(PUB) Investing 2015

Morningstar FundInvestor

May 2015

Morningstar Analyst Rating

01-28-15

Morningstar Pillars

Process

Performance

People

Parent

Price

Positive

Neutral

Positive

Morningstar Analyst Rating

Morningstar evaluates mutual funds based on five key pillars, which

its analysts believe lead to funds that are more likely to outperform

over the long term on a risk-adjusted basis.

Analyst Rating Spectrum

Œ „ ´ˇ ¨

Pillar Spectrum

Positive

Negative

Neutral

NAV

42.47

38.14

40.26

32.32

26.48

32.48

30.93

25.08

48.39

44.80

41.61

35.38

Total Return %

11.35

-3.64

26.79

25.04

-15.96

6.59

25.19

-47.32

21.82

20.49

19.29

13.54

+/-MSCI WexUS

2.63

0.23

11.50

8.21

-2.25

-4.56

-16.26

-1.79

5.17

-6.16

2.67

-7.37

+/-MSCI WexUS

2.63

0.23

11.50

8.21

-2.25

-4.56

-16.26

-1.79

5.17

-6.16

2.67

-7.37

Income Return %

0.00

1.67

1.58

2.92

2.55

1.56

1.85

0.76

1.27

1.32

1.16

0.60

Capital Return %

11.35

-5.31

25.21

22.12

-18.51

5.03

23.34

-48.08

20.55

19.17

18.13

12.94

Total Rtn % Rank Cat

Income $

0.00

0.67

0.51

0.77

0.83

0.48

0.47

0.37

0.57

0.55

0.41

0.19

Capital Gains $

0.00

0.18

0.00

0.02

0.00

0.01

0.00

5.75

4.64

0.16

0.11

Expense Ratio %

1.04

1.06

0.67

0.85

0.98

1.10

0.91

0.90

0.86

1.01

Income Ratio %

1.93

1.54

2.52

1.44

1.41

2.01

1.33

1.43

1.11

0.55

Turnover Rate %

111

115

113

132

Net Assets $mil

3,122

2,703

1,945

1,687

1,644

4,932

6,721

5,445

9,106

7,714

5,371

4,687

Performance

04-30-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

2011

2012

2013

2014

2015

2.83 1.89 -24.27 5.92 -15.96

15.52 -6.15

8.12 6.67 25.04

5.63 0.23 10.55 8.32 26.79

0.72 3.23

-6.64 -0.73 -3.64

7.16

. . . .

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Return% WexUS WexUS

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

9.68 0.80

0.80

12 10,968

10.71 5.15

5.15

3 11,071

5.68 3.05

3.05

13 10,568

14.12 5.38

5.38

4 14,862

9.16 3.12

3.12

8 15,499

6.35 0.09

0.09

30 18,509

3.19 -1.02

-1.02

54 16,016

Tax Analysis

Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

13.23

0.78

8.31

0.78

5.28

1.01

Potential Capital Gain Exposure: -19% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

5.68

3 Yr

14.12

High

Avg

5 Yr

9.16

High

10 Yr

6.35

+Avg

Incept

10.32

Other Measures

Standard Index

Best Fit Index

MSCI WexUS MSCI EAFE Growth

Alpha

5.6

3.3

Beta

0.91

0.98

R-Squared

Standard Deviation

12.07

Mean

14.12

Sharpe Ratio

1.16

Morningstar’s Take

by Katie Rushkewicz Reichart, CFA 01-28-15

Fidelity Overseas has earned a Morningstar Analyst

Rating of Bronze. Manager Vince Montemaggiore has

only been in place for three years and does not have

prior experience running international equity funds.

Usually that is reason for caution, but in this case the

fund’s consistent and well-executed process helps

provide confidence in a relatively novice manager. The

fund’s strong risk-adjusted returns during

Montemaggiore’s tenure, including outperformance in

up and down markets, add to its case.

Montemaggiore is an outlier at growth-driven

Fidelity, but he’s adapted well. He’s learned to work

effectively with Fidelity’s analysts to assess a firm’s

competitive advantages or industry dynamics even

while using his own valuation framework to make buy

and sell decisions. The fund has consistently had

higher returns on equity, assets, and invested capital

than the MSCI EAFE Index, indicating a quality bent.

That’s helped it hold up versus peers and benchmark in

rocky patches such as 2014.

The manager’s inclination to search far and wide for

ideas has led to more small- and mid-cap exposure

than the average peer and benchmark. The fund’s

present size ($3.3 billion) affords it plenty of flexibility

to keep investing there without capacity concerns,

particularly given the manager’s relatively

low-turnover and diversified approach. Outsized sector

bets are limited, but Montemaggiore’s dislike for

capital-intensive businesses has led to below-average

stakes in the energy, materials, and utilities sectors.

