662,662 
ECLAT Textile Co. Ltd. 323,340 3,718,766 
Nien Made Enterprise Co. Ltd. 499,000 6,085,869 
Taiwan Semiconductor Manufacturing Co. Ltd. 3,950,000 27,904,616 
United Microelectronics Corp. 4,039,000 1,852,694 
Voltronic Power Technology Corp. 380,703 6,526,805 
TOTAL TAIWAN  52,197,439 
Thailand - 1.0%   
Bangkok Bank PCL (For. Reg.) 882,400 4,892,426 
Thai Beverage PCL 6,086,700 4,289,413 
TOTAL THAILAND  9,181,839 
United States of America - 0.8%   
GI Dynamics, Inc. CDI (a) 5,561,290 209,105 
ResMed, Inc. CDI 923,110 7,133,794 
TOTAL UNITED STATES OF AMERICA  7,342,899 
TOTAL COMMON STOCKS   
(Cost $657,214,620)  873,450,981 
Nonconvertible Preferred Stocks - 0.9%   
Korea (South) - 0.9%   
Samsung Electronics Co. Ltd.   
(Cost $8,684,474) 4,910 8,465,857 
Money Market Funds - 3.3%   
Fidelity Cash Central Fund, 1.11% (c) 15,098,176 15,101,196 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 14,426,167 14,427,610 
TOTAL MONEY MARKET FUNDS   
(Cost $29,528,482)  29,528,806 
TOTAL INVESTMENT PORTFOLIO - 101.0%   
(Cost $695,427,576)  911,445,644 
NET OTHER ASSETS (LIABILITIES) - (1.0)%  (9,274,383) 
NET ASSETS - 100%  $902,171,261 

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 $102,907 
Fidelity Securities Lending Cash Central Fund 245,568 
Total $348,475 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $144,405,687 $110,274,874 $34,130,813 $-- 
Consumer Staples 79,425,796 70,530,553 8,895,243 -- 
Energy 20,834,230 20,834,230 -- -- 
Financials 167,355,412 156,074,462 11,280,950 -- 
Health Care 109,881,900 109,881,900 -- -- 
Industrials 101,486,278 93,471,648 8,014,630 -- 
Information Technology 136,303,136 106,430,698 29,757,310 115,128 
Materials 25,013,439 25,013,436 -- 
Real Estate 35,921,992 35,921,992 -- -- 
Telecommunication Services 37,285,731 13,702,193 23,583,538 -- 
Utilities 24,003,237 17,202,082 6,801,155 -- 
Money Market Funds 29,528,806 29,528,806 -- -- 
Total Investments in Securities: $911,445,644 $788,866,874 $122,463,639 $115,131 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $23,306,753 
Level 2 to Level 1 $7,869,143 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $701,605,019. Net unrealized appreciation aggregated $209,840,625, of which $240,467,985 related to appreciated investment securities and $30,627,360 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, 2017







ILF-QTLY-0917
1.873106.108





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 91.3%   
 Shares Value 
Argentina - 0.4%   
Grupo Superveille SA sponsored ADR 1,020,372 $18,285,066 
Telecom Argentina SA Class B sponsored ADR 863,234 22,780,745 
YPF SA Class D sponsored ADR 1,546,000 31,229,200 
TOTAL ARGENTINA  72,295,011 
Australia - 0.1%   
Frontier Digital Ventures Ltd. (a) 15,575,924 9,470,162 
Austria - 0.3%   
Erste Group Bank AG 1,342,040 55,787,444 
Bailiwick of Guernsey - 0.1%   
Etalon Group Ltd. GDR (Reg. S) 4,337,500 15,506,563 
Bermuda - 1.6%   
AGTech Holdings Ltd. (b) 71,288,000 11,591,100 
Credicorp Ltd. (United States) 415,140 76,859,020 
GP Investments Ltd. Class A (depositary receipt) (a)(b) 7,634,637 16,158,739 
PAX Global Technology Ltd. (c) 35,382,000 23,464,787 
Shangri-La Asia Ltd. 68,246,000 110,964,844 
VimpelCom Ltd. sponsored ADR 7,034,920 28,772,823 
TOTAL BERMUDA  267,811,313 
Brazil - 3.5%   
B2W Companhia Global do Varejo (a)(b) 27,183,102 115,937,998 
Banco do Brasil SA 5,339,000 49,137,942 
BB Seguridade Participacoes SA 5,251,200 46,224,907 
BR Malls Participacoes SA 12,398,940 52,484,810 
Companhia de Saneamento de Minas Gerais 3,677,370 49,977,373 
Cosan SA Industria e Comercio 3,694,800 42,773,351 
Direcional Engenharia SA (a) 13,494,400 24,536,453 
FPC Par Corretora de Seguros 3,800,200 24,129,415 
Localiza Rent A Car SA 3,592,990 59,799,632 
Minerva SA 11,235,600 44,677,935 
Smiles SA 4,318,301 90,136,839 
TOTAL BRAZIL  599,816,655 
British Virgin Islands - 0.7%   
Mail.Ru Group Ltd. GDR (Reg. S) (b) 4,270,401 117,905,772 
Canada - 0.4%   
Pan American Silver Corp. 3,070,800 51,742,980 
Torex Gold Resources, Inc. (b) 1,079,590 19,682,439 
TOTAL CANADA  71,425,419 
Cayman Islands - 15.5%   
58.com, Inc. ADR (b)(c) 4,364,618 222,813,749 
Alibaba Group Holding Ltd. sponsored ADR (b) 4,623,006 716,334,780 
BizLink Holding, Inc. 2,548,277 18,976,396 
China Biologic Products Holdings, Inc. (b) 197,200 19,621,400 
China Resources Land Ltd. 13,974,000 44,905,439 
Ctrip.com International Ltd. ADR (b) 1,394,000 83,263,620 
Haitian International Holdings Ltd. 15,369,000 44,075,588 
JD.com, Inc. sponsored ADR (b) 11,229,204 507,223,145 
Kingsoft Corp. Ltd. 10,372,000 27,354,842 
Momo, Inc. ADR (b) 290,600 12,766,058 
NetEase, Inc. ADR 193,100 60,108,168 
Silergy Corp. 193,000 3,768,720 
Tencent Holdings Ltd. 20,006,699 798,547,033 
Uni-President China Holdings Ltd. 97,265,000 75,587,462 
TOTAL CAYMAN ISLANDS  2,635,346,400 
Chile - 1.4%   
Compania Cervecerias Unidas SA sponsored ADR (c) 2,403,200 63,949,152 
Enersis SA 207,642,234 41,931,722 
Inversiones La Construccion SA 2,033,314 27,223,608 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 1,130,300 46,466,633 
Vina Concha y Toro SA  34,096,719 54,939,696 
TOTAL CHILE  234,510,811 
China - 7.9%   
BBMG Corp. (H Shares) 86,294,500 43,529,514 
China Life Insurance Co. Ltd. (H Shares) 48,361,900 152,845,641 
China Longyuan Power Grid Corp. Ltd. (H Shares) 63,270,810 46,334,439 
China Oilfield Services Ltd. (H Shares) 36,132,000 30,808,511 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 27,477,094 121,365,256 
China Petroleum & Chemical Corp. (H Shares) 61,098,000 46,316,433 
China Telecom Corp. Ltd. (H Shares) 114,388,882 54,479,265 
Conch Cement Co. Ltd. (H Shares) 14,653,500 54,218,025 
Guangzhou Automobile Group Co. Ltd. (H Shares) 55,828,000 119,935,710 
iFlytek Co. Ltd. 4,538,126 31,992,319 
Industrial & Commercial Bank of China Ltd. (H Shares) 358,555,400 251,100,788 
Kweichow Moutai Co. Ltd. (A Shares) 825,629 59,065,819 
Maanshan Iron & Steel Ltd. (H Shares) (b) 36,912,000 17,910,647 
PICC Property & Casualty Co. Ltd. (H Shares) 29,846,500 55,636,432 
Qingdao Haier Co. Ltd. 48,200,937 100,607,467 
Shanghai International Airport Co. Ltd. (A Shares) 7,833,698 43,614,035 
Tsingtao Brewery Co. Ltd. (H Shares) 13,702,000 58,766,964 
Zhengzhou Yutong Bus Co. Ltd. 17,171,051 56,440,811 
TOTAL CHINA  1,344,968,076 
Colombia - 0.3%   
Bancolombia SA sponsored ADR 960,886 42,029,154 
Czech Republic - 0.3%   
MONETA Money Bank A/S 14,600,475 52,614,802 
Greece - 0.4%   
Titan Cement Co. SA (Reg.) 2,336,400 65,190,620 
Hong Kong - 4.0%   
AIA Group Ltd. 4,881,320 38,465,362 
China Mobile Ltd. 638,295 6,822,830 
China Mobile Ltd. sponsored ADR 1,991,470 106,404,242 
China Resources Beer Holdings Co. Ltd. 41,964,666 106,056,039 
China Resources Power Holdings Co. Ltd. 22,148,397 42,250,616 
China Unicom Ltd. (b) 6,825,000 9,891,620 
China Unicom Ltd. sponsored ADR (b)(c) 3,741,200 54,546,696 
CNOOC Ltd. 111,181,000 124,440,957 
CSPC Pharmaceutical Group Ltd. 30,442,000 47,470,625 
Far East Horizon Ltd. 123,286,750 105,122,363 
Sinotruk Hong Kong Ltd. 38,854,500 40,790,559 
TOTAL HONG KONG  682,261,909 
India - 8.6%   
Adani Ports & Special Economic Zone Ltd.  10,736,021 66,226,094 
Axis Bank Ltd. 10,544,463 85,400,621 
Bharat Petroleum Corp. Ltd. 9,931,345 72,906,719 
Bharti Airtel Ltd. 2,102,507 13,724,607 
Bharti Infratel Ltd. 5,858,096 36,638,201 
Coal India Ltd. 11,906,635 46,212,882 
Edelweiss Financial Services Ltd. 6,076,122 19,403,260 
Eicher Motors Ltd.  59,208 27,750,821 
ICICI Bank Ltd. 9,153,256 43,052,635 
ICICI Bank Ltd. sponsored ADR 4,613,070 42,947,682 
Indraprastha Gas Ltd. 1,776,104 32,630,169 
ITC Ltd. 15,243,151 67,748,657 
JK Cement Ltd. 3,002,860 47,630,282 
Larsen & Toubro Ltd. 3,789,996 70,505,854 
LIC Housing Finance Ltd. 4,835,312 52,018,404 
Lupin Ltd. 4,265,699 68,591,483 
Petronet LNG Ltd. 11,600,919 36,865,183 
Phoenix Mills Ltd. (b) 6,623,062 50,297,295 
Power Grid Corp. of India Ltd. 18,587,044 64,669,475 
Reliance Industries Ltd. 7,894,920 198,689,230 
SREI Infrastructure Finance Ltd. (a) 36,599,476 66,749,278 
State Bank of India 19,912,397 96,955,813 
Sun Pharmaceutical Industries Ltd. 9,377,238 77,678,538 
Tata Motors Ltd. 10,020,485 69,415,825 
Tejas Networks Ltd. 1,266,571 6,645,649 
TOTAL INDIA  1,461,354,657 
Indonesia - 2.2%   
PT Astra International Tbk 167,241,300 100,101,273 
PT Bank Mandiri (Persero) Tbk 78,490,700 80,411,142 
PT Bank Rakyat Indonesia Tbk 89,592,300 99,349,012 
PT Indocement Tunggal Prakarsa Tbk 12,937,700 16,992,626 
PT Kalbe Farma Tbk 168,217,000 21,904,570 
PT Link Net Tbk 52,097,141 19,745,614 
PT Lippo Karawaci Tbk 71,422,500 3,832,714 
PT Semen Gresik (Persero) Tbk 45,458,700 33,947,318 
TOTAL INDONESIA  376,284,269 
Israel - 0.3%   
Bezeq The Israel Telecommunication Corp. Ltd. 36,623,737 54,350,706 
Japan - 0.5%   
Sumco Corp. (c) 4,942,100 80,511,693 
Korea (South) - 11.3%   
AMOREPACIFIC Group, Inc. 732,569 79,475,267 
BS Financial Group, Inc. 4,556,238 45,971,855 
Daou Technology, Inc. (a) 3,046,123 60,518,009 
Duk San Neolux Co. Ltd. 940,042 20,648,549 
Fila Korea Ltd. 517,312 34,181,527 
Hanon Systems 3,890,635 35,608,324 
Hyundai Fire & Marine Insurance Co. Ltd. 1,608,975 65,224,736 
Hyundai Glovis Co. Ltd. 357,317 50,091,094 
Hyundai Mipo Dockyard Co. Ltd. (b) 357,846 34,348,819 
Hyundai Mobis 843,919 185,371,539 
InterPark INT Corp. (a) 3,076,471 26,481,162 
KB Financial Group, Inc. 4,128,065 219,316,641 
KEPCO Plant Service & Engineering Co. Ltd. 507,158 20,378,067 
Korea Electric Power Corp. 854,728 34,049,409 
Korea Express Co. Ltd. (b) 354,138 58,973,723 
Korean Reinsurance Co. 5,363,859 61,783,747 
KT Corp. 564,481 17,538,293 
KT Corp. sponsored ADR (c) 480,400 8,738,476 
LG Chemical Ltd. 188,864 55,313,382 
LG Telecom Ltd. 2,301,339 34,213,856 
NAVER Corp. 92,572 66,374,670 
Samsung Electronics Co. Ltd. 143,061 307,854,483 
Samsung Life Insurance Co. Ltd. 539,388 60,443,860 
Samsung SDI Co. Ltd. 594,500 89,445,593 
Shinhan Financial Group Co. Ltd. 4,080,438 193,777,762 
Shinhan Financial Group Co. Ltd. sponsored ADR 38,921 1,849,526 
SK Telecom Co. Ltd. 8,422 2,080,708 
SK Telecom Co. Ltd. sponsored ADR 1,639,700 44,698,222 
Viatron Technologies, Inc. 565,612 11,110,881 
TOTAL KOREA (SOUTH)  1,925,862,180 
Mauritius - 0.2%   
MakeMyTrip Ltd. (b) 1,063,196 34,607,030 
Mexico - 3.6%   
America Movil S.A.B. de CV Series L sponsored ADR 1,065,300 18,834,504 
CEMEX S.A.B. de CV sponsored ADR 10,000,036 97,100,350 
Fibra Uno Administracion SA de CV 18,905,000 34,937,481 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 5,038,700 57,699,165 
Grupo Comercial Chedraui S.A.B. de CV 8,596,781 17,963,783 
Grupo Financiero Banorte S.A.B. de CV Series O 16,617,218 110,162,284 
Infraestructura Energetica Nova S.A.B. de CV 8,926,900 50,600,392 
Macquarie Mexican (REIT) (a) 69,580,813 85,947,596 
Promotora y Operadora de Infraestructura S.A.B. de CV 2,949,755 32,389,727 
Tenedora Nemak SA de CV 30,395,873 27,540,257 
Wal-Mart de Mexico SA de CV Series V  36,897,200 85,141,805 
TOTAL MEXICO  618,317,344 
Netherlands - 1.4%   
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 9/29/17 (b)(d) 12,421,800 55,400,465 
X5 Retail Group NV GDR (Reg. S) (b) 1,293,200 50,020,976 
Yandex NV Series A (b) 4,824,480 139,813,430 
TOTAL NETHERLANDS  245,234,871 
Nigeria - 0.5%   
Guaranty Trust Bank PLC 101,802,322 12,610,248 
Guaranty Trust Bank PLC GDR (Reg. S) 4,047,204 22,219,150 
Transnational Corp. of Nigeria PLC (b) 1,235,285,783 5,642,543 
Zenith Bank PLC 508,113,887 39,665,925 
TOTAL NIGERIA  80,137,866 
Pakistan - 0.4%   
Habib Bank Ltd. 27,055,700 60,646,866 
Panama - 0.3%   
Copa Holdings SA Class A 443,400 55,628,964 
Peru - 0.2%   
Compania de Minas Buenaventura SA sponsored ADR 2,972,800 36,387,072 
Philippines - 0.6%   
Metropolitan Bank & Trust Co. 32,167,907 55,499,304 
Robinsons Land Corp. 76,133,870 38,802,214 
TOTAL PHILIPPINES  94,301,518 
Romania - 0.2%   
Banca Transilvania SA 37,420,637 28,169,413 
Russia - 4.5%   
Lukoil PJSC sponsored ADR 2,860,100 133,194,857 
MegaFon PJSC 1,283,667 12,192,582 
MegaFon PJSC GDR 738,691 7,113,594 
MMC Norilsk Nickel PJSC sponsored ADR 5,723,800 84,912,573 
Mobile TeleSystems OJSC 6,724,970 26,587,653 
NOVATEK OAO GDR (Reg. S) 770,800 80,625,680 
RusHydro PJSC 2,572,212,700 32,979,733 
Sberbank of Russia 57,614,870 158,701,901 
Sberbank of Russia sponsored ADR 17,538,594 204,324,620 
Unipro PJSC 664,327,196 27,210,860 
TOTAL RUSSIA  767,844,053 
Singapore - 0.2%   
First Resources Ltd. 26,810,200 36,995,959 
South Africa - 5.8%   
Aspen Pharmacare Holdings Ltd. 2,407,182 50,460,635 
Barclays Africa Group Ltd. 4,447,188 48,795,476 
Bidvest Group Ltd. 3,860,445 49,121,352 
FirstRand Ltd. 20,042,400 78,869,306 
Imperial Holdings Ltd. 6,690,100 88,248,657 
Life Healthcare Group Holdings Ltd. 16,198,600 31,097,379 
MTN Group Ltd. 6,436,200 57,867,805 
Naspers Ltd. Class N 2,119,200 468,458,736 
Nedbank Group Ltd. 2,214,700 36,814,897 
Sasol Ltd. 764,948 23,057,081 
Telkom SA Ltd. 4,866,057 24,018,743 
Tiger Brands Ltd. 976,332 29,596,482 
TOTAL SOUTH AFRICA  986,406,549 
Taiwan - 7.6%   
Advantech Co. Ltd. 3,177,795 24,032,374 
Chroma ATE, Inc. 6,302,000 19,918,946 
eMemory Technology, Inc. 909,000 13,342,650 
GlobalWafers Co. Ltd. 12,600,300 99,461,237 
King's Town Bank 28,288,000 29,210,664 
LandMark Optoelectronics Corp. 2,802,446 38,445,576 
Largan Precision Co. Ltd. 1,978,900 360,877,691 
PChome Online, Inc. 2,542,613 17,840,241 
Quanta Computer, Inc. 18,647,000 44,188,228 
Taiwan Cement Corp. 45,169,000 52,323,057 
Taiwan Fertilizer Co. Ltd. 14,450,000 19,608,135 
Taiwan Semiconductor Manufacturing Co. Ltd. 44,719,284 315,917,586 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 434,701 15,631,848 
Unified-President Enterprises Corp. 41,404,000 79,205,388 
United Microelectronics Corp. 88,357,000 40,529,466 
Universal Cement Corp. 24,741,681 18,506,412 
Vanguard International Semiconductor Corp. 5,079,000 9,514,352 
Wistron NeWeb Corp. 5,392,800 17,259,387 
Yuanta Financial Holding Co. Ltd. 166,315,206 71,283,057 
TOTAL TAIWAN  1,287,096,295 
Thailand - 1.3%   
Delta Electronics PCL (For. Reg.) 9,059,000 24,160,782 
Kasikornbank PCL (For. Reg.) 12,778,504 76,033,952 
PTT Global Chemical PCL (For. Reg.) 39,244,000 84,616,982 
Star Petroleum Refining PCL 68,108,700 31,519,961 
TOTAL THAILAND  216,331,677 
Turkey - 1.7%   
Bim Birlesik Magazalar A/S JSC 3,659,000 71,322,091 
Tupras Turkiye Petrol Rafinelleri A/S 3,006,796 92,612,751 
Turkcell Iletisim Hizmet A/S 13,902,000 50,799,074 
Turkcell Iletisim Hizmet A/S sponsored ADR (c) 563,700 5,186,040 
Turkiye Garanti Bankasi A/S 25,355,000 75,934,960 
TOTAL TURKEY  295,854,916 
United Arab Emirates - 1.7%   
DP World Ltd. 2,286,192 52,582,416 
Emaar Properties PJSC  56,998,860 127,869,375 
National Bank of Abu Dhabi PJSC (b) 35,339,907 102,467,979 
TOTAL UNITED ARAB EMIRATES  282,919,770 
United Kingdom - 0.6%   
Fresnillo PLC 1,899,500 38,495,236 
Mondi PLC 2,061,900 54,273,393 
Shanghai International Airport Co. Ltd. ELS (UBS Warrant Programme) warrants 5/11/18 (b)(d) 498,900 2,777,621 
TOTAL UNITED KINGDOM  95,546,250 
United States of America - 0.7%   
Cognizant Technology Solutions Corp. Class A 1,698,900 117,767,748 
TOTAL COMMON STOCKS   
(Cost $11,759,837,805)  15,505,497,777 
Preferred Stocks - 7.5%   
Convertible Preferred Stocks - 0.3%   
Cayman Islands - 0.3%   
China Internet Plus Holdings Ltd. Series A-11 (b)(e) 7,577,282 42,887,416 
Nonconvertible Preferred Stocks - 7.2%   
Brazil - 5.3%   
Ambev SA sponsored ADR 19,464,500 118,344,160 
Banco do Estado Rio Grande do Sul SA 8,673,486 40,692,385 
Companhia Paranaense de Energia-Copel:   
(PN-B) (b) 128,600 1,068,522 
(PN-B) sponsored ADR (c) 5,095,809 42,193,299 
Fibria Celulose SA sponsored ADR 5,929,400 62,673,758 
Itau Unibanco Holding SA sponsored ADR 20,798,594 247,711,255 
Metalurgica Gerdau SA (PN) (a)(b) 35,708,022 60,231,916 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (b) 12,170,100 103,445,850 
Telefonica Brasil SA 5,518,900 82,668,020 
Vale SA (PN-A) sponsored ADR 15,211,700 142,837,863 
  901,867,028 
Korea (South) - 1.9%   
Hyundai Motor Co. Series 2 1,548,909 146,601,681 
Samsung Electronics Co. Ltd. 75,257 129,758,662 
Samsung Fire & Marine Insurance Co. Ltd. 258,702 44,466,987 
  320,827,330 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  1,222,694,358 
TOTAL PREFERRED STOCKS   
(Cost $909,912,783)  1,265,581,774 
 Principal Amount Value 
Government Obligations - 0.0%   
United States of America - 0.0%   
U.S. Treasury Bills, yield at date of purchase 0.91% to 0.93% 8/24/17
(Cost $7,295,719) 
7,300,000 7,295,467 
 Shares Value 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund, 1.11% (f) 76,127,384 76,142,609 
Fidelity Securities Lending Cash Central Fund 1.11% (f)(g) 76,964,440 76,972,136 
TOTAL MONEY MARKET FUNDS   
(Cost $153,093,795)  153,114,745 
TOTAL INVESTMENT PORTFOLIO - 99.7%   
(Cost $12,830,140,102)  16,931,489,763 
NET OTHER ASSETS (LIABILITIES) - 0.3%  47,233,539 
NET ASSETS - 100%  $16,978,723,302 

