Fidelity International Capital Appreciation Fund

Fidelity International Capital Appreciation Fund Key Takeaways In a seesaw period for global stocks, the fund nearly broke even for the six months ending April 30, 2016. The fund topped the -1.65% return of the benchmark MSCI ACWI (All Country World Index) ex USA Index, paced by Manager Sammy Simnegar's focus on high-quality growth names benefiting from "megatrends." Stock selection provided the primary boost versus the index, with Sammy adding value in eight of 10 market sectors. Only energy and utilities detracted. Geographically, a large out-of-benchmark allocation to the United States and stock picking in Europe ex U.K., along with positioning in Japan, were noteworthy positives; Canada and Brazil weighed on relative results the most. Sammy took advantage of the period's weakness to increase the fund's allocation to what he thought were high-quality consumer staples firms, because he expected global economic growth to continue to be sluggish. MARKET RECAP Despite a robust second-half rally, international equities declined for the six months ending April 30, 2016. The major-market MSCI World ex USA Index returned -2.08%, with resource-rich Canada (+8%) and Asia Pacific ex Japan (+4%) the only regions to post a positive result. The MSCI Emerging Markets Index essentially broke even. Following an October surge, largely driven by the U.S. Federal Reserve's decision to delay raising target interest rates until mid-december, investors faced new-year news of an economic slowdown in China, coupled with persistent commodity weakness and U.S.-dollar strength. A volatile February saw central banks in Europe, Japan and China take aggressive action aimed at reigniting their economies; the Fed added fuel by softening its schedule for future rate hikes. Stocks rallied over the final third of the period, capping the strongest two-month gain since early 2012. Within developed markets, smallcap stocks handily outpaced large-caps, and growth bettered value-oriented stocks. Volatility and falling bond yields aided traditionally defensive and dividend-rich sectors, notably telecommunication services, utilities and consumer staples. Rebounding commodity prices powered an impressive turnaround in energy and materials near period end leading both into the black with pronounced effects in resource-heavy emerging markets. Not FDIC Insured May Lose Value No Bank Guarantee

Q&A An interview with Manager Sammy Simnegar Fund Facts Trading Symbol: Sammy Simnegar Manager FIVFX Start Date: November 01, 1994 Size (in millions): $1,515.77 Investment Approach Fidelity International Capital Appreciation Fund is a diversified international equity strategy that seeks capital growth by investing in non-u.s. stocks. Our investment approach seeks to identify high-quality growth stocks benefiting from long-term "mega trends," as well as the three "B's" brands, barriers to entry and "best in class" management teams using a proprietary quantitative screen and bottom-up fundamental analysis. Although the fund has wide latitude to underweight and overweight sectors and geographies relative to its benchmark, the MSCI All Country World ex USA Index, it employs a unique risk-managed portfolio construction process that attempts to optimize alpha (risk-adjusted excess return). Rather than adjusting security weights according to conviction, we use an equal-active-weight approach, which limits the impact of dramatic fluctuations in any single position, while still allowing for high active share (benchmark differentiation). Q: Sammy, how did the fund perform for the six months ending April 30, 2016 For the past six months, my investment process worked reasonably well in a challenging environment, and the fund just about broke even, topping the -1.65% return of the benchmark MSCI ACWI (All Country World Index) ex USA Index. The fund strongly outpaced our peer group average for the period. Over the trailing 12 months, the fund returned -2.03%, well ahead of both the MSCI index and the peer group average. Q: How did your investment philosophy play out the past six months I try to identify high-quality growth stocks benefiting both from long-term "megatrends" and what I call the three B's brands, barriers to entry and "best in class" management teams. To find these companies, I use a proprietary quantitative screen and bottom-up fundamental analysis. During the period, this approach added value in eight of 10 market sectors. Financials had the biggest positive impact on performance versus the MSCI index, as the fund benefited from a sizable underweighting in that group, as well as favorable picks. With negative interest rates in play from both the European Central Bank and, more recently, the Bank of Japan, I thought net interest margins, and therefore profits, for banks in those regions likely would be limited. Consequently, the fund didn't own any of the largest banks in Europe or Japan, which helped relative performance. Most of our bank holdings were in India or Indonesia, two emerging markets I liked. Q: What other factors aided performance versus the benchmark Geographically, a large out-of-benchmark allocation to the United States and stock picking in Europe ex U.K., along with positioning in Japan, were noteworthy positives. In selecting U.S. companies, I typically focus on those that conduct a large percentage of their business abroad, which I think aligns with the fund's mandate. I like U.S. 2 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

