Fidelity International Growth Fund

QUARTERLY FUND REVIEW AS OF DECEMBER 31, 2017 Fidelity International Growth Fund Investment Approach Fidelity International Growth Fund is a diversified international equity strategy with a large-cap growth orientation. Our investment approach targets companies with multiyear structural growth prospects, high barriers to entry and attractive valuations based on our earnings forecasts. Investment ideas typically fall into three main categories: structurally attractive growth themes, where investors may be underestimating the durability of growth drivers and long-term earnings power; cyclically out-of-favor companies with limited competition and pricing power, where investors may be focusing on near-term cyclical concerns and discounting long-term prospects; and companies with strong earnings potential whose share prices have fallen due to macroeconomic events. We strive to uncover these companies through in-depth fundamental analysis, working in concert with Fidelity's global research team, with the goal of capturing market upside while limiting downside participation. PERFORMANCE SUMMARY Cumulative 3 Month YTD 1 Year Annualized 3 Year 5 Year 10 Year/ LOF 1 Fidelity International Growth Fund Gross Expense Ratio: 1.03% 2 4.44% 29.56% 29.56% 9.20% 9.04% 4.65% MSCI EAFE Growth (Net Massachusetts tax) 5.25% 29.08% 29.08% 9.32% 8.93% 2.80% Morningstar Fund Foreign Large Growth 4.33% 30.87% 30.87% 9.04% 8.51% 2.75% % Rank in Morningstar Category (1% = Best) -- -- 56% 42% 31% 9% # of Funds in Morningstar Category -- -- 399 330 289 206 FUND INFORMATION Manager(s): Jed Weiss Trading Symbol: FIGFX Start Date: November 01, 2007 Size (in millions): $2,433.96 Morningstar Category: Fund Foreign Large Growth 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. 1 Life of Fund (LOF) if performance is less than 10 years. Fund inception date: 11/01/2007. 2 This expense ratio is from the most recent prospectus and generally is based on amounts incurred during the most recent fiscal year. 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, institutional.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. For definitions and other important information, please see the Definitions and Important Information section of this Fund Review. Not FDIC Insured May Lose Value No Bank Guarantee

Performance Review For the quarter ending December 31, 2017, the fund's Retail Class shares gained 4.44%, trailing the 5.25% increase in the MSCI EAFE Growth. Positioning in terms of sectors, countries and regions resulted from our bottom-up, stock-by-stock investment process. On a sector basis, relative performance was held back by stock picking in consumer staples, industrials (capital goods) and financials (banks), while security selection in the consumer discretionary sector and the software/services segment of information technology meaningfully contributed. On a country and regional basis, the biggest negative was the fund's sizable underweighting in strong-performing Japan coupled with subpar security selection in that market. The fund materially benefited, however, from out-of-benchmark stakes in emerging markets (EM) especially South Africa as well as the United States. We will often invest in U.S.-based companies that conduct all or most of their business in international markets. During the quarter, most of the fund's biggest individual detractors were stocks of European companies, many of which struggled this period relative to the broader market. In aggregate, European stocks (ex U.K.) in the index gained only 2%, compared with mid- to high single-digit gains for major regional counterparts. Our biggest individual detractor in relative terms this period was Assa Abloy, a Sweden-based lock manufacturer. Assa Abloy's shares returned -9% for the fund. Also in the industrials sector, the fund was hurt by its out-of-benchmark position in Fagerhult (- 14%), another longtime holding that struggled this period. In both cases, I liked the companies' competitive positions as well as their ability to benefit from the ongoing economic recovery in Europe. LARGEST CONTRIBUTORS VS. BENCHMARK Naspers Ltd. Class N James Hardie