Security Type Abbreviations

ELS – Equity-Linked Security

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

Legend

 (a) Affiliated company

 (b) Non-income producing

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

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $58,178,086 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 $42,887,416 or 0.3% 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 
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 $1,575,211 
Fidelity Securities Lending Cash Central Fund 772,030 
Total $2,347,241 

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 
B2W Companhia Global do Varejo $46,206,356 $54,235,007 $11,885,900 $-- $115,937,998 
Daou Technology, Inc. 44,852,464 8,601,682 -- 481,811 60,518,009 
Direcional Engenharia SA 23,505,135 754,992 1,055,251 -- 24,536,453 
Fila Korea Ltd. 51,126,461 -- 10,287,285 115,434 -- 
FPC Par Corretora de Seguros 51,039,845 6,095,228 50,812,643 2,028,261 -- 
Frontier Digital Ventures Ltd. 6,042,789 -- -- -- 9,470,162 
GP Investments Ltd. Class A (depositary receipt) 17,347,037 -- 697,647 -- 16,158,739 
InterPark INT Corp. 30,049,593 76,664 -- 190,078 26,481,162 
Korean Reinsurance Co. 75,492,743 1,796,790 21,215,868 1,390,984 -- 
Macquarie Mexican (REIT) 90,614,570 224,011 2,779,690 4,722,784 85,947,596 
Metalurgica Gerdau SA (PN) 56,285,896 -- 3,002,568 -- 60,231,916 
Minerva SA 40,691,800 -- 5,727,781 1,007,272 -- 
Smiles SA 137,502,361 -- 66,466,328 10,133,284 -- 
SREI Infrastructure Finance Ltd. 45,678,231 -- 9,739,448 300,692 66,749,278 
Total $716,435,281 $71,784,374 $183,670,409 $20,370,600 $466,031,313 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $2,428,225,314 $1,916,879,162 $468,458,736 $42,887,416 
Consumer Staples 1,098,857,635 1,098,857,635 -- -- 
Energy 1,071,641,565 900,884,175 170,757,390 -- 
Financials 4,030,618,637 3,204,745,971 825,872,666 -- 
Health Care 316,824,630 316,824,630 -- -- 
Industrials 839,393,117 839,393,117 -- -- 
Information Technology 4,010,404,852 2,855,410,767 1,154,994,085 -- 
Materials 1,248,296,843 1,225,239,762 23,057,081 -- 
Real Estate 454,583,487 454,583,487 -- -- 
Telecommunication Services 800,694,919 737,773,815 62,921,104 -- 
Utilities 471,538,552 404,858,974 66,679,578 -- 
Government Obligations 7,295,467 -- 7,295,467 -- 
Money Market Funds 153,114,745 153,114,745 -- -- 
Total Investments in Securities: $16,931,489,763 $14,108,566,240 $2,780,036,107 $42,887,416 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $684,740,660 
Level 2 to Level 1 $252,117,868 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $12,870,878,377. Net unrealized appreciation aggregated $4,060,611,386, of which $4,524,165,275 related to appreciated investment securities and $463,553,889 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, 2017







GSV-S-QTLY-0917
1.907949.107





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
Australia - 3.6%   
CSL Ltd. 4,375,501 $441,050,501 
Transurban Group unit 11,421,639 104,256,721 
TOTAL AUSTRALIA  545,307,222 
Austria - 1.9%   
Andritz AG 3,161,498 193,753,435 
BUWOG-Gemeinnuetzige Wohnung 3,030,483 89,095,209 
TOTAL AUSTRIA  282,848,644 
Belgium - 4.2%   
Anheuser-Busch InBev SA NV 4,369,581 527,113,670 
KBC Groep NV 1,366,802 113,261,414 
TOTAL BELGIUM  640,375,084 
Brazil - 0.1%   
Itau Unibanco Holding SA 1,170,800 12,420,050 
Canada - 1.4%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 1,362,400 64,604,041 
Franco-Nevada Corp. 1,002,400 72,626,262 
Pason Systems, Inc. 2,199,769 32,112,128 
PrairieSky Royalty Ltd. 1,538,800 38,212,351 
TOTAL CANADA  207,554,782 
Cayman Islands - 1.9%   
58.com, Inc. ADR (a) 1,127,100 57,538,455 
Alibaba Group Holding Ltd. sponsored ADR (a) 1,152,200 178,533,390 
China Biologic Products Holdings, Inc. (a) 542,150 53,943,925 
TOTAL CAYMAN ISLANDS  290,015,770 
Denmark - 1.3%   
Jyske Bank A/S (Reg.) 1,346,300 84,370,776 
Novo Nordisk A/S Series B sponsored ADR 2,685,081 113,847,434 
TOTAL DENMARK  198,218,210 
Finland - 0.3%   
Tikkurila Oyj 1,985,479 42,377,893 
France - 0.8%   
Essilor International SA 968,544 122,796,831 
Germany - 4.9%   
Bayer AG 2,443,700 309,969,097 
SAP AG 4,136,764 438,022,196 
TOTAL GERMANY  747,991,293 
Hong Kong - 2.4%   
AIA Group Ltd. 46,265,000 364,573,507 
India - 1.1%   
Housing Development Finance Corp. Ltd. 5,890,258 164,212,280 
Ireland - 3.1%   
CRH PLC sponsored ADR 8,033,805 281,745,541 
James Hardie Industries PLC CDI 12,709,123 194,805,437 
TOTAL IRELAND  476,550,978 
Isle of Man - 0.6%   
Playtech Ltd. 6,741,368 85,432,257 
Israel - 0.3%   
Azrieli Group 839,086 45,827,231 
Italy - 1.1%   
Azimut Holding SpA 1,882,606 42,210,233 
Interpump Group SpA 4,116,049 125,371,452 
TOTAL ITALY  167,581,685 
Japan - 12.5%   
Astellas Pharma, Inc. 7,259,800 92,457,416 
DENSO Corp. 2,987,200 143,771,447 
East Japan Railway Co. 1,574,900 147,854,461 
Hoya Corp. 3,273,100 184,845,758 
Keyence Corp. 777,600 359,863,504 
Komatsu Ltd. 4,904,200 131,518,633 
Misumi Group, Inc. 6,160,300 152,882,950 
Mitsui Fudosan Co. Ltd. 4,437,000 102,005,320 
Nintendo Co. Ltd. 215,600 73,220,914 
Olympus Corp. 3,382,100 123,018,921 
OSG Corp. 3,673,500 77,605,166 
SHO-BOND Holdings Co. Ltd. (b) 1,551,100 82,025,607 
USS Co. Ltd. 10,817,800 218,524,564 
TOTAL JAPAN  1,889,594,661 
Kenya - 0.6%   
Safaricom Ltd. 358,245,500 84,410,605 
Korea (South) - 1.2%   
BGFretail Co. Ltd. 1,398,475 115,380,884 
NAVER Corp. 88,254 63,278,638 
TOTAL KOREA (SOUTH)  178,659,522 
Mexico - 0.5%   
Fomento Economico Mexicano S.A.B. de CV sponsored ADR 802,412 80,947,323 
Netherlands - 2.3%   
ASML Holding NV (Netherlands) 2,287,900 345,017,844 
New Zealand - 0.4%   
Auckland International Airport Ltd. 10,102,611 52,805,944 
South Africa - 2.3%   
Clicks Group Ltd. 7,052,484 79,875,084 
Naspers Ltd. Class N 1,210,210 267,522,389 
TOTAL SOUTH AFRICA  347,397,473 
Spain - 4.9%   
Amadeus IT Holding SA Class A 3,970,800 244,714,955 
Hispania Activos Inmobiliarios SA 2,597,710 46,865,577 
Inditex SA 8,264,127 328,039,614 
Merlin Properties Socimi SA 3,236,200 43,596,934 
Prosegur Compania de Seguridad SA (Reg.) 10,620,889 72,797,718 
TOTAL SPAIN  736,014,798 
Sweden - 5.3%   
ASSA ABLOY AB (B Shares) 15,029,217 322,036,035 
Atlas Copco AB (A Shares) 5,487,000 198,452,399 
Essity AB Class B (a) 2,866,000 83,099,730 
Fagerhult AB 4,083,792 53,742,092 
Svenska Cellulosa AB (SCA) (B Shares) 2,866,000 23,730,102 
Svenska Handelsbanken AB (A Shares) 8,345,613 124,246,660 
TOTAL SWEDEN  805,307,018 
Switzerland - 8.8%   
Nestle SA (Reg. S) 9,636,606 813,421,549 
Roche Holding AG (participation certificate) 1,428,511 361,655,108 
Schindler Holding AG:   
(participation certificate) 579,078 124,924,423 
(Reg.) 154,309 32,459,228 
TOTAL SWITZERLAND  1,332,460,308 
Taiwan - 1.0%   
Taiwan Semiconductor Manufacturing Co. Ltd. 21,426,000 151,363,116 
Turkey - 0.2%   
Tupras Turkiye Petrol Rafinelleri A/S 1,160,924 35,757,785 
United Kingdom - 11.6%   
BAE Systems PLC 16,093,500 127,721,089 
Berendsen PLC 5,132,900 86,347,440 
British American Tobacco PLC (United Kingdom) 5,048,900 314,070,560 
Elementis PLC 9,031,847 35,320,858 
Howden Joinery Group PLC 6,596,900 36,983,083 
Informa PLC 15,456,952 141,839,591 
InterContinental Hotel Group PLC ADR (c) 4,678,039 265,525,494 
Prudential PLC 11,077,318 270,292,058 
Reckitt Benckiser Group PLC 3,641,887 354,091,000 
Rightmove PLC 692,770 38,462,834 
Shaftesbury PLC 3,385,400 43,907,629 
Spectris PLC 1,225,000 39,760,119 
TOTAL UNITED KINGDOM  1,754,321,755 
United States of America - 17.5%   
Alphabet, Inc. Class A (a) 262,194 247,904,427 
Autoliv, Inc. (c) 1,333,027 144,486,797 
Berkshire Hathaway, Inc. Class B (a) 1,057,450 185,022,027 
Domino's Pizza, Inc. 181,140 33,782,610 
Martin Marietta Materials, Inc. 670,000 151,708,100 
MasterCard, Inc. Class A 2,540,010 324,613,278 
Mohawk Industries, Inc. (a) 588,915 146,633,946 
Molson Coors Brewing Co. Class B 867,000 77,145,660 
Moody's Corp. 708,000 93,194,040 
MSCI, Inc. 1,064,600 115,988,170 
Philip Morris International, Inc. 2,032,792 237,247,154 
PPG Industries, Inc. 642,100 67,581,025 
PriceSmart, Inc. 634,275 53,437,669 
ResMed, Inc. 1,506,500 116,181,280 
S&P Global, Inc. 861,471 132,313,331 
Sherwin-Williams Co. 424,100 143,036,207 
Visa, Inc. Class A 3,857,096 384,012,478 
TOTAL UNITED STATES OF AMERICA  2,654,288,199 
TOTAL COMMON STOCKS   
(Cost $10,312,915,177)  14,842,430,068 
Nonconvertible Preferred Stocks - 0.4%   
Brazil - 0.4%   
Itau Unibanco Holding SA   
(Cost $67,246,690) 5,224,100 62,521,337 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund, 1.11% (d) 188,603,205 188,640,925 
Fidelity Securities Lending Cash Central Fund 1.11% (d)(e) 116,939,710 116,951,403 
TOTAL MONEY MARKET FUNDS   
(Cost $305,560,662)  305,592,328 
TOTAL INVESTMENT PORTFOLIO - 100.5%   
(Cost $10,685,722,529)  15,210,543,733 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (68,574,869) 
NET ASSETS - 100%  $15,141,968,864 

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

Legend

 (a) Non-income producing

 (b) Affiliated company

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

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

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $2,466,111 
Fidelity Securities Lending Cash Central Fund 1,218,147 
Total $3,684,258 

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. $72,329,808 $2,413,584 $-- $1,222,820 $82,025,607 
Total $72,329,808 $2,413,584 $-- $1,222,820 $82,025,607 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $1,690,126,452 $1,094,564,449 $595,562,003 $-- 
Consumer Staples 2,800,434,324 791,737,545 2,008,696,779 -- 
Energy 106,082,264 106,082,264 -- -- 
Financials 1,764,625,883 1,494,333,825 270,292,058 -- 
Health Care 1,919,766,271 1,465,653,747 454,112,524 -- 
Industrials 2,123,537,876 1,793,566,844 329,971,032 -- 
Information Technology 3,031,738,405 2,024,114,335 1,007,624,070 -- 
Materials 1,012,931,425 1,012,931,425 -- -- 
Real Estate 371,297,900 371,297,900 -- -- 
Telecommunication Services 84,410,605 84,410,605 -- -- 
Money Market Funds 305,592,328 305,592,328 -- -- 
Total Investments in Securities: $15,210,543,733 $10,544,285,267 $4,666,258,466 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $946,556,546 
Level 2 to Level 1 $660,606,572 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $10,700,730,920. Net unrealized appreciation aggregated $4,509,812,813, of which $4,597,670,521 related to appreciated investment securities and $87,857,708 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, 2017