companies because of their generally high quality and financial transparency. Among individual holdings, our top relative contributor was Switzerland-based health care firm Novartis, which I sold in January, thereby avoiding some of this index stock's subsequent decline. That month, the company reported lower-than-expected fourth-quarter and full-year earnings for 2015, hampered mostly by Alcon, its struggling eye care business, and a stronger U.S. dollar. Given currency uncertainty and a potentially challenging and costly restructuring process for Alcon, I thought it best to sell Novartis and move on to other opportunities. An out-of-benchmark stake in drugstore chain Sundrug, headquartered in Japan, also bolstered relative results, given this position's roughly 40% return. Large drugstore chains in Japan, such as Sundrug, benefited from industry consolidation and the aging Japanese population, which drove demand for pharmaceuticals. Overweighting Airports of Thailand also paid off, as shares of this company, one of the few state-owned enterprises in the fund, strongly outperformed. I liked this stock because of the company's monopoly on airport operations in Thailand, and what I thought was its capable, profitoriented management team. With that said, I reduced the position as the stock advanced. I'll also mention Sika, a Swiss company that makes chemicals mainly used in construction. The company continued to grow well in excess of global cement consumption, aided by increasing penetration of its product globally, as well as a strong emerging-markets presence. The stock sold off for much of 2015 after the firm's founding family attempted the sale of its majority voting stake at a large premium, without including minority shareholders. More recently, the stock has recovered, as investors returned their focus to fundamentals. Q: How about negatives Among sectors, only energy and utilities detracted, especially the former. Despite the impressive rally in energy stocks, the fund didn't have any positions there during the period. I remained skeptical of crude oil's price advance, believing it was based on hope of improvement in supplydemand fundamentals rather than any meaningful change for the better. As of period end, I still believe the lack of energy positions could help the fund going forward. Geographically, Canada and Brazil were the countries that weighed on relative results the most, mainly because of my decision to underweight these commodity-sensitive markets. Later on, I provide a more-detailed discussion of my take on the rally in commodity-related stocks. At the stock level, the largest detractor versus the index was Adani Ports & Special Economic Zone, the operator of ports and port-based infrastructure services in India. This firm's results disappointed partly because economic growth in India hasn't lived up to expectations since Narendra Modi became prime minister. Adani also made some loans to sister companies that I didn't think were prudent. I sold the stock by period end. Another detractor was an out-of-benchmark stake in International Container Terminal Services, a portmanagement company based in the Philippines. It proved more difficult than I anticipated for the company to generate adequate returns from its spending to build capacity in several emerging markets. Consequently, I decided to sell this stock too. Our non-index stake in The Restaurant Group, a U.K.- based chain of restaurants and pubs, further weighed on relative results. The owner of such brands as Frankie & Benny's, Garfunkel's, and Chiquito saw its share price drop sharply in January and again in March, with our position returning roughly -33% for the six-month period. Investors backed away from the stock after the firm said it would be difficult to duplicate 2015's results in 2016, citing increased competition and generally challenging economic conditions. The fund did not own this stock at period end. Q: Anything else you'd like to add, Sammy I continue to believe overall valuations are reasonable but certainly not cheap. In my opinion, further share-price gains likely will be disproportionately enjoyed by companies that can deliver above-average earnings and dividend growth, as investors sharpen their focus on stocks with the strongest fundamental underpinnings. At period end, I continue to see headwinds for global growth. This is why I maintain an overweighting in the consumer staples sector as of the end of April. I increased the fund's weighing in that traditionally defensive sector over the course of the period. Some of the most noteworthy purchases here were tobacco stocks and brewers. In addition, I built a stake in Swiss food and beverage stock Nestle, the fund's largest position at period end. I like it and other staples companies for their track record of stable growth and their solid balance sheets. To fund these purchases, I reduced the fund's weightings in several other sectors, most notably health care, consumer discretionary and industrials. 3 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