Industries PLC CDI InterContinental Hotel Group PLC ADR Consumer Discretionary Average Contribution (basis points)* 1.90% 40 Materials 1.26% 26 Consumer Discretionary 1.49% 21 Komatsu Ltd. Industrials 0.88% 17 Unilever NV (Certificaten Van Aandelen) (Bearer) * 1 basis point = 0.01%. Consumer Staples -1.28% 12 Another detractor was Anheuser-Busch InBev, a Belgium-based brewing company that returned about -6% for the fund. InBev's shares lagged the benchmark, due primarily to a weak pricing environment and sluggish U.S. market for beer sales. We continued to like InBev, however, for its dominant competitive position in most of its markets, as well as its strong track record of integrating acquired companies, such as SAB Miller, which became part of InBev late in 2016. On the positive side, the fund's strongest relative contributor was Naspers, an out-of-benchmark position. Naspers shares advanced 29% for the quarter, as the South Africa-based print, TV and internet media group reported better-than-expected earnings driven by smaller e-commerce-related losses and a gain from its roughly 34% stake in fast-growing Tencent s in China. Naspers' core headline earnings rose 65% for the six months ending September 30, while revenue rose 5%. Naspers ended 2017 as one of the world's most valuable companies, due in large part to its stake in Tencent. A stake in Irish building materials company James Hardie Industries (+28%) added value; the company's shares rose sharply in November on strong financial results. Other beneficial overweightings this quarter included U.K.-based hotel operator Intercontinental Hotel Group (+20%) and Komatsu (+28%), a Japanese maker of industrial equipment. In addition, the fund benefited from its lack of exposure to U.K. consumer goods company and benchmark component Unilever (-4%), whose stock fell in part on increased competition and weaker-than-expected sales. LARGEST DETRACTORS VS. BENCHMARK ASSA ABLOY AB (B Shares) Anheuser-Busch InBev SA NV Average Contribution (basis points)* Industrials 1.70% -27 Consumer Staples 1.87% -22 CRH PLC sponsored ADR Materials 1.44% -15 Philip Morris International, Inc. Consumer Staples 1.39% -14 Fagerhult AB Industrials 0.58% -13 * 1 basis point = 0.01%. 2 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Outlook and Positioning Our investment approach targets companies we think have multiyear structural growth prospects, high barriers to entry and attractive valuations based on our earnings forecasts. By high barriers to entry, we mean firms with pricing power. We aim to invest in companies that, even when facing reduced demand, can still raise prices or at least won't need to lower them. These companies often will slash costs in bad economic times while simultaneously maintaining prices. Once conditions improve, they tend to raise prices while keeping costs down, which we believe results in higher cycle-to-cycle margins. Our portfolio construction process is based on bottom-up security selection, rather than our opinions about economic trends. This approach requires us to analyze all of the different market areas to which the fund may be exposed. We study the earnings of companies in the portfolio across subindustries, investment themes, currency and geography, in an effort to better understand the risks the fund is taking, as well as where we may need to make adjustments. Often, we will identify a name that may enjoy favorable multiyear structural growth prospects and high barriers to entry, but that does not currently meet our valuation requirements. In this case, we tend to not buy the stock right away. Instead, we calculate a fair-value range, and then wait for a future buying opportunity. As of the end of the quarter, the fund's largest sector overweightings were in information technology and financials, where we found a number of opportunities meeting our bottomup investment criteria. Our largest underweightings were in consumer staples and materials. Within consumer staples, our individual investment decisions were shaped by our observation that the distribution dominance once enjoyed by mega-cap companies in the sector is waning. Increasingly, consumers