SCF-S-QTLY-0917
1.907962.107





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.9%   
 Shares Value 
Australia - 2.7%   
Adelaide Brighton Ltd. 2,707,269 $12,171,881 
Austal Ltd. 2,224,629 3,212,364 
Bapcor Ltd. 799,369 3,613,148 
Beacon Lighting Group Ltd. 6,523,255 7,097,301 
Credit Corp. Group Ltd. 88,921 1,206,480 
DuluxGroup Ltd. 4,919,853 25,937,465 
Imdex Ltd. (a) 16,634,283 9,714,421 
John Fairfax Holdings Ltd. 2,654,785 2,102,590 
Nanosonics Ltd. (a) 548,010 1,034,643 
Pact Group Holdings Ltd. 750,000 3,438,000 
Quintis Ltd. (b) 9,242,850 2,181,313 
RCG Corp. Ltd. (b) 18,821,945 13,777,664 
Reckon Ltd. (c) 5,931,406 7,117,687 
Sigma Healthcare Ltd. 2,236,193 1,717,396 
SomnoMed Ltd. (a) 231,711 578,351 
TOTAL AUSTRALIA  94,900,704 
Austria - 2.0%   
Andritz AG 493,024 30,215,136 
BUWOG-Gemeinnuetzige Wohnung 919,906 27,044,935 
IMMOFINANZ Immobilien Anlagen AG (b) 2,530,041 6,157,849 
RHI AG 56,348 2,129,216 
Wienerberger AG 131,600 3,028,520 
TOTAL AUSTRIA  68,575,656 
Bailiwick of Jersey - 0.6%   
Integrated Diagnostics Holdings PLC 4,317,632 17,087,029 
IWG PLC 950,800 4,114,712 
TOTAL BAILIWICK OF JERSEY  21,201,741 
Belgium - 1.4%   
Barco NV 15,600 1,562,517 
Econocom Group SA 677,914 5,182,639 
KBC Ancora 779,573 41,413,276 
TOTAL BELGIUM  48,158,432 
Bermuda - 0.6%   
APT Satellite Holdings Ltd. 636,500 313,735 
BW Offshore Ltd. (a) 275,000 846,385 
Vostok New Ventures Ltd. (depositary receipt) (a) 2,608,342 20,918,297 
TOTAL BERMUDA  22,078,417 
Brazil - 0.1%   
Banco ABC Brasil SA rights 8/3/17 (a) 44,159 42,426 
Magnesita Refratarios SA 266,800 2,985,977 
TOTAL BRAZIL  3,028,403 
Canada - 1.8%   
McCoy Global, Inc. (a) 1,118,550 1,803,317 
New Look Vision Group, Inc. 599,900 16,359,816 
Pason Systems, Inc. 777,100 11,344,071 
PrairieSky Royalty Ltd. 319,000 7,921,588 
ShawCor Ltd. Class A 483,200 10,828,641 
Tesco Corp. (a) 1,088,493 5,007,068 
Total Energy Services, Inc. 330,000 3,202,727 
Whitecap Resources, Inc. 325,000 2,400,842 
ZCL Composites, Inc. 280,000 2,982,474 
TOTAL CANADA  61,850,544 
Cayman Islands - 1.3%   
58.com, Inc. ADR (a) 241,400 12,323,470 
China Biologic Products Holdings, Inc. (a)(b) 218,208 21,711,696 
SITC International Holdings Co. Ltd. 5,480,000 4,560,352 
Value Partners Group Ltd. 7,204,000 6,705,213 
TOTAL CAYMAN ISLANDS  45,300,731 
Denmark - 2.5%   
Jyske Bank A/S (Reg.) 553,719 34,700,811 
Royal Unibrew A/S 40,600 2,022,810 
Scandinavian Tobacco Group A/S 1,157,059 18,675,758 
Spar Nord Bank A/S 2,375,285 31,948,996 
TOTAL DENMARK  87,348,375 
Finland - 0.7%   
Olvi PLC (A Shares) 119,900 4,219,805 
Oriola-KD Oyj 242,700 1,040,056 
Tikkurila Oyj 977,930 20,872,854 
TOTAL FINLAND  26,132,715 
France - 2.5%   
Cegedim SA (a) 23,051 881,395 
Elis SA (b) 1,468,562 35,525,914 
Ipsen SA 5,300 679,176 
Laurent-Perrier Group SA 135,868 12,304,301 
Rubis 23,800 1,514,658 
Somfy SA 12,500 1,183,060 
Vetoquinol SA 301,927 18,764,612 
Virbac SA (a) 99,200 17,703,019 
TOTAL FRANCE  88,556,135 
Germany - 4.8%   
CompuGroup Medical AG 1,259,953 75,113,565 
CTS Eventim AG 1,091,387 50,568,251 
Fielmann AG 201,790 16,215,107 
MLP AG 702,245 5,145,856 
Nexus AG 519,508 15,989,833 
SMA Solar Technology AG (b) 88,053 3,195,911 
TOTAL GERMANY  166,228,523 
Greece - 0.4%   
Fourlis Holdings SA 752,500 5,166,695 
Motor Oil (HELLAS) Corinth Refineries SA 200,000 4,510,278 
Mytilineos Holdings SA (a) 318,300 3,165,150 
TOTAL GREECE  12,842,123 
India - 0.6%   
Jyothy Laboratories Ltd. 3,611,337 20,853,249 
Torrent Pharmaceuticals Ltd. 43,090 884,929 
TOTAL INDIA  21,738,178 
Ireland - 1.6%   
Cairn Homes PLC (a) 1,233,100 2,284,499 
FBD Holdings PLC (a) 1,298,400 12,988,038 
James Hardie Industries PLC CDI 2,524,307 38,692,578 
United Drug PLC (United Kingdom) 198,600 2,219,418 
TOTAL IRELAND  56,184,533 
Isle of Man - 0.9%   
Playtech Ltd. 2,406,347 30,495,243 
Israel - 2.1%   
Azrieli Group 334,879 18,289,636 
Ituran Location & Control Ltd. 999,086 30,472,123 
Strauss Group Ltd. 1,265,055 24,226,536 
TOTAL ISRAEL  72,988,295 
Italy - 3.2%   
Astm SpA 78,400 1,712,343 
Azimut Holding SpA 1,284,364 28,796,946 
Beni Stabili SpA SIIQ 19,947,820 15,939,605 
Cerved Information Solutions SpA 145,105 1,666,220 
Interpump Group SpA 2,130,766 64,901,372 
TOTAL ITALY  113,016,486 
Japan - 31.5%   
A/S One Corp. 12,000 599,755 
Aeon Delight Co. Ltd. 63,800 2,132,550 
Ai Holdings Corp. 635,600 17,526,636 
Aoki Super Co. Ltd. 275,000 3,387,455 
Arcland Service Holdings Co. Ltd. 113,200 1,969,410 
Artnature, Inc. (c) 1,778,400 11,469,385 
Asahi Co. Ltd. 1,015,500 12,223,398 
Asante, Inc. 216,400 3,766,807 
Aucnet, Inc. 27,000 346,546 
Azbil Corp. 1,790,100 70,714,187 
Bank of Kyoto Ltd. 586,000 5,623,729 
Broadleaf Co. Ltd. 771,500 5,192,553 
Central Automotive Products Ltd. 121,079 1,708,911 
Chugoku Marine Paints Ltd. 275,000 2,145,222 
Coca-Cola West Co. Ltd. 457,650 13,823,525 
Daiichikosho Co. Ltd. 643,100 30,975,201 
Daikokutenbussan Co. Ltd. 569,400 28,251,785 
Funai Soken Holdings, Inc. 639,000 16,658,225 
GCA Savvian Group Corp. 1,935,687 17,189,329 
GMO Internet, Inc. 306,280 3,953,344 
Goldcrest Co. Ltd. 1,599,110 35,653,430 
Iwatani Corp. 241,000 1,563,019 
Iwatsuka Confectionary Co. Ltd. 128,600 5,383,364 
Kamigumi Co. Ltd. 311,700 3,341,915 
Kobayashi Pharmaceutical Co. Ltd. 667,100 41,510,327 
Konoike Transport Co. Ltd. 205,200 2,797,547 
Koshidaka Holdings Co. Ltd. (b) 612,700 16,639,519 
Kusuri No Aoki Holdings Co. Ltd. 337,500 18,582,475 
Lasertec Corp. 1,934,400 28,916,424 
Leopalace21 Corp. 891,896 6,366,930 
Mandom Corp. 41,800 2,309,057 
Medikit Co. Ltd. 271,400 13,047,485 
Mirait Holdings Corp. 206,900 2,428,487 
Miroku Jyoho Service Co., Ltd. 419,800 8,857,135 
Misumi Group, Inc. 1,411,500 35,029,834 
Mitsuboshi Belting Ltd. 184,000 2,106,291 
Monex Group, Inc. 1,344,932 3,806,239 
Morinaga & Co. Ltd. 70,900 4,064,475 
Nabtesco Corp. 737,200 23,972,625 
Nagaileben Co. Ltd. 1,488,300 37,111,313 
Nakanishi, Inc. 37,600 1,577,396 
Nakano Refrigerators Co. Ltd. 285,100 9,012,413 
ND Software Co. Ltd. 224,536 2,332,022 
Nihon Parkerizing Co. Ltd. 3,715,200 53,346,289 
Nitto Kohki Co. Ltd. 79,300 1,885,304 
NOF Corp. 350,000 4,762,121 
NS Tool Co. Ltd. 4,000 72,457 
OBIC Co. Ltd. 943,400 58,959,826 
Okamoto Industries, Inc. 300,000 3,284,503 
OSG Corp. (b) 2,240,800 47,338,412 
PALTAC Corp. 145,200 5,268,266 
Paramount Bed Holdings Co. Ltd. 716,460 32,688,955 
ProNexus, Inc. 1,241,000 14,070,933 
S Foods, Inc. 113,500 4,231,348 
Sakai Moving Service Co. Ltd. 13,100 632,156 
San-Ai Oil Co. Ltd. 2,176,900 22,135,289 
Sekisui Jushi Corp. 149,500 2,720,278 
Shinko Plantech Co. Ltd. 138,200 1,182,118 
Shinsei Bank Ltd. 2,766,000 4,566,302 
Ship Healthcare Holdings, Inc. 40,100 1,233,063 
SHO-BOND Holdings Co. Ltd. 778,800 41,184,671 
Shoei Co. Ltd. (c) 801,100 22,962,275 
SK Kaken Co. Ltd. 217,000 19,683,432 
Software Service, Inc. 168,400 7,652,810 
Techno Medica Co. Ltd. 283,000 5,013,370 
The Monogatari Corp. 219,000 11,442,152 
TKC Corp. 666,600 19,409,370 
Tocalo Co. Ltd. 458,400 17,526,019 
Toshiba Plant Systems & Services Corp. 178,800 2,912,829 
Tsuruha Holdings, Inc. 29,170 3,063,981 
USS Co. Ltd. 3,561,200 71,937,887 
Welcia Holdings Co. Ltd. 634,400 24,139,943 
Workman Co. Ltd. 650,700 19,772,733 
Yamato Kogyo Co. Ltd. 336,200 9,438,424 
Yuasa Trading Co. Ltd. 100,900 3,235,353 
Yusen Logistics Co. Ltd. 251,800 2,284,004 
TOTAL JAPAN  1,096,104,548 
Korea (South) - 1.7%   
BGFretail Co. Ltd. 583,256 48,121,413 
iMarketKorea, Inc. 103,160 1,174,434 
Leeno Industrial, Inc. 186,094 8,241,784 
TOTAL KOREA (SOUTH)  57,537,631 
Luxembourg - 0.1%   
B&M European Value Retail S.A. 653,731 3,105,118 
Mexico - 0.4%   
Consorcio ARA S.A.B. de CV 38,033,895 12,775,885 
Genomma Lab Internacional SA de CV (a) 829,300 1,066,293 
TOTAL MEXICO  13,842,178 
Netherlands - 2.4%   
Aalberts Industries NV 984,900 43,022,618 
Arcadis NV 64,918 1,328,351 
BinckBank NV (b) 578,150 3,183,209 
Intertrust NV 123,586 2,122,098 
Takeaway.com Holding BV (d) 222,278 10,155,606 
Van Lanschot NV (Bearer) 227,504 6,750,487 
VastNed Retail NV 402,554 18,394,576 
TOTAL NETHERLANDS  84,956,945 
New Zealand - 0.1%   
EBOS Group Ltd. 110,948 1,507,294 
The a2 Milk Co. Ltd. (a) 938,554 3,108,491 
TOTAL NEW ZEALAND  4,615,785 
Norway - 1.3%   
ABG Sundal Collier ASA 5,878,388 4,074,504 
Borregaard ASA 290,000 3,632,907 
Kongsberg Gruppen ASA (b) 974,448 16,544,740 
Schibsted ASA (A Shares) 82,366 2,102,400 
Skandiabanken ASA 1,463,548 16,472,907 
Spectrum ASA (a) 350,000 1,691,499 
TOTAL NORWAY  44,518,957 
Philippines - 0.5%   
Jollibee Food Corp. 3,845,490 17,158,514 
Pilipinas Shell Petroleum Corp. 1,109,420 1,456,463 
TOTAL PHILIPPINES  18,614,977 
Singapore - 0.1%   
Boustead Singapore Ltd. 4,604,000 3,227,539 
Hour Glass Ltd. 1,558,300 770,439 
TOTAL SINGAPORE  3,997,978 
South Africa - 0.8%   
Clicks Group Ltd. 2,335,481 26,451,211 
Spain - 2.5%   
Baron de Ley SA (a) 9,415 1,214,857 
Hispania Activos Inmobiliarios SA 1,100,650 19,856,950 
Merlin Properties Socimi SA 1,590,500 21,426,650 
Prosegur Cash SA 973,400 2,650,315 
Prosegur Compania de Seguridad SA (Reg.) 6,199,186 42,490,473 
TOTAL SPAIN  87,639,245 
Sweden - 4.9%   
Addlife AB 526,400 10,855,557 
AddTech AB (B Shares) 1,281,610 25,001,062 
Fagerhult AB 4,237,305 55,762,300 
Granges AB 300,000 3,316,282 
Lagercrantz Group AB (B Shares) (b) 1,961,454 22,168,332 
Loomis AB (B Shares) 622,000 23,111,794 
Mekonomen AB 71,125 1,497,591 
Saab AB (B Shares) 612,300 28,416,459 
TOTAL SWEDEN  170,129,377 
Switzerland - 0.3%   
Daetwyler Holdings AG 10,835 1,771,564 
EDAG Engineering Group AG 56,500 896,255 
Tecan Group AG 17,063 3,183,376 
Vontobel Holdings AG 74,720 4,972,576 
TOTAL SWITZERLAND  10,823,771 
Taiwan - 0.4%   
Addcn Technology Co. Ltd. 1,655,570 13,862,854 
United Kingdom - 17.6%   
Alliance Pharma PLC 14,335,956 9,741,153 
Ascential PLC 853,376 4,042,140 
Berendsen PLC 2,860,409 48,118,801 
Cineworld Group PLC 357,800 3,255,001 
Countrywide PLC 2,688,907 5,481,264 
Dechra Pharmaceuticals PLC 1,830,863 42,877,621 
Dignity PLC 111,207 3,737,124 
DP Poland PLC (a) 6,618,000 3,765,584 
Elementis PLC 8,949,982 35,000,709 
Equiniti Group PLC 1,797,223 6,236,403 
GetBusy PLC (a) 2,405,905 224,966 
Great Portland Estates PLC 2,738,800 21,753,708 
H&T Group PLC 1,410,653 5,369,607 
Hill & Smith Holdings PLC 61,530 1,087,848 
Hilton Food Group PLC 916,038 8,164,232 
Howden Joinery Group PLC 5,872,800 32,923,684 
Informa PLC 5,317,433 48,795,036 
InterContinental Hotel Group PLC ADR 297,247 16,871,740 
ITE Group PLC 8,444,572 20,083,037 
LivaNova PLC (a) 29,284 1,784,567 
LSL Property Services PLC 500,000 1,678,936 
Luxfer Holdings PLC sponsored ADR 335,000 4,254,500 
Mears Group PLC 737,212 4,805,027 
Mitie Group PLC 543,991 1,910,628 
PayPoint PLC 110,600 1,307,494 
Polypipe Group PLC 293,800 1,555,211 
Rightmove PLC 529,647 29,406,188 
Shaftesbury PLC 3,047,755 39,528,474 
Sinclair Pharma PLC (a) 3,242,243 1,256,608 
Spectris PLC 1,828,916 59,361,565 
Spirax-Sarco Engineering PLC 997,628 73,184,633 
Ted Baker PLC 126,067 4,189,923 
Topps Tiles PLC (c) 10,691,339 11,708,107 
Tullett Prebon PLC 1,127,903 7,245,828 
Ultra Electronics Holdings PLC 1,181,410 32,687,037 
Unite Group PLC 2,020,063 17,883,969 
Zpg PLC 505,923 2,422,411 
TOTAL UNITED KINGDOM  613,700,764 
United States of America - 2.5%   
Autoliv, Inc. 123,800 13,418,682 
Compass Minerals International, Inc. (b) 41,000 2,831,050 
Martin Marietta Materials, Inc. 72,080 16,321,074 
Mohawk Industries, Inc. (a) 53,962 13,435,998 
PriceSmart, Inc. 257,926 21,730,266 
ResMed, Inc. 209,700 16,172,064 
Resources Connection, Inc. 55,000 734,250 
Utah Medical Products, Inc. 15,850 1,095,235 
TOTAL UNITED STATES OF AMERICA  85,738,619 
TOTAL COMMON STOCKS   
(Cost $2,355,742,333)  3,376,265,192 
Nonconvertible Preferred Stocks - 2.0%   
Brazil - 0.2%   
Banco ABC Brasil SA 1,254,126 6,583,624 
Germany - 1.8%   
Sartorius AG (non-vtg.) 653,472 61,847,733 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $25,340,482)  68,431,357 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund, 1.11% (e) 31,653,833 31,660,164 
Fidelity Securities Lending Cash Central Fund 1.11% (e)(f) 61,516,380 61,522,531 
TOTAL MONEY MARKET FUNDS   
(Cost $93,174,528)  93,182,695 
TOTAL INVESTMENT PORTFOLIO - 101.6%   
(Cost $2,474,257,343)  3,537,879,244 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (55,225,358) 
NET ASSETS - 100%  $3,482,653,886 

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

Legend

 (a) Non-income producing

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

 (c) Affiliated company

 (d) Security 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 $10,155,606 or 0.3% of net assets.

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

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


Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $948,729 
Fidelity Securities Lending Cash Central Fund 801,399 
Total $1,750,128 

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. $12,038,036 $-- $1,157,148 $230,753 $11,469,385 
Reckon Ltd. -- 7,254,464  -- 64,575 7,117,687 
Shoei Co. Ltd. 13,379,931 1,831,284 -- 42,608 22,962,275 
Topps Tiles PLC 9,638,880 2,227,098 -- 432,639 11,708,107 
Total $35,056,847 $11,312,846 $1,157,148 $770,575 $53,257,454 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $507,615,810 $507,615,810 $-- $-- 
Consumer Staples 332,634,291 332,634,291 -- -- 
Energy 77,312,760 77,312,760 -- -- 
Financials 292,696,973 292,654,547 42,426 -- 
Health Care 428,048,788 428,048,788 -- -- 
Industrials 826,950,422 826,950,422 -- -- 
Information Technology 446,150,114 445,925,148 -- 224,966 
Materials 276,002,086 273,820,773 -- 2,181,313 
Real Estate 255,456,912 255,456,912 -- -- 
Telecommunication Services 313,735 313,735 -- -- 
Utilities 1,514,658 1,514,658 -- -- 
Money Market Funds 93,182,695 93,182,695 -- -- 
Total Investments in Securities: $3,537,879,244 $3,535,430,539 $42,426 $2,406,279 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $2,501,523,785. Net unrealized appreciation aggregated $1,036,355,459, of which $1,133,190,421 related to appreciated investment securities and $96,834,962 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, 2017







VSF-S-QTLY-0917
1.907975.107





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.1%   
 Shares Value 
Australia - 4.0%   
Australia & New Zealand Banking Group Ltd. 12,946,116 $306,874,734 
Insurance Australia Group Ltd. 21,559,956 115,043,925 
Macquarie Group Ltd. 1,953,112 134,108,482 
Magellan Financial Group Ltd. 2,868,826 60,612,556 
TOTAL AUSTRALIA  616,639,697 
Austria - 0.6%   
Erste Group Bank AG 2,316,700 96,303,219 
Bailiwick of Jersey - 1.0%   
Shire PLC 1,090,600 60,967,173 
Wolseley PLC 1,554,285 92,803,079 
TOTAL BAILIWICK OF JERSEY  153,770,252 
Belgium - 1.5%   
KBC Groep NV 2,785,514 230,824,402 
Canada - 0.7%   
Imperial Oil Ltd. 1,776,400 50,980,222 
Potash Corp. of Saskatchewan, Inc. 3,536,700 63,259,202 
TOTAL CANADA  114,239,424 
Finland - 1.2%   
Sampo Oyj (A Shares) 3,246,013 177,644,793 
France - 13.6%   
Atos Origin SA 1,304,609 198,377,683 
AXA SA 8,165,473 241,154,856 
Bouygues SA 1,646,587 70,649,830 
Capgemini SA 1,159,905 126,324,789 
Compagnie de St. Gobain 1,506,200 83,606,725 
Natixis SA 9,661,200 70,257,052 
Sanofi SA 1,423,749 135,667,642 
Societe Generale Series A 4,166,200 244,283,983 
SR Teleperformance SA 855,800 119,190,749 
Total SA 9,121,482 463,861,093 
VINCI SA 2,209,600 197,861,582 
Vivendi SA 5,664,881 130,937,202 
TOTAL FRANCE  2,082,173,186 
Germany - 7.3%   
BASF AG 2,525,617 240,950,028 
Brenntag AG 1,135,700 64,459,255 
Deutsche Post AG 1,922,898 74,663,514 
Deutsche Telekom AG 8,333,300 152,238,904 
Fresenius SE & Co. KGaA 1,361,000 115,084,573 
HeidelbergCement Finance AG 1,138,200 112,939,165 
Linde AG 456,900 87,158,561 
SAP AG 1,143,323 121,061,016 
Vonovia SE 3,747,598 151,969,104 
TOTAL GERMANY  1,120,524,120 
Hong Kong - 0.5%   
AIA Group Ltd. 9,846,200 77,589,185 
Indonesia - 0.6%   
PT Bank Rakyat Indonesia Tbk 81,893,700 90,812,025 
Ireland - 1.6%   
Allergan PLC 304,100 76,733,553 
CRH PLC 2,601,281 91,307,214 
Medtronic PLC 882,100 74,069,937 
TOTAL IRELAND  242,110,704 
Israel - 0.4%   
Teva Pharmaceutical Industries Ltd. sponsored ADR 1,903,592 61,238,555 
Italy - 1.3%   
Intesa Sanpaolo SpA 58,827,300 202,508,750 
Japan - 20.7%   
AEON Financial Service Co. Ltd. 2,996,900 65,268,782 
East Japan Railway Co. 820,700 77,048,800 
Hoya Corp. 2,600,100 146,838,610 
Itochu Corp. 10,528,000 165,256,511 
Japan Tobacco, Inc. 3,806,300 132,372,028 
Kao Corp. 1,511,100 92,027,080 
KDDI Corp. 5,754,800 152,484,804 
Makita Corp. 2,610,100 102,159,567 
Mitsubishi UFJ Financial Group, Inc. 52,536,900 333,300,003 
Nintendo Co. Ltd. 244,500 83,035,777 
Nippon Telegraph & Telephone Corp. 2,870,900 140,496,701 
Nomura Holdings, Inc. 12,175,800 72,339,135 
OBIC Co. Ltd. 1,641,200 102,570,348 
Olympus Corp. 2,488,800 90,526,446 
Oracle Corp. Japan 95,700 6,432,373 
ORIX Corp. 9,518,400 151,222,074 
Panasonic Corp. 6,165,409 84,917,958 
Recruit Holdings Co. Ltd. 4,579,800 79,303,716 
Seven & i Holdings Co. Ltd. 2,478,530 99,896,361 
Shin-Etsu Chemical Co. Ltd. 1,394,200 127,854,887 
Shinsei Bank Ltd. 47,470,000 78,366,729 
Sony Corp. 2,752,300 113,076,355 
Sony Financial Holdings, Inc. 5,169,500 89,608,731 
Subaru Corp. 1,924,000 69,703,442 
Taiheiyo Cement Corp. 18,929,000 71,255,250 
Tokio Marine Holdings, Inc. 3,093,500 130,339,766 
Toyota Motor Corp. 5,585,200 314,781,033 
TOTAL JAPAN  3,172,483,267 
Netherlands - 3.6%   
ING Groep NV (Certificaten Van Aandelen) 13,025,834 243,372,505 
Koninklijke Philips Electronics NV 2,416,000 92,329,979 
RELX NV 6,636,132 139,388,005 
Wolters Kluwer NV 1,554,172 69,205,161 
TOTAL NETHERLANDS  544,295,650 
Norway - 1.4%   
Statoil ASA (a) 11,166,277 209,859,921 
Spain - 4.4%   
Banco Santander SA (Spain) 34,695,650 237,153,829 
CaixaBank SA 31,320,008 163,134,874 
Iberdrola SA 28,151,654 222,083,983 
Unicaja Banco SA 30,777,400 44,777,737 
TOTAL SPAIN  667,150,423 
Sweden - 3.8%   
Investor AB (B Shares) 2,979,351 141,332,636 
Nordea Bank AB 19,676,133 248,333,864 
Swedbank AB (A Shares) 6,055,300 157,906,367 
Telefonaktiebolaget LM Ericsson (B Shares) 6,454,100 41,773,597 
TOTAL SWEDEN  589,346,464 
Switzerland - 10.4%   
ABB Ltd. (Reg.) 5,169,070 121,092,386 
Credit Suisse Group AG 10,460,833 160,800,700 
Lafargeholcim Ltd. (Reg.) 1,652,900 98,888,531 
Nestle SA (Reg. S) 3,128,395 264,066,405 
Novartis AG 5,662,891 482,352,493 
UBS Group AG 13,981,871 243,704,012 
Zurich Insurance Group AG 707,441 215,681,893 
TOTAL SWITZERLAND  1,586,586,420 
United Kingdom - 16.8%   
AstraZeneca PLC (United Kingdom) 2,749,163 163,858,587 
Aviva PLC 25,078,928 178,261,704 
BAE Systems PLC 16,363,707 129,865,504 
BHP Billiton PLC 11,796,536 215,098,204 
BP PLC 58,906,873 346,004,380 
British American Tobacco PLC (United Kingdom) 1,625,426 101,110,827 
Bunzl PLC 4,292,712 129,587,840 
Compass Group PLC 6,738,159 143,756,587 
GlaxoSmithKline PLC 14,347,900 285,623,267 
HSBC Holdings PLC sponsored ADR (a) 3,237,226 162,152,650 
Imperial Tobacco Group PLC 2,808,869 115,627,878 
Informa PLC 11,768,656 107,994,212 
Lloyds Banking Group PLC 55,870,169 48,301,876 
Micro Focus International PLC 3,521,100 103,739,359 
Rio Tinto PLC 2,126,284 99,652,544 
Standard Chartered PLC (United Kingdom) (b) 15,436,090 172,442,115 
Standard Life PLC 11,323,609 65,199,773 
TOTAL UNITED KINGDOM  2,568,277,307 
United States of America - 2.7%   
Amgen, Inc. 330,000 57,588,300 
ConocoPhillips Co. 3,069,200 139,249,604 
Edgewell Personal Care Co. (b) 527,600 38,092,720 
Molson Coors Brewing Co. Class B 678,500 60,372,930 
S&P Global, Inc. 753,500 115,730,065 
TOTAL UNITED STATES OF AMERICA  411,033,619 
TOTAL COMMON STOCKS   
(Cost $12,668,385,207)  15,015,411,383 
Nonconvertible Preferred Stocks - 0.6%   
Spain - 0.6%   
Grifols SA Class B   
(Cost $66,936,381) 4,158,800 88,100,439 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund, 1.11% (c) 145,032,801 145,061,808 
Fidelity Securities Lending Cash Central Fund 1.11% (c)(d) 85,500,208 85,508,758 
TOTAL MONEY MARKET FUNDS   
(Cost $230,570,535)  230,570,566 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $12,965,892,123)  15,334,082,388 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (28,514,959) 
NET ASSETS - 100%  $15,305,567,429 