LARGEST CONTRIBUTORS VS. BENCHMARK Sammy Simnegar on the rally in commodity-based stocks: "During the reporting period, materials (+8%) and energy (+7%) were the two-best-performing sectors in the fund's benchmark. Returns largely benefited from the rally in crude oil and other commodities, such as iron ore. "The huge expansion of credit in China undoubtedly fueled these gains. In the first quarter alone, loan growth in China reached about 40% of the nation's gross domestic product, the broadest quantitative measure of a nation's total economic activity. Although that's nowhere near the level of credit growth we saw in 2009, in the wake of the Great Recession, it's still a huge increase. China remains the largest player in many commodities markets, which is why rapidly expanding credit there triggered an advance in metals & mining stocks and energy shares. "At the same time, investors sold many of the stocks that had worked well for most of 2015, including 'best-in-class' stocks in the consumer staples sector. I decided that, rather than chase energy and materials, I would buy staples stocks that I thought were selling at attractive discounts. "In my view, credit expansion by central banks since the Great Recession has been a game of diminishing returns, with each successive episode having a smaller impact than the one before it. Further, I believe this kind of stimulation tends to result in the misallocation of resources to the areas most directly affected by the credit excess. "Given a backdrop of weak global growth, I'd rather own blue-chip companies in consumer staples, a sector known for its steady growth." Holding Novartis AG sponsored ADR Market Segment Average Relative Relative Contribution (basis points)* Health Care -0.49% 16 Sundrug Co. Ltd. Staples 0.45% 15 Airports of Thailand PCL Industrials 0.44% 14 Sika AG Materials 0.44% 13 Sanofi SA Health Care -0.61% 12 * 1 basis point = 0.01%. LARGEST DETRACTORS VS. BENCHMARK Holding Adani Ports & Special Economic Zone SAP AG International Container Terminal Services, Inc. Market Segment Average Relative Relative Contribution (basis points)* Industrials 0.23% -12 Information Technology 0.05% -12 Industrials 0.16% -12 Prudential PLC Financials 0.39% -11 The Restaurant Group PLC * 1 basis point = 0.01%. ASSET ALLOCATION Asset Class Discretionary 0.30% -11 Six Months Ago International Equities 76.66% 79.99% Developed Markets 64.86% 66.25% Emerging Markets 11.80% 13.74% Tax-Advantaged Domiciles 0.00% 0.00% Domestic Equities 21.96% 18.65% Bonds 0.00% 0.00% Cash & Net Other Assets 1.38% 1.36% Net Other Assets can include fund receivables, fund payables, and offsets to other derivative positions, as well as certain assets that do not fall into any of the portfolio composition categories. Depending on the extent to which the fund invests in derivatives and the number of positions that are held for future settlement, Net Other Assets can be a negative number. "Tax-Advantaged Domiciles" represent countries whose tax policies may be favorable for company incorporation. 4 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

MARKET-SEGMENT DIVERSIFICATION Market Segment Six Months Ago Information Technology 18.92% 17.57% Staples 17.06% 4.26% Industrials 15.77% 17.20% Discretionary 13.94% 22.98% Health Care 11.89% 16.75% Financials 11.49% 12.42% Materials 8.09% 7.46% Telecommunication Services 1.47% 0.00% Energy 0.00% 0.00% Utilities 0.00% 0.00% Other 0.00% 0.00% COUNTRY DIVERSIFICATION Country Six Months Ago USA 23.32% 20.39% United Kingdom 17.07% 19.87% Japan 9.50% 6.15% Germany 8.92% 6.92% Ireland 4.53% 3.92% France 3.93% 7.43% Switzerland 3.90% 3.71% Australia 3.10% 2.97% India 2.91% 4.01% Hong Kong 2.48% 2.29% Philippines 2.34% 1.77% Canada 2.25% 2.27% Mexico 1.96% 1.66% Sweden 1.71% 1.06% Spain 1.63% 1.41% Denmark 1.60% 1.97% China 1.31% 1.36% Netherlands 1.14% 1.46% Belgium 1.07% -- Taiwan 1.04% 1.50% Italy 1.00% 1.82% 10 LARGEST HOLDINGS Holding Nestle SA British American Tobacco PLC (United Kingdom) Unilever PLC Novo Nordisk A/S Series B sponsored ADR Tencent Holdings Ltd. Anheuser-Busch InBev SA NV Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR Market Segment Staples Staples Staples Six Months Ago 1.84% -- 1.19% -- 1.19% -- Health Care 1.12% 1.04% Information Technology Staples Information Technology 1.08% 1.01% 1.07% -- 1.04% 1.02% Bayer AG Health Care 1.03% 1.11% AIA Group Ltd. Financials 0.92% 0.86% SAP AG Information Technology 0.90% -- 10 Largest Holdings as a % of Net Assets 11.37% 9.72% Total Number of Holdings 181 204 The 10 largest holdings are as of the end of the reporting period, and may not be representative of the fund's current or future investments. Holdings do not include money market investments. 5 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

FISCAL PERFORMANCE SUMMARY: Periods ending April 30, 2016 6 Month Cumulative YTD 1 3 Annualized 5 10 / LOF 1 Fidelity International Capital Appreciation Fund Gross Expense Ratio: 1.13% 2-0.01% 0.66% -2.03% 6.16% 5.57% 3.46% MSCI All Country World ex USA (Net of MA Tax) Index -1.65% 2.33% -11.14% 0.12% 0.01% 1.84% Morningstar Foreign Large Growth -2.81% -1.03% -7.88% 2.18% 1.88% 2.43% % Rank in Morningstar Category (1% = Best) -- -- 3% 4% 3% 24% # of Funds in Morningstar Category -- -- 370 325 285 191 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/1994. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 1.00% for shares held less than 30 days. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Please see the last page(s) of this Q&A document for most-recent calendarquarter performance. 6 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