Thus far, this approach has helped control volatility

without hampering results: Attribution indicates

stock-picking has been spot on across nearly all

sectors, leading to strong risk-adjusted results. Since

Montemaggiore’s early 2012 start through December

2014, the fund’s 12.7% annualized gain has trumped

the MSCI EAFE Index’s 9.4% and the foreign

large-blend Morningstar Category’s 8.3%.

The fund’s tendency to limit emerging-markets

exposure means an extended rally could put it behind

peers. However, over a full market cycle this fund’s

solid process should win out.

Address:

Fidelity Investment Trust

Boston, MA 02109

800-544-8544

Web Address:

www.fidelity.com

Inception:

12-04-84

Advisor:

Fidelity Management & Research Company

Subadvisor:

FMR Co., Inc. (FMRC)

NTF Plans:

Fidelity Retail-NTF, CommonWealth NTF

Minimum Purchase:

$2500

Add: $0 IRA: $2500

Min Auto Inv Plan:

Add:

Sales Fees:

No-load, 1.00%R

Management Fee:

0.42%

Actual Fees:

Mgt:0.78% Dist:

Expense Projections:

3Yr:$325

5Yr:$563 10Yr:$1248

Income Distribution:

Annually

Data through April 30, 2015

Fidelity Overseas

Ticker

Status Yield Total Assets

Mstar Category

FOSFX Open

1.6% $3,835 mil

Foreign Large Blend

85% 95% 96% 99% 97% 99% 98% 95% 97%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 04-15

Historical Profile

Return

Risk

Rating

High

Above Avg

Investment Style

Equity

Stock %

Manager Change

Partial Manager Change

Growth of $10,000

Investment Values of

Fund

Investment Values of

MSCI WexUS

Performance Quartile

(within Category)

History

10.0

12.5

15.0

18.0

20.5

Portfolio Analysis

03-31-15

Share change since 02-15 Total Stocks:158 Sector

Country

% Assets

Nestle SA

Cnsmr Def

Switzerland

2.23

Roche Holding AG Dividen

Hlth care Switzerland

2.15

Bayer AG

Hlth care Germany

1.67

Sanofi

Hlth care France

1.63

Anheuser-Busch Inbev SA

Cnsmr Def

Belgium

1.39

Prudential PLC

Finan Svs U.K.

1.36

Lloyds Banking Group PLC

Finan Svs U.K.

1.22

UBS Group AG

Finan Svs Switzerland

1.16

BT Group PLC

Comm Svs U.K.

1.14

Diageo PLC

Cnsmr Def

U.K.

1.11

KBC Group SA/NV

Finan Svs Belgium

1.10

Astellas Pharma Inc

Hlth care Japan

1.06

Total SA

Energy

France

1.05

Reckitt Benckiser Group

Cnsmr Def

U.K.

1.05

British American Tobacco

Cnsmr Def

U.K.

1.04

WPP PLC

Cnsmr Cyc U.K.

1.04

Australia and New Zealan

Finan Svs Australia

1.03

Fresenius SE & Co KGaA

Hlth care Germany

1.03

Volkswagen AG

Germany

1.01

Nordea Bank AB

Finan Svs Sweden

1.00

Current Investment Style

Market Cap %

Giant

35.7

Large

29.3

Mid

27.6

Small

6.5

Micro

1.0

Avg $mil:

14,754

Value Blnd Growth

Large Mid Small

Country Exposure

% Stock

U.K.

Japan

Switzerland 8

France

Germany

Regional Exposure

% Stock

UK/W. Europe 68

Japan

Asia X Japan 5

N. America 6

Latn America 0

Other

Sector

Weightings

% of

Stocks

Rel MSCI

WexUS High

3 Year

Low

Cyclical 40.84

BasicMat 5.92

10 6

CnsmrCyc14.00

17 13

FinanSvs 19.72

20 16

Real Est 1.20

1 0

Sensitive 31.15

CommSrvs 5.00

5 3

Energy 2.51

4 2

Industrl 13.89

17 11

Technlgy 9.75

10 6

Defensive28.01

CnsmrDef11.96

18 12

Hlthcare 16.05

16 11

Utilities 0.00

. . .

Composition - Net

(% of Stock)

Cash

1.1

Stocks

96.9

Bonds

0.0

Other

1.9

Foreign

94.9

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

14.95

6.95

3.65

-6.70

-12.92

1.35

2.46

0.37

NMF

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

17.56

2.46

1.58

9.72

3.38

1.33

1.56

1.61

1.80

1.21

timely. Pastperformance isnoguarantee of future results.Access updated reports at

Toorder reprints, call312-696-6100.

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