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 $555,205 
Fidelity Securities Lending Cash Central Fund 6,271,652 
Total $6,826,857 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $965,166,789 $321,454,241 $643,712,548 $-- 
Consumer Staples 903,566,229 438,492,636 465,073,593 -- 
Energy 1,209,955,220 190,229,826 1,019,725,394 -- 
Financials 5,566,749,782 3,521,385,029 2,045,364,753 -- 
Health Care 1,838,649,575 710,180,413 1,128,469,162 -- 
Industrials 1,808,472,203 1,164,997,172 643,475,031 -- 
Information Technology 783,314,942 537,444,552 245,870,390 -- 
Materials 1,208,363,586 715,147,063 493,216,523 -- 
Real Estate 151,969,104 151,969,104 -- -- 
Telecommunication Services 445,220,409 -- 445,220,409 -- 
Utilities 222,083,983 222,083,983 -- -- 
Money Market Funds 230,570,566 230,570,566 -- -- 
Total Investments in Securities: $15,334,082,388 $8,203,954,585 $7,130,127,803 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $618,448,321 
Level 2 to Level 1 $516,775,175 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $13,007,849,094. Net unrealized appreciation aggregated $2,326,233,294, of which $2,544,577,214 related to appreciated investment securities and $218,343,920 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, 2017