are moving toward brands sold directly via the internet and that often cater to more-health-conscious individuals. We have long had investments in rail operators in the U.S. and Canada. Although we see both U.S. and Canadian rail operators as good ways to capitalize on increased global trade and tax reform in the U.S., we currently see Canadian rail companies as providing better relative value than their U.S. counterparts. Also within industrials, we added back a couple of former aerospace holdings. In recent years, we'd doubted the sustainability of new orders in light of record air-traffic volumes. Over time, however, we've come around to the view that continued-high traffic levels are justifying the pace of new orders. In all market conditions, we try to stick to our three-step management strategy, as we look to develop a portfolio with the potential to outperform in both up and down markets. We are hopeful that our focus on good business franchises with stocks trading at attractive valuations can continue to do well, regardless of the economic backdrop. MARKET-SEGMENT DIVERSIFICATION Change From Prior Quarter Information Technology 21.58% 11.16% 10.42% -1.04% Industrials 17.07% 19.21% -2.14% 1.99% Consumer Staples 15.09% 18.60% -3.51% -1.06% Financials 11.98% 7.78% 4.20% 0.02% Health Care 11.79% 13.36% -1.57% -1.37% Consumer Discretionary 10.83% 13.49% -2.66% 2.51% Materials 6.92% 10.14% -3.22% 0.39% Real Estate 1.89% 2.04% -0.15% 0.17% Energy 0.65% 1.53% -0.88% -0.60% Telecommunication Services 0.59% 1.32% -0.73% 1.41% Utilities 0.00% 1.37% -1.37% -0.14% Other 0.00% 0.00% 0.00% 0.00% REGIONAL DIVERSIFICATION Region Change From Prior Quarter Europe 50.22% 63.50% -13.28% 0.82% United States 18.89% 0.00% 18.89% -1.69% Japan 12.95% 23.85% -10.90% 0.14% Emerging Markets 9.49% 0.12% 9.37% 0.44% Asia-Pacific ex Japan 6.58% 12.53% -5.95% -0.08% Canada 1.87% 0.00% 1.87% 0.54% Other 0.00% 0.00% 0.00% -0.17% 3-YEAR RISK/RETURN STATISTICS Beta 0.87 1.00 Standard Deviation 10.63% 11.85% Sharpe Ratio 0.83 0.75 Tracking Error 2.80% -- Information Ratio -0.04 -- R-Squared 0.95 -- 3 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

LARGEST OVERWEIGHTS BY HOLDING Visa, Inc. Class A 2.61% CSL Ltd. Health Care 2.29% MasterCard, Inc. Class A 2.27% Naspers Ltd. Class N Consumer Discretionary 2.11% Keyence Corp. 2.11% LARGEST UNDERWEIGHTS BY HOLDING Diageo PLC Consumer Staples -1.22% Unilever NV (Certificaten Van Aandelen) (Bearer) LVMH Moet Hennessy - Louis Vuitton SA Consumer Staples -1.21% Consumer Discretionary -1.08% BHP Billiton Ltd. Materials -0.98% Unilever PLC Consumer Staples -0.93% ASSET ALLOCATION Asset Class Change From Prior Quarter International Equities 81.10% 100.00% -18.90% 2.10% Developed Markets 71.61% 99.88% -28.27% 1.66% Emerging Markets 9.49% 0.12% 9.37% 0.44% Tax-Advantaged Domiciles 0.00% 0.00% 0.00% 0.00% Domestic Equities 17.29% 0.00% 17.29% 0.18% Bonds 0.00% 0.00% 0.00% 0.00% Cash & Net Other Assets 1.61% 0.00% 1.61% -2.28% 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. 10 LARGEST HOLDINGS Nestle SA (Reg. S) SAP SE CSL Ltd. Keyence Corp. Roche AG (participation certificate) Visa, Inc. Class A AIA Group Ltd. British American Tobacco PLC (United Kingdom) ASML NV (Netherlands) MasterCard, Inc. Class A 10 Largest s as a % of Net Assets Total Number of s 97 Consumer Staples Health Care Health Care Financials Consumer Staples 28.32% 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. s do not include money market investments. CHARACTERISTICS Valuation Price/Earnings Trailing 23.7x 23.6x Price/Earnings (IBES 1-Year Forecast) 20.6x 18.6x Price/Book 4.2x 2.9x Price/Cash Flow 17.1x 13.9x Return on Equity (5-Year Trailing) 16.3% 11.7% Growth Sales/Share Growth 1-Year (Trailing) 7.4% 1.5% Earnings/Share Growth 1-Year (Trailing) 11.8% 13.6% Earnings/Share Growth 1-Year (IBES Forecast) 23.8% 27.8% Earnings/Share Growth 5-Year (Trailing) 11.7% 6.2% Size ed Average Market Cap ($ Billions) 94.8 56.2 ed Median Market Cap ($ Billions) 46.8 34.2 Median Market Cap ($ Billions) 20.5 11.8 4 For definitions and other important information, please see Definitions and Important Information section of this Fund Review.