Definitions and Important Information FUND RISKS Stock markets, especially foreign markets, are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. IMPORTANT FUND INFORMATION Relative positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. reinvested dividends and capital gains, if any, and exclude sales charges. RELATIVE WEIGHTS Relative weights represents the % of fund assets in a particular market segment, asset class or credit quality relative to the benchmark. A positive number represents an overweight, and a negative number is an underweight. The fund's benchmark is listed immediately under the fund name in the Performance Summary. INDICES It is not possible to invest directly in an index. All indices represented are unmanaged. All indices include reinvestment of dividends and interest income unless otherwise noted. MSCI All Country World ex USA Index (Net MA Tax) is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of large and mid-cap stocks in developed and emerging markets, excluding the United States. Index returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts. MSCI World ex USA Index captures large and mid-cap representation across the Developed Markets countries (excluding the United States). The index covers approximately 85% of the free floatadjusted market capitalization in each country. MSCI Emerging Markets Index is a market capitalization-weighted index that is designed to measure the investable equity market performance for global investors in emerging markets. MARKET-SEGMENT WEIGHTS Market-segment weights illustrate examples of sectors or industries in which the fund may invest, and may not be representative of the fund's current or future investments. Should not be construed or used as a recommendation for any sector or industry. RANKING INFORMATION 2016 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Fidelity does not review the Morningstar data and, for mutual fund performance, you should check the fund's current prospectus for the most up-to-date information concerning applicable loads, fees and expenses. % Rank in Morningstar Category is the fund's total-return percentile rank relative to all funds that have the same Morningstar Category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1%. % Rank in Morningstar Category is based on total returns which include 7

Manager Facts Sammy Simnegar is a portfolio manager at Fidelity Management & Research Company (FMRCo), the investment advisor for Fidelity's family of mutual funds. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and other financial products and services to more than 20 million individuals, institutions and financial intermediaries. In this role, he is responsible for managing Fidelity and Fidelity Advisor International Capital Appreciation Fund (since 2008), Fidelity and Fidelity Advisor Emerging Markets Fund (since 2012), and Fidelity and Fidelity Advisor Total International Equity Fund (since 2014). Prior to assuming his current position in January 2008, Sammy was an equity analyst at Fidelity Management & Research Company (FMRCo), focusing on Emerging Markets energy, materials, and industrials from 2003 to 2007, U.S. Regional Banks from 2001 to 2003, and real estate, hotels, and emerging telecom from 1998 to 2001. Before joining Fidelity in 1998, he worked as an equity analyst at JPMorgan from 1997 to 1998, and as a senior trade analyst at Trans Alliance Group, Inc. from 1994 to 1996. He has been in the investments industry since 1997. Sammy earned his bachelor of arts degree in history from the University of California and his master of business administration degree in international finance from Columbia Business School. 8 For definitions, fund risks and other important information, please see the Definitions and Important Information section of this Q&A.

PERFORMANCE SUMMARY: Quarter ending June 30, 2016 1 3 Annualized 5 10 / LOF 1 Fidelity International Capital Appreciation Fund Gross Expense Ratio: 1.13% 2-0.23% 8.28% 6.78% 4.22% 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/1994. 2 This expense ratio is from the prospectus in effect as of the date shown above and generally is based on amounts incurred during that fiscal year. This fund has a short term trading fee 1.00% for shares held less than 30 days. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate; therefore, you may have a gain or loss when you sell your shares. Current performance may be higher or lower than the performance stated. Performance shown is that of the fund's Retail Class shares (if multiclass). You may own another share class of the fund with a different expense structure and, thus, have different returns. To learn more or to obtain the most recent month-end or other share-class performance, visit fidelity.com/performance, advisor.fidelity.com, or 401k.com. Total returns are historical and include change in share value and reinvestment of dividends and capital gains, if any. Cumulative total returns are reported as of the period indicated. Before investing in any mutual fund, please carefully consider the investment objectives, risks, charges, and expenses. For this and other information, call or write Fidelity for a free prospectus or, if available, a summary prospectus. Read it carefully before you invest. Past performance is no guarantee of future results. Views expressed are through the end of the period stated and do not necessarily represent the views of Fidelity. Views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund. The securities mentioned are not necessarily holdings invested in by the portfolio manager(s) or FMR LLC. References to specific company securities should not be construed as recommendations or investment advice. Information included on this page is as of the most recent calendar quarter. S&P 500 is a registered service mark of Standard & Poor's Financial Services LLC. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. Fidelity Brokerage Services LLC, Member NYSE, SIPC., 900 Salem Street, Smithfield, RI 02917. Fidelity Investments Institutional Services Company, Inc., 500 Salem Street, Smithfield, RI 02917. 2016 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 727101.3.0 Diversification does not ensure a profit or guarantee against a loss.