TEK-QTLY-0917
1.931233.105





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 62.5%   
 Shares Value 
Argentina - 0.3%   
Grupo Superveille SA sponsored ADR 26,800 $480,256 
Telecom Argentina SA Class B sponsored ADR 22,334 589,394 
YPF SA Class D sponsored ADR 38,700 781,740 
TOTAL ARGENTINA  1,851,390 
Australia - 0.0%   
Frontier Digital Ventures Ltd. 382,185 232,368 
Austria - 0.2%   
Erste Group Bank AG 34,175 1,420,625 
Bailiwick of Guernsey - 0.1%   
Etalon Group Ltd. GDR (Reg. S) 117,600 420,420 
Bermuda - 1.0%   
AGTech Holdings Ltd. (a) 1,796,000 292,021 
Credicorp Ltd. (United States) 7,400 1,370,036 
GP Investments Ltd. Class A (depositary receipt) (a) 22,922 48,515 
PAX Global Technology Ltd. 943,460 625,688 
Shangri-La Asia Ltd. 1,924,000 3,128,335 
VimpelCom Ltd. sponsored ADR 170,460 697,181 
TOTAL BERMUDA  6,161,776 
Brazil - 2.4%   
B2W Companhia Global do Varejo (a) 664,717 2,835,069 
Banco do Brasil SA 142,300 1,309,670 
BB Seguridade Participacoes SA 139,970 1,232,118 
BR Malls Participacoes SA 325,023 1,375,825 
Companhia de Saneamento de Minas Gerais 94,336 1,282,075 
Cosan SA Industria e Comercio 94,755 1,096,944 
Direcional Engenharia SA 326,900 594,392 
FPC Par Corretora de Seguros 92,000 584,155 
Localiza Rent A Car SA 90,695 1,509,475 
Minerva SA 294,800 1,172,261 
Smiles SA 92,000 1,920,336 
TOTAL BRAZIL  14,912,320 
British Virgin Islands - 0.5%   
Mail.Ru Group Ltd. GDR (Reg. S) (a) 113,566 3,135,557 
Canada - 0.3%   
Pan American Silver Corp. 79,600 1,341,260 
Torex Gold Resources, Inc. (a) 27,930 509,203 
TOTAL CANADA  1,850,463 
Cayman Islands - 10.2%   
58.com, Inc. ADR (a) 55,350 2,825,618 
Alibaba Group Holding Ltd. sponsored ADR (a) 116,400 18,036,180 
BizLink Holding, Inc. 64,294 478,782 
China Biologic Products Holdings, Inc. (a) 5,900 587,050 
China Resources Land Ltd. 379,500 1,219,523 
Ctrip.com International Ltd. ADR (a) 30,700 1,833,711 
Haitian International Holdings Ltd. 388,000 1,112,716 
JD.com, Inc. sponsored ADR (a) 275,500 12,444,335 
Kingsoft Corp. Ltd. 261,000 688,355 
Momo, Inc. ADR (a) 7,100 311,903 
NetEase, Inc. ADR 4,900 1,525,272 
Silergy Corp. 10,000 195,270 
Tencent Holdings Ltd. 503,950 20,114,639 
Uni-President China Holdings Ltd. 2,552,600 1,983,700 
TOTAL CAYMAN ISLANDS  63,357,054 
Chile - 0.8%   
Compania Cervecerias Unidas SA sponsored ADR 63,100 1,679,091 
Enersis SA 5,144,204 1,038,832 
Inversiones La Construccion SA 48,666 651,579 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 27,500 1,130,525 
Vina Concha y Toro SA 335,968 541,342 
TOTAL CHILE  5,041,369 
China - 5.8%   
BBMG Corp. (H Shares) 2,236,000 1,127,905 
China Life Insurance Co. Ltd. (H Shares) 1,288,834 4,073,303 
China Longyuan Power Grid Corp. Ltd. (H Shares) 1,622,960 1,188,525 
China Oilfield Services Ltd. (H Shares) 904,000 770,810 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 705,706 3,117,076 
China Petroleum & Chemical Corp. (H Shares) 1,530,000 1,159,844 
China Telecom Corp. Ltd. (H Shares) 2,958,949 1,409,240 
Conch Cement Co. Ltd. (H Shares) 379,500 1,404,152 
Guangzhou Automobile Group Co. Ltd. (H Shares) 1,504,000 3,231,054 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 213,852 953,767 
iFlytek Co. Ltd. 114,300 805,778 
Industrial & Commercial Bank of China Ltd. (H Shares) 9,557,160 6,692,998 
Kweichow Moutai Co. Ltd. (A Shares) 18,099 1,294,809 
Maanshan Iron & Steel Ltd. (H Shares) (a) 866,000 420,205 
PICC Property & Casualty Co. Ltd. (H Shares) 796,580 1,484,893 
Qingdao Haier Co. Ltd. 1,286,251 2,684,729 
Shanghai International Airport Co. Ltd. (A Shares) 201,214 1,120,257 
Tsingtao Brewery Co. Ltd. (H Shares) 360,000 1,544,016 
Zhengzhou Yutong Bus Co. Ltd. 433,590 1,425,199 
TOTAL CHINA  35,908,560 
Colombia - 0.2%   
Bancolombia SA sponsored ADR 25,635 1,121,275 
Czech Republic - 0.2%   
MONETA Money Bank A/S 349,500 1,259,471 
Greece - 0.3%   
Titan Cement Co. SA (Reg.) 60,500 1,688,081 
Hong Kong - 2.8%   
AIA Group Ltd. 125,320 987,536 
China Mobile Ltd. 15,450 165,147 
China Mobile Ltd. sponsored ADR 48,252 2,578,104 
China Resources Beer Holdings Co. Ltd. 1,118,666 2,827,171 
China Resources Power Holdings Co. Ltd. 567,409 1,082,398 
China Unicom Ltd. (a) 176,500 255,805 
China Unicom Ltd. sponsored ADR (a) 90,720 1,322,698 
CNOOC Ltd. 2,783,000 3,114,913 
CSPC Pharmaceutical Group Ltd. 876,000 1,366,016 
Far East Horizon Ltd. 2,870,980 2,447,986 
Sinotruk Hong Kong Ltd. 1,095,000 1,149,562 
TOTAL HONG KONG  17,297,336 
India - 5.8%   
Adani Ports & Special Economic Zone Ltd. 271,118 1,672,415 
Axis Bank Ltd. 281,073 2,276,437 
Bharat Petroleum Corp. Ltd. 248,831 1,826,686 
Bharti Airtel Ltd. 54,374 354,939 
Bharti Infratel Ltd. 151,499 947,518 
Coal India Ltd. 298,027 1,156,724 
Edelweiss Financial Services Ltd. 145,428 464,404 
Eicher Motors Ltd. 1,595 747,577 
ICICI Bank Ltd. 243,989 1,147,610 
ICICI Bank Ltd. sponsored ADR 110,440 1,028,196 
Indraprastha Gas Ltd. 44,456 816,735 
ITC Ltd. 400,018 1,777,892 
JK Cement Ltd. 57,599 913,615 
Larsen & Toubro Ltd. 95,709 1,780,489 
LIC Housing Finance Ltd. 120,679 1,298,268 
Lupin Ltd. 122,689 1,972,812 
Petronet LNG Ltd. 290,374 922,745 
Phoenix Mills Ltd. (a) 163,383 1,240,774 
Power Grid Corp. of India Ltd. 476,756 1,658,766 
Reliance Industries Ltd. 197,612 4,973,246 
SREI Infrastructure Finance Ltd. 116,223 211,965 
State Bank of India 530,785 2,584,455 
Sun Pharmaceutical Industries Ltd. 269,706 2,234,173 
Tata Motors Ltd. 269,942 1,869,994 
Tejas Networks Ltd. 30,236 158,647 
TOTAL INDIA  36,037,082 
Indonesia - 1.6%   
PT Astra International Tbk 4,505,300 2,696,620 
PT Bank Mandiri (Persero) Tbk 1,878,650 1,924,615 
PT Bank Rakyat Indonesia Tbk 2,388,200 2,648,278 
PT Indocement Tunggal Prakarsa Tbk 335,200 440,258 
PT Kalbe Farma Tbk 4,838,200 630,012 
PT Link Net Tbk 1,347,300 510,647 
PT Lippo Karawaci Tbk 2,427,000 130,239 
PT Semen Gresik (Persero) Tbk 1,177,800 879,549 
TOTAL INDONESIA  9,860,218 
Israel - 0.2%   
Bezeq The Israel Telecommunication Corp. Ltd. 947,155 1,405,606 
Japan - 0.3%   
Sumco Corp. 124,500 2,028,228 
Korea (South) - 7.7%   
AMOREPACIFIC Group, Inc. 19,224 2,085,582 
BS Financial Group, Inc. 121,451 1,225,425 
Daou Technology, Inc. 72,907 1,448,460 
Duk San Neolux Co. Ltd. 23,678 520,101 
Fila Korea Ltd. 7,315 483,341 
Hanon Systems 98,251 899,224 
Hyundai Fire & Marine Insurance Co. Ltd. 40,170 1,628,414 
Hyundai Glovis Co. Ltd. 9,023 1,264,905 
Hyundai Mipo Dockyard Co. Ltd. (a) 9,037 867,441 
Hyundai Mobis 22,400 4,920,286 
InterPark INT Corp. 29,545 254,313 
KB Financial Group, Inc. 98,803 5,249,225 
KEPCO Plant Service & Engineering Co. Ltd. 12,807 514,597 
Korea Electric Power Corp. 22,821 909,110 
Korea Express Co. Ltd. (a) 8,935 1,487,923 
Korean Reinsurance Co. 129,702 1,493,976 
KT Corp. 11,445 355,593 
KT Corp. sponsored ADR 12,390 225,374 
LG Chemical Ltd. 4,893 1,433,033 
LG Telecom Ltd. 59,516 884,820 
NAVER Corp. 2,332 1,672,058 
Samsung Electronics Co. Ltd. 3,603 7,753,334 
Samsung Life Insurance Co. Ltd. 15,055 1,687,064 
Samsung SDI Co. Ltd. 14,975 2,253,066 
Shinhan Financial Group Co. Ltd. 108,768 5,165,333 
Shinhan Financial Group Co. Ltd. sponsored ADR 900 42,768 
SK Telecom Co. Ltd. 199 49,164 
SK Telecom Co. Ltd. sponsored ADR 39,684 1,081,786 
Viatron Technologies, Inc. 14,247 279,868 
TOTAL KOREA (SOUTH)  48,135,584 
Mauritius - 0.1%   
MakeMyTrip Ltd. (a) 26,800 872,340 
Mexico - 2.6%   
America Movil S.A.B. de CV Series L sponsored ADR 27,600 487,968 
CEMEX S.A.B. de CV sponsored ADR 259,083 2,515,696 
Fibra Uno Administracion SA de CV 512,660 947,424 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 127,200 1,456,593 
Grupo Comercial Chedraui S.A.B. de CV 213,876 446,914 
Grupo Financiero Banorte S.A.B. de CV Series O 442,929 2,936,356 
Infraestructura Energetica Nova S.A.B. de CV 223,400 1,266,299 
Macquarie Mexican (REIT) 1,890,270 2,334,899 
Promotora y Operadora de Infraestructura S.A.B. de CV 74,490 817,936 
Tenedora Nemak SA de CV 808,483 732,528 
Wal-Mart de Mexico SA de CV Series V 968,300 2,234,392 
TOTAL MEXICO  16,177,005 
Netherlands - 0.9%   
Hangzhou Hikvision Digital Technology Co. Ltd. ELS (BNP Paribas Warrant Program) warrants 9/29/17 (a)(b) 99,825 445,213 
X5 Retail Group NV GDR (Reg. S) (a) 33,900 1,311,252 
Yandex NV Series A (a) 127,487 3,694,573 
TOTAL NETHERLANDS  5,451,038 
Nigeria - 0.3%   
Guaranty Trust Bank PLC 3,465,183 429,232 
Guaranty Trust Bank PLC GDR (Reg. S) 72,380 397,366 
Transnational Corp. of Nigeria PLC (a) 31,684,982 144,731 
Zenith Bank PLC 12,161,388 949,379 
TOTAL NIGERIA  1,920,708 
Pakistan - 0.2%   
Habib Bank Ltd. 682,000 1,528,741 
Panama - 0.2%   
Copa Holdings SA Class A 11,149 1,398,754 
Peru - 0.2%   
Compania de Minas Buenaventura SA sponsored ADR 77,000 942,480 
Philippines - 0.4%   
Metropolitan Bank & Trust Co. 893,301 1,541,213 
Robinsons Land Corp. 2,064,680 1,052,280 
TOTAL PHILIPPINES  2,593,493 
Romania - 0.1%   
Banca Transilvania SA 997,484 750,884 
Russia - 3.1%   
Lukoil PJSC sponsored ADR 71,600 3,334,412 
MegaFon PJSC 33,200 315,342 
MegaFon PJSC GDR 19,060 183,548 
MMC Norilsk Nickel PJSC sponsored ADR 148,300 2,200,031 
Mobile TeleSystems OJSC 162,902 644,045 
NOVATEK OAO GDR (Reg. S) 19,300 2,018,780 
RusHydro PJSC 65,977,100 845,928 
Sberbank of Russia 1,535,780 4,230,352 
Sberbank of Russia sponsored ADR 419,784 4,890,484 
Unipro PJSC 17,039,700 697,947 
TOTAL RUSSIA  19,360,869 
Singapore - 0.2%   
First Resources Ltd. 703,600 970,912 
South Africa - 4.1%   
Aspen Pharmacare Holdings Ltd. 69,235 1,451,341 
Barclays Africa Group Ltd. 118,544 1,300,690 
Bidvest Group Ltd. 97,456 1,240,057 
FirstRand Ltd. 534,300 2,102,536 
Imperial Holdings Ltd. 174,600 2,303,137 
Life Healthcare Group Holdings Ltd. 465,900 894,415 
MTN Group Ltd. 166,400 1,496,101 
Naspers Ltd. Class N 52,145 11,526,888 
Nedbank Group Ltd. 59,080 982,085 
Sasol Ltd. 27,008 814,076 
Telkom SA Ltd. 125,802 620,956 
Tiger Brands Ltd. 34,396 1,042,679 
TOTAL SOUTH AFRICA  25,774,961 
Taiwan - 5.2%   
Advantech Co. Ltd. 79,897 604,229 
Chroma ATE, Inc. 150,000 474,110 
eMemory Technology, Inc. 22,995 337,529 
GlobalWafers Co. Ltd. 317,300 2,504,627 
King's Town Bank 341,600 352,742 
LandMark Optoelectronics Corp. 71,000 974,019 
Largan Precision Co. Ltd. 49,403 9,009,268 
PChome Online, Inc. 64,032 449,280 
Quanta Computer, Inc. 496,000 1,175,383 
Taiwan Cement Corp. 1,127,000 1,305,499 
Taiwan Fertilizer Co. Ltd. 374,000 507,505 
Taiwan Semiconductor Manufacturing Co. Ltd. 1,126,000 7,954,582 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 10,742 386,282 
Unified-President Enterprises Corp. 1,087,000 2,079,419 
United Microelectronics Corp. 2,594,000 1,189,871 
Universal Cement Corp. 374,219 279,910 
Vanguard International Semiconductor Corp. 121,000 226,666 
Wistron NeWeb Corp. 132,780 424,956 
Yuanta Financial Holding Co. Ltd. 4,433,231 1,900,092 
TOTAL TAIWAN  32,135,969 
Thailand - 0.9%   
Delta Electronics PCL (For. Reg.) 228,200 608,620 
Kasikornbank PCL (For. Reg.) 328,380 1,953,909 
PTT Global Chemical PCL (For. Reg.) 1,016,800 2,192,400 
Star Petroleum Refining PCL 1,704,800 788,963 
TOTAL THAILAND  5,543,892 
Turkey - 1.2%   
Bim Birlesik Magazalar A/S JSC 96,000 1,871,255 
Tupras Turkiye Petrol Rafinelleri A/S 75,200 2,316,246 
Turkcell Iletisim Hizmet A/S 336,700 1,230,330 
Turkcell Iletisim Hizmet A/S sponsored ADR 13,500 124,200 
Turkiye Garanti Bankasi A/S 676,000 2,024,533 
TOTAL TURKEY  7,566,564 
United Arab Emirates - 1.2%   
DP World Ltd. 57,734 1,327,882 
Emaar Properties PJSC 1,545,745 3,467,674 
National Bank of Abu Dhabi PJSC (a) 942,020 2,731,385 
TOTAL UNITED ARAB EMIRATES  7,526,941 
United Kingdom - 0.4%   
Fresnillo PLC 49,200 997,086 
Mondi PLC 53,400 1,405,596 
Shanghai International Airport Co. Ltd. ELS (UBS Warrant Programme) warrants 5/11/18 (a)(b) 9,200 51,221 
TOTAL UNITED KINGDOM  2,453,903 
United States of America - 0.5%   
Cognizant Technology Solutions Corp. Class A 42,800 2,966,896 
TOTAL COMMON STOCKS   
(Cost $339,561,629)  389,061,133 
Nonconvertible Preferred Stocks - 5.1%   
Brazil - 3.7%   
Ambev SA sponsored ADR 510,800 3,105,664 
Banco do Estado Rio Grande do Sul SA 231,220 1,084,788 
Companhia Paranaense de Energia-Copel:   
(PN-B) (a) 3,215 26,713 
(PN-B) sponsored ADR 130,752 1,082,627 
Fibria Celulose SA sponsored ADR 153,600 1,623,552 
Itau Unibanco Holding SA sponsored ADR 528,441 6,293,732 
Metalurgica Gerdau SA (PN) (a) 925,170 1,560,567 
Petroleo Brasileiro SA - Petrobras (PN) sponsored (non-vtg.) (a) 304,606 2,589,151 
Telefonica Brasil SA 142,743 2,138,158 
Vale SA (PN-A) sponsored ADR 394,100 3,700,599 
TOTAL BRAZIL  23,205,551 
Korea (South) - 1.4%   
Hyundai Motor Co. Series 2 43,660 4,132,347 
Samsung Electronics Co. Ltd. 1,896 3,269,097 
Samsung Fire & Marine Insurance Co. Ltd. 7,578 1,302,544 
TOTAL KOREA (SOUTH)  8,703,988 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $28,747,550)  31,909,539 
 Principal Amount(c) Value 
Nonconvertible Bonds - 7.9%   
Azerbaijan - 0.5%   
International Bank of Azerbaijan OJSC 5.625% 6/11/19 (Reg. S) 800,000 651,920 
Southern Gas Corridor CJSC 6.875% 3/24/26 (b) 1,930,000 2,122,035 
State Oil Co. of Azerbaijan Republic 6.95% 3/18/30 (Reg. S) 275,000 292,648 
TOTAL AZERBAIJAN  3,066,603 
British Virgin Islands - 0.1%   
1MDB Global Investments Ltd. 4.4% 3/9/23 1,000,000 928,996 
Canada - 0.3%   
First Quantum Minerals Ltd.:   
7% 2/15/21 (b) 250,000 259,375 
7.25% 4/1/23 (b) 1,200,000 1,236,000 
7.5% 4/1/25 (b) 200,000 205,300 
TOTAL CANADA  1,700,675 
Cayman Islands - 0.1%   
Ksa Sukuk Ltd. 3.628% 4/20/27 (b) 600,000 609,000 
Sparc Em Spc 0% 12/5/22 (b) 200,000 176,790 
TOTAL CAYMAN ISLANDS  785,790 
Georgia - 0.6%   
Georgian Oil & Gas Corp. 6.75% 4/26/21 (b) 1,700,000 1,785,340 
JSC BGEO Group 6% 7/26/23 (b) 850,000 867,952 
JSC Georgian Railway 7.75% 7/11/22 (b) 1,000,000 1,097,500 
TOTAL GEORGIA  3,750,792 
Indonesia - 0.3%   
PT Pertamina Persero:   
4.875% 5/3/22 (b) 275,000 294,448 
5.625% 5/20/43 (b) 200,000 211,972 
6% 5/3/42 (b) 400,000 441,107 
6.5% 5/27/41 (b) 1,000,000 1,171,854 
TOTAL INDONESIA  2,119,381 
Ireland - 0.3%   
Vnesheconombank Via VEB Finance PLC:   
6.8% 11/22/25 (b) 1,125,000 1,251,563 
6.902% 7/9/20 (b) 600,000 650,100 
TOTAL IRELAND  1,901,663 
Israel - 0.1%   
Israel Electric Corp. Ltd. 7.75% 12/15/27 (Reg. S) 275,000 346,886 
Kazakhstan - 0.2%   
KazMunaiGaz Finance Sub BV:   
5.75% 4/19/47 (b) 490,000 471,398 
6.375% 4/9/21 (b) 250,000 273,052 
7% 5/5/20 (b) 200,000 218,500 
TOTAL KAZAKHSTAN  962,950 
Luxembourg - 0.0%   
Petrobras International Finance Co. Ltd. 8.375% 12/10/18 300,000 320,142 
Mexico - 1.1%   
Petroleos Mexicanos:   
5.5% 6/27/44 305,000 279,075 
6.375% 1/23/45 300,000 302,100 
6.5% 3/13/27 (b) 500,000 550,500 
6.5% 3/13/27 (b) 1,005,000 1,106,505 
6.5% 6/2/41 1,800,000 1,849,500 
6.75% 9/21/47 1,300,000 1,367,600 
6.75% 9/21/47 (b) 205,000 215,660 
6.875% 8/4/26 1,200,000 1,357,080 
TOTAL MEXICO  7,028,020 
Mongolia - 0.1%   
Trade and Development Bank of Mongolia LLC 9.375% 5/19/20 (Reg. S) 850,000 915,908 
Morocco - 0.1%   
OCP SA 6.875% 4/25/44 (b) 775,000 861,630 
Netherlands - 0.7%   
Nostrum Oil & Gas Finance BV 8% 7/25/22 (b) 165,000 165,891 
Petrobras Global Finance BV:   
6.85% 6/5/2115 965,000 883,506 
7.25% 3/17/44 705,000 708,525 
8.375% 5/23/21 325,000 365,625 
8.75% 5/23/26 1,675,000 1,968,125 
TOTAL NETHERLANDS  4,091,672 
Nigeria - 0.1%   
Zenith Bank PLC 7.375% 5/30/22 (b) 650,000 640,900 
Oman - 0.1%   
Oman Sovereign Sukuk SAOC 4.397% 6/1/24 (b) 800,000 796,000 
Peru - 0.1%   
Petroleos Del Peru Petroperu SA:   
4.75% 6/19/32 (b) 205,000 209,715 
5.625% 6/19/47 (b) 275,000 286,275 
TOTAL PERU  495,990 
South Africa - 0.5%   
Eskom Holdings SOC Ltd.:   
5.75% 1/26/21 (Reg. S) 400,000 402,220 
6.75% 8/6/23 (b) 2,025,000 2,053,411 
7.125% 2/11/25 (b) 500,000 506,975 
TOTAL SOUTH AFRICA  2,962,606 
Trinidad & Tobago - 0.2%   
Petroleum Co. of Trinidad & Tobago Ltd.:   
6% 5/8/22 (b) 285,417 279,708 
9.75% 8/14/19 (b) 750,000 802,883 
TOTAL TRINIDAD & TOBAGO  1,082,591 
Tunisia - 0.3%   
Banque Centrale de Tunisie:   
5.625% 2/17/24 (Reg. S) EUR1,000,000 1,201,557 
5.75% 1/30/25 (b) 600,000 576,264 
TOTAL TUNISIA  1,777,821 
Turkey - 0.4%   
Akbank TAS/Ak Finansal Kiralama A/S 7.2% 3/16/27 (b)(d) 1,400,000 1,459,500 
Finansbank A/S 4.875% 5/19/22 (b) 700,000 697,871 
Turkiye Ihracat Kredi Bankasi A/S 5.375% 10/24/23 (b) 200,000 204,228 
TOTAL TURKEY  2,361,599 
United Arab Emirates - 0.2%   
Dolphin Energy Ltd.:   
5.5% 12/15/21 (b) 140,000 152,961 
5.888% 6/15/19 (b) 750,250 776,509 
DP World Ltd. 6.85% 7/2/37 (Reg. S) 500,000 605,625 
TOTAL UNITED ARAB EMIRATES  1,535,095 
United Kingdom - 0.3%   
Biz Finance PLC 9.625% 4/27/22 (b) 1,550,000 1,622,850 
United States of America - 0.4%   
Pemex Project Funding Master Trust:   
6.625% 6/15/35 1,775,000 1,887,358 
8.625% 2/1/22 300,000 355,040 
Stillwater Mining Co. 7.125% 6/27/25 (b) 200,000 196,100 
TOTAL UNITED STATES OF AMERICA  2,438,498 
Venezuela - 0.8%   
Petroleos de Venezuela SA:   
5.375% 4/12/27 1,750,000 570,325 
5.5% 4/12/37 1,000,000 325,600 
6% 5/16/24 (b) 2,600,000 854,750 
6% 11/15/26 (Reg. S) 2,450,000 796,495 
8.5% 10/27/20 (Reg. S) 2,550,000 1,689,375 
9% 11/17/21 (Reg. S) 550,000 215,875 
12.75% 2/17/22 (b) 600,000 275,250 
TOTAL VENEZUELA  4,727,670 
TOTAL NONCONVERTIBLE BONDS   
(Cost $49,298,045)  49,222,728 
Government Obligations - 20.0%   
Angola - 0.1%   
Angola Republic 9.5% 11/12/25 (b) 250,000 266,163 
Argentina - 1.1%   
Argentine Republic:   
6.875% 1/26/27 650,000 668,200 
7.125% 7/6/36 400,000 395,000 
7.125% 6/28/2117 (b) 1,130,000 1,026,040 
7.5% 4/22/26 1,960,000 2,109,940 
7.625% 4/22/46 350,000 359,800 
7.82% 12/31/33 EUR1,685,727 2,092,947 
8.28% 12/31/33 315,459 343,061 
TOTAL ARGENTINA  6,994,988 
Armenia - 0.3%   
Republic of Armenia:   
6% 9/30/20 (b) 325,000 342,063 
7.15% 3/26/25 (b) 1,570,000 1,729,952 
TOTAL ARMENIA  2,072,015 
Barbados - 0.2%   
Barbados Government 7% 8/4/22 (b) 1,313,000 1,160,075 
Belarus - 0.5%   
Belarus Republic:   
6.875% 2/28/23 (b) 290,000 308,125 
7.625% 6/29/27 (b) 1,265,000 1,355,131 
8.95% 1/26/18 1,125,000 1,153,485 
TOTAL BELARUS  2,816,741 
Bolivia - 0.1%   
Plurinational State of Bolivia 4.5% 3/20/28 (b) 800,000 778,000 
Brazil - 0.3%   
Brazilian Federative Republic:   
5% 1/27/45 200,000 179,200 
5.625% 2/21/47 200,000 195,000 
7.125% 1/20/37 200,000 232,500 
8.25% 1/20/34 1,000,000 1,273,500 
12.25% 3/6/30 100,000 162,500 
TOTAL BRAZIL  2,042,700 
Cameroon - 0.4%   
Cameroon Republic 9.5% 11/19/25 (b) 2,050,000 2,409,078 
Colombia - 0.2%   
Colombian Republic:   
6.125% 1/18/41 575,000 665,850 
7.375% 9/18/37 550,000 713,625 
TOTAL COLOMBIA  1,379,475 
Costa Rica - 0.2%   
Costa Rican Republic 7.158% 3/12/45 (b) 1,400,000 1,484,000 
Croatia - 0.2%   
Croatia Republic:   
6% 1/26/24 (b) 1,050,000 1,197,000 
6.375% 3/24/21 (b) 200,000 222,652 
TOTAL CROATIA  1,419,652 
Dominican Republic - 0.6%   
Dominican Republic:   
5.95% 1/25/27 (b) 750,000 801,533 
6.6% 1/28/24 (b) 1,725,000 1,923,375 
6.85% 1/27/45 (b) 350,000 383,250 
7.45% 4/30/44 (b) 425,000 498,313 
TOTAL DOMINICAN REPUBLIC  3,606,471 
Ecuador - 0.2%   
Ecuador Republic:   
7.95% 6/20/24 (b) 200,000 191,500 
8.75% 6/2/23 (b) 400,000 400,000 
9.625% 6/2/27 (b) 200,000 204,500 
9.65% 12/13/26 (b) 200,000 205,000 
10.75% 3/28/22 (b) 450,000 487,125 
TOTAL ECUADOR  1,488,125 
Egypt - 0.7%   
Arab Republic 5.875% 6/11/25 (b) 200,000 197,856 
Arab Republic of Egypt:   
, yield at date of purchase 20.3492% 12/26/17 EGP11,000,000 566,388 
6.125% 1/31/22 (b) 800,000 825,120 
7.5% 1/31/27 (b) 900,000 967,212 
8.5% 1/31/47 (b) 1,800,000 1,956,125 
TOTAL EGYPT  4,512,701 
El Salvador - 0.7%   
El Salvador Republic:   
6.375% 1/18/27 (b) 900,000 814,500 
7.375% 12/1/19 775,000 782,750 
7.625% 2/1/41 (b) 650,000 598,000 
8.625% 2/28/29 (b) 1,760,000 1,821,600 
TOTAL EL SALVADOR  4,016,850 
Ethiopia - 0.2%   
Federal Democratic Republic of Ethiopia 6.625% 12/11/24 (b) 1,500,000 1,509,375 
Gabon - 0.2%   
Gabonese Republic:   
6.375% 12/12/24 (b) 550,000 536,866 
6.95% 6/16/25 (b) 600,000 597,000 
TOTAL GABON  1,133,866 
Ghana - 0.6%   
Ghana Republic:   
7.875% 8/7/23 (Reg.S) 800,000 825,000 
8.125% 1/18/26 (b) 900,000 928,197 
9.25% 9/15/22 (b) 1,350,000 1,472,567 
10.75% 10/14/30 (b) 600,000 747,846 
TOTAL GHANA  3,973,610 
Guatemala - 0.1%   
Guatemalan Republic:   
4.375% 6/5/27 (b) 400,000 399,000 
4.875% 2/13/28 (b) 300,000 309,051 
TOTAL GUATEMALA  708,051 
Honduras - 0.2%   
Republic of Honduras 6.25% 1/19/27 1,150,000 1,209,892 
Indonesia - 0.2%   
Indonesian Republic 8.5% 10/12/35 (b) 650,000 951,417 
Iraq - 0.3%   
Republic of Iraq 5.8% 1/15/28 (Reg. S) 1,950,000 1,786,235 
Ivory Coast - 0.3%   
Ivory Coast:   
5.125% 6/15/25 (b) EUR400,000 482,754 
5.75% 12/31/32 723,750 709,420 
6.125% 6/15/33 (b) 730,000 714,853 
TOTAL IVORY COAST  1,907,027 
Jamaica - 0.0%   
Jamaican Government 8% 3/15/39 200,000 238,010 
Jordan - 0.5%   
Jordanian Kingdom:   
5.75% 1/31/27 (b) 1,050,000 1,043,114 
6.125% 1/29/26(b) 2,250,000 2,309,108 
TOTAL JORDAN  3,352,222 
Kenya - 0.2%   
Republic of Kenya 6.875% 6/24/24 (b) 900,000 918,288 
Kuwait - 0.5%   
State of Kuwait 3.5% 3/20/27 (b) 3,240,000 3,308,850 
Lebanon - 1.4%   
Lebanese Republic:   
4% 12/31/17 98,500 98,131 
5% 10/12/17 275,000 274,656 
5.15% 6/12/18 2,050,000 2,059,889 
5.15% 11/12/18 100,000 100,530 
5.45% 11/28/19 1,750,000 1,745,345 
6% 5/20/19 675,000 681,407 
6.1% 10/4/22 965,000 960,175 
6.375% 3/9/20 1,125,000 1,143,509 
6.6% 11/27/26 570,000 568,475 
6.65% 2/26/30 (Reg. S) 105,000 103,184 
6.85% 3/23/27 1,000,000 1,006,932 
TOTAL LEBANON  8,742,233 
Mongolia - 0.2%   
Mongolian People's Republic:   
5.125% 12/5/22 (Reg. S) 400,000 383,889 
8.75% 3/9/24 (b) 800,000 893,582 
TOTAL MONGOLIA  1,277,471 
Nigeria - 0.1%   
Republic of Nigeria:   
6.375% 7/12/23 (b) 200,000 208,046 
7.875% 2/16/32 (b) 400,000 441,320 
TOTAL NIGERIA  649,366 
Oman - 0.3%   
Sultanate of Oman:   
4.75% 6/15/26 (b) 400,000 398,000 
5.375% 3/8/27 (b) 335,000 346,725 
6.5% 3/8/47 (b) 780,000 813,089 
TOTAL OMAN  1,557,814 
Pakistan - 0.1%   
Islamic Republic of Pakistan:   
7.25% 4/15/19 (b) 200,000 208,983 
8.25% 4/15/24 (b) 200,000 223,271 
8.25% 9/30/25 (b) 200,000 225,791 
TOTAL PAKISTAN  658,045 
Paraguay - 0.3%   
Republic of Paraguay:   
4.7% 3/27/27 (b) 800,000 831,000 
6.1% 8/11/44 (b) 785,000 881,068 
TOTAL PARAGUAY  1,712,068 
Qatar - 0.6%   
State of Qatar:   
2.375% 6/2/21 850,000 838,780 
3.25% 6/2/26 450,000 445,725 
9.75% 6/15/30 (Reg. S) 1,330,000 2,126,428 
TOTAL QATAR  3,410,933 
Russia - 0.7%   
Ministry of Finance Russian Federation 4.75% 5/27/26 (b) 1,000,000 1,047,500 
Russian Federation:   
4.25% 6/23/27 (b) 800,000 807,160 
5.25% 6/23/47 (b) 1,400,000 1,412,132 
5.625% 4/4/42 (b) 200,000 217,958 
12.75% 6/24/28 (Reg. S) 425,000 745,770 
TOTAL RUSSIA  4,230,520 
Rwanda - 0.3%   
Rwanda Rep 6.625% 5/2/23 (b) 1,625,000 1,671,605 
Saudi Arabia - 0.2%   
Kingdom of Saudi Arabia 3.25% 10/26/26 (b) 700,000 692,832 
Saudi Arabia Kingdom of 4.5% 10/26/46 (b) 760,000 774,288 
TOTAL SAUDI ARABIA  1,467,120 
Senegal - 0.3%   
Republic of Senegal:   
6.25% 5/23/33 (b) 1,300,000 1,335,750 
8.75% 5/13/21 (b) 400,000 458,580 
TOTAL SENEGAL  1,794,330 
Serbia - 0.2%   
Republic of Serbia:   
4.875% 2/25/20 (b) 400,000 419,543 
7.25% 9/28/21 (b) 850,000 985,609 
TOTAL SERBIA  1,405,152 
South Africa - 0.1%   
South African Republic 5.875% 9/16/25 450,000 487,665 
Sri Lanka - 0.4%   
Democratic Socialist Republic of Sri Lanka:   
5.125% 4/11/19 (b) 200,000 204,999 
6.2% 5/11/27 (b) 1,750,000 1,802,505 
6.85% 11/3/25 (b) 500,000 539,341 
TOTAL SRI LANKA  2,546,845 
Suriname - 0.4%   
Republic of Suriname 9.25% 10/26/26 (b) 2,350,000 2,402,875 
Tanzania - 0.0%   
United Republic of Tanzania 7.421% 3/9/20 (d) 133,334 139,000 
Turkey - 1.5%   
Turkish Republic:   
4.875% 10/9/26 400,000 399,000 
5.75% 3/22/24 550,000 587,109 
5.75% 5/11/47 715,000 710,407 
6% 3/25/27 1,650,000 1,776,614 
6.25% 9/26/22 850,000 932,107 
6.875% 3/17/36 1,975,000 2,241,309 
7% 6/5/20 950,000 1,043,433 
7.25% 3/5/38 350,000 414,229 
7.375% 2/5/25 350,000 408,741 
8% 2/14/34 650,000 813,378 
11.875% 1/15/30 165,000 263,810 
TOTAL TURKEY  9,590,137 
Ukraine - 1.3%   
Ukraine Government:   
0% 5/31/40 (b)(d) 430,000 188,340 
7.75% 9/1/19 (b) 1,200,000 1,246,728 
7.75% 9/1/20 (b) 3,140,000 3,257,750 
7.75% 9/1/21 (b) 1,900,000 1,961,750 
7.75% 9/1/24 (b) 500,000 499,485 
7.75% 9/1/27 (b) 1,150,000 1,128,599 
TOTAL UKRAINE  8,282,652 
United States of America - 1.9%   
U.S. Treasury Bills, yield at date of purchase 0.83% to 1% 8/3/17 to 9/7/17 (e) 780,000 779,615 
U.S. Treasury Bonds 2.875% 11/15/46 10,820,000 10,774,772 
TOTAL UNITED STATES OF AMERICA  11,554,387 
Uruguay - 0.3%   
Uruguay Republic:   
7.625% 3/21/36 210,000 287,280 
7.875% 1/15/33 pay-in-kind 930,000 1,282,005 
TOTAL URUGUAY  1,569,285 
Venezuela - 0.2%   
Venezuelan Republic:   
7% 12/1/18 (Reg. S) 200,000 101,500 
7% 3/31/38 650,000 247,000 
7.75% 10/13/19 (Reg. S) 300,000 128,250 
9% 5/7/23 (Reg. S) 300,000 117,000 
9.25% 9/15/27 650,000 273,000 
9.25% 5/7/28 (Reg. S) 1,000,000 382,500 
12.75% 8/23/22 325,000 144,625 
TOTAL VENEZUELA  1,393,875 
Vietnam - 0.1%   
Vietnamese Socialist Republic 4.8% 11/19/24 (b) 300,000 315,493 
Zambia - 0.0%   
Republic of Zambia 8.97% 7/30/27 (b) 200,000 216,748 
TOTAL GOVERNMENT OBLIGATIONS   
(Cost $122,577,120)  124,519,496 
 Shares Value 
Money Market Funds - 5.7%   
Fidelity Cash Central Fund, 1.11% (f)   
(Cost $35,696,298) 35,690,897 35,698,035 
TOTAL INVESTMENT PORTFOLIO - 101.2%   
(Cost $575,880,642)  630,410,931 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (7,241,352) 
NET ASSETS - 100%  $623,169,579 

Futures Contracts    
 Expiration Date Underlying Face Amount at Value Unrealized Appreciation/(Depreciation) 
Purchased    
Equity Index Contracts    
330 ICE E-mini MSCI Emerging Markets Index Contracts (United States) Sept. 2017 17,564,250 $488,896 

The face value of futures purchased as a percentage of Net Assets is 2.8%

Currency Abbreviations

EGP – Egyptian pound

EUR – European Monetary Unit

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 $98,972,075 or 15.9% 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) 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 $700,638.

 (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.