Definitions and Important Information Unless otherwise disclosed to you, in providing this information, Fidelity is not undertaking to provide impartial investment advice, act as an impartial adviser, or to give advice in a fiduciary capacity. CHARACTERISTICS Earnings-Per-Share Growth measures the growth in reported earnings per share over the specified past time period. Median Market Cap identifies the median market capitalization of the portfolio or benchmark as determined by the underlying security market caps. Price-to-Book (P/B) Ratio is the ratio of a company's current share price to reported accumulated profits and capital. Price/Cash Flow is the ratio of a company's current share price to its trailing 12-months cash flow per share. Price-to-Earnings (P/E) Ratio (IBES 1-Year Forecast) is the ratio of a company's current share price to Wall Street analysts' estimates of earnings. Price-to-Earnings (P/E) Ratio Trailing is the ratio of a company's current share price to its trailing 12-months earnings per share. Return on Equity (ROE) 5-Year Trailing is the ratio of a company's last five years historical profitability to its shareholders' equity. Preferred stock is included as part of each company's net worth. Sales-Per-Share Growth measures the growth in reported sales over the specified past time period. ed Average Market Cap identifies the market capitalization of the average equity holding as determined by the dollars invested in the portfolio or benchmark. ed Median Market Cap identifies the market capitalization of the median equity holding as determined by the dollars invested in the portfolio or benchmark. 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 2018 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 reinvested dividends and capital gains, if any, and exclude sales charges. Multiple share classes of a fund have a common portfolio but impose different expense structures. RELATIVE WEIGHTS 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. IMPORTANT FUND INFORMATION positioning data presented in this commentary is based on the fund's primary benchmark (index) unless a secondary benchmark is provided to assess performance. Effective 6/15/17, Jed Weiss and Vincent Montemaggiore are coportfolio managers of the fund. Effective 12/5/17, Jed Weiss became the sole portfolio manager as Vincent Montemaggiore transitioned off the fund. 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 EAFE Growth (Net MA Tax) is a market-capitalizationweighted index that is designed to measure the investable equity market performance of growth stocks for global investors in developed markets, excluding the U.S. & Canada. returns are adjusted for tax withholding rates applicable to U.S. based mutual funds organized as Massachusetts business trusts. 5

3-YEAR RISK/RETURN STATISTICS Beta is a measure of the volatility of a fund relative to its benchmark index. A beta greater (less) than 1 is more (less) volatile than the index. Information Ratio measures a fund's active return (fund's average monthly return minus the benchmark's average monthly return) in relation to the volatility of its active returns. R-Squared measures how a fund's performance correlates with a benchmark index's performance and shows what portion of it can be explained by the performance of the overall market/index. R- Squared ranges from 0, meaning no correlation, to 1, meaning perfect correlation. An R-Squared value of less than 0.5 indicates that annualized alpha and beta are not reliable performance statistics. Sharpe Ratio is a measure of historical risk-adjusted performance. It is calculated by dividing the fund's excess returns (the fund's average annual return for the period minus the 3-month "risk free" return rate) and dividing it by the standard deviation of the fund's returns. The higher the ratio, the better the fund's return per unit of risk. The three month "risk free" rate used is the 90-day Treasury Bill rate. Standard Deviation is a statistical measurement of the dispersion of a fund's return over a specified time period. Fidelity calculates standard deviations by comparing a fund's monthly returns to its average monthly return over a 36-month period, and then annualizes the number. Investors may examine historical standard deviation in conjunction with historical returns to decide whether a fund's volatility would have been acceptable given the returns it would have produced. A higher standard deviation indicates a wider dispersion of past returns and thus greater historical volatility. Standard deviation does not indicate how the fund actually performed, but merely indicates the volatility of its returns over time. Tracking Error is the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark, creating an unexpected profit or loss. 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. Diversification does not ensure a profit or guarantee against a loss. 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. 2018 FMR LLC. All rights reserved. Not NCUA or NCUSIF insured. May lose value. No credit union guarantee. 656458.20.0