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 $163,331 
Fidelity Securities Lending Cash Central Fund 360 
Total $163,691 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $59,753,994 $48,227,106 $11,526,888 $-- 
Consumer Staples 27,968,351 27,968,351 -- -- 
Energy 26,851,204 22,576,447 4,274,757 -- 
Financials 99,985,862 79,623,605 20,362,257 -- 
Health Care 9,135,819 9,135,819 -- -- 
Industrials 21,372,560 21,372,560 -- -- 
Information Technology 99,746,590 70,487,498 29,259,092 -- 
Materials 31,852,884 31,038,808 814,076 -- 
Real Estate 12,189,058 12,189,058 -- -- 
Telecommunication Services 20,073,664 18,603,910 1,469,754 -- 
Utilities 12,040,686 10,314,841 1,725,845 -- 
Corporate Bonds 49,222,728 -- 49,222,728 -- 
Government Obligations 124,519,496 -- 124,519,496 -- 
Money Market Funds 35,698,035 35,698,035 -- -- 
Total Investments in Securities: $630,410,931 $387,236,038 $243,174,893 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $488,896 $488,896 $-- $-- 
Total Assets $488,896 $488,896 $-- $-- 
Total Derivative Instruments: $488,896 $488,896 $-- $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $4,663,529 
Level 2 to Level 1 $1,655,313 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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 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, 2017, the cost of investment securities for income tax purposes was $577,165,413. Net unrealized appreciation aggregated $53,245,518, of which $64,098,784 related to appreciated investment securities and $10,853,266 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, 2017







TIE-QTLY-0917
1.863105.109





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.2%   
 Shares Value 
Argentina - 0.3%   
Banco Macro SA sponsored ADR 1,700 $147,577 
Telecom Argentina SA Class B sponsored ADR 5,100 134,589 
TOTAL ARGENTINA  282,166 
Australia - 2.6%   
Adelaide Brighton Ltd. 4,581 20,596 
Amcor Ltd. 12,246 150,283 
Australia & New Zealand Banking Group Ltd. 30,502 723,019 
Beacon Lighting Group Ltd. 12,420 13,513 
CSL Ltd. 9,961 1,004,069 
DuluxGroup Ltd. 9,609 50,659 
Imdex Ltd. (a) 41,011 23,950 
Insurance Australia Group Ltd. 50,134 267,515 
Macquarie Group Ltd. 4,537 311,529 
Magellan Financial Group Ltd. 6,475 136,804 
RCG Corp. Ltd. 28,933 21,179 
Transurban Group unit 25,497 232,737 
TOTAL AUSTRALIA  2,955,853 
Austria - 0.9%   
Andritz AG 8,272 506,952 
BUWOG-Gemeinnuetzige Wohnung 8,698 255,718 
Erste Group Bank AG 5,500 228,630 
TOTAL AUSTRIA  991,300 
Bailiwick of Jersey - 0.4%   
Integrated Diagnostics Holdings PLC 7,500 29,681 
Shire PLC 2,600 145,346 
Wolseley PLC 3,661 218,591 
TOTAL BAILIWICK OF JERSEY  393,618 
Belgium - 1.9%   
Anheuser-Busch InBev SA NV 10,071 1,214,890 
KBC Ancora 1,311 69,644 
KBC Groep NV 9,616 796,839 
TOTAL BELGIUM  2,081,373 
Bermuda - 0.1%   
Credicorp Ltd. (United States) 212 39,250 
Vostok New Ventures Ltd. (depositary receipt) (a) 3,860 30,956 
TOTAL BERMUDA  70,206 
Brazil - 1.8%   
BB Seguridade Participacoes SA 19,900 175,174 
BM&F BOVESPA SA 31,400 206,323 
Drogasil SA 5,000 110,635 
Equatorial Energia SA 13,100 238,193 
Estacio Participacoes SA 29,000 189,716 
IRB Brasil Resseguros SA 16,400 154,042 
Itau Unibanco Holding SA 3,000 31,825 
Kroton Educacional SA 39,400 190,534 
Qualicorp SA 16,200 170,398 
Smiles SA 10,788 225,180 
Ultrapar Participacoes SA 7,100 168,487 
Weg SA 25,100 152,450 
TOTAL BRAZIL  2,012,957 
Canada - 5.0%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 19,122 906,752 
Canadian National Railway Co. 9,763 771,486 
Canadian Pacific Railway Ltd. 1,853 290,104 
CCL Industries, Inc. Class B 12,890 617,955 
Constellation Software, Inc. 1,157 623,300 
Franco-Nevada Corp. 6,759 489,706 
Imperial Oil Ltd. 19,484 559,164 
McCoy Global, Inc. (a) 7,100 11,447 
New Look Vision Group, Inc. 1,300 35,452 
Pason Systems, Inc. 17,691 258,252 
Potash Corp. of Saskatchewan, Inc. 38,414 687,092 
PrairieSky Royalty Ltd. 12,173 302,287 
ShawCor Ltd. Class A 800 17,928 
Tesco Corp. (a) 1,900 8,740 
TOTAL CANADA  5,579,665 
Cayman Islands - 4.6%   
58.com, Inc. ADR (a) 2,500 127,625 
Alibaba Group Holding Ltd. sponsored ADR (a) 9,482 1,469,236 
Baidu.com, Inc. sponsored ADR (a) 2,000 452,700 
China Biologic Products Holdings, Inc. (a) 3,039 302,381 
Ctrip.com International Ltd. ADR (a) 4,080 243,698 
JD.com, Inc. sponsored ADR (a) 7,200 325,224 
Momo, Inc. ADR (a) 3,800 166,934 
NetEase, Inc. ADR 873 271,747 
New Oriental Education & Technology Group, Inc. sponsored ADR 2,460 195,964 
Shenzhou International Group Holdings Ltd. 23,000 153,857 
SINA Corp. 1,600 151,696 
Tencent Holdings Ltd. 33,700 1,345,101 
TOTAL CAYMAN ISLANDS  5,206,163 
Chile - 0.2%   
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR 4,613 189,640 
China - 1.6%   
Gree Electric Appliances, Inc. of Zhuhai Class A 25,800 150,507 
Hangzhou Hikvision Digital Technology Co. Ltd. Class A 28,100 125,324 
Hangzhou Robam Appliances Co. Ltd. Class A 24,900 149,218 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 51,382 157,586 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 19,819 150,855 
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. Class A 11,800 156,829 
Kweichow Moutai Co. Ltd. (A Shares) 2,294 164,114 
Midea Group Co. Ltd. Class A 25,000 153,125 
Shanghai International Airport Co. Ltd. (A Shares) 24,000 133,620 
Shenzhen Inovance Technology Co. Ltd. Class A 39,900 147,344 
Wuliangye Yibin Co. Ltd. Class A 19,000 157,501 
Yunnan Baiyao Group Co. Ltd. 12,000 157,079 
TOTAL CHINA  1,803,102 
Denmark - 0.6%   
Jyske Bank A/S (Reg.) 4,354 272,859 
Novo Nordisk A/S Series B sponsored ADR 6,200 262,880 
Scandinavian Tobacco Group A/S 1,711 27,617 
Spar Nord Bank A/S 3,631 48,839 
TOTAL DENMARK  612,195 
Finland - 0.5%   
Sampo Oyj (A Shares) 7,453 407,881 
Tikkurila Oyj 7,680 163,921 
TOTAL FINLAND  571,802 
France - 5.1%   
Atos Origin SA 3,150 478,986 
AXA SA 18,906 558,360 
Bouygues SA 3,829 164,290 
Capgemini SA 2,702 294,274 
Compagnie de St. Gobain 3,500 194,279 
Dassault Systemes SA 1,584 155,430 
Elis SA 2,378 57,526 
Essilor International SA 2,248 285,013 
Kering SA 400 139,925 
Laurent-Perrier Group SA 259 23,455 
LVMH Moet Hennessy - Louis Vuitton SA 550 138,154 
Natixis SA 21,900 159,259 
Sanofi SA 3,384 322,458 
Societe Generale Series A 9,700 568,757 
SR Teleperformance SA 2,000 278,548 
Total SA 21,220 1,079,115 
Vetoquinol SA 600 37,290 
VINCI SA 5,400 483,550 
Virbac SA (a) 190 33,907 
Vivendi SA 13,052 301,682 
TOTAL FRANCE  5,754,258 
Germany - 4.3%   
adidas AG 723 165,186 
BASF AG 6,123 584,149 
Bayer AG 5,700 723,012 
Brenntag AG 2,700 153,245 
CompuGroup Medical AG 2,146 127,936 
CTS Eventim AG 1,994 92,390 
Deutsche Post AG 4,537 176,166 
Deutsche Telekom AG 20,200 369,029 
Fielmann AG 358 28,768 
Fresenius SE & Co. KGaA 3,200 270,588 
HeidelbergCement Finance AG 2,700 267,911 
Linde AG 1,100 209,837 
Nexus AG 1,120 34,472 
SAP AG 12,306 1,303,024 
Vonovia SE 9,065 367,595 
TOTAL GERMANY  4,873,308 
Greece - 0.1%   
Titan Cement Co. SA (Reg.) 4,700 131,140 
Hong Kong - 1.4%   
AIA Group Ltd. 148,000 1,166,257 
CSPC Pharmaceutical Group Ltd. 120,000 187,126 
Guangdong Investment Ltd. 94,000 132,381 
Techtronic Industries Co. Ltd. 27,500 122,347 
TOTAL HONG KONG  1,608,111 
India - 3.5%   
Adani Ports & Special Economic Zone Ltd. 27,878 171,968 
Amara Raja Batteries Ltd. 10,066 130,867 
Asian Paints Ltd. 9,748 176,445 
Bharat Petroleum Corp. Ltd. 27,879 204,662 
Eicher Motors Ltd. 362 169,670 
Godrej Consumer Products Ltd. 10,672 172,476 
HDFC Bank Ltd. 5,813 166,409 
Hero Motocorp Ltd. 2,475 140,978 
Housing Development Finance Corp. Ltd. 28,151 784,811 
Indraprastha Gas Ltd. 8,438 155,021 
IndusInd Bank Ltd. 6,428 164,831 
ITC Ltd. 53,243 236,640 
Jyothy Laboratories Ltd. 6,583 38,013 
Kotak Mahindra Bank Ltd. 13,707 218,195 
LIC Housing Finance Ltd. 14,137 152,086 
Maruti Suzuki India Ltd. 1,811 218,687 
Power Grid Corp. of India Ltd. 39,363 136,955 
Reliance Industries Ltd. 12,796 322,033 
UPL Ltd. 12,039 164,537 
TOTAL INDIA  3,925,284 
Indonesia - 0.8%   
PT Bank Central Asia Tbk 180,000 252,627 
PT Bank Rakyat Indonesia Tbk 372,500 413,066 
PT Telkomunikasi Indonesia Tbk Series B 624,700 219,563 
TOTAL INDONESIA  885,256 
Ireland - 1.6%   
Allergan PLC 700 176,631 
CRH PLC 6,148 215,800 
CRH PLC sponsored ADR 18,329 642,798 
FBD Holdings PLC (a) 2,272 22,727 
James Hardie Industries PLC CDI 33,513 513,687 
Medtronic PLC 2,100 176,337 
TOTAL IRELAND  1,747,980 
Isle of Man - 0.2%   
Playtech Ltd. 20,757 263,050 
Israel - 0.8%   
Azrieli Group 2,196 119,936 
Check Point Software Technologies Ltd. (a) 1,434 151,689 
Elbit Systems Ltd. (Israel) 1,000 126,416 
Frutarom Industries Ltd. 2,100 148,717 
Ituran Location & Control Ltd. 1,861 56,761 
NICE Systems Ltd. 1,200 89,160 
Strauss Group Ltd. 2,659 50,921 
Teva Pharmaceutical Industries Ltd. sponsored ADR 4,409 141,838 
TOTAL ISRAEL  885,438 
Italy - 0.9%   
Azimut Holding SpA 6,614 148,294 
Beni Stabili SpA SIIQ 36,526 29,187 
Interpump Group SpA 13,191 401,787 
Intesa Sanpaolo SpA 136,800 470,924 
TOTAL ITALY  1,050,192 
Japan - 12.3%   
AEON Financial Service Co. Ltd. 7,000 152,451 
Ai Holdings Corp. 1,100 30,332 
Aoki Super Co. Ltd. 2,000 24,636 
Artnature, Inc. 3,300 21,283 
Asahi Co. Ltd. 1,900 22,870 
Astellas Pharma, Inc. 16,400 208,863 
Aucnet, Inc. 400 5,134 
Azbil Corp. 3,400 134,310 
Broadleaf Co. Ltd. 3,900 26,249 
Central Automotive Products Ltd. 2,400 33,874 
Coca-Cola West Co. Ltd. 1,000 30,205 
Daiichikosho Co. Ltd. 1,200 57,799 
Daikokutenbussan Co. Ltd. 1,000 49,617 
DENSO Corp. 6,700 322,465 
East Japan Railway Co. 5,600 525,738 
Funai Soken Holdings, Inc. 1,300 33,890 
GCA Savvian Group Corp. 3,100 27,529 
Goldcrest Co. Ltd. 2,960 65,996 
Hoya Corp. 13,500 762,402 
Itochu Corp. 25,400 398,700 
Japan Tobacco, Inc. 9,020 313,689 
Kao Corp. 3,500 213,153 
KDDI Corp. 14,000 370,958 
Keyence Corp. 1,742 806,176 
Kobayashi Pharmaceutical Co. Ltd. 1,200 74,670 
Komatsu Ltd. 11,500 308,402 
Koshidaka Holdings Co. Ltd. 1,200 32,589 
Kusuri No Aoki Holdings Co. Ltd. 500 27,530 
Lasertec Corp. 3,900 58,299 
Makita Corp. 6,100 238,755 
Medikit Co. Ltd. 500 24,037 
Miroku Jyoho Service Co., Ltd. 1,200 25,318 
Misumi Group, Inc. 16,900 419,415 
Mitsubishi UFJ Financial Group, Inc. 123,800 785,401 
Mitsui Fudosan Co. Ltd. 10,000 229,897 
Nabtesco Corp. 1,400 45,526 
Nagaileben Co. Ltd. 2,800 69,819 
Nakano Refrigerators Co. Ltd. 700 22,128 
ND Software Co. Ltd. 1,300 13,502 
Nihon Parkerizing Co. Ltd. 6,900 99,077 
Nintendo Co. Ltd. 1,100 373,576 
Nippon Telegraph & Telephone Corp. 6,700 327,886 
Nomura Holdings, Inc. 28,300 168,137 
NS Tool Co. Ltd. 1,000 18,114 
OBIC Co. Ltd. 5,600 349,984 
Olympus Corp. 13,700 498,317 
Oracle Corp. Japan 1,000 67,214 
ORIX Corp. 22,100 351,110 
OSG Corp. 12,400 261,958 
Panasonic Corp. 14,000 192,826 
Paramount Bed Holdings Co. Ltd. 1,300 59,313 
ProNexus, Inc. 2,900 32,881 
Recruit Holdings Co. Ltd. 10,800 187,013 
San-Ai Oil Co. Ltd. 3,500 35,589 
Seven & i Holdings Co. Ltd. 5,800 233,767 
Shin-Etsu Chemical Co. Ltd. 3,200 293,455 
Shinsei Bank Ltd. 110,000 181,596 
SHO-BOND Holdings Co. Ltd. 6,240 329,985 
Shoei Co. Ltd. 1,700 48,728 
SK Kaken Co. Ltd. 100 9,071 
Software Service, Inc. 500 22,722 
Sony Corp. 6,400 262,940 
Sony Financial Holdings, Inc. 12,000 208,009 
Subaru Corp. 4,500 163,028 
Taiheiyo Cement Corp. 44,000 165,631 
Techno Medica Co. Ltd. 500 8,858 
The Monogatari Corp. 480 25,079 
TKC Corp. 1,200 34,940 
Tocalo Co. Ltd. 300 11,470 
Tokio Marine Holdings, Inc. 7,200 303,361 
Toyota Motor Corp. 13,500 760,858 
USS Co. Ltd. 30,800 622,174 
Welcia Holdings Co. Ltd. 1,000 38,052 
Workman Co. Ltd. 1,300 39,503 
Yamada Consulting Group Co. Ltd. 600 37,825 
Yamato Kogyo Co. Ltd. 600 16,844 
TOTAL JAPAN  13,854,498 
Kenya - 0.3%   
Safaricom Ltd. 1,462,100 344,503 
Korea (South) - 2.3%   
BGFretail Co. Ltd. 4,398 362,856 
Coway Co. Ltd. 894 79,108 
Leeno Industrial, Inc. 349 15,457 
LG Household & Health Care Ltd. 223 197,327 
NAVER Corp. 539 386,466 
Samsung Electronics Co. Ltd. 727 1,564,439 
TOTAL KOREA (SOUTH)  2,605,653 
Luxembourg - 0.1%   
Eurofins Scientific SA 256 142,556 
Mexico - 1.6%   
CEMEX S.A.B. de CV sponsored ADR 23,643 229,574 
Consorcio ARA S.A.B. de CV 70,055 23,532 
Embotelladoras Arca S.A.B. de CV 20,000 148,271 
Fomento Economico Mexicano S.A.B. de CV:   
unit 25,400 256,504 
sponsored ADR 1,733 174,825 
Gruma S.A.B. de CV Series B 11,100 153,314 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 13,700 156,881 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 7,760 165,749 
Grupo Aeroportuario Norte S.A.B. de CV 21,000 132,930 
Grupo Cementos de Chihuahua S.A.B. de CV 29,200 152,475 
Promotora y Operadora de Infraestructura S.A.B. de CV 12,940 142,087 
TOTAL MEXICO  1,736,142 
Netherlands - 2.3%   
Aalberts Industries NV 1,700 74,260 
ASML Holding NV (Netherlands) 6,200 934,967 
ING Groep NV (Certificaten Van Aandelen) 30,676 573,145 
Koninklijke Philips Electronics NV 5,700 217,831 
RELX NV 15,666 329,055 
Takeaway.com Holding BV (b) 500 22,844 
VastNed Retail NV 596 27,234 
Wolters Kluwer NV 3,483 155,093 
X5 Retail Group NV GDR (Reg. S) (a) 3,900 150,852 
Yandex NV Series A (a) 4,497 130,323 
TOTAL NETHERLANDS  2,615,604 
New Zealand - 0.1%   
Auckland International Airport Ltd. 23,280 121,684 
Norway - 0.5%   
Kongsberg Gruppen ASA 1,800 30,561 
Skandiabanken ASA 1,800 20,260 
Statoil ASA 26,280 493,908 
TOTAL NORWAY  544,729 
Panama - 0.1%   
Copa Holdings SA Class A 1,100 138,006 
Philippines - 0.7%   
Ayala Corp. 10,190 174,798 
Ayala Land, Inc. 200,500 166,997 
D&L Industries, Inc. 535,300 130,147 
Jollibee Food Corp. 7,250 32,349 
SM Investments Corp. 9,640 154,275 
SM Prime Holdings, Inc. 233,000 161,260 
TOTAL PHILIPPINES  819,826 
Russia - 0.5%   
NOVATEK OAO GDR (Reg. S) 1,795 187,757 
Sberbank of Russia 122,090 336,301 
TOTAL RUSSIA  524,058 
South Africa - 2.3%   
Bidcorp Ltd. 7,245 173,907 
Capitec Bank Holdings Ltd. 2,424 158,143 
Clicks Group Ltd. 21,478 243,256 
Discovery Ltd. 15,322 163,129 
FirstRand Ltd. 52,250 205,610 
Mondi Ltd. 5,614 145,773 
Naspers Ltd. Class N 6,118 1,352,412 
Sanlam Ltd. 36,126 181,881 
TOTAL SOUTH AFRICA  2,624,111 
Spain - 3.2%   
Amadeus IT Holding SA Class A 11,000 677,915 
Banco Santander SA (Spain) 79,640 544,360 
CaixaBank SA 72,006 375,054 
Hispania Activos Inmobiliarios SA 8,395 151,455 
Iberdrola SA 68,254 538,445 
Inditex SA 19,164 760,704 
Merlin Properties Socimi SA 10,300 138,758 
Prosegur Compania de Seguridad SA (Reg.) 35,376 242,474 
Unicaja Banco SA 81,600 118,719 
TOTAL SPAIN  3,547,884 
Sweden - 3.2%   
Addlife AB 1,000 20,622 
AddTech AB (B Shares) 2,400 46,818 
ASSA ABLOY AB (B Shares) 33,100 709,245 
Atlas Copco AB (A Shares) 12,600 455,714 
Essity AB Class B (a) 6,700 194,267 
Fagerhult AB 26,325 346,433 
Investor AB (B Shares) 6,930 328,741 
Lagercrantz Group AB (B Shares) 3,800 42,948 
Loomis AB (B Shares) 1,200 44,589 
Nordea Bank AB 46,267 583,939 
Saab AB (B Shares) 1,200 55,691 
Svenska Cellulosa AB (SCA) (B Shares) 6,700 55,475 
Svenska Handelsbanken AB (A Shares) 19,345 288,002 
Swedbank AB (A Shares) 14,300 372,907 
Telefonaktiebolaget LM Ericsson (B Shares) 15,000 97,086 
TOTAL SWEDEN  3,642,477 
Switzerland - 6.3%   
ABB Ltd. (Reg.) 12,190 285,567 
Credit Suisse Group AG 24,352 374,331 
Lafargeholcim Ltd. (Reg.) 3,810 227,942 
Nestle SA (Reg. S) 31,046 2,620,578 
Novartis AG 13,422 1,143,256 
Roche Holding AG (participation certificate) 3,262 825,838 
Schindler Holding AG:   
(participation certificate) 1,387 299,217 
(Reg.) 324 68,154 
Sika AG 20 137,856 
Tecan Group AG 190 35,448 
UBS Group AG 32,889 573,255 
Zurich Insurance Group AG 1,637 499,082 
TOTAL SWITZERLAND  7,090,524 
Taiwan - 1.6%   
Addcn Technology Co. Ltd. 2,772 23,211 
Advantech Co. Ltd. 17,599 133,094 
Largan Precision Co. Ltd. 870 158,656 
Taiwan Semiconductor Manufacturing Co. Ltd. 215,035 1,519,106 
TOTAL TAIWAN  1,834,067 
Thailand - 0.3%   
Airports of Thailand PCL (For. Reg.) 126,900 196,395 
Thai Beverage PCL 188,200 132,628 
TOTAL THAILAND  329,023 
Turkey - 0.5%   
Koc Holding A/S 34,000 158,245 
Tofas Turk Otomobil Fabrikasi A/S 16,899 148,374 
Tupras Turkiye Petrol Rafinelleri A/S 3,000 92,403 
Turkcell Iletisim Hizmet A/S 29,000 105,968 
TOTAL TURKEY  504,990 
United Kingdom - 10.7%   
Alliance Pharma PLC 18,714 12,716 
AstraZeneca PLC (United Kingdom) 6,673 397,731 
Aviva PLC 59,053 419,750 
Avon Rubber PLC 900 11,875 
BAE Systems PLC 75,502 599,198 
Berendsen PLC 17,555 295,316 
BHP Billiton PLC 27,633 503,861 
BP PLC 136,916 804,211 
British American Tobacco PLC (United Kingdom) 17,924 1,114,976 
Bunzl PLC 9,846 297,230 
Compass Group PLC 15,692 334,784 
Dechra Pharmaceuticals PLC 2,900 67,916 
DP Poland PLC (a) 40,100 22,817 
Elementis PLC 39,008 152,549 
GlaxoSmithKline PLC 34,400 684,800 
Great Portland Estates PLC 5,388 42,796 
Hilton Food Group PLC 2,354 20,980 
Howden Joinery Group PLC 23,600 132,305 
HSBC Holdings PLC sponsored ADR 7,489 375,124 
Imperial Tobacco Group PLC 6,431 264,734 
Informa PLC 73,727 676,550 
InterContinental Hotel Group PLC 1,279 72,411 
InterContinental Hotel Group PLC ADR 10,991 623,849 
ITE Group PLC 19,600 46,613 
Lloyds Banking Group PLC 131,757 113,909 
Micro Focus International PLC 8,700 256,321 
NMC Health PLC 4,562 136,212 
Prudential PLC 32,093 783,085 
Reckitt Benckiser Group PLC 10,151 986,955 
Rightmove PLC 2,500 138,801 
Rio Tinto PLC 5,002 234,429 
Shaftesbury PLC 11,837 153,522 
Spectris PLC 6,670 216,490 
Spirax-Sarco Engineering PLC 1,899 139,308 
Standard Chartered PLC (United Kingdom) (a) 34,876 389,612 
Standard Life PLC 38,843 223,653 
Topps Tiles PLC 19,600 21,464 
Ultra Electronics Holdings PLC 2,101 58,130 
Unilever PLC 2,600 148,285 
Unite Group PLC 3,751 33,208 
TOTAL UNITED KINGDOM  12,008,476 
United States of America - 8.1%   
A.O. Smith Corp. 2,162 115,775 
Alphabet, Inc.:   
Class A (a) 588 555,954 
Class C (a) 130 120,965 
Amazon.com, Inc. (a) 129 127,424 
Amgen, Inc. 800 139,608 
Amphenol Corp. Class A 1,540 117,995 
Apple, Inc. 1,000 148,730 
Autoliv, Inc. 3,424 371,127 
Berkshire Hathaway, Inc. Class B (a) 2,416 422,728 
ConocoPhillips Co. 7,100 322,127 
Domino's Pizza, Inc. 442 82,433 
Edgewell Personal Care Co. (a) 1,200 86,640 
Facebook, Inc. Class A (a) 778 131,677 
Martin Marietta Materials, Inc. 1,660 375,874 
MasterCard, Inc. Class A 6,753 863,033 
MercadoLibre, Inc. 400 115,368 
Mohawk Industries, Inc. (a) 1,495 372,240 
Molson Coors Brewing Co. Class B 3,600 320,328 
Moody's Corp. 2,639 347,372 
MSCI, Inc. 3,751 408,671 
Philip Morris International, Inc. 5,928 691,857 
PPG Industries, Inc. 1,400 147,350 
PriceSmart, Inc. 1,985 167,236 
ResMed, Inc. 3,860 297,683 
S&P Global, Inc. 4,701 722,027 
Sherwin-Williams Co. 1,484 500,509 
Visa, Inc. Class A 10,231 1,018,598 
TOTAL UNITED STATES OF AMERICA  9,091,329 
TOTAL COMMON STOCKS   
(Cost $96,238,115)  107,994,197 
Preferred Stocks - 1.5%   
Convertible Preferred Stocks - 0.6%   
India - 0.6%   
PC Jeweller Ltd. 13.00% (c) 3,557,622 702,340 
Nonconvertible Preferred Stocks - 0.9%   
Brazil - 0.6%   
Itau Unibanco Holding SA 57,470 687,793 
Germany - 0.1%   
Sartorius AG (non-vtg.) 1,200 113,574 
Spain - 0.2%   
Grifols SA Class B 9,800 207,604 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  1,008,971 
TOTAL PREFERRED STOCKS   
(Cost $1,474,480)  1,711,311 
Money Market Funds - 1.7%   
Fidelity Cash Central Fund, 1.11% (d)   
(Cost $1,902,967) 1,902,586 1,902,967 
TOTAL INVESTMENT PORTFOLIO - 99.4%   
(Cost $99,615,562)  111,608,475 
NET OTHER ASSETS (LIABILITIES) - 0.6%  676,809 
NET ASSETS - 100%  $112,285,284 

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 $22,844 or 0.0% of net assets.

 (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 $702,340 or 0.6% 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.


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 $29,741 
Fidelity Securities Lending Cash Central Fund 30,969 
Total $60,710 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $11,853,392 $7,381,476 $4,471,916 $-- 
Consumer Staples 13,026,990 6,707,539 6,319,451 -- 
Energy 4,868,110 2,490,876 2,377,234 -- 
Financials 22,265,901 16,199,431 6,066,470 -- 
Health Care 10,632,694 6,904,402 3,728,292 -- 
Industrials 14,209,487 11,910,777 2,298,710 -- 
Information Technology 18,805,169 13,232,309 5,572,860 -- 
Materials 9,026,715 7,862,788 1,163,927 -- 
Real Estate 1,943,559 1,943,559 -- -- 
Telecommunication Services 1,872,496 585,060 1,287,436 -- 
Utilities 1,200,995 1,045,974 155,021 -- 
Money Market Funds 1,902,967 1,902,967 -- -- 
Total Investments in Securities: $111,608,475 $78,167,158 $33,441,317 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $14,791,843 
Level 2 to Level 1 $10,020,137 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $100,507,239. Net unrealized appreciation aggregated $11,101,236, of which $13,874,466 related to appreciated investment securities and $2,773,230 related to depreciated investment securities.

During the period, 30,358,599 shares of the Fund held by an affiliated entity were redeemed in kind for investments and cash with a value of $259,566,026. The Fund recognized a net realized gain of $51,686,663 for book purposes and no gain or loss for federal income tax purposes.

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, 2017







WLD-QTLY-0917
1.804829.113





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.5%   
 Shares Value 
Australia - 0.9%   
Altium Ltd. 99,765 $698,355 
Australia & New Zealand Banking Group Ltd. 149,034 3,532,702 
Bapcor Ltd. 597,660 2,701,423 
Magellan Financial Group Ltd. 81,493 1,721,784 
Ramsay Health Care Ltd. 64,797 3,658,698 
Spark Infrastructure Group unit 1,160,368 2,320,736 
TOTAL AUSTRALIA  14,633,698 
Austria - 0.6%   
ams AG 42,084 3,035,689 
Erste Group Bank AG 81,500 3,387,885 
Wienerberger AG 141,900 3,265,555 
TOTAL AUSTRIA  9,689,129 
Bailiwick of Guernsey - 0.2%   
Amdocs Ltd. 49,900 3,351,783 
Bailiwick of Jersey - 1.1%   
Delphi Automotive PLC 45,000 4,068,900 
Glencore Xstrata PLC 1,254,715 5,531,756 
Randgold Resources Ltd. sponsored ADR 13,010 1,209,149 
Shire PLC 38,100 2,129,882 
Wizz Air Holdings PLC (a) 69,000 2,369,735 
Wolseley PLC 34,278 2,046,667 
TOTAL BAILIWICK OF JERSEY  17,356,089 
Belgium - 0.5%   
Anheuser-Busch InBev SA NV 13,411 1,617,803 
KBC Groep NV 80,536 6,673,696 
TOTAL BELGIUM  8,291,499 
Bermuda - 0.7%   
Axovant Sciences Ltd. (a) 5,000 114,600 
IHS Markit Ltd. (a) 205,900 9,605,235 
Invesco Ltd. 40,000 1,390,800 
TOTAL BERMUDA  11,110,635 
Canada - 2.4%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 51,100 2,423,126 
Cenovus Energy, Inc. 228,100 1,915,546 
Constellation Software, Inc. 5,500 2,962,964 
First Quantum Minerals Ltd. 1,184,000 13,086,441 
Franco-Nevada Corp. 15,400 1,115,884 
PrairieSky Royalty Ltd. 638,999 15,867,984 
Shopify, Inc. (a) 5,000 461,850 
Suncor Energy, Inc. 39,400 1,285,260 
Waste Connection, Inc. (United States) (a) 13,500 877,230 
TOTAL CANADA  39,996,285 
Cayman Islands - 3.2%   
Alibaba Group Holding Ltd. sponsored ADR (a) 132,000 20,453,400 
ASM Pacific Technology Ltd. 59,500 770,907 
Ctrip.com International Ltd. ADR (a) 17,500 1,045,275 
FIT Hon Teng Ltd. 2,288,000 1,139,489 
Goodbaby International Holdings Ltd. 5,171,000 2,535,583 
Herbalife Ltd. (a) 11,000 731,610 
JD.com, Inc. sponsored ADR (a) 436,200 19,703,154 
NetEase, Inc. ADR 5,000 1,556,400 
New Oriental Education & Technology Group, Inc. sponsored ADR 54,000 4,301,640 
Tencent Holdings Ltd. 20,000 798,280 
TOTAL CAYMAN ISLANDS  53,035,738 
Chile - 0.2%   
Vina San Pedro SA 306,277,514 3,426,703 
China - 0.5%   
Kweichow Moutai Co. Ltd. (A Shares) 41,800 2,990,388 
Qingdao Port International Co. Ltd. 876,000 495,714 
Shanghai International Airport Co. Ltd. (A Shares) 377,300 2,100,614 
Wuliangye Yibin Co. Ltd. Class A 332,300 2,754,614 
TOTAL CHINA  8,341,330 
Denmark - 0.6%   
Nets A/S (b) 103,400 2,491,903 
NNIT A/S 109,782 3,512,465 
Novo Nordisk A/S Series B 49,780 2,117,116 
Novozymes A/S Series B 38,200 1,764,597 
TOTAL DENMARK  9,886,081 
Finland - 0.2%   
Sampo Oyj (A Shares) 53,500 2,927,898 
France - 3.6%   
ALTEN 23,200 2,003,510 
Altran Technologies SA 112,500 1,978,352 
Amundi SA 63,420 4,902,502 
Atos Origin SA 16,059 2,441,917 
AXA SA 82,400 2,433,559 
BNP Paribas SA 51,000 3,958,710 
Capgemini SA 27,600 3,005,905 
Cegedim SA (a) 35,010 1,338,668 
Havas SA 2,418 26,463 
Kaufman & Broad SA 36,697 1,591,712 
Kering SA 12,000 4,197,755 
Maisons du Monde SA 84,200 3,121,353 
Rexel SA 98,400 1,559,164 
Rubis (c) 49,002 3,118,541 
Societe Generale Series A 48,800 2,861,374 
Sodexo SA 24,600 2,907,197 
Total SA 198,583 10,098,680 
VINCI SA 73,800 6,608,520 
TOTAL FRANCE  58,153,882 
Germany - 5.7%   
adidas AG 219,861 50,232,382 
Aumann AG 10,915 725,524 
Axel Springer Verlag AG 43,237 2,750,626 
Deutsche Borse AG 9,362 979,825 
Deutsche Post AG 144,424 5,607,787 
Deutsche Telekom AG 112,300 2,051,580 
Fresenius SE & Co. KGaA 29,600 2,502,941 
Henkel AG & Co. KGaA 23,400 2,947,378 
MTU Aero Engines Holdings AG 12,800 1,878,170 
Nexus AG 47,000 1,446,604 
Rational AG 6,700 4,212,002 
Rheinmetall AG 19,900 1,988,263 
SAP AG 122,292 12,948,916 
Wirecard AG (c) 38,000 2,910,041 
TOTAL GERMANY  93,182,039 
Greece - 0.1%   
Ff Group (a) 59,300 1,421,537 
Hong Kong - 0.2%   
AIA Group Ltd. 315,800 2,488,540 
Techtronic Industries Co. Ltd. 231,000 1,027,712 
TOTAL HONG KONG  3,516,252 
India - 2.1%   
Avenue Supermarts Ltd. 1,642 23,530 
Bharat Petroleum Corp. Ltd. 216,202 1,587,154 
Bharti Infratel Ltd. 564,667 3,531,588 
HDFC Bank Ltd. 65,958 1,888,183 
HDFC Bank Ltd. sponsored ADR 115,293 11,158,057 
Housing Development Finance Corp. Ltd. 230,786 6,433,996 
Kotak Mahindra Bank Ltd. 95,387 1,518,419 
Lupin Ltd. 1,335 21,467 
Petronet LNG Ltd. 396,298 1,259,348 
PNB Housing Finance Ltd. 53,911 1,261,423 
PVR Ltd. 28,483 594,934 
Reliance Industries Ltd. 170,596 4,293,342 
TOTAL INDIA  33,571,441 
Indonesia - 0.2%   
PT Bank Central Asia Tbk 1,068,000 1,498,919 
PT Bank Rakyat Indonesia Tbk 2,121,200 2,352,201 
PT Kino Indonesia Tbk 234,500 37,664 
TOTAL INDONESIA  3,888,784 
Ireland - 1.9%   
Alkermes PLC (a) 173,036 9,414,889 
Allied Irish Banks PLC 176,157 1,032,247 
Cairn Homes PLC (a) 1,475,339 2,733,282 
CRH PLC 132,181 4,639,667 
DCC PLC (United Kingdom) 23,400 2,057,749 
Green REIT PLC 621,300 1,084,120 
Greencore Group PLC 364,056 1,074,991 
James Hardie Industries PLC CDI 119,520 1,832,003 
Kerry Group PLC Class A 29,800 2,693,417 
Ryanair Holdings PLC sponsored ADR (a) 43,470 4,926,455 
TOTAL IRELAND  31,488,820 
Isle of Man - 0.5%   
Paysafe Group PLC (a) 1,018,488 7,928,379 
Israel - 0.2%   
Frutarom Industries Ltd. 55,200 3,909,144 
Italy - 0.3%   
De Longhi SpA 50,400 1,657,453 
Intesa Sanpaolo SpA 1,129,500 3,888,223 
TOTAL ITALY  5,545,676 
Japan - 7.0%   
A/S One Corp. 61,700 3,083,741 
ACOM Co. Ltd. (a) 119,900 511,162 
AEON Financial Service Co. Ltd. 76,600 1,668,253 
Ain Holdings, Inc. 37,900 2,733,049 
Aozora Bank Ltd. 239,000 919,189 
Daiichikosho Co. Ltd. 46,200 2,225,244 
Daito Trust Construction Co. Ltd. 15,400 2,603,801 
Hoya Corp. 85,600 4,834,193 
Investors Cloud Co. Ltd. 22,300 1,142,864 
KDDI Corp. 200,800 5,320,593 
Keyence Corp. 9,820 4,544,573 
Komatsu Ltd. 103,400 2,772,935 
Misumi Group, Inc. 168,500 4,181,741 
Mitsubishi UFJ Financial Group, Inc. 668,800 4,242,942 
Monex Group, Inc. 831,000 2,351,780 
Morinaga & Co. Ltd. 37,000 2,121,094 
Nidec Corp. 19,300 2,128,786 
Nintendo Co. Ltd. 8,800 2,988,609 
Nitori Holdings Co. Ltd. 31,500 4,445,916 
Olympus Corp. 115,100 4,186,594 
OMRON Corp. 44,300 2,214,096 
ORIX Corp. 281,000 4,464,343 
PALTAC Corp. 36,900 1,338,836 
Panasonic Corp. 398,200 5,484,524 
Recruit Holdings Co. Ltd. 48,000 831,167 
Relo Holdings Corp. 179,800 3,609,210 
Renesas Electronics Corp. (a) 430,400 4,056,289 
SMC Corp. 8,900 2,834,405 
SMS Co., Ltd. 73,400 2,323,607 
SoftBank Corp. 53,200 4,287,790 
Sony Corp. 170,600 7,008,984 
Start Today Co. Ltd. 162,300 4,585,827 
Sundrug Co. Ltd. 64,000 2,385,959 
Tsuruha Holdings, Inc. 36,100 3,791,900 
VT Holdings Co. Ltd. 280,200 1,433,469 
Welcia Holdings Co. Ltd. 122,100 4,646,102 
TOTAL JAPAN  114,303,567 
Kenya - 0.1%   
Safaricom Ltd. 6,251,600 1,473,016 
Luxembourg - 0.3%   
Eurofins Scientific SA 9,900 5,512,909 
Marshall Islands - 0.1%   
Hoegh LNG Partners LP 49,800 978,570 
Netherlands - 3.2%   
ASML Holding NV (Netherlands) 39,200 5,911,403 
Basic-Fit NV (a) 37,100 695,677 
IMCD Group BV 106,500 5,967,746 
ING Groep NV (Certificaten Van Aandelen) 306,300 5,722,858 
Intertrust NV 99,739 1,712,620 
Koninklijke Philips Electronics NV 208,858 7,981,728 
Takeaway.com Holding BV (b) 31,700 1,448,334 
Unilever NV:   
(Certificaten Van Aandelen) (Bearer) 141,568 8,250,245 
(NY Reg.) 257,000 14,949,690 
Van Lanschot NV (Bearer) 17,200 510,357 
TOTAL NETHERLANDS  53,150,658 
New Zealand - 0.4%   
EBOS Group Ltd. 210,137 2,854,835 
Fisher & Paykel Healthcare Corp. 99,274 817,866 
Ryman Healthcare Group Ltd. 436,814 2,893,377 
TOTAL NEW ZEALAND  6,566,078 
Norway - 0.7%   
Schibsted ASA (A Shares) 86,600 2,210,473 
Statoil ASA 454,030 8,533,077 
TOTAL NORWAY  10,743,550 
Philippines - 0.3%   
D&L Industries, Inc. 8,349,900 2,030,099 
SM Investments Corp. 137,205 2,195,781 
TOTAL PHILIPPINES  4,225,880 
Singapore - 1.2%   
Broadcom Ltd. 79,000 19,486,140 
South Africa - 0.7%   
Aspen Pharmacare Holdings Ltd. 51,600 1,081,667 
Distell Group Ltd. 126,410 1,394,095 
EOH Holdings Ltd. 209,322 1,711,425 
Naspers Ltd. Class N 29,800 6,587,425 
TOTAL SOUTH AFRICA  10,774,612 
Spain - 1.7%   
Amadeus IT Holding SA Class A 37,400 2,304,911 
Atresmedia Corporacion de Medios de Comunicacion SA 108,300 1,271,799 
CaixaBank SA 1,126,484 5,867,458 
Grifols SA ADR 170,873 3,579,789 
Hispania Activos Inmobiliarios SA 99,880 1,801,946 
Inditex SA 103,716 4,116,945 
Masmovil Ibercom SA (a) 103 9,145 
Mediaset Espana Comunicacion SA 183,300 2,310,949 
Neinor Homes SLU 155,600 3,602,938 
Prosegur Cash SA 804,500 2,190,444 
TOTAL SPAIN  27,056,324 
Sweden - 1.4%   
ASSA ABLOY AB (B Shares) 175,600 3,762,640 
Com Hem Holding AB 54,500 796,527 
Essity AB Class B (a) 160,100 4,642,103 
HEXPOL AB (B Shares) 118,900 1,217,157 
Indutrade AB 87,000 2,147,576 
Nordea Bank AB 242,400 3,059,348 
Saab AB (B Shares) 65,700 3,049,096 
Svenska Cellulosa AB (SCA) (B Shares) 256,000 2,119,646 
Svenska Handelsbanken AB (A Shares) 154,000 2,292,700 
TOTAL SWEDEN  23,086,793 
Switzerland - 2.1%   
ABB Ltd. (Reg.) 228,380 5,350,107 
Credit Suisse Group AG 228,479 3,512,109 
EDAG Engineering Group AG 77,800 1,234,135 
Forbo Holding AG (Reg.) 1,170 1,775,056 
Julius Baer Group Ltd. 57,220 3,239,054 
Kaba Holding AG (B Shares) (Reg.) 2,620 2,335,633 
Nestle SA (Reg. S) 54,332 4,586,140 
Partners Group Holding AG 6,718 4,363,105 
Schindler Holding AG (participation certificate) 10,829 2,336,139 
Swatch Group AG (Bearer) 6,810 2,703,717 
UBS Group AG 209,550 3,645,102 
TOTAL SWITZERLAND  35,080,297 
Taiwan - 0.4%   
Largan Precision Co. Ltd. 18,000 3,282,530 
Taiwan Semiconductor Manufacturing Co. Ltd. 475,000 3,355,618 
TOTAL TAIWAN  6,638,148 
United Kingdom - 5.3%   
BAE Systems PLC 280,230 2,223,959 
Barclays PLC 780,750 2,093,387 
BCA Marketplace PLC 511,600 1,309,510 
BHP Billiton PLC 88,414 1,612,142 
Booker Group PLC 1,155,900 2,935,807 
British American Tobacco PLC (United Kingdom) 76,723 4,772,611 
Bunzl PLC 98,773 2,981,747 
Cineworld Group PLC 138,500 1,259,971 
CMC Markets PLC 899,700 1,887,432 
Compass Group PLC 131,953 2,815,177 
Countryside Properties PLC 258,518 1,226,896 
Cranswick PLC 59,563 2,280,607 
Diploma PLC 147,500 2,101,804 
GlaxoSmithKline PLC 211,337 4,207,080 
Hastings Group Holdings PLC 233,111 943,922 
Hilton Food Group PLC 350,100 3,120,283 
Imperial Tobacco Group PLC 42,510 1,749,936 
Jiangsu Yanghe Brewery JSC Ltd. ELS (HSBC Warrant Program) warrants 9/19/19 (a)(b) 157,700 2,095,930 
John Wood Group PLC 143,300 1,154,272 
LivaNova PLC (a) 39,000 2,376,660 
London Stock Exchange Group PLC 59,581 2,946,347 
Melrose Industries PLC 1,826,227 5,599,734 
Micro Focus International PLC 252,200 7,430,367 
Moneysupermarket.com Group PLC 393,500 1,724,210 
NCC Group Ltd. 584,200 1,495,339 
Reckitt Benckiser Group PLC 42,506 4,132,745 
Rex Bionics PLC (a) 100,000 2,309 
Rio Tinto PLC 68,700 3,219,763 
Senior Engineering Group PLC 457,700 1,500,061 
Softcat PLC 29,013 153,119 
Spirax-Sarco Engineering PLC 33,846 2,482,897 
St. James's Place Capital PLC 125,837 2,020,577 
Standard Chartered PLC (United Kingdom) (a) 572,010 6,390,129 
Zpg PLC 603,000 2,887,226 
TOTAL UNITED KINGDOM  87,133,956 
United States of America - 47.7%   
A.O. Smith Corp. 21,000 1,124,550 
Abbott Laboratories 42,000 2,065,560 
Activision Blizzard, Inc. 405,000 25,020,900 
Adobe Systems, Inc. (a) 320,124 46,894,965 
Advanced Micro Devices, Inc. (a) 60,000 816,600 
Agilent Technologies, Inc. 72,000 4,304,880 
Alaska Air Group, Inc. 44,000 3,750,120 
Albemarle Corp. U.S. 3,000 347,400 
Alphabet, Inc. Class A (a) 42,500 40,183,750 
Amazon.com, Inc. (a) 24,500 24,200,610 
American Tower Corp. 96,000 13,087,680 
Amgen, Inc. 181,300 31,638,663 
Amphenol Corp. Class A 139,000 10,650,180 
Analog Devices, Inc. 41,000 3,239,410 
Apollo Global Management LLC Class A 75,000 2,107,500 
Apple, Inc. 293,000 43,577,890 
athenahealth, Inc. (a) 13,200 1,825,824 
Autodesk, Inc. (a) 11,000 1,218,690 
Bank of America Corp. 773,000 18,644,760 
Becton, Dickinson & Co. 48,000 9,667,200 
Bio-Rad Laboratories, Inc. Class A (a) 5,000 1,178,150 
Bioverativ, Inc. 12,000 743,640 
bluebird bio, Inc. (a) 6,000 565,500 
Boston Scientific Corp. (a) 907,000 24,144,340 
British American Tobacco PLC sponsored ADR 459,000 28,696,680 
Calyxt, Inc. 35,000 377,300 
Caterpillar, Inc. 259,000 29,513,050 
Cavium, Inc. (a) 20,000 1,238,800 
CBOE Holdings, Inc. 347,000 32,801,910 
Charles Schwab Corp. 142,000 6,091,800 
Charter Communications, Inc. Class A (a) 11,000 4,311,010 
Chegg, Inc. (a) 25,000 346,250 
CoStar Group, Inc. (a) 1,000 275,550 
CSX Corp. 98,000 4,835,320 
Cummins, Inc. 130,000 21,827,000 
Cypress Semiconductor Corp. 194,000 2,754,800 
Eaton Vance Corp. (non-vtg.) 17,000 834,530 
Edwards Lifesciences Corp. (a) 14,000 1,612,520 
Electronic Arts, Inc. (a) 125,900 14,697,566 
EOG Resources, Inc. 24,000 2,283,360 
Expedia, Inc. 9,000 1,408,230 
Facebook, Inc. Class A (a) 133,500 22,594,875 
FMC Corp. 143,000 10,922,340 
Franklin Resources, Inc. 13,000 582,140 
Global Payments, Inc. 26,100 2,463,057 
Harris Corp. 8,000 915,760 
HealthSouth Corp. 85 
Home Depot, Inc. 10,000 1,496,000 
Humana, Inc. 62,000 14,334,400 
Intercept Pharmaceuticals, Inc. (a) 52,060 6,097,788 
Intuit, Inc. 48,000 6,586,080 
Intuitive Surgical, Inc. (a) 4,900 4,597,474 
J.B. Hunt Transport Services, Inc. 9,000 816,390 
JPMorgan Chase & Co. 34,000 3,121,200 
Legg Mason, Inc. 127,000 5,081,270 
Lennar Corp. Class A 29,000 1,520,760 
LogMeIn, Inc. 30,000 3,493,500 
Marriott International, Inc. Class A 98,000 10,210,620 
MercadoLibre, Inc. 1,000 288,420 
Merck & Co., Inc. 35,000 2,235,800 
Microsoft Corp. 430,000 31,261,000 
Monsanto Co. 19,700 2,301,354 
Morgan Stanley 330,000 15,477,000 
MSCI, Inc. 108,900 11,864,655 
Netflix, Inc. (a) 32,000 5,813,120 
New Relic, Inc. (a) 45,000 2,113,200 
Oracle Corp. 215,000 10,734,950 
Paylocity Holding Corp. (a) 7,000 318,290 
PayPal Holdings, Inc. (a) 464,000 27,167,200 
Performance Food Group Co. (a) 17,000 489,600 
PetIQ, Inc. Class A 40,000 931,200 
Pioneer Natural Resources Co. 7,000 1,141,700 
Priceline Group, Inc. (a) 2,300 4,665,550 
Proofpoint, Inc. (a) 7,000 596,680 
Red Hat, Inc. (a) 14,000 1,384,180 
Redfin Corp. 3,000 72,390 
ResMed, Inc. 4,000 308,480 
RingCentral, Inc. (a) 10,000 348,000 
S&P Global, Inc. 221,092 33,957,520 
SEI Investments Co. 16,000 904,160 
Semtech Corp. (a) 35,000 1,386,000 
Sherwin-Williams Co. 3,000 1,011,810 
Sirius XM Holdings, Inc. 260,000 1,523,600 
Square, Inc. (a) 472,000 12,437,200 
T-Mobile U.S., Inc. (a) 51,000 3,144,660 
T. Rowe Price Group, Inc. 36,000 2,977,920 
Tableau Software, Inc. (a) 30,000 1,933,500 
The Trade Desk, Inc. 25,000 1,332,750 
Thermo Fisher Scientific, Inc. 24,000 4,212,720 
Ultimate Software Group, Inc. (a) 2,000 451,420 
United Rentals, Inc. 27,000 3,211,920 
UnitedHealth Group, Inc. 109,000 20,907,290 
Univar, Inc. (a) 19,700 611,488 
Visa, Inc. Class A 69,000 6,869,640 
Workday, Inc. Class A (a) 2,000 204,220 
Wyndham Worldwide Corp. 6,000 626,220 
XPO Logistics, Inc. (a) 47,000 2,825,170 
Zoetis, Inc. Class A 5,000 312,600 
TOTAL UNITED STATES OF AMERICA  780,092,754 
TOTAL COMMON STOCKS   
(Cost $1,252,159,705)  1,610,956,074 
Convertible Preferred Stocks - 0.1%   
Cayman Islands - 0.1%   
China Internet Plus Holdings Ltd. Series A-11 (a)(d)   
(Cost $1,166,878) 369,166 2,089,480 
Money Market Funds - 1.6%   
Fidelity Cash Central Fund, 1.11% (e) 25,523,462 25,528,566 
Fidelity Securities Lending Cash Central Fund 1.11% (e)(f) 170,453 170,470 
TOTAL MONEY MARKET FUNDS   
(Cost $25,698,622)  25,699,036 
TOTAL INVESTMENT PORTFOLIO - 100.2%   
(Cost $1,279,025,205)  1,638,744,590 
NET OTHER ASSETS (LIABILITIES) - (0.2)%  (3,970,698) 
NET ASSETS - 100%  $1,634,773,892 

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 $6,036,167 or 0.4% of net assets.

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

 (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 $2,089,480 or 0.1% of net assets.

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

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


Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $91,708 
Fidelity Securities Lending Cash Central Fund 455,823 
Total $547,531 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $226,876,363 $201,589,005 $23,197,878 $2,089,480 
Consumer Staples 118,376,340 95,016,796 23,359,544 -- 
Energy 50,398,293 31,766,536 18,631,757 -- 
Financials 269,675,236 231,830,159 37,845,077 -- 
Health Care 192,818,564 184,362,177 8,454,078 2,309 
Industrials 182,052,139 157,292,182 24,759,957 -- 
Information Technology 462,256,525 436,253,699 26,002,826 -- 
Materials 61,135,907 51,664,335 9,471,572 -- 
Real Estate 23,402,011 23,402,011 -- -- 
Telecommunication Services 20,614,899 8,954,936 11,659,963 -- 
Utilities 5,439,277 5,439,277 -- -- 
Money Market Funds 25,699,036 25,699,036 -- -- 
Total Investments in Securities: $1,638,744,590 $1,453,270,149 $183,382,652 $2,091,789 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $34,663,778 
Level 2 to Level 1 $38,390,427 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $1,286,166,465. Net unrealized appreciation aggregated $352,578,125, of which $374,729,100 related to appreciated investment securities and $22,150,975 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, 2017







EME-QTLY-0917
1.861977.109





Investments July 31, 2017 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.1%   
 Shares Value 
Austria - 1.1%   
BUWOG-Gemeinnuetzige Wohnung 17,100 $502,734 
Erste Group Bank AG 14,300 594,439 
TOTAL AUSTRIA  1,097,173 
Bailiwick of Jersey - 1.0%   
Glencore Xstrata PLC 137,200 604,133 
Wizz Air Holdings PLC (a) 13,888 476,969 
TOTAL BAILIWICK OF JERSEY  1,081,102 
Belgium - 0.6%   
KBC Groep NV 7,112 589,343 
Bermuda - 0.8%   
Central European Media Enterprises Ltd. Class A (a)(b) 190,900 830,415 
Botswana - 0.2%   
First National Bank of Botswana Ltd. 1,042,331 245,031 
British Virgin Islands - 0.5%   
Lenta Ltd. GDR (a) 80,900 485,400 
Canada - 0.5%   
Detour Gold Corp. (a) 39,100 491,749 
Cyprus - 0.5%   
Globaltrans Investment PLC GDR (Reg. S) 68,500 528,135 
Estonia - 0.3%   
Tallinna Kaubamaja AS 25,983 293,438 
Greece - 2.0%   
Fourlis Holdings SA 70,000 480,623 
Jumbo SA 26,536 444,498 
Motor Oil (HELLAS) Corinth Refineries SA 23,700 534,468 
Sarantis SA 37,800 550,396 
TOTAL GREECE  2,009,985 
Hungary - 3.5%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 13,900 1,203,041 
OTP Bank PLC 60,700 2,259,294 
Waberer's International Zrt 5,208 102,580 
TOTAL HUNGARY  3,564,915 
Israel - 1.0%   
Bank Hapoalim BM (Reg.) 73,000 505,696 
Elbit Systems Ltd. (Israel) 4,100 518,307 
TOTAL ISRAEL  1,024,003 
Kenya - 1.3%   
KCB Group Ltd. 1,771,800 694,372 
Safaricom Ltd. 2,640,544 622,171 
TOTAL KENYA  1,316,543 
Morocco - 0.8%   
Attijariwafa Bank 8,000 378,327 
Douja Promotion Groupe Addoha SA 100,000 498,463 
TOTAL MOROCCO  876,790 
Netherlands - 0.7%   
X5 Retail Group NV GDR (Reg. S) (a) 18,000 696,240 
Nigeria - 2.6%   
Dangote Cement PLC 738,994 524,504 
Guaranty Trust Bank PLC 3,000,000 371,610 
Nigerian Breweries PLC 1,859,339 984,963 
Zenith Bank PLC 10,051,272 784,653 
TOTAL NIGERIA  2,665,730 
Oman - 0.5%   
BankMuscat SAOG (a) 575,400 558,960 
Pakistan - 0.8%   
Engro Corp. Ltd. 145,500 447,792 
United Bank Ltd. 214,400 423,226 
TOTAL PAKISTAN  871,018 
Poland - 5.6%   
Fabryki Mebli Forte SA 27,200 512,645 
Globe Trade Centre SA 273,300 728,141 
Inter Cars SA 7,200 572,175 
Kruk SA 5,900 564,444 
LPP SA 460 895,502 
NG2 SA 14,500 983,939 
Orbis SA 20,500 487,507 
Pfleiderer Grajewo SA 49,900 631,287 
Quercus TFI SA (a) 216,826 335,875 
TOTAL POLAND  5,711,515 
Romania - 2.4%   
Banca Transilvania SA 800,508 602,604 
BRD-Groupe Societe Generale 385,088 1,407,444 
Fondul Propietatea SA GDR 43,000 477,300 
TOTAL ROMANIA  2,487,348 
Russia - 13.3%   
Alrosa Co. Ltd. 764,400 1,069,444 
Gazprom OAO 909,673 1,766,400 
Lukoil PJSC 17,400 817,164 
Lukoil PJSC sponsored ADR 52,095 2,426,064 
NOVATEK OAO 188,100 1,911,831 
Novolipetsk Steel OJSC GDR (Reg. S) 38,800 810,532 
Sberbank of Russia 1,748,280 4,815,690 
TOTAL RUSSIA  13,617,125 
Slovenia - 0.5%   
Petrol d.d., Ljubljana 1,150 523,923 
South Africa - 42.8%   
African Rainbow Minerals Ltd. 96,000 683,209 
AngloGold Ashanti Ltd. 75,800 765,549 
ArcelorMittal South Africa Ltd. (a) 780,000 297,707 
Aveng Ltd. (a) 1,189,200 469,228 
AVI Ltd. 99,900 742,878 
Barloworld Ltd. 78,000 701,889 
Cashbuild Ltd. 21,000 572,057 
City Lodge Hotels Ltd. 58,200 622,684 
Clicks Group Ltd. 109,954 1,245,318 
Dis-Chem Pharmacies Pty Ltd. 262,000 564,606 
DRDGOLD Ltd. 2,856,814 953,642 
Exxaro Resources Ltd. 100,400 829,788 
FirstRand Ltd. 833,900 3,281,499 
Grindrod Ltd. (a) 633,200 594,822 
Holdsport Ltd. 124,700 632,832 
Hulamin Ltd. 1,096,900 532,688 
Imperial Holdings Ltd. 83,000 1,094,847 
KAP Industrial Holdings Ltd. 887,200 539,910 
Mr Price Group Ltd. 79,500 1,044,396 
MTN Group Ltd. 214,350 1,927,219 
Murray & Roberts Holdings Ltd. 499,000 524,416 
Nampak Ltd. (a) 1,002,900 1,453,506 
Naspers Ltd. Class N 48,800 10,787,460 
Pioneer Foods Ltd. 75,100 798,597 
Pretoria Portland Cement Co. Ltd. (a) 1,118,549 404,855 
PSG Group Ltd. 86,000 1,687,796 
Remgro Ltd. 114,300 1,853,865 
RMB Holdings Ltd. 240,000 1,158,046 
Sanlam Ltd. 122,000 614,224 
Shoprite Holdings Ltd. 132,000 2,020,052 
Spar Group Ltd. 82,800 1,037,611 
Spur Corp. Ltd. 241,500 516,031 
Standard Bank Group Ltd. 239,571 2,976,379 
TOTAL SOUTH AFRICA  43,929,606 
Turkey - 2.0%   
Mavi Jeans Class B 32,000 380,252 
Migros Turk Ticaret A/S (a) 75,000 634,208 
Tupras Turkiye Petrol Rafinelleri A/S 35,000 1,078,040 
TOTAL TURKEY  2,092,500 
United Arab Emirates - 6.7%   
Agthia Group PJSC 274,787 396,502 
Aldar Properties PJSC 1,498,798 954,843 
DP World Ltd. 42,046 967,058 
Dubai Financial Market PJSC (a) 2,901,539 940,045 
Dubai Islamic Bank Pakistan Ltd. 549,253 909,179 
Dubai Parks and Resorts PJSC (a) 3,643,602 765,811 
Emaar Malls Group PJSC 1,087,690 734,395 
National Bank of Abu Dhabi PJSC (a) 418,750 1,214,165 
TOTAL UNITED ARAB EMIRATES  6,881,998 
United Kingdom - 4.1%   
ALDREES Petroleum and Transport Services Co. ELS (HSBC Warrant Program) warrants 1/30/20 (a)(c) 90,625 628,317 
Banque Saudi Fransi ELS (HSBC Bank Warrant Program) warrants 3/24/20 (a)(c) 67,000 544,919 
BGEO Group PLC 4,700 213,755 
Bupa Arabia ELS (HSBC Warrant Program) warrants 10/19/18 (a)(c) 13,300 429,986 
Fawaz Alhokair Group ELS (HSBC Bank Warrant Program) warrants 2/28/20 (a)(c) 39,500 454,080 
Georgia Healthcare Group PLC (a) 107,500 538,266 
NMC Health PLC 15,349 458,291 
The Savola Group ELS (HSBC Warrant Program) warrants 1/24/20 (a)(c) 46,800 560,587 
United International Transport ELS (HSBC Bank Warrant Program) warrants 7/8/20 (a)(c) 78,004 440,347 
TOTAL UNITED KINGDOM  4,268,548 
TOTAL COMMON STOCKS   
(Cost $74,717,745)  98,738,533 
Nonconvertible Preferred Stocks - 3.3%   
Russia - 3.3%   
Surgutneftegas OJSC 3,124,400 1,504,486 
Tatneft PAO (a) 431,800 1,910,204 
TOTAL RUSSIA  3,414,690 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $2,925,647)  3,414,690 
Money Market Funds - 0.7%   
Fidelity Securities Lending Cash Central Fund 1.11% (d)(e)   
(Cost $675,030) 674,971 675,039 
TOTAL INVESTMENT PORTFOLIO - 100.1%   
(Cost $78,318,422)  102,828,262 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (128,741) 
NET ASSETS - 100%  $102,699,521 

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 $3,058,236 or 3.0% 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 $2,783 
Fidelity Securities Lending Cash Central Fund 5,410 
Total $8,193 

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2017, 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 $22,147,597 $11,360,137 $10,787,460 $-- 
Consumer Staples 10,450,209 10,450,209 -- -- 
Energy 13,981,486 11,659,836 2,321,650 -- 
Financials 33,515,497 25,641,571 7,873,926 -- 
Health Care 996,557 996,557 -- -- 
Industrials 5,423,314 5,423,314 -- -- 
Materials 9,670,597 8,716,955 953,642 -- 
Real Estate 3,418,576 3,418,576 -- -- 
Telecommunication Services 2,549,390 2,549,390 -- -- 
Money Market Funds 675,039 675,039 -- -- 
Total Investments in Securities: $102,828,262 $80,891,584 $21,936,678 $-- 

The following is a summary of transfers between Level 1 and Level 2 for the period ended July 31, 2017. 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 $8,212,485 
Level 2 to Level 1 $6,146,089 

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 Fair Value Committee (the Committee) established by the Fund's investment adviser. 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, 2017, the cost of investment securities for income tax purposes was $78,555,343. Net unrealized appreciation aggregated $24,272,919, of which $28,173,117 related to appreciated investment securities and $3,900,198 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, 2017


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, 2017



By:

/s/Howard J. Galligan III


Howard J. Galligan III


Chief Financial Officer



Date:

September 28, 2017